Safran Q3 revenue rises on LEAP ramp-up and aftermarket demand

Safran reported adjusted third-quarter 2026 revenue of €9.003 billion, up 14.7% from a year earlier and 13.4% organically. Scope changes added €15 million and currency movements added €84 million. The euro-dollar spot rate averaged 1.15 in the quarter, against 1.17 a year earlier; Safran’s hedge rate was 1.12 in both periods. Adjusted figures are the company’s supplemental performance measure, while its consolidated Q3 revenue was €8.890 billion, up 15.2%.

For the first nine months, adjusted revenue reached €26.574 billion, a 17.5% increase, while organic growth was 17.9%. Changes in scope contributed €570 million and currency translation reduced revenue by €657 million, reflecting the group’s US-dollar exposure. Consolidated nine-month revenue was €26.135 billion, up 15.7%. Safran’s release explains that its adjusted statement neutralizes mark-to-market effects on currency derivatives; these figures are therefore not interchangeable with consolidated accounts prepared under IFRS.

Propulsion grew 13.2% organically in Q3. Aftermarket revenue rose 18.7%, including spare-parts sales up 17% in US dollars and services up 19% in dollars, while original-equipment sales increased 3.5%. Safran attributed the aftermarket trend to CFM56 pricing and part availability, higher LEAP third-party shop visits, wider work scopes and growth in rate-per-flight-hour contracts. LEAP deliveries totalled 535 engines in Q3, 5% above both the prior-year quarter and the preceding quarter.

Equipment & Defense revenue increased 15.7% organically, or 14.1% before the transfer of Safran Ventilation Systems activities. Original-equipment sales were up 16.2%, led by defense products such as AASM Hammer, optronics, inertial-navigation systems and missile seekers; nacelles and aircraft electrical systems also contributed. Aftermarket services rose 14.7%. The reported scope effect includes flight-control and actuation activities consolidated from August 2025, which affects comparison with the prior period.

Aircraft Interiors grew 5.8% organically, or 11.6% before the transfer of the ventilation business. Its scope effect includes the January 2026 disposal of Safran Passenger Innovations. Aftermarket sales increased 8%, mainly in seats, and original-equipment sales rose 4.4%, driven by business-class seat deliveries. Safran said demand for seats continued to exceed supply, while certification challenges remained in the sector. Military engine revenue declined, mainly because M88 delivery timing followed the phasing of export Rafale deliveries.

Safran confirmed its July-raised full-year outlook: mid-teens revenue growth, recurring operating income of €6.4 billion to €6.5 billion, and free cash flow of €4.7 billion to €4.9 billion. The cash-flow range includes an estimated €500 million negative effect from the French corporate surtax and depends partly on advance-payment timing and payments from state customers. The company assumes LEAP deliveries rise by a high-teens percentage and spare-parts and services revenue in US dollars by mid-twenties percentages.

The outlook also assumes a 1.15 euro-dollar spot rate and a 1.12 hedge rate. Safran said supply-chain production capacity and the Middle East conflict were watch items. These conditions matter because the group’s activity combines aircraft production, aftermarket servicing and defense deliveries, each with different production cycles. Its Q3 update shows growth across major divisions but does not make the full-year targets realized results; those remain management forecasts.

The company also reported that four million shares, approximately 1% of capital, had been repurchased for cancellation by 20 October, for €1.25 billion in 2026. That is a separate capital-return action, not operating revenue. The next annual-results release is scheduled for 9 February 2027. Safran’s quarterly figures are presented principally on an adjusted basis, and its growth comparisons should be read with the stated scope and currency adjustments.