Export credits for aircraft: the EU changes the market surcharge calculation in 2026

Key data

European exporters of civil aircraft and the entities financing those operations face a change in the rules of the game: Council Decision (EU) 2026/802, adopted on 16 March 2026, sets the EU's position on a modification of the Sector Agreement on Export Credits for Civil Aircraft (Annex III of the OECD Agreement). The core of the change lies in how the market-related surcharge is calculated, which is the component that determines the financial cost of official credits in this sector.

This is not a minor technical adjustment. The market surcharge is one of the parameters that defines whether official export financing is competitive or not compared to what other countries participating in the agreement offer. Any variation in its calculation has direct consequences on the final price of operations and, therefore, on the ability of European manufacturers to close international contracts.

What does this regulation establish?

The EU Council adopts through this decision the European position on a decision by the participants in the Sector Agreement on Export Credits for Civil Aircraft, which appears in Annex III of the OECD Agreement on Officially Supported Export Credits.

The specific object of the modification is the calculation criteria for the market-related surcharge. This surcharge is the mechanism that adjusts the cost of official credits to financial market conditions, preventing public financing from distorting competition excessively compared to private financing.

As it is a common EU position, the decision binds all Member States in international negotiations of the agreement. No Member State can adopt a different position within the framework of this sectoral agreement.

The key elements established by the regulation are:

• Modification of the calculation criteria for the market surcharge applicable to official export credits for civil aircraft.
• Adoption of a binding common EU position for all Member States.
• Framework of application: Sector Agreement on Export Credits for Civil Aircraft (Annex III of the OECD Agreement).
• Possible effects on the competitiveness of European manufacturers and exporters against international competitors.

Economic and operational impact

The market surcharge is not an abstract figure: it is one of the factors that determines whether an international buyer chooses European official financing or resorts to that of another competing country. A higher surcharge makes European official credit more expensive; a lower one makes it more attractive.

The concrete implications for sector actors are:

• Civil aircraft manufacturers and exporters: The change in calculation may improve or worsen their competitive position in international tenders where official financing is a decisive factor. They must recalculate their offers and financing structures in light of the new criteria.
• Financial entities: Those that support aeronautical exports with official support must review their pricing models and the conditions of ongoing or negotiating operations.
• Export credit agencies: Must adapt their surcharge calculation methodologies to the new criteria established in the modified sectoral agreement.
• Member States: Are bound by the EU's common position, which limits their individual room for maneuver in international negotiations on this agreement.

The final impact will depend on the specific direction of the modifications in the surcharge calculation: if the new criteria result in a lower surcharge, European official financing gains attractiveness; if they result in a higher one, it may lose competitiveness against other OECD agreement participants.

Who does it affect?

• Civil aircraft exporters based in the EU that use or may use official export financing.
• Manufacturers in the aeronautical sector that compete in international markets where official financing is a decision factor for the buyer.
• Financial entities that structure or support export credit operations in the aeronautical sector with official support.
• Export credit agencies of EU Member States (such as CESCE in Spain) that operate within the OECD Agreement framework.
• Financing and foreign trade departments of companies in the aeronautical sector that manage export operations with official support.
• Financial and legal advisors specialized in export financing and international credit agreements.

Practical example

A European civil aircraft manufacturer is negotiating the sale of a fleet to an airline in a third country. The buyer evaluates two financing options: the one offered by the European export credit agency and the one offered by the equivalent of a competing country also participating in the OECD Agreement.

The market surcharge is one of the components that determines the final interest rate of the European official credit. If the new calculation criteria established by Decision (EU) 2026/802 result in a different surcharge than before, the total cost of European credit changes. This can tip the buyer's decision toward one or the other financing option, with direct impact on whether the European manufacturer closes or loses the operation.

Financial entities and export credit agencies that already have ongoing operations must verify whether the new calculation criteria affect the agreed conditions or apply only to new operations.

What should companies do now?

1. Review the new market surcharge calculation criteria published under the Sector Agreement (Annex III of the OECD Agreement) to understand the exact direction of the modifications and their impact on the cost of official credits.
2. Assess the impact on ongoing or negotiating operations: determine whether already agreed financing conditions are affected or whether the new criteria apply only to future operations.
3. Recalculate the competitiveness of offers that include official export financing, adjusting pricing models to the new market surcharge parameters.
4. Coordinate with the national export credit agency (in Spain, CESCE) to learn how it implements the new criteria and what operational changes it introduces in its products.
5. Consult with advisors specialized in export financing to assess whether the new surcharge structure opens or closes competitive opportunities against manufacturers from other countries participating in the OECD agreement.

Official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=OJ:L_202600802