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CAPITAL GOODS: Airbus (AIRFP A2[P]/A/A-[P]): 2Q24 Results

CAPITAL GOODS

Credit neutral in our view.

  • Yesterday Airbus reported revenue in-line with consensus. Review of the Space division is ongoing, with management replaced and all options considered
  • Adj. EBITDA beat expectations by 36%. It was a less-bad quarter, with charges to the problematic Space division driving a 33% drop YoY. Commercial and Helicopters did better than expected.
  • 1H FCF at -€0.6bn was also better than expected. Net cash is now €7.9bn.
  • FY24 guidance was confirmed, following the profit warning in June. Consensus is in-line with that. No changes to the supply chain situation it seems, with expected jet deliveries unchanged.

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