SAFRAN (=) : Corporate Contact: Key Takeaways | 2Q26e (due: 28 July)

研报英文原文证据摘录

SAFRAN (=) : Corporate Contact: Key Takeaways | 2Q26e (due: 28 July)

EQUITIES

AEROSPACE & DEFENSE

SAFRAN NEUTRALPRICE* EUR329.4  TARGET PRICE EUR320 (DOWNSIDE 3%)

FLASH NOTE

Corporate Contact: Key Takeaways | 2Q26e (due: 28 July)

22 JUNE 2026 Securities Research Report Production time: 12:21* (London time)

Research Analyst & Publishing Entities

Sebastian Growe BNP Paribas SA (+49) 69 4272 97323 sebastian.growe@bnpparibas.com

What happened?

Safran (SAF) is scheduled to report H1 earnings on 28 July 2026. After the strong start to the year the call with IR

served to recap on the messages from recent investor meetings. There was no change to guidance. Based on prior

management commentary, we feel confident with our slightly above-consensus estimates for all core KPIs, sales, adj.

EBIT and FCF suggesting full-year targets have moved to the more conservative side. After the recent recovery upon

the signs of resolution to the ME conflict, SAF trades at 20x/17x EV/EBIT ‘27/28e, explaining our Neutral rating.

BNPP View:

Revenue: At our CEO conference, the CFO had conveyed a positive message wrt business momentum in Q2, which

needs to be seen in the wake of Q1 having seen 2-3x as high growth in spare parts and service revenue as guided for

the full-year. We understand shop visits have continued as expected, pricing is a mild positive with the key tailwind still

related to workscope. We model OSG of 24% at PROP (OE/SE: +30%/+21%), ~13% at E&D and ~10% at INT resulting

in ~19% OSG at group level and thus EUR8.98bn in absolute terms (cons.: +16.3%/ EUR8.73bn).

Adj. EBIT: At PROP, we model a 23.2% margin in the H126 period, ie largely unch. vs H225, a slight improvement at

E&D, and flat at INT resulting in a group adj. EBIT margin of 17.3% or EUR3,052m (cons.: 17.6%/ EUR3,047m).