Airbus Q3 deliveries expected at 172 aircraft At Airbus we expect 55 deliveries during the month of September, composed of 4 A220s, 45 A320s (24 A320 and 21 A321), 2 A330neos and 4 A350s. This is only 3 aircraft higher than the previous month, meaning we do not anticipate the usual end of quarter delivery spike. This would bring Q3 deliveries to 172, vs 140 deliveries in Q3 22. As we enter the final quarter of deliveries, the market will return to closely tracking delivery levels to monitor the company''s likeliness to hit or beat its FY delivery target of 720 aircraft. To do so, Airbus needs to deliver 232 aircraft, vs 226 aircraft in Q4 22. We expect the company to reiterate its FY delivery target with its Q3 release. Airbus civil aircraft EBIT seen at EUR1.1bn in Q3 We expect Q3 EBIT adjusted of c.EUR1.1bn at Airbus'' civil aircraft business, up c.EUR500m y-o-y. This should reflect a 23% increase in deliveries with a positive mix, EUR125m tailwind from favourable FX (4 cents improvement in the hedge rate) and EUR50m tailwind from fixed cost absorption (net of cost inflation). Investors'' focus should remain on the progress of Airbus key suppliers on their recovery plan, especially large US Tier 1s, with PandW''s ramp-up ability now sitting at the top of investors'' concern. Lacklustre deliveries at Boeing, at 105 in Q3 We expect 27 deliveries at Boeing, a 24 unit drop from September 2022, weighed down by low deliveries of the 737MAX (15 deliveries expected in the month of September vs an average of low 30s so far in 2023). This would bring Q3 deliveries at 105 aircraft, versus 112 in Q3 2022. This can be explained by the recent supplier and logistical issues experience at Boeing. Nonetheless, the company has maintained its 2023 delivery guidance at 400-450 units for the 737MAX, meaning the company must deliver 120-170 737MAXs versus 107 units in Q4 2022. However, management added the caveat this will most likely land in the bottom end of the range....