Airbus (AIR) Pre-close call summary

Executive summary

• Delivered 286 aircraft in Q4 2025, up from 269 in Q4 2024, with increases across all major models.

• Free cash flow before customer financing expected to reflect higher delivery volumes, with inventory impacted by updated delivery targets.

• Order momentum remained strong in both civil and military markets during Q4 2025.

Trading performance and revenue trends

• Commercial aircraft deliveries increased by 17 units year-on-year, with notable gains in A320 and A330 models.

• Airbus Helicopters maintained similar delivery volumes to the prior year, with solid service performance.

• Defence and Space division's Q4 2025 results expected to align with historical and midterm performance patterns.

Profitability and margins

• Positive operating leverage expected from higher deliveries, but under-absorption of fixed costs due to shortfall against initial plans.

• FX impact forecast to be neutral quarter-on-quarter, with a stable blended rate.

• Inflation headwind projected to be slightly less than 2024, with a low triple-digit million euro negative impact.

• R&D expenses for 2025 expected to be slightly lower than in 2024.

• Tariffs for 2025 anticipated at EUR 100–200 million, mostly in Q4.