LATEST EDITION
No. 03
2 November 2026
Week of 26 October – 1 November
Results week: the ramp-up is a supply-chain problem
- 01Airbus. A350 output is still below 4 a month, with a former Spirit fuselage section as the bottleneck; integrating Spirit cost €235M in nine months. The 2026 target of ~870 deliveries holds.
- 02Boeing. Commercial lost $697M in Q3 on delivery mix, rate adjustments and supplier costs. The 737 is still stabilising at 47 a month, the 787 holds at 8, and the backlog reaches a record $745B.
- 03Private capital. I Squared Capital buys Orizon Aerostructures (~$2B reported), another metallic Tier 2 with defence exposure.
- 04Engines & parts. Howmet grows 29% at a 32.5% EBITDA margin; MTU trims OE growth — “the challenge is supply, not demand”. The UK backs a new Rolls-Royce engine programme with ~£2.5B.
WHAT IT MEANS
Profit sits in materials, castings, fasteners and engine aftermarket — not in structure assembly. As OEMs bring work in-house, single-customer Tier 2s face real risk of losing load.