Airbus (AIR) Investor update summary

Strategic priorities and financial targets

• Targeting €12bn to €13bn EBIT Adjusted by 2029, assuming a €/$ exchange rate of 1.22, with a cash conversion ratio of ~1 and a €5bn share buyback over three years.

• Committed to returning ~60% of free cash flow to shareholders via dividends and buybacks, with a 30–50% dividend payout ratio.

• Board approved a €5 billion share buyback programme over three years, reaffirming commitment to shareholder returns.

• Operational capacity and resilience are being enhanced to unlock value and leverage momentum in defence.

• 2026 financial guidance remains unchanged.

Commercial aircraft outlook

• Projected commercial aircraft deliveries of ~870 in 2026, up from 793 in 2025.

• Production rate increases planned across A220, A320, A330, and A350 families by 2028–2029.

• Market for new aircraft expected to grow at ~4% CAGR, with 42,060 new aircraft by 2045.

• Services ambition set at $10bn revenues by 2030.

• Focus on ramping up across all business segments to meet strong demand.

Defence and space momentum

• Defence and Space backlog expected to exceed €50bn by end of 2025.

• EBIT Adjusted ambition for Defence and Space is ~€1.3bn by 2029, up from €0.8bn in 2025.

• Significant ramp-up in Eurofighter and other platforms, with almost double production by 2030.

• Transformation towards focused core business and new joint ventures in space and intelligence.