Airbus: On track for €2bn of EBIT

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Airbus: On track for €2bn of EBIT

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Airbus

On track for €2bn of EBIT

Reiterate Rating: BUY | PO: 258.00 EUR | Price: 197.36 EUR

On track for €2bn of EBIT in Commercial for 2Q 09 July 2026

Airbus delivered 89 aircraft in June, a significant step-up versus our expectations and Equity

sufficient to drive an upgrade to our estimates. The improvement was primarily driven by

higher A320-family deliveries, with the A320/A321 mix remaining broadly unchanged. As

Key Changesa result, we raise our FY26 delivery forecast back to 870 aircraft, in line with company

guidance, from 860 previously. Applying Airbus' historical delivery drop-through of around (EUR) Previous Current

€16m per incremental aircraft, we estimate 2Q26 Airbus Commercial EBIT of c.€2.0bn. 2026E Rev (m) 77,265.5 77,425.2

This assumes a c.€200m FX headwind, continued pressures from Spirit AeroSystems and 2027E Rev (m) 86,159.1 85,746.9

R&D spending, partially offset by a modest tailwind from the A350, where deliveries 2028E Rev (m) 95,025.3 94,610.1

continue to improve. The steady recovery in A350 output throughout the year is 2026E EPS 6.91 7.12

encouraging and supports confidence in further progress into 2H. We raise our estimates 2027E EPS 7.89 8.10

1-3% for 2026-28E. We reiterate our Buy rating on improving delivery momentum. 2028E EPS 11.32 11.49

2026E DPS 3.45 3.56

Focus firmly on July 21 business update

Following the stronger delivery performance, we believe investor attention will Benjamin Heelan >>

Research Analyst

increasingly shift from near-term execution toward the forthcoming business update. Merrill Lynch (DIFC)

Based on our investor conversations, expectations appear centred on a mid-term Airbus +44 20 7996 5723 benjamin.heelan@bofa.com

Commercial EBIT target of c.€10bn.