29 April 2020

Guillaume FAURY| Chief Executive Officer

Dominik ASAM

| Chief Financial Officer

Safe Harbour Statement
DISCLAIMER
This presentation includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify
these forward-looking statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery schedules, introduction of new products and services andmarket expectations, as well as statements regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events andcircumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

These factors include but are not limited to: Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses;
 Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);
 Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
 The successful execution of internal performance plans, including cost reduction and productivity efforts;
 Product performance risks, as well as programme development and management risks; Customer, supplier and subcontractor performance or contract negotiations, including financing issues;
 Competition and consolidation in the aerospace and defence industry; Significant collective bargaining labour disputes;
 The outcome of political and legal processes, including the availability of government financing for certain programmes and the size of defence and space procurement budgets; Research and development costs in connection with new products;
 Legal, financial and governmental risks related to international transactions; Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;
 The full impact of the outbreak of the COVID-19 disease.

As a result, Airbus’ actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
For a discussion of factors that could cause future results to differ from such forward-looking statements, see Airbus SE’s 2019 Universal Registration Document dated 23 March 2020, including the Risk
Factors section.
Any forward-looking statement contained in this presentation speaks as of the date of this presentation. Airbus undertakes no obligation to publicly revise or update any forward-looking statements inlight of new information, future events or otherwise.

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

Company
Highlights

Business
Highlights

Key
Priorities

Q1 2020 Key Topics

 Market environment strongly impacted by COVID-19 situation, particularly in commercial aircraft Q1 2020 financials partially impacted by COVID-19
 EBIT Adjusted € 0.3 bn
 FCF before M&A and CF € - 8.0 bn / € - 4.4 bn before the payment of € - 3.6 bn penalties
 Strong focus on matching production to demand and cash containment
 Assessment of COVID-19 implications on outlook in progress. No new guidance issued given limited

visibility.

4

Q1 2020 Commercial Positioning

5

Consolidated Airbus Order Book

Consolidated Airbus

by Division

External Revenue by Division

Order Intake
Airbus(in units)(net)

Q1 2020

Q1 2019

Change

290

(58)

N/A

Order Book

7,650

7,357

4.0%

Order Intake

5466-18.2%

702

737

-4.7%

1,734

1,074

61.4%

Helicopters(in units)(net)

Defence and Space(in € m)Order Intake

Order Book(net)

€ 10.6 bn

Airbus70%

Helicopters

10%

Defenceand Space20%

t/o defence€ 1.9 bn AIRBUS: Gross orders: 356 a/c; net orders: 290 a/c; Backlog: 7,650 a/c
 HELICOPTERS: Net book to bill >1 in unit; 54 net orders incl. 21 H145, 15 UH-72 Lakota and 2 Super Puma
 DEFENCE AND SPACE: Order intake € 1.7 bn driven by contract wins in Military Aircraft Services, Secure Communications and Telecommunication Satellites

Q1 2020 Financial Performance
Revenues

6

EBIT Adjusted

in € bnin € bn / RoS (%)

4.4%

12.5

2.6%

10.6

0.55
0.28

Q1 2019

Q1 2020

Q1 2019

Q1 2020

EPS(1) Adjusted

FCF before M&A and Customer Financing

in €in € bn

Q1 2019

(4.4)

0.47
0.23
Q1 2019

Q1 2020

Q1 2020(1) Q1 2020 Average number of shares: 782,298,786 compared to 775,730,957 in Q1 2019
Capitalised R&D: € 35 m in Q1 2020 and € 27 m in Q1 2019

(4.3)

(3.6)
(8.0)

Penalty
Payment

Q1 2020 Profitability7 Q1 2020 EBIT Reported of € 79 m

EBIT Performancein € bn Q1 2020 EBIT Adjustments resulting from:
 € -

33 m
 € - 134 m
 € 35 m

0.55
0.28

0.18

EBIT Adjusted
Q1 20190.08

A380 programme cost
PDP mismatch / BS revaluation
Others Q1 2020 Net Adjustments of € - 202 m

EBIT Reported
Q1 2020

 Q1 2020 Net Loss of € - 481 m

EPS(1) Performancein € Q1 2020 Net Income Adjusted of € 177 m
0.47

0.05

0.23

(0.61)EPS Adjusted
Q1 2019

EPS Reported
Q1 2020(1) Q1 2020 Average number of shares: 782,298,786 compared to 775,730,957 in Q1 2019
Capitalised R&D: € 35 m in Q1 2020 and € 27 m in Q1 2019

Currency Hedge Policy

8

IN $ BILLION

Forward Sales as of Mar. 2020
5.1

Forward Sales and Collars as of Dec. 2019

23.7
21.2

19.9

15.3

Average hedge rates€ vs $
Forwards/Collars (2)£ vs $

2020

2021

remaining 9 months

2022

13.9

2023

2024
and beyond

1.19

1.21

1.23

1.24

1.27

( 1.20 in Dec. 19 )( 1.23 in Dec. 19 )( 1.23 in Dec. 19 )( 1.24 in Dec. 19 )( 1.27 in Dec. 19 )

1.34

1.36

1.35

1.40

n/a

 In Q1 2020, $ 2.1 bn(1) of new Forwards were added
 $ 5.1 bn(1) of hedges matured at an average rate of € 1 = $ 1.19
 $ 1.8 bn of hedges rolled forward out of Q1 2020. $ 0.8 bn of hedges rolled forward out of 2020.
 Hedge portfolio(1) 31 March 2020 at $ 94.0 bn (vs. $ 97.1 bn in Dec. 2019), at an average rate of $ 1.23(2)Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars
Hedge rates reflect EBIT impact of the US$ hedge portfolio(1) Total hedge amount contains $/€ and $/£ designated hedges; (2) Blended Forwards and Collars rate includes Collars at least favourable rate, no more Collars as of 31 March 2020Mark-to-market value incl. in AOCI = € - 6.4 bn
Closing rate @ 1.10 € vs. $Q1 2020 Cash Evolution9IN € BILLION

+0.3

-3.6

-4.2
12.5
-0.5

-0.5

-0.4

Free Cash Flow before M&A: € - 8.0 bn
t/o Customer Financing € 0.0 bn

3.6Free Cash Flow before M&A andCustomer Financing € - 8.0 bn

Net Cash Position
December 2019

Gross Cash
Flow fromOperations(1) Thereof CapEx of € -0.5 bn(2) M&A transactions include acquisitions and disposals of subsidiaries and businesses

Penalties

Change in
Working Capital
excluding Penalties

Cash used for investing
activities before M&A (1)

M&A (2)

Pensions & Others

Net Cash Position
March 2020

Company
Highlights

Business
Highlights

Key
Priorities

11

IN € MILLION
Order Intake (net)
Order BookUnits

Q1 2020

Q1 2019
Restated(1)Change

290

(58)

N/A

7,650

7,357

4.0%

Deliveries by Programme (Units)
A220

7%

A320

79%

122

162

-24.7%

A330

3%

7,569

9,697

-21.9%A350

11%

R&D Expenses

543

527

A380

0%

in % of Revenues

7.2%

5.4%

EBIT Adjusted

191

463

in % of Revenues

2.5%

4.8%

EBIT

57

319

in % of Revenues

0.8%

3.3%

Deliveries
Revenues

Units

3.0%
-58.7%-82.1%

External Revenue Split

 Deliveries: 122 aircraft incl. 8 A220, 96 A320 Family, 4 A330 and 14 A350
 Production rates revised downwards adapting to new market environment:

A320 to rate 40 per month, A330 to rate 2 per month and A350 to rate 6 per month Revenues and EBIT Adjusted reflect lower deliveries driven by COVID-19 outbreak

Capitalised R&D: € 23 m in Q1 2020 and € 3 m in Q1 2019(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

Platforms 88%
Services

12%

HelicoptersIN € MILLION
Order Intake (net)
Order Book

Deliveries
Revenues

Units

Units

12

Q1 2020

Q1 2019

Change5466-18.2%

702

737

-4.7%

47

46

2.2%

1,202

1,007

19.4%

R&D Expenses

75

69

in % of Revenues

6.2%

6.9%

EBIT Adjusted

5315

in % of Revenues

4.4%

1.5%

EBIT

53

9

in % of Revenues

4.4%

0.9%

Civil

48%

Defence52%

Platforms

46%

Services

54%

8.7%

253.3%
488.9%

 Revenues and EBIT Adjusted reflect favourable delivery mix and growth in services

Capitalised R&D: € 4 m in Q1 2020 and € 1 m in Q1 2019

External Revenue Split

Defence and SpaceIN € MILLION
Order Intake (net)
Order Book

13

Q1 2020

Q1 2019

Change

1,734

1,074

61.4%

31,921

34,074

-6.3%

Value

Revenues

2,111

2,112

R&D Expenses

51

61

in % of Revenues

2.4%

2.9%

EBIT Adjusted

15

101

in % of Revenues

0.7%

4.8%

EBIT

(53)

(117)

N/A

N/A

in % of Revenues

 EBIT Adjusted reflects lower business performance A400M: 1 a/c delivered in Q1 2020

Capitalised R&D: € 8 m in Q1 2020 and € 23 m in Q1 2019

Platforms

65%

Services

35%

0%-16.4%-85.1%
54.7%

 Revenues are stable and mainly reflect the challenging environment in Space offset by improved performance in

Military Aircraft Services

External Revenue Split

Military Aircraft

52%

Space Systems

26%

Connected Intelligence& Other22%Company
Highlights

Business
Highlights

Key
Priorities

Key Priorities



Focus on short-term cash containment and longer-term cost structure across all businessesSecure deliveries and manage backlog

Synchronise demand, supply and production

Preserve ability to run operations in a safe environmentFocus on our resilience as a company

15Appendix

Expected Airbus Average Hedge Rates € vs. $17

Active exposure management

1.34
1.32

Average
Hedge Rates

1.32

1.30

FY 2019

1.24

1.28

FY 2020E

1.19

1.26
1.24
1.22

1.23

1.20

1.21

1.23
1.21

(1)

1.20

1.19

1.18
1.16
1.16

1.14
Q1

Q2

Q3

2020E

(1) Q1 actual

2019

Q4

Q1 2020 Detailed Income Statement and Adjustments

18

thereof Adjustments
Impact on EBITIN € MILLION

Q1 2020
Reported

Operational
AirbusDefenceand Space(1)

(65)

(3)

FX
Helicopters

Financial
ResultAirbus + Defence
and Space(2)

79

EBIT

Q1 2020
Adjusted

281
(134)

in % of Revenues

0.7%

2.6%

Interest income

5353Interest expense

(98)

(98)

Other Financial Result

(432)

(423)

(9)

Financial Result

(477)

(423)

(54)

Income before taxes

(398)

(423)

227

Non-controlling interests

11

11

(481)

177

Number of shares782,298,786

782,298,786

EPS reported (in €)(0.61)

0.23

Net Income (Loss) reported

(65)

(3)

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

The tax effect on Adjusted Income before taxes is calculated at 27%. The effective tax rate on Income before taxes is -24%

(1) Thereof € -2 m A400M programme update(2) Thereof € -69 m Airbus, € -65 m Defence and Space(134)

Q1 2019 Detailed Income Statement and Adjustments

19

thereof Adjustments
Impact on EBITIN € MILLION

Q1 2019
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(87)

(192)

(6)

(83)

Financial
Result

Q1 2019
Adjusted

EBIT

181

549

in % of Revenues

1.4%

4.4%

Interest income

56

56Interest expense

(92)

(92)

Other Financial Result

(7)

5

(12)

Financial Result

(43)

5

(48)

Income before taxes

138

5

501

Non-controlling interests

(4)

(4)

Net Income (Loss) reported

40

362

Number of shares

775,730,957

775,730,957

EPS reported (in €)

0.05

0.47

(87)

(192)

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

The tax effect on Adjusted Income before taxes is calculated at 27%. The effective tax rate on Income before taxes is 68%(1) Thereof € -2 m A400M programme update(2) Thereof € -57 m Airbus, € -26 m Defence and Space

(6)

(83)

Q1 2020 Key Figures

20

IN € MILLION

Q1 2020

Q1 2019

Revenues

10,631

12,549EBIT Adjusted

281

549

EBIT

79

181

Net Income (Loss)

(481)

40

FCF before M&A(7,999)(4,393)

FCF before M&A and Customer Financing(8,030)(4,341)IN € MILLION

Q1 2020

Q1 2019
Restated(1)Revenues

Q1 2020

Q1 2019
Restated(1)EBIT Adjusted

Q1 2020

Q1 2019
Restated(1)EBIT

Airbus

7,569

9,697

191

463

57

319

Helicopters

1,202

1,007

53

15

53

9

Defence and Space

2,111

2,112

15

101

(53)

(117)

Eliminations

(251)

(267)

22

(30)

22

(30)

10,631

12,549

281

549

79

181

Consolidated Airbus(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

Airbus: Strong Liquidity Position as of 31 March 2020

21

SLL:

€ 15.0 bn
Supplemental Liquidity Line (SLL) Signed March 31st with 9 Banks Maturity: 12m+6m+6m (from signing day)

RSCF: Maturity 2021, undrawn€ 3.0 bn – Credit Facility (RSCF)

 Fully committed by 40 banks
 No financial covenants, no MAC clause

Financing Liabilities:of which long-term : € 8.4 bn€ 18.4 bn
Total Gross Cash

€ 14.8 bn

 Includes € 3.0 bn EMTN, € 1.1 bn exchangeablebond and $ 2.5 bn USD 144A/RegS (nominal
amounts)

Financing Liabilities

Invested in highly rated securities
Credit Ratings:
Short-term rating: S & P:
A-1+
 Moody’s:
P-1€ 3.6 bn
Net CashLong-term rating: S & P:A+ credit watch negative
 Moody’s:
A2 negativeDetailed Free Cash FlowIN € MILLION22

Q1 2020

Q1 2019

12,534

13,281-(1,352)

256

725(7,778)(4,703)

(979)

(470)

(453)

(455)

(8,501)(4,448)

(502)

(55)

Free Cash Flow before M&A(7,999)(4,393)of which Customer Financing

31

(52)

(8,030)(4,341)--

Change in treasury shares / share buyback(4)-

Change in liability for puttable instruments

81

83

(132)

(42)

-

-

(392)

(59)

3,586

7,463

Net Cash position at the beginning of the period
First time impact of IFRS 16
Gross Cash Flow from Operations
Change in working capital

(1)

(2)

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

(4)

(5)

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

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

Net Cash PositionIN € MILLION

23

Mar. 2020

Dec. 2019

Gross Cash

18,403

22,682Financing Liabilities(14,817)(10,148)

Short-term Financing Liabilities(6,397)(1,959)Long-term Financing Liabilities(8,420)(8,189)3,586

12,534

25

24

3,611

12,558

Reported Net Cash
Airbus non-recourse debt
Net Cash excl. non-recourseCustomer Financing ExposureIN € MILLION

24

Mar. 2020

Dec. 2019

AirbusClosing rate € 1 =Mar. 2020

Dec. 2019

Helicopters$ 1.10$ 1.12$ 1.10$ 1.12

Total Gross Exposure

637

731

46

48

of which off-balance sheet

17

95

9

9

Estimated value of collateral

(395)

(530)

(29)

(30)

Net Exposure

242

202

18

18

Provision and asset impairment

(242)

(202)

(18)

(18)

0

0

0

0

Net Exposure after provisionAirbus Customer Financing

25

IN € BILLION
Additions
0.8
Airbus Customer
Financing Gross
Exposure

0.6

0.3

0.8

0.4

Amortization
1.0

0.5

0.6

0.6

Net change
0.9

0.8

0.7
0.1

(1.1)
(2.2)

Sell Down

(0.2)
(0.1)

(0.2)
(0.1)

(0.1)

(0.3)
(0.7)

(0.7)

(0.2)

(0.1)

(0.1)

(0.7)

(0.7)

(0.5)

(0.6)

(0.2)

(0.1)
(0.2)

(0.6)

(0.7)
(0.1)

(0.1)

0.2

(0.2)

(0.2)
(0.1)

0.0
(0.1)
(0.0)

(0.2)

Gross Exposurein $ bn

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1.8

1.5

1.5

1.8

1.7

1.4

1.5

1.6

1.3

1.5

1.7

1.5

0.9

0.8

0.7

Net Exposure fully provisioned

Net Exposure fully provisioned

Net Exposure
Gross
Exposure€ 0.7 bn($ 0.8 bn)€ 0.2 bn)
Estimated
Collateral

Net Exposure€ 0.6 bn
€ 0.5 bn($ 0.6 bn)€ 0.2 bn

Gross
Exposure($ 0.7 bn)

Estimated
Collateral€ 0.4 bn($ 0.4 bn)

31 December 2019

31 March 2020€/$ = 1.12€/$ = 1.10

Balance Sheet Highlights: Assets

IN € MILLION

26

Mar. 2020

Dec. 2019Non-current Assets

56,466

57,686of which Intangible & Goodwill

16,623

16,591of which Property, plant & equipment

17,082

17,294of which Investments & other long-term financial assets

4,957

6,079

of which Contract assets

186

91

of which Positive hedge mark-to-market

900

996

of which Non-current securities

10,407

11,066

Current Assets

57,53756,723of which Inventory

35,95531,550of which Contract assets

1,288

1,167

of which Cash and cash equivalents

6,348

9,314

of which Current securities

1,648

2,302

658

444

0

0

114,003

114,409

1.10

1.12

of which Positive hedge mark-to-market
Assets of disposal groups classified as held for sale
Total Assets

Closing rate € vs. $Balance Sheet Highlights: Liabilities

IN € MILLION

27

Mar. 2020

Dec. 2019

Total Equity

3,528

5,990

of which AOCI (Accumulated Other Comprehensive Income)(3,922)

(523)

11

15

Total Non-current liabilities

46,10446,045of which Pensions

6,320

7,932

of which Other provisions

4,453

4,610

of which Financing liabilities

8,420

8,189

of which European Governments’ refundable advances

3,520

3,725

of which Contract liabilities

16,891

16,980of which Negative hedge mark-to-market

5,162

2,434

Total Current liabilities

64,37162,374377

421

of which Other provisions

5,656

5,951

of which Financing liabilities

6,397

1,959

563

552

of which Contract liabilities

27,25826,426of which Trade liabilities

13,72814,808of which Negative hedge mark-to-market

2,333

1,560

0

0

114,003

114,409of which Non-controlling interestsof which Pensionsof which European Governments’ refundable advances

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

Shareholding Structure as at 31 March 2020

Free Float

28

73.9%

Shareholder Agreement 26.0%

 783,173,115 shares issued as at 31 March 2020

SOGEPA

11.0%

GZBV

10.9%

SEPI

4.1%

Treasury Shares

0.1%

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

Q1

29

H1

9m

2020

2019
Restated(1)Airbus

7,569

9,697

24,04335,572

54,775

Helicopters

1,202

1,007

2,371

3,712

6,007

Defence and Space

2,111

2,112

5,015

7,706

10,907

Eliminations

(251)

(267)

(563)

(822)

(1,211)

10,631

12,54930,866

46,16870,478

Consolidated Airbus(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

2020

2019
Restated(1)

FY

2020

2019
Restated(1)

2020

2019
Restated(1)Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

Q1

30

H1

9m

2020

2019
Restated(1)Airbus

191

463

2,193

3,593

5,947

Helicopters

53

15

125

205

422

Defence and Space

15

101

233

355

565

Eliminations

22

(30)

(22)

(20)

12

Consolidated Airbus

281

549

2,529

4,133

6,946

(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

2020

2019
Restated(1)

FY

2020

2019
Restated(1)

2020

2019
Restated(1)Quarterly EBIT Breakdown (Cumulative)IN € MILLION

31

Q1

H1

9m

2020

2019
Restated(1)Airbus

57

319

2,006

3,165

1,794

Helicopters

53

9

124

203

414

Defence and Space

(53)

(117)

(15)

83

(881)

Eliminations

22

(30)

(22)

(20)

12

Consolidated Airbus

79

181

2,093

3,431

1,339

(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

2020

2019
Restated(1)

FY

2020

2019
Restated(1)

2020

2019
Restated(1)Q1 2020 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

Q1 202032

IN € BILLION

Q1 2020

Cash provided by (used for) operating activities(7.6)

Cash provided by (used for) operating activities(7.6)

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

Cash provided by (used for) investing activities

0.2

t/o Treasury swaps

0.0

t/o Net proceeds (payment)

1.2

t/o Change in working capital(1)(7.8)

Others0.1

Gross Cash Flow from Operations

0.3

Free Cash Flow

(8.5)

t/o M&A transactions(0.5)

Free Cash Flow before M&A(8.0)

t/o Customer Financing

0.0

FCF before M&A and Customer Financing(8.0)(1) Impact from the penalties included. Excluding the penalties, change in working capital amounts to € -4.2 bn

Glossary on Alternative Performance Measures (APM)
This presentation also contains certain “non-GAAP financial measures”, i.e. financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable
measure calculated and presented in accordance with IFRS. For example, Airbus makes use of the non-GAAP measures “EBIT Adjusted”, “EPS Adjusted” and “Free Cash Flow”.
Airbus uses these non-GAAP financial measures to assess its consolidated financial and operating performance and believes they are helpful in identifying trends in its performance. These measuresenhance management’s ability to make decisions with respect to resource allocation and whether Airbus is meeting established financial goals.

Non-GAAP financial measures have certain limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of Airbus’ results as reported under IFRS. Because of
these limitations, they should not be considered substitutes for the relevant IFRS measures.
 EBIT: Airbus continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance cost and income taxes as defined by IFRS Rules.
 Adjustment is an alternative performance measure used by Airbus which includes material charges or profits caused by movements in provisions related to programmes, restructuring or foreignexchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
 EBIT Adjusted: Airbus uses an alternative performance measure, EBIT Adjusted as a key indicator capturing the underlying business margin by excluding material charges or profits caused by
movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
 EPS Adjusted is an alternative performance measure of a basic EPS as reported whereby the net income as the numerator does include Adjustments. For reconciliation see slide “Detailed Income
Statement and Adjustments”.
 Gross cash position: Airbus defines its consolidated gross cash position as the sum of (i) cash and cash equivalents and (ii) securities (all as recorded in the consolidated statement of financial
position).
 Net cash position: Airbus defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities (all as recorded in the consolidated
statement of financial position) as defined in the Universal Registration Document, MD&A section 2.1.6.
 Gross cash flow from operations: Gross cash flow from operations is an alternative performance measure and an indicator used by Airbus to measure its operating cash performance beforechanges in other operating assets and liabilities (working capital). It is defined in the Universal Registration Document, MD&A section 2.1.6 as cash provided by operating activities, excluding (i)changes in other operating assets and liabilities (working capital), (ii) contribution to plan assets of pension schemes and (iii) realised foreign exchange results on treasury swaps.
 Changes in working capital: it is identical to changes in other operating assets and liabilities as defined by IFRS Rules. It is comprised of inventories, trade receivables, other assets and prepaid
expenses netted against trade liabilities, other liabilities (including customer advances), deferred income and customer financing.
 FCF: For the definition of the alternative performance measure free cash flow, see Universal Registration Document, MD&A section 2.1.6.1. It is a key indicator which allows the Company to measure
the amount of cash flow generated from operations after cash used in investing activities.
 FCF before M&A refers to FCF as defined in the Universal Registration Document, MD&A section 2.1.6.1. adjusted for net proceeds from disposals and acquisitions. It is an alternative performancemeasure and indicator that is important in order to measure FCF excluding those cash flows from the acquisition and disposal of businesses.
 FCF before M&A and Customer Financing refers to free cash flow before mergers and acquisitions adjusted for cash flow related to aircraft financing activities. It is an alternative performancemeasure and indicator that may be used occasionally by the Company in its financial guidance, especially when there is higher uncertainty around customer financing activities.