Safran LEAP Engine Deliveries Rise as Aerospace MRO Demand Stays Strong

Safran LEAP Engine

Safran LEAP engine deliveries rose sharply in the first quarter as the French aerospace group benefited from stronger narrowbody engine output and robust aftermarket activity. Safran delivered 520 LEAP engines in January-March, up 63% from 319 units a year earlier.

Safran LEAP engine deliveries are produced through CFM International, the company’s joint venture with GE Aerospace. The first-quarter result keeps CFM on track for its full-year delivery target of about 2,072 engines, based on expected growth of 15% over 2025.

Safran LEAP engine deliveries also show that narrowbody aircraft supply chains are improving, even as airlines and manufacturers remain exposed to engine durability, parts availability and material cost pressures.

The company said the Middle East war has had little to no operational impact so far. However, analysts questioned whether a longer conflict could eventually reduce air traffic, weaken airline finances or delay maintenance spending.

Aftermarket Strength Supports Propulsion Revenue

Safran’s aftermarket performance remained strong in the first quarter. Spare parts revenue rose by 29%, while services revenue increased by 43%.

This growth was driven by maintenance, repair and overhaul demand for both CFM56 and LEAP engines. Airlines continue to operate older fleets while waiting for new aircraft deliveries, supporting demand for engine shop visits, spare parts and repair work.

Safran said it has not seen any reduction in repair scope, shop visits or retirement trends. Chief executive Olivier Andries said the first half of the year should remain largely unaffected by the conflict.

The company maintained its full-year guidance. It expects low to mid-teen revenue growth, around 15% higher LEAP deliveries, mid-teen spare parts revenue growth and about 20% growth in services revenue.

Propulsion revenue reached €4.55bn in the first quarter. Services accounted for 64.5% of propulsion revenue at €2.9bn, while original equipment contributed €1.6bn.

That revenue mix matters for aerospace suppliers. Aftermarket activity provides stronger earnings visibility when new engine production remains constrained by materials, labour and qualified supplier capacity.

Cobalt and Tungsten Costs Highlight Engine Materials Risk

Safran noted significant price increases in raw materials such as cobalt and tungsten. These materials are critical to high-performance aerospace engine components.

Cobalt is used in superalloys that can withstand high temperatures inside jet engines. Tungsten supports hard metals, high-temperature alloys and precision tooling used across aerospace manufacturing.

The price pressure reflects wider supply-chain risk. Cobalt markets have been affected by the Democratic Republic of Congo’s export restrictions and quota system. Tungsten prices have also risen because of tight concentrate supply and restricted Chinese exports.

Safran said it is managing the cost increases and has buffers to absorb higher raw material prices. Still, the trend reinforces how engine production depends on stable access to strategic metals.

CFM is also preparing to introduce the upgraded “maverick” high-pressure turbine blade on the LEAP-1B around June-July. The upgraded blade was introduced on the LEAP-1A variant last year after US and EU certification.

Other equipment deliveries were mixed. A320neo nacelle output rose by one-third from a year earlier, while A320 landing gear sets, A330neo nacelles and A350 landing gear sets declined. Boeing 787 landing gear deliveries rose by 38% to 22 units.

The mixed performance shows that aerospace recovery remains uneven. Engine deliveries and aftermarket demand are improving, but nacelles, landing gear and late-stage aircraft systems still face different supply-chain pressures.

The Metalnomist Commentary

Safran’s quarter shows that aerospace profitability is increasingly tied to MRO depth and engine materials resilience. LEAP output is recovering, but cobalt, tungsten and high-temperature component supply will remain strategic pressure points as aircraft production ramps.