Safran has had an exceptional year in 2025. Driven by record LEAP engine production and a surge in maintenance activities, the French aerospace equipment manufacturer has exceeded market expectations and significantly raised its ambitions for the coming years.
Adjusted revenue reached €31,33 billion, up 15% year-on-year. Recurring operating income climbed to €5,2 billion, a 26% increase, with the margin rising to 16,6%, an improvement of 150 basis points. Cash generation was also impressive: free cash flow reached €3,92 billion. The group will propose a dividend of €3,35 per share and is continuing its €5 billion share buyback program.
This performance is largely explained by the exceptional dynamism of global air traffic and the ramp-up in industrial production. Safran delivered 1,802 LEAP engines in 2025, 28% more than in 2024, with a particularly strong final quarter marked by 562 units produced. Aftermarket activities, notably for the CFM56 and LEAP engines, also recorded sustained growth, becoming a powerful driver of profitability.
This acceleration directly benefits Airbus and Boeing. The increased engine deliveries will allow both manufacturers to gradually ramp up production rates for the A320neo, 737 MAX, and A350. Safran anticipates nearly doubling its engine deliveries over four years.
Significantly raised targets until 2028
Based on this trajectory, the group is raising its forecasts. For 2026, Safran is targeting revenue growth of between 12% and 15%, current operating income of between 6,1 and 6,2 billion euros and free cash flow of up to 4,6 billion euros.
Looking ahead to 2028, the target for current operating income is now set between €7 billion and €7,5 billion, compared to the previous range of €6 billion to €6,5 billion. The average annual revenue growth rate between 2024 and 2028 has been revised to approximately 10%.
Focus on the new generation of engines
Alongside this financial performance, Safran is accelerating its technological investments. The CFM RISE program, developed with GE Aerospace, aims to prepare the next generation of civil engines. The Open Fan architecture should enable a reduction of more than 20% in fuel consumption and CO₂ emissions compared to current engines, with full compatibility with sustainable fuels and the integration of hybrid-electric solutions.
Flight tests are planned as early as 2026 on an Airbus A380, with entry into service anticipated in the mid-2030s. Despite a tense geopolitical environment and fiscal pressures, Safran benefits from a solid order book and high visibility. Between civil propulsion, defense, and equipment, the group confirms its status as a strategic pillar of European aerospace, while actively preparing for the aviation of the next decade.
