Airbus: Feedback from roadshow with CFO

研报英文原文证据摘录

Airbus: Feedback from roadshow with CFO

Deutsche Bank

Research

Rating Company Date

Buy Airbus 12 May 2026

Company Update

Europe

France

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (EUR) 175.48

AIR.PA AIR FP PAR AIR

Price Target 226.00

Aerospace & Defence

Aerospace & Defence ADR ISIN 52-week range 220.20157.30-

EADSY US29875W1009

Feedback from roadshow with CFO

Valuation & Risks

Christophe Menard

We hosted Airbus CFO Thomas Toepfer for a management roadshow in

Research Analyst

Frankfurt. The tone was constructively positive, post Q1 and ahead of a delivery +33-1-4495-9315

ram in the rest of the year. We expect the next catalyst will be the business update

on 21 July in London. We confirm our Buy rating and our price target of €226. Sriram Krishnan, CFA

+44-20-7541-0983

A back-ended delivery profile, with Pratt situation unchanged

Samrudh Agrawal

The delivery schedule for the year is heavily "back-end loaded." In China, aircraft

Research Associate

certification had an administrative delay and the nearly 20 missing aircraft in Q1 are

now scheduled for delivery throughout Q2. For Pratt & Whitney A320 engines,

delivery commitments for 2026/2027 are driven by Aircraft on Ground (AOG) issues

linked to the specific metal-powder recall campaign, placing them outside Airbus's

corridor. No additional volume agreement was reached in February, and Pratt's

engine delivery commitment is unchanged. There's a two-year contract breach and

an ongoing dispute, but an out-of-court agreement is preferred over a prolonged

lawsuit, with downside risk now considered limited. Constructive discussions are

underway with CFM Engines, but no significant positive volume impact is expected

before 2027 (on top of signed orders), with only a few extra engine deliveries

possible in 2026.