Banc Sabadell: Airbus published last week that it delivered 123 aircraft during the month of December (versus 84 in November ’24 and 112 in December ’23), bringing total deliveries in 2024 to 766 (versus 735 in 2023, up 4%), practically meeting the target of delivering 770 aircraft this year (the company considers plus/minus 20 aircraft to be within the guidance range).
In addition, a total of 99 new orders and 15 cancellations were recorded during the month. Net orders in 2024 stand at 826 aircraft (versus 2,094 in 2023).
Assessment: The published deliveries data is very positive insofar as it demonstrates the continuation of the improvement in supply chain conditions that we have been seeing in recent months. This should be positively reflected today by the stock, although with a limited impact as the number of deliveries published is only slightly higher than what was rumoured in the market in the last days (760 units). Regarding orders, we recall that they compare negatively with 2023 because the latter was exceptionally positive (H1’23 included an order for 500 aircraft from IndiGo), but in any case they still reflect a healthy demand situation, and the current backlog stands at 8,658 aircraft (>11 years of production at current delivery levels).
