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Airbus Half-Year (H1) 2024 Financial Highlights and analysis

Airbus SE reported its financial results for the first half of 2024, revealing key figures and challenges.

Delivered commercial aircraft

The company delivered 323 commercial aircraft and generated revenues of €28.8 billion, a 4% increase year-on-year. However, EBIT Adjusted decreased to €1.4 billion from €2.6 billion in H1 2023, primarily due to significant charges in the Space Systems business. Despite the challenges, Airbus maintained a robust commercial aircraft order backlog of 8,585 units and net orders of 310 aircraft.

Revenues 

Revenues from Airbus' commercial aircraft activities saw a modest increase due to the higher number of deliveries. However, there were notable pressures, such as supply chain challenges and the need for investments to prepare for future production ramps.

Airbus Helicopters saw a decrease in EBIT Adjusted to €230 million, while Airbus Defense and Space reported a substantial decline in EBIT Adjusted to -€807 million, reflecting nearly €1 billion in charges linked to Space Systems.

Cash

Free cash flow before customer financing was negative at -€529 million, largely due to working capital changes and planned inventory build-up. Looking forward, Airbus aims to deliver around 770 commercial aircraft in 2024, achieve an EBIT Adjusted of €5.5 billion, and generate free cash flow before customer financing of €3.5 billion.

Research and Development Expenses

In the first half of 2024, Airbus SE increased its research and development (R&D) expenses to €1,593 million, up by €162 million from €1,431 million in the same period of 2023. This increase reflects several key areas:
  • Development of New Aircraft Programs: Significant investments in the development of the latest generation commercial aircraft, including the A321XLR and A350 Freighter.
  • Future Technologies: Funding activities aimed at preparing and advancing future technologies.

This higher R&D spending underscores Airbus's commitment to innovation and the enhancement of its aircraft portfolio and technologies.

Other Income and Other Expenses

Other Income

    • Amount: €178 million
    • Change: Increased by €144 million (from €34 million in H1 2023)
    • Main Factor: This increase primarily reflects a gain related to the step-up of the previously held equity interest in Airbus OneWeb Satellites, which was revalued at fair value.

Other Expenses

    • Amount: -€78 million
    • Change: Increased by €5 million (from -€73 million in H1 2023)

The increase in other income was largely driven by the gain from the revaluation of Airbus OneWeb Satellites, while other expenses saw a modest rise.

Number of Employees

As of June 30, 2024, Airbus SE's total number of employees was 154,581, up from 147,893 at the end of 2023. The increase of 6,688 employees reflects:

  • Ramp-Up Activities: Growth in workforce due to the expansion and ramp-up of production activities.
  • Airbus India Inclusion: Addition of 3,422 employees from the inclusion of Airbus India in the consolidated workforce.

This increase in employees aligns with Airbus's ongoing efforts to scale operations and support its expanded business activities.

Consolidated Airbus – Half-Year (H1) 2024 Results (Amounts in Euro)



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