Safran SA (SAFRY) Q4 2025 Earnings Call Transcript

SA Transcripts158.38K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Safran SA (SAFRY) Q4 2025 Earnings Call February 13, 2026 2:30 AM EST Company Participants Olivier Andriès - CEO & DirectorPascal Bantegnie - CFO & Group Treasurer Conference Call Participants Christophe Menard - Deutsche Bank AG, Research DivisionSamuel Burgess - Goldman Sachs Group, Inc., Research DivisionMilene Kerner - Barclays Bank PLC, Research DivisionBenjamin Heelan - BofA Securities, Research DivisionChloe Lemarie - Jefferies LLC, Research DivisionOlivier Brochet - Rothschild & Co Redburn, Research DivisionAdrien Rabier - Bernstein Institutional Services LLC, Research DivisionRoss Law - Morgan Stanley, Research DivisionKenneth Herbert - RBC Capital Markets, Research Division Presentation Operator Welcome to the Safran Full Year 2025 Results. At this time, I would like to turn the conference over to your host, Olivier Andries, Safran CEO; and Pascal Bantegnie, Group CFO. Mr. Andries, please go ahead. Olivier AndrièsCEO & Director Good morning, everyone. Thank you for joining us. Today, we will review our 2025 results, share our 2026 outlook and briefly walk you through some of our updated 2028 assumptions. 2025 was an outstanding year for Safran. Airlines carried more than 5 billion passengers and against that backdrop of strong demand and still low retirement levels, our aftermarket activities clearly outperformed expectation across both spare parts and services. We have also reached an all-time high in LEAP production, delivering more than 1,800 engines, up 28% versus 2024. Defense and Space had a particularly strong year as well. In military propulsion, we accelerated M88 production, and we have secured a new Rafale export contract with the Indian Navy. In defense electronics, order intake reached a record level with 1.6 book-to-bill ratio, reflecting very strong market demand. We have also signed several strategic partnerships, expanded capacity across multiple product lines, and we have achieved the first major export success for Safran.AI, which is a new name