• Revenue: EUR13.5 billion, up 6% year-on-year.
• EBIT Adjusted: EUR0.6 billion, stable compared to Q1 2024.
• Free Cash Flow Before Customer Financing: Negative EUR0.3 billion.
• Net Income: EUR4.8 billion.
• Earnings Per Share (EPS) Adjusted: EUR0.67.
• Commercial Aircraft Deliveries: 136 aircraft delivered in Q1 2025.
• Gross Orders: 280, with 233 narrowbody and 47 widebody orders.
• Net Orders: 204 aircraft after 76 cancellations.
• Helicopter Net Orders: 100, compared to 63 in Q1 last year.
• Defence and Space Order Intake: EUR2.6 billion for Q1.
• R&D Expenses: EUR0.7 billion, slightly lower than Q1 2024.
• Net Cash Position: EUR11 billion as of the end of March.
• Liquidity: Around EUR35 billion.

• Warning! GuruFocus has detected 2 Warning Sign with EADSF.

Release Date: April 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Airbus SE (EADSF) delivered 136 aircraft in Q1 2025, showing progress in ramp-up efforts despite supply chain challenges.
• The company reported a stable EBIT adjusted of EUR0.6 billion, reflecting strong performance in Defence and Space.
• Airbus SE (EADSF) booked 280 gross orders in Q1, with a record backlog of 8,726 aircraft, indicating strong demand.
• The Helicopters division saw a significant increase in net orders, reaching 100 compared to 63 in Q1 last year.
• Airbus SE (EADSF) entered a definitive agreement with Spirit AeroSystems to secure stability for its ramp-up, particularly for the A350 and A220 programs.

Negative Points

• The evolving global tariff environment adds complexity and uncertainty, impacting costs for subassemblies imported into the US and China.
• Free cash flow before customer financing was negative EUR0.3 billion, reflecting planned inventory buildup and commercial momentum.
• Supply chain challenges, particularly with Spirit AeroSystems, are pressuring the ramp-up of the A350 and A220.
• The company faces ongoing issues with engine supply for narrowbody aircraft, resulting in 17 'gliders' (aircraft without engines) at the end of Q1.
• Airbus SE (EADSF) continues to experience excess staffing, with a full alignment of workforce and delivery goals not expected until 2027.

Q & A Highlights

Q: Could you talk about the supply chain and how it has reacted to the tariffs? A: Guillaume Faury, CEO: The supply chain is actively assessing the situation, identifying inventories, and working on mitigation strategies. We are leveraging logistical flows and engaging with authorities to manage the impact. The recent lifting of tariffs on US goods by China is a result of such engagements.

Q: Should we assume that the direct impact of tariffs can be contained from an earnings and cash flow perspective? A: Guillaume Faury, CEO: Our guidance remains in place and excludes tariffs. The situation is dynamic, and we are assessing it continuously. Thomas Toepfer, CFO: We believe the financial impact can be contained within normal boundaries, but the situation may change.

Q: Are you taking any special measures to offset potential FX headwinds? A: Thomas Toepfer, CFO: No specific measures are being taken. Our hedging policy provides stability, and we are over 90% hedged for 2025. We believe our current hedging strategy is sufficient to manage potential FX fluctuations.

Q: Have there been any changes in supply chain challenges or delivery profiles? A: Guillaume Faury, CEO: There are no changes in supply chain challenges. The situation with CFM engines is as expected, with an increasing number of gliders. We anticipate normalization by summer, and the delivery profile remains soft until then.

Q: How do you balance protecting profitability and ensuring supplier financial health if tariffs persist? A: Guillaume Faury, CEO: We are primarily based in Europe, where no tariffs apply. For US operations, we have localized supply chains to mitigate impacts. We are working with Tier 1 suppliers to assess and manage potential long-term impacts.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.