On Thursday evening, the European aircraft manufacturer announced it had delivered 67 aircraft in April, representing a 20% year-on-year increase. This figure surpassed Jefferies' expectations by 4 units. Despite last month's improvement, the U.S. investment bank estimates that year-to-date deliveries remain down 6%, hampered by delays in Pratt & Whitney GTF engine shipments and the widely reported panel inspection issues.

Furthermore, gross orders for April totaled 28 units, offset by 21 cancellations.

Jefferies notes that inventory levels of flight-ready aircraft have risen to 72 units, excluding an estimated 50 'gliders' (aircraft without engines) in storage. At the end of March, inventory stood at 64 units with approximately 60 gliders.

Key takeaways from the roadshow with Guillaume Faury

The investment bank highlighted several critical factors following an investor roadshow with the group's CEO. Regarding Pratt & Whitney engine delays, delivery volumes for the current fiscal year are now finalized but remain significantly below previous commitments. Discussions are ongoing for 2027, with Airbus seeking compensation for missed deliveries through commercial negotiations or legal action if an amicable solution cannot be reached.

Regarding the Middle East crisis, the group has observed no direct operational disruptions and believes logistical challenges can be managed. Airbus is also monitoring energy-intensive suppliers who could face production halts due to high energy prices, although no such signs have emerged to date.

Analysts maintained a 'Hold' rating on Airbus stock with a price target of 185 euros.