1H26 Results: Another Strong Print, Upgrade In-Line With Buy-side Expectations

研报英文原文证据摘录

1H26 Results: Another Strong Print, Upgrade In-Line With Buy-side Expectations

Update

July 28, 2026 06:26 AM GMT

Morgan Stanley & Co. International plc+MSafran SA | Europe Ross Law, CFA

Equity Analyst

1H26 Results: Another Strong Ross.Law@morganstanley.comMarie-Ange Riggio +44 20 7677-0560

Marie-Ange.Riggio@morganstanley.com +44 20 7677-2003

Print, Upgrade In-Line With Leonore Pele

Research Associate

Leonore.Pele@morganstanley.com +44 20 7425-2044

Buyside Expectations

Safran SA (SAF.PA, SAF FP)

Aerospace & Defence | France

AlphaSignals Earnings Reaction

Stock Rating Equal-weight

Unchanged Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target €330.00

consensus EPS Shr price, close (Jul 24, 2026) €329.80

52-Week Range €360.80-262.60

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) €138,963

Net debt (12/25e) (mn)* €(684)

EV, curr (mn)* €137,774

Key Takeaways

* = GAAP or approximated based on GAAP

Sales in-line (Equipment ahead), adj. EBIT 6% ahead (Propulsion margin,

Equipment growth), FCF a standout 28% beat (working cap).

FY26 guidance upgraded - adj. EBIT by 5% and FCF by 7% at the mid-points. Both

MSD+ ahead of cons but likely in-line with buyside expectations.

Our view - strong print with guidance upgrade largely anticipated by investors.

Implied H2 civil aftermarket growth rates arguably conservative still.

Our View: another strong print, with adj. EBIT of €3.2bn up 28% organically and 6%

ahead of company-gathered consensus, driven by the core Propulsion segment (5%

beat) where spare parts grew 28% (CFM56 scope and LEAP volumes) and Services

40% yoy (LEAP RPFH contracts), offset by higher LEAP OE deliveries with a

decreasing spare engine ratio.