Amsterdam, Netherlands – February 20, 2025 – As Europe gears up for the excitement of Euro 2024, Airbus SE (stock exchange symbol: AIR) has released its consolidated Full-Year (FY) 2024 financial results, showcasing a year of robust performance and setting the stage for 2025. While fans eagerly await the Resultados Euro 2024, the financial world is keenly observing the results from this aerospace giant.
Guillaume Faury, Airbus Chief Executive Officer, commented, “2024 was a year of strong order intake across all our businesses, demonstrated by a book-to-bill ratio well above 1. This robust demand underscores the continued need for our products and services. We successfully delivered on our 2024 guidance despite a challenging operating environment. Our focus remained on key priorities: accelerating production and transforming our Defence and Space division. We are committed to profitable growth and advancing our decarbonization objectives. The encouraging 2024 financial results and our confidence in future performance support our proposal for an increased dividend.”
Key Highlights of the FY 2024 Results:
- Commercial Aircraft Deliveries: Airbus delivered 766 commercial aircraft, up from 735 in 2023.
- Revenue Growth: Revenues increased by 6% year-on-year to €69.2 billion.
- EBIT Adjusted: €5.4 billion.
- Free Cash Flow Before Customer Financing: €4.5 billion.
- 2024 Guidance Achieved: Airbus met its financial targets for the year.
- Dividend Increase Proposed: A dividend of €2.00 per share and a special dividend of €1.00 per share are proposed.
- 2025 Guidance Issued: Providing a positive outlook for the coming year.
Order Intake and Backlog:
Airbus experienced strong demand across its divisions. Gross commercial aircraft orders reached 878, with net orders at 826. The total order backlog for commercial aircraft stands at a substantial 8,658. Airbus Helicopters also saw a strong performance with 450 net orders, and Airbus Defence and Space achieved a record order intake of €16.7 billion.
The consolidated order intake decreased to €103.5 billion compared to a high of €186.5 billion in 2023, which included mega-orders. However, the consolidated order book value increased to €629 billion, reflecting the strong book-to-bill ratio and the favorable impact of the US dollar.
Revenue Performance:
Consolidated revenues saw a healthy 6% increase, reaching €69.2 billion. This growth was driven by:
- Airbus Commercial Aircraft: Revenues increased by 6% to €50.6 billion, primarily due to increased deliveries across programs including 75 A220s, 602 A320 Family, 32 A330s, and 57 A350s.
- Airbus Helicopters: Revenues grew by 8% to €7.9 billion, driven by higher deliveries of 361 units and strong performance in services.
- Airbus Defence and Space: Revenues increased by 5% to €12.1 billion, mainly due to the Air Power business.
Profitability – EBIT Adjusted:
Consolidated EBIT Adjusted totaled €5,354 million. Performance across divisions was varied:
- Airbus Commercial Aircraft: EBIT Adjusted increased to €5,093 million, benefiting from higher deliveries, although partially offset by investments for future production increases. The A320 Family program is on track to reach a production rate of 75 aircraft per month by 2027.
- Airbus Helicopters: EBIT Adjusted increased to €818 million, reflecting higher deliveries and strong program execution.
- Airbus Defence and Space: EBIT Adjusted was negative at €-566 million, primarily due to charges of €1.3 billion in Space programs.
The A400M program also saw an additional charge of €121 million due to updated contract estimates.
Research & Development and EBIT (Reported):
Self-financed R&D expenses remained stable at €3,250 million.
Consolidated EBIT (reported) amounted to €5,304 million, which includes net Adjustments of €-50 million. These adjustments include items such as the dollar working capital mismatch, A400M charges, and gains related to Airbus OneWeb Satellites.
Financial Position and Cash Flow:
The company reported a strong free cash flow before customer financing of €4,463 million and a gross cash position of €26.9 billion. The net cash position stood at €11.8 billion.
Reflecting this solid financial performance, the Board of Directors has proposed a 2024 dividend of €2.00 per share and a special dividend of €1.00 per share.
2025 Outlook:
Airbus provided its 2025 guidance, assuming no further global disruptions. The company targets to achieve:
- Around 820 commercial aircraft deliveries.
- EBIT Adjusted of around €7.0 billion.
- Free Cash Flow before Customer Financing of around €4.5 billion.
The 2025 guidance includes the estimated impact of integrating certain Spirit AeroSystems work packages, which is expected to be broadly neutral on EBIT Adjusted but have a mid-triple-digit negative impact on Free Cash Flow before Customer Financing, offset by compensation from Spirit AeroSystems.
Analyst and Press Conference Webcasts:
Airbus hosted live webcasts for analysts and the press to discuss the FY 2024 results, further detailing their performance and outlook. These webcasts are available on the Airbus website for those seeking more in-depth information.
In conclusion, while the world watches for the resultados euro 2024, Airbus has delivered a strong set of financial results for 2024, demonstrating resilience and a positive trajectory for the future. The company’s focus on production ramp-up and strategic transformation positions it well for continued success in the aerospace industry.
### Consolidated Airbus – Full-Year (FY) 2024 Results
(Amounts in Euros)
| Consolidated Airbus | FY 2024 | FY 2023 | Change |
|---|---|---|---|
| Revenues, in millions thereof defence, in millions | 69,230 12,361 | 65,446 11,929 | +6% +4% |
| EBIT Adjusted, in millions | 5,354 | 5,838 | -8% |
| EBIT (reported), in millions | 5,304 | 4,603 | +15% |
| Research & Development expenses, in millions | 3,250 | 3,257 | 0% |
| Net Income(1), in millions | 4,232 | 3,789 | +12% |
| Earnings Per Share | 5.36 | 4.80 | +12% |
| Free Cash Flow (FCF), in millions | 4,461 | 4,096 | +9% |
| Free Cash Flow before Customer Financing, in millions | 4,463 | 4,532 | -2% |
| Dividend per share(2) | 2.00 | 1.80 | +11% |
| Special dividend per share(2) | 1.00 | 1.00 | 0% |
| Order intake, in millions | 103,509 | 186,493 | -44% |
| Consolidated Airbus | 31 Dec. 2024 | 31 Dec. 2023 | Change |
|---|---|---|---|
| Order book, in millions of Euros thereof defence in millions of Euros | 628,917 55,385 | 553,893 52,340 | +14% +6% |
| Net Cash position, in millions of Euros | 11,753 | 10,726 | +10% |
| Number of employees | 156,921 | 147,893 | +6% |
| By Business Segment | Revenues | EBIT (reported) |
|---|---|---|
| (Amounts in millions of Euros) | FY 2024 | FY 2023 |
| Airbus | 50,646 | 47,763 |
| Airbus Helicopters | 7,941 | 7,337 |
| Airbus Defence and Space | 12,082 | 11,495 |
| Eliminations | -1,439 | -1,149 |
| Total | 69,230 | 65,446 |
| By Business Segment | EBIT Adjusted |
|---|---|
| (Amounts in millions of Euros) | FY 2024 |
| Airbus | 5,093 |
| Airbus Helicopters | 818 |
| Airbus Defence and Space | -566 |
| Eliminations | 9 |
| Total | 5,354 |
| By Business Segment | Order Intake (net) | Order Book |
|---|---|---|
| FY 2024 | FY 2023 | |
| Airbus, in units | 826 | 2,094 |
| Airbus, in millions of Euros | 77,413 | 162,571 |
| Airbus Helicopters, in units | 450 | 393 |
| Airbus Helicopters, in millions of Euros | 10,071 | 8,597 |
| Airbus Defence and Space, in millions of Euros | 16,710 | 15,701 |
### Consolidated Airbus – Fourth Quarter (Q4) 2024 Results
(Amounts in Euros)
| Consolidated Airbus | Q4 2024 | Q4 2023 | Change |
|---|---|---|---|
| Revenues, in millions | 24,716 | 22,886 | +8% |
| EBIT Adjusted, in millions | 2,556 | 2,207 | +16% |
| EBIT (reported), in millions | 2,614 | 1,891 | +38% |
| Net Income(1), in millions | 2,424 | 1,457 | +66% |
| Earnings Per Share | 3.07 | 1.85 | +66% |
| By Business Segment | Revenues | EBIT (reported) |
|---|---|---|
| (Amounts in millions of Euros) | Q4 2024 | Q4 2023 |
| Airbus | 17,767 | 16,256 |
| Airbus Helicopters | 3,066 | 2,675 |
| Airbus Defence and Space | 4,473 | 4,362 |
| Eliminations | -590 | -407 |
| Total | 24,716 | 22,886 |
| By Business Segment | EBIT Adjusted |
|---|---|
| (Amounts in millions of Euros) | Q4 2024 |
| Airbus | 2,065 |
| Airbus Helicopters | 398 |
| Airbus Defence and Space | 95 |
| Eliminations | -2 |
| Total | 2,556 |
Q4 2024 Performance:
Q4 2024 revenues increased by 8 percent, primarily due to higher commercial aircraft and helicopter deliveries, as well as increased contributions from Airbus Defence and Space.
Q4 2024 EBIT Adjusted increased by 16%, mainly driven by increased commercial aircraft deliveries, lower R&D expenses, and strong performance from Airbus Helicopters. It also reflects charges in Space programs, although Q4 2023 was also impacted by space program charges, but to a lesser extent.
Q4 2024 EBIT (reported) of €2,614 million included net Adjustments of €+58 million. Net Adjustments in Q4 2023 were €-316 million, mainly related to the dollar working capital mismatch and balance sheet revaluation.
Q4 2024 net income(1) of €2,424 million reflects the EBIT (reported), a financial result of €+213 million, and income tax of €-420 million.
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
| Consolidated Airbus (Amounts in millions of Euros) | FY 2024 |
|---|---|
| EBIT (reported) | 5,304 |
| thereof: | |
| $ working capital mismatch and balance sheet revaluation | +101 |
| A400M charge | -121 |
| Airbus OneWeb Satellites gain | +51 |
| Airbus Beluga Transport termination | -40 |
| Others | -41 |
| EBIT Adjusted | 5,354 |
Glossary
| KPI | DEFINITION |
|---|---|
| EBIT | The Company continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance cost and income taxes as defined by IFRS Rules. |
| Adjustment | Adjustment, an alternative performance measure, is a term used by the Company which includes material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses. |
| EBIT Adjusted | The Company uses an alternative performance measure, EBIT Adjusted, as a key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses. |
| EPS Adjusted | EPS Adjusted is an alternative performance measure of a basic earnings per share as reported whereby the net income as the numerator does include Adjustments. For reconciliation, see the Analyst presentation. |
| Gross cash position | The Company defines its consolidated gross cash position as the sum of (i) cash and cash equivalents and (ii) securities (all as recorded in the Consolidated Statement of Financial Position). |
| Net cash position | The Company defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities, plus or minus (iiii) interest rate contracts related to fair value hedges (all as recorded in the Consolidated Statement of Financial Position). |
| Free Cash Flow (FCF) | An alternative performance measure and key indicator which allows the Company to measure the amount of cash flow generated by its operations. The Company defines free cash flow as the sum of (i) cash provided by operating activities and (ii) investments in intangible and fixed assets (net) & dividends paid by companies valued at equity, minus (iii) contribution to plan assets of pension schemes, (iv) realised foreign exchange results on treasury swaps and (v) change in cash from changes in consolidation. |
| FCF before Customer Financing | FCF before Customer Financing refers to free cash flow adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and indicator used by the Company in its financial guidance. |
Footnotes:
- Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable to equity owners of the parent as defined by IFRS Rules.
- To be proposed to the Annual General Meeting taking place on 15 April 2025.
Safe Harbour Statement:
This press release includes forward-looking statements…
