Airbus SE has reported consolidated financial results for its first quarter (Q1) ending March 31st 2025.
“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,” said Guillaume Faury, Airbus Chief Executive Officer. “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 defence activities, we support the recent approach to strengthen the European defence industry and we stand ready with our broad portfolio of products and solutions to respond to our customers' requirements.”
Gross commercial aircraft orders totalled 280 (Q1 2024: 170 aircraft), with net orders of 204 aircraft after cancellations (Q1 2024: 170 aircraft). The order backlog stood at 8,726 commercial aircraft at the end of March 2025. Airbus Helicopters recorded 100 net orders (Q1 2024: 63 units), which were well distributed across the product range. Order intake by value at Airbus Defence and Space rose to €2.6 billion (Q1 2024: €2.0 billion), reflecting strong momentum across its business lines for both platforms and services.
Consolidated revenues increased by 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), including 17 A220s, 106 A320 Family, 4 A330s, and 9 A350s. Revenues from Airbus' commercial aircraft activities rose by 4% to €9.5 billion, mainly due to a more favourable foreign exchange environment, which was partially offset by the lower number of deliveries. Airbus Helicopters' revenues grew by 10% to €1.6 billion, reflecting solid performance from programmes and growth in services. Helicopter deliveries totalled 51 units (Q1 2024: 50 units). Revenues at Airbus Defence and Space increased by 11% year-on-year to €2.7 billion, driven by higher volumes across its business lines.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator that captures the underlying business margin by excluding material charges or profits resulting from movements in provisions related to programmes, restructuring or foreign exchange impacts, as well as capital gains/losses from the disposal and acquisition of businesses – totalled €624 million (Q1 2024: €577 million).
EBIT Adjusted related to Airbus' commercial aircraft activities remained stable at €494 million (Q1 2024: €507 million), with the decrease in deliveries offset by the favourable hedge rate and lower R&D expenses.
The A320 Family programme continues to ramp up towards a rate of 75 aircraft per month by 2027. The company is stabilising the A330 monthly production rate at around 4. Specific supply chain challenges, notably with Spirit AeroSystems, are currently putting pressure on the ramp-up of the A350 and the A220. The company continues to target a rate of 12 for the A350 in 2028 and a monthly A220 production rate of 14 aircraft by 2026.
Airbus Helicopters' EBIT Adjusted increased to €78 million (Q1 2024: €71 million), reflecting solid performance in programmes and growth in services. In March, the new H140 multi-mission helicopter was introduced, receiving 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 programme, the company remains in constructive discussions with the launch nations and OCCAR regarding the production plan. In light of uncertainties about the level of aircraft orders, Airbus continues to assess the potential impact on the programme's manufacturing activities. Risks regarding the qualification of technical capabilities and associated costs remain stable.
Consolidated self-financed R&D expenses totalled €673 million (Q1 2024: €743 million).
Consolidated EBIT (reported) amounted to €473 million (Q1 2024: €609 million), including net adjustments of €-151 million.
These adjustments comprised:
€-13 million related to the dollar working capital mismatch and balance sheet revaluation, mainly reflecting the phasing impact arising from the difference between the transaction date and delivery date;
€-105 million related to the Airbus Defence and Space workforce adaptation plan;
€-33 million of other costs, including compliance and M&A.
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 US 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 build-up to support the ramp-up and the commercial momentum across the company. Consolidated free cash flow totalled €-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).
