Airbus published its Q1 figures which beat our expectations. While the revenues were in line with our expectations, adjusted EBIT was 6% above AV’s estimate, thanks to higher deliveries and a favourable hedge rate. With no surprise, Airbus’s commercial order intake increased by 303%, leading to a record level in the order book of €7.9bn. While the company confirmed its FY23 targets, its FY26 delivery target will be watched closely due to the additional headwinds we have in sight.
