Airbus (AIR) Pre-close call summary

Trading performance and revenue trends

• Commercial aircraft deliveries declined to 114 in Q1 2026 from 136 in Q1 2025, with notable decreases in A320s and slight increases in A220s and A350s.

• Helicopter deliveries remained stable year-on-year, with a back-end loaded delivery schedule expected.

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

Profitability and margins

• Lower aircraft delivery volumes and less favorable mix are expected to negatively impact fixed cost absorption for the quarter.

• A $0.01 deterioration in FX hedge rates is forecast to have a negative effect on profitability, with a rule of thumb impact of EUR ±150 million for the full year.

• R&D expenses are expected to increase in 2026 compared to 2025.

• Spirit integration is assumed to have a low triple-digit negative impact for 2026, but Q1 impact is not expected to be material.

Balance sheet and liquidity position

• Free cash flow is anticipated to reflect lower commercial aircraft deliveries and planned inventory build-up to support ramp-up and divisional growth.

• Inventory levels are also affected by ongoing industrial disruptions related to panel issues.