Airbus: The Next Chapter of the Airbus Story

研报英文原文证据摘录

Airbus: The Next Chapter of the Airbus Story

Equity Research

European Aerospace & Defence

22 July 2026

Airbus

The Next Chapter of the Airbus

Story

Airbus is entering a new phase of its investment case. The AIR.PA/AIR FP OVERWEIGHT

NEUTRALfocus is shifting from ramp-up execution to medium-term EuropeanDefence Aerospace &

earnings power, cash generation and shareholder returns as Price Target EUR 220.00

highlighted by its €12-13bn EBIT target in 2029 and Price (21-Jul-26) EUR 194.60 Potential Upside/Downside +13.1%

Source: Bloomberg, Barclays Researchunexpected €5bn buyback.

Importantly, Airbus' track record of delivering conservatively framed financial targets suggests European Aerospace & Defence

investors should view the new medium-term guidance as a floor, with a high degree of Milene Kerner

+33 (0)1 4458 4002confidence that actual outcomes could prove better over time. The tone was also noticeably

milene.kerner@barclays.com

more constructive on industrial execution and supply chain readiness than six months ago,

BBI, Paris

reinforcing confidence that the focus of the investment case is shifting from ramp-up

execution to medium-term earnings power and shareholder returns. Afonso Osorio, CFA

+44 (0)20 3134 7016

While the 2029 EBIT framework broadly met our expectations, the mix is slightly different. afonso.osorio@barclays.com

Management's implied widebody profit contribution is somewhat lower than we had Barclays, UK

anticipated, reflecting continued headwinds from A350 launch customer contracts and the Luke Seelig

A350F ramp. However, this also highlights the significant earnings opportunity that remains +44 (0)20 3134 5355

beyond the current planning horizon, with management explicitly describing the A350 luke.seelig@barclays.com