赛峰上调2026年指引，民用发动机售后需求推动上半年业绩超预期

Safran (SAFRF)(SAFRY) lifted its full-year financial guidance after reporting better-than-expected first-half results, as strong demand for commercial aircraft engine maintenance and spare parts continued to boost profitability.
The French aerospace supplier said recurring operating income climbed 29% from a year earlier to €3.24 billion ($3.68 billion), topping analyst expectations of €3.06 billion. Revenue increased 19% to €17.57 billion, also ahead of the €17.47 billion consensus forecast.
Shares rose about 2.2% in Tuesday trading following the results.
The company's recurring operating margin reached a record 18.4% during the first six months of the year, reflecting continued strength in the aftermarket business despite ongoing supply chain constraints and geopolitical uncertainty.
Chief Executive Olivier Andriès told analysts that commercial aviation activity continues to run above the company's expectations before the recent Middle East conflict.
A key contributor remains CFM International, Safran's engine joint venture with GE Aerospace (GE). While the newer LEAP engine powers current Boeing and Airbus single-aisle aircraft, thousands of older CFM56 engines remain in service worldwide, generating a steady stream of maintenance and replacement-parts revenue.
Sales of civil engine spare parts rose 27.9% in U.S. dollar terms during the first half.
Airlines have criticized engine manufacturers over rising maintenance costs and higher spare-parts prices. Andriès said CFM remains focused on supporting airline customers while earning returns that justify the significant investments required to develop new engine technology.
Safran increased its forecast for 2026 revenue growth to the mid-teens percentage range from its previous outlook for low-to-mid-teens growth.
The company also raised its recurring operating profit forecast to between €6.4 billion and €6.5 billion, compared with prior guidance of €6.1 billion to €6.2 billion. It now expects LEAP engine deliveries to increase by a high-teens percentage this year, up from an earlier forecast of roughly 15% growth.
The improved outlook follows a similar move by GE Aerospace last week, which also raised its 2026 revenue and profit forecasts on the back of strong demand for engine equipment and aftermarket services.
Beyond commercial aviation, Safran said its defense business continues to gain momentum. The company is expanding manufacturing capacity, increasing investment in technologies such as navigation and positioning systems and remains open to acquisitions that meet its financial criteria.
Uncertainty remains, however, over the future of Safran's military engine partnership with Germany's MTU Aero Engines after the collapse of the trinational Future Combat Air System (FCAS) fighter program involving France, Germany and Spain.
Andriès said funding for the joint venture currently extends through September. Decisions about its future will depend on how participating governments proceed with next-generation combat aircraft programs.
He added that Safran is not in a position to develop two separate next-generation fighter engines simultaneously and would prioritize France's defense requirements if national programs diverge.
Industry sources have said the joint venture could wind down if no additional funding is secured, with engineers reassigned unless France and Germany ultimately decide to pursue closely aligned future fighter aircraft. Many analysts view that outcome as increasingly unlikely.