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Safran raises full-year guidance on record LEAP output and booming engine aftermarket
By Tom Batchelor. October 24, 2025, © Leeham News:
A strong civil engine aftermarket and a record number of LEAP deliveries saw Safran achieve a stronger-than-expected set of results for 3Q25 and the first nine months of the year.
Q3 2025 revenue stood at €7.85 billion ($9.13 billion), up by 18.3% compared to Q3 2024 – and an increase on the €7.59 billion-average Q3 revenue analysts had been expecting.
Revenue for the first nine months of 2025 amounted to €22.62 billion, up 14.9% year-on-year.
As a result, the French aerospace group said on Friday as the results were published that it was raising its full year guidance across all metrics.
Growth across the board
Safran said there was growth across all divisions in Q3, but its propulsion division stood out, with revenue up by 25.6%.
Broken down further, aftermarket revenue was up by 21.1% and OE sales rose by 34.4%.
Aftermarket momentum in the first half of the year continued into the third quarter, with civil engine spare parts sales up 16.1% year-over-year in USD terms.
Safran Q3 and 9m 2025 revenue. Credit: Safran
Growth was led by the CFM56 and high-thrust engine segments, while LEAP engines – which it co-produces with GE Aerospace through CFM – also made a positive contribution to the aftermarket results.
Civil engine service revenue rose 24.2%, driven by stronger LEAP rate-per-flight-hour (RPFH) contract volumes and continued demand for high-thrust engine maintenance.
LEAP engine deliveries spike
Notably, the number of LEAP engine deliveries saw a dramatic increase of 40% to 511 units, compared to 365 in Q3 2024, and Q3 deliveries were up 25% versus Q2 2025.
“Our output has improved quarter after quarter this year,” CEO Olivier Andriès told analysts on a call. “After a slow start, we have been able to catch up on delays.”
Andriès added that recent investments, including in a new LEAP-1A assembly line in Casablanca, Morocco, would enable Safran to “meet the high rate increase for the assembly” of the engine, referencing Airbus’ ramp up towards a rate of 75 aircraft per month in 2027, as well as Boeing and Comac, which he said was also “willing to increase.”
He added: “We have, let’s say, a joint vision [with Airbus] on the number of engines they need for 2026 and 2027, and we are discussing now 2028 and going forward. Are we going to catch up this year? I’m confident we will.”
Elsewhere, Safran’s military aircraft engine revenue declined versus the previous year, notably due to what the company said was a softer level of aftermarket activity.
Equipment & Defense
On the Equipment & Defense side, revenue rose 11.7% year-over-year, supported by solid performance across both aftermarket and original equipment activities.
Aftermarket services were up 11.5%, with broad-based growth led by landing systems, including spare parts, landing gear services, and carbon brake operations, alongside gains in electrical systems and A320neo nacelles.
OE sales increased 11.9%, driven by higher production volumes for landing gear on the 787 and A320neo, as well as stronger demand for electrical systems and nacelles across single-aisle, business, and regional jets.
Aircraft Interiors
Aircraft Interiors saw 9.8% revenue growth in Q3, with aftermarket activities up 6.8% and OE sales up by 11.7%.
CFO Pascal Bantegnie, also on the analysts call, noted there was “steady growth in the cabin business benefiting from aircraft ramp up.”
However, business class seat deliveries, he said, “face headwinds from certification, which remains a key challenge in the sector.”
Safran’s Q3 2025 revenue per activity. Credit: Safran
Tariff impact
Safran estimates the impact on recurring operating income from tariffs to be €100-150 million in 2025.
Bantegnie said: “Going forward for 2026 up to 2030, I would expect, given what we know today, and of course this may change…the net impact to be no more than €100 million per year on EBIT.”
The company said that while the trade deal between the EU and the US – and the eligibility of its products under the United States-Mexico-Canada Agreement – had “significantly reduced the amounts at stake”, a “residual impact” remains, primarily related to flows between China and the US, and products not eligible under bilateral agreements.
“In this fluid environment, Safran remains agile and actively continues to implement mitigation measures and commercial actions,” the company said.
Improved full year guidance
On its full year guidance, Safran said it was now expecting revenue growth of between 11-13%, versus a previous forecast of low-teens.
Recurring operating income is expected at €5.1-5.2 billion, versus €5-5.1 billion, and free cash flow of €3.5-3.7 billion, compared with €3.4-3.6 billion.
The improved guidance is underpinned by the uptick in LEAP engine deliveries, spare parts and services revenue and exchange rate effects.
“On its full year guidance, Safran said it was now expecting revenue growth of between 11-13%, versus a previous forecast of low-teens.”
two weeks versus a fortnight 🙂