Safran Sa Ord (SAFRF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.016 Good morning everyone and thank you for joining us. 00:00:04.016 -- 00:00:07.901 Today we will review our 2025 results, 00:00:07.901 -- 00:00:10.485 share our 2026 00:00:10.485 -- 00:00:11.927 outlook 00:00:11.927 -- 00:00:16.613 and briefly walk you through some of our updated 2028 00:00:16.613 -- 00:00:18.613 assumptions. 00:00:18.815 -- 00:00:23.642 2025 was an outstanding year for SAFON. 00:00:23.642 -- 00:00:27.987 Airlines carried more than 5 billion passengers 00:00:27.987 -- 00:00:33.183 and again that backdrop of strong demand and still 00:00:33.183 -- 00:00:38.229 low retirement levels, our aftermarket activities clearly 00:00:38.229 -- 00:00:39.911 outperformed 00:00:39.911 -- 00:00:43.576 expectations across both spare parts 00:00:43.576 -- 00:00:45.558 and services. 00:00:45.558 -- 00:00:51.045 We have also reached an all-time high in lead production, 00:00:51.045 -- 00:00:56.092 delivering more than 1,800 engines, up 28% 00:00:56.092 -- 00:00:58.592 versus 2024. 00:00:59.937 -- 00:01:05.624 Defense and space had a particularly strong year as well. 00:01:05.624 -- 00:01:10.750 In military propulsion, we accelerated M88 production, and we have 00:01:10.750 -- 00:01:15.914 secured a new Rafale export contract with the Indian Navy. 00:01:16.418 -- 00:01:18.740 In defense electronics, 00:01:18.740 -- 00:01:23.924 order intake reached a record level with a 1.6 00:01:24.347 -- 00:01:26.690 book-to-bill ratio, 00:01:26.690 -- 00:01:29.873 reflecting very strong market demand. 00:01:29.873 -- 00:01:35.480 We have also signed several strategic partnerships, expanded capacity across 00:01:35.480 -- 00:01:40.707 multiple product lines, and we have achieved the first major export success 00:01:40.707 -- 00:01:46.574 for Safran AI,...