Safran (SAF) investor relations material

Executive summary

• Achieved record financial performance in 2025, with revenue up 14.7% to €31.3 billion and recurring operating income up 26% to €5.2 billion, driven by strong aftermarket, LEAP engine deliveries (1,802 units, up 28% YoY), and robust defense growth.

• Margin improved by 150 basis points to 16.6%, with free cash flow reaching €3.9 billion and a proposed €3.35 dividend per share, up 16% year-over-year.

• Integration of Collins Actuation and Flight Control business progressed, with divestments of Safran Passenger Innovations and EZAir underway.

• Portfolio management included expansion of MRO footprint in Morocco and India and strategic partnerships.

Financial highlights

• 2025 revenue reached €31,329 million (+14.7% YoY); recurring operating income was €5,197 million (+26%, 16.6% margin); net income attributable to owners was €3,174 million (EPS €7.60).

• Free cash flow was €3,921 million (+23%), with a 75% EBIT-to-cash conversion ratio.

• Dividend proposed at €3.35 per share (+16%), with a 40% payout ratio.

• One-off items totaled €479 million, including a €244 million capital loss from divestment and €178 million in impairments.

Outlook and guidance

• 2026 outlook: revenue up low-to-mid-teens, recurring operating income €6.1–6.2 billion, free cash flow €4.4–4.6 billion (including ~€470 million French surtax impact).

• LEAP deliveries projected up ~15% in 2026, targeting 2,600 engines by 2028.

• 2028 ambitions raised: ~10% CAGR revenue growth, recurring operating income €7.0–7.5 billion, cumulative free cash flow ~€21 billion (2024–2028).