Airbus (AIR) Pre-close call summary

Trading performance and revenue trends

• Delivered 237 commercial aircraft in Q2 2026, up from 170 in Q2 2025, reflecting a backend-loaded year.

• Airbus Helicopters delivered a similar volume year-on-year in Q2, maintaining stability.

• Defence and Space division performance is progressing as outlined in the June 2025 business update.

Profitability and margins

• A $0.04 FX rate degradation year-on-year is expected to impact profitability, with Q2 2026 at $1.21 versus $1.17 in Q2 2025.

• Each $0.01 change in hedge rate equates to about EUR 150 million impact for the full year at current delivery rates.

• No non-recurring elements were recorded for commercial aircraft in Q2 2025.

Balance sheet and liquidity position

• Free cash flow is expected to return to positive territory in Q2 2026, supported by higher aircraft deliveries.

• Inventory levels should decrease due to increased deliveries but will also reflect planned buildup for ramp-up and divisional growth.