Operator

Welcome to the Safran First Quarter 2026 Revenue. At this time, I would like to turn the conference over to your host, Olivier Andries, Safran CEO, and Pascal Bantegnie, Group CFO. Mr. Andries, please go ahead.

Olivier Andriès
CEO & Director

Thank you. Good morning, everyone, and thank you for joining us. We had a very strong first quarter with revenue reaching EUR 8.6 billion, up 23% organically. We continue to benefit from a solid momentum in both aerospace and defense with little to no impact from the Middle East conflict so far. Once again, our main growth driver is aftermarket. We saw vigorous demand across the board, especially for commercial engines and nacelle.

Sales of spare parts for civil aircraft engines were up 29%, mostly thanks to the CFM56. Services for civil aircraft engines increased by 43% with LEAP rate per flight hour contracts leading the way. At the same time, building on our excellent industrial performance in the second half of 2025, we continued the LEAP ramp-up with more than 500 deliveries this quarter, up 63% year-on-year and marking the third consecutive quarter with deliveries above this level. Overall, the strength of our Q1 performance reinforces our confidence in reaching the high end of our full year 2026 guidance.

That