The Point for Europe

Research evidence excerpt

The Point for Europe

implications of macro uncertainty and possible growth deceleration (comps

tougher) when a broader sector de-rating has limited room for relative

outperformance. We see a slightly better 2Q print from SAP, albeit unchanged

2026 outlook would imply somewhat lower organic view. For Dassault, we expect

steady 2Q and unchanged 2026 outlook, but more weighted to 4Q. Sage’s revenue

& ARR growth will stay elevated in F3Q and despite near-term deceleration

management should cite confidence into FY27. CAPP will likely raise the 2026 rev.

growth target, however, possible near-term deceleration and 2H weighted margin

view would stay in debate.

Balajee Tirupati, CFA

Company

Airbus SE (AIR.PA) - Strong June deliveries helps year-to-date; first flights look

a bit light, but FY looks more credible

Airbus have just released June deliveries (89) and orders (71 gross) - 89 deliveries is

the highest non-December month ever and helps bring the deliveries more on

track - year-to-date deliveries of 351 aircraft is 40.3% of the full year target, 2%

below the average to June, but an improvement vs 2.9% at the end of May (Figure

2). This is an excellent monthly result, but we would also note that the first flights

were only 72 (from Cirium), bringing total to 371 so far this year. As a broad leading

indicator of the following months deliveries, this may mean July deliveries may be

weaker, although as Figure 5 shows, the link is not perfect and is likely distorted by

rectifying the panel issues and the slower China acceptances reported earlier in

the year. Overall, we believe June deliveries will overcome some of the market

skepticism about 870 FY deliveries.

Charles J Armitage

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