Airbus SE (stock exchange symbol: AIR) announced its consolidated financial results for fiscal 2024 and presented its guidance for 2025.
“We achieved strong order volumes across all divisions in 2024, with a book-to-bill ratio well above 1, confirming the solid demand for our products and services. We delivered on our guidance for 2024 in a challenging year for Airbus,” said Guillaume Faury, Airbus CEO. “We focused our efforts on key priorities, in particular increasing production and transforming our Defense & Space business. We continue to pursue profitable growth and our decarbonization ambition. Our 2024 financial results and the level of confidence we have in our future performance our proposal to increase the dividend,” concluded Faury.
Gross orders for commercial aircraft totaled 878 units (2023 in 2.319), with net orders of 826 aircraft after cancellations (2023 in 2.094). The order backlog reached 8.658 commercial aircraft at the end of December 2024. Airbus Helicopters booked 450 net orders (393 units in 2023), with a book-to-bill ratio above 1 in both volume and value, highlighting strong demand for the division’s platforms. There was also good order picking for helicopter services. Airbus Defence and Space achieved a record order pick-up of €16,7 billion (€15,7 billion in 2023), corresponding to a book-to-bill of around 1,4. In the fourth quarter, orders included 25 additional Eurofighter military aircraft for Spain.
Consolidated order intake by value decreased to EUR 103,5 billion (EUR 186,5 billion in 2023), with the consolidated backlog valued at EUR 629 billion at the end of 2024 (EUR 2023 billion at the end of 554). The increase in the consolidated backlog value mainly reflects a company-wide book-to-bill above 1 and the appreciation of the US dollar.
Consolidated revenues increased by 6% year-on-year to EUR 69,2 billion (EUR 65,4 billion in 2023). A total of 766 commercial aircraft were delivered (2023 aircraft in 735), including 75 A220s, 602 A320 Family aircraft, 32 A330s and 57 A350s. Revenues from Airbus’ commercial aircraft business grew by 6% to EUR 50,6 billion, mainly reflecting higher deliveries. Airbus Helicopters revenues increased by 8% to EUR 7,9 billion, driven by deliveries of 361 aircraft (2023 in 346), solid programme performance and growth in services. Airbus Defence and Space revenues increased by 5% year-on-year to EUR 12,1 billion, mainly driven by the Air Power business. Seven A400M military transport aircraft were delivered (in 2023 there were 8 aircraft), including the first for Kazakhstan.
O Adjusted EBIT consolidated – an alternative performance measure that excludes charges or profits related to movements in provisions, foreign exchange impacts, restructurings or gains/losses on the sale of businesses – totaled €5.354 million (€5.838 million in 2023).
Adjusted EBIT related to Airbus’ commercial aircraft activities rose to EUR 5.093 million (EUR 4.818 million in 2023), with the positive impact of higher deliveries being partly offset by investments to prepare for the future.
The A320 Family program continues to ramp up production, with the goal of reaching a production rate of 75 aircraft per month in 2027. The company is stabilizing monthly production of the A330 at around 4 units. Specific supply chain challenges, particularly with Spirit AeroSystems, are putting pressure on the increase in production of the A350 and A220. For the A350, the company maintains the goal of reaching a production rate of 12 aircraft per month in 2028 and is adjusting the entry into service of the A350 freighter variant, now scheduled for the second half of 2027. For the A220, the goal is to reach a production rate of 14 aircraft per month in 2026.
Airbus Helicopters Adjusted EBIT increased to EUR 818 million (from EUR 735 million in 2023), reflecting higher deliveries, solid program performance and growth in services.
Airbus Defence and Space Adjusted EBIT was EUR -566 million (EUR 229 million in 2023), reflecting charges of EUR 1,3 billion on space programs, including EUR 0,3 billion in the fourth quarter resulting from the completion of a detailed technical review.
For the A400M program, an additional update of the contract completion estimate was made, with a net charge of €121 million, mainly reflecting new assumptions related to the amendment of the contract with the launch nations and OCCAR, as well as risks in the production plan. Given the uncertainties regarding the volume of aircraft orders, the Company continues to assess the potential impact on the program's manufacturing activities. Risks related to the qualification of technical capabilities and associated costs remain stable, with no major variations compared to 2023.
Consolidated self-financed Research and Development (R&D) expenses remained stable at €3.250 million (€3.257 million in 2023).
Consolidated (reported) EBIT was EUR 5.304 million (EUR 4.603 million in 2023), including net adjustments of EUR -50 million.
These adjustments included:
- +€101 million of impact related to the mismatch in working capital in dollar and balance sheet revaluation, of which +€247 million was in QXNUMX. This mainly reflects the impact of the escalation arising from the difference between the transaction date and the delivery date;
- -121 million euros related to the A400M, of which -118 million euros were in the fourth quarter;
- +€51 million related to the gain on Airbus OneWeb Satellites, linked to the acquisition of the remaining 50% of the t venture in the first quarter;
- -40 million euros related to the recent decision to close the Airbus Beluga Transport business;
- -41 million euros in other costs, including compliance and M&A, of which -31 million euros occurred in the fourth quarter.
The financial result was €121 million (€166 million in 2023), mainly reflecting the revaluation of certain equity investments and the evolution of the US dollar, partially offset by interest income and the revaluation of financial instruments. Consolidated net income (1) was €4.232 million (€3.789 million in 2023), with reported consolidated earnings per share of €5,36 (€2023 in 4,80).
Consolidated free cash flow before customer financing was EUR 4.463 million (2023: EUR 4.532 million), reflecting the strong performance across all divisions. Consolidated free cash flow amounted to EUR 4.461 million (4.096: EUR 2023 million). The gross cash position was EUR 26,9 billion at the end of December 2024 (2023: EUR 25,3 billion), with a consolidated net cash position of EUR 11,8 billion (2023: EUR 10,7 billion).
The Board of Directors will propose the payment of a dividend of EUR 2,00 per share in 2024 (in 2023 it was EUR 1,80 per share) and a special dividend of EUR 1,00 per share (2023 it was EUR 1,00 per share) at the 2025 Annual General Meeting, which will take place on April 15, 2025. The proposed date for payment is April 24, 2025.
Panorama
As a basis for its 2025 guidance, the Company assumes no additional disruptions to global trade, the global economy, air traffic, the supply chain, the Company’s internal operations or its ability to deliver products and services. The assumptions exclude the impact of potential new tariffs on the Company’s business. The 2025 guidance includes the impact of the integration of certain Spirit AeroSystems work packages on Adjusted EBIT and Free Cash Flow before Customer Financing, based on preliminary estimates and an assumption of a July 1, 2025 closing.
Based on this, the company aims to achieve by 2025:
- Around 820 deliveries of commercial aircraft;
- Adjusted EBIT of approximately €7,0 billion;
- Free Cash Flow before Customer Financing of approximately €4,5 billion.
Preliminary assumptions about the impact of integrating certain Spirit AeroSystems work packages:
- Adjusted EBIT: broadly neutral;
- Free Cash Flow before Customer Financing: negative in the mid-three digit range;
Net cash largely neutral as the compensation to be received from Spirit AeroSystems will offset the im
