Key points for investors:
- Deliveries & backlog: Airbus delivered 507 commercial aircraft in 9M25 (201 in Q3) and ended September with a commercial backlog of 8,665 aircraft (7,105 for A320 family). Year target remains ~820 commercial deliveries for 2025.
- Guidance maintained: Full-year 2025 guidance is maintained and now explicitly includes the impact of currently applicable tariffs. Targets include ~820 commercial deliveries, adjusted EBIT of ~EUR 7.0 billion and free cash flow before customer financing of around EUR 4.5 billion for 2025.
- Production ramp-up and industrial plan: Airbus is executing its plan to reach A320 family production rate 75/month by 2027 via 10 A321-capable final assembly lines across four sites (recently added a second line in the U.S. and in China). A220 ramp-up is adjusted to target rate 12 in 2026 (down from prior internal target), A330 rate 5 targeted for 2029, A350 rate 12 targeted for 2028. A350 freighter first flight test assembly started; first flight planned next year.
- Supply chain and engines: The engine supply situation improved but remains a key risk — 32 gliders at end-September and engines are still the principal tension point. Airbus expects engine deliveries in the coming weeks to support year-end objectives and continues close coordination with engine suppliers (both LEAP and GTF impacted, roughly balanced).
- Tariffs and near-term financial headwind: CFO said currently applicable tariffs are expected to cost between EUR 100m–EUR 200m for the full year, with the vast majority of the impact recorded in Q4. This is now included in guidance.
- Financial performance & balance sheet: 9M25 revenue €47.4bn (+7% y/y). 9M25 adjusted EBIT €4.1bn (vs €2.8bn 9M24). Free cash flow before customer financing was negative €0.9bn YTD, driven by inventory build to support Q4 deliveries and ramp-up. Net cash €7bn at end-September; available liquidity ~€30bn. Moody’s upgraded Airbus to A1 with a stable outlook.
- Spirit AeroSystems & integration: Airbus expects to close integration of certain Spirit AeroSystems work packages by Q4 2025. The impact on guidance remains broadly in line with prior estimates; a later closing provides a modest free-cash-flow relief vs earlier assumptions.
- Defense & Space: Airbus signed an MOU with Leonardo and Thales to form a new European space player by 2027 (space systems + space services carve-out). Order intake for ADS was €6.8bn in 9M25. Momentum on defense (e.g., Eurofighter orders) and progress on Eurodrone CDR were highlighted.
- Other: R&D spending is expected to be slightly lower in 2025 vs 2024 after prioritization efforts. Airbus expects mid-triple-digit million EUR synergies five years after the planned space consolidation and will hold a ~35% stake in the new entity.
Sign In
Buy EADSF
