Banc Sabadell | Airbus (AIR) reported 64 aircraft deliveries during November (against 68 in November 2022 and 71 in October 2023) bringing the total in 2023 to 623 (against 550 in November 2022; up 13%). On the other hand, a total of 113 new orders and 52 cancellations were recorded during the month. Considering cancellations for the year as a whole, net orders until November 2023 stand at 1,395 (against 825 in November 2022).
Assessment: The deliveries data published by Airbus is fully in line with market rumours, so we do not expect any impact on the share price. The data is slightly negative, as it implies a certain slowdown in the pace of deliveries. In any case, this evolution is similar to that recorded in 2022 (November decline versus acceleration in December) and should not be a problem to meet its 2023 delivery target (~720 aircraft). Thus, deliveries should accelerate to ~97 aircraft in December, very similar to the level recorded in December 2022 (~98 deliveries).
