Airbus profits resilient despite delivery shortfall as defence momentum builds
Commenting on Airbus’ full-year results, Emily Sawicz, Director and Industrials Senior Analyst at RSM UK, said: “Airbus revenues are up but it missed its 2025 delivery target – with 793 aircraft leaving the factory against a projected 820, highlighting that supply chain constraints, particularly around engines, remain a significant headwind. The key question now is whether those bottlenecks begin to ease meaningfully in 2026.
“Encouragingly, demand itself is not the issue. Airbus’ pipeline is robust with lead times stretching over years providing a level of protection from wider economic volatility. Airlines are unlikely to cancel orders given long lead times and the efficiency gains from next-generation aircraft. If supply chain pressures improve, Airbus has clear scope to accelerate production, with 2026 delivery projection a step up at 870.
“On the defence side, momentum is building across the UK and Europe as governments look to increase military spending, and this has already supported fourth-quarter performance. But scaling to meet that demand efficiently remains a challenge. While the commercial aircraft division continues to underpin profitability, defence growth must translate into sustainable margin expansion over the next 12-24 months. The recent zero-for-zero tariff agreement between the US and Europe also removes a key trade friction, providing greater certainty for transatlantic aerospace production at a time when operational execution is under intense scrutiny.”