04 May 2022
Guillaume FAURY
Dominik ASAM||

Chief Executive Officer
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;
 Changes in societal expectations and regulatory requirements about climate change; The full impact of the COVID-19 pandemic and the resulting health and economic crisis;
 Aggravation of adverse geopolitical events, including Russia's invasion of Ukraine and the resulting imposition of export control restrictions and international sanctions, and rising military tensions
around the world.
As a result, Airbus SE’s 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 Russia’s invasion of Ukraine, see note 2 "Ukraine Crisis" of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements
for the three-month period ended 31 March 2022. For more information about the impact of the COVID-19 pandemic, see note 3 "Impact of the COVID-19 Pandemic” of the Notes to the Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Statements for the three-month period ended 31 March 2022. For more information about factors that could cause future results to differ fromsuch forward-looking statements, see Airbus SE's annual reports, including its 2021 Universal Registration Document filed on 6 April 2022 and the most recent Risk Factors.
Any forward-looking statement contained in this presentation speaks as of the date of this presentation. Airbus SE 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.

AIRBUS
Company Highlights

Divisional Highlights

Guidance Highlights

Appendix

Q1 2022 Key Topics

 Evolving and complex geopolitical and economic environment 142 (1) commercial aircraft delivered in Q1 2022
 A320 family: Monthly production rates to increase to 75 in 2025 to meet customer demand Q1 2022 financials:
 EBIT Adjusted of € 1.3 bn; EBIT reported of € 1.4 bn
 FCF before M&A and Customer Financing of € 0.2 bn
 Guidance unchanged; more challenging risk profile for the remainder of 2022

(1) Before a reduction of 2 a/c previously recorded as sold in December 2021 for which a transfer was not possible due to international sanctions against Russia

4

Q1 2022 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

Helicopters(in units)(net)

Defence and Space(in € m)Order Intake

Order Book(net)

Q1 2022

Q1 2021

Change

83

(61)

N/A

7,023

6,998

0.4%

€ 12.0 bn

56

40

40.0%

t/o defence€ 2.4 bn

756

664

13.9%

3,211

1,962

63.6%

 AIRBUS: Gross orders: 253 a/c; Net orders: 83 a/c; Backlog: 7,023 a/c
 HELICOPTERS: 56 net orders and the Tiger MKIII upgrade programme DEFENCE AND SPACE: Order intake € 3.2 bn, including Eurodrone global contract

Airbus70%

Helicopters

10%

Defence and
Space

20%

Q1 2022 Financial Performance
Revenues

6

EBIT Adjusted

in € bnin € bn / RoS (%)

10.5%

6.6%

10.5

12.0

1.3
0.7

Q1 2021

Q1 2021

Q1 2022

Q1 2022

EPS(1) Adjusted

FCF before M&A and Customer Financing

in €in € bn

1.14

1.2

0.58

0.2
Q1 2021

Q1 2022(1) Q1 2022 Average number of shares: 785,841,075 compared to 783,986,683 in Q1 2021
Capitalised R&D: € 42 m in Q1 2022 and € 16 m in Q1 2021

Q1 2021

Q1 2022

Q1 2022 Profitability

7

EBIT Performance Q1 2022 EBIT Reported of € 1,429 m

in € bn Q1 2022 EBIT Adjustments resulting from:

1.4

1.3
0.7

190 m

PDP mismatch / BS revaluation

 €

-

11 m

A380 programme

 €

-

13 m

Others Q1 2022 Net Adjustments of € + 166 m

0.5
EBIT Adjusted
Q1 2021 € +EBIT Reported
Q1 2022

 Q1 2022 Net Income of € 1,219 m

EPS(1) Performancein € Q1 2022 Net Income Adjusted of € 892 m

1.55
1.14
0.58
EPS Adjusted
Q1 2021(1) Q1 2022 Average number of shares: 785,841,075 compared to 783,986,683 in Q1 2021
Capitalised R&D: € 42 m in Q1 2022 and € 16 m in Q1 2021

0.46
EPS Reported
Q1 2022

Currency Hedge Policy

8

Forward Sales as of Mar. 2022

IN $ BILLION

Forward Sales as of Dec. 2021

4.4

19.5

16.2

20.4
13.3
9.5
7.0
1.1

Average hedge rates

2022
Remaining 9 months

2023

2024

2025

2026

2027

2028

€ vs $

1.23

1.22

1.23

1.25

1.30

1.34

1.32

Forwards( 1.22 in Dec. 21 )( 1.23 in Dec. 21 )( 1.24 in Dec. 21 )( 1.26 in Dec. 21 )( 1.31 in Dec. 21 )( 1.35 in Dec. 21 )( 1.32 in Dec. 21 )Mark-to-market value incl. in AOCI = € - 5.3 bn
Closing rate @ 1.11 € vs. $ In Q1 2022 $ 4.4 bn(1) of hedges matured at an average rate of € 1 = $ 1.21
 $ 3.5 bn(1) of new Forwards were added at € 1 = $ 1.18
 Hedge portfolio(1) as of 31 March 2022 at $ 87.1 bn (vs. $ 88.3 bn in December 2021), at an average rate of $ 1.25
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.

Q1 2022 Cash Evolution9IN € BILLION
+1.2

-0.7
-0.4
-0.0

-0.2

7.7

7.7
Free Cash Flow before M&A: € + 0.2 bn
t/o Customer Financing € + 0.0 bn
Free Cash Flow before M&A andCustomer Financing: € + 0.2 bn

Net Cash Position
December 2021

(1)

Gross Cash Flowfrom Operations

Change in
Working Capital(2)

Cash used forinvesting activities
before M&A(1) The Company has decided to refine the net cash definition to include interest rate contracts related to fair value hedges which is also reflected in the Q1 2022 balance(2) Thereof CapEx of € - 0.3 bn(3) M&A transactions include acquisitions and disposals of subsidiaries and businesses

M&A

(3)

Pensions & Others

Net Cash Position
March 2022

(1)

AIRBUS
Company Highlights

Divisional Highlights

Guidance Highlights

Appendix

11

Deliveries by Programme (Units)IN € MILLION

Q1 2022

Q1 2021

Change

A220

8%

83

(61)

N/A

A320

77%

7,023

6,998

0.4%

A330

4%

125

13.6%

A350

11%

8,541

7,272

17.5%

R&D Expenses

477

520

in %of Revenues

5.6%

7.2%

1,065

533

12.5%

7.3%

1,242

343

14.5%

4.7%

Platforms

91%

Services

9%Order Intake (net)

Units

Order Book
Deliveries
Revenues

EBIT Adjusted
in %of Revenues

EBIT
in %of Revenues

Units

142

(1)

-8.3%
99.8%
262.1%

 Deliveries: 142 (1) aircraft comprising 11 A220, 109 A320 Family, 6 A330 and 16 A350
 Revenues mainly reflect higher deliveries as well as a favourable mix
 EBIT Adjusted also reflects efforts on competitiveness, costs containment, impact from retirement obligations,partly offset by consequences of international sanctions(1) Before a reduction of 2 a/c previously recorded as sold in December 2021 for which a transfer was not possible due to international sanctions against Russia
Capitalised R&D: € 16 m in Q1 2022 and € 1 m in Q1 2021

External Revenue Split

Helicopters

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

Units

Order Book
Deliveries
Revenues
R&D Expenses

Units

Q1 2022

Q1 2021

Change

Civil

40%

56

40

40.0%

Defence

60%

756

664

13.9%

39

39

0.0%

1,265

1,177

7.5%

Platforms

44%

Services

56%

56

55

4.4%

4.7%

EBIT Adjusted

90

62

in %of Revenues

7.1%

5.3%

EBIT

90

62

in %of Revenues

7.1%

5.3%

in %of Revenues

1.8%
45.2%
45.2%

 Revenues reflect growth in services and favourable mix in programmes
 EBIT Adjusted also reflects non-recurring elements, including impact from retirement obligations

Capitalised R&D: € 0 m in Q1 2022 and € 0 m in Q1 2021

Defence and Space

13

External Revenue Split
IN € MILLION

Q1 2022

Q1 2021

ChangeOrder Intake (net)

3,211

1,962

63.6%

Revenues

2,453

2,115

16.0%

R&D Expenses

53

47

in %of Revenues

2.2%

2.2%

EBIT Adjusted

106

59

in %of Revenues

4.3%

2.8%

EBIT
in %of Revenues

95

17

3.9%

0.8%

Services

31%

79.7%
458.8%

 EBIT Adjusted also reflects impact from retirement obligations, offset by consequences of international sanctions

Capitalised R&D: € 26 m in Q1 2022 and € 15 m in Q1 2021

69%

12.8%

 Revenues mainly reflect higher volume on Military Aircraft and Eurodrone contract signature A400M: 1 a/c delivered in Q1 2022

Platforms

Military Aircraft

52%

Space Systems

25%

Connected Intelligence& Others

24%

AIRBUS
Company Highlights

Divisional Highlights

Guidance Highlights

Appendix2022 Guidance
The guidance issued in February 2022 remains unchanged.

As the basis for its 2022 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 2022 guidance is before M&A.

On that basis, the Company targets to achieve in 2022 around:

720 commercial aircraft deliveries;



EBIT Adjusted of € 5.5 billion;Free Cash Flow before M&A and Customer Financing of € 3.5 billion

15

Key Priorities

 Deliver on our Guidance
 Further strengthen the backlog across businesses Deliver on our commercial aircraft ramp-up
 Continue the transformation of the Company
 Lead the development of sustainable aerospace Focus on earnings and cash growth trajectory beyond 2022

16

AIRBUS
Company Highlights

Divisional 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

1.23

1.22

(1)

1.21

1.22

1.20
1.19

1.18
1.16

1.16

1.14
Q1

Q2

2021

Hedge rates reflect EBIT impact of the US$ hedge portfolio(1) Q1 actual

Q3

2022E

FY 2021

1.20

FY 2022E

1.22

1.23

Q4

Q1 2022 Detailed Income Statement and Adjustments

19

thereof Adjustments
Impact on EBITIN € MILLION

Q1 2022
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(23)

(1)

0

190

Financial
Result

Q1 2022
Adjusted

EBIT

1,429

1,263

in % of Revenues

11.9%

10.5%

Interest income

22Interest expense

(78)

(78)

Other Financial Result

242

243

(1)

Financial Result

166

243

(77)

243

1,186

Income before taxes

1,595

Non-controlling interests

26

26

1,219

892

785,841,075

785,841,075

1.55

1.14

Net Income
Number of shares
EPS (in €)

(23)

(1)

0

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 25%.

(1) Thereof € - 1 m A400M programme update(2) Thereof € + 200 m Airbus, € - 10 m Defence and Space190

Q1 2021 Detailed Income Statement and Adjustments

20

thereof Adjustments
Impact on EBITIN € MILLION

Q1 2021
Reported

Operational

FX

AirbusDefenceand Space

Helicopters

Airbus + Defence
and Space(1)

(53)

(2)

0

(177)

Financial
Result

Q1 2021
Adjusted

EBIT

462

in % of Revenues

4.4%

6.6%

Interest income

1414Interest expense

(96)

(96)

Other Financial Result

141

148

(7)

Financial Result

59

148

(89)

Income before taxes

521

148

605

Non-controlling interests

16

16

Net Income

362

458

783,986,683

783,986,683

0.46

0.58

Number of shares
EPS (in €)

694

(53)

(2)

0

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 34%.

(1) Thereof € - 137 m Airbus, € - 40 m Defence and Space(177)

Liquidity as of 31 March 2022

21

RSCF:

€ 6.0 bn Signed October 2020 with maturity of 3 years+ 2 extension options of 1 year. First extension
option exercised extending the maturity to
October 2024; undrawn
 Fully committed by 33 banks
 No financial covenants, no MAC clause

Credit Facility (RSCF)€ 15.1 bn

Financing Liabilities:

Total Gross Debt

€ 22.8 bn(1)Incl. interest rate
contractsof which long-term: € 12.5 bn
 Includes € 9.0 bn EMTN and$ 2.3 bn 144A/RegS & USPP (nominal amounts)

Total Gross CashInvested inhighly rated securities
Credit Ratings:
Short-term rating: S & P:
A-1
 Moody’s:
P-1€ 7.7 bn

Net Cash(2)(1) The Q1 2022 Gross Debt includes financing liabilities for € 14.6 bn and interest rate contracts related to fair value hedges for € 0.5 bn(2) The Company has decided to refine the net cash definition to include interest rate contracts related to fair value hedges which is also reflected in the Q1 2022 balanceLong-term rating: S & P:A stable Moody’s:
A2 stable

Q1 2022 Key FiguresIN € MILLION22

Q1 2022

Q1 2021

Revenues

12,00010,460EBIT Adjusted

1,263

694

EBIT

1,429

462

Net Income

1,219

362

FCF before M&A

167

1,171

FCF before M&A and Customer Financing

213

1,202

IN € MILLION
Q1 2022

Q1 2021

Revenues

Q1 2022

Q1 2021

Q1 2022

EBIT Adjusted

Q1 2021
EBIT

Airbus

8,541

7,272

1,065

533

1,242

343

Helicopters

1,265

1,177

90

62

90

62

Defence and Space

2,453

2,115

106

59

95

17

Eliminations

(259)

(104)

2

40

2

40

12,00010,460

1,263

694

1,429

462

Consolidated Airbus

Detailed Free Cash FlowIN € MILLION

23

Q1 2022

Q1 2021

7,740

4,724

1,214

585

(662)

1,022

(391)

(443)

(337)

(460)

Free Cash Flow (6)

161

1,164

of which M&A

(6)

(7)

167

1,171

(46)

(31)

213

1,202

Change in capital and non-controlling interests

139

133

Change in treasury shares / share buyback

(36)

0

Change in liability for puttable instruments

134

0

Contribution to plan assets of pension schemes

(70)

(175)

0

0

(357)

30

7,711

5,876

Net Cash position at the beginning of the period (1)Gross Cash Flow from Operations
Change in working capital

(2)

(3)

Cash used for investing activities(4)of which Industrial CapEx (additions)(5)Free Cash Flow before M&Aof which Customer Financing
Free Cash Flow before M&A and Customer Financing

Cash distribution to shareholders / non-controlling interests
OthersNet Cash position at the end of the period(1)(1) The Company has decided to refine the net cash definition to include interest rate contracts related to fair value hedges which is also reflected in the Q1 2022 balance(2) Excluding working capital change, contribution to plan assets of pension schemes and realised FX results on treasury swaps(3) Including net customer financing and excluding some perimeter change impacts from changes in consolidation(4) Excluding change in securities and change in cash from changes in consolidation and excluding bank activities(5) Excluding leased and financial assets(6) 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

Mar. 2022

Dec. 2021

Gross Cash

22,816

22,683Financing Liabilities(14,572)(15,040)

Short-term Financing Liabilities(2,045)(1,946)Long-term Financing Liabilities(12,527)(13,094)

Interest rate contracts

(533)

97

Reported Net Cash (1)

7,711

7,740

(1) The Company has decided to refine the net cash definition to include interest rate contracts related to fair value hedges which is also reflected in the Q1 2022 balanceCustomer Financing ExposureIN € MILLION

25

Mar. 2022

Dec. 2021

AirbusClosing rate € 1 =Mar. 2022

Dec. 2021

Helicopters$ 1.11$ 1.13$ 1.11$ 1.13

366

364

33

58

of which off-balance sheet

41

41

1

26

Estimated value of collateral

(292)

(282)

(33)

(58)

Net Exposure

74

82

0

0

Provision and asset impairment

(74)

(82)

0

0

0

0

0

0

Total Gross Exposure

Net Exposure after provisionAirbus Customer Financing

26

IN € BILLION
AdditionsAirbus Customer
Financing Gross
Exposure

1.0

0.8

0.6

0.8

0.6

0.5

0.3

Amortization
0.9

0.8
0.6

Net change
0.7
0.1

(0.2)

(0.2)
(1.1)

Sell Down

(0.1)

(0.1)

(0.3)
(0.7)

(0.7)

(0.7)

(0.7)

(0.6)

(0.1)
(0.2)

(0.1)

(0.1)

(0.2)

(0.1)

(0.5)

(0.6)

(0.7)

(0.2)

0.2

0.0

0.3
0.0
(0.0)

(0.2)

(0.3)

(0.4)

(0.1)

(0.1)

(0.1)

(0.0)

(0.2)

(0.1)

(0.1)

Gross Exposurein $ bn

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

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

0.4

0.4

Net Exposure fully provisioned

Net Exposure € 0.1 bn

Gross
Exposure€ 0.4 bn($ 0.4 bn)

Estimated
Collateral€ 0.3 bn($ 0.3 bn)

Net Exposure fully provisioned

Net Exposure € 0.1 bn

Gross
Exposure€ 0.4 bn($ 0.4 bn)

Estimated
Collateral€ 0.3 bn($ 0.3 bn)

31 December 2021

31 March 2022€/$ = 1.13€/$ = 1.11

Balance Sheet Highlights: Assets
IN € MILLION

27

Mar. 2022

Dec. 2021

Non-current Assets

51,01951,247of which Intangible & Goodwill

16,39916,367of which Property, plant & equipment

16,336

16,536of which Investments & other long-term financial assets

5,928

5,673

of which Contract assets

25

27

of which Positive hedge mark-to-market

542

664

of which Non-current securities

6,648

6,794

Current Assets

59,13855,800of which Inventory

30,211

28,538of which Contract assets

1,633

1,377

of which Cash and cash equivalents

15,045

14,572of which Current securities

1,123

1,317

444

341

0

0

110,157

107,047

1.11

1.13

of 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

Mar. 2022

Dec. 2021

Total Equity

10,8959,486

of which AOCI (Accumulated Other Comprehensive Income)(2,567)(1,822)25

20

Total Non-current liabilities

48,83749,754of which Pensions

5,261

6,659

of which Other provisions

4,071

4,112

of which Financing liabilities

12,527

13,094of which European Governments’ refundable advances

3,742

3,730

of which Contract liabilities

19,123

18,620of which Negative hedge mark-to-market

3,152

2,640

Total Current liabilities

50,42547,807400413

of which Other provisions

4,047

4,097

of which Financing liabilities

2,045

1,946

131

131

of which Contract liabilities

24,59423,906of which Trade liabilities

10,296

9,693

of which Negative hedge mark-to-market

2,364

1,923

0

0

110,157

107,047of which Non-controlling interestsof which Pensionsof which European Governments’ refundable advances

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

Shareholding Structure at 31 March 2022

Free Float
Shareholder Agreement
SOGEPA 788,136,199 shares issued at 31 March 2022

29

74.0%
25.9%
10.9%

GZBV

10.9%

SEPI

4.1%

Treasury Shares

0.1%

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

30

Q1
2022

H1
2021

2022

9m
2021

2022

FY
2021

2022

2021

Airbus

8,541

7,272

17,813

24,61836,164

Helicopters

1,265

1,177

2,594

4,137

6,509

Defence and Space

2,453

2,115

4,538

6,881

10,186

Eliminations

(259)

(104)

(308)

(481)

(710)

12,00010,46024,63735,15552,149Consolidated Airbus

Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

Q1
2022

Airbus

31

H1
2021

2022

9m
2021

2022

FY
2021

2022

2021

1,065

533

2,291

2,739

3,570

Helicopters

90

62

183

314

535

Defence and Space

106

59

229

284

696

2

40

0

32

64

1,263

694

2,703

3,369

4,865

Eliminations
Consolidated Airbus

Quarterly EBIT Breakdown (Cumulative)IN € MILLION

Q1
2022

Airbus

32

H1
2021

2022

9m
2021

2022

FY
2021

2022

2021

1,242

343

2,387

2,889

4,175

Helicopters

90

62

183

312

535

Defence and Space

95

17

157

204

568

Eliminations

2

40

0

32

64

1,429

462

2,727

3,437

5,342

Consolidated Airbus

Q1 2022 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

Mar. 2022

33

IN € BILLION

Mar. 2022

Cash provided by (used for) operating activities

0.5

Cash provided by (used for) operating activities

0.5

t/o Reimbursement from / contribution to plan assets(0.1)

Cash provided by (used for) investing activities(0.4)

t/o Treasury swaps

0.0

t/o Net proceeds (payment)

0.1

t/o Change in other operating assets and liabilities(0.7)

Others0.1

Gross Cash Flow from Operations

1.2

Free Cash Flow

0.2

t/o M&A transactions(0.0)

Free Cash Flow before M&A

0.2

t/o Customer Financing(0.0)

FCF before M&A and Customer Financing

0.2

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, plus or minus (iiii) interest rate
contracts related to fair value hedges (all as recorded in the Consolidated Statement of Financial Position).
 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 2.1.6.1. 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, contract assets and contract
liabilities (including customer advances), trade liabilities, and other assets and other liabilities.
 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 Free Cash Flow 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
performance measure 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.