Safran – Leveraging its Advanced Capabilities to Pursue Growth

Statement of Ross McInnes, Chairman of the Board of Directors,

Safran delivered a remarkable economic performance in 2022, posting solid revenue and profit growth and generating cash flow that exceeded our expectations. The year was marked by a challenging operating environment – the war in Ukraine, surging inflation, rising energy prices in Europe and supply chain capacity difficulties –and the strong results achieved demonstrate the resilience of Safran’s business model.

After the demand-side shock caused by the COVID-19 crisis, we are now seeing a supply-side shock. While we expect industry-wide challenges to continue near-term, 2023 is set to be a strong year for customer demand.

We expect continuing positive trends in global air traffic, with China reopening gradually. Air traffic in the short-and medium-haul segment should return to its 2019 level during 2023, a good catalyst for our aftermarket businesses, in both civil engines and equipment. To ensure customer satisfaction, our main challenge will be to ramp up production – especially for the LEAP engine – in a context of ongoing supply chain constraints.

The climate crisis and increasing geopolitical tensions have revealed the world’s vulnerability. The aviation sector is at the heart of these issues. Today, we are at a turning point in our history, facing unprecedented challenges.

This is a pivotal time for Safran, a Group that has always been fully aware of its responsibilities and focused on the transformation of its sector. Today, Safran is once again assuming its role as a world leader at the forefront of technological disruption, developing solutions that will pave the way for carbon-free aviation and play a decisive

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