Airbus (AIR.PA): Q2 Results: EBIT 11% ahead; strong cash generation supports FY26 outlook

研报英文原文证据摘录

Airbus (AIR.PA): Q2 Results: EBIT 11% ahead; strong cash generation supports FY26 outlook

Equity Research

29 July 2026 | 5:49PM BST

Airbus (AIR.PA): Q2 Results: EBIT 11% ahead; strong cash generation

supports FY26 outlook

Sam Burgess

+44(20)7774-9651 |

sam.burgess@gs.com

Goldman Sachs International

Jubril Moronfolu

+44(20)7051-0985 |

jubril.x.moronfolu@gs.com

Bottom line: A strong Q2, with adjusted EBIT 11% ahead of consensus and robust

Milind Sikchicash generation, which should increase confidence in the FY26 outlook. Commercial +1(332)245-7985 |

Aircraft execution improved materially in the quarter; although the stronger delivery milind.sikchi@gs.comGoldman Sachs India SPL

performance was already known, adjusted EBIT was nevertheless 5% ahead of

consensus, while Defence and Space was the main driver of group EBIT

outperformance. Airbus reiterated guidance for around 870 deliveries, €7.5bn of

adjusted EBIT and €4.5bn of FCF before customer financing. Following the recent

business update, we would expect the results to be supportive, with the market’s

focus now shifting to execution against the full-year delivery target.

Group revenue of €20.5bn was c.1% above company-compiled consensus, while

adjusted EBIT of €2.43bn was c.11% ahead. Commercial Aircraft adjusted EBIT of

€1.91bn was c.5% ahead, reflecting higher deliveries, partly offset by less favourable

hedging. Defence and Space adjusted EBIT of €357mn was c.75% ahead, supported

by favourable cost phasing, improved profitability and higher volumes, while

Helicopters was c.2% below consensus. Q2 FCF before customer financing of

€1.32bn was c.34% ahead, leaving H1 FCF before customer financing at -€1.17bn.

The H1 cash outflow reflected a €4.42bn working-capital drag, linked to planned