According to mwb research, the reported abandonment of the manned fighter jet program within FCAS by Germany and France is unlikely to have a significant impact on Airbus's earnings, as the project had not progressed beyond the demonstrator phase.
The broker highlights that FCAS-related revenues were immaterial within its forecast horizon and that the 100 billion euro figure often cited refers to the program over several decades, rather than short-term revenue for Airbus.
The note suggests that the termination of this project removes a long-standing industrial bottleneck, while activities related to the combat cloud and drones could potentially continue. The investment case remains primarily driven by commercial aircraft deliveries, engine supply constraints, and risks surrounding 2026 targets.
Airbus shares were up 1% around 12:30 p.m. in Paris.
Airbus SE is No. 1 in Europe and No. 2 worldwide in the aeronautics, aerospace, and defense industries. Net sales break down by family of products and services as follows:
- commercial aircraft (70.1%). The group is No. 1 worldwide for aircrafts with more than 100 seats;
- defense and aerospace systems (18.2%): military aircrafts (primarily transport aircrafts, marine surveillance aircrafts, anti-submarines fighter planes and flight refueling aircrafts), spatial equipment (orbital launchers, observation and communication satellite, turboprop aircraft, etc.), defense and security systems (missile systems, electronic and telecommunications systems, etc.). Airbus SE also provides training and aircrafts maintenance services;
- civil and military helicopters (11.7%).
Net sales are distributed geographically as follows: Europe (40.8%), Asia-Pacific (28.0%), North America (17.7%), Middle East (9.0%), Latin America (2.7%), and Other (1.8%).
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