Safran: 15% Revenue Growth in 2025, Dividend Increase
The aerospace and defense group Safran released its annual results for 2025 on Friday, showing significant progress in its financial indicators. The adjusted revenue reached 31.3 billion euros, up by 15%, while the current operating income increased by 26%, benefiting from a 150 basis point improvement in operating margin.
Robust Growth Driven by After-Sales and Defense Deliveries
In 2025, Safran recorded an adjusted revenue of 31,329 million euros, marking a 14.7% increase in consolidated data (15% in nominal terms). This growth is primarily due to the dynamics of civilian after-sales activities and increased deliveries, particularly in the defense sector. Passenger air traffic reached record levels, supporting engine maintenance revenues. The Propulsion division experienced particularly strong expansion, with organic growth of 17.6%. LEAP engine deliveries reached a record number of 1,802 units in 2025, up 28% from 1,407 units in 2024. Civil engine after-sales activities grew by 21% organically, driven by a 17.6% increase in spare parts (in dollars) and a 30% increase in services. These performances reflect an increase in the number of shop visits and the ramp-up of LEAP per-flight-hour contracts. The Equipment & Defense division recorded an organic growth of 11.4%, benefiting from Rafale orders and dynamics in the defense sector. Aircraft Interiors progressed by 14.2% organically, supported by strong demand for Cabin services and an increase in Business Class seat deliveries (2,632 units versus 2,482 in 2024).
Significant Improvement in Operating Results Despite Tariff Impacts
The adjusted current operating income stood at 5,197 million euros in 2025, up 26.2% from 2024, despite the impact of U.S. tariffs. The operating margin improved by 150 basis points to reach 16.6% of revenue, compared to 15.1% in 2024. The Propulsion division posted a margin of 23.0%, up 240 basis points, benefiting from the robustness of civilian after-sales activities and the initial recognition of the margin on LEAP per-flight-hour contracts. Equipment & Defense recorded a margin of 12.7%, up 50 basis points. Aircraft Interiors quadrupled its current operating income, from 27 million to 108 million euros, with a margin of 3.2%, an increase of 230 basis points. Free cash flow reached 3,921 million euros, driven by an increase in operational cash flows to 4,650 million euros, although partially offset by an increase in taxes and investments, which amounted to 1,800 million euros (compared to 1,543 million in 2024), dedicated particularly to production capacity increases. The net cash position stood at 1,738 million euros, a level identical to that at the end of 2024.
Safran Raises Financial Ambitions for 2028, Reflecting Strong After-Sales and Defense Dynamics
Safran has raised its financial ambitions for 2028, reflecting the strength of civilian engine after-sales activities and positive defense dynamics. For the period 2024-2028, the group anticipates an average annual revenue growth rate of about 10% (compared to the previously announced 7 to 9%). The current operating income is expected to reach 7.0 to 7.5 billion euros in 2028 (compared to 6.0 to 6.5 billion previously), while the cumulative free cash flow for the period 2024-2028 is expected to reach about 21 billion euros (compared to 15 to 17 billion previously). For 2026, Safran anticipates revenue growth between 12% and 15%, a current operating income of 6.1 to 6.2 billion euros, and a free cash flow of 4.4 to 4.6 billion euros. A dividend of 3.35 euros per share will be proposed for approval by the shareholders at the general meeting on May 21, 2026, up 16% from the 2024 dividend of 2.90 euros. Safran also continues its 5 billion euro share buyback program, having repurchased and canceled 5.3 million shares in 2025 for 1,345 million euros.
