1) General context
The A350F performed its first flight in September, which went very smoothly. Management extends its gratitude to all the teams who worked on the project.
Regarding new programmes, studies on the A320 replacement are underway for an entry into service (EIS) toward the end of the decade. As for the A220 and A350, decisions need to be made concerning the stretch versions of both models, driven by strong airline demand. The development of a hydrogen-powered aircraft, on the other hand, is not expected before 2040.
Tensions in the Middle East persist, with jet fuel prices more than doubling. Major airlines are curbing capacity by retiring their oldest aircraft, while several smallerairlines—particularly low-cost airlines—are facing financial difficulties.
The labour relations climate in Spain is stabilising after 80% of employees approved the latest proposals put forward by management, with the objective of having again constructive dialogue between management and employee representatives.
Turning to the latest financial results, the first nine months of 2026 saw a 7% increase in revenue to €50.6 billion, with 547 commercial aircraft delivered. Over the same period, the group posted an adjusted EBIT of €4.5 billion. Airbus also indicated that its full-year 2026 targets remain unchanged. However, free cash flow before customer financing came in negative at -€1.3 billion over the period.
2) Commercial and industrial status update as of the end of September 2026
Status of orders, cancellations, and deliveries for September 2026:
Orders: 17
Cancellations : 3
Deliveries: 72
Over the first nine months of 2026, Airbus delivered 547 commercial aircraft (compared to 507 over the first nine months of 2025), including 68 A220s, 428 A320-family aircraft, 13 A330s, and 38 A350s. Airbus recorded 1,174 gross commercial aircraft orders, bringing net orders to 1,105 aircraft after cancellations (up from 514 net orders a year earlier). The commercial aircraft order backlog stood at 9,310 aircraft as of the end of September 2026.
The delivery target remains set at 870 aircraft for full-year 2026. Consequently, 323 aircraft remain to be delivered over the final three months of the year.
3) Health and safety indicator tracking: FR1
FR1 => Number of accidents resulting in time off work
For the period starting in early 2026, here is the overall accident data:
- 59 accidents resulting in time off work
- 67 accidents not resulting in time off work
- 66 minor accidents or first-aid cases
- 209 near-misses
Among the most frequent root causes of workplace accidents resulting in time off work are vehicles/traffic, pressure/aggression/violence, and slips and falls.
Among the most frequent root causes of workplace accidents not resulting in time off work are vehicles/traffic, followed by slips and falls.
Since January 1, 2026, 92 commuting accidents have been recorded, including 59 involving bicycles or e-scooters, 28 of which resulted in time off work.
FR1
Airbus SAS
- FR1 R12 Dec 2025 : 0,41
- FR1 R12 Sept 2026 : 0.52
8 accidents since the beginning of 2026 vs 8 throughout 2025.
Airbus Commercial
- FR1 Dec 2025: 1.39
- FR1 Sept 2026: 1.77
The 2026 target for Airbus Commercial is set at 1.18 (factored into the profit-sharing bonus).
The 2026 target for Airbus SAS is set at 0.5, and the target for Airbus Ops Toulouse is set at 1.81.
4) Consultation regarding the proposed change to the legal structure involving Airbus SAS and its subsidiary Airbus Defence and Space—and the associated impacts on Airbus SAS—in the context of a project to establish a European joint venture in the space sector - Vote
The "Bromo" space consolidation project between Airbus, Thales, and Leonardo aims to join forces to achieve critical mass against global competition, pool technological investments, and preserve Europe's strategic autonomy and sovereignty in satellites and space services. By mid-2027, this alliance will create a joint venture of 25,000 employees generating approximately €6.5 billion in revenue, held 35% by Airbus and 32.5% each by Thales and Leonardo.
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Legal and operational carve-out:
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Full separation of space activities (Bromo) from defence/security activities (New Division) by 1 July 2027.
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In France, space activities will remain within Airbus Defence and Space SAS (subsequently transferred into the JV), while non-space activities will be housed in a new legal entity (Airbus Defence SAS).
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Impact on workforce and sites:
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Airbus contributes around 13,500 employees to the new entity (including nearly 5,000 in France).
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Reorganisation of sites, featuring dedicated locations (e.g., Portsmouth, Stevenage for Bromo) as well as shared sites requiring physical or functional segregation (notably in Toulouse and Élancourt).
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Transitional operational continuity: implementation of Transitional Service Agreements (TSAs for around 18 months) and Long-Term Agreements (LTAs) with Airbus to provide HR, IT, finance, procurement, and security support.
Following the presentation made by management, FO issued a statement (see attached)
5) Presentation by Jean-Philippe Cottet, Head of Flight Test, regarding the A350 Freighter test campaign
Structural and systems adaptations include shortening the airframe (-5 frames), removing passenger cabin fittings, reinforcing the cargo floor with a powered cargo loading system (CLS), adding an enlarged main deck cargo door (MDCD) at the rear, and fitting out an area for accompanying personnel (courier area).
Ground and flight test resources involved preliminary test bench campaigns (cargo door, ventilation, fire detection, oxygen) alongside the integration of a latest-generation flight test instrumentation (FTI) suite.
The test campaign deploys two prototypes based in Toulouse (MSN 700 and MSN 701) over a 9-month schedule aimed at securing Type Certification (TC) by summer 2027, following a flight demonstration at the Paris Air Show.
By late October (week 43), the first aircraft had already logged 53.6 flight test hours.
To date, Airbus's order backlog stands at 115 A350F aircraft.
6) Information regarding the operational launch of the joint venture Alpha CS (Project Cyrus) between Airbus and Air France
Project Cyrus formalises the establishment of a 50/50 joint venture between Airbus and Air France, dedicated to component support and maintenance (MRO) for the Airbus A350 fleet:
Facing fierce competition and seeking to secure long-term viability for A350 maintenance operations, Airbus and Air France Industries are joining forces. This partnership combines Airbus's expertise (OEM network and sales) with Air France's repair know-how to pool component inventories, reduce capital expenditure, and broaden the service offering available to airline customers.
Following a two-year delay driven by European competition authority requirements—demanding greater operational independence from the parent companies—the entity, named Alpha Component Services, entered operational service on 1 October 2026. The official announcement took place on 28 October at the MRO Europe exhibition in Amsterdam.
Initially operating without its own direct workforce, the company relies on 17 seconded employees (including 7 from Airbus) and 2 corporate officers on renewable two-year secondment agreements. Seconded staff retain their Airbus SAS employee status and benefits. Operations are based at the Air France Industries premises in Toulouse, supplemented by a drop-in office at Airbus in Blagnac
The next works council meeting (CSE) will be held on 27 November 2026.
