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Airbus SE (Amsterdam, Netherlands) has reported consolidated financial results for the first quarter (Q1) of 2025, ended March 31. In that time, Airbus says that 136 commercial aircraft were delivered and revenues of €13.5 billion were reached, with an €0.6 billion EBIT Adjusted.

“Our Q1 results demonstrate the progress we are making on our priorities across the business. We are ramping up production in line with our plan but the delivery profile will be backloaded, reflecting the specific supply chain challenges we are facing this year,” says Guillaume Faury, Airbus CEO. “We maintain the guidance that excludes tariffs which are adding complexity and remain uncertain in terms of implementation, scope and duration. We are closely monitoring and assessing the situation, but it is too early to quantify the impact today. When it comes to our defense activities, we support the recent approach to strengthen the European defense industry and we stand ready with our broad portfolio of products and solutions to respond to our customers’ requirements."

Gross commercial aircraft orders totaled 280 (Q1 2024: 170 aircraft) with net orders of 204 aircraft after cancellations (Q1 2024: 170 aircraft). The order backlog amounted to 8,726 commercial aircraft at the end of March 2025. Airbus Helicopters registered 100 net orders (Q1 2024: 63 units), which were well spread across the product range. Order intake by value at Airbus Defence and Space increased to €2.6 billion (Q1 2024: €2.0 billion), reflecting good momentum across its business lines for both platforms and services.

Consolidated revenues increased 6% year-on-year to €13.5 billion (Q1 2024: €12.8 billion). A total of 136 commercial aircraft were delivered (Q1 2024: 142 aircraft), comprising 17 A220s, 106 A320 Family, 4 A330s and 9 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 4% to €9.5 billion, mainly reflecting a more favorable foreign exchange environment which was partially offset by the lower number of deliveries.

Airbus Helicopters’ revenues increased by 10% to €1.6 billion, reflecting a solid performance from programs and growth in services. Helicopter deliveries totaled 51 units (Q1 2024: 50 units). Revenue at Airbus Defence and Space increased 11% year-on-year to €2.7 billion, driven by higher volumes across its business lines. 

Consolidated EBIT Adjusted totaled €624 million (Q1 2024: €577 million). EBIT Adjusted related to Airbus’ commercial aircraft activities was stable at €494 million (Q1 2024: €507 million), with the decrease in deliveries offset by the favorable hedge rate and lower R&D expenses.

According to Airbus, the A320 Family program continues to ramp up toward a rate of 75 aircraft/month in 2027. The company is stabilizing the A330 monthly production rate at around four aircraft. Specific supply chain challenges, notably with Spirit AeroSystems, are currently putting pressure on the ramp-up of the A350 and the A220. Airbus continues to target rate 12 for the A350 in 2028 and a monthly A220 production rate of 14 aircraft in 2026.

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Airbus Helicopters’ EBIT Adjusted increased to €78 million (Q1 2024: €71 million), reflecting the solid performance in programs and services growth. In March, the new H140 multi-mission helicopter was introduced and received its first orders and commitments.  

EBIT Adjusted at Airbus Defence and Space amounted to €77 million (Q1 2024: €-9 million), reflecting higher volumes and improved profitability mainly for Air Power services and Connected Intelligence. On the A400M program, the company remains in constructive discussions with the launch nations and OCCAR on the production plan. In light of uncertainties regarding the level of aircraft orders, Airbus continues to assess the potential impact on the program’s manufacturing activities. Risks on the qualification of technical capabilities and associated costs remain stable.

Consolidated self-financed R&D expenses totaled €673 million (Q1 2024: €743 million). Consolidated EBIT (reported) amounted to €473 million (Q1 2024: €609 million), including net adjustments of €-151 million.

The financial result was €621 million (Q1 2024: €229 million), mainly reflecting the revaluation of certain equity investments, partially offset by the evolution of the U.S. dollar and the revaluation of financial instruments. Consolidated net income was €793 million (Q1 2024: €595 million) with consolidated reported earnings per share of €1.01 (Q1 2024: €0.76).

Consolidated free cash flow before customer financing was €-310 million (Q1 2024: €-1,791 million), reflecting the planned inventory buildup to support the ramp-up and the commercial momentum across the company. Consolidated free cash flow totaled €-296 million (Q1 2024: €-1,799 million). The gross cash position stood at €26.1 billion at the end of March 2025 (year-end 2024: €26.9 billion), with a consolidated net cash position of €11.0 billion (year-end 2024: €11.8 billion).

Outlook

As the basis for its 2025 guidance, Airbus excludes the impact of tariffs on its business. The company’s 2025 guidance includes the impact of the integration of certain Spirit AeroSystems work packages based on preliminary estimates and an assumed closing in the third quarter of 2025. The company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations and ability to deliver products and services. On that basis, Airbus targets to achieve in 2025:

• Around 820 commercial aircraft deliveries;
• EBIT Adjusted of around €7.0 billion;
• Free cash flow before customer financing of around € 4.5 billion.

The anticipated impact of the integration of certain Spirit AeroSystems work packages on the company’s guidance remains in line with previous estimates.