Airbus has to deliver 519 aircraft in the second half to hold its target

Airbus is sticking to its guidance of around 870 deliveries for 2026. In the first half 351 commercial aircraft went to customers. For the remaining six months that leaves a gap of 519 aircraft.

In arithmetic terms that means a monthly average of around 86 deliveries for the rest of the year. In the first half the figure was just under 59.

July brought 67 deliveries. The group is therefore still below the pace needed for the annual target.

The short version

• Airbus is sticking to around 870 deliveries for 2026, and in the first half 351 commercial aircraft went to customers.
• For the remaining six months that gives a monthly average of around 86 deliveries, after just under 59 in the first half.
• Free cash flow in the first half was minus 1.17 billion euros, caused by a planned build up of inventory.

Figures well above expectations

The half year figures themselves were strong. Revenue rose twelve percent to 33.2 billion euros. Adjusted operating profit gained 24 percent to 2.7 billion euros, and net profit reached 2.24 billion euros after 1.53 billion euros in the same period last year.

The second quarter was particularly clear. Revenue rose 28 percent to 20.5 billion euros and adjusted operating profit 54 percent to 2.43 billion euros. Analysts had expected 2.19 billion euros. Net profit rose 126 percent to 1.66 billion euros, which corresponds to earnings of 2.10 euros per share.

Of the 351 deliveries, 44 were A220s, 271 came from the A320 family, ten were A330s and 26 A350s. In the same period last year the total had been 306 aircraft.

The defence and space division lifted its adjusted operating profit 84 percent to 487 million euros.

Net orders came to 821 aircraft. The order book grew to 9,222 aircraft.

Negative cash flow in the half year

One item falls outside the pattern. Free cash flow in the first half was minus 1.17 billion euros.

The group explains that with a planned build up of inventory to raise production. Anyone who wants to ramp up manufacturing has to buy material and parts first, before the finished aircraft are paid for.

For the full year Airbus is sticking to free cash flow before customer financing of around 4.5 billion euros. The whole amount therefore has to arise in the second half.

The target of adjusted operating profit of around 7.5 billion euros was also confirmed.

Long term production targets stand

The group is also sticking to its multi year targets. The A220 is to rise to 13 aircraft a month by 2028. For the A320 family 70 to 75 aircraft a month are targeted by the end of 2027, followed by stabilisation at 75. For the A330 the target of five aircraft a month by 2029 remains, and for the A350 twelve aircraft a month are to be built from 2028.

Chief executive Guillaume Faury pointed to the strong performance in the second quarter and to the robust business in the defence division. The ramp up of production continues across all business areas.

As reasons for the improvement in June, observers name two points. A backlog of deliveries to China was cleared, and the bottlenecks at engine makers have eased.

The share has recovered clearly

The share has followed the operating performance. It last traded at 214.45 euros with a daily gain of 0.99 percent. Over 30 days the gain comes to 10.33 percent.

That leaves a clear test for the coming months. Without a marked acceleration in monthly deliveries the annual target cannot be held.

Frequently asked questions

How many aircraft are still missing for the annual target

With around 870 planned deliveries and 351 in the first half, the gap is 519 aircraft. In arithmetic terms that means a monthly average of around 86 deliveries for the rest of the year, after just under 59 in the first half. July brought 67 deliveries.

Why was cash flow negative

The group explains that with a planned build up of inventory to raise production. Anyone who wants to ramp up manufacturing has to buy material and parts first, before the finished aircraft are paid for. For the full year Airbus is sticking to around 4.5 billion euros.

How were the half year figures

Revenue rose twelve percent to 33.2 billion euros and adjusted operating profit 24 percent to 2.7 billion euros. In the second quarter alone revenue rose 28 percent to 20.5 billion euros and net profit 126 percent to 1.66 billion euros.

This analysis is for information only and is not investment advice.