Airbus SE

H1 2026 revenue was EUR 33.2 billion, up 12% year on year. EBIT adjusted was EUR 2.7 billion versus EUR 2.2 billion in H1 2025; reported EBIT was also EUR 2.7 billion. Net income was EUR 2.2 billion, EPS was EUR 2.84, and adjusted EPS was EUR 2.61. Free cash flow before customer financing was negative EUR 1.2 billion in H1, and free cash flow including customer financing was negative EUR 1 billion. Commercial aircraft deliveries were 351 in H1 versus 306 last year; Q2 deliveries were a record 237 aircraft. Helicopter deliveries were 144, up 6 year on year, and Defence and Space revenue was EUR 6.3 billion, up 9% year on year. Full-year 2026 guidance remains around 870 commercial aircraft deliveries, EBIT adjusted around EUR 7.5 billion, and free cash flow before customer financing around EUR 4.5 billion.

Guillaume Faury struck an upbeat but measured tone, saying Airbus maintained a strong upward trajectory across civil and defense businesses and is focused on steady execution and ramp-up. He emphasized that demand remains strong, with no order cancellations or deferral requests seen, and highlighted record deliveries, strong order intake, and progress on key programs like the A220, A320 family, A350 freighter, and A400M. He repeatedly framed the message around execution against unchanged midterm and full-year targets rather than a need to change strategy.

Thomas Toepfer walked through a solid H1, with revenue of EUR 33.2 billion, EBIT adjusted of EUR 2.7 billion, net income of EUR 2.2 billion, and EPS of EUR 2.84. He noted EBIT adjustments were broadly neutral overall, including a positive EUR 124 million from dollar working-capital mismatch and balance-sheet revaluation, a negative EUR 123 million from Spirit integration, a positive EUR 60 million from the Defence and Space workforce adaptation plan, and negative EUR 43 million of other costs. He also flagged free cash flow before customer financing of negative EUR 1.2 billion in H1, CapEx of negative EUR 1.5 billion, net cash of EUR 8.4 billion, and liquidity above EUR 30 billion; for FX, he said H1 coverage matured at a blended $1.21 and the total dollar coverage portfolio stood at EUR 74.3 billion at $1.22. On capital allocation, he described the Unical acquisition as closed and said MASA was more defensive than strategic, with no change in vertical integration strategy.

Analysts pressed on the strong Defence margin, and management said there were no specific one-offs in H1 or Q2, but several positives aligned and the first-half margin should not be extrapolated into the second half. Questions on the A320/A350 production rates and deliveries were met with a reminder that Airbus guides on annual trajectories, not monthly rates, and that H1 delivery timing was distorted by Q1 issues that were recovered in Q2. On Spirit, management said there were no major surprises, reiterated the previously given negative low triple-digit EBIT impact and high negative triple-digit cash impact for 2026, and said integration is progressing in line with ramp-up ambitions. On FX hedging, management confirmed a gradual shift toward more collars/options without a fundamental strategy change.