Safran upgrades FY28 outlook following robust FY25 performance
By Iain Gilbert
Date: Friday 13 Feb 2026
(Sharecast News) - French aerospace firm Safran delivered what it described as excellent financial results for 2025 on Thursday, posting strong revenue growth, higher profitability and record cash generation, prompting the group to raise its ambitions for 2028.
Safran reported revenues of €31.32bn for 2025, up 14.7% on 2024, driven by continued strength in civil aftermarket services, higher LEAP engine deliveries and solid momentum across its equipment and defence activities.
Spare parts revenue for civil engines rose 17.6%, while LEAP spare parts activity also contributed, in line with an increased number of shops visits performed by third-party MROs. Services revenue for civil engines increased by 30%, largely driven by the expansion of LEAP aftermarket activities under rate per flight hour contracts.
Safran's recurring operating income climbed 26.2% to €5.19bn and operating margins improved to 16.6%, up 150 basis points points, with the group stating that margin expansion reflected strong operating leverage, productivity gains and disciplined cost control.
However, Safran said one-off items came to €479m in FY25, resulting from a €244m pre-tax capital loss related to its divestment of Safran Passenger Innovations divestment, as well as €178 impairment charges for certain programs, and other costs such as M&A transactions and restructuring expenses.
Net income was up by 3.5% at €3.17bn in 2025, with basic and diluted earnings per share of €7.60 each, compared with basic EPS of €7.37 and diluted EPS of €7.29 in FY24.
Looking ahead, Safran said the strong performance gave it confidence to raise its 2028 financial ambitions, now targeting €7bn to €7.5bn in recurring operating income and €21bn cumulated free cash flow generation in 2024-2028, up from €6bn-6.5bn and €15bn-17bn, respectively.
As of 0835 GMT, Safran shares were up 6.38% at €326.90 each.
Reporting by Iain Gilbert at Sharecast.com
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