Airbus March delivery rebound - strong start of the year for Boeing After a weak January and a lacklustre February, we expect a rebound of Airbus deliveries to 62 in March (just one aircraft down y-o-y), bringing Q1 deliveries to 129 aircrafts, versus 142 in Q1 2022. The y-o-y drop mainly stems from the A350 (down 11 units y-o-y in Q1), with just one less A320 y-o-y. This is overall a positive signal of normalising execution on the A320 production in line with what we see as an ongoing derisking of A320 assembly at Airbus. At Boeing, the continued 737MAX delivery momentum and resuming 787 deliveries support a 22-unit increase in March 2023 to 63 units. This should bring Boeing''s Q1 deliveries up 36% y-o-y at 129 units. Airbus Q1 EBIT under pressure from FX and deliveries phasing - focus should be elsewhere We expect Q1 EBIT adjusted of c.EUR800m at Airbus''s civil aircraft business, down c.EUR250-300m y-o-y. This should reflect a 9% decrease in y-o-y deliveries, unfavourable quarterly phasing of hedge rates (3 cents y-o-y deterioration of hedge rate in Q1, turning to a tailwind from Q2), and the non-recurrence of two effects impacting Q1 22: a EUR350m tailwind from a labour agreement at group level and a EUR200m charge related to Ukraine. Other effects are so far expected to be marginal. Investor focus on Airbus''s Q1 reporting is likely to be on the quality of execution, and the ability to contain cost overruns and inflation while restoring control over the supply chain. A contrasted start of the year for engine makers We track 384 installed engine deliveries in Q1 at Safran representing a 58-unit improvement y-o-y, with a continued skew towards the 737MAX (64% of LEAP deliveries). At MTU we track 146 deliveries, up 34 units y-o-y, most notably with a 20-unit improvement in GEnX deliveries. GTF-powered aircraft deliveries in March disappoint (series engines down 4 units y-o-y), which may be seen as a signal of PandW''s needs to reprioritize spare...