Safran reported first-quarter 2026 adjusted revenue of €7,257 million, up 16.7% from Q1 2025 and 13.9% organically. Civil engine services jumped 17.6% in U.S. dollars, fueled by higher LEAP engine rate-per-flight-hour contracts, with 319 LEAP units delivered.
Consolidated revenue reached €7,380 million, boosted by a €142 million currency tailwind from a €/$ spot rate of 1.05. Scope changes added €32 million.
The standout civil engine performance underscores robust aftermarket demand amid sustained air travel recovery and high utilization of CFM56 and LEAP fleets. This momentum supports production ramp-ups critical for Airbus and Boeing programs via the CFM International joint venture with GE Aerospace.
Safran reaffirmed its full-year 2026 outlook, excluding tariff impacts and the pending Collins Aerospace actuation acquisition: revenue growth around 10%, recurring operating income of €4.8-€4.9 billion, and free cash flow of €3.0-€3.2 billion.
Key assumptions include 15-20% LEAP delivery growth over 2025’s record 1,802 units, low-teens spare parts revenue rise in USD, and mid-teens services growth, at a €/$ spot rate of 1.10. Defense contributions remain steady from Rafale engine orders.