First half-year 2023 Financial Report

2023 Semi-annual report of the Board of Directors .......................................................................................................................................... 2
Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Information for the six-month period ended 30 June 2023.................. 4

Appendix: Review report of the independent auditor

2023 Semi-annual report of the Board of Directors
1.

Semi-annual report on activities

Main events in the first half-year of 2023
For an overview of the main events that occurred during the first half of 2023 and their impact on the Unaudited Condensed Interim IFRS
Consolidated Financial Information of the Company for the six-month period ended 30 June 2023 (the “Semi-Annual Financial
Statements”), please refer to the press release, which was approved by the Board of Directors and issued on 26 July 2023, available on
Airbus’ website www.airbus.com.
For further information and detail regarding the Company’s activities, finances, financing, risk factors and corporate governance, pleaserefer to the Company’s website www.airbus.com and the documents posted thereon.

Related party transactions
Please refer to the notes to the Semi-Annual Financial Statements attached hereto (see “– Note 7: Related Party Transactions”).

2.

Risk factors

By systematically integrating Enterprise Risk Management (“ERM”) across the company, the Company is mitigating risk and increasing
opportunity, to support risk taking for value creation and competitiveness. Consequently, the Company has made ERM a key management
process, carefully followed by the Board of Directors.
The ERM system plays a key role to:-make the business more robust and predictable,-

support operational decision making,-improve the business results,-

reduce the exposure level to risks,-

ensure Airbus ERM compliance regarding the Dutch Corporate Governance Code.

For a description of the Enterprise Risk Management system, the main risks and uncertainties please refer to the:a.

Airbus SE Report of the Board of Directors 2022 (sections 4.5 and 4.6)((https://www.airbus.com/sites/g/files/jlcbta136/files/2023-02/Report%20of%20the%20Board%20of%20Directors%202022.pdf), andb.

Airbus SE Universal Registration Document 2022 (section “Risk Factors”)(https://www.airbus.com/sites/g/files/jlcbta136/files/2023-04/Airbus%20Universal%20Registration%20Document%202022_0.pdf)

2

3.

Semi-Annual Financial Statements

The Semi-Annual Financial Statements, including the review report by Ernst & Young Accountants LLP, are attached hereto.

4.

Statement of the Board of Directors

The Board of Directors of Airbus hereby declares that, to the best of its knowledge:
the Semi-Annual Financial Statements for the period ended 30 June 2023 give a true and fair view of the assets, liabilities, financial
position and profits or losses of Airbus and undertakings included in the consolidation taken as a whole; andthis Semi-Annual Board Report (including the press release, which was approved by the Board of Directors and issued on 26 July 2023)
gives a true and fair view of the position as per the balance sheet date, and of the development and performance during the first half ofthe 2023 financial year and expected course of events of Airbus and undertakings included in the consolidation taken as a whole. This
Semi-Annual Board Report has paid special attention to investments and circumstances upon which the development of revenues andprofitability is dependent, as these have been described herein.

26 July 2023,
The Board of Directors
René Obermann, Chairman
Guillaume Faury, Chief Executive Officer
Victor Chu, Director
Jean-Pierre Clamadieu, Director
Ralph D. Crosby Jr., Director
Mark Dunkerley, Director
Stephan Gemkow, Director
Catherine Guillouard, Director
Amparo Moraleda, Director
Claudia Nemat, Director
Irene Rummelhoff, Director
Antony Wood, Director

3

Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Contents
1 Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements ......................................................................5
Unaudited Condensed Interim IFRS Consolidated Income Statement ...............................................................................................5
Unaudited Condensed Interim IFRS Consolidated Statement of Comprehensive Income .................................................................6
Unaudited Condensed Interim IFRS Consolidated Statement of Financial Position ...........................................................................7
Unaudited Condensed Interim IFRS Consolidated Statement of Cash Flows ....................................................................................9
Unaudited Condensed Interim IFRS Consolidated Statement of Changes in Equity ........................................................................ 10
2 Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements ............................................... 111.

The Company ..................................................................................................................................................................... 11

2.

Ukraine Crisis...................................................................................................................................................................... 11

3.

Macroeconomic Environment .............................................................................................................................................. 114.

Accounting Policies ............................................................................................................................................................. 12

5.

Climate Impacts .................................................................................................................................................................. 12

6.

Acquisitions and Disposals .................................................................................................................................................. 13

7.

Related Party Transactions ................................................................................................................................................. 13

8.

Segment Information ........................................................................................................................................................... 13

9.

Revenue and Gross Margin ................................................................................................................................................ 14

10.

Research and Development Expenses ............................................................................................................................... 15

11.

Other Income and Other Expenses ..................................................................................................................................... 15

12.

Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments .................. 15

13.

Total Financial Result.......................................................................................................................................................... 15

14.

Income Taxes ..................................................................................................................................................................... 15

15.

Earnings per Share ............................................................................................................................................................. 16

16.

Intangible Assets and Property, Plant and Equipment ......................................................................................................... 16

17.

Investments Accounted for under the Equity Method ........................................................................................................... 16

18.

Other Investments and Other Long-Term Financial Assets ................................................................................................. 16

19.

Inventories .......................................................................................................................................................................... 16

20.

Provisions ........................................................................................................................................................................... 17

21.

Other Financial Assets and Other Financial Liabilities ......................................................................................................... 17

22.

Other Assets and Other Liabilities ....................................................................................................................................... 18

23.

Total Equity ......................................................................................................................................................................... 1824.

Net Cash ............................................................................................................................................................................. 19

25.

Financial Instruments .......................................................................................................................................................... 20

26.

Litigation and Claims ........................................................................................................................................................... 21

27.

Number of Employees ......................................................................................................................................................... 23

28.

Events after the Reporting Date .......................................................................................................................................... 23

4

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

1
Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Statements
Unaudited Condensed Interim
IFRS Consolidated Income Statement(In € million)
Revenue
Cost of sales
Gross margin
Selling expenses
Administrative expenses
Research and development expenses
Other income
Other expenses
Share of profit from investments accounted for underthe equity method
Other income from investments
Profit before financial result and income taxes
Interest income
Interest expense
Other financial result
Total financial result
Income taxes
Profit for the period

Note
9
9

10
11
11

1 January 30 June 2023
27,663(23,146)
4,517
(424)
(826)
(1,431)34(73)

1 January 30 June 2022
24,810(19,891)
4,919
(383)
(706)
(1,256)55(62)

1 April 30 June 2023
15,900(13,043)
2,857
(219)
(444)
(748)
10
(37)

1 April 30 June 2022
12,810(10,431)
2,379
(202)
(376)
(670)
33
(43)

80
10
1,887
278
(336)
160
102
(537)
1,452

(17)
29
2,579
30
(166)
243
107
(842)
1,844

71
7
1,497
145
(170)
(22)
(47)
(436)
1,014

4
25
1,150
28
(88)
1
(59)
(440)
651

1,526
(74)

1,901
(57)

1,060
(46)

682
(31)

€
1.94
1.93

€
2.42
2.42

€
1.34
1.34

€
0.87
0.87

12
12

13
14

Attributable to:Equity owners of the parent (Net income)Non-controlling interests
Earnings per share
Basic
Diluted15
15

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

5

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Unaudited Condensed Interim
IFRS Consolidated Statement of Comprehensive Income(In € million)

Profit for the period
Other comprehensive income

1 January 30 June 2023
1,452

1 January 30 June 2022
1,844

1 April 30 June 2023
1,014

1 April 30 June 2022
651

396

3,602

356

2,615

(17)
170

(707)
(430)

(16)
(18)

(481)
(239)

(21)

54

3

30

7

3

(4)

1

30
1,663

205
(5,294)

84
710

145
(4,734)

(450)
58

1,440
(492)

(190)
(24)

1,286
(245)

0

5

(1)

3

37
1,873
3,325

(9)
(1,623)
221

30
930
1,944

(16)
(1,635)
(984)

3,392
(67)

284
(63)

1,993
(49)

(937)
(47)

Items that will not be reclassified to profit or loss:
Re-measurement of the defined benefit pension plans
Income tax relating to re-measurement of the defined
benefit pension plans
Change in fair value of financial assets
Income tax relating to change in fair value of financial
assetsShare of change from investments accounted for underthe equity method
Items that may be reclassified to profit or loss:
Foreign currency translation differences for foreign
operations
Change in fair value of cash flow hedges
Income tax relating to change in fair value of cash flow
hedgesChange in fair value of financial assets
Income tax relating to change in fair value of financial
assetsShare of change from investments accounted for underthe equity method
Other comprehensive income, net of tax
Total comprehensive income for the period
Attributable to:Equity owners of the parent
Non-controlling interests

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

6

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Unaudited Condensed Interim
IFRS Consolidated Statement of Financial Position(In € million)

AssetsNon-current assets
Intangible assets
Property, plant and equipment
Investment property
Investments accounted for under the equity method
Other investments and other long-term financial assets
Non-current contract assets
Non-current other financial assets
Non-current other assets
Deferred tax assets
Non-current securities
Total non-current assets

Note

30 June 2023

31 December 2022

16
16

16,893
16,501
36
2,095
4,780
29
697
2,028
3,731
6,850
53,64016,76816,505
37
2,067
4,190
26
781
1,872
4,683
6,013
52,94235,466
5,026
766
1,684
1,819
3,873
692
1,536
14,53365,395
54
119,089

32,202
4,953
665
1,501
2,542
2,850
704
1,762
15,82363,002
0
115,944

17
18
21
22
24

Current assets
Inventories
Trade receivables
Current portion of other long-term financial assets
Current contract assets
Current other financial assets
Current other assets
Current tax assets
Current securities
Cash and cash equivalents
Total current assets
Assets and disposal group of assets classified as held for sale
Total assets

19
18
21
22
24
24
6

7

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

(In € million)

Equity and liabilities
Equity attributable to equity owners of the parent
Capital stock
Share premium
Retained earnings
Accumulated other comprehensive income
Treasury shares
Total equity attributable to equity owners of the parent
Non-controlling interests
Total equity
Liabilities
Non-current liabilities
Non-current provisions
Long-term financing liabilities
Non-current contract liabilities
Non-current other financial liabilities
Non-current other liabilities
Deferred tax liabilities
Non-current deferred income
Total non-current liabilities

Note

30 June 2023

31 December 2022

23

791
3,979
14,025(3,537)(139)
15,11937
15,156789
3,837
13,408(5,016)(68)
12,95032
12,982

6,212
10,363
23,816
8,332
473
185
23
49,404

6,896
10,631
22,044
10,117498
164
1750,367

3,713
2,186
13,92425,725
2,801
4,622
925
547
54,443
86
103,933
119,089

4,127
2,142
13,261
23,869
4,073
3,803
817
503
52,595
0102,962
115,944

20
24
21
22

Current liabilities
Current provisions
Short-term financing liabilities
Trade liabilities
Current contract liabilities
Current other financial liabilities
Current other liabilities
Current tax liabilities
Current deferred income
Total current liabilities
Disposal group of liabilities classified as held for sale
Total liabilities
Total equity and liabilities

20
24

21
22

6

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

8

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Unaudited Condensed Interim
IFRS Consolidated Statement of Cash Flows(In € million)

Note

Operating activities
Profit for the period attributable to equity owners of the parent (Net income)Loss for the period attributable to non-controlling interests
Adjustments to reconcile profit for the period to cash provided by operating
activities:
Depreciation and amortisation
Valuation adjustments
Deferred tax expense (income)Change in income tax assets, income tax liabilities and provisions for income
tax
Results on disposals of non-current assets
Results of investments accounted for under the equity method
Change in current and non-current provisions
Contribution to plan assets
Change in other operating assets and liabilities
Cash provided by operating activities
Investing activities
Purchases of intangible assets, property, plant and equipment andinvestment property
Proceeds from disposals of intangible assets, property, plant and equipment
and investment property
Acquisitions of subsidiaries, joint ventures, businesses and non-controllinginterests (net of cash)
Payments for investments accounted for under the equity method, otherinvestments and other long-term financial assets
Proceeds from disposals of investments accounted for under the equity
method, other investments and other long-term financial assets
Dividends paid by companies valued at equity
Change in securities
Cash (used for) investing activities
Financing activities
Change in financing liabilities
Cash distribution to Airbus SE shareholders
Change in liability for puttable instruments
Change in capital and non-controlling interests
Change in treasury shares
Cash (used for) financing activities
Effect of foreign exchange rate changes on cash and cash equivalents
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
thereof presented as cash and cash equivalents
thereof presented as part of disposal groups classified as held for sale

23

24
24
24
24
6

1 January 30 June 2023

1 January 30 June 2022

1,526
(74)

1,901
(57)

1,042
(699)
470

1,156
(587)
119

127
29
(79)
(483)
(201)
648
2,306

664
7
18
(1,214)
(387)
323
1,943

(1,090)

(749)

27

39

0

(7)

(578)

(468)

219
150
(582)
(1,854)

188
97
296
(604)

(348)
(1,421)
138
140
(83)
(1,574)(160)(1,282)
15,823
14,541
14,5338(1,240)(1,181)
135
140
(36)
(2,182)416(427)
14,572
14,14514,1450

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

9

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Unaudited Condensed Interim
IFRS Consolidated Statement of Changes in Equity(In € million)
Balance at 1 January 2022
Profit for the period
Other comprehensive income
Total comprehensive income for the period

Equity attributable toequity owners of theparent9,466

Non-controllinginterests
20

Total Equity
9,486

1,901
(1,617)
284

(57)
(6)
(63)

1,844
(1,623)
221

Capital increase
Share-based payment
Cash distribution to shareholders /dividends to non-controlling interests
Equity transaction

123
92

0
0

123
92

(1,181)(82)

070(1,181)(12)

Change in treasury shares
Balance at 30 June 2022

(23)
8,679

0
27

(23)
8,706

Balance at 1 January 2023

12,95032

12,982

Profit for the period
Other comprehensive income

1,526
1,866

(74)
7

1,452
1,873

Total comprehensive income for the period
Capital increase

3,392
144

(67)
0

3,325
144

137

0

137

Share-based payment
Cash distribution to shareholders /dividends to non-controlling interests(1,421)0(1,421)Equity transaction
Change in treasury shares

(12)
(71)

72
0

60
(71)

Balance at 30 June 2023

15,11937

15,156

The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements.

10

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

2
Notes to the Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Statements
1.

The Company

The accompanying Unaudited Condensed Interim IFRS Consolidated Financial Statements present the financial position and the resultsof operations of Airbus SE together with its subsidiaries referred to as “the Company”, a European public limited-liability company(Societas Europaea) with its seat (statutaire zetel) in Amsterdam, The Netherlands, its registered address at Mendelweg 30, 2333 CS
Leiden, The Netherlands, and registered with the Dutch Commercial Register (Handelsregister) under number 24288945. The Company’s
reportable segments are Airbus, Airbus Helicopters and Airbus Defence and Space (see “– Note 8: Segment Information”). The Company
is listed on the European stock exchanges in Paris, Frankfurt am Main, Madrid, Barcelona, Valencia and Bilbao. The Unaudited
Condensed Interim IFRS Consolidated Financial Statements were authorised for issue by the Company’s Board of Directors on 26 July
2023.

2.

Ukraine Crisis

Russia's invasion of Ukraine on 24 February 2022 and the resulting export control restrictions and international sanctions against Russia,
Belarus and certain Russian entities and individuals have resulted in disruption to the Company’s business, its operations, data
management and supply chain.
Following the imposition of export control restrictions and sanctions by the EU, the UK, the US and other countries that are relevant to theCompany's business, the Company announced in March 2022 it has suspended the delivery of aircraft and support services to Russiancustomers, as well as the supply of spare parts, equipment and software to Russia. The Company is complying with all applicableregulations and sanctions to its facilities and operations in Russia.
The crisis has increased the Company’s exposure to supply chain disruption risk. Part of the titanium used by the Company is sourced
from Russia, both directly and indirectly through the Company’s suppliers. While geopolitical risks are integrated into the Company’stitanium sourcing policies, the impact of Russia’s invasion of Ukraine on the Company’s ability to source materials and components andany future expansion of sanctions is continuously being reviewed.
The Company is also indirectly exposed through its partnership into the joint venture ArianeGroup. Arianespace paid and received prepayments for the Soyuz program for which Roscosmos decided to suspend the rocket launches operated by Arianespace. Agreements
have been reached on pre-payments received with three of these clients. Negotiations continue with the remaining clients.
In 2022 and in the first half-year 2023, there was no material impact.

3.

Macroeconomic Environment

In 2022, the Company has been operating in an adverse macroeconomic environment in light of high inflation, energy crisis, increasing
interest rates, but also remaining effects of the COVID-19 pandemic. For more details on the impacts in 2022, please refer to theCompany’s IFRS Consolidated Financial Statements as of 31 December 2022.
The main impacts of inflation on the Company’s Consolidated Financial Statements continue to be assessed regularly. No further
significant impacts have been recorded during the first half-year 2023.
In the first half-year 2023, the US dollar has weakened versus the Euro resulting in a positive impact on the mark to market valuation of
the hedge portfolio (see “– Note 25: Financial Instruments”). Interest rates have continued to rise, leading to a decrease in the defined
benefit obligations of certain pension plans (see “– Note 20: Provisions”).

11Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

This environment paired with the consequences of Russia’s invasion of Ukraine (see “– Note 2: Ukraine Crisis”) has further increased theCompany’s exposure to supply chain. While the Company is operating in a complex environment and continues to be affected by delaysof materials and parts in the first half-year 2023, it maintains its production ramp-up trajectory. On the A320 family, the Company isprogressing well towards a monthly production rate of 75 in 2026. Tactical adjustments to production planning will continue to be madeas required to meet this target rate, which is now the key reference point for the Company and the supply chain. The Company targets toreach rate 4 in 2024 for the A330 monthly production rate and rate 9 at the end of 2025 for the A350 monthly production rate.

4.

Accounting Policies

The Unaudited Condensed Interim IFRS Consolidated Financial Statements are prepared in accordance with International Financial
Reporting Standards (“IFRS”), issued by the International Accounting Standards Board (“IASB”) as endorsed by the European Union(“EU”). They are prepared and reported in euro (“€”) and all values are rounded to the nearest million appropriately.
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect theabsolute figures.
These Unaudited Condensed Interim IFRS Consolidated Financial Statements are prepared in compliance with IAS 34 and should beread in conjunction with the IFRS Consolidated Financial Statements as of 31 December 2022. The Company’s accounting policies andmethods are unchanged compared to 31 December 2022. The implementation of new or amended standards has no material impact on
the Unaudited Condensed Interim IFRS Consolidated Financial Statements as of 30 June 2023.

Use of Estimates and Judgements
In preparing the Unaudited Condensed Interim IFRS Consolidated Financial Statements, management makes assumptions and estimates.
These estimates are revised if the underlying circumstances have evolved or in light of new information. The underlying assumptions used
for the main estimates are similar to those described in the Company’s IFRS Consolidated Financial Statements as of 31 December 2022.

5.

Climate Impacts

Climate change may have a major impact on both the Company’s industrial operations and its upstream and downstream value chains,
including aircraft direct operations and the wider air transport ecosystem. Accordingly, climate-related risks can potentially affect theCompany’s business and competitiveness, its customers and other actors in the aviation industry.
As of 30 June 2023, to the best of the Company’s judgement, there is no material impact on the Company’s assets and liabilities. The
Company considered the assumptions related to the life cycle of its programmes and the related impacts on long-lived assets andconcluded that there is no need for impairment.
Similarly, the Company did not identify any need for revision to the useful lives of the property, plant and equipment and intangible assets.
This is supported by the current demand for the Company’s products as demonstrated by its order backlog. As it relates to commercial
aircraft, the Company’s current portfolio already delivers significant CO2 reduction when compared to the previous generations aircraft.
Around 75% of the global commercial aircraft fleet is made up of older generation aircraft, therefore, renewing the fleet represents animmediate potential for aviation decarbonisation. Furthermore, the Company expects its commitment to certify all current aircraft andhelicopter programmes to be capable of flying on 100% Sustainable Aviation Fuels (SAF) by 2030 will play an important role in the sector’s
decarbonisation journey.
The Company has received approval from the Science Based Targets initiative (SBTi) for its greenhouse gas emission reduction nearterm targets. These targets, in line with the Paris agreement’s objectives, are based on climate science and cover the full set of theCompany’s emissions. Airbus intends to reduce its Scope 1 and Scope 2 industrial emissions by up to 63% by 2030, in line with a 1.5°C
pathway. The Company also committed to reducing by 46% the greenhouse gas emissions intensity generated by its commercial aircraftin service (Scope 3 - Use of Sold Product) by 2035. Both targets are based on the 2015 year as a baseline.
In support of the overall sector ambition, the Company is investing in and accelerating its efforts on complementary strategic pathways toreduce its environmental footprint. Overall, a major portion of the Company capital expenditures, research & technology, and research &development expenses is linked to its commercial aircraft activities and the realisation of five decarbonisation pathways. In the first halfyear 2023, the total research & development expenses amounted to € 1.4 billion (first half-year 2022: € 1.3 billion).

12

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

6.

Acquisitions and Disposals

Acquisitions
On 20 June 2022, a Share Purchase Agreement was signed by the Company, Safran and Tikehau Capital for the acquisition of Aubert &Duval from Eramet. On 28 April 2023, the acquisition was finalised following the satisfaction of all conditions precedent including required
regulatory approvals. Aubert & Duval is a strategic supplier providing high-performance steel, superalloy, aluminium or titanium parts tohigh-precision customers in aerospace and other industries. Aubert & Duval investment is owned equally by Airbus, Safran and Tikehau
Capital and is accounted for under the equity method.
On 20 July 2022, Satair USA, Inc. signed a Membership Interest Purchase Agreement under which it acquired 100% of the shares of VAS
Aero Services, LLC. VAS Aero Services provides aviation logistics and aftermarket services including end-of-life support. A preliminary
goodwill of € 67 million was recognised as of 31 December 2022. The one year window period for the completion of the purchase priceallocation ended in June 2023 which confirmed the preliminary goodwill assessment.
On 31 December 2022, Airbus Helicopters Deutschland GmbH acquired 100% of the shares of ZF Luftfahrttechnik GmbH. ZF
Luftfahrttechnik was subsequently renamed Airbus Helicopters Technik GmbH. The company is a manufacturer of dynamic components
for light and medium helicopters and a maintenance, repair, and overhaul service partner for helicopter fleet. A preliminary goodwill of€ 60 million was recognised as of 31 December 2022 and the one year window period for the completion of the purchase price allocation
will end in December 2023.
Assets and Disposal Groups Classified as Held for Sale
As of 30 June 2023, the Company intends to divest one of its subsidiaries. The assets and liabilities relating to this disposal have been
reclassified to assets classified as held for sale for a net amount of € -32 million. The transaction is expected to be closed by year-end
2023.

7.

Related Party Transactions

The Company has entered into various transactions with related entities; carried out in the normal course of business.

8.

Segment Information

The Company operates in three reportable segments which reflect the internal organisational and management structure according to thenature of the products and services provided.
•

Airbus — Development, manufacturing, marketing and sale of commercial jet passenger aircraft of more than 100 seats, freighter
aircraft and regional turboprop aircraft and aircraft components; aircraft conversion and related services. It also includes the holding
function of the Company and its bank activities.

•

Airbus Helicopters — Development, manufacturing, marketing and sale of civil and military helicopters; provision of helicopter
related services.

•

Airbus Defence and Space — Military Air Systems design, development, delivery and support of manned and unmanned military
air systems and their associated services. Space Systems design, development, delivery, and support of a broad range of civil anddefence space systems for telecommunications, earth observations, navigation, science and orbital systems. Connected Intelligence
provision of services around data processing from platforms, secure communication and cyber security. In addition, the main joint
ventures design, develop, deliver, and support missile systems and space launcher systems.

The following tables present information with respect to the Company’s business segments. As a rule, inter-segment transfers are carriedout on an arm’s length basis. Inter-segment sales predominantly take place between Airbus and Airbus Defence and Space and between
Airbus Helicopters and Airbus. Consolidation effects are reported in the column “Eliminations”.
The Company uses EBIT as a key indicator of its economic performance.

13

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Business segment information for the six-month period ended 30 June 2023 is as follows:(In € million)

Total revenue
Internal revenue
Revenue
thereofsales of goods at a point in timesales of goods over time
services, including sales of spare parts
Profit before financial result and income taxes(EBIT)
thereof research and development expenses
Interest result
Other financial result
Income taxes
Profit for the period

Airbus
20,349(367)
19,982

AirbusHelicopters
3,194
(139)
3,055

AirbusDefenceand Space
4,653
(27)
4,626

Eliminations
0
0
0

Consolidated
Airbus28,196(533)
27,66318,007
0
1,975

1,299
201
1,555

1,439
1,536
1,651

0
0
0

20,745
1,737
5,181

1,523
(1,196)

267
(145)

87
(96)

10
6

1,887
(1,431)
(58)
160
(537)
1,452

Airbus17,533(368)
17,165

AirbusHelicopters
2,744
(131)
2,613

AirbusDefenceand Space
5,056
(24)
5,032

Eliminations
0
0
0

Consolidated
Airbus25,333(523)
24,81015,776
0
1,389

1,109
128
1,376

1,500
1,915
1,617

0
0
0

18,385
2,043
4,382

2,478
(1,020)

215
(120)

(113)
(117)

(1)
1

2,579
(1,256)
(136)
243
(842)
1,844

Business segment information for the six-month period ended 30 June 2022 is as follows:(In € million)

Total revenue
Internal revenue
Revenue
thereofsales of goods at a point in timesales of goods over time
services, including sales of spare parts
Profit before financial result and income taxes(EBIT)
thereof research and development expenses
Interest result
Other financial result
Income taxes
Profit for the period

9.

Revenue and Gross Margin

Revenue increased by € +2,853 million to € 27,663 million (first half-year 2022: € 24,810 million). The increase is mainly driven by Airbus(€ +2,817 million) and Airbus Helicopters (€ +442 million), both reflecting higher aircraft and helicopter deliveries. It is partly offset by
Airbus Defence and Space (€ -406 million).
Revenue by geographical areas based on the location of the customer is as follows:
1 January 30 June 2023
10,423
7,621
6,200
1,657
601
1,161
27,663(In € million)

EuropeAsia-PacificNorth America
Middle East
Latin America
Other countries
Total

1 January 30 June 2022
10,642
6,341
5,267
1,195
1,106
259
24,810

The gross margin decreased by € -402 million to € 4,517 million compared to € 4,919 million in the first half-year 2022. It is mainly driven
by negative foreign exchange impacts, partly offset by higher deliveries and the release of compliance-related provisions of € 0.1 billion.
In the first half-year 2022, the gross margin included a non-recurring positive impact related to the re-measurement of past service costin the retirement obligations of € 0.4 billion. The gross margin rate decreased from 19.8% to 16.3%.
In the first half-year 2023, the Company has delivered three A400M aircraft.

14

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

The Company has continued with development activities toward achieving the revised capability roadmap. Retrofit activities areprogressing in close alignment with the customer.
In 2022, an update of the contract EAC was performed and an additional charge of € 477 million recorded, mainly reflecting updated
assumptions, including inflation and risks related to the remaining SOC3 contractual development milestones to be achieved. No further
net material impact was recognised as of 30 June 2023.
Risks remain on the qualification of technical capabilities and associated costs, on aircraft operational reliability, on cost reductions andon securing overall volume as per the revised baseline.
In addition, updates of contract EACs related to other Airbus Defence and Space long-term contracts led to a further charge of€ -0.1 billion as of 30 June 2023. This includes an updated assessment of assumptions and estimates related to the remaining costs tocompletion and the progress of the contracts together with the underlying programmes status (see “– Note 5: Key Estimates andJudgements” in the Company’s IFRS Consolidated Financial Statements as of 31 December 2022).
In a notice of termination dated 9 June 2022, the Norwegian Defence Material Agency notified NHIndustries SAS ("NHI") of the Norwegian
Ministry of Defence's decision to terminate its contract for the supply of 14 NH90 helicopters. In a press release dated 10 June 2022, NHI
noted it "is extremely disappointed by the decision taken by the Norwegian Ministry of Defence and refutes the allegations being madeagainst the NH90 as well as against [NHI]." NHI considers the termination to be legally groundless and reserves its right to take anynecessary legal action to challenge it. The parties are working toward resolving this matter, with a mediation process having been initiatedduring the second quarter of 2023.

10.

Research and Development Expenses

Research and development expenses increased by € 175 million to € 1,431 million compared to € 1,256 million in the first half-year
2022.

11.

Other Income and Other Expenses

Other income decreased by € -21 million to € 34 million compared to € 55 million in the first half-year 2022.
Other expenses increased by € 11 million to € -73 million compared to € -62 million in the first half-year 2022.

12.

Share of Profit from Investments Accounted for under the Equity
Method and Other Income from Investments

Share of profit from investments under the equity method and other income from investments increased by € +78 million to€ 90 million compared to € 12 million in the first half-year 2022 mainly driven by negative impacts in ArianeGroup in the first half-year
2022.

13.

Total Financial Result

Total financial result amounts to € 102 million (first half-year 2022: 107 million). It mainly reflects a positive impact from the revaluationof certain equity investments partly offset by a net interest result and negative impacts from the revaluation of financial instruments.

14.

Income Taxes

The income tax expense amounts to € -537 million (first half-year 2022: € -842 million) and corresponds to an effective income tax rateof 27%. This includes impacts on the tax-free revaluation of certain equity investments under IFRS 9 and tax risk updates offset by deferred
tax asset impairments.

15

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

15.

Earnings per ShareProfit for the period attributable to equity owners of the parent (Net income)Weighted average number of ordinary shares
Basic earnings per share

1 January 30 June 2023
€ 1,526 million
788,453,538€ 1.94

1 January 30 June 2022
€ 1,901 million
786,638,226€ 2.42

Diluted earnings per share – The Company’s dilutive potential ordinary shares are equity-settled Performance Shares relating to LongTerm Incentive Plans (“LTIP”). For the shares meeting the performance conditions at the closing date, the dilutive effect is determinedin accordance with the treasury share method specified by IAS 33 – Earnings per share.
In the first half-year 2023, a total of 937,189 equity-settled Performance Shares was considered in the calculation of diluted earnings per
share.

Profit for the period attributable to equity owners of the parent (Net income),
adjusted for diluted calculation
Weighted average number of ordinary shares (diluted)
Diluted earnings per share16.

1 January 30 June 2023

1 January 30 June 2022

€ 1,526 million
789,390,727€ 1.93€ 1,901 million
787,113,697€ 2.42Intangible Assets and Property, Plant and Equipment

Intangible assets increased by € +125 million to € 16,893 million (prior year-end: € 16,768 million). Intangible assets mainly relate to
goodwill of € 13,158 million (prior year-end: € 13,165 million). Based on management’s best estimate, there is no impact on the useful lifeof capitalised development costs resulting from the Company’s journey towards sustainable aerospace (see “– Note 5: Climate Impacts”).
Property, plant and equipment decreased by € -4 million to € 16,501 million (prior year-end: € 16,505 million). Property, plant andequipment include right-of-use assets for an amount of € 1,665 million as of 30 June 2023 (prior year-end: € 1,746 million). Based on
management’s best estimate, there is no impact on the useful life of Property, plant and equipment, considering the Company’s journey
towards sustainable aerospace, climate risks and current amortisation schemes over asset life (see “– Note 5: Climate Impacts”).

17.

Investments Accounted for under the Equity Method

Investments accounted for under the equity method increased by € +28 million to € 2,095 million (prior year-end: € 2,067 million).
They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.

18.

Other Investments and Other Long-Term Financial Assets(In € million)

Other investments
Other long-term financial assets
Total non-current other investments and other long-term financial assets
Current portion of other long-term financial assets
Total

30 June 2023
2,965
1,815
4,780
766
5,546

31 December 2022
2,641
1,549
4,190
665
4,855

Other investments mainly comprise the Company’s participations and include the remaining investment in Dassault Aviation (9.90%,
prior year-end: 9.90%) amounting to € 1,518 million at 30 June 2023 (prior year-end: € 1,309 million).
Other long-term financial assets and the current portion of other long-term financial assets include other loans in the amount of€ 2,496 million as of 30 June 2023 (prior year-end: € 2,129 million), and the sales financing activities in the form of finance leasereceivables and loans from aircraft financing.

19.

Inventories

Inventories of € 35,466 million (prior year-end: € 32,202 million) increased by € +3,264 million across all divisions and is mainly linked to
an increase in work in progress, driven by the inventory build-up to support the ramp-up across all Airbus programmes.

16

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

20.

Provisions(In € million)

30 June 2023
3,006
6,919
9,925
6,212
3,713

Provisions for pensions
Other provisions
Total
thereof non-current portion
thereof current portion

31 December 2022
3,509
7,514
11,023
6,896
4,127

As of 30 June 2023, provisions for pensions amount to € 3 billion (prior year-end: € 3.5 billion) mainly related to the change in actuarial
assumptions related to inflation and discount rates in Germany recognised in other comprehensive income.
As of 30 June 2023, a non-current asset of € 0.8 billion (prior year-end: € 0.6 billion) is accounted for to reflect the surplus in two pension
funds in the UK, the Airbus Section of the participation in BAE Systems Pension Scheme and the Company UK Pension Scheme (see“– Note 22: Other Assets and Other Liabilities”).
The French pension reform signed into law in April 2023 and accounted for as a plan amendment did not have any material impact on the
Company’s Consolidated Financial Statements.
Other provisions decreased mainly due to the utilisation of provisions for onerous contracts and the release of compliance-related
provisions.

21.

Other Financial Assets and Other Financial Liabilities

Other Financial Assets(In € million)

Positive fair values of derivative financial instruments
OthersTotal non-current other financial assets
Receivables from related companies
Positive fair values of derivative financial instruments
OthersTotal current other financial assets
Total

30 June 2023
670
27
697
1,052
450
317
1,819
2,516

31 December 2022
753
28
781
1,104
1,141
297
2,542
3,323

30 June 2023
4,334
3,719
279
8,332
2,205
143
154
299
2,801
11,13331 December 2022
6,163
3,717
237
10,117
3,450
140
186
297
4,073
14,190

Other Financial Liabilities(In € million)

Liabilities for derivative financial instruments
European Governments' refundable advances
OthersTotal non-current other financial liabilities
Liabilities for derivative financial instruments
European Governments' refundable advances
Liabilities to related companies
OthersTotal current other financial liabilities
Total

The total net fair value of derivative financial instruments improved by € +2,300 million to € -5,419 million (prior year-end: € -7,719 million)
as a result of the weakened US dollar versus the Euro associated with the mark to market valuation of the hedge portfolio and a reductionof the volume of instruments.
In the first half-year 2023, the European Governments’ refundable advances increased by € +5 million to € 3,862 million (prior year-end:€ 3,857 million).
The allocation of European Governments’ refundable advances between non-current and current presented in the Unaudited Condensed
Interim IFRS Consolidated Financial Statements ended 30 June 2023 is based on the applicable contractual repayment dates.

17

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

22.

Other Assets and Other Liabilities

Other Assets(In € million)

30 June 2023
389
184
1,455
2,028
2,335
469
457
612
3,873
5,901

Cost to fulfil a contract
Prepaid expenses
OthersTotal non-current other assets
Value added tax claims
Cost to fulfil a contract
Prepaid expenses
OthersTotal current other assets
Total

31 December 2022
337
149
1,386
1,872
1,732
448
161
509
2,850
4,722

As of 30 June 2023, other assets include € 746 million of payments to be made to Airbus by suppliers after aircraft delivery (prior yearend: € 673 million). They are recorded as a reduction of cost of goods sold at the time of aircraft delivery. These future payments are
discounted to reflect specific contractual terms and repayment profile.
As of 30 June 2023, a non-current asset of € 0.8 billion (prior year-end: € 0.6 billion) is accounted for to reflect the surplus in two pension
funds in the UK (see “– Note 20: Provisions”).

Other Liabilities(In € million)

30 June 2023
473
473
1,526
3,096
4,622
5,095

OthersTotal non-current other liabilities
Tax liabilities (excluding income tax)
OthersTotal current other liabilities
Total

31 December 2022
498
498
1,082
2,721
3,803
4,301

As of 30 June 2023, current other liabilities mainly comprise tax (excluding income tax) and personnel liabilities.

23.

Total Equity

The Company’s shares are exclusively ordinary shares with a par value of € 1.00. The following table shows the development of thenumber of shares issued and fully paid:
30 June 2023
788,205,008
2,190,603
790,395,611(1,219,076)
789,176,535(In number of shares)

Issued at 1 January
Issued for ESOP
Issued at end of period
Treasury shares
Outstanding at end of period

31 December 2022
786,083,690
2,121,318
788,205,008(647,500)
787,557,508

Holders of ordinary shares are entitled to dividends and to one vote per share at general meetings of the Company.
Equity attributable to equity owners of the parent (including purchased treasury shares) amounts to € 15,119 million (prior year-end:€ 12,950 million) representing an increase of € +2,169 million mainly due to the net income for the period of € +1,526 million and anincrease in the other comprehensive income, principally related to the mark to market revaluation of the hedge portfolio of € +1,242 million
and the change in actuarial gains and losses of € +387 million partly offset by dividend payments of € -1,421 million (€1.80 per share).
The non-controlling interests (“NCI”) from non-wholly owned subsidiaries increased to € 37 million as of 30 June 2023 (prior year-end:€ 32 million). These NCI do not have a material interest in the Company’s activities and cash flows.

18

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

24.

Net Cash

The net cash position provides financial flexibility to fund the Company’s operations, to react to business needs and risk profile and toreturn capital to the shareholders.

(In € million)

30 June 2023
14,533
1,536
6,850
22,919(2,186)(10,363)(1,306)
9,064

Cash and cash equivalents
Current securities
Non-current securities
Gross cash position
Short-term financing liabilities
Long-term financing liabilities
Interest rate contracts
Total

31 December 2022
15,823
1,762
6,013
23,598(2,142)(10,631)(1,394)
9,431

The net cash position on 30 June 2023 amounted to € 9,064 million (prior year-end: € 9,431 million), with a gross cash position of€ 22,919 million (prior year-end: € 23,598 million).

Cash and Cash Equivalents
Cash and cash equivalents are composed of the following elements:(In € million)

30 June 2023
5,990
7,321
1,223
14,533

Bank account and petty cash
Short-term securities (at fair value through profit or loss)
Short-term securities (at fair value through OCI)
Total cash and cash equivalents

31 December 2022
3,687
11,135
1,001
15,823Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts ofcash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents.
Cash and cash equivalents have decreased by € -1.3 billion from € 15.8 billion at 31 December 2022 to € 14.5 billion at 30 June 2023 andthey include payments received in advance from certain customers and payments made to suppliers in anticipation.
The main variations are as follows:
Cash used for operating activities amounted to € +2.3 billion in the first half-year 2023, mainly driven by a profit translated into cash pairedwith a positive change in working capital. The latter is driven by increased contract liabilities reflecting higher advance payments including
significant anticipated predelivery payments from certain customers, and a positive impact from net payments made to suppliers inanticipation. It is partly offset by the increase in inventory.
Cash used for investing activities amounted to € -1.9 billion, mainly reflecting capital expenditures and investments in securities.
Cash provided by financing activities amounted to € -1.6 million. It mainly includes the cash distribution to Airbus SE shareholders of€ -1.4 billion.
Similar to previous years, the Company has supported its suppliers concerning supply chain financing arrangements. As of 30 June 2023,
these arrangements have no impact on the Company’s Unaudited Condensed Interim IFRS Consolidated Financial Statements. The
Company evaluates such suppliers’ early payment arrangements against a number of indicators to assess whether the payable continues
to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms
exceed customary payment terms in the industry. As at 30 June 2023, the payables subject to supplier financing arrangements do notmeet the criteria to be reclassified as borrowings.

19

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Financing Liabilities(In € million)

30 June 2023
8,732
49
163
1,419
10,363
0
1
82
226
1,877
2,186
12,549Bonds and commercial papers
Liabilities to financial institutions
Loans
Lease liabilities
Total long term financing liabilities
Bonds and commercial papers
Liabilities to financial institutions
Loans
Lease liabilities
Others (1)Total short term financing liabilities
Total
(1)

31 December 2022
8,681
383
75
1,492
10,631
0
27
83
242
1,790
2,142
12,773

Included in “others” are financing liabilities to joint ventures.

Long-term financing liabilities, mainly comprising of bonds and lease liabilities, decreased by € -268 million to € 10,363 million (prioryear-end: € 10,631 million).
Short-term financing liabilities increased by € +44 million to € 2,186 million (prior year-end: € 2,142 million).
On 31 January 2023, the Company signed a lease agreement with Mobile Airport Authority for a new Final Assembly Line in Mobile,
Alabama. As of 30 June 2023, and based on IFRS 16, this lease has not commenced and therefore no lease liabilities have beenrecognised in the financial statements. The future discounted cash outflows amount to US$ 1 billion to be fully guaranteed by the Company
out of which an amount of US$ 0.8 billion has been issued on 31 January 2023 and US$ 0.2 billion is scheduled to be issued by year end.

25.

Financial Instruments

The following table presents the composition of derivative financial instruments:(In € million)

30 June 2023
670
450
1,120
(4,334)(2,205)(6,539)(5,419)Non-current positive fair values
Current positive fair values
Total positive fair values of derivative financial instruments
Non-current negative fair values
Current negative fair values
Total negative fair values of derivative financial instruments
Total net fair values of derivative financial instruments

31 December 2022
753
1,141
1,894
(6,163)(3,450)(9,613)(7,719)The total net fair value of derivative financial instruments improved by € +2,300 million to € -5,419 million (prior year-end: € -7,719 million)
as a result of the weakened US dollar versus the Euro associated with the mark to market valuation of the hedge portfolio and a reductionof the volume of instruments.
As of 30 June 2023, the total hedge portfolio with maturities up to 2029 amounts to US$ 72.3 billion (prior year-end: US$ 76.4 billion) andcovers a major portion of the foreign exchange exposure expected over the hedging horizon. The US dollar spot rate was 1.09 US$/€ and1.07 US$/€ at 30 June 2023 and at 31 December 2022, respectively. The average US$/€ hedge rate of the US$/€ hedge portfolio until
2029 remains at 1.24 US$/€ (prior year-end: 1.24 US$/€).

Carrying Amounts and Fair Values of Financial Instruments
Fair values of financial instruments have been determined with reference to available market information at the end of the reporting period
and the valuation methodologies as described in detail in Note 38.2 to the 2022 IFRS Consolidated Financial Statements. For the firsthalf-year 2023, the Company has applied the same methodologies for the fair value measurement of financial instruments.
Carrying amount is a reasonable approximation of fair value for all classes of financial instruments listed in the first table of Note 38.2 tothe 2022 IFRS Consolidated Financial Statements, with the exception of:(In € million)

Financing liabilities
Bonds and commercial papers
Liabilities to financial institutions and others

30 June 2023
Book Value
Fair Value(8,732)(2,172)20(9,137)(2,172)31 December 2022
Book Value
Fair Value(8,681)(2,358)(9,071)(2,358)

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Fair Value Hierarchy
Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may behierarchized according to the following levels of input:• Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;• Level 2: inputs other than quoted prices that are observable for the asset or liability – fair values measured based on Level 2 input
typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities;• Level 3: inputs for the asset or liability that are not based on observable market data – fair values measured based on Level 3 input rely
to a significant extent on estimates derived from the Company’s own data and may require the use of assumptions that are inherently
judgemental and involve various limitations.
The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company
determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
The following table presents the carrying amounts of the financial instruments held at fair value across the three levels of the fair value
hierarchy:(In € million)

Financial assets measured at fair value
Equity instruments
Derivative instruments
Securities
Customer financing
Cash equivalents
Total
Financial liabilities measured at fair value
Derivative instruments
Other financial liabilities
Total

Level 130 June 2023
Level 2
Level 3

Total

Level 131 December 2022
Level 2
Level 3

Total

2,254
0
8,386
0
7,321
17,961

0
1,120
0
0
1,223
2,343

711
0
0
85
0
796

2,965
1,120
8,386
85
8,544
21,100

1,896
0
7,775
0
11,13520,806

0
1,894
0
0
1,001
2,895

744
0
0
86
0
830

2,640
1,894
7,775
86
12,136
24,531000(6,510)0(6,510)

(29)
(158)
(187)

(6,539)(158)(6,697)000(9,529)0(9,529)

(84)
(83)
(167)

(9,613)(83)(9,696)As at 30 June 2023, the fair value of the written put options on non-controlling interests (“NCI puts”) relating to ACLP amounts to € 158
million (prior year-end: € 83 million) and includes an additional funding of ACLP by IQ in 2023.
The fair value of these NCI puts are derived from a discounted cash flow analysis using the latest operating plan and a projection overthe lifetime of the A220 programme. In addition, a post-tax WACC of 9.74% is used to discount the forecasted cash flows, taking into
account the specificities of the programme (prior year-end: 9.74%).

26.

Litigation and Claims

The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its
business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or
arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent pastsignificant effects on Airbus SE’s or the Company’s Financial Position or profitability.
If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a
dispute with other parties, the Company limits its disclosures to the nature of the dispute.

Investigation by the UK SFO, France’s PNF, US Departments of State and Justice and Related
Commercial Litigation
The Company reached final agreements (“the agreements”) with the French Parquet National Financier (“PNF”), the UK Serious Fraud
Office (“SFO”), and the US Department of Justice (“DoJ”) resolving the authorities’ investigations into allegations of bribery and corruption,
as well as with the US Department of State (“DoS”) and the DoJ to resolve their investigations into inaccurate and misleading filings madewith the DoS pursuant to the US International Traffic in Arms Regulations (“ITAR”). The agreements were approved and made public on
31 January 2020.
Under the terms of the agreements, the Company agreed to pay penalties of € 3,597,766,766 plus interest and costs to the French, UK
and US authorities. This was recognised in the Company’s 2019 accounts. The settlements with each authority were as follows: PNF€ 2,083,137,455, the SFO € 983,974,311, the DoJ € 526,150,496 and the DoS € 9,009,008 of which € 4,504,504 may be used for approved
remedial compliance measures. All penalties have been paid.
Under the terms of the Convention judiciaire d’intérêt public (“CJIP”) with the PNF, the Company had an obligation to submit its complianceprogramme to targeted audits carried out by the Agence Française Anticorruption (“AFA”) over a period of three years.
Under the terms of the Deferred Prosecution Agreement (“DPA”) with the SFO, no independent compliance monitor was imposed on the
Company in light of the continuing monitorship conducted by the AFA.
21

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ,
but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA andcarried out further reviews as required by the DoJ.
The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023.
On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice ofthe same with receipt of the Constat de l'extinction de l'action publique. The Company awaits the formal determination by the DoJ that it
has complied with the terms of the DPA with the DoJ.
Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company’s
voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control complianceofficer to monitor the effectiveness of the Company’s export control systems and its compliance with the ITAR.
As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions
and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of
Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement an additional nine months from its original
expiration date, and the DoS granted this extension.
In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may
result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or
claims by shareholders against the Company, (ii) adverse consequences on the Company’s ability to obtain or continue financing for
current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to theCompany’s business or reputation via negative publicity adversely affecting the Company’s prospects in the commercial marketplace.
Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture
within the Company.
Several consultants and other third parties have initiated commercial litigation and arbitration against the Company seeking relief. The
agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability inthe future, which could have a material impact on the Financial Statements, business and operations of the Company.

Securities Litigation
In August 2021 the Company received notification of two separate claims and in March 2022 of a third claim, each filed in the Netherlands
purportedly on behalf of Airbus investors. These claims (the “Dutch claims”) assert that the Company violated its reporting obligations,
allegedly leading to an impact on the Company’s share price, by failing to adequately inform investors and providing false or misleading
information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations andsubsequent measures taken by the Company, and the related criminal investigations leading to the Company’s agreements approved on
31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS.
The first Dutch claim was filed in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee
purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to beassessed in follow on proceedings. This claim is now pending before the Amsterdam District Court.
The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of theNetherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against theCompany before the Dutch courts. This second Dutch claim targets the Company, certain of the Company's current and former directors
and officers, and the Company's current and former auditors.
The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of theNetherlands. In accordance with Dutch procedural law, the two Dutch class action claims are treated jointly as one case.
The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus
SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false andmisleading statements or omissions concerning, among other things, the Company’s agreements approved on 31 January 2020 with the
French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company’s historic practices regarding the use of third party
business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for apayment in the amount of $5,000,000 USD without any acknowledgement of liability.
The Company cannot exclude the possibility that additional claims are filed related to this subject matter attempting different theories ofrecovery in the same or different jurisdictions.
The Company believes it has solid grounds to defend itself against the allegations. The consequences of such litigation and the outcomeof the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have amaterial adverse impact on the Financial Statements, business and operations of the Company.

22

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2023

Air France Flight 447 Trial
On 1 June 2009, an A330 operated by Air France flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228
persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enquêtes etd'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened
an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating
magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and legal elements ofthe case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered trial for involuntary manslaughter. The
Company’s appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court
announced on 17 April 2023 that all criminal charges against the Company were dismissed but sustained certain civil liability claims. On
26 April 2023, the Paris General Prosecutor filed an appeal of the dismissal of criminal charges against Airbus and Air France. As aconsequence, Airbus will appeal the judgement on civil liability.

Grand Canyon Helicopter Accident
On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4
helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured
persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate andparents of a deceased passenger and by the injured pilot of the helicopter. On 6 May 2023 the claim of the pilot was settled, with noadmission of liability on behalf of the Company. The Company intends to vigorously defend itself against the remaining claims, but suchclaims may generate negative publicity and reputational harm. The trial on the remaining claims is scheduled to take place in the firstquarter of 2024. Any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial
Statements, business and operations of the Company as well as on its reputation.

Other Investigations
In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential
customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government
procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both theGerman Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an
impact on Airbus Defence and Space GmbH’s and Airbus Secure Land Communications GmbH’s ability to participate in future public
procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for€ 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with
relevant authorities.

27.

Number of Employees
Airbus
84,981
79,13430 June 2023
31 December 2022

28.

AirbusHelicopters
21,68420,803

Airbus Defence
and Space
35,13434,330Consolidated
Airbus141,799
134,267

Events after the Reporting Date

On 19 July 2023, the Company finalised the transfer of the Centro Bahía de Cádiz plant in Spain from Airbus Defence and Space SAU to
Airbus Operations SL, both entities being wholly-owned Airbus subsidiaries. The plant delivers metallic parts and aerostructures for bothmilitary and civil platforms. This has no material impact on the Unaudited Condensed Interim IFRS Consolidated Financial Statements asof 30 June 2023.

23

Independent auditor’s review report
To: the shareholders and the board of directors of Airbus SE
Our conclusion
We have reviewed the condensed interim IFRS consolidated financial information included in theaccompanying first half-year 2023 financial report of Airbus SE, Amsterdam for the period
1 January 2023 to 30 June 2023.
Based on our review, nothing has come to our attention that causes us to believe that the condensed
interim IFRS consolidated financial information of Airbus SE for the period from 1 January 2023 to
30 June 2023, is not prepared, in all material respects, in accordance with IAS 34,“Interim Financial Reporting” as adopted by the European Union.
The condensed interim IFRS consolidated financial information comprises:• The condensed Interim IFRS consolidated statement of financial position as of 30 June 2023
• The following condensed interim IFRS consolidated statements for the period from 1 January 2023
to 30 June 2023: the income statement, the statements of comprehensive income,
cash flows and changes in equity• The notes comprising of a summary of the significant accounting policies andselected explanatory information
Basis for our conclusion
We conducted our review in accordance with Dutch law including, Dutch Standard 2410, “Het beoordelen
van tussentijdse financiële informatie door de accountant van de entiteit” (Review of Interim Financial
Information Performed by the Independent Auditor of the Entity). A review of interim financial
information in accordance with the Dutch Standard 2410 is a limited assurance engagement.
Our responsibilities under this standard are further described in the Our responsibilities for the review of
the condensed interim IFRS consolidated financial information section of our report.
We are independent of Airbus SE in accordance with the Verordening inzake de onafhankelijkheid vanaccountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation
with respect to independence) and other relevant independence regulations in the Netherlands.
Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants(VGBA, Dutch Code of Ethics).
We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis forour conclusion.
Responsibilities of the board of directors for the condensed interim IFRS consolidated
financial information
The board of directors is responsible for the preparation and presentation of the condensed interim IFRS
consolidated financial information in accordance with IAS 34, “Interim Financial Reporting” as adopted
by the European Union. Furthermore, the board of directors is responsible for such internal control as it
determines is necessary to enable the preparation of the condensed interim IFRS consolidated financial
information that is free from material misstatement, whether due to fraud or error.

Page 2

Our responsibilities for the review of the condensed interim IFRS consolidated financial information
Our responsibility is to plan and perform the review in a manner that allows us to obtain sufficient andappropriate assurance evidence for our conclusion.
The level of assurance obtained in a review engagement is substantially less than the level of assurance
obtained in an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do
not express an audit opinion.
We have exercised professional judgment and have maintained professional skepticism throughout thereview, in accordance with Dutch Standard 2410. Our review included among others:• Updating our understanding of the company and its environment, including its internal control,
and the applicable financial reporting framework, in order to identify areas in the condensed interim
IFRS consolidated financial information where material misstatements are likely to arise due to fraud
or error, designing and performing analytical and other review procedures to address those areas,
and obtaining assurance evidence that is sufficient and appropriate to provide a basis forour conclusion• Obtaining an understanding of internal control as it relates to the preparation of interim
financial information• Making inquiries of management and others within the company• Applying analytical procedures with respect to information included in the condensed interim
IFRS consolidated financial information• Obtaining assurance evidence that the condensed interim IFRS consolidated financial informationagrees with, or reconciles to, the company’s underlying accounting records• Evaluating the assurance evidence obtained• Considering whether there have been any changes in accounting principles or in the methods ofapplying them and whether any new transactions have necessitated the application of a
new accounting principle• Considering whether management has identified all events that may require adjustment to or
disclosure in the condensed interim IFRS consolidated financial information• Considering whether the condensed interim IFRS consolidated financial information has been
prepared in accordance with the applicable financial reporting framework and represents theunderlying transactions free from material misstatement

Amsterdam, 26 July 2023

Ernst & Young Accountants LLP

signed by N.M. Pul