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Airbus reported Q218 adjusted EBIT well ahead of consensus, on sales modestly better than market forecasts. The beat was mainly driven by improvements on the A350 programme. Guidance is unchanged except for the addition of the A220 in H218. Prospects for Airbus Defence & Space (ADS) and Helicopters also appear to be improving, and as civil aircraft delivers improving financials, group cash and earnings should grow strongly into the next decade.

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