Important points
Airbus shares are falling after the company’s results painted a mixed picture. Profits for 2025 exceeded expectations, but confidence declined due to conservative delivery forecasts for 2026 and delays in production expansion targets. The company’s shares closed down nearly 7% on Thursday, posting a year-to-date loss. The company’s stock has risen more than 11% in the past 12 months, while U.S. rival Boeing Co. has risen 32% over the same period. AIR-FR BA 1Y line Boeing stock has outperformed Airbus stock over the past 12 months. However, analysts remain optimistic about Airbus. Of the 25 analysts covering the Paris-listed stock, 17 rate it a “buy” or “equivalent to buy,” according to FactSet. Only 1 person rates it as a “Sell”. Many reiterated their “buy” ratings on the stock and called it a liquidation event following worse-than-expected delivery guidance the company issued before the bell Thursday. The company said it expects to sell 870 aircraft in 2026, which is lower than most market observers expected. This comes as the airline seeks to ramp up production of its best-selling A320 family of aircraft following several issues over the past few months. “Despite our cautious stance on 2026 deliveries and medium-term production rates, we believe Airbus has a strong long-term story,” said Douglas Harned, a Burstein analyst who rates outperforming stocks. ‘Attractive entry point’ JPMorgan analyst David Perry said that while the stock would likely fall on news of the delivery target, “it could be a liquidation event.” “If AIR can convince investors that the new guidance is achievable, this reset could provide an attractive entry point,” Perry said, rating the stock overweight with a price target of 240 euros. Airbus blamed one of its key suppliers, RTX-owned Pratt & Whitney, for weak guidance. “Pratt & Whitney’s failure to commit to the number of engines ordered by Airbus has an adverse impact on its outlook and production trajectory for this year,” the company said. CEO Guillaume Faury told CNBC’s Charlotte Reid that the company’s “supply chain is vast and we have seen a significant improvement in our performance over the last few years.” “We are [2026] This is probably the best situation since the coronavirus pandemic came to an end, he added. “It’s not without problems.” The engine shortage is just the latest problem weighing on Airbus. Sentiment has deteriorated this year, and soft delivery guidance hasn’t helped. Before the new guidance, some sell-side analysts’ expectations for 2026 deliveries were still above 900 aircraft, even after Airbus lowered its 2025 guidance late last year following problems with fuselage panels being sourced from another supplier. Sources told CNBC at the time that the supplier was Spain’s Sofitec Aero. U.S. rival Boeing Co. is also making progress after years of crisis and improving its prospects. While sentiment for Airbus may have taken a hit, sentiment for Boeing has certainly recovered, with Boeing’s net orders exceeding those of Airbus in 2025 for the first time since 2018. “Investors will view this guidance as lower than expected, which could put pressure on the stock price in the near term,” said Ken Herbert, an analyst at RBC Capital Markets who rates Airbus outperform. “However, we believe the company’s guidance of delivering up to 870 aircraft is appropriately conservative.” – CNBC’s Michael Bloom contributed to this report
