Airbus presents 2024 financial results

“In 2024, we achieved strong order intake across all activities, with an order-to-revenue ratio well above 1, confirming the strong demand for our products and services. We met our 2024 guidance in a challenging year for Airbus,” said Guillaume Faury, Airbus CEO. “We focused our efforts on key priorities, notably the ramp-up of production and the transformation of Defence and Space. We continue to pursue profitable growth and our decarbonisation ambition. The 2024 financial results and the level of confidence we have in our future performance support our proposal to increase the dividend.”

Gross commercial aircraft orders amounted to 878 (2023: 2,319 aircraft) with net orders for 826 aircraft after cancellations (2023: 2,094 aircraft). The order backlog stood at 8,658 commercial aircraft at the end of December 2024. Airbus Helicopters recorded 450 net orders (2023: 393 units), with an order-to-revenue ratio of over 1 in both units and value, highlighting the strong demand for the Division’s platforms. There was also a significant order inflow for helicopter services. The value of orders received by Airbus Defence and Space increased to a record €16.7 billion (2023: €15.7 billion), corresponding to an order-to-revenue ratio of around 1.4.

In the fourth quarter, 25 additional Eurofighter military aircraft were added for Spain. Consolidated order intake by value decreased to €103.5 billion (2023: €186.5 billion), with a consolidated order backlog valued at €629 billion by the end of 2024 (end of 2023: €554 billion). The increase in the value of the consolidated order backlog primarily reflects the company-wide order-to-revenue ratio above 1 and the strengthening of the US dollar.

Consolidated revenues increased by 6% year-on-year to €69.2 billion (2023: €65.4 billion). A total of 766 commercial aircraft were delivered (2023: 735 aircraft), of which 75 were A220s, 602 A320 Family aircraft, 32 A330s and 57 A350s. Revenues generated by Airbus' commercial aircraft activities increased by 6% to €50.6 billion, mainly reflecting the higher number of deliveries.

Airbus Helicopters revenues increased by 8% to €7.9 billion, reflecting higher deliveries of 361 units (2023: 346 units), strong performance across all programmes as well as growth in services. Airbus Defence and Space revenues increased by 5% year-on-year to €12.1 billion, driven primarily by the Air Power business. Seven A400M military transport aircraft were delivered (2023: 8 aircraft), including the first for Kazakhstan.

Consolidated Adjusted EBIT, an alternative performance measure and key indicator that records the underlying business margin excluding expenses or benefits arising from movements in provisions related to programs, restructurings or currency impacts, as well as capital gains/losses on the disposal and acquisition of businesses, amounted to €5,354 million (2023: €5,838 million).

Adjusted EBIT for Airbus' commercial aircraft activities increased to €5,093 million (2023: €4,818 million), with the positive impact of higher deliveries partially offset by investments to prepare for the future.

The A320 Family programme continues to ramp up to reach a rate of 75 aircraft per month in 2027. The Company is stabilising monthly production of the A330 around a rate of 4. Specific supply chain challenges, particularly with Spirit AeroSystems, are putting pressure on the ramp-up of the A350 and A220. For the A350, the Company continues to target a production rate of 12 in 2028 and is adjusting the entry into service of the A350 freighter variant, now expected in the second half of 2027. For the A220, the Company continues to target a monthly production rate of 14 aircraft in 2026.

Airbus Helicopters Adjusted EBIT increased to €818 million (2023: €735 million), reflecting higher deliveries, strong performance across all programmes and growth in services.

Airbus Defence and Space Adjusted EBIT was € -566 million (2023: €229 million), reflecting charges of €1.3 billion in space programmes, including €300 million in the fourth quarter resulting from the completion of the in-depth technical review.

For the A400M programme, a further update of the contract estimate was made at the end of the programme and a net charge of €121 million was recorded, mainly reflecting the update of the forecasts related to the new contract amendment with the launch countries and OCCAR and the risk to the production plan. In light of the uncertainties regarding the level of aircraft orders, the Company continues to assess the potential impact on the programme's manufacturing activities. Risks on the qualification of technical capabilities and associated costs remain stable, with no major changes compared to 2023.

Consolidated self-financed R&D expenses remained stable at €3,250 million (2023: €3,257 million).

Consolidated EBIT (reported) amounted to €5,304 million (2023: €4,603 million), including net adjustments of -€50 million.

These adjustments comprised:
€101 million of impact related to the dollar working capital mismatch and the balance sheet revaluation, of which €247 million relates to the fourth quarter. This mainly reflects the impact of the time lag between the transaction date and the delivery date.

-121 million euros related to the A400M, of which -118 million correspond to the fourth quarter

€51 million related to the gain in Airbus OneWeb Satellites, linked to the acquisition of the remaining 50% of the joint venture in the first quarter.

-40 million euros related to the recently announced termination of the Airbus Beluga Transport business

-€41 million of other costs, including compliance and M&A costs, of which -€31 million relate to the fourth quarter.

The financial result was €121 million (2023: €166 million), mainly reflecting the appreciation of certain equity investments and the development of the US dollar, partially offset by the interest result and the appreciation of financial instruments.

Consolidated net income (1) was €4,232 million (2023: €3,789 million), with consolidated reported earnings per share of €5.36 (2023: €4.80).

Consolidated free cash flow before customer financing was €4,463 million (2023: €4,532 million), reflecting the strong performance of all businesses. Consolidated free cash flow amounted to €4,461 million (2023: €4,096 million). The gross cash position stood at €26.9 billion at the end of December 2024 (€25.3 billion at the end of 2023), with a consolidated net cash position of €11.8 billion (end of 2023: €10.7 billion).

The Board of Directors will propose the payment of a dividend in 2024 of EUR 2.00 per share (2023: EUR 1.80 per share) and an extraordinary dividend of EUR 1.00 per share (2023: EUR 1.00 per share) to the 2025 Annual General Meeting to be held on 15 April 2025. The payment date is 24 April 2025.

Outlook
As a basis for its 2025 guidance, the Company assumes no additional disruption to global trade or the global economy, air traffic, supply chain, the Company's internal operations and its ability to deliver products and services. The guidance excludes the impact of potential new
tariffs on the business. The Company's 2025 guidance includes the impact of the integration of certain Spirit AeroSystems work packages on its Adjusted EBIT and free cash flow before financing to customers, based on preliminary estimates and a July 1, 2025 closing assumption.

On this basis, the company aims to achieve by 2025:
Approximately 820 commercial aircraft deliveries;
Adjusted EBIT of approximately €7.0 billion;
Free cash flow before customer financing of approximately €4.5 billion.
Preliminary assumptions on the impact of the integration of certain Spirit AeroSystems work packages:
Adjusted EBIT: broadly neutral;
Free cash flow before customer financing: negative mid-three digits;
Net cash broadly neutral as the compensation to be received from Spirit
AeroSystems will offset the negative FCF impact.

Source: AIRBUS,