Safran reports its third quarter 2025 revenue

Q3 2025

Q3 2025 revenue stood at €7,852 million, up by 18.3% compared to Q3 2024 (+18.5% organic). Changes in scope had a positive €296 million¹ effect, mainly driven by the contribution of the flight control and actuation activities acquired from Collins Aerospace in July. The currency impact was a negative €309 million, with an average EUR/USD spot rate of 1.17 in Q3 2025 (1.10 in Q3 2024). The EUR/USD hedge rate in Q3 2025 stood at 1.12 (unchanged from Q3 2024).

As for organic revenue per division: 

• Propulsion was up by 25.6%, with aftermarket revenue up by 21.1% and OE sales up by 34.4%.
  The positive momentum in aftermarket activities observed in H1 persisted in Q3, with Spare parts for civil engines (in USD) increasing by 16.1%, driven primarily by CFM56 and high-thrust engines. LEAP also contributed positively over the period. Services for civil engines (in USD) were up by 24.2%, supported notably by LEAP rate per flight hour (RPFH) contracts and also benefiting from high-thrust engines.
  LEAP engine deliveries increased by 40% to 511 units compared to 365 in Q3 2024, demonstrating a strong catch-up from H1 (Q3 deliveries up 25% vs Q2 2025).
  Military aircraft engine revenue declined year-over-year, notably due to a softer level of aftermarket activity and slightly fewer M88 deliveries to end customers.
  Helicopter engine revenue growth was mostly driven by a higher level of services. Though to a lesser extent, revenue of missile propulsion systems also increased due to higher deliveries.
   
• Equipment & Defense was up by 11.7%.
  Aftermarket services increased by 11.5%, with growth across the board, particularly in landing systems (spare parts and services for landing gears as well as carbon brake activities), electrical systems and nacelles (A320neo).
  OE sales grew by 11.9%, led by higher volumes in landing gear (787 and A320neo), electrical systems (primary electrical system and wiring) and nacelles (A320neo as well as business and regional jets). Avionics (actuation systems, FADEC), defense (AASM/Hammer, missile seekers, navigation & timing systems) and space activities also contributed positively to the division revenue.
   
• Aircraft Interiors saw 9.8% growth.
  Aftermarket activities increased by 6.8% driven by demand for Cabin (spare parts and air management systems), particularly from customers in the Middle East and APAC regions.
  OE sales grew by 11.7%, supported by Cabin (galleys, inserts, etc.) and IFE deliveries, slightly offset by lower Business class seat deliveries (428 units in Q3 2025 vs 592 in Q3 2024) resulting from certification challenges.

9m 2025

Revenue for the first nine months of 2025 amounted to €22,621 million, up 14.9% compared to 9m 2024. Sales increased by €2,949 million (+15.0%) on an organic basis, reflecting growth across all divisions, with Propulsion standing out (o/w +19.5% in USD for Spare parts and +22.2% in USD for Services). Changes in scope had a positive €407 million² effect, including the contribution of the flight control and actuation activities. The negative currency impact of €421 million reflects a negative translation impact of USD revenues, with an average EUR/USD spot rate of 1.12 in 9m 2025 (1.09 in 9m 2024). The EUR/USD hedge rate in 9m 2025 was 1.12 (unchanged from 9m 2024).

Currency hedging

The hedging portfolio amounts to $54 billion at the end of September 2025 ($55 billion at the end of June 2025).

• 2025 hedge rate is EUR/USD 1.12, for an estimated net exposure of $14 billion.
• 2026, 2027 and 2028 are fully hedged: targeted hedge rate of EUR/USD 1.12, for an estimated net annual exposure of $14 billion.
• 2029 is partially hedged: $8 billion out of an estimated net exposure of $14 billion.

Share repurchase program

On September 22, Safran launched a new €500 million share buyback tranche for cancellation, to be completed no later than December 5, 2025. As of October 17, 2025, the total number of shares repurchased in 2025 had reached 4.9 million, representing an aggregate amount of €1,292 million. Additionally, in April 2025, Safran reallocated for cancellation around 0.2 million previously held treasury shares with a market value of €50 million. Altogether, as of October 17, this amounts to roughly 5.1 million shares — a total of €1,342 million — scheduled for cancellation before the end of the year.

Impact of tariffs

Now that bilateral agreements have been negotiated, Safran is better positioned to assess and manage the risks associated with tariffs. The agreement between the EU and the US, as well as the eligibility of its products under the USMCA regime, have significantly reduced the amounts at stake. In this fluid environment, Safran remains agile and actively continues to implement mitigation measures and commercial actions. Nonetheless, a residual impact remains, primarily related to flows between China and the US, Section 232 (aluminum, steel and copper) or products not eligible under bilateral agreements. The net impact on the recurring operating income, now included in the full-year 2025 outlook, is expected at a negative €100 - €150 million in 2025.