- Airbus steady on 2025 targets as strong order book cushions H1 cash hit.
- Net orders surged to 402 aircraft, pushing the backlog to 8,754 units.
- Airbus maintained its 2025 goal of 820 aircraft deliveries.
Airbus SE has announced its financial results for the first half of 2025, ending 30 June, demonstrating resilience despite ongoing supply chain challenges and a complex business environment.
Guillaume Faury, Airbus Chief Executive Officer, summed it up clearly: “The commercial performance in the first half of 2025 has been strong across the Company,” he said. “Our H1 financials reflect transformation progress in our Defence and Space division and the lower commercial aircraft deliveries compared to a year ago. We are producing aircraft in line with our plans but deliveries are backloaded as we face persistent engine supply issues on the A320 programme. The operating environment is complex and fast-changing. On tariffs, the recent political agreement between the EU and the US to revert to a zero-tariff approach for civil aircraft is a welcome development for our industry. Our 2025 guidance, which continues to exclude the impact of tariffs, remains unchanged.”
Orders and backlog
Commercial aircraft orders have gained pace. Gross orders hit 494 aircraft in the first six months of the year, up sharply from 327 in the same period of 2024. Net orders, factoring in cancellations, stood at 402 aircraft compared to 310 a year earlier. Airbus’ order backlog at the end of June reached a staggering 8,754 commercial aircraft.
Helicopter orders totalled 171 units, lower than the 233 recorded in H1 2024 but distributed evenly across the product range. Airbus Defence and Space secured €5.1 billion in new orders, slightly down from €6.1 billion achieved last year.
Revenues grow despite delivery pressure
Consolidated revenues climbed 3% year-on-year to €29.6 billion. But the pattern varied by division.
- Commercial aircraft revenues dipped 2% to €20.8 billion due to fewer deliveries. Airbus delivered 306 commercial aircraft (H1 2024: 323), including 41 A220s, 232 A320 Family jets, 12 A330s and 21 A350s.
- Airbus Helicopters experienced a 16% increase in revenue to €3.7 billion, driven by strong programme performance and growth in services. Deliveries increased to 138 units from 124 last year.
- Airbus Defence and Space saw a strong 17% revenue increase to €5.8 billion, supported by higher volumes across its operations.
Profitability improves sharply
EBIT Adjusted, the company’s key measure of underlying profitability, jumped to €2,204 million, up from €1,391 million in H1 2024. This reflects improved performance across businesses, especially the turnaround in Defence and Space, which last year absorbed €989 million in charges in its Space Systems unit.
- Commercial aircraft EBIT Adjusted fell slightly to €1,714 million (H1 2024: €1,954 million) because of lower deliveries. A favourable hedge rate and reduced R&D costs provided some cushion.
- Airbus Helicopters’ EBIT Adjusted increased modestly to €249 million (H1 2024: €230 million), reflecting the growth in services and higher deliveries but with a less favourable mix.
- Defence and Space EBIT Adjusted turned positive at €265 million, compared to a €-807 million loss last year, driven by volume increases and better profitability.
Reported EBIT stood at €1,617 million, compared with €1,456 million a year earlier, and included net Adjustments of €-587 million. These adjustments covered the dollar working capital mismatch (€-391 million), workforce adaptation measures at Defence and Space (€-105 million), Spirit AeroSystems stabilisation costs (€-57 million) and other items (€-34 million).
Production ramp-up and supply chain headwinds
Airbus continues to ramp up production across programmes, but supply chain issues persist. The A320 Family programme is progressing toward the ambitious target of 75 aircraft per month in 2027. The A330 line is stable at four aircraft a month, with plans to reach five in 2029.
For the A350, Airbus is still targeting a monthly rate of 12 aircraft in 2028, while the A220 is expected to hit 14 aircraft a month in 2026. Yet challenges remain. Specific supplier constraints, particularly with Spirit AeroSystems, are weighing on the pace of ramp-up.
Airbus is also in the process of acquiring specific work packages from Spirit AeroSystems. The closing of this transaction, initially expected earlier, has now shifted to the fourth quarter of 2025 as regulatory approvals are finalised.
Cash flow reflects inventory build-up
Free cash flow before customer financing came in at €-1,610 million (H1 2024: €-529 million). This reflects the planned inventory build-up needed to support production increases and the number of aircraft awaiting engines.
The company’s gross cash position stood at €21.1 billion at the end of June, down from €26.9 billion at the end of 2024. Net cash was €7.0 billion (year-end 2024: €11.8 billion), impacted by the dividend payment and a weaker US dollar.
Outlook stays firm
The guidance for 2025 remains intact. Airbus expects around 820 commercial aircraft deliveries this year, an EBIT Adjusted of approximately €7.0 billion, and free cash flow before customer financing of about €4.5 billion. These targets already factor in the preliminary impact of the Spirit AeroSystems integration, assuming the deal closes in the fourth quarter.
The company has also confirmed that the guidance excludes any impact from tariffs. The outlook assumes no major disruptions to global trade, the economy, or the supply chain.
A400M programme update
Positive discussions continue with OCCAR and launch nations on the A400M programme. In June, Airbus reached an agreement to advance seven deliveries for France and Spain, helping improve production visibility. Although uncertainties remain regarding future orders, technical qualification risks are stable.
There was also a key post-closing announcement. The Board of Directors has nominated Oliver Zipse, currently Chairman of BMW AG’s Board of Management, as a non-executive director. His appointment will be submitted at the 2026 Airbus Annual General Meeting.
René Obermann, Chairman of the Airbus Board, welcomed the move. “We are delighted to put Oliver forward for this role,” he said. “His wealth of global industry experience will be invaluable to the Company as we move forward.”
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