Airbus Faces a Defining Autumn: Freighter Milestones, a Doubled A350 Order, and a Share Price That Won't Cooperate
Published on 08/22/2026 at 17:42 | Redaktion boerse-global.de
The European aerospace giant heads into the final stretch of 2025 with a curious disconnect: operational momentum that would make most industrial companies envious, yet a share price that has spent the summer drifting away from its highs. The tension between those two realities is likely to dominate investor conversations in the weeks ahead, with the first flight of the A350F freighter looming as the next concrete test of the company's long-term growth narrative.
A Freighter Program Accelerates
Airbus unveiled the first A350F test aircraft in Toulouse on Wednesday, dressed in a distinctive "Flying Parcel" livery. The presentation marks a significant step in the certification process, with the maiden flight now scheduled for late September, around the 24th. That timeline represents a notable acceleration from earlier plans—the flight was initially targeted for the end of the year before being pulled forward to the third week of August, and now settles into late September.
The certification process is expected to run until the end of 2027, with first deliveries following and production ramping up in 2028. The freighter program represents Airbus's most serious attempt yet to challenge Boeing in a cargo market where the European manufacturer has historically been a marginal player.
IndiGo Doubles Down
The freighter progress arrives alongside a steady stream of commercial wins. India's IndiGo converted a letter of intent into a firm order on August 14 for 30 additional A350-900s, doubling its total widebody commitment to 60 aircraft. The move underscores the strength of demand in Asia's fastest-growing aviation market.
Biman Bangladesh Airlines is reportedly close to finalizing a deal for ten aircraft—four A350-900s and six A321neos—a notable shift for the state-owned carrier, whose fleet has historically been exclusively Boeing. The defense side is also contributing: Airbus U.S. Space & Defense signed a contract with the U.S. Army on August 17 for up to twelve additional UH-72B Lakota helicopters, valued at $115 million, with deliveries scheduled between 2027 and 2029.
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Record Delivery Pace
The order book is matched by an operational performance that has been humming along. Through the end of July, Airbus had delivered 418 commercial aircraft, putting it 51 planes ahead of Boeing. July alone saw 67 aircraft handed over to 39 customers, and the second quarter set a company record with 237 deliveries.
Management reaffirmed its full-year guidance at the end of July: approximately 870 deliveries and adjusted EBIT of €7.5 billion. The company also reported that Pratt & Whitney engine supply has returned to a "normalized" state, easing a supply chain pressure point that had repeatedly hampered production in previous years. The cash flow picture has improved as well, with free cash flow guidance raised to a range of $8.9–$9.2 billion, up from the previous $8.0–$8.4 billion.
Mid-month, Airbus sketched out ambitious medium-term targets: adjusted EBIT of €12–13 billion by 2029, assuming an exchange rate of $1.22 per euro, supported by a €5 billion share buyback program spread over three years.
A Labor Dispute Resolved
Not everything ran smoothly behind the scenes. Airbus has officially softened its controversial mandate requiring office employees to work four days per week in person. Following a series of strikes and protests by unions in Spain and France, the company has reverted to a hybrid model allowing two days of remote work per week. The retreat ends a conflict that had weighed on internal morale, though it caused no immediate operational costs and shows no signs of affecting the supply chain or production targets.
The Market Remains Unimpressed
Despite all this, the stock closed Friday at €203.50, down 0.7 percent on the day. The weekly decline stands at 5.7 percent, leaving the shares about 8 percent below their 52-week high of €221.25, set in mid-January. On a year-to-date basis, the stock remains modestly positive, up 3.0 percent.
The gap between record operational results and a softening share price raises an obvious question: how much of the good news is already priced in? Morgan Stanley offered its answer on August 15, reaffirming an "Overweight" rating and lifting its price target from €227 to €255, citing strong market dynamics and the order backlog despite persistent supply chain challenges. That target implied upside of roughly 18.4 percent at the time—a signal of fundamental strength that the share price has yet to reflect.
For now, the A350F first flight at the end of September stands as the next concrete catalyst—a moment that could either reinforce confidence in the freighter program's trajectory or give skeptics fresh ammunition. Either way, the disconnect between what Airbus is achieving and what its share price is saying will likely keep the stock in focus through the autumn.
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