04:46 AM EDT, 04/29/2026 (MT Newswires) -- RBC Capital Markets on Tuesday said Airbus'(AIR.PA, AIR.F) first-quarter figures remained broadly in line with what shareholders expected, given the current supply chain environment, despite being lower than consensus.

"Airbus reported 1Q26 total revenues of EUR12.7B (down ~7%) with adjusted EBIT margins of 2.4%. The [free cash flow] of (EUR2.5B) reflected a significant inventory build on lower deliveries, and increased buffer stock... Defense was a bright spot, and we believe Airbus will benefit from increased investor confidence in the acro [original equipment] cycle, and confidence in limited impact from the Iran war. Airbus maintained its 2026 guidance, which we view as a positive. We are maintaining our Outperform rating and adjusting our price target to [EUR 200 from EUR225],"analysts said.

Accordingly, the research firm lowered its full-year 2026 delivery outlook to 863 aircraft, compared with the company's 870-unit guidance, after revising its second-quarter estimates to 181 deliveries. With April tracking behind 2025 levels, RBC said the pressure to reach the full-year target "remains high,"adding that the market is primarily focused on the company's ability to scale A320 production to between 70 and 75 units per month by the end of 2027.

Although Airbus maintained its 2026 forecast for Pratt &Whitney engine supplies, analysts highlighted that management's tone turned "constructive"regarding a long-term resolution, with a bit more confidence in a 2027 recovery, potentially aided by a cooling engine aftermarket. Consequently, RBC updated its A320 delivery estimates at 653 for 2026, scaling to 705 in 2027 and 770 by 2028.