Airbus shares climbed more than 5% on Wednesday after the European aerospace giant unveiled a €5 billion ($5.7 billion) share buyback programme and outlined ambitious medium-term financial targets, boosting investor confidence in the company's growth outlook, as per a Reuters report.The world's largest commercial aircraft manufacturer said it aims to deliver core operating profit (adjusted EBIT) of between €12 billion and €13 billion by 2029, nearly doubling last year's adjusted EBIT of €7.13 billion. The target is also well above the company's previously announced 2026 goal of €7.5 billion.According to Reuters, investors welcomed both the stronger earnings outlook and the launch of the three-year share repurchase programme, which is expected to enhance shareholder returns and signal confidence in Airbus' long-term cash generation.Airbus also projected that its commercial aircraft division would contribute around €10 billion in operating profit by 2029, underlining expectations of sustained demand for new aircraft despite ongoing supply-chain challenges.The company struck an optimistic tone on aircraft deliveries after overcoming production bottlenecks that had slowed output earlier this year. Airbus said deliveries gathered pace in recent months, with first-half aircraft handovers rising 15% from a year earlier as supply-chain constraints and engine shortages gradually eased.The upbeat guidance reinforced expectations that Airbus is making steady progress in resolving manufacturing issues that had weighed on production, while continuing to benefit from robust global airline demand for fuel-efficient aircraft.Analysts reacted positively to the announcements. Deutsche Bank highlighted the €5 billion share buyback as the biggest positive surprise, while J.P. Morgan said Airbus had delivered the key measures investors were looking for to support a rally in the stock.The sharp gain in Airbus shares also lifted sentiment across the European aerospace and defence sector, as investors welcomed the company's improved earnings trajectory and confidence in its long-term production outlook.