1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.Please see analyst certifications and important disclosures beginning on

3、page 7.Global AerospaceAirbus and Boeing Production vsDeliveries TrackerWe estimate Airbus Q3 deliveries include five A220s,48 A320s,one A330,and five A350s(total YTD delivs at 365 vs 820target),while BA deliveries include 23 737s and five 787s.We estimate 59 Airbus and 31 Boeing aircraft delivered

4、so far in Q3.This compares to statedproduction rates that we estimate imply 57 Airbus and 30 Boeing aircraft produced.ForAirbus,we count five A220s,48 A320 Family aircraft,one A330,and five A350s.For Boeing,wecount 23 737(including 22 MAX),one 767,two 777,and five 787s.FIGURE 1.Cumulative Aircraft D

5、eliveries by Manufacturer Q3 to Date0510152025303540455055607/17/87/157/227/298/58/128/198/269/29/99/169/239/30Cumulative DeliveriesBA TotalAirbus TotalIncludes military aircraft.Airbus covered by Milene Kerner.Source:CiriumEquity Research28 July 2025European Aerospace&DefenceNEUTRALU.S.Aerospace&De

6、fenceNEUTRALU.S.Aerospace&DefenseDavid Strauss+1 212 526 BCI,USJoshua Korn+1 212 526 BCI,USBenjamin Tomick+1 212 526 BCI,USSrividya Vinjamuri+1 212 526 BCI,USEuropean Aerospace&DefenceMilene Kerner+33(0)1 4458 BBI,ParisCompleted:28-Jul-25,12:58 GMTReleased:28-Jul-25,13:02 GMTRestricted-ExternalFIGUR