Jaguar Land Rover has reported a heavy loss for the three months to the end of September, a period during which it was badly affected by the impact of a serious cyber-attack.
The carmaker posted a £485m loss – before tax and exceptional items – compared with a profit of £398m for the same period a year ago.
The cyber-attack, which took place at the end of August, forced JLR to shut down its computer networks, leaving it unable to operate its highly-automated production lines throughout September and into early October.
Car sales to consumers were also affected initially, although JLR was later able to develop workarounds, and parts supply to service outlets was badly disrupted.
The company says production has now returned to normal levels.
JLR also reported additional “cyber related costs” of £196m, on top of the headline loss. These are understood to include the costs of bringing in outside consultants and other support in response to the hacking attack.
According to the carmaker, its revenues for the quarter fell 24%, from £6.5bn last year to £4.5bn.
This was heavily affected by the production stoppage. However, the effects of US tariffs on exports from both the UK and Slovakia also had an impact, as did the phasing out of a number of Jaguar models ahead of the brands planned re-launch as an all-electric marque.
The crisis at JLR helped drive UK car production in September to its lowest level for the month since 1952, according to the Society of Motor Manufacturers and Traders.
Its impact was also felt well beyond JLR itself. According to the Office for National Statistics, the drop in production of some 27,000 vehicles knocked 0.17% off economic output in September.
The company sits at the top of a large and complex supply chain involving thousands of businesses worldwide, including hundreds in the UK, many of whom are heavily reliant on orders from the carmaker.
The stoppage meant a large number of them, including small and medium sized businesses, were also forced to shut some or all of their operations – prompting warnings of potential bankruptcies.
The government agreed to provide guarantees for JLR to obtain loans worth up to £1.5bn in order to help its supply chain.
Separately, the carmaker itself set up a financing scheme, allowing suppliers to obtain early payment for new orders, in order to ease their cashflow.
Phase 3 accelerated approval trial of IFx-2.0 as adjunctive therapy with Keytruda® (pembrolizumab) as a first-line therapy for advanced and metastatic Merkel cell carcinoma (MCC) is underway, conducted under Special Protocol Assessment (SPA) agreement with the U.S. Food and Drug Administration (FDA)
Company’s Delta Opioid Receptor (DOR) technology selected for an oral presentation, along with 2 poster presentations at the 67th Annual American Society of Hematology (ASH) Annual Meeting and Exposition, taking place in Orlando, Florida on December 6-9, 2025
TAMPA, Fla., Nov. 14, 2025 /PRNewswire/ — TuHURA Biosciences, Inc. (NASDAQ:HURA) (“TuHURA”), a Phase 3 immuno-oncology company developing novel therapeutics to overcome resistance to cancer immunotherapy, today reported financial results for the Company’s third quarter ended September 30, 2025, and provided a corporate update.
“TuHURA remains highly focused on the execution of its clinical development programs, including enrollment in our Phase 3 pivotal trial of IFx-2.0 as an adjunctive therapy to pembrolizumab in the first line treatment of patients with advanced or metastatic MCC. This accelerated, registration-directed trial, conducted under an SPA Agreement with the FDA, has the potential, if successful, to satisfy the requirements for both accelerated and regular approval without the need to conduct a post-approval confirmatory trial,” stated Dr. James Bianco, President and Chief Executive Officer of TuHURA. “In parallel to advancing our late-stage development candidate IFx-2.0, we are working with experts in the treatment of AML to complete the protocol design for our Phase 2 study of TBS-2025, our VISTA inhibiting antibody, in patients with NPM1 mutated AML. We are on track to submit our proposed Phase 2 plan to FDA next month and initiate the Phase 2 randomized study in the first quarter of next year.”
Dr. Bianco continued, “In addition to our clinical programs, we were excited to see validation of the scientific merit related to our discovery of the potential role of the DOR expression on Myeloid Derived Suppressor Cells (MDSCs) by being selected by the Joint Program Committees of the ASH 2025 Annual Meeting for an oral presentation. We look forward to presenting our data demonstrating that the DOR is a potential novel target to reprogram the immune suppressing capabilities of MDSCs and tumor-associated macrophages (TAMs). Together with regulatory T cells (Tregs), these immunosuppressive cells are collectively responsible for acquired resistance to cancer immunotherapies. The DOR technology is the backbone of our program to develop first-in-class bi-specific, bi-functional immune modulating antibody drug conjugates (ADCs). TuHURA’s oral presentation at the ASH 2025 Annual Meeting is on December 7th at 5:15pm ET.”
Corporate Highlights
Acceptance of Oral and Poster Presentations at ASH 2025 Annual Meeting and Exposition. TuHURA announced that ASH has accepted the following abstracts for presentation:
Oral Presentation: Delta Opioid Receptor (DOR) Expression on Myeloid-Derived Suppressor Cells (MDSCs) Represents a Novel Target to Overcome Resistance to Immune Checkpoint Inhibitors (ICIs)
Poster Presentation: Delta Opioid Receptor (DOR): A Novel Target for Reprogramming Tumor-Associated Macrophage (TAM) Immunosuppressive Phenotype to Overcome Acquired Resistance and Enhance the Effectiveness of Cancer Immunotherapies
Moffitt Cancer Center Poster Presentation: Delta opioid receptor signaling modulates myeloid suppression in Myelodysplastic Syndromes
Strengthening of TuHURA Team Through the Appointment of Dr. Michael Turner. In November 2025, Michael Turner, Ph.D. was appointed as Vice President of Immunology. Dr. Turner has over 20 years of experience in immunology and oncology, with experience at leading industry companies such as Sanofi Genzyme, Alkermes, Ventus Therapeutics and Third Harmonic Bio.
$50 Million At-The-Market (ATM) Facility Filed. In November 2025, TuHURA became eligible to file a “shelf” registration statement on Form S-3 and entered into agreement providing for an ATM facility of up to $50 Million. TuHURA will become able to sell shares under the ATM facility when the S-3 registration statement filed on November 3, 2025 becomes effective under the rules and regulations of the SEC.
Upcoming Targeted Milestones by Program
IFx-2.0 (Innate immune agonist)
Q2 2026: Anticipate preliminary results from Phase 1b/2a clinical trial of IFx-2.0 as an adjunctive therapy to pembrolizumab in first line treatment for MCC of unknown primary origin (MCCUP).
Q4 2026: Anticipate completion of enrollment in the randomized, placebo-controlled Phase 3 accelerated approval trial in first line treatment as adjunctive therapy to Keytruda® in advanced or metastatic MCC.
Q1 2027: Anticipate topline results from the Phase 3 accelerated approval trial.
TBS-2025 (VISTA inhibiting antibody)
Q4 2025: Submission of the Phase 2 protocol and plan to the FDA for TBS-2025 in hematologic malignancies.
Q1 2026: Initiation of a Phase 2 trial of VISTA inhibiting mAb in relapsed or refractory NPM1-mutated AML in combination with a menin inhibitor.
Lead ADC Selection
Q1 2026: TuHURA has developed a library of potent, highly selective DOR inhibitors to be evaluated in its MDSC assays. TuHURA expects to select a lead DOR inhibitor to conjugate to TBS-2025 for testing in preclinical models.
Q3 2026: Anticipates first proof of concept in-vivo results from its lead immune modulating ADC.
Financial Results for the Three Months and Nine Months Ended September 30, 2025
Research and development expenses were $4.9 million and $2.9 million for the three months ended September 30, 2025, and 2024, respectively.
Net cash outflows from operating activities were ($22.1) million and ($12.1) million for the nine months ended September 30, 2025, and 2024, respectively.
As of September 30, 2025, TuHURA’s total shares outstanding was approximately 51.2 million.
About TuHURA Biosciences, Inc. TuHURA Biosciences, Inc. (Nasdaq: HURA) is a Phase 3 immuno-oncology company developing novel technologies to overcome primary and acquired resistance to cancer immunotherapy, two of the most common reasons cancer immunotherapies fail to work or stop working in the majority of patients with cancer.
TuHURA’s lead innate immune agonist, IFx-2.0, is designed to overcome primary resistance to checkpoint inhibitors. TuHURA initiated a single randomized placebo-controlled Phase 3 registration trial of IFx-2.0 administered as an adjunctive therapy to Keytruda® (pembrolizumab) compared to Keytruda® plus placebo in first-line treatment for advanced or metastatic Merkel Cell Carcinoma.
In addition to its innate immune agonist product candidates, TuHURA acquired TBS-2025 in its merger with Kineta Inc. on June 30, 2025. TBS-2025 is a VISTA inhibiting mAb moving into Phase 2 development in mutNPM1 r/r AML. In addition, TuHURA is leveraging its Delta Opioid Receptor technology to develop first-in-class, bi-specific antibody drug conjugates and antibody peptide conjugates targeting Myeloid Derived Suppressor Cells to inhibit their immune-suppressing effects on the tumor microenvironment to prevent T cell exhaustion and acquired resistance to checkpoint inhibitors and cellular therapies.
For more information, please visit www.tuhurabio.com and connect with TuHURA on Facebook, X, and LinkedIn.
This press release contains certain “forward-looking statements” within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These Forward-looking statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and other future conditions. In some cases you can identify these statements by forward-looking words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “should,” “would,” “project,” “plan,” “expect,” “goal,” “seek,” “future,” “likely” or the negative or plural of these words or similar expressions. Examples of such forward-looking statements include but are not limited to express or implied statements regarding TuHURA’s expectations, hopes, beliefs, intentions or strategies regarding the future and include, without limitation, statements regarding TuHURA’s Delta Opioid Receptor Technology, its IFx-Hu2.0 product candidate and Phase 3 trial, and its TBS-2025 asset, and any developments or results in connection therewith and the anticipated regulatory pathway and timing of the foregoing development programs, studies and trials. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. You are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in these forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are described in detail in our registration statements, reports and other filings with the SEC, which are available on the combined company’s website, and at www.sec.gov.
The forward-looking statements and other information contained in this press release are made as of the date hereof, and TuHURA does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy any securities.
Investor Contact: Monique Kosse Gilmartin Group [email protected]
Shoppers walk through Manhattan on Nov. 7, 2025, in New York City.
Spencer Platt | Getty Images
High-income consumers are trading down, Gen Z is spending less, and low-income shoppers are still struggling, according to many consumer companies that shared their latest quarterly results in recent weeks.
Those trends may not bode well for the big-box and mall retailers that have yet to report their earnings. That is, unless the strength of their brands — or high-income consumers who see their products as a good deal — help them transcend the gloomier consumer climate.
While the Atlanta Fed’s GDPNow tracker is projecting 4% U.S. GDP growth in the third quarter, there are cracks showing in the economy. Earlier this month, U.S. consumer sentiment slipped to near record lows, fueled by concerns about higher prices and the federal government shutdown. Plus, private data sources show that the U.S. economy was losing jobs through late October.
Investors will get a wider snapshot in the coming week. Some of the biggest names in retail, including Walmart, Target, Gap and Home Depot, will report their latest earnings and provide insights into how spending during the critical holiday season is shaping up.
According to credit card data from equity research firm and bank Truist, sales have softened in recent weeks across many of the retailers that it watches. Sales trends slowed at Walmart, Home Depot and Lowe’s in October after after they saw solid sales in August and September, according to Truist.
Wall Street has noticed slower spending, too. Michael Baker, a retail analyst for D.A. Davidson, said he now expects weaker holiday spending than he did before as consumers face a challenging mix of higher tariffs, slower job growth and pressure on lower-income households.
He expects holiday sales to grow in the high 3% range year over year, down from the firm’s previous view that holiday sales growth would accelerate from last year’s 4.3% increase.
“There’s just a lot of headwinds building for the consumer and a lot of the data we track [at retailers] was just really bad in September and even worse in October,” he said.
High-income shoppers trade down
For roughly two years, executives have warned investors that low-income consumers were spending less, dining out less frequently and growing picky about their shopping.
Now there are more signs that high-income shoppers are watching their budgets, too. That trend could help some of the retailers reporting in the weeks ahead, such as Walmart, Dollar General and Dollar Tree, while hurting others like Target and Best Buy.
The fast-food industry saw traffic from high-income diners climb by nearly double digits in the third quarter, according to McDonald’s CEO Chris Kempczinski. McDonald’s, often seen as bellwether for the economy, is gaining share with high-income consumers, thanks to deals like its Extra Value Meals, he said on the company’s conference call earlier this month.
“I think sometimes there’s this idea that value only matters to low-income [consumers],” Kempczinski said. “But value matters to everybody, whether you’re upper income, middle income, lower income, feeling like you’re getting good value for your dollar is important.”
Sign at the entrance to an Applebee’s in Midtown Manhattan.
Erik McGregor | Lightrocket | Getty Images
Fast-food chains aren’t the only ones benefitting from higher-income diners trading down.
Dine Brands, which owns Applebee’s and IHOP, is seeing a similar trend. With a 2 for $25 promotion at Applebee’s and a $6 value menu at IHOP, the casual-dining chains are pulling customers away from higher-priced options.
“We’re seeing a greater increase of higher-income guests joining us this year,” Dine CEO John Peyton told CNBC, adding that the jump in traffic from that cohort is offsetting the decline in visits from low-income diners.
High-income shoppers are also hunting for deals at retailers. Savers Value Village, which runs a chain of thrift stores across the U.S., Canada and Australia, said during its fiscal 2025 third-quarter earnings call that it’s seeing growth in both its “younger and more affluent” customer groups.
“High household income cohort continues to become a larger portion of our consumer mix. It’s trade down for sure and our younger cohort also continues to grow in numbers,” CEO Mark Walsh said on a call with analysts in October. “We couldn’t ask for a better outcome.”
Consulting firm Alvarez & Marsal recently conducted a consumer sentiment survey that polled over 2,000 shoppers and found 24% of respondents earning $100,000 or more a year are planning to spend less this holiday season.
Joanna Rangarajan, a partner and managing director with the firm’s consumer and retail group, said that could partially be because they plan to trade down — or already are.
“They’re going to pull back spending in a variety of ways. They may do that by buying fewer things, they may switch to less expensive brands, or they may switch to lower cost retailers overall, or it could be a combination of any of those things,” said Rangarajan.
People shop at a clothing store in Manhattan on Nov. 7, 2025, in New York City.
Spencer Platt | Getty Images
While lower-cost brands and retailers could be seeing their core consumers spend less, it might not matter as much if they’re winning over new, higher-income shoppers.
Walmart, in particular, has spoken about its gains among customers with an annual household income of more than $100,000. That dynamic has boosted the big-box retailer’s business for more than two years, especially as shoppers across all incomes have felt pinched by higher grocery prices. The company has also made some strategic moves to woo wealthier shoppers, such as remodeling stores, launching a new grocery brand and speeding up home deliveries.
Even the dollar stores have attracted higher-income shoppers.
Dollar General CEO Todd Vasos said on the company’s earnings call in late August that the retailer saw increased spending among its core customers, who tend to be lower income, despite “worsening sentiment” in the quarter that ended Aug. 1. But he added Dollar General also saw growth among middle- and high-income consumers, which “has been accelerating over the last few quarters.”
At an investor day in mid-October, Dollar Tree CEO Michael Creedon said higher-income households are the retailer’s “fastest growing cohort.”
Value-oriented companies, such as Walmart and warehouse clubs, are best positioned to post strong results in the coming weeksas they attract deal-hunting customers across incomes, D.A. Davidson’s Baker said.
On the other hand, he said Target and Best Buy are in a tougher spot as they lose market share. For example, Baker said Best Buy customers are trading down to big-box stores like Walmart and club players like Costco for lower-priced TVs.
Younger consumers pull back
Gen Z and millennials are not spending the way that they used to as they contend with a slowing job market, rising unemployment and the resumption of student loan collection, which the federal government restarted in May.
The generational trend is particularly bad news for fast-casual restaurants, which skew toward younger diners. Fast-casual favorites like Chipotle Mexican Grill, Cava and Sweetgreen reported that consumers aged 25 to 35 years old aren’t visiting as frequently anymore. All three chains cut their full-year forecast following disappointing third-quarter results.
At Chipotle, the 25- to 35-year old cohort typically accounts for about a quarter of sales. However, those diners haven’t been visiting the burrito chain’s restaurants as frequently, instead opting to cook at home, according to CEO Scott Boatwright.
“This group is facing several headwinds, including unemployment, increased student loan repayment and slower real wage growth,” he said on the company’s conference call last month.
Beyond their fast-casual meals — known colloquially by some as “slop bowls” — younger consumers are also trying to spend less on necessities, like new glasses or contacts.
The younger shoppers that glasses maker Warby Parker serves havebeen feeling “increasingly… uncertain about their future” and “more selective in their purchasing behavior,” said Warby’s co-founder and co-CEO Dave Gilboa on the company’s 2025 third quarter earnings call earlier this month.
“We’ve seen a moderation in average order value or basket size in categories that skew younger,” said Gilboa. For example, the company has seen shoppers pull back on its higher priced frames in favor of its $95 option.
In weakening economies, younger people can start to feel distressed earlier than older groups because they tend to earn less and have less money in savings, and are more likely to be unemployed, according to economists.
To add to the issues, companies across the U.S. have paused hiring, which puts younger consumers who have just graduated high school or college at a particular disadvantage, according to Allison Shrivastava, a senior economist for Indeed. Plus, a stream of recent job cuts has targeted many entry-level employees, worsening employment prospects for younger workers.
The difference in unemployment rates between younger and older people is now starker than usual, Shrivastava said. The unemployment rate for workers between 25 and 34 years old hit 4.4% in August, higher than the 3.5% rate for the 35- to 44-year old cohort and the 2.9% rates for the 45- to 54-year old and 55 years and older segments. (More recent data from the Bureau of Labor Statistics is unavailable due to the federal government shutdown.)
Shrivastava sees the pullback in spending as largely a response to the frozen labor market.
“We’re starting to get some frostbite in the form of declining consumer spending,” Shrivastava said, adding that “significant” layoffs could push the economy into a recession.
Brands bucking the trends
A shopper carries a Coach bag at an outlet mall in Commerce, California, US, on Thursday, June 27, 2024.
Eric Thayer | Bloomberg | Getty Images
Though consumers have cut their spending in key areas, some companies have proved resilient because of their brand strength or the perceived quality of their products.
Even as some younger shoppers bought fewer Chipotle burritos and Cava bowls, Coach parent Tapestry said it saw strong handbag sales in recent months — with Gen Z customers driving much of the growth.
Tapestry, which also owns Kate Spade, raised its full-year forecast after beating quarterly sales and profit expectations.
In an interview with CNBC, Tapestry Joanne Crevoiserat attributed that to both the popularity of the Coach brand and younger shoppers who are spending on fashion rather than other areas. She said the company’s research shows “the Gen Z consumer specifically is highly fashion engaged, spending slightly more of their budget on fashion.”
She said the company has seen no difference in sales performance by income bracket, as it attracts shoppers from other generations as well as Gen Z.
Coach and Kate Spade’s price points provide an edge, too, according to a note from Telsey Advisory Group. Their handbags have a significant price gap with European luxury brands — even as Tapestry brands raise price points.
Even so, Tapestry disappointed Wall Street with a more conservative holiday-quarter outlook.
Tapestry isn’t alone. Swiss sportswear company On and Ralph Lauren are also finding growth across all consumer segments despite a choppy economy.
On, which reported fiscal 2025 third-quarter earnings on Wednesday, raised its full-year guidance for the third quarter in a row after seeing sales grow about 25%, bucking a slowdown in the sneaker market.
The company’s performance stands in stark contrast to competitors like Nike and Hoka, which are planning for either a sales decline or slowdown in growth. In late September, Nike said it was expecting sales in its holiday quarter to fall by a low single-digit percentage. Deckers, the parent company of On’s fellow buzzy footwear brand Hoka, trimmed its sales guidance for Hoka in October.
Meanwhile, Ralph Lauren raised its full-year outlook earlier this month after seeing sales rise 17% in its fiscal 2026 second quarter. During a call with analysts, CEO Patrice Jean Louis Louvet said it saw “balanced growth across men, women and younger cohorts.”
Ralph Lauren is benefiting because it has a higher-income core consumer, but the company has also worked to ensure its assortment is landing with shoppers and its brand is still relevant. One of the biggest holiday trends currently hitting TikTok is a “Ralph Lauren Christmas,” which combines the brand’s old-money aesthetic with decor for those looking for a traditional holiday feel.
“This cultural strength has also been instrumental in attracting younger consumers,” said GlobalData managing director and retail analyst Neil Saunders in a note. “Our data indicate that the brand’s penetration among younger demographics has increased. This is aided by designs such as the limited-edition Morehouse and Spelman College vintage collections, which resonate with younger consumers and play on their desire for nostalgia and heritage.”
Dutch Bros., the fast-growing drink chain, also saw growth from younger consumers in its latest quarter. The company’s wide-ranging menu, from protein lattes to vibrant energy drinks, can be heavily customized, a feature that has proved popular with Gen Z consumers.
“We’re seeing really incredible performance of those younger cohorts,” CEO Christine Barone said during the company’s conference call earlier this month. “I think that during times like this, customers are choosing the brands that they love most and really deciding to spend their dollars there.”
Dutch Bros. reported quarterly same-store sales growth of 7.4%, fueled by a nearly 7% increase in traffic to its stores.
Chili’s, which is owned by Brinker International, also saw traffic to its restaurants jump in its most recent quarter. The casual dining chain has won over diners through a turnaround strategy focused on improving the in-restaurant experience, plus savvy marketing that pitted its prices against those of fast-food chains.
“Our customer base is very representative of the U.S. consumer across all income cohorts, but our cohort growing the fastest is actually now households with income under $60,000,” Brinker CEO Kevin Hochman said on the company’s conference call in late October.
Others in the retail industry aren’t worried about slow spending during the holidays.
At the malls, buzzy companies like Vuori and Alo, digitally native brands like Princess Polly and popular retailers like Abercrombie & Fitch are drawing bigger crowdsas the holidays approach, said Kevin McCrain, CEO of the retail business at Brookfield Properties, one of the largest U.S. mall owners.
Even as the economy shows blemishes, he said the company hasn’t seen a change in shopping patterns or landlord demand. And he said he still expects spending across November and December to increase from last year.
So does the National Retail Federation. The trade group expects overall holiday spending in November and December to grow by 3.7% to 4.2% year over year and to top $1 trillion for the first time, even as shoppers scout for deals and make tradeoffs.
Mark Mathews, chief economist at NRF, said the group’s consumer survey shows a larger percentage of shoppers are “holding off” for Black Friday and Thanksgiving weekend sales than a year ago. He added consumers are trimming back in other areas, like eating out, so they have money set aside for gifts.
“At the end of the day, it’s the holiday season,” Brookfield’s McCrain said. “People get caught up in the lights and Santa Claus, and everyone wants to be positive and hopeful and just have a great time.”
When it comes to decarbonising the aviation industry, there’s no single solution that can magically cut emissions. Instead, it’s a layered task: multiple levers need to be put to work together, each one reducing and addressing emissions in its own way. Airbus is putting this idea into practice, combining four levers in a single flight.
Between 17-21 November 2025, Dubai Airshow will open its doors to the public. With the tagline ‘The Future is Here’, this 19th edition of the show has a focus on technological advancements, innovative products and technologies. Where better for Airbus to bring together four key complementary levers in a single flight – latest generation aircraft, sustainable aviation fuel (SAF), Book and Claim (B&C) and carbon dioxide removals (CDR) – to showcase how each of these levers can play a part in reducing the emissions gap.
Today, around 30% of the world’s in-service aircraft fleet are of the latest generation, which deliver a 20-30% fuel saving compared to their predecessors. Replacing older aircraft with more modern ones – like the Airbus A350-1000, which first entered into service in 2018, and requires on average 25% less fuel than previous generation aircraft – is a key way for the aviation industry to make progress towards decarbonisation.
In fact, it is an Airbus A350-1000, flying from Toulouse to Dubai, which will provide an opportunity to showcase the various decarbonisation levers in a single flight. While the use of all these levers in routine operations is still rare and challenging for airlines to implement, this showcase aims to emphasise the point that no single technology in isolation can help the aviation industry reach its decarbonisation targets.
Multiple levers, working in parallel
Industry bodies like ATAG recognise the complexity of decarbonising aviation in their Waypoint 2050 report (2nd edition, 2021). In their three scenarios which depart from a continuation of current trends, SAF remains the lever with the capacity to make the greatest difference, accounting for between 53-71% of emissions reduction contributions in 2050. This depends on the level of ambition and commitment with which the industry embraces decarbonisation and the particular levers that gain the most focus and support.
Alongside SAF, market-based measures such as carbon dioxide removals will be needed to close the emissions gap by 2050. This combination of SAF and carbon removals or other emission mitigation options presents the industry with a practical solution to many of the challenges that put pressure on the wider adoption of SAF.
Inspired by these scenarios, Airbus is deploying the following levers to address each tranche of emissions created during the flight:
Deconstructing our SAF, B&C and CDR showcase flight
Sustainable aviation fuel (SAF)
The A350 is travelling from Airbus’ operational headquarters in Toulouse, France, to Dubai, United Arab Emirates, to participate in the Dubai Airshow flying display. For this flight the A350 will benefit from a 35% blend of physical SAF. The remaining 65% will be conventional aviation fuel (CAF).
Toulouse is well-served to supply SAF, as it benefits from not only the infrastructure at Toulouse-Blagnac Airport but also Airbus’ own dedicated fuelling facilities, but this is not the case for all cities. So what options are there when SAF is not readily available or where an airline or operator may wish to have a greater percentage of SAF than is physically available on site?
Book and Claim (B&C)
An airport or airline may be enthusiastic about using SAF, and willing to pay the additional cost to acquire it – SAF costs between 2-7x conventional aviation fuel, depending on the feedstock – but there may be logistical challenges that make it complex to have SAF delivered where they operate, for example, being located in a part of the world without easy access to SAF producers or suppliers.
For this reason, there exists an accounting mechanism called ‘Book and Claim’ that enables airlines and airports to be able to take advantage of SAF without needing to physically take delivery of it. We can use this to virtually replace the CAF on the flight. By using Book and Claim, Airbus purchases SAF emissions reduction certificates from an independent registry, the Roundtable on Sustainable Biomaterials (RSB), an NGO that defines sustainability standards for SAF.
In simple terms, the Book and Claim mechanism allows a buyer to “book” a certain amount of SAF and “claim” the corresponding emission reduction, even if the fuel is used elsewhere. Book and Claim could be a key lever in the scaling of SAF, connecting supply and demand and improving SAF accessibility for potential customers, particularly those located far from supply points or production facilities. In practice, this means the physical SAF is delivered to another operator, which then consumes the amount of SAF as indicated by the certificate.
Carbon dioxide removals (CDR)
Even by effectively replacing all of the fuel with SAF (through a mixture of physical SAF and through SAF Book and Claim certificates), emissions remain. Airbus will use carbon dioxide removal (CDR) units to neutralise the residual emissions of this flight. CDR is a credible measure for addressing residual remaining emissions by physically removing carbon dioxide from the atmosphere and storing it. For this specific flight, Airbus has selected CDRs from reforestation projects in Mexico which are certified by the Climate Action Reserve (vintage 2022-2023).
What does this showcase reveal about aviation’s path to decarbonisation?
The whole industry needs to come together to tackle decarbonisation, from airlines to airports, and fuel producers to OEMs like Airbus, as well as regulatory bodies. We are playing our part: increasing the use of SAF in our own operations with fuel providers like TotalEnergies, participating in the SAFFA Fund alongside AirFrance-KLM Group and Qantas, amongst others, and investing directly in SAF producers like LanzaJet.
When it comes to Book and Claim, Airbus has launched its own Demonstrator in collaboration with RSB. The demonstrator has the ambition to facilitate demand from some of its smaller-scale customers and connect it with supply, making it easier for these clients to access SAF. Airbus has also been working to raise the profile and credibility of Book and Claim as a mechanism. As yet, Book and Claim is not recognised by the regulated markets – neither by the EU Renewable Energy Directive nor by CORSIA – however Airbus believes this could be a powerful lever to make SAF more accessible and is advocating for the recognition of this lever.
The aviation industry will not reach its long-term aspirational goal of net-zero carbon emissions overnight. To achieve this by 2050 will take hard work, investment, regulatory support, and the willingness of all industry participants to drive progress. The industry agrees that multiple levers are the way to go. This flight takes that idea, and puts it in the air.
Beijing, China, 14 November 2025 – Air China Cargo Co., Ltd. (hereafter referred to as “Air China Cargo”) has signed a purchase agreement for six A350F becoming the first customer to order the all-new A350F in the Chinese mainland.
“The introduction of the A350F to our existing mixed cargo fleet contributes to efficiency in operation and maintenance. The A350F will enhance Air China Cargo’s capability to withstand risks in its long-term stable operation”, said Wang Hongyan, Vice President of Air China Cargo.
“We are delighted to welcome Air China Cargo as the latest customer for the A350F. The A350F will bring new generation efficiency and performance as well as new levels of capacity and unprecedented loading flexibility. We look forward to ensuring a seamless integration into Air China Cargo’s operation”, said Benoît de Saint-Exupéry, Airbus EVP Sales of the Commercial Aircraft business.
Air China Cargo, headquartered in Beijing, is China’s only cargo airline that carries the national flag. Since June 2025, the airline has been operating all cargo aircraft in North China, East China, South China, and Southwest China. It has also opened 25 all-cargo routes to major regions and cities around the world, including Asia-Pacific, Europe, the Americas and the Middle East. The airline’s dedicated freighter and passenger belly network is further supplemented by more than 1,500 global ground trucking routes.
Engineered as the world’s most advanced freighter aircraft, the A350F is designed to meet the evolving needs of the global air cargo market (Express, general cargo, special cargo, etc.). It will carry up to 111 tonnes and cover a range of 8,700 km. Powered by Rolls-Royce Trent XWB-97 engines, it will offer up to 40% reduction in fuel consumption and CO₂ emissions compared to previous generation aircraft.
Made of over 70% advanced materials, the A350F will be 46 tonnes lighter than competitors and will feature the industry’s largest main deck cargo door. It is the only freighter fully meeting ICAO’s 2027 CO₂ standards and by the time it enters service it will be 50% SAF capable, with a target for 100% by 2030. Currently, the assembly of test aircraft in Toulouse is underway.
At the end of October 2025, the latest generation widebody A350 Family had won 1,445 orders from 63 customers worldwide, including 74 for the all-new A350F from 12 customers.
The link between prosperity and pollution is weakening – but not fast enough to keep global heating well below 2°C, let alone limit it to 1.5°C.
The planet has crossed a dangerous threshold. The World Meteorological Organization says that 2024 was likely the first calendar year to have exceeded 1.5°C above pre-industrial levels.
The global mean near-surface temperature reached 1.55°C above the 1850–1900 average – a signal the world is getting perilously close to breaching the Paris Agreement’s goal of keeping global heating well below 2°C and pursuing efforts to limit it to 1.5°C.
Carbonemissions from fossil fuels also hit a new high in 2024 – a record expected to be surpassed this year.
Turning the tide requires faster progress in breaking the link between economic growth and carbon emissions. Fossil fuels have powered prosperity for two centuries – lighting cities, fuelling transport and driving trade. That link is weakening, but not fast enough.
The GDP-emissions link is weakening – but too slowly
Data shows that some major economies have made encouraging progress.
Between 1990 and 2023, for example, the European Union’s net greenhouse gas emissions fell by about one third while GDP grew by around two thirds, according to the European Environment Agency. Over the same period, the United States’ emissions fell below 1990 levels even as its economy expanded, according to data from the US Environment Protection Agency.
But globally, the link remains too tight. Since 1990,global GDP has risen 191% while CO2 emissions have increased 66%.
Emissions and trade remain highly concentrated. Just 35 economies generate 91 % of emissions and account for nearly three quarters of global exports. Meanwhile, the poorest nations – responsible for under 4% – face disproportionate consequences.
Over the past decade, least developed countries suffered 2.5 times more disaster-related deaths than the global average and 3.5 times more economic loss as a share of GDP.
The data underlines the need not only to cut emissions but also to ensure a just transition – one that enables vulnerable countries to seize new opportunities rather than shoulder the costs.
Trade can be a powerful tool for climate action
The latest Global Trade Update from UN Trade and Development (UNCTAD), released ahead of the 30th UN Climate Change Conference (COP30), shows how sustainable trade can help turn climate ambition into measurable progress when climate and trade policies align.
By lowering the cost of clean technologies and opening markets for low-carbon goods, trade can be a powerful tool for climate action. The average global cost of electricity from new solar projects has fallen 41% since 2010, while onshore wind power is now 53% cheaper than fossil-fuel generation.
But high trade costs and other barriers still slow momentum. Average tariffs on solar and wind components range from 1.9% in developed economies to 7.1% in Africa, rising to 7.6% when non-tariff measures are included.
National climate plans still fall short
The UNCTAD report highlights that trade policy, such as reducing tariffs on low-carbon goods, can help countries meet climate goals while supporting economic growth.
Under the Paris Agreement, countries must submit updated national climate plans, or Nationally Determined Contributions (NDCs), every five years.
Between 1 January 2024 and 30 September 2025, 64 Parties submitted updated NDCs ahead of COP30 in Belém, Brazil – together covering only about 30% of global emissions. Even with expected updates from China, the EU and India, the new round of plans will fall short of what is needed.
According to a new UN Environment report, the world is heading for global heating of 2.3-2.5°C even if the NDCs are implemented.
Since the Paris Agreement was adopted ten years ago, projected global heating has fallen from 3–3.5°C. The technologies needed for major emission cuts already exist, and booming wind and solar sectors continue to drive costs down.
This means the world can accelerate climate action if it chooses to.
So far, however, only 11 of the world’s 35 largest emitters have submitted updated, more ambitious NDCs.
Align trade and markets with the Paris Agreement
UNCTAD’s report highlights the need to align trade and markets with the Paris Agreement to accelerate the low-carbon transition and help finance climate action.
It calls for regional and South–South cooperation to reduce tariffs, and global cooperation to harmonize sustainability standards and facilitate affordable access to climate-relevant technologies.
Aligning trade, industrial and climate policies can unlock new value chains in renewable energy, creating jobs and revenues to support climate action. Integrating trade policy instruments into climate strategies is essential for a just and inclusive transition.
We have just launched electric cargo bikes in Antwerp, operating from our existing delivery station in Blue Gate. The launch adds to our existing zero-tailpipe emission e-cargo bike delivery network in Brussels’ Pentagon area. The new fleet of e-cargo bikes will directly replace part of the traditional van trips in Antwerp’s city centre and reduce traffic congestion. The bikes will be complemented by electric vehicle deliveries to handle bigger or heavier parcels when necessary.
Eva Faict, Country Manager for Amazon Belgium and the Netherlands
“As we continue to decarbonise our operations, our close collaboration with local partners in Antwerp strengthens our cargo bike delivery capabilities in the city center,” said Eva Faict, Country Manager for Amazon in Belgium & The Netherlands. “This aligns with our goal for more sustainable deliveries in Belgium, resulting in fewer emissions, less noise, and reduced traffic congestion, while providing fast and convenient deliveries for our customers.”
Expanding more sustainable transportation in Belgium
Antwerp joins a growing network of European cities, including Berlin, Lyon, and Manchester, where we have successfully introduced e-cargo bike deliveries. As the second Belgian city where Amazon packages are delivered with e-cargo bikes, Antwerp’s new service will leverage a fleet of electric cargo bikes for agile, zero-tailpipe emission deliveries in dense urban areas, with electric delivery vans for high-volume routes.
This integrated approach ensures efficient and environmentally responsible service for our customers throughout the city.
Alleviating traffic congestion and developing safe bicycle logistics
Departing directly from our existing delivery station in Antwerp—ranked as the 4th most bike-friendly city globally according to the Copenhagenize Index of Bicycle-Friendly cities—packages will be loaded onto e-cargo bikes for the final leg of their journey into the city center. This mode of transportation not only ensures more efficient deliveries in dense urban environments but also helps reduce traffic congestion and parking challenges. By leveraging Antwerp’s unique network of cycling paths, we’re working to alleviate urban congestion through innovative delivery methods while remaining equally committed to ensuring the safety of our delivery associates.
Safety stands at the forefront of our delivery operations. Working closely with our delivery partners across our operations network, we ensure all delivery associates receive comprehensive training and proper safety equipment, including helmets, while maintaining strict safety standards for all e-cargo bikes. We require our partners to follow rigorous safety protocols, demonstrating our dual commitment to more sustainable delivery solutions while protecting those who make these deliveries possible.
Decarbonising Amazon’s operations
The introduction of e-cargo bikes deliveries in Antwerp is part of our broader strategy to decarbonise our operations.
We continues to innovate in last-mile delivery, with more than 60 micromobility hubs now operational in over 45 European cities, enabling millions of zero-exhaust emission deliveries. The introduction of e-cargo bikes in Antwerp strengthens this expanding network, demonstrating our dedication to making deliveries more sustainable and efficient for communities everywhere.
While transforming urban deliveries is an important part of our sustainability strategy in Belgium, our dedication to environmental protection extends beyond city centers to the preservation of natural habitats. As part of our broader commitment to The Climate Pledge, in March 2024, we have announced our investment of €1.1 million in the newly created National Park Brabantse Wouden through the Right Now Climate Fund, with the goal of helping to preserve its UNESCO-listed ancient woodlands and allowing more people to enjoy the benefits of being in nature. The new National Park is intended to strengthen the resilience of Belgian woods against climate change, and to benefit the local community.
Since then, together with the National Park, we have collaborated on initiatives supporting the local community and environment, including a Smart Solutions innovation competition, citizen science monitoring and more sustainable farming practices.
