Economy

Airbus reported record net profits for 2025, reaching €5.221 billion, but simultaneously lowered its delivery expectations for 2026, sending its stock price down 6.2% on Thursday, February 19, 2026.

The European aircraft manufacturer aims to deliver “around 870” commercial aircraft in 2026, a figure slightly below analyst expectations of roughly 880, according to Airbus CEO Guillaume Faury. Whereas this represents an increase from the 793 aircraft delivered in 2025, the forecast is significantly hampered by ongoing engine shortages.

Faury specifically cited issues with Pratt & Whitney as a major impediment. “They are telling us they will not… be able to deliver the number of engines that we were expecting,” he told CNBC. He described the situation as “unsatisfactory,” stating that the shortfall is “highly significant and is difficult to be offset by other ways.” Airbus is seeking to enforce its contractual rights with Pratt & Whitney, potentially leading to legal action if an amicable resolution cannot be reached.

The engine supply problems are not limited to Pratt & Whitney. Airbus as well acknowledged that its other engine supplier, CFM, is unable to increase engine deliveries beyond previously committed levels in 2026. This constraint impacts the ramp-up of A320 Family production, with Airbus now anticipating a production rate of between 70 and 75 aircraft per month by the complete of 2027, stabilizing at 75 thereafter. Previously, the company had aimed for a higher rate.

Despite the engine challenges, Airbus is targeting pre-pandemic delivery levels overall in 2026. Before the COVID-19 pandemic, Airbus delivered 863 aircraft in 2019, a figure it hopes to surpass this year. The company also announced targets for increased delivery rates for its A220 and A350 programs, aiming for 13 aircraft per month for the A220 by 2028 and 12 per month for the A350 by the same year. A target of five A330 aircraft per month is set for 2029.

Airbus’s 2025 financial results showed a 6% year-on-year increase in revenues, rising from €69.2 billion in 2024 to €73.4 billion in 2025. Revenues from commercial aircraft activities increased by 4%. The company intends to propose a dividend of €3.20 per share to shareholders, subject to a vote at the annual general meeting on April 14, 2026, with payment expected on April 23, 2026.

RTX, the parent company of Pratt & Whitney, has not yet responded to a request for comment from CNBC regarding the engine supply issues.

Amsterdam, Netherlands – The AEX index experienced a volatile trading session Thursday, despite an overall upward trend, as investors reacted to a mixed bag of corporate earnings reports. The index closed 1.5% higher at 1010.54 points, reaching its highest level since January 15th, but individual stock performance varied significantly.

Shares of semiconductor equipment manufacturer Besi fell sharply, down 4.6% in early trading, despite reporting a 43% increase in new orders in the fourth quarter of 2025, totaling over 250 million euros. The company’s revenue also grew by 8.5% year-over-year, and net profit reached nearly 43 million euros. However, investors reacted negatively to the results, even as KBC Securities recently increased its price target for the stock.

Insurance company Aegon also saw its stock price decline, falling 4.5% following the release of its earnings. While the company’s operational profit increased by 11% in the second half of 2025, reaching 858 million euros – exceeding market expectations – the market reacted unfavorably. Aegon plans to relocate its headquarters to the United States in 2028 and adopt the name of its primary subsidiary, Transamerica.

In contrast, RELX, a data analytics and risk management company, was a standout performer, rising 2.7% on the AEX. This increase occurred despite a reduction in holdings by AEGON ASSET MANAGEMENT UK Plc, which sold 9,969 shares of RELX in the second quarter, decreasing its stake by 3.5%, according to a recent SEC filing.

Air France-KLM also experienced gains, rising over 4% as the airline reported higher revenue and profits due to increased passenger numbers. However, the profit margin for KLM remained lower than the rest of the group.

Arcadis, an engineering and consulting firm, suffered the most significant losses of the day, plummeting over 16% after reporting lower-than-expected results for 2025. The company’s fourth-quarter revenue decreased by 2.9% year-over-year, reaching 887 million euros.

IMCD, a distributor of specialty chemicals, was the largest decliner among the main funds, falling 4.7% due to disappointing 2025 results. The stock initially dropped more than 10% upon opening.

ArcelorMittal was the largest gainer on the AEX, contributing to the overall positive close of the index.