Airbus: Sharp Increase in Orders, Decline in Deliveries, and Halved Adjusted EBIT in Q1
In the first quarter of 2026, Airbus saw a significant increase in its order book, with 398 net commercial aircraft ordered compared to 204 a year earlier. Meanwhile, revenue fell by 7% to 12.7 billion euros, and adjusted profit dropped by 52% to 300 million euros, reflecting fewer deliveries and limited productivity due to component shortages. This divergence between strong demand and weakened profitability raises questions about the manufacturer's ability to convert its order book into results in the coming quarters.
Discrepancy Between Flourishing Orders and Reduced Deliveries
The first quarter of 2026 confirms the strong demand for commercial aircraft, with 408 gross orders recorded (compared to 280 in Q1 2025), an increase of 46% year-on-year. Net of cancellations, Airbus received 398 orders (204 in Q1 2025). This performance positions the manufacturer strongly for the coming years, with the order book standing at 9,037 commercial aircraft at the end of March 2026 (+4% compared to the end of 2025). However, translating this demand into deliveries remains hindered. Airbus delivered 114 commercial aircraft in the first quarter, down from 136 a year earlier, a decline of 16%. This decrease directly reflects the logistical and production challenges faced by the group, notably the ongoing shortage of Pratt & Whitney engines for the A320 family, which remains 'the critical factor' in the ramp-up, according to the press release.
Profitability Under Pressure Despite Increased Demand
The contraction in deliveries has directly impacted the profitability of the commercial aircraft division. Revenue generated by this division decreased by 11% to 8.4 billion euros (compared to 9.5 billion in Q1 2025), while adjusted EBIT plummeted by 84% to 81 million euros (compared to 494 million a year earlier). This major deterioration reflects not only the lower volume of deliveries but also an unfavorable exchange rate coverage. In consolidated terms, the group's adjusted EBIT fell by 52% to 300 million euros, compared to 624 million in Q1 2025. This margin compression reveals the relative fragility of the transition period: Airbus is bearing the fixed costs of its ramp-up without yet generating the delivery volumes necessary to amortize these expenses. The group spent 730 million euros on research and development expenses (+8% year-on-year), investments inherent to the acceleration of production.
2026 Guidance Maintained Despite Negative Cash Flow
Faced with these mixed results, Airbus has maintained its annual guidance for 2026: about 870 commercial aircraft deliveries, an adjusted EBIT of approximately 7.5 billion euros, and a free cash flow before customer financing of about 4.5 billion euros. This stability in targets contrasts with a deteriorated cash position in the first quarter. Free cash flow before customer financing was minus 2.5 billion euros in Q1 (compared to minus 310 million a year earlier), reflecting low deliveries and the programmed build-up of stocks linked to the ramp-up across all programs. The net cash position fell to 9.8 billion euros at the end of March 2026 (compared to 12.2 billion at the end of December 2025), a reduction of 19% in three months. Guillaume Faury, CEO, emphasized that the operating environment 'remains dynamic and complex' and that the group is 'closely monitoring' the potential impacts of the situation in the Middle East. The immediate challenge for investors remains the concrete demonstration that the record order books can be transformed into deliveries and cash generation over the remaining three quarters of 2026.
