Bankinter | Results meet expectations, ambitious 2025 targets. Some pressure remains on supply chains. Key figures from the results for Q4 2024 versus the company’s own consensus estimate: Sales €24,716 million (up 8% year-on-year) versus €24,678 million estimated. Adjusted EBIT of €2,556 million (up 15.8% year-on-year and €2,601 million expected); reported EBIT of €2,614 million (up 38% year-on-year versus €2,571 million expected) and net income of €2,424 million (up 66% year-on-year) versus €2,096 million
In Commercial Aircraft, deliveries rose to 269 units in Q4 2024, 766 for the year, almost in line with the 770 target for the financial year. Net orders for the period amounted to 826 units for the year. The order book remains very high at 8,658 units (up 0.7% year-on-year). In the Helicopters division, orders rose to 171 units in the quarter (versus 70 median in the previous quarter), which means 361 for the year. The net cash position rose to €11,753 million from €10,726 million at the end of 2023.
Airbus has increased the dividend to €2/share (up 11%) and proposes a special dividend of €1/share, as in the previous year. Airbus maintains its guidance for 2025: deliveries of around 820 commercial aircraft (up from 735 in 2024); adjusted EBIT of €7 billion (versus €5.5 billion) and FCF before M&A and customer financing of around €4.5 billion (versus €3.5 billion previously). On the other hand, it estimates that the integration of some Spirit AeroSystems work packages will have a negative impact on FCF of a mid-triple digit, but that in terms of net cash it should be offset by the compensation received from Spirit AeroSystems.
Analysts’ opinion: Good progress in Q4, which leads to the fulfilment of the objectives for the year and an improvement in shareholder remuneration. The objectives for 2025 show expectations of improvement in deliveries and cash generation. The only less positive note is the allusion to supply chain challenges, particularly with Spirit AeroSystems, which is currently putting pressure on the expansion of the A350 and A220. Although they maintain the target of 14 aircraft/month in 2026 for the A220 and the A350, they maintain the target of 12/month in 2028, but adjust the entry into service of the A350 cargo variant, now planned for the second half of 2027. In summary, the results are in line with and present positive targets for 2025. It continues to show some pressure in the supply chains of some of its lines (especially the A350 cargo variant), although in the main ones it maintains targets for accelerating production. We will review our estimates after the results and we are putting our recommendation under review (from Sell).
