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CAPITAL GOODS: Safran (SAFFP NR/A-/NR): 1H24 Results

CAPITAL GOODS

Very strong results, as anticipated. No impact expected with spreads already reflecting high credit quality.

  • Safran reported revenue 2% ahead of consensus, with strong growth in both Services and Equipment & Defence driving 19% organic growth. Interiors business reached operating profitiability.
  • Adj. EBITDA beat by 4%, up 44% YoY. Operating margin improved 2.3% YoY.
  • Higher capex and WC increase left FCF flat YoY at €1.46bn. Net cash increased to €895mn.
  • FY24 outlook confirmed.
  • Webcast replay https://www.safran-group.com/calendar/h1-2024-results

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