Airbus reported a consolidated net income (group share, reported) of EUR 586m for the first quarter of 2026 last night, far exceeding the consensus estimate of EUR 271m. 'However, this is a low-quality beat, driven by high financial income (EUR 466m) and a lower tax charge (EUR 139m versus EUR 349m last year), rather than by operations,' noted Saïma Hussain, analyst at AlphaValue.

In the same vein, reported earnings per share came in at EUR 0.74, compared to a consensus of EUR 0.46, while consolidated revenue reached EUR 12.7bn, broadly in line with expectations.

In contrast, adjusted EBIT, a key indicator of operational profitability excluding non-recurring items and foreign exchange effects, plummeted 52% to EUR 300m, while the consensus had targeted EUR 371m.

AlphaValue also pointed out that 'cash flow is the main weak point of the publication.' Indeed, free cash flow before customer financing stood at -EUR 2.5bn, compared to an expected -EUR 1.7bn, a significant gap linked to both lower deliveries and the continued build-up of inventory as part of the production ramp-up.

Reacting to the release, Chloé Lemarie at Jefferies confirmed her 'hold' rating on the stock, with a slightly reduced price target from EUR 190 to EUR 185.

The analyst focused primarily on the disappointing EBIT results, penalized by weak commercial deliveries, which were partially offset by margin improvements in the Defence & Space division. According to Jefferies, comments on production were nevertheless deemed reassuring, with a ramp-up in line with 2026 targets (the aircraft manufacturer is aiming for 870 commercial aircraft deliveries for the year), and a catch-up in deliveries to China expected in the second quarter.

Finally, the research firm believes that the risk/reward profile remains unattractive at this stage, given uncertainties regarding air traffic and the still limited recovery in deliveries.

For its part, RBC confirmed its 'outperform' rating on Airbus shares, with a price target lowered from EUR 225 to EUR 200. The note indicated that results were broadly in line with already downwardly revised expectations, while the Defence & Space division was a bright spot.

According to the firm, management remains confident in a delivery catch-up starting in the second quarter, notably with the expected resolution of panel issues and the delivery of approximately 20 delayed aircraft to China.

Meanwhile, Berenberg also confirmed its 'hold' rating on the stock with an unchanged price target of EUR 190. The broker highlighted a 'weak' quarter, marked by more pronounced seasonality than usual and disrupted deliveries, leading to EBIT and FCF below expectations.

The note emphasized that the ramp-up remains constrained by GTF engines, the main bottleneck, with delivery numbers now fixed for the year, limiting visibility on production.

The broker believes the risk profile remains high, with persistent supply chain tensions and an increased dependence on strong execution at the end of the year.

Panmure Liberum (in collaboration with Agency Partners) also remains at 'hold' on the stock, with a 12-month price target of EUR 141. The firm reported that results came in below its own expectations but reflected increased seasonality rather than structural degradation. The note mentioned two main operational headwinds: panel issues on the A320, which have slowed production since late 2025, and especially persistent tensions regarding Pratt & Whitney's GTF engines, described as a major friction point.
Finally, the report stated it remains cautious on the sector, while judging Airbus to be better positioned than engine manufacturers, with a credible capacity to meet its annual targets despite current constraints.

Deutsche Bank confirmed its 'buy' rating on the stock with a price target of EUR 226. The broker also referred to a 'disappointing' first quarter, with adjusted EBIT and free cash flow below expectations. According to the analyst, the weakness stemmed mainly from Airbus Commercial, penalized by lower volumes, an unfavorable mix, currency effects, and higher R&D spending, while Defence & Space supported performance through A400M deliveries.
According to the firm, the explanations provided for the delivery delays in the first quarter and the expected catch-up in the second and third quarters are 'reassuring,' supporting the group's ability to meet its annual targets.

At DZ Bank, the 'buy' rating was confirmed, with a price target of EUR 227. The broker highlighted a first quarter marked by a decline in deliveries of approximately 16%, to 136 aircraft, leading to a drop in revenue and a contraction of the EBIT margin to 2.4%.
However, the firm emphasized the solid order book and an expected improvement in deliveries throughout the year. The analyst added that current difficulties are mainly due to temporary factors (production, supply chain), while maintaining confidence in the group's annual targets.

Finally, in a research note published by Milene Kerner, broker Barclays advised investors to look at the stock with a 'buy' rating. The price target remains set at EUR 220.