Investing.com -- Airbus SE (OTC: EADSY) shares surged 3.4% to a session high in New York on Tuesday after the aerospace manufacturer unveiled a new mid-term outlook and announced a €5 billion share buyback programme.

The company said it targets adjusted EBIT of €12-13 billion in 2029, assuming a €/$ exchange rate of 1.22. Airbus also reiterated its cash conversion target of around 1 over a five-year horizon.

The Airbus Board of Directors approved a share buyback programme of €5 billion over three years. Execution of the buyback will be implemented by management within the terms approved by the Board and will be subject to continued shareholder approval.

The company held a business update for investors and analysts in London on Tuesday, where CEO Guillaume Faury and members of top management discussed the company’s strategy and financial perspectives. The update also covered the Commercial Aircraft, Helicopters, and Defence and Space businesses.

Airbus stated that its 2026 guidance remains unchanged. The company’s outlook assumes no additional disruptions to global trade, the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services. The outlook assumes trade regulations and tariffs remain stable and does not reflect the potential impact of M&A activities.