Ariane Group is going to be in for a rough time every year beyond ~2026 that they delay. By then most of Starship (SpaceX), New Glenn (Blue Origin), Terran R (Relativity), and Neutron (Rocket Lab) should be operational - all of which will at least reuse the 1st stage.
Of course, they'll be able to fall back on institutional payloads to maintain a minimum level of funding. But that's not a great place for the program to be in terms of funding. Or politics.
This whole situation is really tragic. The design of Ariane 6 was finalized in 2016 - after SpaceX had successfully landed a Falcon 9 for the first time. While I realize that that would have been quite late in the design process for the rocket, it really shows the weakness of Ariane Group when it comes to assessing the competitive landscape and making difficult decisions.
To be fair, it is hard on the king to wear the crown for too long. Europe and Russia had a long run; we'll see how well SpaceX carries the burden.