Slides
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FY 2025 RESULTS & INVESTOR UPDATE February 13, 2026 Olivier ANDRIES Chief Executive Officer Pascal BANTEGNIE Chief Financial Officer
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 2 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FORWARD-LOOKING STATEMENTS This document contains forward-looking statements relating to Safran, which do not refer to historical facts but refer to expectations based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those included in such statements. These statements or disclosures may discuss goals, intentions and expectations as to future trends, synergies, value accretions, plans, events, results of operations or financial condition, or state other information relating to Safran, based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “would,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions. Many of these risks and uncertainties relate to factors that are beyond Safran’s control. Such factors may cause Safran’s actual results, performance or plans to differ materially from any future results, performance or plans expressed or implied by such forward looking statements. Therefore, investors and shareholders should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: uncertainties related in particular to the economic, financial, competitive, tax or regulatory environment; the risks that the new businesses will not be integrated successfully or that the combined company will not realize estimated cost savings and synergies; Safran’s ability to successfully implement and complete its plans and strategies and to meet its targets; the benefits from Safran’s plans and strategies being less than anticipated; the risks described in the Universal Registration Document (URD). The foregoing list of factors is not exhaustive. While the list of factors presented here is representative, no list should be considered a statement of all potential risks, uncertainties or assumptions that could have a material adverse effect on Safran’s consolidated financial condition or results of operations. Forward-looking statements speak only as of the date they are made. Safran does not assume any obligation to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws. USE OF NON-GAAP FINANCIAL INFORMATION This document contains supplemental non-GAAP financial information. Readers are cautioned that these measures are unaudited and not directly reflected in the Group’s financial statements as prepared under International Financial Reporting Standards and should not be considered as a substitute for GAAP financial measures. In addition, such non-GAAP financial measures may not be comparable to similarly titled information from other companies. ADJUSTED DATA All figures in this presentation represent adjusted data(1) (except where noted). Safran’s consolidated income statement has been adjusted for the impact of: ▪ purchase price allocations with respect to business combinations. Since 2005, this restatement concerns the amortization charged against intangible assets relating to aircraft programs revalued at the time of the Sagem-Snecma merger. With effect from the first half 2010 interim financial statements, the Group decided to restate: ▪ the impact of purchase price allocations for business combinations, particularly amortization and depreciation charged against intangible assets and property, plant and equipment recognized or remeasured at the time of the transaction and amortized or depreciated over extended periods due to the length of the Group’s business cycles and the impact of remeasuring inventories, as well as ▪ gains on remeasuring any previously held equity interests in the event of step acquisitions or asset contributions to joint ventures ▪ the mark-to-market of foreign currency derivatives, in order to better reflect the economic substance of the Group’s overall foreign currency risk hedging strategy: ▪ revenue net of purchases denominated in foreign currencies is measured using the hedged rate, resulting from the exchange rate effectively obtained over the year under hedging strategies, including premiums on settled options, and ▪ all mark-to-market changes on instruments hedging future cash flows are neutralized ▪ The resulting changes in deferred tax have also been adjusted. ORGANIC GROWTH ▪ Organic variations were determined by excluding the effect of changes in scope of consolidation and the impact of foreign currency variations. ADDITIONAL INFORMATION Amounts shown on subsequent pages may not add due to rounding. Disclaimer & foreword (1) See slide 24 for bridge with consolidated data
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 3 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FY 2025 key highlights ▪ Record LEAP deliveries • 1,802 units, up 28% YoY • 562 units in Q4, up 49% YoY ▪ CMF56 spare parts outperformed expectations ▪ Significant growth of defense activities ▪ All-time high financial performance • Exceeding 2025 initial outlook on all metrics • 150bps margin improvement • 75% EBIT to cash conversion ratio (>80% excluding surtax) ▪ M&A • Integration of Collins actuation and flight control business on track • Divestment of Safran Passenger Innovations (closed on January 30) and EZAir (to be completed by-mid 2026) 27,317 31,329 2024 2025 Revenue(1)In €M +14.7% +14.8% org. 4,119 5,197 2024 2025 In €M +26% 16.6% 15.1% Recurring operating income(1) & margin(2) 2.90 3.35 2024 2025 Dividend(3)In € +16% 1. See slide 24 for bridge with consolidated figures 2. Recurring operating income as a % of revenue 3. Subject to shareholders’ approval 3,189 3,921 2024 2025 Free cash flow In €M +23%
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 4 Civil business highlights SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Ground opening of Safran world’s largest LEAP engine MRO center in India Joint cooperation with Emirates to manufacture and assemble aircraft seats in Dubai Riyadh Air orders 120 LEAP to launch its new A321neo fleet and selects Safran wheels & electric carbon brakes on its Boeing 787 fleet Agreement with Pegasus for up to 300 LEAP-1B engines for its future Boeing 737-10 fleet Morocco: new LEAP-1A assembly line announced, groundbreaking of LEAP MRO facility Ryanair and CFM signed a MoU for a Material Services Agreement to cover their entire fleet (~2,000 CFM56 and LEAP engines)
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 5 Defense business highlights SAFRAN - FY 2025 Results & Investor update - February 13, 2026 New Rafale M88 MRO shop in India JV with Bharat Electronics Ltd to manufacture AASM Hammer in India Le Creusot expansion to manufacture complex parts for Rafale M88 engines
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FY 2025 RESULTS
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 7 FX SAFRAN - FY 2025 Results & Investor update - February 13, 2026 ▪ 2026 hedge rate set at $1.12 ▪ $56.4bn hedge book(1) as of Dec. 2025 ($54bn as of September 2025) Spot rate €/$ 2024 2025 Average spot rate 1.08 1.13 December 31th rate 1.04 1.18 (1) The hedge book includes barrier options with knock-out triggers (American or European) ranging from $1.16 to $1.31, representing a risk to the size of the book and to targeted hedge rates from 2026 onwards in case of sudden and significant exchange rates fluctuations (2) Annual estimated net exposure capped by construction at $17bn from 2027 onwards Note: Approx. 45% of Safran US$ revenue is naturally hedged by US$ procurement Estimated net exposure(2) ($bn) 14.3 16 17 17 2025 2026e 2027e 2028e 2029e €/$ hedge rate target 1.12 1.12 1.12 1.12 1.12 – 1.14 17
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 8 4,119 5,175 5,1971,056 61 (39) 2024 Organic growth 2025 at 2024 scope & FX Currency impact Change in scope 2025 In €M +25.6% org. +26.2% 15.1% 16.6% 27,317 31,362 31,3294,045 831 (864) 2024 Organic growth 2025 at 2024 scope & FX Currency impact Change in scope 2025 itleIn €M +14.8% org. +14.7% ▪ Currency: (3.2)% • €/$ spot rate: 1.13 (1.08 in 2024); no change on hedge rate (1.12) ▪ Scope: +3.0% • 5 months of Collins actuation and flight control business • CRT, MRO network based in US, acquired in January 2025 FY 2025 revenue and recurring operating income SAFRAN - FY 2025 Results & Investor update - February 13, 2026 ▪ Operating margin up by 150 bps to 16.6% ▪ Main drivers • Revenue growth • Robust aftermarket activities • Focus on operational excellence Revenue Recurring operating income
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 9 (In €M) 2024 2025 Revenue 27,317 31,329 Other recurring operating income and expenses (23,357) (26,354) Share in profit from joint ventures 159 222 Recurring operating income 4,119 5,197 % of revenue 15.1% 16.6% Total one-off items 6 (479) Profit from operations 4,125 4,718 % of revenue 15.1% 15.1% Net financial income (expense) 23 139 Income tax expense (987) (1,571) Profit for the period 3,161 3,286 Profit for the period attributable to non-controlling interests (93) (112) Profit attributable to owners of the parent 3,068 3,174 EPS (basic in €) 7.37⁽¹⁾ 7.60⁽²⁾ EPS (diluted in €) 7.29⁽³⁾ 7.60⁽⁴⁾ SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FY 2025 income statement (1) Based on the weighted average number of shares of 416,149,530 as of December 31, 2024 (2) Based on the weighted average number of shares of 417,883,086 as of December 31, 2025 (3) Based on the weighted average number of shares after dilution of 420,722,353 as of December 31, 2024 (4) Based on the weighted average number of shares after dilution of 417,883,086 as of December 31, 2025 Including impairment charges, restructuring and M&A transactions costs Apparent tax rate of 32.3%, including €(377)M impact of French corporate surtax on 2024 and 2025 results Of which €116M of financial interests (positive net cash balance)
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 10 Organic Change Revenue 13 652 15 668 14,8% 17,6% Recurring operating income 2 819 3 600 781 % of revenue 20,6% 23,0% 2.4 pts One-off items (26) (38) Profit (loss) from operations 2 793 3 563 % of revenue 20,5% 22,7% (In €M) 2024 2025 Change OE: 12.1% Services: 21.0% SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Propulsion ▪ Civil engines • Strong aftermarket revenue o Spare parts up 17.6% in $ (12% in Q4) with increase across the board, notably on CFM56 o Services up 30% in $ (56% in Q4) led by LEAP RPFH contracts • OE deliveries o 1,802 LEAP (+28% YoY, +10%seq./+49% YoY in Q4) ▪ Helicopter turbines • Revenue growth primarily led by services, OE also contributing • Missile propulsion systems up due to increasing deliveries ▪ Military engines • Revenue driven by services growth, and a favorable customer mix ▪ Operating margin up 240 bps to 23% of sales • Supported by strong civil engine aftermarket activities • Start of LEAP-1A RPFH profit recognition • Elevated LEAP spare engine ratio ▪ Scope • Acquisition of CRT in January 2025
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 11 Organic Change Revenue 10,618 12,302 15.9% 11.4% Recurring operating income 1,298 1,565 267 % of revenue 12.2% 12.7% 0.5 pt One-off items 65 (168) Profit (loss) from operations 1,363 1,397 % of revenue 12.8% 11.4% (In €M) 2024 2025 Change OE: 11.0% Services: 12.2% SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Equipment & Defense ▪ Equipment • Aftermarket services increased across the board, especially landing systems (A350, A320, A330, 787), nacelles (A320neo, A380) and evacuation slide systems • OE volumes up on electrical systems & wiring (737, A320neo), nacelles (A320neo) and landing gear (787, A320neo) ▪ Defense • Growth led by higher volumes in defense (AASM/Hammer, missile seekers, navigation & timing systems) ▪ Operating margin up 50 bps (90 bps excluding Actuation) • Solid contribution from OE ramp-up (A320neo & 737MAX) • Higher volumes on avionics, defense and space activities • Increased services, especially for carbon brakes, landing gears, nacelles and aerosystems ▪ Scope • In 2025: 5 months contribution of Collins flight control & actuation business • From 2026: Safran Ventilation Systems (SVS) will be transferred from Aircraft Interiors to Equipment & Defense (revenue <€200M)
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 12 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Aircraft Interiors ▪ Cabin • Increased aftermarket led by spare parts and air management systems (SVS) • OE volumes growth driven by A320 and 737 ▪ Seats • Business Class seats deliveries up 6% overcoming certification challenges, OE performance supported by favorable pricing effect • Good level of growth on aftermarket both in spare parts and services ▪ IFE (Passenger Innovations) • Good level of growth both on OE (hardware delivered to airlines and connectivity program) and services (spare parts, repairs, and digital) ▪ Recurring operating income up 230 bps • Strong level of services for both Seats and Cabin • Positive contribution of OE activities on business class seats, cabin, and IFE (Passenger Innovations) ▪ Cash breakeven reached ▪ Scope • 2026 divestments: Safran Passenger Innovations and EZAir • From 2026: Safran Ventilation Systems (SVS) will be transferred from Aircraft Interiors to Equipment & Defense (revenue <€200M) Organic Change Revenue 3,037 3,349 10.3% 14.2% Recurring operating income 27 108 81 % of revenue 0.9% 3.2% 2.3 pts One-off items (45) (277) Profit (loss) from operations (18) (169) % of revenue (0.6)% (5.0)% (In €M) 2024 2025 Change OE: 14.7% Services: 13.5%
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 13 (In €M) 2024 2025 Recurring operating income 4,119 5,197 One-off items 6 (479) Amortization, provisions and depreciation (excl. financial) 1,292 1,600 EBITDA 5,417 6,318 Income tax and non cash items (692) (1,668) Cash from operating activities before change in WC 4,725 4,650 Change in WC 7 1,070 Cash from operating activities after change in WC 4,732 5,720 Capex (tangible assets) (1,043) (1,238) Capex (intangible assets)* (500) (562) Free cash flow 3,189 3,921 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FY 2025 Free Cash Flow * Of which €348M capitalised R&D in 2025 vs €328M in 2024 Of which amortization at €1,194M Increase in inventories, more than offset by higher customer advance payments Investments capacity across the board (MRO, Equipment & Defense), as well as low carbon projects EBITDA +17%
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 14 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FY 2025 net cash evolution (1) Including €(54)M of dividends to minority interests (2) Including net purchases via the liquidity contract (3) Including €(388)M of IFRS 16 lease liability 1,738 1,738 4,650 1,070 (1,800) (1,270) (1,345) 673 (1,584) (395) Net Cash Dec. 2024 Cash flow from operations Change in working cap R&D and Capex Dividends Share repurchase OCEANE Acquisitions Others Net Cash June 25 Net cash at Dec 31, 2024 (In €M) €3,921M Free Cash Flow Net cash at Dec 31, 2025 Others(3) R&D Capex Change in WC Cash flow from ops Dividends(1) Shares repurchase(2) M&A S&P: A-, stable outlook since December 2022 Early redemption OCEANE 2028
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 15 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Shareholder returns ▪ Dividend up 16% • Safran will propose to its shareholders’ vote a dividend per share of €3.35 for fiscal year 2025, paid in 2026(1), representing a 40% payout ratio on adjusted net income(2) ▪ Share repurchase programs • In 2025, c. 5.1 million shares repurchased for cancellation for €1.3 billion • Extra shares (c. 0.2 million for a market value of €50M) initially purchased for delivery upon conversion of Safran convertible bonds reallocated for cancellation • As of December 31, 2025, Safran’s share capital now comprises 418,344,626 shares after cancellation of 5.3 million shares (capital ownership accretion of 1.26%) • In total, in 2024 and 2025, 8.9 million shares were cancelled for €2.1 billion and a capital ownership accretion of 2.13%. 1. Subject to shareholders’ approval 2. Excluding some non-recurring items 2.90 3.35 2024 2025 Dividend(1)In € +16% €1,229M €1,401M
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 16 Exceeding CMD’21 ambitions SAFRAN - FY 2025 Results & Investor update - February 13, 2026 12.6% Free Cash FlowRevenue Recurring operating income 1.8 2021 2022 2023 2024 2025 €bn 15.3 2021 2022 2023 2024 2025 €bn 5.2 1.7 2.7 2.9 3.2 2021 2022 2023 2024 2025 €bn 3.9 1.Implicit EBIT range ambition based on projected margin (16-18%) on projected revenues for 2025 2.Total Shareholder Return corresponds to dividends plus the change in the share price between January 1, 2022 and December 31, 2025 CAGR2021-2025: ~20% CAGR2021-2025: ~30% Cumulated 2021-2025: >€14bn 31.3 CMD’21 ambitions CMD’21 CAGR2021-2025: 20%+ 10%+ CAGR Implicit EBIT range(1) CMD’21: €10bn % ROI 2021-2025: ~85% 70% 4Y annualized TSR(2): 29% >2x ~3x 11.8% 16.6%% margin 16-18%
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2026 OUTLOOK & 2028 AMBITIONS
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 18 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FY 2026 outlook ▪ Civil engines • LEAP deliveries up ~15% • Spare parts revenue (in $) up mid-teens • Services revenue (in $) up ~20% ▪ Free Cash Flow • Including an estimated ~€(470)M impact of French corporate surtax • Subject to payment schedule of some advance payments and the rhythm of payments by state-clients Revenue up low to mid-teens Recurring operating income €6.1 - 6.2bn Free Cash Flow €4.4 - 4.6bn ▪ FX • €/$ spot rate: 1.15 • €/$ hedge rate: 1.12 ▪ Scope • Including Collins’ actuation and flight control business • Excluding Safran Passenger Innovations ▪ Watch item • Supply chain production capabilities Main assumptions
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 19 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 OE: LEAP delivery plan to meet customer demand >10K LEAP engines delivered since EIS 2021 2022 2023 2024 2025 2026e 2028e ~2,600 1,802 +~15% CMD’24 ▪ LEAP continues to ramp-up after record deliveries in ’25 ▪ LEAP installed base >2x from ‘25 to ’30 ▪ Spare engines ratio LDD trending towards 10-12% over program lifetime LEAP family maturing faster than CFM56 ▪ Continuously improving current design: LEAP-1A new HPT blade released in Q4’24 (around 1,450 kits produced to date), LEAP-1B expected in H1 20262,500 1,407 LEAP fleet growing twice as fast as CFM56
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 20 2023 2025 2026e 2028e ▪ Strong growth of LEAP shop visits through 2030, with expanding workscopes ▪ 3rd party MRO growing from ~10% in 2024 to 30% in 2030 and >50% in 2040 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Stronger aftermarket outlook boosted by CFM56 CFM56 above CMD’24 expectations ▪ >750 additional shop visits expected in 2025-2028 vs CMD’24 ▪ Drivers: low level of aircraft retirements, volume, favorable workscope mix ▪ Shop visits sunset expected to start from 2029, with pricing and workscope to support revenue through the end of decade LEAP expansion in line with CMD’24 CMD’24 2023 2025 2026e 2028e 3rd party MRO CFM CFM56 shop visits A supportive environment for CFM56 revenues LEAP shop visits (all maintenance events) 2,300-2,400 SV/year from 2025 to 2028
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 21 ▪ CAGR2024-2028e: low-teens ▪ Across the entire LEAP RPFH portfolio, the margin at completion grew by ~7 points from 2021 to 2025, (vs. 5 points in CMD’24) ▪ >80% of the LEAP RPFH portfolio margin to be recognized after 2030 ▪ LEAP-1A profit recognition from H1 2025; LEAP-1B to follow in H1 2026 ▪ CAGR2024-2028e: low-teens (vs. M-HSD% at CMD’24) ▪ LEAP >3x between 2024 and 2028 ▪ 2028 CFM56 & LEAP combined revenue trending ~15% higher vs. CMD’24 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 LEAP: strong visibility of future profit growth & cash generation Aftermarket revenue growth Aftermarket profit growth 2010 2024 2025 2028e LEAP CFM56 2010 2024 2025 2028e LEAP CFM56CMD’24 CMD’24 2025-2030: CFM56 still dominant
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 22 Main changes vs. CMD’24 ▪ Civil engines aftermarket ▪ Positive momentum in Defense, notably new Rafale orders ▪ €/$ spot rate: 1.15 in 2026 & 2027 (unchanged), and 1.20 in 2028 (€/$ hedge rate unchanged at 1.12 over the period) ▪ US tariffs ▪ French surtax: cash impact €(377)M in 2025 and ~€(470)M in 2026 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Improved 2028 ambitions despite headwinds from French surtax and US tariffs Free Cash FlowRecurring operating income ~10% CAGR2024-2028e (CMD’24: HSD) €7-7.5bn (2028e) (CMD’24: €6-6.5bn) Mid-teens CAGR2024-2028e Operating margin targeted by division: • Propulsion: 22-24% each year (2025-2028e) (CMD’24: low 20s% each year) • Equipment & Defense (new scope): mid-teens (2028e) (CMD’24: mid-teens) • Aircraft Interiors (new scope) : HSD (2028e) (CMD’24: ~10%) ~€21bn (2024-2028e) (1) (CMD’24: €15-17bn) ~70% conversion(2) (CMD’24: 65-70%) Revenue 1. Subject to payment schedule of some advance payments and the rhythm of payments by state-clients 2. Average 2024-2028e; FCF/Recurring operating income + + - Scope changes • Including Collins’ actuation & flight control business (acquired in July 2025) • Excluding Safran Passenger Innovations (SPI) • Transfer of Safran Ventilation Systems (SVS) from Aircraft Interiors to Equipment & Defense- -
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Pour changer d’image : • Faire un clic droit sur la diapositive • Cliquer sur « Mise en forme de l’arrière plan » • Choisir l’image souhaitée (1920x1080px) To change the visual: • Right click on the slide • Click on “Format Background” • Import a visual from your computer (1920x1080px) APPENDIX
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 24 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Consolidated and adjusted income statements 2025 reconciliation (In €M) Consolidated data CURRENCY HEDGING BUSINESS COMBINATIONS Adjusted dataRe-measurement of revenue(1) Deferred hedging gain/loss(2) Amortization of intangible assets - Sagem/Snecma merger(3) PPA impacts – other business combinations(4) Revenue 31,189 140 31,329 Other operating income and expenses (26,603) (19) (15) 16 267 (26,354) Share in profit from joint ventures 201 21 222 Recurring operating income 4,787 121 (15) 16 288 5,197 Other non-recurring operating income and expenses (479) (479) Profit (loss) from operations 4,308 121 (15) 16 288 4,718 Cost of debt 116 116 Foreign exchange gain / loss 5,832 (121) (5,701) 10 Other financial income and expense 13 13 Financial income (loss) 5,961 (121) (5,701) 139 Income tax expense (2,983) 1,479 (4) (63) (1,571) Profit (loss) from continuing operations 7,286 (4,237) 12 225 3,286 Attributable to non-controlling interests (109) (3) (112) Attributable to owners of the parent 7,177 (4,240) 12 225 3,174 Change in Mark-to-Market of instruments hedging future cash flows (1) Remeasurement of foreign-currency denominated revenue net of purchases (by currency) at the hedged rate (exchange rate effectively obtained over the year under hedging strategies, including premiums on settled options) through the reclassification of gains/losses recognized in profit or loss on unwinding the hedging relationship. (2) Changes in the fair value of instruments hedging future cash flows that will be recognized in profit or loss in future periods (a negative €5,701 million excluding tax), and the impact of taking into account hedges when measuring provisions for losses on completion (a negative €15 million at December 31, 2025). (3) Cancellation of amortization/impairment of intangible assets relating to the remeasurement of aircraft programs resulting from the application of IFRS 3 to the Sagem SA-Snecma merger. (4) Cancellation of the impact of remeasuring assets at the time of the Zodiac Aerospace acquisition for €175 million excluding deferred tax, and cancellation of amortization/impairment of assets identified during other business combinations.
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 25 Units % Units % LEAP engines 1407 1,802 395 28% A320 landing gear sets 601 657 56 9% CFM56 engines 60 52 (8) (13)% A320neo nacelles 622 717 95 15% High thrust engines 195 234 39 20% A320 emergency slides 4,441 4,533 92 2% Helicopter engines 682 757 75 11% A330neo nacelles 62 69 7 11% M88 engines 40 34 (6) (15)% A350 landing gear sets 48 42 (6) (13)% A350 lavatories 448 423 (25) (6)% 787 landing gear sets 41 65 24 59% 787 primary power distribution systems 344 401 57 17% Small nacelles (bizjet & regional jets) 754 735 (19) (3)% Business class seats 2,482 2,632 150 6% Number of units delivered 2024 2025 YoY change Number of units delivered 2024 2025 YoY change Number of products delivered on major aerospace programs SAFRAN - FY 2025 Results & Investor update - February 13, 2026
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 26 OE Services OE Services Propulsion 5,222 8,430 5,546 10,122 % of revenue 38.3% 61.7% 35.4% 64.6% Equipment & Defense 6,478 4,140 7,496 4,807 % of revenue 61.0% 39.0% 60.9% 39.1% Aircraft Interiors(1) 1,916 1,121 2,115 1,234 % of revenue 63.1% 36.9% 63.2% 36.8% 2024 2025REVENUE Adjusted data (in €M) (1) Retrofit is included in OE OE / Services revenue split SAFRAN - FY 2025 Results & Investor update - February 13, 2026
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 27 (In M€) 2024 2025 Change Total R&D (1,980) (2,080) (100) R&D sold to customers 632 668 36 R&D expenses (1,348) (1,412) (64) as a % of revenue 4.9% 4.5% (0.4) pt Tax credit 178 177 (1) R&D expenses after tax credit (1,170) (1,235) (65) Gross capitalized R&D 325 345 20 Amortization and depreciation of R&D (283) (289) (6) R&D in recurring operating income (P&L impact) (1,128) (1,179) (51) as a % of revenue 4.1% 3.8% (0.3) pt SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FY 2025: Research & Development R&D expenses at €1,412M in 2025: • R&T self-funded expenses at €724M, mainly towards decarbonization (notably RISE) • Development expenses at €688M Gross capitalized R&D expenses at €345M, mainly on helicopter turbines, Defense and Aircraft Interiors programs R&D in recurring operating income impact decrease as % of revenue by (0.3)pt
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 28 Equipment & Aircraft Defense Interiors R&D expenses (1,412) (676) (569) (167) as a % of revenue 4.5% 4.3% 4.6% 5.0% Tax credit 177 70 101 6 R&D expenses after tax credit (1,235) (606) (468) (161) Gross capitalized R&D 345 105 154 85 Amortisation and depreciation of R&D (289) (123) (116) (50) P&L R&D in recurring operating income (1,179) (624) (430) (126) as a % of revenue 3.8% 4.0% 3.5% 3.8% (In €M) 2025 Propulsion SAFRAN - FY 2025 Results & Investor update - February 13, 2026 FY 2025: Research & Development by activity
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 29 (In €M) Dec 31, 2024 Dec 31, 2025 Goodwill 4,937 5,773 Tangible & Intangible assets and right of use 13,229 13,740 Investments in joint ventures and associates 1,894 1,892 Other non current assets 3,429 2,054 Operating Working Capital (3,327) (4,890) Net cash (debt) 1,738 1,738 Assets available for sale - 173 Shareholders’ equity - Group share 10,176 14,839 Minority interests 549 622 Non current liabilities (excl. net cash (debt)) 1,224 939 Provisions 3,008 2,899 Other current liabilities / (assets) net 6,943 1,181 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Balance sheet as of December 31, 2025
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 30 SAFRAN - FY 2025 Results & Investor update - February 13, 2026 Liquidity as of December 31, 2025 ▪ Cash and cash equivalent of €6,789 million ▪ Net cash positive ▪ 2028 OCEANEs’ early redemption • Early redemption on April 1, 2025 of the 2028 OCEANEs (€730M convertible bonds issued in 2021) • 93.3% of the 2028 OCEANEs were converted into existing shares previously repurchased • Remaining 6.7% 2028 OCEANEs were reimbursed at par for a total amount of €49M ▪ Credit rating A- with a stable outlook (since Dec. 2022) December 31, 2025 Gross debt €5,051M Net Cash €1,738M Cash & equiv. €6,789M Undrawn revolving credit facility €2,000M
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This document and the information therein are the property of Safran. They must not be copied or communicated to a third part y without the prior written authorization of Safran 31 ▪ Spare parts (expressed in $) ▪ This non-accounting indicator (non-audited) comprises “Spare parts” revenue (in USD terms) for all civil aircraft engines (CFM56, LEAP , high-thrust engines) ▪ Services (expressed in $) ▪ This non-accounting indicator (non-audited) comprises “Services” revenue (in USD terms) for all civil aircraft engines (CFM56, LEAP , high-thrust engines; RPFH and internal T&M) ▪ Recurring operating income ▪ In order to better reflect the current economic performance, this subtotal named “recurring operating income” excludes income and expenses which are largely unpredictable because of their unusual, infrequent and/or material nature such as: impairment losses/reversals, capital gains/losses on disposals of operations and other unusual and/or material non-operational items ▪ Free cash flow ▪ Free cash flow represents cash flow from operating activities less any disbursements relating to acquisitions of property, plant and equipment and intangible assets ▪ EBITDA ▪ EBITDA represents the sum of profit (loss) from operations and the net recurring and non-recurring charge to depreciation, amortization, impairment and provisions Definitions SAFRAN - FY 2025 Results & Investor update - February 13, 2026