1H26 Results - Strong Print Against a High Bar

Research evidence excerpt

1H26 Results - Strong Print Against a High Bar

Update

July 29, 2026 05:05 PM GMT

Morgan Stanley & Co. International plc+MAirbus SE | Europe Ross Law, CFA

Equity Analyst

1H26 Results - Strong Print Ross.Law@morganstanley.comMarie-Ange Riggio +44 20 7677-0560

Marie-Ange.Riggio@morganstanley.com +44 20 7677-2003

Against a High Bar Leonore Pele

Research Associate

Leonore.Pele@morganstanley.com +44 20 7425-2044

AlphaSignals Earnings Reaction

Airbus SE (AIR.PA, AIR FP)

Strengthens our thesis Meaningful upside Modest revision higher

Aerospace & Defence | France

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View Attractive

Price target €227.00

Shr price, close (Jul 29, 2026) €209.90

Key Takeaways 52-WeekMkt cap, currRange(mn) €221.30-157.42€165,516

Net debt (12/26e) (mn)* €(13,705)

Strong H1 - adj. EBIT 10% beat (€2.7bn, +24% yoy), and FCF -€1.2bn (vs -€1.5bn EV, curr (mn)* €153,882

for cons). Revenues broadly in-line at €33.2bn (+12% yoy; +1% vs cons).

* = GAAP or approximated based on GAAP

Q2 adj. EBIT 11% beat (adj. EBIT €2.4bn, +54% yoy) with Commercial margin

12.3%. FCF also ahead at +€1.3bn (vs +€985m for cons). Revenues in-line.

2026 guidance unchanged.

Our View: strong print against elevated expectations, demonstrating the financial

potential of the group when executing. We think the market rewards the beat.

Our View: A strong print, with a 10% beat on H1 adj. EBIT at €2.7bn (8.2% margin vs

7.6% for cons) and better FCF at -€1.2bn (vs -€1.5bn for cons). On adj. EBIT,

performance was led by a marked improvement in Defence & Space (+46% vs cons)

as well as higher volumes, mix and operating leverage in Commercial (+5% vs cons).