Safran: €9 billion revenue in third quarter (+14.7%), spare parts growth slows
Safran published adjusted revenue of €9,003 million for the third quarter on October 23, 2026 and confirmed all its annual targets as revised in July. The publication also reveals a quarter-on-quarter slowdown in spare parts growth for civil engines: +29.3% in the first quarter, +26.7% in the second, then +17.0% in the third (in dollars).
This activity remains in double-digit growth, and its nine-month cumulative total reaches +23.9%, against an annual assumption of approximately 25% retained by the group. The publication came as Safran shares posted a 6.8% decline over one month as of October 22, 2026.
Organic growth of 13.4% in the third quarter
Adjusted revenue for the third quarter of 2026 increased by 14.7% year-on-year, to €9,003 million, of which +13.4% on an organic basis. The exchange rate effect contributed €84 million and the scope effect €15 million. On a consolidated basis, revenue reached €8,890 million, up 15.2%.
Over the first nine months, adjusted revenue stood at €26,574 million (+17.5%), with organic growth of +17.9%. The scope effect came to +€570 million, while the exchange rate effect weighed -€657 million, as the dollar depreciated (average spot rate of 1.16 versus 1.12 a year earlier).
In the third quarter, Propulsion grew 13.2% on an organic basis (aftermarket +18.7%, original equipment +3.5%). Equipment & Defence gained 15.7%, with original equipment up 16.2% driven mainly by defence. Aircraft Interiors grew 5.8% on an organic basis, but declined 6.4% as reported, reflecting the divestment of Safran Passenger Innovations (-€107 million).
Spare parts and services decelerating, LEAP engine deliveries increasing
The slowdown concerns both components of civil aftermarket. Services sales increased by 43.1% in the first quarter, 37.7% in the second and 19.0% in the third, representing +32.5% over nine months (in dollars). The group attributes the increase in spare parts to the CFM56 (favorable price effect, improved parts availability) and to the LEAP (more overhauls at third-party shops, price effect), and services to LEAP flight-hour contracts.
On the production side, LEAP engine deliveries reached 535 units in the third quarter, up 5% year-on-year and compared to the previous quarter. Over nine months, 1,565 engines were delivered (+26%), against an annual growth assumption of 16% to 19%. "The progress made by our supply chain enables us to continue ramping up LEAP production," said Chief Executive Officer Olivier Andriès.
Military engines declined in the quarter, with no M88 engines delivered compared to 7 a year earlier, reflecting the pace of Rafale export deliveries. On seats, the group indicates that demand remains above supply, though the industry faces certification challenges.
2026 targets confirmed and S&P rating upgraded to 'A'
Safran confirmed its 2026 outlook: revenue growth of approximately 15%, current operating income of €6.4 to €6.5 billion and free cash flow of €4.7 to €4.9 billion. The latter incorporates an estimated negative impact of approximately €500 million related to the exceptional French corporate income tax contribution. The group cited supply chain capacity and the potential impact of the Middle East conflict as points to monitor.
On September 14, 2026, Standard & Poor's upgraded Safran's long-term rating to 'A', stable outlook, from 'A-' with positive outlook. As part of its €5 billion share buyback program, the group finalized a €375 million tranche on October 20, bringing the number of shares repurchased in 2026 to approximately 4 million (1% of capital) for €1.25 billion. The foreign exchange hedging portfolio reached $61.1 billion in September, against $59.5 billion in June.
Over the first nine months, adjusted revenue growth stood at 17.5%, against an annual target of approximately 15%.
