Europe's aerospace prime spanning jets, helicopters and defence-space, sitting on a record 8,754-aircraft backlog
Airbus
Airbus is Europe's largest aerospace group, spanning commercial aircraft (A220/A320/A330/A350), helicopters and defence-and-space. FY2025 consolidated revenues rose 6% to €73.4 billion (2024: €69.2 billion), with the commercial aircraft division at €52.6 billion, about 72% of the total. Airbus delivered 793 commercial aircraft in 2025 (including 607 A320-family jets) and closed the year with a record backlog of 8,754 aircraft and a group order book worth €619 billion. Its single largest customer is Indian low-cost carrier IndiGo, whose 1,200-plus A320-family orders account for roughly 17% of the entire backlog. Space is central to the €13.4 billion Defence and Space division: Airbus is building a cumulative 440 second-generation OneWeb LEO satellites for Eutelsat on a new Toulouse line and is lead architect of the habitation module for Starlab, its commercial space station joint venture with U.S.-based Voyager Technologies (Airbus holds a 30.5% stake). In October 2025 it agreed to merge its satellite business with Thales and Leonardo under 'Project Bromo' to build a European satellite champion.
AIR.PA Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Airbus is directly linked to 9 companies (5 supply, 2 revenue, 6 investment relationships) and reaches 13 companies within two hops; the links are backed by 24 dated sources, 2 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+34.8%'22+3.9%'23+30.5%'24+15%'25+18.3%YTD+3.9%
Money in ▸Eutelsat Group●Units 440 satellitesVoyager Technologies●commitment $80Airlines basket (IndiGo largest)●Revenue share 72%European governments (Defence and Space)●Revenue share 18%Korean Air◐
AirbusFY2025 consolidated revenue €73.4B
▸ Money outGE Aerospace●engine share 75%Rolls-Royce●Spirit AeroSystems●RTX●도레이 (탄소섬유)●Korea Aerospace Industries◐Amount $1.2BSupplier basket (undisclosed)◐Thales◐
Financials & Segments
- Total revenue · FY2025 consolidated revenue €73.4B (+6% vs €69.2B in 2024)
- Customer concentration · Commercial Aircraft €52.6B (~72%), Helicopters €9.0B, Defence and Space €13.4B (~18%). IndiGo alone is ~17% of the 8,754-aircraft backlog. Direct U.S. DoD revenue is minimal; defence-space customers are mainly European governments and NATO.
- Segments · Commercial Aircraft · Helicopters · Defence and Space
Revenue from
- Eutelsat Group High confidence· Units 440 satellites · 2024-12 to 2026-01 · cumulative Gen2 OneWeb order (100 + 340 units)
Airbus Defence and Space builds Eutelsat's second-generation OneWeb LEO satellites, 100 units ordered in December 2024 plus a further 340 awarded in January 2026, for a cumulative 440. They are made on a newly installed Toulouse production line with deliveries starting from end-2026. This is the revenue mirror of the cost edge on the existing Eutelsat node. - Voyager Technologies High confidence· commitment $80 · as of 2025-03-31 · cap on committed funded grant contributions for Starlab
Airbus is lead architect of the habitation module for Starlab, the commercial space station joint venture led by Voyager Technologies, providing technical design and engineering. Per Voyager's S-1, Airbus agreed to contribute up to an aggregate $80.0 million in funded grant programs for Starlab (no capital contributed to date). This is the revenue mirror of the cost edge on the existing Voyager node.Confirms EN U.S. Securities and Exchange Commission Published Jun 2, 2025: Voyager Technologies Form S-1/AMentions EN Washington Technology Published May 15, 2025: Voyager further illuminates space strategy in IPO filing - Airlines basket (IndiGo largest) High confidence· Revenue share 72% · FY2025 · Commercial Aircraft €52.6B of €73.4B group revenue
Commercial Aircraft is the core revenue source at €52.6B in FY2025, ~72% of group revenue. Customers are a global basket of airlines, with IndiGo of India the single largest, over 1,200 A320-family orders, roughly 17% of the record 8,754-aircraft backlog. In October 2025 IndiGo added 30 A350-900s, taking its A350 commitment to 60. - European governments (Defence and Space) High confidence· Revenue share 18% · FY2025 · Defence and Space €13.4B of €73.4B group revenue
Defence and Space posted FY2025 revenue of €13.4B (+11%), ~18% of the group, serving mainly European governments and NATO (Eurofighter, A400M airlifter, A330 MRTT tanker, military satellites and helicopters). Direct U.S. DoD revenue is minimal. Division EBIT swung to +€798M from -€566M in 2024 as its transformation plan took hold. - Korean Air Medium confidence
Korea is a strategic market and both supplier and customer touchpoint for Airbus. Korean Air's aerospace division makes A330neo Sharklets (wingtips) and A330 fuselage skin panels and floor assemblies, and in October 2025 deepened predictive-maintenance cooperation with Airbus. Korea Aerospace Industries (KAI) has supplied A330/A350 wing components from Sacheon since 1989.Mentions KO Kookje Shinmun Published Oct 19, 2025: Korean Air deepens predictive-maintenance cooperation with AirbusMentions KO Incheon Today Published Oct 16, 2025: Airbus-Korea: strategic partner in satcom, helicopters and aerial refuelling
Pays to
- GE Aerospace High confidence· engine share 75% · 2024 · share of A320neo orders selecting LEAP
The other A320neo engine option is CFM International's LEAP-1A; CFM is a 50:50 joint venture of GE Aerospace and Safran. As of 2024, LEAP was selected on roughly 75% of A320neo orders, making it Airbus's dominant narrow-body engine supply relationship.Confirms EN AirInsight Published Jun 1, 2024: A320neo engine options: CFM LEAP-1A (GE/Safran) vs P&W GTF (RTX) - Rolls-Royce High confidence
The wide-body A350 is powered exclusively by the Rolls-Royce Trent XWB (XWB-84 on the -900; XWB-97 on the -1000 and A350F). In 2025 EASA certified the enhanced Trent XWB-84 EP. Rolls-Royce is the sole engine supplier for the A350 programme and a key cost source.Confirms EN Aviation A2Z Published Apr 13, 2025: EASA Certifies Airbus A350-900 RR Trent XWB-84 EP Engine - Spirit AeroSystems High confidence
Airbus acquired (in-sourced) Spirit AeroSystems plants tied to the A350 and A220 to secure those programmes' industrial ramp-up. The Boeing/Airbus split of Spirit became effective December 8, 2025, transferring Kinston (A350 fuselage), Belfast (A220 wings/mid-fuselage), Prestwick, Casablanca and Saint-Nazaire to Airbus. Spirit supply problems had weighed on 2025 A350 deliveries.Confirms EN Aerospace Manufacturing and Design Published Dec 9, 2025: Spirit AeroSystems completes split between Boeing, Airbus - RTX High confidence
One of the two engine options on the A320neo family is Pratt & Whitney's geared turbofan (GTF, PW1100G) from RTX, a key engine supplier and cost source. However, a powder-metal defect disclosed in 2023 triggered large-scale inspections running through 2026 and left GTF trailing the CFM LEAP in share.Confirms EN AirInsight Published Jun 1, 2024: A320neo engine options: CFM LEAP-1A (GE/Safran) vs P&W GTF (RTX) - 도레이 (탄소섬유) High confidence
CFRP composites under a 15-year partnership. - Korea Aerospace Industries Medium confidence· Amount $1.2B · 2014-2025 · A320 wing bottom panel supply
KAI supplies A320 wing bottom panels, a cost node in Airbus's supply chain.Confirms EN Airport Technology Published Mar 21, 2012: KAI wins $1.2bn wing parts production order from Airbus - Supplier basket (undisclosed) Medium confidence
Beyond engines, Airbus relies on a broad global supply-chain basket of airframe structures, avionics, systems and materials (individual procurement values not disclosed). Raising A320-family monthly rates and the A350 ramp-up are the central supply-chain pressures. - Thales Medium confidence
Thales supplies avionics to Airbus commercial and military aircraft.Mentions EN AeroTime Published Mar 3, 2026: Thales 2025 results: defense and avionics lift sales to €22.1B
Investors
- Leonardo S.p.A. High confidence· Market share 50% · 현재 · ATR JV stake
Leonardo co-owns the regional-aircraft maker ATR 50/50 with Airbus, and in 2025 agreed to combine space assets with Airbus and Thales under Project Bromo (Leonardo 32.5%).Confirms EN Airbus Published Oct 23, 2025: Airbus, Leonardo and Thales sign MoU to create a leading European player in space - Thales High confidence· Market share 32.5% · 2025-10 MoU · Bromo JV stake (Thales share)
Project Bromo: in October 2025 Thales signed an MoU with Airbus and Leonardo to combine space activities into a leading European space player, split Airbus 35%, Thales 32.5%, Leonardo 32.5%, targeting operations in 2027.
Investments
- Voyager Technologies High confidence· Ownership stake 30.5% · as of 2025-03-31 · ownership interest in Starlab JV
Airbus is an equity partner in Starlab JV. Per Voyager's S-1, as of March 31, 2025 Voyager held 67.0% and Airbus held 30.5%, with Mitsubishi, MDA Space and Palantir each under 1.0%. Airbus also carries a conditional obligation to fund up to $10.0 million if Starlab JV's cash balance falls below $10.0 million.Confirms EN U.S. Securities and Exchange Commission Published Jun 2, 2025: Voyager Technologies Form S-1/AConfirms EN Washington Technology Published May 15, 2025: Voyager further illuminates space strategy in IPO filing - ArianeGroup High confidence
Airbus holds half of the 50:50 JV finalised in 2016 (renamed ArianeGroup in 2017), and is also a supplier: its Getafe plant delivers large carbon-fibre structures for Ariane 6 (up to four per launcher).Confirms EN Airbus Published Nov 21, 2022: Airbus and ArianeGroup sign Ariane 6 transition batch contract in Spain - Leonardo S.p.A. Medium confidence· Market share 50% · 현재 · ATR JV stake
Airbus co-owns the regional-aircraft maker ATR 50/50 with Leonardo, and in 2025 agreed to combine space assets with Leonardo and Thales under Project Bromo (Airbus 35%).Confirms EN Airbus Published Oct 23, 2025: Airbus, Leonardo and Thales sign MoU to create a leading European player in space - Thales Medium confidence· Ownership stake 35% · MOU 2025-10-23 · Airbus's intended stake in the merged satellite JV (not yet closed)
On October 23, 2025 Airbus signed an MOU (code-named Project Bromo) to merge its satellite business with Thales and Leonardo. Modelled on MBDA and headquartered in Toulouse, the combined group would hold ~25,000 staff and ~€6.5B annual revenue, owned 35% Airbus / 32.5% Leonardo / 32.5% Thales. On June 24, 2026 the CEOs pressed the European Commission to approve it, but the parties have not yet formally filed and a decision is not expected before H2 2027 (status: not yet closed).Mentions EN Grosswald Published Jun 24, 2026: Airbus, Leonardo and Thales Press Brussels to Clear 'Project Bromo'Confirms EN Forecast International (Flight Plan) Published Oct 24, 2025: Airbus, Leonardo, Thales Join Forces to Reshape European Space LandscapeConfirms EN SpaceNews Published Oct 23, 2025: Airbus, Leonardo and Thales agree to combine space businessesConfirms EN Euronews Published Oct 21, 2025: Europe's answer to Starlink? Airbus, Thales and Leonardo agree to satellite merger
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Voyager Technologies | lead1 | · | · | · | · | · | +19.2 |
| Eutelsat Group | lead1 | +17.8 | -30.7 | -51.8 | -48.9 | +32.1 | +3.2 |
| Airbus | node | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Voyager Technologies | benef1 | · | · | · | · | · | +19.2 |
| Toray Industries | benef1 | +8.3 | +12.5 | -4.8 | +49.2 | +7.5 | +1.3 |
| Thales | benef1 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -11.6 |
| Korea Aerospace Industries | benef1 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -14 |
| MDA Space | benef2 | · | -32.6 | +80 | +156.3 | -9.8 | +80.8 |
| Lockheed Martin | benef2 | +3.2 | +40.5 | -4.3 | +10 | +2.5 | +9.5 |
| Mitsubishi | benef2 | +52.5 | +15.9 | +84.1 | -0.3 | +70.2 | +8.7 |
| Leonardo S.p.A. | benef2 | +11.3 | +50.3 | +73.6 | +89.1 | +88.1 | -6.8 |
| Palantir Technologies | benef2 | -22.7 | -64.7 | +167.4 | +340.5 | +135 | -28.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
Airbus's thesis is 'one side of a commercial-aircraft duopoly whose 8,754-jet backlog pre-books revenue.' FY2025 revenue of EUR 73.4B (+6%), 72% commercial, means that in a market split with Boeing, the A320-family ramp and a record backlog (a EUR 619B order book) give years of revenue visibility. The real bottleneck is supply, not demand — in-sourcing Spirit AeroSystems plants, engine supply from GE (LEAP) and RTX (GTF), and Toray carbon fiber all govern delivery counts. Defence and Space (18%) has turned profitable and targets a European space champion via Project Bromo (the Thales/Leonardo satellite merger) and Starlab/Eutelsat OneWeb. IndiGo's 17% backlog concentration and whether the A320 monthly-rate targets are met are what to watch.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target €209 · Price €197.26 (07-10) · Upside +6%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Kepler Cheuvreux | Buy | €212 | Jun 18, 2026 | Report ↗ |
| Morgan Stanley | Overweight | €227 | May 28, 2026 | Report ↗ |
| RBC Capital Markets | Outperform | €200 | Apr 29, 2026 | Report ↗ |
| Jefferies | Hold | €185 | Apr 29, 2026 | Report ↗ |
| Barclays · Milene Kerner | Buy | €220 | Mar 4, 2026 | Report ↗ |
Buy maintained at €212, citing solid delivery growth and the commercial aircraft backlog as continued upside support.
Analyses covering this node
- When budgets move, primes move: the European-Korean defense re-rating Jul 5, 2026
- The prime tier runs on a budget clock: where the space re-rating stops Jul 4, 2026