Banco Sabadell | Airbus published earlier this week, after the market closed, that it had delivered 136 aircraft during December (versus 72 in November 2025 and 123 in December 2024), bringing the total deliveries for 2025 to 793 (versus 766 in 2024, an increase of 3.5%), thus meeting its target of delivering around 790 aircraft this year, which, we recall, it revised downwards in early December ’25 (from 820 aircraft) due to quality issues affecting the fuselage panels on the A320 family. On the other hand, a total of 203 new orders and 14 cancellations were recorded during the month. Net orders in 2025 stand at 889 aircraft (versus 826 in 2024).
Assessment: The published data shows a solid trend in the pace of deliveries, which will enable the company to achieve its 2025 target as a result of the improvement in the supply of LEAP engines (which the company expected in the second half of 2025) and makes us optimistic about 2026 (it will publish its 2025 results on 19 February, when we will learn about the new targets). In any case, the data coincides with Bloomberg’s recent forecasts, so we do not expect any impact on the share price today. In terms of orders, they continue to reflect healthy demand, and the current backlog stands at 8,754 aircraft (11 years of production at current delivery levels).
