Bankinter | 2025 good cash generation, but supply chain issues persist. Production acceleration target lowered.
Key figures from Q4 2025 results versus the company’s own consensus estimate: Sales €25.984 billion (up 5.1% year-on-year) versus €26.513 billion estimated; Reported EBIT €2.717 billion (up 3.9% year-on-year versus €2.800 billion estimated) and net profit €2.580 billion (up 13.5%) versus €2.361 billion estimated.
In Commercial Aircraft (74% of reported EBIT in 2025), deliveries totalled 793 units for the year, meeting the target of 790 (revised downwards in December 2025 from 820). The order book stands at 8,754 units (up 1.1% year-on-year), 11x 2025 sales.
In Helicopters (15.5% of EBIT), deliveries totalled 392 units in the year (up 8.6% year-on-year). The order book stands at 1,037 units (up 16.1% year-on-year).
Defence and Space (10% of EBIT) improved in terms of volumes and profitability, with EBIT of €639 million for the year (up from €-656 million in 2024).
The net cash position improved to €12.171 billion from €7.042 billion at the end of Q3 2025 and €11.753 billion in 2024. The company generated €4.6 billion in free cash flow and has announced a dividend of €3.20 per share (up from €3 per share based on 2024 results).
Airbus sets targets for 2026: deliveries of around 870 commercial aircraft (versus target of 793 units in 2025 from an initial target of 820 for 2025); Adjusted EBIT of €7.5 billion (versus €7 billion for 2025) FCF before M&A and customer financing of around €4.5 billion (similar to the previous target of €4.5 billion).
The company has again highlighted supply issues, particularly with Pratt & Whitney engines. It has revised downwards its production ramp-up targets for the A320 family from a range of 70-75/month towards the end of 2027 to a rate of 75 units onwards (versus towards 75/month in 2027). In addition, it expects a rate of 13 units/month for the A220 by 2028 (from 12/month in 2026).
