Safran Reports Strong 2025 Growth and Raises 2028 Financial Targets
Safran posts 14.7% revenue growth in 2025, driven by LEAP engine deliveries and aftermarket demand, raising 2028 financial goals.

Safran Reports Strong 2025 Growth, Raises Medium-Term Financial Targets
Safran Group has reported what it characterizes as “excellent” financial results for the full fiscal year 2025, driven by a surge in civil engine deliveries and robust aftermarket demand. In an announcement released on February 13, 2026, the French aerospace giant revealed double-digit revenue growth and record cash generation, prompting the company to upgrade its financial ambitions for the 2024–2028 period.
The group’s performance reflects a stabilizing aerospace supply chain and sustained demand for air travel, which has fueled both original equipment manufacturing and service contracts. According to the company’s official release, adjusted revenue for 2025 reached €31.33 billion, a 14.7% increase compared to the previous year. Consequently, Safran has revised its outlook for 2028, projecting higher operating income and cash flow than previously estimated.
Fiscal Year 2025 Financial Highlights
Safran’s financial disclosure highlights significant improvements across key metrics. The company prioritizes “adjusted” data for its performance analysis to exclude the volatility of currency hedging valuations. Under these adjusted metrics, recurring operating income rose sharply by 26.2% to €5.20 billion, resulting in an operating margin of 16.6%, an expansion of 150 basis points year-over-year.
Key Performance Metrics
According to the data released by the group, the primary financial results for FY 2025 include:
- Adjusted Revenue: €31.33 billion (+14.7% reported; +14.8% organic).
- Recurring Operating Income: €5.20 billion.
- Free Cash Flow: €3.92 billion (+23%), exceeding initial company guidance.
- Adjusted Net Income: €3.18 billion (+3.5%), representing an adjusted EPS of €7.60.
The company also reported a consolidated net income of €7.18 billion, a figure that includes significant non-cash gains derived from the mark-to-market valuation of hedging instruments. Based on these results, Safran’s Board has proposed a dividend of €3.35 per share, a 16% increase, subject to shareholder approval at the Annual General Meeting in May 2026.
Operational Drivers: Propulsion and Defense
The primary engine of growth for Safran in 2025 was its Propulsion division. The company noted a significant ramp-up in production for the LEAP engine, which powers the Boeing 737 MAX and the Airbus A320neo family.
LEAP Engine Deliveries
In its operational update, Safran confirmed that LEAP engine deliveries increased by 28% year-over-year, totaling 1,802 units in 2025. This increase aligns with broader industry efforts to clear backlogs and meet aircraft delivery schedules.
Additionally, the civil aftermarket segment, comprising spare parts and service contracts, saw substantial growth. The company attributes this to high airline traffic levels and an aging global fleet that requires more intensive maintenance.
Defense Sector Momentum
Beyond civil aviation, the Equipment & Defense division reported robust growth of 11.4%. This performance was supported by strong export contracts, including systems for the Rafale fighter jet, and a general increase in global defense spending.
Outlook: 2026 Guidance and Raised 2028 Ambitions
Looking ahead, Safran has issued guidance for the 2026 fiscal year and updated its medium-term targets. For 2026, the company expects revenue growth in the “low to mid-teens” and recurring operating income between €6.1 billion and €6.2 billion. Free cash flow is projected to land between €4.4 billion and €4.6 billion, with LEAP deliveries expected to rise by another 15%.
Upgraded 2028 Targets
Citing strong visibility in its aftermarket business and defense order books, Safran has raised its targets for 2028. The updated ambitions include:
- Revenue Growth: A Compound Annual Growth Rate (CAGR) of approximately 10% for 2024–2028.
- Recurring Operating Income: A target range of €7.0 billion to €7.5 billion (previously €6.0–€6.5 billion).
- Cumulative Free Cash Flow: Approximately €21 billion for the 2024–2028 period (up from €15–€17 billion).
- Propulsion Margin: Targeted at 22%–24% annually starting from 2025.
AirPro News Analysis
The upward revision of the 2028 free cash flow target, from a maximum of €17 billion to roughly €21 billion, is a significant indicator of Safran’s confidence in the long-term profitability of the LEAP program. For years, the industry has watched the “cash curve” of the LEAP engine, waiting for the installed base to mature enough to generate high-margin aftermarket revenue.
With propulsion margins targeted at 22%–24% and LEAP deliveries hitting 1,802 units in 2025, it appears Safran is successfully transitioning from the investment-heavy ramp-up phase to a period of sustained cash generation. However, the company’s mention of raw material challenges (specifically forging and casting) suggests that while the supply-chain is improving, upstream bottlenecks remain a critical watch item for achieving the 2026 delivery targets.
Frequently Asked Questions
What drove Safran’s growth in 2025?
Growth was primarily driven by a 28% increase in LEAP engine deliveries and strong demand in civil aftermarket services (maintenance and spare parts) due to high airline traffic.
What is the proposed dividend for shareholders?
Safran has proposed a dividend of €3.35 per share, representing a 16% increase over the previous year.
How has the 2028 outlook changed?
Safran significantly raised its 2028 targets, now expecting cumulative free cash flow of ~€21 billion (up from ~€15–€17 billion) and recurring operating income of €7.0–€7.5 billion.
Sources
Photo Credit: Safran
Sustainable Aviation
U.S. Advances Sustainable Aviation Fuel Initiative with 2030 Targets
U.S. agencies collaborate to scale sustainable aviation fuel production to 3 billion gallons by 2030, aiming to cut emissions and boost energy security.

This article is based on an official press release from the U.S. Department of Energy.
U.S. Government Accelerates Sustainable Aviation Fuel Initiative to Meet 2030 Goals
The push to decarbonize the aerospace sector is entering a critical execution phase. Through a formalized Memorandum of Understanding (MOU), the U.S. Department of Energy (DOE), the Department of Transportation (DOT), and the Department of Agriculture (USDA) have united to drive the Sustainable Aviation Fuel (SAF) Initiative. Originally launched in September 2021 as the SAF Grand Challenge, this government-wide effort aims to scale up domestic production, enhance national energy security, and revitalize rural agricultural economies.
Sustainable aviation fuel is a synthesized, “drop-in” hydrocarbon fuel derived from renewable or waste materials rather than traditional petroleum. Because it requires no modifications to existing aircraft engines or fueling infrastructure, federal agencies and industry leaders view it as the most viable near-term solution for reducing aviation emissions. According to the DOE, the initiative targets a minimum 50% reduction in lifecycle greenhouse gas emissions compared to conventional jet fuel.
As we move through 2026, the transition from foundational planning to active infrastructure expansion is well underway. With ambitious production targets looming at the end of the decade, the coordinated federal strategy is deploying hundreds of millions in grant funding to bridge the gap between current supply and future demand.
Core Objectives and Federal Investments
Time-Bound Production Targets
The SAF Initiative is anchored by two primary production milestones. According to official DOE and DOT frameworks, the near-term objective is to scale domestic SAF production to 3 billion gallons per year by 2030. Looking further ahead, the long-term goal is to produce enough SAF to meet 100% of domestic aviation fuel demand by 2050, a figure the agencies estimate will reach approximately 35 billion gallons annually.
Biomass Potential and Feedstock Diversity
To meet these massive volume requirements, the initiative relies on a diverse array of approved feedstocks, including corn grain, oil seeds, forestry residues, municipal solid waste, and agricultural byproducts. Data from the DOE’s 2023 Billion-Ton Report indicates that the United States possesses the capacity to triple its biomass production to over 1 billion tons per year. The DOE projects that this volume could yield an estimated 60 billion gallons of liquid biofuels, providing more than enough raw material to satisfy the 2050 aviation demand projections.
Infrastructure and Grant Funding
Federal financial backing has been crucial to moving these targets from paper to production. In January 2025, the Federal Aviation Administration (FAA) announced $249 million in grants through the Fueling Aviation’s Sustainable Transition (FAST) program. This capital injection, funded by a $297 million appropriation to the DOT under the Inflation Reduction Act, is specifically earmarked for domestic SAF production, transportation, and storage infrastructure.
These investments are already yielding tangible geographic expansions. Historically, U.S. SAF supply networks were heavily concentrated on the West Coast. However, federal progress reports note that by early 2025, new supply terminals successfully reached the U.S. East Coast, significantly broadening access for commercial and private aviation hubs nationwide.
“Over the past three years, as this Department has worked alongside our partners in the administration and in the private sector, we’ve made measurable progress in reducing emissions and making our skies cleaner while also growing the economy and creating good-paying jobs.”
Commercial Adoption and Global Context
Airlines Ramp Up Utilization
Commercial airlines are the ultimate end-users of this federal push, and recent data shows a marked increase in adoption, despite ongoing supply constraints. In April 2026, Delta Air Lines reported consuming 23.4 million gallons of SAF throughout 2025. According to the airline’s sustainability disclosures, this represents an 80% increase from the 13 million gallons utilized in 2024.
“Delta’s goal of using 10% SAF by 2030 remains real. Every day, we’re working across our business, industry and the SAF value chain for meaningful impact – and we’re making solid progress.”
International Regulatory Momentum
The U.S. SAF Initiative does not exist in a vacuum; it operates alongside tightening global regulations. In 2025, the European Union’s ReFuelEU Aviation mandate took effect, legally requiring fuel suppliers to blend a minimum percentage of SAF at EU airports. Concurrently, the International Civil Aviation Organization (ICAO) has established a global framework targeting a 5% reduction in the carbon intensity of international aviation fuels by 2030. These international pressures ensure that U.S. airlines operating globally must secure reliable SAF supply chains to remain compliant.
AirPro News analysis
We observe that the narrative surrounding the SAF Initiative has fundamentally shifted over the past two years. While the 2021 Grand Challenge was primarily framed around climate goals and decarbonization, the 2026 landscape, highlighted by reports like the World Economic Forum’s Global Aviation Sustainability Outlook 2026, positions SAF equally as a matter of national energy security. By utilizing domestic agricultural and municipal waste, the U.S. is actively attempting to insulate its aviation sector from volatile foreign oil markets.
However, significant hurdles remain. While Delta’s 80% year-over-year usage increase is commendable, 23.4 million gallons is a drop in the bucket compared to the 3-billion-gallon target set for 2030. The January 2025 SAF Grand Challenge Progress Report and the November 2024 Roadmap Implementation Framework both acknowledge persistent gaps in technology scaling and supply chain logistics. For the DOE, DOT, and USDA, the next four years will be a race against time to ensure that feedstock processing and refinery capacities can match the aggressive timelines they have mandated.
Frequently Asked Questions (FAQ)
- What is Sustainable Aviation Fuel (SAF)?
SAF is a renewable, “drop-in” alternative to conventional petroleum-based jet fuel. It is synthesized from waste materials, biomass, and agricultural residues, and can be used in existing aircraft without engine modifications. - What are the primary goals of the U.S. SAF Initiative?
The initiative aims to achieve a 50% reduction in lifecycle greenhouse gas emissions, produce 3 billion gallons of SAF annually by 2030, and scale up to 35 billion gallons by 2050 to meet 100% of domestic aviation demand. - Which federal agencies are leading this effort?
The initiative is a collaborative effort governed by a Memorandum of Understanding between the Department of Energy (DOE), the Department of Transportation (DOT), and the Department of Agriculture (USDA). - How is the government funding this transition?
Funding is being deployed through various channels, notably including $249 million in FAA FAST program grants announced in January 2025, which were funded by the Inflation Reduction Act.
Sources: U.S. Department of Energy
Photo Credit: U.S. Department of Energy
MRO & Manufacturing
Honeywell Unveils New Brands Ahead of 2026 Aerospace Spin-Off
Honeywell announces Honeywell Technologies and Honeywell Aerospace as independent firms post June 29, 2026 spin-off, focusing on AI and aviation.

On June 1, 2026, Honeywell officially unveiled the new brand identities for its automation and aerospace businesses, marking the final stages of a historic corporate restructuring. The two new entities, Honeywell Technologies and Honeywell Aerospace, will operate as independent, publicly traded companies following the aerospace division’s official spin-off scheduled for June 29, 2026.
According to the company’s press release, this announcement dismantles the 140-year-old conglomerate into focused, pure-play businesses. The strategic pivot aligns with broader Wall Street trends that increasingly favor specialized operations over sprawling industrial giants, allowing each new company to target specific global megatrends without competing for internal capital.
The New Brands: Technologies and Aerospace
Following the June 29 separation, the two resulting companies will operate with distinct strategic focuses and market identities. Industry research indicates that the automation business, now branded as Honeywell Technologies, will retain the legacy Nasdaq ticker “HON.” This entity is positioned to lead the industrial transition from automation to autonomy, focusing heavily on artificial intelligence-led industrial systems, building automation, and mission-critical software.
Conversely, the aviation business will launch as Honeywell Aerospace and trade on the Nasdaq under the new ticker “HONA.” Operating as one of the largest publicly traded, pure-play aerospace suppliers, Honeywell Aerospace will target the future of aviation. According to industry data, the division currently generates approximately $15 billion in annual sales and will focus its independent efforts on aircraft electrification, autonomous flight, and defense applications.
Leadership Perspective
Company leadership emphasized that the rebranding is designed to respect the conglomerate’s extensive history while pivoting toward modern technological demands. In the official press release, Honeywell Chairman and CEO Vimal Kapur highlighted the significance of the transition.
“Today marks another defining moment in our transformation into two independent, focused companies. Drawing on Honeywell’s century-long legacy, these new brand identities honor our history while reflecting the bold vision and strategic focus that will define Honeywell Technologies and Honeywell Aerospace as standalone companies.”
, Vimal Kapur, Chairman and CEO of Honeywell
The Road to the Spin-Off
The dissolution of the Honeywell conglomerate has been a multi-year process driven by internal strategic reviews and external market pressures. In November 2024, Elliott Investment Management acquired a $5 billion stake in the company, publishing a letter that urged the board to simplify its structure to unlock shareholder value. By February 2025, Honeywell’s Board of Directors formalized the plan to separate into three independent companies: Automation, Aerospace, and Advanced Materials.
The first phase of this massive restructuring was completed in October 2025, when Honeywell successfully spun off its Advanced Materials business. That entity now operates as a standalone public company named Solstice Advanced Materials, trading under the ticker “SOLS.”
Financial Implications
Prior to the upcoming aerospace spin-off, Honeywell’s total market value is estimated at approximately $150.72 billion, with an estimated brand value of $18 billion built over 140 years of operation. Financial analysts at Wolfe Research have previously projected that a “sum-of-the-parts” valuation for the post-split entities could reach a significant premium over Honeywell’s historical trading range, drawing comparisons to the highly lucrative 2024 spin-off of GE Vernova.
AirPro News analysis
We view Honeywell’s breakup as a definitive marker in the ongoing $1.2 trillion U.S. industrial divestiture trend. By following the blueprint laid out by General Electric and Johnson & Johnson, Honeywell is positioning its aerospace and automation divisions to be significantly more agile. As separate entities with distinct balance sheets, both Honeywell Technologies and Honeywell Aerospace can more easily pursue targeted mergers and acquisitions. Without the burden of competing for internal capital, Honeywell Aerospace is now uniquely positioned to aggressively fund the electrification of aircraft, while Honeywell Technologies can double down on artificial intelligence and industrial autonomy.
Frequently Asked Questions (FAQ)
When does the Honeywell Aerospace spin-off take effect?
The aerospace division will officially spin off into an independent, publicly traded company on June 29, 2026.
What will the new stock tickers be?
Honeywell Technologies (the automation business) will retain the legacy ticker “HON,” while Honeywell Aerospace will trade under the new ticker “HONA.”
What happened to Honeywell’s Advanced Materials business?
The Advanced Materials division was successfully spun off in October 2025 as Solstice Advanced Materials, which currently trades under the ticker “SOLS.”
Sources
Photo Credit: Honeywell
Aircraft Orders & Deliveries
Saudia Expands Fleet with Airbus A321XLR and 12 New Aircraft in 2026
Saudia plans to add 12 aircraft in 2026, reaching 161 total. The fleet includes the Airbus A321XLR, enhancing long-haul efficiency and premium service.

This article is based on an official press release from Saudia.
Saudia, the national flag carrier of the Kingdom of Saudi Arabia, is accelerating its fleet modernization strategy. According to an official company press release, the airline plans to take delivery of 12 new aircraft throughout 2026. This ongoing expansion is projected to bring Saudia’s total active fleet to 161 aircraft by the end of the year.
The 2026 delivery schedule is designed to reinforce the airline’s long-term transformation strategy. By integrating next-generation aircraft, Saudia aims to increase operational capacity, improve network flexibility, and support the development of new international destinations while elevating the overall passenger experience.
Modernizing the Fleet with Next-Generation Aircraft
The Airbus A321XLR Game-Changer
A major highlight of this expansion phase is the introduction of the Airbus A321XLR. Supplementary industry data indicates that Saudia is the first operator of this extra-long-range narrow-body jet in the Middle East and Africa, having received its first unit in late May 2026. The airline has 15 A321XLRs on order, with all expected to be delivered by the end of 2027.
The A321XLR boasts a range of up to 8,700 kilometers, allowing Saudia to operate long-haul routes with the economic efficiency of a single-aisle aircraft. It features a premium, low-density 144-seat configuration, which includes 24 full-flat Business Class suites and 120 Economy Class seats.
Enhancing the A321neo Experience
Alongside the XLR, the standard Airbus A321neo further enhances Saudia’s narrow-body capabilities for short-to-medium-haul routes. The press release notes that these aircraft feature 188 seats, 20 in Business Class and 168 in Guest Class. Both aircraft types are equipped with high-speed inflight connectivity, 13-inch personal entertainment screens, and upgraded cabin designs aimed at improving onboard comfort.
Operational Readiness and Workforce Development
Expanding a global fleet requires significant logistical and human resource planning. Saudia has emphasized that workforce preparation is occurring concurrently with its aircraft deliveries. To prevent operational bottlenecks, the airline has already graduated new cohorts of pilots, cabin crew, and maintenance specialists through training programs aligned with international aviation standards.
“Preparing the workforce for fleet expansion is just as important as preparing the aircraft themselves,” stated His Excellency Engr. Ibrahim Al-Omar, Director General of Saudia Group, in the official release.
With the fleet expected to reach 161 aircraft by year-end, additional cohorts are currently undergoing training to support future deliveries, reflecting the airline’s commitment to developing national talent.
Strategic Alignment with Saudi Vision 2030
The fleet expansion is heavily intertwined with Saudi Vision 2030. According to broader industry reports, the Kingdom’s National Aviation Strategy aims to attract 150 million visitors annually and accommodate 330 million airport users by the end of the decade. Saudia’s growth is positioned as a critical enabler of these tourism and connectivity ambitions.
AirPro News analysis
We observe that Saudia’s deployment of the A321XLR represents a strategic “right-sizing” of its network. By utilizing a 144-seat narrow-body aircraft on routes to Europe or the Maldives, the airline can maintain premium service frequencies without the financial risk of operating half-empty wide-body jets, such as the Boeing 787 or 777.
Furthermore, this expansion comes amid heightened domestic competition. With the launch of the Kingdom’s second flag carrier, Riyadh Air, in late 2025, and the aggressive growth of low-cost carriers like flynas, Saudia’s focus on premium cabins and operational efficiency is a calculated move. The inclusion of 24 full-flat suites on a single-aisle aircraft signals a clear intent to defend its market share and compete directly with top-tier global carriers for high-paying business and leisure travelers.
Frequently Asked Questions (FAQ)
- How many aircraft is Saudia receiving in 2026? Saudia is taking delivery of 12 new aircraft progressively throughout 2026.
- What is Saudia’s target fleet size? The airline expects its active fleet to reach 161 aircraft by the end of 2026.
- What makes the Airbus A321XLR significant? The A321XLR allows Saudia to fly long-haul routes (up to 8,700 kilometers) using a highly efficient, single-aisle narrow-body aircraft equipped with premium full-flat Business Class suites.
Sources: Saudia Press Release, Industry Research Data
Photo Credit: Saudia
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