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    Benjamin Heelan

    Managing Director at Bank of America

    Benjamin Heelan is a Managing Director at Bank of America Merrill Lynch in London, specializing in equity research with a focus on European companies. He has covered a range of major firms and sectors, leveraging deep analytical expertise to generate actionable investment insights, though specific performance metrics and company names he covers are not publicly disclosed. Heelan began his career as a Summer Analyst and then Research Analyst at Merrill Lynch before becoming an Associate at Wilberforce Asset Management, subsequently returning to Bank of America Merrill Lynch and advancing to Managing Director in February 2023. A graduate of the University of Manchester with a First Class MEng (Hons), Heelan's credentials and regulatory registrations align with top-tier industry standards, though detailed license information is not available from public sources.

    Benjamin Heelan's questions to Airbus SE/ADR (EADSY) leadership

    Benjamin Heelan's questions to Airbus SE/ADR (EADSY) leadership • Q1 2025

    Question

    Benjamin Heelan of Bank of America asked for clarification on Airbus's statement that the direct impact of tariffs can be contained, questioning the potential risk to earnings versus cash flow for 2025.

    Answer

    CEO Guillaume Faury reiterated that the guidance excludes tariffs and the situation is a "moving picture." CFO Thomas Toepfer clarified that when they say the impact can be contained, it refers to both financial results and free cash flow, assuming the current framework remains stable. He noted the financial impact would be within the normal "around swing" of their results.

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    Benjamin Heelan's questions to Airbus SE/ADR (EADSY) leadership • Q1 2024

    Question

    Benjamin Heelan asked for clarification on the phasing of EBIT for the remainder of the year, the company's confidence in its guidance, and the reasons for the loss in the Defense & Space business despite prior provisions.

    Answer

    CFO Thomas Toepfer explained that while Q1 was not a strong quarter, it was affected by non-recurring items like the employee share ownership plan (over €100M). He detailed the path to the full-year guidance, citing higher deliveries, the non-repetition of prior year charges (net €300M), and performance improvements, which should offset increased R&D and inflation. Regarding the Defense & Space loss, he clarified it was not due to new charges but a result of the lower profitability trajectory set by the Estimate at Completion (EAC) adjustments made in late 2023, combined with some negative phasing of contracts.

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