RBC Notes Airbus' Maintained FY25 Earnings Outlook as 'Incrementally Positive' Amid Expected Delivery Cut

06:12 AM EST, 12/04/2025 (MT Newswires) -- RBC Capital Markets reiterated its investment case for Airbus (AIR.PA, AIR.F), noting the French aerospace group's maintained full-year earnings outlook is "incrementally positive" despite the delivery estimate reduction for 2025. "Airbus today lowered its full year 2025 delivery guidance to 790, down from ~820. In our view, the combined impact of the ELAC software update and the metal fuselage panel quality escape added to the 2025 delivery guidance risk. The move to under 800, in our view, was expected by investors and had been telegraphed by Airbus," according to a Wednesday note. The research firm said the fuselage panel inspection is not expected to be a "major financial headwind." However, analysts said the drop in deliveries is anticipated to place the company's results at the lower end of Airbus' financial guidance range. As such, RBC revised its earnings estimates, including adjusted EBIT, revenue, and adjusted EPS. Analysts also reduced their delivery forecast for 2025 to 790, shifting 24 deliveries to 2026, while their 2027 assumption was adjusted to 965 from 972. The stock is rated outperform, with a price target of 240 euros.