29 July 2021

Guillaume FAURY | Chief Executive Officer
Dominik ASAM
| Chief Financial Officer

Safe Harbour Statement
DISCLAIMER
This presentation 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 andmarket 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 from those 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’ actual results may differ materially from the plans, goals and expectations set forth in such forward-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 six-month period ended 30 June 2021. For more information about factors that could cause future results to differ from such 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 presentation speaks as of the date of this presentation. Airbus undertakes no obligation to publicly revise or update any forward-looking statements inlight of new information, future events or otherwise.

Rounding disclaimer:
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Company
Highlights

Business
Highlights

Guidance
Highlights

Appendix

H1 2021 Key Topics

 297 commercial aircraft delivered in H1 2021
 H1 2021 financials reflect deliveries as well as continued efforts on cost containment and competitiveness:
 EBIT Adjusted of € 2.7 bn; EBIT reported of € 2.7 bn
 FCF before M&A and Customer Financing of € 2.1 bn

 Focus on securing A320 Family ramp-up and transforming the industrial value chain 2021 Guidance updated4

H1 2021 Commercial Positioning

5

Consolidated Airbus Order Book

Consolidated Airbus

by Division

External Revenue by Division

Order Intake
Airbus(in units)(net)

Order Book
Order Intake

H1 2021

H1 2020

Change38298-87.2%

6,925

7,584

-8.7%

€ 24.6 bn

123

75

64.0%

t/o defence€ 3.9 bn

Helicopters(in units)(net)

Order Book

671

666

0.8%

Defence and Space(in € m)Order Intake

3,510

5,588

-37.2%(net)

 AIRBUS: Gross orders: 165 a/c; net orders: 38 a/c; Backlog: 6,925 a/c; Board of Directors approval for A350 freighter derivative HELICOPTERS: 123 net orders incl. 10 Super Puma
 DEFENCE AND SPACE: Order intake € 3.5 bn; progress on FCAS

Airbus72%

Helicopters

10%

Defence and
Space

18%

H1 2021 Financial Performance
Revenues

6

EBIT Adjusted

in € bnin € bn / RoS (%)
11.0%

2.7

24.6
18.9

-5.0%

(0.9)
H1 2020

H1 2020

H1 2021

H1 2021

EPS(1) Adjusted

FCF before M&A and Customer Financing

in €in € bn

H1 2020

H1 2021

2.1

2.37

(0.)
(8.8)

(1.01)
H1 2020

H1 2021Penalty
Payment(3.6)(12.4)(1) H1 2021 Average number of shares: 784,852,012 compared to 782,700,007 in H1 2020
Capitalised R&D: € 63 m in H1 2021 and € 31 m in H1 2020

H1 2021 Profitability

7

EBIT Performance H1 2021 EBIT Reported of € 2,727 m

in € bn H1 2021 EBIT Adjustments resulting from:
2.7

2.7

(0.9)

145 m
 € - 170 m
 € +
49 m

A380 programme
PDP mismatch / BS revaluation
Others H1 2021 Net Adjustments of € + 24 m

(1.6)

EBIT Adjusted
H1 2020 € +EBIT Reported
H1 2021

 H1 2021 Net Income of € 2,231 m

EPS(1) Performance H1 2021 Net Income Adjusted of € 1,864 m

in €

2.84

2.37

(1.01)(2.45)EPS Adjusted
H1 2020(1) H1 2021 Average number of shares: 784,852,012 compared to 782,700,007 in H1 2020
Capitalised R&D: € 63 m in H1 2021 and € 31 m in H1 2020

EPS Reported
H1 2021Currency Hedge Policy

8

Forward Sales as of Jun. 2021

IN $ BILLION

Forward Sales as of Dec. 2020

10.2

19.8

15.1
11.7

9.2

Average hedge rates

8.7

8.1

2021
Remaining 6 months

2022

2023

2024

2025

7.6

2026

2027
and beyond€ vs $

1.24

1.23

1.24

1.27

1.29

1.31

1.35

Forwards( 1.21 in Dec. 20 )( 1.23 in Dec. 20)( 1.26 in Dec. 20 )( 1.26 in Dec. 20 )( 1.28 in Dec. 20 )( 1.31 in Dec. 20 )( 1.32 in Dec. 20 )£ vs $

1.38

1.37

1.44

n/a

n/a

n/a

n/a

 In H1 2021 $ 10.2 bn(1) of hedges matured at an average rate of € 1 = $ 1.18
 $ 10.7 bn(1) of new Forwards were added at € 1 = $ 1.22
 Hedge portfolio(1) 30 June 2021 at $ 80.2 bn (vs. $ 81.0 bn in December 2020), at an average rate of $ 1.26
Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales
Hedge rates reflect EBIT impact of the US$ hedge portfolio(1) Total hedge amount contains $/€ and $/£ designated hedges

Mark-to-market value incl. in AOCI = € - 1.8 bn
Closing rate @ 1.19 € vs. $H1 2021 Cash Evolution9IN € BILLION
+0.7

-0.8

+0.2

-0.0

+2.1

Free Cash Flow before M&A: € + 2.0 bn
t/o Customer Financing € - 0.0 bn

6.5

Free Cash Flow before M&A andCustomer Financing € + 2.1 bn

4.3

Net Cash Position
December 2020

Gross Cash Flowfrom Operations(1) Thereof CapEx of € - 0.8 bn(2) M&A transactions include acquisitions and disposals of subsidiaries and businesses

Change in
Working Capital

Cash used forinvesting activities
before M&A

(1)

(2)

M&A

Pensions & Others

Net Cash Position
June 2021

Company
Highlights

Business
Highlights

Guidance
Highlights

Appendix

11

Deliveries by Programme (Units)IN € MILLION

H1 2021

H1 2020

Change

A220

7%

38

298

-87.2%

A320

80%

6,925

7,584

-8.7%

A330

2%

297

196

51.5%

A350

10%

Revenues

17,813

12,533

42.1%

A380

1%

R&D Expenses

1,039

1,146

5.8%

9.1%

2,291

(1,307)12.9%-10.4%

2,387(1,808)13.4%-14.4%

Platforms

94%

Services

6%

Order Intake (net)

Units

Order Book
Deliveries

Unitsin % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues-9.3%

 Deliveries: 297 aircraft incl. 21 A220, 237 A320 Family, 7 A330, 30 A350 and 2 A380
 Revenues mainly reflect higher deliveries
 EBIT Adjusted mainly reflects deliveries, cost containment and competitiveness

Capitalised R&D: € 1 m in H1 2021 and € 5 m in H1 2020

N/A
N/A

External Revenue Split

Helicopters

12External Revenue Split
IN € MILLION
Order Intake (net)

Units

Order Book
Deliveries
Revenues

Units

H1 2021

H1 2020

Change

123

75

64.0%

671

666

0.8%

115

104

10.6%

2,594

2,333

11.2%

R&D Expenses

119

140

in % of Revenues

4.6%

6.0%

EBIT Adjusted

183

152

in % of Revenues

7.1%

6.5%

EBIT

183

152

in % of Revenues

7.1%

6.5%

45%

Defence55%

Platforms

47%

Services

53%-15.0%
20.4%
20.4%

 Revenues reflect a growth in Services and a higher volume in civil helicopters
 EBIT Adjusted reflects higher Services, programme execution and lower R&D spending

Capitalised R&D: € 0 m in H1 2021 and € 6 m in H1 2020

Civil

Defence and Space

13

External Revenue Split
IN € MILLION

H1 2021

H1 2020

ChangePlatforms

64%

Order Intake (net)

3,510

5,588

-37.2%

Services

36%

Revenues

4,538

4,551

-0.3%

R&D Expenses

113

119

in % of Revenues

2.5%

2.6%

EBIT Adjusted

229

186

in % of Revenues

5.0%

4.1%

EBIT

157

73

in % of Revenues

3.5%

1.6%

-5.0%
23.1%
115.1%

 Revenues are stable EBIT Adjusted mainly reflects cost containment, competitiveness and increased volume in Space Systems
 A400M: 2 a/c delivered in H1 2021

Capitalised R&D: € 62 m in H1 2021 and € 20 m in H1 2020

Military Aircraft

51%

Space Systems

27%

Connected Intelligence& Others

22%Company
Highlights

Business
Highlights

Guidance
Highlights

Appendix2021 Guidance

As 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 and services.
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

15

Key Priorities Manage deliveries and backlog, including defence contracts

 Prepare the industrial ecosystem for commercial aircraft ramp-up

 Transformation of commercial aircraft industrial value chain Lead the development of sustainable aerospace Focus on earnings and cash growth trajectory beyond 2021

16

Company
Highlights

Business
Highlights

Guidance
Highlights

AppendixExpected Average Hedge Rates € vs. $18

Active exposure management
1.28

Average
Hedge Rates

1.26
1.24

1.24
1.23

1.22
(2)

1.20

1.20

1.19
1.19

(1)

1.19

1.18
1.17

1.16

1.16

1.14
Q1

Q2

2020

Hedge rates reflect EBIT impact of the US$ hedge portfolio(1) Q2 actual(2) Based on $ 4.1 bn hedges matured with associated EBIT impact

Q3

2021E

Q4

FY 2020

1.19

FY 2021E

1.21

H1 2021 Detailed Income Statement and Adjustments

19

thereof Adjustments
Impact on EBITIN € MILLION

H1 2021
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

229

(35)

0

(170)

Financial
ResultH1 2021
Adjusted

EBIT

2,727

in % of Revenues

11.1%

11.0%

Interest income

3232Interest expense

(204)

(204)

Other Financial Result

142

156

(14)

Financial Result

(30)

156

(186)

156

2,517

2,697

Income before taxes

229

(35)

(170)

27

2,231

1,864

784,852,012

784,852,012

2.84

2.37

Net Income

EPS (in €)Net Income Adjusted excludes the following items:
 Adjustments impacting the EBIT line (as reported in the EBIT Adjusted) The Other Financial Result, except for the unwinding of discounted provisions

The tax effect on Adjusted Income before taxes is calculated at 27%. The effective tax rate on Income before taxes is 18%.

(1) Thereof € - 1 m A400M programme update(2) Thereof € - 133 m Airbus, € - 37 m Defence and Space

027

Non-controlling interests

Number of shares

2,703

H1 2020 Detailed Income Statement and Adjustments

20

thereof Adjustments
Impact on EBITIN € MILLION

H1 2020
Reported

Operational
AirbusDefenceand Space(1)

(381)

(68)

FX
Helicopters

Financial
ResultAirbus + Defence
and Space(2)(1,559)EBIT

H1 2020
Adjusted

(945)
(165)

in % of Revenues

-8.2%

-5.0%

Interest income

82

82Interest expense

(211)

(211)

Other Financial Result

(300)

(287)

(13)

Financial Result

(429)

(287)

(142)

(287)

(1,087)(1,988)

Income (Loss) before taxes

(68)

5

(1,919)(789)

782,700,007

782,700,007(2.45)(1.01)Net Income (Loss)

EPS (in €)Net Income Adjusted excludes the following items:
 Adjustments impacting the EBIT line (as reported in the EBIT Adjusted) The Other Financial Result, except for the unwinding of discounted provisions

The tax effect on Adjusted Income before taxes is calculated at 27%. The effective tax rate on Net Loss is 3%.

(1) Thereof € - 58 m A400M programme update(2) Thereof € - 120 m Airbus, € - 45 m Defence and Space

(165)

5

Non-controlling interests

Number of shares(381)

Airbus Liquidity as of 30 June 2021

21

SLL:

€ 6.2bn Signed on 31 March 2020, undrawn
 Maturity:

Supplemental Liquidity Line (SLL)

12 months from signing day,extended by 6 months to 30 September 2021.
Possibility of a further extension at Airbus’
discretion to 31 March 2022

RSCF:

€ 6.0bn - Credit Facility (RSCF)

 Maturity October 2023 + 2 extension options of

1 year, undrawn
 Fully committed by 33 banks
 No financial covenants, no MAC clause

Financing Liabilities:of which long-term : € 13.1 bn€ 21.4bn
Total Gross Cash

€ 15.0bn

 Includes € 9.0 bn EMTN and$ 2.3 bn 144A/RegS & USPP (nominal amounts)

Financing Liabilities

Invested inhighly rated securities

Credit Ratings:
Short-term rating: S & P:
A-1
 Moody’s:
P-1€ 6.5bn
Net CashLong-term rating: S & P:A negative
 Moody’s:
A2 negativeQ2 2021 Key FiguresIN € MILLION22

Q2 2021

Q2 2020

Revenues

14,177

8,317

EBIT Adjusted

2,009(1,226)

EBIT

2,265

(1,638)Net Income (Loss)

1,869(1,438)

FCF before M&A

849(4,374)

FCF before M&A and Customer Financing

849(4,410)IN € MILLION
Q2 2021

Q2 2020

Revenues

Q2 2021

Q2 2020

Q2 2021

EBIT Adjusted

Q2 2020
EBIT

Airbus10,541

4,964

1,758

(1,498)2,044(1,865)

Helicopters

1,417

1,131

121

99

121

99

Defence and Space

2,423

2,440

170

171

140

126

Eliminations

(204)

(218)

(40)

2

(40)

2

14,177

8,317

2,009

(1,226)

2,265(1,638)

Consolidated Airbus

Detailed Free Cash FlowIN € MILLION

23

H1 2021

H1 2020

4,312

12,534

2,130

329

710

(11,898)(828)(1,307)

(802)

(933)

2,012

(12,876)

(8)

(503)

Free Cash Flow before M&A

2,020(12,373)of which Customer Financing

(31)

67

2,051

(12,440)

133

83

Change in treasury shares / share buyback

0(4)Change in liability for puttable instruments

0

78

(175)

(203)

0

0

203

(198)

6,485

(586)

Net Cash position at the beginning of the period
Gross Cash Flow from Operations
Change in working capital

(1)

(2)

Cash used for investing activities(3)of which Industrial CapEx (additions)Free Cash Flow

(4)

(5)

of which M&AFree Cash Flow before M&A and Customer Financing
Change in capital and non-controlling interests

Contribution to plan assets of pension schemes
Cash distribution to shareholders / non-controlling interests
OthersNet Cash (Debt) position at the end of the period(1) Excluding working capital change, contribution to plan assets of pension schemes and realised FX results on treasury swaps(2) Including net customer financing and excluding some perimeter change impacts from changes in consolidation(3) Excluding change in securities and change in cash from changes in consolidation and excluding bank activities(4) Excluding leased and financial assets(5) Excluding change in securities, change in cash from changes in consolidation, contribution to plan assets, realised FX results on treasury swaps and bank activities

Net Cash PositionIN € MILLION

24

June 2021

Dec. 2020

21,441

21,407(14,956)(17,095)

Short-term Financing Liabilities(1,902)(3,013)Long-term Financing Liabilities(13,054)(14,082)

6,485

4,312

Gross Cash
Financing Liabilities

Reported Net CashCustomer Financing ExposureIN € MILLION

25

June 2021

Dec. 2020

AirbusClosing rate € 1 =Total Gross Exposureof which off-balance sheet
Estimated value of collateral
Net Exposure
Provision and asset impairment
Net Exposure after provision

June 2021

Dec. 2020

Helicopters$ 1.19$ 1.23$ 1.19$ 1.23

411

427

44

46

8

11

2

2

(312)

(241)

(36)

(38)

98

186

8

8

(98)

(186)

(8)

(8)

0

0

0

0

Airbus Customer Financing

26

IN € BILLION
AdditionsAirbus Customer
Financing Gross
Exposure

0.4

0.8
0.3

(0.2)
(0.1)

(0.2)

(1.1)

0.8

0.6

(0.7)

0.5
(0.7)

0.6

(0.3)

1.0

Amortization
0.8

0.6

(0.7)

(0.7)

(0.6)

(0.1)

(0.2)

(0.1)

(0.1)

(0.1)

(2.2)

Sell Down

(0.2)

(0.1)

(0.1)

Net change
0.9

0.7

(0.5)
(0.2)

(0.7)
(0.1)

0.1

0.2

0.0

(0.6)

(0.2)
(0.1)

(0.3)
(0.1)

(0.1)
(0.0)

(0.2)

0.1

(0.2)

Gross Exposurein $ bn

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

1.8

1.5

1.5

1.8

1.7

1.4

1.5

1.6

1.3

1.5

1.7

1.5

0.9

0.8

0.5

0.5

Net Exposure fully provisioned

Net Exposure

Gross
Exposure€ 0.4 bn($ 0.5 bn)€ 0.2 bn
Estimated
Collateral€ 0.2 bn($ 0.3 bn)

Net Exposure fully provisioned

Net Exposure € 0.1 bn

Gross
Exposure€ 0.4 bn($ 0.5 bn)

Estimated
Collateral€ 0.3 bn($ 0.4 bn)

31 December 2020

30 June 2021€/$ = 1.23€/$ = 1.19

Balance Sheet Highlights: Assets

IN € MILLION

27

June 2021

Dec. 2020

Non-current Assets

49,982

51,695of which Intangible & Goodwill

16,223

16,199of which Property, plant & equipment

16,526

16,674of which Investments & other long-term financial assets

5,622

5,433

69

48

of which Positive hedge mark-to-market

1,644

3,451

of which Non-current securities

5,173

5,350

Current Assets

57,43858,400of which Inventory

29,79130,401of which Contract assets

1,215

1,074

of which Cash and cash equivalents

14,661

14,439of which Current securities

1,607

1,618

374

973

0

0

107,420

110,095

1.19

1.23

of which Contract assetsof which Positive hedge mark-to-market
Assets of disposal groups classified as held for sale
Total Assets
Closing rate € vs. $Balance Sheet Highlights: Liabilities28

IN € MILLION

June 2021

Dec. 2020

Total Equity

9,275

6,456

of which AOCI (Accumulated Other Comprehensive Income)

205

1,853

of which Non-controlling interests

18

11

Total Non-current liabilities

48,82353,868of which Pensions

7,183

9,515

of which Other provisions

4,006

4,483

of which Financing liabilities

13,054

14,082of which European Governments’ refundable advances

3,747

3,712

of which Contract liabilities

18,50919,212of which Negative hedge mark-to-market

1,258

1,834

Total Current liabilities

49,322

49,771385

467

of which Other provisions

4,934

6,078

of which Financing liabilities

1,902

3,013

169

200

of which Contract liabilities

23,99824,675of which Trade liabilities

10,5658,722

of which Negative hedge mark-to-market

1,206

983

0

0

107,420

110,095

of which Pensionsof which European Governments’ refundable advances

Liabilities of disposal groups classified as held for sale
Total Liabilities and Equity

Shareholding Structure at 30 June 2021

Free Float

29

74.0%

Shareholder Agreement 25.9%

 786,020,816 shares issued at 30 June 2021

SOGEPA

10.9%

GZBV

10.9%

SEPI

4.1%

Treasury Shares

0.0%

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

30

Q1
2021

H1
2020

2021

9m
2020

2021

FY
2020

2021

2020

Airbus

7,272

7,569

17,813

12,533

20,271

34,250

Helicopters

1,177

1,202

2,594

2,333

3,623

6,251

Defence and Space

2,115

2,111

4,538

4,551

6,936

10,446

Eliminations

(104)

(251)

(308)

(469)

(669)

(1,035)

10,460

10,631

24,637

18,94830,161

49,912

Consolidated Airbus

Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

31

Q1
2021

H1
2020

2021

9m
2020

2021

FY
2020

2021

2020

Airbus

533

191

2,291

(1,307)

(641)

618

Helicopters

62

53

183

152

238

471

Defence and Space

59

15

229

186

266

660

Eliminations

40

22

0

24

12

(43)

Consolidated Airbus

694

281

2,703

(945)

(125)

1,706

Quarterly EBIT Breakdown (Cumulative)IN € MILLION

32

Q1
2021

H1
2020

2021

9m
2020

2021

FY
2020

2021

2020

Airbus

343

57

2,387

(1,808)(2,399)(1,330)

Helicopters

62

53

183

152

238

455

Defence and Space

17

(53)

157

73

(36)

408

Eliminations

40

22

0

24

12

(43)

Consolidated Airbus

462

79

2,727

(1,559)(2,185)(510)

H1 2021 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

June 2021

33

IN € BILLION

June 2021

Cash provided by (used for) operating activities

2.7

Cash provided by (used for) operating activities

2.7

t/o Reimbursement from / contribution to plan assets(0.2)

Cash provided by (used for) investing activities(0.6)

t/o Treasury swaps

0.0

t/o Net proceeds (payment)

0.2

t/o Change in other operating assets and liabilities

0.7

Others0.1

Gross Cash Flow from Operations

2.1

Free Cash Flow

2.0

t/o M&A transactions(0.0)

Free Cash Flow before M&A

2.0

t/o Customer Financing(0.0)

FCF before M&A and Customer Financing

2.1

Glossary on Alternative Performance Measures (APM)
This presentation also contains certain “non-GAAP financial measures”, i.e. financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable
measure calculated and presented in accordance with IFRS. For example, Airbus makes use of the non-GAAP measures “EBIT Adjusted”, “EPS Adjusted” and “Free Cash Flow”.
Airbus uses these non-GAAP financial measures to assess its consolidated financial and operating performance and believes they are helpful in identifying trends in its performance. These measuresenhance management’s ability to make decisions with respect to resource allocation and whether Airbus is meeting established financial goals.
Non-GAAP financial measures have certain limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of Airbus’ results as reported under IFRS. Because of
these limitations, they should not be considered substitutes for the relevant IFRS measures.
 EBIT: Airbus continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance cost and income taxes as defined by IFRS Rules.
 Adjustment is an alternative performance measure used by Airbus which includes material charges or profits caused by movements in provisions related to programmes, restructuring or foreignexchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
 EBIT Adjusted: Airbus 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 is an alternative performance measure of a basic EPS as reported whereby the net income as the numerator does include Adjustments. For reconciliation see slide “Detailed Income
Statement and Adjustments”.
 Gross cash position: Airbus defines its consolidated gross cash position as the sum of (i) cash and cash equivalents and (ii) securities (all as recorded in the consolidated statement of financial
position).
 Net cash position: Airbus defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities (all as recorded in the consolidated
statement of financial position) as defined in the Universal Registration Document, MD&A section 2.1.6.
 Gross cash flow from operations: Gross cash flow from operations is an alternative performance measure and an indicator used by Airbus to measure its operating cash performance beforechanges in other operating assets and liabilities (working capital). It is defined in the Universal Registration Document, MD&A section 2.1.6 as cash provided by operating activities, excluding (i)changes in other operating assets and liabilities (working capital), (ii) contribution to plan assets of pension schemes and (iii) realised foreign exchange results on treasury swaps.
 Changes in working capital: it is identical to changes in other operating assets and liabilities as defined by IFRS Rules. It is comprised of inventories, trade receivables, other assets and prepaid
expenses netted against trade liabilities, other liabilities (including customer advances), deferred income and customer financing.
 FCF: For the definition of the alternative performance measure free cash flow, see 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 refers to FCF as defined in the Universal Registration Document, MD&A section 2.1.6.1. adjusted for net proceeds from disposals and acquisitions. It is an alternative performancemeasure and indicator that is important in order to measure FCF excluding those cash flows from the acquisition and disposal of businesses.
 FCF before M&A and Customer Financing refers to free cash flow before mergers and acquisitions adjusted for cash flow related to aircraft financing activities. It is an alternative performancemeasure and indicator that may be used occasionally by the Company in its financial guidance, especially when there is higher uncertainty around customer financing activities.