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Q118 trading continued to be adversely affected by engine delays on the A320neo programmes, which constrained deliveries as the manufacturing programme ramps up. Nevertheless, adjusted EBIT actually improved year-on-year. Assuming the corrective actions are successful, Airbus’s sequential progress in cash flow and profitability should become more consistent. Management appears confident that with current A320 and A350 ramp-ups being achieved by mid-2019 and the A400M cash profile improving from next year, strong EPS development and cash growth are in prospect. FY18 guidance is for a 63% rise in adjusted EBIT under IFRS 15 to €5.2bn, with sustainable growth increasingly likely in the future.

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