Airbus (AIR) Pre-close call summary

Executive summary

• Call focused on supporting Q3 and year-to-date 2026 financial modeling; closing and audit processes were underway, with comments limited to public information and forecast updates reserved for formal announcements.

• Nine-month 2026 results were scheduled for October 28 after market close; the quiet period began October 15.

Trading performance and revenue trends

• Commercial aircraft deliveries were 196 in Q3 2026 versus 201 in Q3 2025, including 3 fewer A320s and 5 fewer A330s YoY.

• Helicopter deliveries were expected at a similar volume YoY, with a less favorable mix.

Profitability and margins

• Commercial aircraft profitability was expected to reflect fixed-cost under-absorption from lower deliveries, notably widebodies, and communicated quality topics.

• The blended coverage-portfolio FX rate was forecast at 1.18 for Q3 2026, stable versus Q3 2025.

• Helicopters faced a less favorable mix; Q3 2025 had delivered exceptionally strong return on sales.

• Defence and Space performance was expected to progress moderately, at a slower pace than in the first two quarters of 2026.