Airbus reports First Quarter (Q1) 2022 results● Solid Q1 results in an 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● Revenues € 12.0 billion; EBIT Adjusted € 1.3 billion● EBIT (reported) € 1.4 billion; EPS (reported) € 1.55
● Free cash flow before M&A and customer financing € 0.2 billion● Guidance unchanged; more challenging risk profile for the remainder of 2022
Amsterdam, 04 May 2022 – Airbus SE (stock exchange symbol: AIR) reported consolidated
financial results for its First Quarter (Q1) ended 31 March 2022.
“These Q1 results reflect a solid performance across our commercial aircraft, helicopter anddefence businesses. Our 2022 guidance is unchanged, even though the risk profile for the restof the year has become more challenging due to the complex geopolitical and economicenvironment,” said Guillaume Faury, Airbus Chief Executive Officer. “Looking beyond 2022,
we see continuing strong growth in commercial aircraft demand driven by the A320 Family. As
a result we are now working with our industry partners to increase A320 Family production
rates further to 75 aircraft a month in 2025. This ramp-up will benefit the aerospace industry’s
global value chain.”
Gross commercial aircraft orders increased to 253 (Q1 2021: 39 aircraft) with net orders of 83
aircraft after cancellations (Q1 2021: -61 aircraft). The order backlog amounted to 7,023
commercial aircraft on 31 March 2022. Airbus Helicopters booked 56 net orders (Q1 2021: 40units) and was awarded a contract for the Tiger MkIII attack helicopter upgrade programme.
Airbus Defence and Space’s order intake by value increased to € 3.2 billion (Q1 2021: € 2.0billion), corresponding to a book-to-bill ratio of around 1.3. Included is the Eurodrone global
contract signed in February 2022, covering the development and manufacturing of 20 systems
and 5 years of initial in-service support for Germany, France, Italy and Spain.
Consolidated revenues increased 15 percent to € 12.0 billion (Q1 2021: € 10.5 billion), mainlyreflecting the higher number of commercial aircraft deliveries and a favourable mix. A total of142(1) commercial aircraft were delivered (Q1 2021: 125 aircraft), comprising 11 A220s, 109
A320 Family, 6 A330s and 16 A350s. The financial results reflect 140 commercial aircraft
deliveries after the reduction of two aircraft previously recorded as sold in December 2021 forwhich a transfer was not possible due to international sanctions in place. Revenues generated
by Airbus’ commercial aircraft activities increased 17 percent, mainly reflecting the higherdeliveries and favourable mix. Airbus Helicopters delivered 39 units (Q1 2021: 39 units), withrevenues rising 7 percent mainly reflecting growth in services and a favourable mix inprogrammes. Revenues at Airbus Defence and Space increased 16 percent, mainly driven by
the Military Aircraft business and following the Eurodrone contract signature. One A400M
transport aircraft was delivered in Q1 2022.

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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 by
movements in provisions related to programmes, restructuring or foreign exchange impacts aswell as capital gains/losses from the disposal and acquisition of businesses – increased to €1,263 million (Q1 2021: € 694 million). It includes a non-recurring positive element of € 0.4
billion related to the remeasurement of past service cost in the retirement obligations and also
reflects efforts on competitiveness and the impact from cost containment. An amount of € -0.2
billion was recorded in Q1 2022 resulting from the impact of international sanctions against
Russia.
EBIT Adjusted related to Airbus’ commercial aircraft activities increased to € 1,065 million (Q12021: € 533 million), mainly reflecting higher deliveries as well as the efforts oncompetitiveness and the effect from cost containment. It also includes the non-recurring impact
from retirement obligations, partly offset by the impact of international sanctions against
Russia.
Commercial aircraft production for the A320 Family is progressing towards a monthly rate of
65 aircraft by summer 2023, in a complex environment. Following an analysis of global
customer demand as well as an assessment of the industrial ecosystem’s readiness, theCompany is now working with its suppliers and partners to enable monthly production rates of
75 in 2025. This production increase will benefit the entire global industrial value chain. Airbus
will meet the higher production rates by increasing capacity at its existing industrial sites andgrowing the industrial footprint in Mobile, US, while investing to ensure that all commercial
aircraft assembly sites are A321-capable.
On the A321XLR, the Company continues to work towards a first flight by the end of Q2 2022.
Initially planned for the end of 2023, the entry-into-service is now expected to take place inearly 2024 in order to meet certification requirements.
Airbus Helicopters’ EBIT Adjusted increased to € 90 million (Q1 2021: € 62 million), partly
driven by growth in services and favourable mix in programmes. It also reflects non-recurring
elements, including the impact from retirement obligations.
EBIT Adjusted at Airbus Defence and Space was € 106 million (Q1 2021: € 59 million), mainly
driven by Military Aircraft and following the Eurodrone contract signature. It also reflects thenon-recurring impact from retirement obligations, partly offset by the consequences for thespace business from the international sanctions against Russia.
On the A400M programme, development activities continue toward achieving the revised
capability roadmap. Retrofit activities are progressing in close alignment with the customer.
Risks remain on the qualification of technical capabilities and associated costs, on aircraft
operational reliability in particular with regard to powerplant, on cost reductions and on securingexport orders in time as per the revised baseline.
Consolidated self-financed R&D expenses totalled € 586 million (Q1 2021: € 620 million).

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Consolidated EBIT (reported) amounted to € 1,429 million (Q1 2021: € 462 million), including
net Adjustments of € +166 million.
These Adjustments comprised:● € +190 million related to the dollar pre-delivery payment mismatch and balance sheetrevaluation;● € -11 million related to the A380 programme;● € -13 million of other costs including compliance.
The financial result was € 166 million (Q1 2021: € 59 million). It mainly reflects the positive net
impact from the revaluation of certain equity investments, partially offset by the revaluation offinancial instruments as well as the net interest result of € -76 million. Consolidated netincome(2) was € 1,219 million (Q1 2021: € 362 million) with consolidated reported earnings
per share of € 1.55 (Q1 2021: € 0.46).
Consolidated free cash flow before M&A and customer financing was € 213 million (Q12021: € 1,202 million), reflecting the level of deliveries, competitiveness and the impact of cost
containment, partly offset by an increase in working capital mainly driven by inventory.
Consolidated free cash flow was € 161 million (Q1 2021: € 1,164 million).
On 31 March 2022, the gross cash position stood at € 22.8 billion (year-end 2021: € 22.7billion) with a consolidated net cash position(3) of € 7.7 billion (year-end 2021: € 7.7 billion).
The Company’s liquidity position remains strong, standing at € 28.8 billion at the end of March
2022.
Outlook
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 andservices.
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.

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The US Department of State has granted Airbus a nine-month extension of the duration of theConsent Agreement settling civil violations of the International Traffic in Arms Regulations(ITAR). Airbus initiated this request for an extension from the US Department of State because
it had to redirect internal Export Control resources to the tracking and implementation of recentexport control restrictions and international sanctions against Russia and Belarus. TheCompany does not expect the Consent Agreement extension to have an impact on the otheragreements approved on 31 January 2020 with the UK, French and US authorities.
Note to editors: Live Webcast of the Analyst Conference Call
At 19:15 CEST on 04 May 2022, you can listen to the Q1 2022 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
Hélène Le Gorgeu
Institutionals and Analysts+33 (0)5 67 19 02 64
helene.le-gorgeu@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

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Consolidated Airbus – First Quarter (Q1) 2022 Results(Amounts in Euro)
Consolidated Airbus

Q1 2022

Q1 2021Change

Revenues, in millions
thereof defence, in millions

12,0002,392

10,4602,027+15%+18%

EBIT Adjusted, in millions

1,263

694+82%

EBIT (reported), in millions

1,429

462+209%

Research & Development expenses, inmillions

586

620-5%Net Income(2), in millions

1,219

362+237%

Earnings Per Share

1.55

0.46+237%

Free Cash Flow (FCF), in millions

161

1,164-86%

Free Cash Flow before M&A, in millions

167

1,171-86%

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

213

1,202-82%

31 March 2022

31 Dec 2021

ChangeNet Cash position(3), in millions of Euro

7,711

7,740

0%

Number of employees

127,120

126,495

0%Consolidated Airbus

For footnotes please refer to page 9.

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By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

Q1 2022

Q1 2021

ChangeQ1 2022

Q1 2021

ChangeAirbus

8,541

7,272

+17%

1,242

343

+262%

Airbus Helicopters

1,265

1,177

+7%

9062+45%

Airbus Defence andSpace

2,453

2,115

+16%

95

17+459%Eliminations-259-104-240-95%

Total

12,00010,460+15%

1,429462+209%

By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

Q1 2022

Q1 2021

ChangeAirbus1,065

533+100%

Airbus Helicopters

9062+45%

Airbus Defence andSpace10659+80%

Eliminations

240-95%

Total

1,263

694+82%By Business Segment

Order Intake (net)

Order Book

Q1 2022

Q1 2021

Change31 March
2022

31 March
2021

ChangeAirbus, in units

83-61-

7,023

6,998

0%

Airbus Helicopters, inunits

56

40+40%

756

664+14%

Airbus Defence andSpace, in millions ofEuro

3,211

1,962+64%

N/A

N/A

N/A

Page | 6EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus(Amounts in millions of Euro)EBIT (reported)

Q1 2022
1,429

thereof:$ PDP mismatch/balance
sheet revaluation+190

A380 programme-11

Others-13

EBIT Adjusted

1,263

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Glossary
KPI

DEFINITIONEBITThe Company 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

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 bymovements 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 cashposition

The Company 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 The Company 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 ofFinancial Position).
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 anfinancingalternative performance measure and indicator that may be used occasionally by theCompany in its financial guidance, especially when there is higher uncertainty aroundcustomer financing activities.

Page | 8Footnotes:1)
2)
3)

Before a reduction of two aircraft previously recorded as sold in December 2021 for which a transfer was notpossible due to international sanctions against Russia.
Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable toequity owners of the parent as defined by IFRS Rules.
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.

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-lookingstatements. 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 and circumstances and there are many factors that could cause actual results anddevelopments 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 theworld.
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 Russia’s invasion of Ukraine, see Note 2“Ukraine Crisis” of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated FinancialStatements for the three-month period ended 31 March 2022. For more information about the impact of the COVID19 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 from such 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 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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