Airbus (AIR) Pre-Close Call summary

Executive summary

• Delivered 269 aircraft in Q4 2024, up from 247 in Q4 2023, with a favorable A320 Family mix and fewer A350 deliveries.

• Higher deliveries in both commercial aircraft and helicopters contributed positively to cash generation.

• Order momentum remained strong across all divisions, especially in Defence and Space and Helicopters.

Trading performance and revenue trends

• Q4 2024 saw an increase of 22 aircraft delivered year-on-year, with notable gains in A320 Family and a decline in A350.

• Airbus Helicopters improved deliveries and services performance compared to Q4 2023.

• Defence and Space division continued to see good order momentum.

Profitability and margins

• More favorable A320 Family mix and higher deliveries supported profitability, but lower A350 deliveries impacted fixed cost absorption.

• Currency effects were mixed: a favorable spot rate but limited upside due to hedge rate deterioration.

• Inflation impact for 2024 expected to be slightly less than 2023, but Q4 impact higher due to delivery volume.

• LEAD initiative expected to contribute a couple of hundred million EUR in 2024, mainly reflected in R&D expenses.