Q1 2023 Safran SA Corporate Sales Call Transcript
Good morning, everyone. I am pleased to welcome you to Safran's First Quarter 2023 call, and I am here with our CFO, Pascal Bantegnie.
Let us go straight to Page 4 with a summary of our talking points. Air traffic recovery continues in the narrowbody segment, narrowbody ASK and CFM flight cycles are back to their pre-COVID level in Q1 2023. Revenue growth is solid, up by 25% on an organic basis, driven by all activities, notably services in all divisions and LEAP deliveries. Asset portfolio management is moving on. Closing for Aubert & Duval is expected this Friday and will contribute under the equity accounting methods to Propulsion division from May onwards. Q1 trends are strong. Growth rate is in line with our full year outlook. We can, therefore, reaffirm our guidance.
I'm now on Slide 5. Narrowbody ASK are back to pre-COVID levels for the first quarter of 2023, fired by the recovery in China with the lift of travel restriction mid-December 2022. CFM cycles are also back to their 2019 level and even already above this level in
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