Airbus SE

H1 2026 revenue was EUR 33.2 billion, up 12% year over year. Adjusted EBIT 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, and free cash flow was negative EUR 1.0 billion including customer financing. Commercial aircraft deliveries were 351 in H1 versus 306 last year; helicopters deliveries were 144, up 6; Defence and Space revenue was EUR 6.3 billion, up 9%, with adjusted EBIT of EUR 487 million. Full-year 2026 guidance was unchanged: around 870 commercial aircraft deliveries, around EUR 7.5 billion adjusted EBIT, and around EUR 4.5 billion free cash flow before customer financing.

Guillaume Faury framed the quarter as evidence that Airbus is staying on its intended ramp-up path, emphasizing record Q2 commercial deliveries of 237 aircraft and strong demand across civil, helicopter and defence businesses. He said there had been no order cancellations or deferral requests and highlighted the commercial strength seen at Farnborough, plus continued momentum in Defence and Space and the A400M. His tone was confident but measured, repeatedly stressing execution, quality and midterm targets rather than overreacting to single-quarter moves.

Thomas Toepfer said the H1 revenue increase to EUR 33.2 billion was driven mainly by higher commercial deliveries and a stronger Defence and Space contribution, partly offset by a weaker U.S. dollar. He walked through EBIT adjustments as broadly neutral overall, citing a positive EUR 124 million from dollar working-capital mismatch/revaluation, negative EUR 123 million from Spirit integration, positive EUR 60 million from the Defence workforce adaptation plan, and negative EUR 43 million of other costs. He also highlighted H1 free cash flow before customer financing of negative EUR 1.2 billion, CapEx of negative EUR 1.5 billion, net cash of EUR 8.4 billion, and liquidity above EUR 30 billion, while noting the French surtax should be broadly in line with 2025 at roughly EUR 0.2 billion.

Analysts focused on the unusually strong Defence margin, H1 cash flow versus the implied second-half step-up, Spirit AeroSystems integration costs, hedging strategy, A400M momentum, and whether Airbus can push A350 output beyond 12 a month. Management said the Defence margin did not reflect any specific one-offs, but rather several favorable items aligning in H1, and warned against extrapolating that margin into the second half. On cash flow, Toepfer said the full-year guidance is still consistent because of inventory buffers, Spirit-related cash needs, and non-linear timing; on hedging, he said Airbus is gradually increasing collars/options without a fundamental change. For A350 and production rates, Faury stressed the company is on its ramp-up trajectory and declined to speculate on any next rate break or a potential future FAL for output above 12.