Safran has reported a strong start to the year in its maintenance, repair, and overhaul (MRO) services, particularly on the CFM56 and Leap turbofan engines. The company's CEO, Olivier Andriès, indicated that activity levels remain high despite ongoing geopolitical tensions, including the war in the Middle East.
During the first quarter, Safran's spare parts sales increased by 29%, while service revenues grew by 43% year-over-year. The positive performance has led the company to reaffirm its full-year guidance, projecting increases of approximately 15% in spare parts revenues and 20% in services.
Market Outlook and Activity Drivers
Andriès highlighted that the increased scope of work for civil engines and high-rate Leap rate-per-flight-hour contracts have contributed to the positive trends. The company also engaged with around 20 carriers worldwide, gaining confidence that the pace of aircraft retirements remains steady, with only about 1.5% of CFM56-powered aircraft retired in the first quarter.
"There is no indication of any acceleration in aircraft retirements," said Andriès.
"Utilization rates for CFM56 engines have remained stable even after the onset of the Iran conflict," he added.
However, Andriès noted potential impacts on MRO activities for high-thrust engines servicing widebody aircraft, noting that the Middle East owns about 20% of the global widebody fleet. He expects these aircraft to be more affected than narrowbody fleets in terms of overall cycles for 2026.
