Safran Sa · EURONEXT:SAF
Safran Sa — Safran Sa Ord — FY 2025 Earnings Presentation
32 slides from Safran Sa's earnings presentation, Feb 13, 2026
Slide 1: FY 2025 Results & Investor Update
FY 2025 RESULTS & INVESTOR UPDATE February 13, 2026 Olivier ANDRIES Chief Executive Officer Pascal BANTEGNIE Chief Financial Officer
Slide 2: Disclaimer & foreword
Disclaimer & foreword FORWARD-LOOKING STATEMENTS This document contains forward-looking statements relating to Safran, which do not refer to historical facts but refer to expectations based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could
Slide 3: FY 2025 key highlights
FY 2025 key highlights ▪ Record LEAP deliveries In €M Revenue(1) Recurring operating income(1) & margin(2) • 1,802 units, up 28% YoY In €M 5,197 31,329 • 562 units in Q4, up 49% YoY 27,317 +14.7% 4,119 +26% ▪ CMF56 spare parts outperformed expectations +14.8% org. 16.6% ▪ Significant growth of defen
Slide 4: Civil business highlights
Civil business highlights Morocco: new LEAP-1A assembly line announced, Ground opening of Safran world’s largest Ryanair and CFM signed a MoU for a Material groundbreaking of LEAP MRO facility LEAP engine MRO center in India Services Agreement to cover their entire fleet (~2,000 CFM56 and LEAP engin
Slide 5: Defense business highlights
Defense business highlights New Rafale M88 MRO shop in India Le Creusot expansion to manufacture complex JV with Bharat Electronics Ltd to manufacture parts for Rafale M88 engines AASM Hammer in India 5 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 This document and the information
Slide 6: FY 2025 Results
SAFRAN Ss RESULTS Ln al oe al a i
Slide 7: FX: estimated net exposure and hedge rates
FX Estimated net exposure(2) ($bn) ▪ 2026 hedge rate set at $1.12 16 17 17 17 ▪ $56.4bn hedge book(1) as of Dec. 2025 14.3 ($54bn as of September 2025) Spot rate €/$ 2024 2025 2025 2026e 2027e 2028e 2029e €/$ hedge Average spot rate 1.08 1.13 rate target 1.12 1.12 1.12 1.12 1.12 – 1.14 December 31th
Slide 8: FY 2025 revenue and recurring operating income
FY 2025 revenue and recurring operating income Revenue Recurring operating income In €M itle+14.7% In €M +26.2% 1,056 5,175 61 5,197 4,045 31,362 831 31,329 (39) 27,317 (864) 4,119 16.6% 15.1% +14.8% org. +25.6% org. 2024 Organic 2025 Currency Change 2025 2024 Organic 2025 Currency Change 2025 growt
Slide 9: FY 2025 income statement
FY 2025 income statement (In €M) 2024 2025 Revenue 27,317 31,329 Other recurring operating income and expenses (23,357) (26,354) Share in profit from joint ventures 159 222 Recurring operating income 4,119 5,197 Including impairment charges, restructuring and M&A transactions costs % of revenue 15.1
Slide 10: Propulsion
Propulsion Organic ▪ Civil engines (In €M) 2024 2025 Change Change • Strong aftermarket revenue Revenue 13 652 15 668 14,8% 17,6% o Spare parts up 17.6% in $ (12% in Q4) with increase across the board, notably on CFM56 Recurring operating income 2 819 3 600 781 o Services up 30% in $ (56% in Q4) led
Slide 11: Equipment & Defense
Equipment & Defense Organic (In €M) 2024 2025 Change ▪ Equipment Change • Aftermarket services increased across the board, especially Revenue 10,618 12,302 15.9% 11.4% landing systems (A350, A320, A330, 787), nacelles (A320neo, A380) and evacuation slide systems Recurring operating income 1,298 1,56
Slide 12: Aircraft Interiors
Aircraft Interiors Organic (In €M) 2024 2025 Change ▪ Cabin Change • Increased aftermarket led by spare parts and air management systems (SVS) Revenue 3,037 3,349 10.3% 14.2% • OE volumes growth driven by A320 and 737 Recurring operating income 27 108 81 ▪ Seats % of revenue 0.9% 3.2% 2.3 pts • Busi
Slide 13: FY 2025 Free Cash Flow
FY 2025 Free Cash Flow (In €M) 2024 2025 Recurring operating income 4,119 5,197 Of which amortization at €1,194M One-off items 6 (479) Amortization, provisions and depreciation (excl. financial) 1,292 1,600 EBITDA 5,417 6,318 EBITDA +17% Income tax and non cash items (692) (1,668) Cash from operatin
Slide 14: FY 2025 net cash evolution
FY 2025 net cash evolution S&P: A-, stable outlook since December 2022 (In €M) €3,921M Free Cash Flow Net cash Net cash at Dec 31, 2024 at Dec 31, 2025 1,070 (1,800) 4,650 Change (1,270) in WC R&D Capex (1,345) 673 (1,584) Dividends(1) 1,738 (395) Shares Early redemption 1,738 repurchase(2) OCEANE 2
Slide 15: Shareholder returns
Shareholder returns ▪ Dividend up 16% ▪ Share repurchase programs • Safran will propose to its shareholders’ vote a • In 2025, c. 5.1 million shares repurchased for dividend per share of €3.35 for fiscal year 2025, cancellation for €1.3 billion paid in 2026(1), representing a 40% payout ratio on adj
Slide 16: Exceeding CMD'21 ambitions
Exceeding CMD’21 ambitions Revenue Recurring operating income Free Cash Flow €bn CAGR2021-2025: ~20% €bn CAGR2021-2025: ~30% €bn Cumulated 2021-2025: >€14bn CMD’21 CAGR2021-2025: 20%+ CMD’21: €10bn 12.6% 5.2 3.9 31.3 ~3x >2x 3.2 2.9 Implicit EBIT range(1) 2.7 10%+ CAGR 15.3 1.7 1.8 2021 2022 2023 20
Slide 17: 2026 Outlook & 2028 Ambitions
2026 OUTLOOK & 2028 AMBITIONS
Slide 18: FY 2026 outlook
FY 2026 outlook Revenue Recurring operating income Free Cash Flow up low to mid-teens €6.1 - 6.2bn €4.4 - 4.6bn Main assumptions ▪ Civil engines ▪ FX • LEAP deliveries up ~15% • €/$ spot rate: 1.15 • Spare parts revenue (in $) up mid-teens • €/$ hedge rate: 1.12 • Services revenue (in $) up ~20% ▪ S
Slide 19: OE: LEAP delivery plan to meet customer demand
OE: LEAP delivery plan to meet customer demand >10K LEAP engines delivered since EIS LEAP family maturing faster than CFM56 CMD’24 ▪ Continuously improving current design: LEAP-1A new ~2,600 HPT blade released in Q4’24 (around 1,450 kits produced +~15% 2,500 to date), LEAP-1B expected in H1 2026 1,8
Slide 20: Stronger aftermarket outlook boosted by CFM56
Stronger aftermarket outlook boosted by CFM56 CFM56 above CMD’24 expectations LEAP expansion in line with CMD’24 ▪ >750 additional shop visits expected in 2025-2028 vs CMD’24 ▪ Strong growth of LEAP shop visits through 2030, with expanding workscopes ▪ Drivers: low level of aircraft retirements, vol
Slide 21: LEAP: strong visibility of future profit growth & cash generation
LEAP: strong visibility of future profit growth & cash generation Aftermarket revenue growth Aftermarket profit growth 2010 2024 2025 2028e 2010 2024 2025 2028e CMD’24 LEAP CFM56 CMD’24 LEAP CFM56 ▪ CAGR2024-2028e: low-teens (vs. M-HSD% at CMD’24) ▪ CAGR2024-2028e: low-teens ▪ LEAP >3x between 2024
Slide 22: Improved 2028 ambitions despite headwinds from French surtax and US tariffs
Improved 2028 ambitions despite headwinds from French surtax and US tariffs Revenue Recurring operating income Free Cash Flow ~10% CAGR2024-2028e €7-7.5bn (2028e) ~€21bn (2024-2028e) (1) (CMD’24: HSD) (CMD’24: €6-6.5bn) (CMD’24: €15-17bn) Mid-teens CAGR2024-2028e ~70% conversion(2) Operating margin
Slide 23: Appendix
APPENDIX S SAFRAN
Slide 24: Consolidated and adjusted income statements
Consolidated and adjusted income statements Change in Mark-to-Market of instruments hedging future cash flows CURRENCY HEDGING BUSINESS COMBINATIONS Consolidated Adjusted 2025 reconciliation (In €M) data Re-measurement Deferred hedging Amortization of intangible PPA impacts – other data assets of re
Slide 25: Number of products delivered on major aerospace programs
Number of products delivered on major aerospace programs YoY change YoY change Number of units delivered 2024 2025 Number of units delivered 2024 2025 Units % Units % LEAP engines 1407 1,802 395 28% A320 landing gear sets 601 657 56 9% CFM56 engines 60 52 (8) (13)% A320neo nacelles 622 717 95 15% Hi
Slide 26: OE / Services revenue split
OE / Services revenue split REVENUE 2024 2025 Adjusted data (in €M) OE Services OE Services Propulsion 5,222 8,430 5,546 10,122 % of revenue 38.3% 61.7% 35.4% 64.6% Equipment & Defense 6,478 4,140 7,496 4,807 % of revenue 61.0% 39.0% 60.9% 39.1% (1) Aircraft Interiors 1,916 1,121 2,115 1,234 % of re
Slide 27: FY 2025: Research & Development
FY 2025: Research & Development (In M€) 2024 2025 Change Total R&D (1,980) (2,080) (100) R&D sold to customers 632 668 36 R&D expenses at €1,412M in 2025: • R&T self-funded expenses at €724M, mainly towards R&D expenses (1,348) (1,412) (64) decarbonization (notably RISE) • Development expenses at €6
Slide 28: FY 2025: Research & Development by activity
FY 2025: Research & Development by activity Equipment & Aircraft (In €M) 2025 Propulsion Defense Interiors R&D expenses (1,412) (676) (569) (167) as a % of revenue 4.5% 4.3% 4.6% 5.0% Tax credit 177 70 101 6 R&D expenses after tax credit (1,235) (606) (468) (161) Gross capitalized R&D 345 105 154 85
Slide 29: Balance sheet as of December 31, 2025
Balance sheet as of December 31, 2025 (In €M) Dec 31, 2024 Dec 31, 2025 Goodwill 4,937 5,773 Tangible & Intangible assets and right of use 13,229 13,740 Investments in joint ventures and associates 1,894 1,892 Other non current assets 3,429 2,054 Operating Working Capital (3,327) (4,890) Net cash (d
Slide 30: Liquidity as of December 31, 2025
Liquidity as of December 31, 2025 ▪ Cash and cash equivalent of €6,789 million December 31, 2025 Undrawn revolving credit facility €2,000M ▪ Net cash positive ▪ 2028 OCEANEs’ early redemption Gross debt • Early redemption on April 1, 2025 of the 2028 OCEANEs €5,051M Cash & equiv. (€730M convertible
Slide 31: Definitions
Definitions ▪ Spare parts (expressed in $) ▪ This non-accounting indicator (non-audited) comprises “Spare parts” revenue (in USD terms) for all civil aircraft engines (CFM56, LEAP, high-thrust engines) ▪ Services (expressed in $) ▪ This non-accounting indicator (non-audited) comprises “Services” rev
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