ASIM, Apr 23
Q1 2026 revenue stood at €8,624 million, up by 18.8% compared to Q1 2025 (+23.0% organic). Changes in scope had a positive €311 million1 effect. The currency impact was a negative €614 million, with an average EUR/USD spot rate of 1.17 in Q1 2026 (1.05 in Q1 2025). The EUR/USD hedge rate in Q1 2026 stood at 1.12 (unchanged from Q1 2025).
As for organic revenue per division:
- Propulsion was up by 33.1% with aftermarket revenue up by 32.1% and OE sales up by 35.0%.
Spare parts revenue for civil engines (in USD) grew by 29.3%, largely driven by a more favorable workscope mix, especially against a low comparison basis from the previous year on the CFM56 engine. The LEAP engine also contributed, in line with the increasing number of shop visits performed by third-party MROs and the expanding workscope. Services revenue for civil engines (in USD) increased by 43.1%, driven by LEAP rate per flight hour (RPFH) contracts and supported by a favorable year-on-year comparison, as profit recognition on the LEAP-1A only began in the second quarter of 2025.
Building on the strong industrial performance of the second half of 2025, LEAP engine deliveries reached 520 units, a 63% growth compared to 319 in Q1 2025, and marked the third consecutive quarter with deliveries exceeding 500 units.
Military aircraft engine revenue increased year-over-year, mainly driven by higher M88 deliveries combined with a favorable export mix.
Helicopter engine revenue saw modest growth, primarily driven by spare parts sales. Additionally, revenue from missile propulsion systems benefited from higher delivery volumes. - Equipment & Defense was up by 13.5% (11.9% growth before Safran Ventilation Systems activities transfer). Change in scope of €379M mainly includes the flight control and actuation activities acquired from Collins Aerospace in July 2025.
OE sales grew by 15.3%, recording growth throughout all businesses, particularly in primary electrical systems and wiring (737MAX), nacelles (A320neo), defense (optronics, navigation & timing systems) and landing gear (787, A330neo).
Aftermarket activities increased by 10.7%, with growth across the board, especially in primary electrical systems and wiring (A380) as well as in nacelles (A320neo, A380, A320ceo).
- Aircraft Interiors saw a 9.2% growth (14.8% growth before Safran Ventilation Systems activities transfer). Change in scope of €(95)M includes the disposal of Safran Passenger Innovations.
OE sales grew by 10.5%, primarily supported by increasing Cabin deliveries (galleys, inserts, etc., mostly on A350, A320neo and 737MAX), and positive effects of price on Business class seats.
Aftermarket activities increased by 7.2%, mostly driven by demand for Cabin, particularly from customers in the Americas and the Middle East. Seats also contributed positively thanks to favorable pricing conditions.
