Airbus reports Half-Year (H1) 2021 results
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297 commercial aircraft delivered in H1 2021
H1 financials reflect deliveries as well as continued efforts on cost containment andcompetitiveness
Revenues € 24.6 billion; EBIT Adjusted € 2.7 billion
EBIT (reported) € 2.7 billion; EPS (reported) 2.84
Free cash flow before M&A and customer financing € 2.1 billion
Focus on securing A320 Family ramp-up and transforming the industrial value chain
Board of Directors approval for A350 freighter derivative
2021 guidance updated

Amsterdam, 29 July 2021 – Airbus SE (stock exchange symbol: AIR) reported consolidated
financial results for the Half-Year (H1) ended 30 June 2021.
“These half-year results reflect the commercial aircraft deliveries, our focus on cost
containment and competitiveness, and the good performance in Helicopters and Defence andSpace. Although the COVID-19 pandemic continues, the numerous actions taken by the teams
have delivered a strong H1 performance. This enables us to raise our 2021 guidance although
we continue to face an unpredictable environment,” said Airbus Chief Executive Officer
Guillaume Faury. “We are now working to secure the A320 Family ramp up while transforming
the industrial set up. Furthermore and following Board approval, we are enhancing our productline with an A350 freighter derivative, responding to customer feedback for increased
competition and efficiency in this market segment.”
Gross commercial aircraft orders totalled 165 (H1 2020: 365 aircraft) with net orders of 38
aircraft after cancellations (H1 2020: 298 aircraft). The order backlog was 6,925 commercial
aircraft on 30 June 2021. Airbus Helicopters booked 123 net orders (H1 2020: 75 units),
including 10 helicopters of the Super Puma Family. Airbus Defence and Space’s order intake
by value was € 3.5 billion (H1 2020: € 5.6 billion).
Consolidated revenues increased 30 percent year-on-year to € 24.6 billion (H1 2020: € 18.9billion), mainly reflecting the higher number of commercial aircraft deliveries compared to H12020. A total of 297 commercial aircraft were delivered (H1 2020: 196 aircraft), comprising 21A220s, 237 A320 Family, 7 A330s, 30 A350s and 2 A380s. Revenues generated by Airbus’commercial aircraft activities increased 42 percent, largely reflecting the increased deliveries.
Airbus Helicopters delivered 115 units (H1 2020: 104 units) with revenues up 11 percent
reflecting growth in services and higher volume in civil helicopters. Revenues at Airbus
Defence and Space were broadly stable compared to a year earlier, with two A400M military
airlifters delivered in H1 2021.

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Consolidated EBIT Adjusted – an alternative performance measure and key indicator
capturing the underlying business margin by excluding material charges or profits caused bymovements in provisions related to programmes, restructuring or foreign exchange impacts aswell as capital gains/losses from the disposal and acquisition of businesses – was € 2,703million (H1 2020: € -945 million).
The EBIT Adjusted related to Airbus’ commercial aircraft activities totalled € 2,291 million (H12020: € -1,307 million), mainly driven by the delivery performance and the Company’s focus
on cost containment and competitiveness.
Airbus Helicopters’ EBIT Adjusted increased to € 183 million (H1 2020: € 152 million), driven
by services, programme execution and lower Research & Development (R&D) spending.
EBIT Adjusted at Airbus Defence and Space increased to € 229 million (H1 2020: € 186million), mainly reflecting the Division’s ongoing cost containment and competitiveness efforts
as well as increased volume in Space Systems.
Consolidated self-financed R&D expenses totalled € 1,262 million (H1 2020: € 1,396 million).
Consolidated EBIT (reported) amounted to € 2,727 million (H1 2020: € -1,559 million),including net Adjustments of € +24 million.
These Adjustments comprised:●●●€ +145 million related to the A380 programme, of which € +174 million were booked in Q2;€ -170 million related to the dollar pre-delivery payment mismatch and balance sheet
revaluation, of which € +7 million were in Q2;€ +49 million of other Adjustments, including compliance costs, of which € +75 million werein Q2.

The financial result was € -30 million (H1 2020: € -429 million). It mainly reflects the net interest
result of € -172 million partly offset by the evolution of the US dollar as well as € +79 million
related to the revaluation of the Dassault Aviation equity stake. Consolidated net income(1)was € 2,231 million (H1 2020 net loss: € -1,919 million) with consolidated reported earnings
per share of € 2.84 (H1 2020 loss per share: € -2.45).
Consolidated free cash flow before M&A and customer financing improved to € 2,051
million (H1 2020: € -12,440 million), in line with the earnings performance. It also included apositive phasing impact from the timing of receipts and payments. Consolidated free cash flowwas € 2,012 million (H1 2020: € -12,876 million).

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The gross cash position stood at € 21.4 billion on 30 June 2021 (year-end 2020: € 21.4billion) after the redemption of a € 1.1 billion exchangeable bond and prepayment of a $1 billion
US bond, further improving leverage ratios in support of the Company’s robust credit ratings.
The consolidated net cash position was € 6.5 billion on 30 June 2021 (year-end 2020: € 4.3billion). The Company’s liquidity position remains strong, standing at € 33.7 billion at the endof June 2021.
OutlookAs the basis for its 2021 guidance, the Company assumes no further disruptions to the world
economy, air traffic, the Company’s internal operations, and its ability to deliver products andservices.
The Company’s 2021 guidance is before M&A.
On that basis, the Company has updated its 2021 guidance and now targets to achieve in 2021
around:●●●600 commercial aircraft deliveries;
EBIT Adjusted of € 4 billion;
Free Cash Flow before M&A and Customer Financing of € 2 billion.

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Note to editors: Live Webcast of the Analyst Conference Call
At 08:15 CEST on 29 July 2021, you can listen to the H1 2021 Results Analyst Conference Call with Chief
Executive Officer Guillaume Faury and Chief Financial Officer Dominik Asam via the Airbus website
https://www.airbus.com. The analyst call presentation can also be found on the website. A recording will be madeavailable in due course. For a reconciliation of Airbus’ KPIs to “reported IFRS” please refer to the analyst
presentation.

Investor Relations

Contacts for the Investors
Thorsten Fischer
Institutionals and Analysts+33 (0)5 67 19 02 64
thorsten.t.fischer@airbus.com

Philippe Gossard
Institutionals and Analysts+33 (0)5 31 08 59 43
philippe.gossard@airbus.com

Goesta Klammt
Institutionals and Analysts+33 (0)5 81 76 80 41
goesta.klammt@airbus.com

age | 4Consolidated Airbus – Half-Year (H1) 2021 Results(Amounts in Euro)
Consolidated Airbus

H1 2021

H1 2020

ChangeRevenues, in millions
thereof defence, in millions

24,637
3,911

18,948
4,092

+30%
-4%

EBIT Adjusted, in millions

2,703-945-

EBIT (reported), in millions

2,727-1,559-Research & Development expenses, inmillions

1,262

1,396-10%

Net Income/Loss(1), in millions

2,231-1,919-

Earnings/Loss Per Share

2.84-2.45-

Free Cash Flow (FCF), in millions

2,012-12,876-Free Cash Flow before M&A, in millions

2,020-12,373-

Free Cash Flow before M&A andCustomer Financing, in millions

2,051-12,440-30 June 2021

31 Dec 2020

ChangeNet Cash position, in millions of Euro

6,485

4,312

+50%

Number of employees

126,050

131,349-4%

Consolidated Airbus

For footnotes please refer to page 10.

age | 5By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

H1 2021

H1 2020

ChangeH1 2021

H1 2020

ChangeAirbus

17,813

12,533+42%

2,387-1,808-Airbus Helicopters

2,594

2,333+11%183

152+20%Airbus Defence andSpace

4,538

4,551

0%

157

73+115%

Eliminations-308-469

-

024-

Total

24,637

18,948

+30%

2,727

-1,559-By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

H1 2021

H1 2020

ChangeAirbus2,291-1,307-

Airbus Helicopters

183

152+20%Airbus Defence andSpace

229

186

+23%

Eliminations

024-

Total

2,703-945-

By Business Segment

Order Intake (net)

Order Book

H1 2021

H1 2020

Change30 June2021

30 June2020

ChangeAirbus, in units

38298-87%

6,925

7,584-9%Airbus Helicopters, inunits

123

75+64%

671

666+1%

Airbus Defence andSpace, in millions ofEuro

3,510

5,588

-37%

N/A

N/A

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Consolidated Airbus – Second Quarter (Q2) 2021 Results(Amounts in Euro)

Consolidated Airbus

Q2 2021

Q2 2020

ChangeRevenues, in millions

14,177

8,317

+70%

EBIT Adjusted, in millions

2,009-1,226-

EBIT (reported), in millions

2,265-1,638-

Net Income/Loss , in millions

1,869-1,438-Earnings/Loss Per Share

2.38-1.84-(1)By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

Q2 2021

Q2 2020

ChangeQ2 2021

Q2 2020

ChangeAirbus10,541

4,964+112%

2,044-1,865-

Airbus Helicopters

1,417

1,131+25%

121

99+22%

Airbus Defence andSpace

2,423

2,440-1%

140

126

+11%

Eliminations-204-218--40

2-

Total

14,177

8,317

+70%

2,265-1,638-

By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

Q2 2021

Q2 2020

ChangeAirbus1,758-1,498-

Airbus Helicopters

12199+22%

Airbus Defence andSpace

170

171

-1%

Eliminations

-40

2-

Total

2,009-1,226-For footnotes please refer to page 10.

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Q2 2021 revenues increased 70 percent, mainly driven by the higher commercial aircraft
deliveries at Airbus and higher revenues at Airbus Helicopters.
Q2 2021 EBIT Adjusted of € 2,009 million was mainly driven by the delivery performance. It
also reflected the continued efforts on cost containment and competitiveness. Q2 2020 EBIT
Adjusted included COVID-19 related charges.
Q2 2021 EBIT (reported) of € 2,265 million included net Adjustments of € +256 million, ofwhich € +174 million relate to the A380 programme mainly for a provision release on the former
A380 Lagardère facility in Toulouse.
Q2 2021 Net Income of € 1,869 million mainly reflected the EBIT (reported), € -89 million fromthe financial result and € -318 million from income taxes.

EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus(Amounts in millions of Euro)EBIT (reported)

H1 2021
2,727

thereof:
A380 programme+145$ PDP mismatch/balance
sheet revaluation-170

Others+49

EBIT Adjusted

2,703

age | 8GlossaryKPIDEFINITIONEBITThe Company continues to use the term EBIT (Earnings before interest and taxes). It is
identical to Profit before finance result and income taxes as defined by IFRS Rules.

Adjustment

Adjustment, an alternative performance measure, is a term used by the Company which
includes material charges or profits caused by movements in provisions related toprogrammes, restructuring or foreign exchange impacts as well as capital gains/losses fromthe disposal and acquisition of businesses.

EBIT Adjusted

The Company uses an alternative performance measure, EBIT Adjusted, as a key indicator
capturing the underlying business margin by excluding material charges or profits caused by
movements in provisions related to programmes, restructuring or foreign exchange impacts
as well as capital gains/losses from the disposal and acquisition of businesses.

EPS Adjusted

EPS Adjusted is an alternative performance measure of basic earnings per share asreported whereby the net income as the numerator does include Adjustments. For
reconciliation, see the Analyst presentation.

Gross cash
position

The Company defines its consolidated gross cash position as the sum of (i) cash and cashequivalents and (ii) securities (all as recorded in the consolidated statement of financial
position).

Net cash position For the definition of the alternative performance measure net cash position, see theUniversal Registration Document, MD&A section 2.1.6.
FCF

For the definition of the alternative performance measure free cash flow, see the Universal
Registration Document, MD&A section 2.1.6.1. It is a key indicator which allows the Company
to measure the amount of cash flow generated from operations after cash used in investing
activities.

FCF before M&A Free cash flow before mergers and acquisitions refers to free cash flow as defined in theUniversal Registration Document, MD&A section 2.1.6.1 adjusted for net proceeds fromdisposals and acquisitions. It is an alternative performance measure and key indicator thatreflects free cash flow excluding those cash flows resulting from acquisitions and disposals ofbusinesses.
FCF before M&A Free cash flow before M&A and customer financing refers to free cash flow before mergers
and customer
and acquisitions adjusted for cash flow related to aircraft financing activities. It is anfinancing
alternative performance measure and indicator that may be used occasionally by theCompany in its financial guidance, especially when there is higher uncertainty aroundcustomer financing activities.

age | 9Footnotes:1)

Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable
to equity owners of the parent as defined by IFRS Rules.

Safe Harbour Statement:This press release includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”,“expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking
statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery
schedules, introduction of new products and services and market expectations, as well as statements regarding
future performance and outlook.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events andcircumstances and there are many factors that could cause actual results and developments to differ materially fromthose expressed or implied by these forward-looking statements.
These factors include but are not limited to:▪ Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’businesses;▪ Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);▪ Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;▪ The successful execution of internal performance plans, including cost reduction and productivity efforts;▪ Product performance risks, as well as programme development and management risks;▪ Customer, supplier and subcontractor performance or contract negotiations, including financing issues;▪ Competition and consolidation in the aerospace and defence industry;▪ Significant collective bargaining labour disputes;▪ The outcome of political and legal processes, including the availability of government financing for certain
programmes and the size of defence and space procurement budgets;▪ Research and development costs in connection with new products;▪ Legal, financial and governmental risks related to international transactions;▪ Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;▪ The full impact of the COVID-19 pandemic and the resulting health and economic crisis.
As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth in suchforward-looking statements.
For more information about the impact of the COVID-19 pandemic, see Note 2 “Impact of the COVID-19 pandemic”
of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements for the sixmonth period ended 30 June 2021. For more information about factors that could cause future results to differ fromsuch forward-looking statements, see Airbus SE’s annual reports, including its 2020 Universal Registration
Document and the most recent Risk Factors.
Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus
SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new information,
future events or otherwise.
Rounding
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may notprecisely reflect the absolute figures.

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