Airbus (AIR FP) Q1 2026 (EUR): Revenue 12.7bln (exp. 12.6bln), Adj. EBIT 300mln (exp. 386.5mln), Net income 586mln (exp. 461.4mln), Negative adj. FCF 2.49bln (exp. negative 1.42bln)

Airbus reported Q1 2026 results that largely missed expectations, particularly in adjusted EBIT across all key segments.

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Airbus (AIR FP) Q1 2026 (EUR): Revenue 12.7bln (exp. 12.6bln), Adj. EBIT 300mln (exp. 386.5mln), Net income 586mln (exp. 461.4mln), Negative adj. FCF 2.49bln (exp. negative 1.42bln)

US sells USD 30bln of 2-year FRNs; High discount margin 0.103% (prev. 0.12%, six-auction average 0.14%)

US sells 6-wk bills at high-rate 3.590%, B/C 3.14x

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  • Commercial airplanes adj. EBIT 81mln (exp. 342.7mln).
  • Defense and Space adj. EBIT 130mln (exp. 99.7mln).
  • Helicopters adj. EBIT 65mln (exp. 89.4mln).
  • Commercial Airplanes revenue 8.44bln (exp. 8.53bln).
  • Defense & Space segment revenue 2.83bln (exp. 2.82bln).
  • Helicopters revenue 1.6bln (exp. 1.66bln).
  • Commercial aircraft deliveries 114 planes (exp. 126).

Guidance:

  • FY adj. FCF 4.5bln (exp. 4.74bln).
  • FY adj. EBIT 7.5bln (exp. 7.53bln).
  • Still sees Commercial aircraft deliveries about 870 planes (exp. 878).

Commentary:

  • Closely monitoring potential impact from fast-changing situation in Middle East.
  • A220 ramp-up is ongoing and Co. continues to target a monthly production rate of 13 aircraft in 2028.
  • On the A320 Family, Pratt & Whitney remains the key pacer of the ramp-up trajectory, impacting both 2026 and 2027.
  • As a result, continues to expect to reach a rate of between 70-75 aircraft a month by the end of 2027, stabilising at rate of 75 thereafter.
  • Continues to target rate 5 for the A330 program in 2029 and rate 12 for the A350 program in 2028.
  • As the basis for 2026 guidance, Co. assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services
Context

While revenue hit slightly above expectations, the significant negative adjusted free cash flow suggests deeper operational challenges that could influence future liquidity and growth projections. The guidance for full-year performance remains cautious and highlights potential vulnerabilities from geopolitical developments, particularly in the Middle East.

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