Airbus Misses, Keeps Bold Targets

Airbus just posted its weakest first quarter for aircraft deliveries since 2009, with only 114 jets handed over—down sharply from last year and lagging Boeing’s 143. Profits tumbled, and revenue slid 7 percent as nearly 20 planes were stuck in China paperwork, A320 fuselage panels needed rework, and a shortage of Pratt & Whitney engines capped production. With €12.7 billion in revenue but negative €2.5 billion in free cash flow, the company is now racing to catch up by mid-year, betting it can still hit its ambitious target of 870 deliveries in 2026.

But here’s the catch: while Airbus says the worst China delays are now resolved and panel fixes are “progressing,” engine supply remains frozen through 2027—meaning any further hiccups could threaten the company’s guidance. Meanwhile, inventories ballooned by over €5 billion in just one quarter, and any new supply chain shocks or geopolitical tensions could squeeze margins further. As Boeing edges ahead in deliveries, Airbus faces a critical test: can it “resynchronise” production and delivery flows in time to avoid a painful reset this summer?

Featuring insights from FlightGlobal and a deep dive into Airbus’s strategy shakeup, including its new aftermarket joint venture with Air France-KLM and a push into hydrogen propulsion with MTU Aero Engines.

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