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Airbus — Investor Presentation (October 2025)

34 slides from Airbus's investor presentation, Oct 22, 2025

  1. Slide 1: Cargo Global Market Forecast 2025

    Cargo Global Market Forecast 2025 Nashville, Oct 22nd

  2. Slide 2: Agenda

    Agenda 1 Introduction Current market conditions 2 and short term outlook 3 Long term forecast 2 GLOBAL MARKET FORECAST 2025

  3. Slide 3: Air cargo focuses on high value goods and speed

    Air cargo focuses on high value goods and speed Value share of air cargo Volume share of air cargo in world trade in world trade Over 30% of trade value, less than 1% trade volume. Source: Accenture Trade Database, Airbus GMF 2025 3 GLOBAL MARKET FORECAST 2025 Note: Excluding basic industrial raw ma

  4. Slide 4: Events at sea can impact air cargo profoundly

    Events at seas can impact air cargo profoundly Air cargo yields World sea container price World air cargo yields Number of transit calls at Suez Canal $US per 40ft container) $US/kg Cargo ships, avg/week) impacted by externalities, Attacks on ships in the Red Sea creating volatility Source: FBX

  5. Slide 5: Globalisation and trade continue, but at a lower pace since the GFC

    Globalisation and trade continue, but at a lower pace since the GFC Share of World Trade in GDP World real trade 2019 $US, trillion) a st rec e fo d 8 tra 0 20 Source: S&P Global, Airbus GMF 2025 5 GLOBAL MARKET FORECAST 2025

  6. Slide 6: Trade and air cargo are strongly correlated

    Trade and air cargo are strongly correlated Air cargo traffic FTK, billion) World real trade 2019 $US, trillion) Air cargo volume driven by trade ups and down Source: IATA, S&P Global, Airbus GMF 2025 6 GLOBAL MARKET FORECAST 2025

  7. Slide 7: Air cargo typically more volatile than pax market

    Air cargo typically more volatile than pax market Passenger traffic RPK, trillion) Air cargo traffic FTK, billion) Crisis have deeper and earlier impact on cargo With one noticeable exception during the Covid crisis Source: ICAO, IATA, Airbus GMF 2025 7 GLOBAL MARKET FORECAST 2025

  8. Slide 8: The freighter fleet grew moderately in the last 20 years to 2,350 a/c

    The freighter fleet grew moderately in the last 20 years Freighter aircraft in service by aircraft category 2,345 Fleet in service increased Large to 2,350 a/c 1,760 despite a 10-year trough Mid-size Small Source: Cirium, Airbus GMF 2025 8 GLOBAL MARKET FORECAST 2025 Note: Freighters (≥ 10 tons pay

  9. Slide 9: Cargo airports were concentrated in U.S., Europe and East-Asia

    Cargo airports were concentrated in U.S., Europe and East-Asia Top 40 airports by cargo volumes 2005 Share of global traffic by region Top 40 airport in the region 17% 7 40% 14 39% 17 3% Cargo volumes (tonnes) 1 0.4 tonnes 1% 1.5 tonnes 1 3.6 tonnes Airport both on pax and cargo top 40 2005 Sour

  10. Slide 10: …and recently rebalanced with rising regions and airports

    …and recently rebalanced with rising regions and airports Top 40 airports by cargo volumes 2024 Share of global traffic by region Top 40 airport in the region 17%  16% 7↗9 40% ↘ 30% 14 ↘ 9 39% ↗ 44% 17 ↗ 18 3% ↗ 9% Cargo volumes (tonnes) 1↗3 0.8 tonnes 1% 2.4 tonnes 1 4.9 tonnes Airport both on p

  11. Slide 11: Agenda

    Agenda 1 Introduction Current market conditions 2 and short term outlook 3 Long term forecast 11 GLOBAL MARKET FORECAST 2025

  12. Slide 12: Tariffs shook economies in 1H2025

    Tariffs shook economies in 1H2025 Global US Average Effective tariff rates Higher, volatile and unpredictable tariffs but… only 13% of global trade is concerned Source: Oxford Economics, Airbus GMF 2025 12 GLOBAL MARKET FORECAST 2025

  13. Slide 13: Trade flows quickly adjusted to new realities

    Trade flows quickly adjusted to new realities Freighter aircraft movements per week China - Europe 70 70 China - USA Source: Flight Radar 24, Airbus GMF 2025 13 GLOBAL MARKET FORECAST 2025

  14. Slide 14: In 2025, the China-U.S. trade has shifted to other markets

    In 2025, the China-U.S. trade has shifted to other markets Growth of Exports from China, Growth of Imports in USA, by destination (billion USD) by origin (billion USD) 2025 vs 2024 (Jan to July) 2025 vs 2024 (Jan to July) 128 bn 249 bn Chinese exports to the rest U.S. imports from the rest of the

  15. Slide 15: GDP outlook stabilized, trade remains uncertain

    GDP outlook stabilized, trade remains uncertain World read GDP (year-on-year growth rate) World real trade (year-on-year growth rate) Historical July 2024 forecast Dec 2024 forecast Apr 2025 forecast Aug 2025 forecast Source: S&P Global, Airbus GMF 2025 15 GLOBAL MARKET FORECAST 2025

  16. Slide 16: Tailwind from oil price is expected to stay

    Tailwind from oil price is expected to stay World crude oil price Brent - US$ per barrel) FORECAST GMF 2024 GMF 2025 Source: S&P Global, Airbus GMF 2025 16 GLOBAL MARKET FORECAST 2025

  17. Slide 17: The global air cargo traffic is up 3.3% in 2025

    The global air cargo traffic is up 3.3% in 2025 Air cargo traffic FTK) by region, Jan - August 2025 (year-to-date, % Europe North America 2.2% 0.8% Middle East Asia-Pacific 2.0% 9.0% Africa World Latin America 5.4% 1.5% 3.3% Source: IATA, Airbus GMF 2025 17 GLOBAL MARKET FORECAST 2025

  18. Slide 18: Cargo market normalized after the COVID period

    Cargo market normalized after the COVID period World air cargo load factor World air cargo capacity, per year by a/c category (billion ATK Freighter aircraft Belly passenger aircraft World air cargo yields $US/kg World freighter fleet - average a/c utilization, by category 2018Q1  100 Small W

  19. Slide 19: Retirements are at an all-time low

    Retirements are at an all-time low Number of freighter aircraft retired*, per year Nonetheless, they are recently picking up Widebody Small Source: Cirium, Airbus GMF 2025 Note: Freighters (≥ 10 tons payload) 19 GLOBAL MARKET FORECAST 2025 *permanently withdrawn from use

  20. Slide 20: Conversions reached record levels during COVID

    Conversions reached record levels during COVID Freighter deliveries and conversions, per year Cool down of conversion activity since 2024 Feedstock is a current limitation to conversion activity Widebody deliveries Widebody conversions Narrowbody conversions Source: Cirium, Airbus GMF 2025 20 GLOBAL

  21. Slide 21: Average age at conversion just below 20 years

    Average age at conversion just below 20 years Freighter conversions per year, by aircraft age band Younger aircraft get converted in crisis time Typical conversion age remains in the 1524 year old band Aircraft age: 10 10, 14 15, 19 20, 24 25, 29 30 Source: Cirium, Airbus GMF 2025 21 GLOB

  22. Slide 22: The freighter fleet in service is therefore ageing

    The freighter fleet in service is therefore ageing Number of freighter aircraft in service by age band for 2019 and 2024 fleets Low retirements caused shift in Peak in retirements average fleet age expected over the next decade High conversion increased 2019 mid-age fleet 2024 Source: Cirium, Airbus

  23. Slide 23: Agenda

    Agenda 1 Introduction Current market conditions 2 and short term outlook 3 Long term forecast 23 GLOBAL MARKET FORECAST 2025

  24. Slide 24: Air cargo long term drivers

    Air cargo long term drivers Trade Flows diversification Surface competition 2.7% CAGR 20242044 Freighters productivity Belly capacity 3% CAGR 20242044 Source: S&P Global, Airbus GMF 2025 24 GLOBAL MARKET FORECAST 2025

  25. Slide 25: Trade outlook lowered, aligning with GDP growth

    Trade outlook lowered, aligning with GDP growth World real trade 2019 $US, trillion) FORECAST GMF 2024 GMF 2025 Impact of tariffs and 20242044 3.1% 2.7% CAGR 0 24 protectionism F 2 GM 02 5 M F 2 G GDP to Trade multiplier moving close to 1 Source: S&P Global, Airbus GMF 2025 25 GLOBAL MARKET FORECA

  26. Slide 26: Air cargo traffic forecast

    Air cargo traffic forecast World air cargo traffic (billion FTK Expected growth rate of FORECAST 3.3% CAGR over the next 20 years Higher than Trade CAGR Source: IATA, Accenture, Airbus GMF 2025 26 GLOBAL MARKET FORECAST 2025

  27. Slide 27: Diversification driven by rising Asian industrial economies

    Diversification driven by rising Asian industrial economies Industrial output growth 20252035 China 1 policies and competitiveness are driving diversification India 76% Thailand Vietnam Philippines 21% 70% 61% Malaysia 32% Indonesia 52% Source: Oxford Economics, Airbus GMF 2025 27 GLOBAL MAR

  28. Slide 28: And new major economies emerging in the next decades

    And new major economies emerging in the next decades Population and Real GDP 15th → 16th 18th → 19th 4th ↘ 6th 5th ↗ 3rd world rank 2019 / 2050 40th ↗ 19th 19th ↗ 15th 16th ↗ 7th 42nd ↗ 32nd 7th ↘ 9th 2nd → 1st 14th ↘ 11th 8th ↘ 10th 9th ↗ 6th 5th ↗ 3rd 41th ↗ 27th 38th ↗ 21st Source: Oxford Economi

  29. Slide 29: Top international air cargo traffic flows in 2044

    Top international air cargo traffic flows in 2044 Top air cargo traffic flows - O&D - in 2044 Asia-Pacific - North America 1 3.2% Asia-Pacific - Europe & CIS 2 2.6% Intra Asia-Pacific 3 3.6% Europe & CIS  North America 4 1.8% Asia-Pacific - Latin America 5 3.4% Europe & CIS  Latin America 6 2.3% L

  30. Slide 30: World freighter fleet in service will reach 3,420 aircraft by 2044

    World freighter fleet in service will reach 3,420 aircraft by 2044 Fleet in service (# aircraft) 3,420 1,075 GROW 935 NEW BUILD* NEW DELIVERIES 2,605 1,530 REPLACE 1,670 CONVERSIONS* 2,345 815 STAY 2024 2044 Source: Airbus GMF 2025 Note: Freighters (≥ 10 tons payload) 30 GLOBAL MARKET FORECAST 202

  31. Slide 31: Global demand for 2,600 freighters over 2025-2044

    Global demand for 2,600 freighters over 20252044 Over 20252044, including 935 new-built freighters and 1,670 conversions Single-Aisle Mid-size Widebody Large Widebody 10t - 40t) 40t - 80t) (> 80t) 1,120 aircraft 855 aircraft 630 aircraft Source: Airbus GMF 2025 025 GLOBAL MARKET FORECAST 2025 N

  32. Slide 32: Global demand for 2,600 freighters over 2025-2044

    Global demand for 2,600 freighters over 20252044 Freighter aircraft deliveries and conversions by region Small Mid-size Large Europe & CIS North America 500 Middle East 920 Asia-Pacific 100 Africa Latin America 850 80 150 Source: Airbus GMF 2025 32 GLOBAL MARKET FORECAST 2025 Note: Freighters (≥ 1

  33. Slide 33: Take aways

    Take aways Trade will continue to grow and stimulate air cargo demand Traffic flows will be reshaped with demography, industrial footprint and consumer economies Cargo fleets get older and will need replacement Over 2600 freighters needed in the next 2 decades 33 GLOBAL MARKET FORECAST 2025

  34. Slide 34: © AIRBUS copyright notice

    © AIRBUS (Airbus S.A.S., Airbus Operations S.A.S., Airbus Operations GmbH, Airbus Operations LTD, Airbus Operations SL, Airbus China LTD, Airbus (Tianjin) Final Assembly Company LTD, Airbus (Tianjin) Delivery Centre LTD). All rights reserved. Confidential and proprietary document. This document and

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