H1 2025 RESULTS

July 31, 2025

Olivier ANDRIES
Chief Executive Officer
Pascal BANTEGNIE
Chief Financial Officer
Disclaimer & foreword

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements relating to Safran, which do not refer to historical facts but refer to expectations based on management’s current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those included in such statements. These statements or disclosures may discuss
goals, intentions and expectations as to future trends, synergies, value accretions, plans, events, results of operations or financial condition, or state other information relating to Safran, based on current
beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,”
“believe,” “plan,” “could,” “would,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions. Many of these
risks and uncertainties relate to factors that are beyond Safran’s control. Such factors may cause Safran’s actual results, performance or plans to differ materially from any future results, performance or plans
expressed or implied by such forward looking statements. Therefore, investors and shareholders should not place undue reliance on such statements. Factors that could cause actual results to differ materially
from those in the forward-looking statements include, but are not limited to: uncertainties related in particular to the economic, financial, competitive, tax or regulatory environment; the risks that the new
businesses will not be integrated successfully or that the combined company will not realize estimated cost savings and synergies; Safran’s ability to successfully implement and complete its plans and
strategies and to meet its targets; the benefits from Safran’s plans and strategies being less than anticipated; the risks described in the Universal Registration Document (URD).
The foregoing list of factors is not exhaustive. While the list of factors presented here is representative, no list should be considered a statement of all potential risks, uncertainties or assumptions that could
have a material adverse effect on Safran’s consolidated financial condition or results of operations. Forward-looking statements speak only as of the date they are made. Safran does not assume any obligation
to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.
USE OF NON-GAAP FINANCIAL INFORMATION
This document contains supplemental non-GAAP financial information. Readers are cautioned that these measures are unaudited and not directly reflected in the Group’s financial statements as prepared
under International Financial Reporting Standards and should not be considered as a substitute for GAAP financial measures. In addition, such non-GAAP financial measures may not be comparable to similarly
titled information from other companies.
ADJUSTED DATA
All revenue figures in this presentation represent adjusted data(1) (except where noted). Safran’s consolidated income statement has been adjusted for the impact of:
▪ purchase price allocations with respect to business combinations. Since 2005, this restatement concerns the amortization charged against intangible assets relating to aircraft programs revalued at the time
of the Sagem-Snecma merger. With effect from the first half 2010 interim financial statements, the Group decided to restate:
▪ the impact of purchase price allocations for business combinations, particularly amortization and depreciation charged against intangible assets and property, plant and equipment recognized or remeasured at the time of the transaction and amortized or depreciated over
extended periods due to the length of the Group’s business cycles and the impact of remeasuring inventories, as well as
▪ gains on remeasuring any previously held equity interests in the event of step acquisitions or asset contributions to joint ventures
▪ the mark-to-market of foreign currency derivatives, in order to better reflect the economic substance of the Group’s overall foreign currency risk hedging strategy:
▪ revenue net of purchases denominated in foreign currencies is measured using the hedged rate, resulting from the exchange rate effectively obtained over the year under hedging strategies, including premiums on settled options, and
▪ all mark-to-market changes on instruments hedging future cash flows are neutralized
▪ The resulting changes in deferred tax have also been adjusted.
ORGANIC GROWTH
▪ Organic variations were determined by excluding the effect of changes in scope of consolidation and the impact of foreign currency variations.
ADDITIONAL INFORMATION
Amounts shown on subsequent pages may not add due to rounding.

(1) See slide 7 for bridge with consolidated revenue

2 SAFRAN - H1 2025 Results / July 31, 2025

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H1 2025 key highlights

In €M
▪ Robust market environment In €M Adjusted revenue Adjusted recurring operating income
and margin
• Paris Air Show highlighted strong market dynamics +13.2%
14,769 +27% 2,510
• Planned increase in defense budgets 13,047
+13.2% 1,974
• Improvement of the supply chain org.
• Tariffs: 17.0%
15.1%
o US/EU aerospace tariffs exemption announced
o Mitigation actions in progress
H1 2024 H1 2025 H1 2024 H1 2025

▪ Record financial performance

• 17.0% EBIT margin and solid cash generation In €M
Free cash flow
• Robust civil aftermarket growth (spares & services) 1,834
+25%
• LEAP OE deliveries catching up in Q2 1,463

▪ FY 2025 outlook raised

▪ Collins actuation and flight control activities

• Transaction completed, consolidation from August 1st
• Working to deliver commercial and costs synergies H1 2024 H1 2025

▪ Raising demand for carbon brakes

• New facility in France, starting operations in 2030
3 SAFRAN - H1 2025 Results / July 31, 2025
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Civil business highlights

Ryanair purchases 30 LEAP-1B spare engines THE Room FX business class seats for ANA

Safran and Saft to co-develop a high-voltage R&T project on hybrid-electric propulsion

battery system for aviation electrification launched with Daher, Collins, and Ascendance

4 SAFRAN - H1 2025 Results / July 31, 2025

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Defense business highlights

Planned increase in defense budgets

• NATO: target 5% GDP by 2035
• France: additional €10bn in 2 years
• Including India, Middle East, S.E. Asia…

Raising production capacity

• Increasing Rafale rate to support export
• Turbojet missile engines: rate 3x
M88 T-REX for future Rafale F5 standard and Partnership with Avio Aero and MTU to power
• Hammer/AASM smart weapon: rate 4x Indian Navy acquisition of 26 Rafale Marine Europe’s next generation of military helicopters

Build on external growth & partnerships

• Partnering with local players
• Recent acquisitions: Orolia (PNT), Preligens (AI),
Syrlink, Captronics

Defense & Space revenue: 2x by 2030

• Supplier of key products to prime customers
• Local to local manufacturing strategy
• Special Security Agreement in the US
New defense partnerships with Bombardier, Launch of BlackNaute and Skylight
Diehl, Babcock, Kongsberg, Pen Aviation, ICEYE… for resilient PNT

5 SAFRAN - H1 2025 Results / July 31, 2025

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H1 2025
RESULTS
Consolidated and adjusted income statements Change in Mark-to-Market of
instruments hedging future cash flows

CURRENCY HEDGING BUSINESS COMBINATIONS

Consolidated Adjusted
H1 2025 reconciliation (In €M) data Re-measurement Deferred hedging
Amortization of intangible
PPA impacts – other data
assets
of revenue(1) gain/loss(2) business combinations(4)
- Sagem/Snecma merger(3)
Revenue 14,865 (96) - - - 14,769
Other operating income and expenses (12,462) (4) (18) 12 137 (12,335)
Share in profit from joint ventures 65 - - - 11 76
Recurring operating income 2,468 (100) (18) 12 148 2,510
Other non-recurring operating income and
(37) - - - - (37)
expenses
Profit (loss) from operations 2,431 (100) (18) 12 148 2,473
Cost of debt 77 - - - - 77
Foreign exchange gain / loss 4,628 100 (4,808) - - (80)
Other financial income and expense 35 - - - - 35
Financial income (loss) 4,740 100 (4,808) - - 32
Income tax expense (2,059) - 1,245 (3) (34) (851)
Profit (loss) from continuing operations 5,112 - (3,581) 9 114 1,654
Attributable to non-controlling interests (67) - - - - (67)
Attributable to owners of the parent 5,045 - (3,581) 9 114 1,587
(1) Remeasurement of foreign-currency denominated revenue net of purchases (by currency) at the hedged rate (exchange rate effectively obtained over the year under hedging strategies, including premiums on settled
options) through the reclassification of gains/losses recognized in profit or loss on unwinding the hedging relationship.
(2) Changes in the fair value of instruments hedging future cash flows that will be recognized in profit or loss in future periods (a negative €4,808 million excluding tax), and the impact of taking into account hedges when
measuring provisions for losses on completion (a negative €18 million at June 30, 2025).
(3) Cancellation of amortization/impairment of intangible assets relating to the remeasurement of aircraft programs resulting from the application of IFRS 3 to the Sagem SA-Snecma merger.
(4) Cancellation of the impact of remeasuring assets at the time of the Zodiac Aerospace acquisition for €89 million excluding deferred tax, and cancellation of amortization/impairment of assets identified during other
business combinations.
7 SAFRAN - H1 2025 Results / July 31, 2025
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FX

Estimated net exposure(2) ($bn)

▪ 2025 hedge rate set at $1.12
14 14 14 14 14

▪ $55bn hedge book(1) as of June 2025

($54.1bn as of March 2025)

Spot rate

2025e 2026e 2027e 2028e 2029e

€/$ hedge €/$ H1’24 H1’25
rate target
1,12 1,12 1,12 1,12 n.d.
Average spot rate 1.08 1.09

June 30th rate 1.07 1.17

(1) The hedge book includes barrier options with knock-out triggers (American or
European) ranging from $1.15 to $1.30, representing a risk to the size of the
book and to targeted hedge rates from 2025 onwards in case of sudden and
significant exchange rates fluctuations
(2) Annual estimated net exposure capped by construction at $14bn from 2025
onwards

Note: Approx. 45% of Safran US$ revenue is naturally hedged by US$ procurement

8 SAFRAN - H1 2025 Results / July 31, 2025

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H1 2025 revenue and recurring operating income

Revenue Recurring operating income

In €M itle+13.2% In €M +27.2%
2,497 19 2,510
1,723 111 523
14,770 (112) 14,769 (6)
13,047
1,974
17.0%

15.1%
+13.2%
org. +26.5%
org.

H1 2024 Organic H1 2025 Currency Change H1 2025 H1 2024 Organic H1 2025 Currency Change H1 2025
growth at H1 2024 impact in scope growth at H1 2024 impact in scope
scope & FX scope & FX
▪ Organic: +13.2% ▪ Organic: +26.5%
• Strong performance of services across the board ▪ Operating margin up by 190 bps to 17.0%
▪ Currency: (0.9)% ▪ Main drivers
• €/$ spot rate: 1.09 in H1’25 (1.08 in H1’24) • Revenue growth
• No change on hedge rate (1.12) • Robust aftermarket activities
▪ Scope: +0.9%
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H1 2025 income statement
(In €M) H1 2024 H1 2025

Revenue 13,047 14,769

Other recurring operating income and expenses (11,135) (12,335)

Share in profit from joint ventures 62 76

Recurring operating income 1,974 2,510 Including impairment charge for one program,
restructuring and M&A transactions costs
% of revenue 15.1% 17.0%

Total one-off items (24) (37)

Profit from operations 1,950 2,473

Of which €77M of financial interests
% of revenue 14.9% 16.7%
(positive net cash balance)
Net financial income (expense) (34) 32
Income tax expense (435) (851)

Profit for the period 1,481 1,654

Profit for the period attributable to non-controlling interests (49) (67)

Profit attributable to owners of the parent 1,432 1,587 Apparent tax rate of 34%, including €(261)M impact of
French corporate surtax on 2024 and H1 2025 results
EPS (basic in €) 3.37⁽¹⁾ 3.80⁽²⁾

EPS (diluted in €) 3.27⁽³⁾ 3.80⁽⁴⁾

(1) Based on the weighted average number of shares of 424,913,983 as of June 30, 2024
(2) Based on the weighted average number of shares of 417,934,731 as of June 30, 2025
(3) Based on the weighted average number of shares after dilution of 437,780,170 as of June 30, 2024
(4) Based on the weighted average number of shares after dilution of 417,934,731 as of June 30, 2025

10 SAFRAN - H1 2025 Results / July 31, 2025

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Propulsion

Organic
▪ Civil engines (In €M) H1 2024 H1 2025 Change
Change

• Strong aftermarket revenue Revenue 6,461 7,541 16.7% 16.9%

o Spare parts up 21.6% in $ (18.6% in Q2) driven primarily by
CFM56, as well as high-thrust engines and LEAP Recurring operating income 1,285 1,758 473
o Services up 21.1% in $ (24.6% in Q2) led by LEAP RPFH contracts
% of revenue 19.9% 23.3% 3.4 pts
• OE deliveries
o 729 LEAP (+10% YoY in H1, +29% seq. /+38% YoY in Q2) One-off items 1 -

▪ Helicopter turbines Profit (loss) from operations 1,286 1,758 OE: 9.7%
Services: 21.3%
• Revenue growth led by services % of revenue 19.9% 23.3%

▪ Military engines
• Revenue driven by spare parts and services growth,
combined with a favorable customer mix

▪ Operating margin up 340 bps

• Supported by civil engine, military and helicopters
aftermarket activities
• Elevated LEAP spare engine ratio
• Start of LEAP-1A RPFH profit recognition

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Equipment & Defense

Organic
(In €M) H1 2024 H1 2025 Change
▪ Equipment Change

• Aftermarket services increased across the board, especially Revenue 5,170 5,609 8.5% 8.0%
in landing systems, nacelles, avionics and electrical systems
• OE volumes up on A320neo and 787 landing gears Recurring operating income 657 703 46

% of revenue 12.7% 12.5% (0.2) pt

▪ Defense
One-off items (12) (8)
• Growth led by guidance systems (AASM/Hammer) and PNT
(Position, Navigation, Timing) systems Profit (loss) from operations 645 695 OE: 5.5%
Services: 11.9%
% of revenue 12.5% 12.4%
▪ Operating margin almost stable
• Solid level of margin led by aftermarket growth on landing
gear, carbon brakes and Aerosystems
• One-time positive effect in H1 2024 from G700 nacelles EIS

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Aircraft Interiors

Organic
(In €M) H1 2024 H1 2025 Change
▪ Positive momentum both in OE and services Change

Revenue 1,411 1,616 14.5% 15.5%

▪ Cabin
• Services up across the board Recurring operating income 10 27 17

• OE volumes growth driven by 737MAX galleys, with slightly % of revenue 0.7% 1.7% 1.0 pt
lower A350 lavatory deliveries
One-off items (9) (29)

▪ Seats Profit (loss) from operations 1 (2) OE: 14.4%

• Strong performance in OE business class seats deliveries Services: 17.3%
% of revenue 0.1% (0.1)%
(+65%)
• Good level of growth on aftermarket both in spares parts
and services

▪ Recurring operating income up 100 bps

• Strong level of services, notably in Cabin
• Positive contribution of OE activities (business class seats,
cabin, and IFE)

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H1 2025 Free Cash Flow

(In €M) H1 2024 H1 2025

Recurring operating income 1,974 2,510

Amortization at €570M, depreciation at €166M
One-off items (24) (37) and provisions at €(50)M

Amortization, provisions and depreciation (excl. financial) 571 686

EBITDA 2,521 3,159 EBITDA + 25%

Income tax and non cash items (161) (369)

Cash from operating activities before change in WC 2,360 2,790

Increase in inventories, partly offset by higher customer
Change in WC (140) (168)
advance payments (notably for Rafale)
Cash from operating activities after change in WC 2,220 2,622

Capex (tangible assets) (512) (525) Investments in MRO capacity, PNT, smart weapons, as
well as low carbon projects
Capex (intangible assets)* (245) (263)

Free cash flow 1,463 1,834

* Of which €169M capitalised R&D in H1 2025 vs €152M in H1 2024

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 H1 2025 net cash evolution
(In €M)

€1,834M Free Cash Flow

2,790 (168) (788)

Early redemption S&P: A-, stable outlook
(1,269)
Change OCEANE 2028
in WC R&D (707) 673 (133)
1,738 Capex (267) 1,869
Dividends(1) M&A
Cash flow Shares Others(3)
from ops repurchase(2)
Net cash
Net Cash Dec. Cash flow from Change in R&D and Dividends Share OCEANE Acquisitions Others Net
Net cash
Cash June
(1)
(2)
Including €(53)M of dividends to minority interests
Including net purchases via the liquidity contract
at Dec 2024
31, 2024operations working cap Capex repurchase at June2530, 2025 (3) Including €(159)M of lease

▪ Share repurchase plan for cancellation

▪ Between January and July 2025, c. 3.4 million shares were repurchased for cancellation for €850M, of which 2.9 million (for a total
of €713M) as of June 30, 2025
▪ Extra shares (c. 0.2 million for a market value of €50M) initially purchased for delivery upon conversion of Safran convertible bonds
were reallocated for cancellation
▪ As of today, Safran owns 3.6 million shares for cancellation for a total of €900M

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FY 2025
OUTLOOK
Acquisition of actuation and flight control activities from Collins

▪ A new global leader in actuation and flight control systems

• Strong positions on both mature and growing platforms
• 60% commercial / 25% military / 15% helicopters
• 40% of revenues in aftermarket

▪ Safety & mission critical business creating value

▪ A strategic enabler for next generation aircraft

▪ Net preliminary impact on 2025 financials (5 months)

• Fully paid in cash for $1.8bn
• Consolidation from August 1st, 2025
• Revenue ~€[600-700]M(1)
• EPS accretive on year 1
• $50M of annual cost synergies (full run rate expected in 2028)

(1) Acquisition of Collins aerospace actuation and flight control business net of the sale of Safran’s North American electromechanical actuation activities to Woodward

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FY 2025 outlook raised (excluding tariffs and Collins)

At current perimeter (excluding Collins), adjusted data, €/$ spot rate of 1.10 and hedge rate of 1.12
February 2025 April 2025 July 2025
Revenue up around 10% up around 10% up low-teens
Recurring operating
€4.8 – 4.9bn €4.8 – 4.9bn €5.0 – 5.1bn
income
€3.0 – 3.2bn €3.0 – 3.2bn €3.4 – 3.6bn
Free Cash Flow
Including €(380) – (400)m of estimated French corporate surtax
Subject to payment schedule of some advance payments and the rhythm of payments by state-clients

Safran’s main assumptions

LEAP engine deliveries up 15% to 20%

Spare parts (in $): up HSD+ Spare parts (in $): up low-teens Spare parts (in $): up mid to high-teens
Civil aftermarket
Services (in $): up mid-teens Services (in $): up mid-teens Services (in $): up mid to high-teens

Supply chain production capabilities

Watch items
Excludes any potential impact of tariffs

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APPENDIX
Number of products delivered on major aerospace programs
YoY change YoY change
Number of units delivered H1'24 H1'25 Number of units delivered H1'24 H1'25
Units % Units %

LEAP engines 664 729 65 10% A320 landing gear sets 304 320 16 5%

CFM56 engines 28 26 (2) (7)% A320neo nacelles 297 307 10 3%

High thrust engines 91 107 16 18% A320 emergency slides 1,962 2,132 170 9%

Helicopter engines 305 328 23 8% A330neo nacelles 29 36 7 24%

M88 engines 14 10 (4) (29)% A350 landing gear sets 26 23 (3) (12)%

A350 lavatories 193 163 (30) (16)%

787 landing gear sets 20 30 10 50%

787 primary power distribution systems 169 193 24 14%

Small nacelles (bizjet & regional jets) 396 361 (35) (9)%

Business class seats 750 1,238 488 65%

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OE / Services revenue split

REVENUE H1 2024 H1 2025

Adjusted data
(in €M) OE Services OE Services

Propulsion 2,431 4,030 2,623 4,918

% of revenue 37.6% 62.4% 34.8% 65.2%

Equipment & Defense 3,152 2,018 3,364 2,245
% of revenue 61.0% 39.0% 60.0% 40.0%
Aircraft Interiors(1) 880 531 1,000 616
% of revenue 62.4% 37.6% 61.9% 38.1%

(1) Retrofit is included in OE

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H1 2025: Research & Development

(In M€) H1 2024 H1 2025 Change

Total R&D (936) (967) (31)

R&D sold to customers 290 318 28

R&D expenses stable at €649M in H1 2025.
R&D expenses (646) (649) (3) • R&T self-funded expenses at €307M, mainly towards
decarbonization (RISE technology development program)
as a % of revenue 5.0% 4.4% (0.6) pt • Development expenses at €342M

Tax credit 88 92 4

R&D expenses after tax credit (558) (557) 1

Gross capitalized R&D expenses at €159M, mainly on helicopter

Gross capitalized R&D 151 159 8
engines, Defense and Aircraft Interiors programs
Amortization and depreciation of R&D (140) (144) (4)

R&D in recurring operating income (P&L impact) (547) (542) 5

R&D in recurring operating income impact decrease as % of
as a % of revenue 4.2% 3.7% (0.5) pt
revenue by (0.5)pt

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H1 2025: Research & Development by activity

Equipment & Aircraft

(In €M) H1 2025 Propulsion
Defense Interiors
R&D expenses (649) (291) (268) (90)
as a % of revenue 4.4% 3.9% 4.8% 5.6%
Tax credit 92 39 50 3
R&D expenses after tax credit (557) (253) (218) (87)
Gross capitalized R&D 159 50 69 40
Amortisation and depreciation of R&D (144) (62) (58) (25)
P&L R&D in recurring operating income (542) (265) (207) (72)
as a % of revenue 3.7% 3.5% 3.7% 4.5%

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Balance sheet as of June 30, 2025

(In €M) Dec 31, 2024 June 30, 2025

Goodwill 4,937 4,864

Tangible & Intangible assets and right of use 13,229 13,328

Investments in joint ventures and associates 1,894 1,861

Other non current assets 3,429 1,065

Operating Working Capital (3,327) (3,566)

Net cash (debt) 1,738 1,869

Assets available for sale - -

Shareholders’ equity - Group share 10,176 13,222

Minority interests 549 556

Non current liabilities (excl. net cash (debt)) 1,224 458

Provisions 3,008 2,831

Other current liabilities / (assets) net 6,943 2,354

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Liquidity as of June 30, 2025

▪ Cash and cash equivalent of €6,707 million June 30, 2025

Undrawn revolving credit facility
€2,000M
▪ Net cash positive

▪ 2028 OCEANEs’ early redemption

Gross debt
• Soft call on April 1, 2025 of the 2028 OCEANEs (€730M €4,838M Cash & equiv.
convertible bonds issued in 2021)
€6,707M
• 93.3% of the 2028 OCEANEs were converted into existing
shares previously repurchased
• Remaining 6.7% 2028 OCEANEs were reimbursed at par for a
total amount of €49M
Net Cash
€1,869M
▪ Credit rating A- with a stable outlook (since Dec.
2022)

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Definitions

▪ Spare parts (expressed in $)

▪ This non-accounting indicator (non-audited) comprises “Spare parts” revenue (in USD terms) for all civil aircraft
engines (CFM56, LEAP, high-thrust engines)
▪ Services (expressed in $)
▪ This non-accounting indicator (non-audited) comprises “Services” revenue (in USD terms) for all civil aircraft engines
(CFM56, LEAP, high-thrust engines; RPFH and internal T&M)
▪ Recurring operating income
▪ In order to better reflect the current economic performance, this subtotal named “recurring operating income”
excludes income and expenses which are largely unpredictable because of their unusual, infrequent and/or material
nature such as: impairment losses/reversals, capital gains/losses on disposals of operations and other unusual and/or
material non-operational items
▪ Free cash flow
▪ Free cash flow represents cash flow from operating activities less any disbursements relating to acquisitions of
property, plant and equipment and intangible assets
▪ EBITDA
▪ EBITDA represents the sum of profit (loss) from operations and the net recurring and non-recurring charge to
depreciation, amortization, impairment and provisions
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