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Balanced call: Airbus reported record financials, strong order intake and backlog, healthy margins and cash generation in 2025 and maintained mid‑term production targets. However, material near‑term operational risks were emphasized — primarily the Pratt & Whitney engine supply shortfall, the A320 panel quality issue, and cash/earnings headwinds from Spirit AeroSystems integration — which cloud 2026 execution and free cash flow. Management provided a 2026 guidance that shows resilience (targets: ~870 commercial deliveries, ~EUR 7.5 billion EBIT adjusted, ~EUR 4.5 billion FCF before customer financing) but highlighted several one‑time and structural risks to manage in the near term.
Airbus guided for 2026 (before M&A and assuming no further trade, macro, traffic, supply‑chain or operational shocks and including current tariffs) to deliver around 870 commercial aircraft, achieve adjusted EBIT of about €7.5 billion and generate free cash flow before customer financing of roughly €4.5 billion; this builds on 2025’s results (793 deliveries, adjusted EBIT €7.1bn, FCF before customer financing €4.6bn and a year‑end backlog of 8,754 aircraft / €619bn). Management highlighted specific program ramps and assumptions: A320 family ramping to between 70–75 aircraft/month by end‑2027 and stabilizing at 75 (A220 targeted at ~13/month in 2028; A350 to reach rate 12 in 2028; A330 to reach rate 5 in 2029). They flagged material near‑term headwinds factored into guidance—a Spirit AeroSystems integration drag (low‑triple‑digit negative impact to adjusted EBIT in 2026, with a high‑triple‑digit cash outflow / CapEx effect spilling into 2026), a roughly €0.3bn FX headwind, and constrained engine supply from Pratt & Whitney that limits 2026 deliveries.
EBIT adjusted rose to EUR 7.1 billion (from EUR 5.4 billion in 2024, ~+31%), net income was a record EUR 5.2 billion, and adjusted EPS was EUR 6.89, supporting a proposed dividend of EUR 3.20 per share (~nearly 50% payout ratio).
Group revenues increased to EUR 73.4 billion (+6% year‑on‑year). Free cash flow before customer financing was EUR 4.6 billion (EUR 4.8 billion including customer financing). Net cash position was EUR 12.2 billion and liquidity around EUR 35 billion.
Airbus delivered 793 aircraft in 2025 (286 in Q4) to 91 customers, meeting its updated guidance despite operational challenges.
Booked 1,000 gross commercial aircraft orders in 2025 (390 in Q4); net orders 889 after 111 cancellations. Backlog increased to a year‑end record of 8,754 aircraft and EUR 619 billion in value with book‑to‑bill >1 across businesses.
A320 family booked 656 gross orders (backlog ~75% A321), A350 booked 193 gross orders and a record freighter year, A330 booked 102 gross orders; A321XLR continues to attract new operators.
Helicopters: booked 536 net orders (vs 450 prior, +~19%), delivered 392 helicopters, revenues ~EUR 9.0 billion (+~13%) and EBIT adjusted EUR 925 million. Defense & Space: 2025 order intake EUR 17.7 billion (book‑to‑bill ~1.3), revenues EUR 13.4 billion (+11%) and EBIT EUR 798 million.
Key defense successes: Spain C295s (18), Eurofighter orders (Germany 20, Italy options 8, Turkey 20), OneWeb contract for an additional 340 LEO satellites (complementing 100 from 2024) and other space/customer awards.
Closed acquisition of certain Spirit AeroSystems work packages (8 Dec), taking control of production flow to derisk A220/A350 ramp‑up; investments planned to secure ramp‑up and expand footprint.
USD coverage portfolio USD 75.8 billion at an average blended rate of $1.22; management states short‑term hedging largely protects 2026 and 2027 results versus spot USD weakness.
Airbus maintains mid‑term rate targets: A320 family targeted to stabilize at rate 75 (now expected to reach 70–75/month by end‑2027), A350 rate 12 targeted in 2028, A330 rate 5 targeted in 2029, and A220 targeted to reach 13/month in 2028.
Ladies and gentlemen, thank you for standing by. Welcome to the Airbus Full Year 2025 Earnings Release Conference Call. I am Sharon, the operator for this conference. [Operator Instructions] The conference is being recorded. After the presentation, there At this time, I would like to turn the conference over to Jean-Christophe Henoux, Head of Investor Relations. Please go ahead.
Thank you, Sharon, and a very warm welcome to everyone joining us today. We are here to dive into the Airbus Full Year 2025 Results, and I'm thrilled to be with our CEO, Guillaume Faury; and our CFO, Thomas Toepfer, with us to break down the numbers and take your questions. This call is planned to last 1 hour and 15 minutes, including Q&A. If you're joining us via the webcast, a replay will be available for you on our website. Speaking about the website, you can already find the supporting information package there that includes today's slides and the detailed financial statements. Before we start, let me remind you that we will be making some forward-looking statements today. I encourage you to take a look at the safe harbor statement in our presentation slides. It's important stuff, please have a quick read.
And with that, let's get things started. Guillaume, the floor is yours.
Thank you, JC, and good morning, ladies and gentlemen. I'm happy to be here in Toulouse with Thomas to run you through our full year 2025 results. 2025 was a landmark year, characterized by a very strong demand for our products and services in both civil and defense. While we successfully navigated in a complex and dynamic ...