Paris — French aerospace and defense group Safran has reported a strong start to 2026, with first-quarter revenue climbing sharply despite ongoing geopolitical tensions in the Middle East.
The company posted adjusted revenue of €8.624 billion for the three months ended March, an 18.8 percent increase on the same period in 2025. On an organic basis, excluding currency and scope effects, growth reached 23 percent. The propulsion business, which includes its stake in the CFM International joint venture with GE Aerospace, was a standout performer with revenue rising more than 23 percent to €4.5 billion.
Chief executive Olivier Andriès struck a confident tone during the results briefing. He said the group had seen little to no impact from the Middle East conflict in the first quarter. The situation has nevertheless been added to the company's list of items to monitor given uncertainties over its scale, duration and potential effects on air traffic.
Andriès reported holding discussions with about 20 airline executives at the recent Aircraft Interiors Expo. Those conversations provided no indication of any acceleration in retirements of older aircraft. Carriers appear keen to retain capacity, with just 44 CFM56-powered jets taken out of service — around 1.5 percent of that fleet.
Shop visits and engine removals for the in-service fleet were in line with or exceeded expectations in the first quarter, with increased work scopes that will support higher output later in the year. All told, the volume of shop visits for 2026 is expected to meet guidance.
CFM International delivered 520 LEAP engines during the quarter, a 63 percent jump year-on-year and the third consecutive quarter with deliveries exceeding 500 units. The joint venture is on track to ship more than 2,000 LEAP powerplants in 2026 as a whole, or potentially slightly more.
Aftermarket activity was particularly vigorous. Spare parts revenue for civil engines grew 29 percent in dollar terms while services revenue climbed 43 percent, led by LEAP rate-per-flight-hour contracts and a favorable comparison base for CFM56 work.
The Equipment & Defense and Aircraft Interiors divisions also recorded solid growth. Executives remain optimistic about underlying demand across civil and military programs while acknowledging the need for caution in the months ahead.
The results highlight the continued strength of the commercial aftermarket and Safran's ability to ramp production effectively. With airlines prioritizing fleet availability and sustained passenger traffic, the supplier is well positioned even as it tracks developments in the Middle East. Safran has confirmed its full-year 2026 outlook and indicated it is positioned toward the high end of guidance ranges.
Shares in the Paris-listed company rose following the announcement, reflecting positive market reaction to both the earnings beat and the measured messaging on geopolitical risks.