Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024
Contents
1 Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements ......................................................................2
Unaudited Condensed Interim IFRS Consolidated Income Statement ...............................................................................................2
Unaudited Condensed Interim IFRS Consolidated Statement of Comprehensive Income .................................................................3
Unaudited Condensed Interim IFRS Consolidated Statement of Financial Position ...........................................................................4
Unaudited Condensed Interim IFRS Consolidated Statement of Cash Flows ....................................................................................6
Unaudited Condensed Interim IFRS Consolidated Statement of Changes in Equity ..........................................................................7
2 Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements ................................................81.

The Company .......................................................................................................................................................................82.

Geopolitical and Macroeconomic Environment ......................................................................................................................83.

Climate Impacts ....................................................................................................................................................................84.

Accounting Policies ...............................................................................................................................................................95.

Acquisitions and Disposals ....................................................................................................................................................96.

Related Party Transactions ................................................................................................................................................. 10

7.

Segment Information ........................................................................................................................................................... 10

8.

Revenue and Gross Margin ................................................................................................................................................ 11

9.

Research and Development Expenses ............................................................................................................................... 12

10.

Other Income and Other Expenses ..................................................................................................................................... 12

11.

Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments .................. 12

12.

Total Financial Result.......................................................................................................................................................... 12

13.

Income Taxes ..................................................................................................................................................................... 12

14.

Earnings per Share ............................................................................................................................................................. 12

15.

Intangible Assets and Property, Plant and Equipment ......................................................................................................... 12

16.

Investments Accounted for under the Equity Method ........................................................................................................... 13

17.

Other Investments and Other Long-Term Financial Assets ................................................................................................. 13

18.

Inventories .......................................................................................................................................................................... 13

19.

Trade Liabilities ................................................................................................................................................................... 13

20.

Provisions ........................................................................................................................................................................... 13

21.

Other Financial Assets and Other Financial Liabilities ......................................................................................................... 14

22.

Other Assets and Other Liabilities ....................................................................................................................................... 14

23.

Total Equity ......................................................................................................................................................................... 1524.

Net Cash ............................................................................................................................................................................. 15

25.

Financial Instruments .......................................................................................................................................................... 16

26.

Litigation and Claims ........................................................................................................................................................... 18

27.

Number of Employees ......................................................................................................................................................... 19

28.

Events after the Reporting Date .......................................................................................................................................... 19

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

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 under the 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
8
8

9
10
10
11
17

12
13

Attributable toEquity owners of the parent (Net income)Non-controlling interests
Earnings per share
Basic
Diluted14
14

1 January –31 March 2024
12,830(10,897)
1,933
(226)
(440)
(743)
90
(25)
22
(2)
609
217
(213)
225
229
(286)
552

1 January –31 March 2023
11,763(10,103)
1,660
(205)
(382)
(683)
24
(36)
9
3
390
133
(166)
182
149
(101)
438

595
(43)

466
(28)

€
0.76
0.75

€
0.59
0.59

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

2

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

Unaudited Condensed Interim
IFRS Consolidated Statement of Comprehensive Income
1 January –31 March 2024
552

1 January –31 March 2023
438

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 assets
Share of change from investments accounted for under the equity method

257
(33)
(28)
4
(8)

40
(1)
188
(24)
11

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 hedges
Change in fair value of financial assets
Income tax relating to change in fair value of financial assets
Share of change from investments accounted for under the equity method
Other comprehensive income, net of tax
Total comprehensive income for the period

35
(924)
248
(36)
0
41
(444)
108

(54)
953
(260)
82
1
7
943
1,381

Attributable to:Equity owners of the parent
Non-controlling interests

160
(52)

1,399
(18)

(In € million)

Note

Profit for the period
Other comprehensive income

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

3

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

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

Note

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

15
15
16
17
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

18
17
21
22
24
24
5

4

31 March 2024 31 December 2023

17,055
17,360
35
2,269
4,955
62
721
1,994
3,374
7,964
55,78916,92917,201
35
2,228
4,719
26
922
1,854
3,448
7,508
54,87037,656
4,959
836
1,923
1,831
3,633
618
1,845
13,61566,916
52
122,757

33,741
4,725
795
1,823
1,851
2,697
546
1,301
16,46963,94853
118,871

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

(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

31 March 2024

31 December 2023

23

793
4,080
16,674(2,949)(174)
18,42436
18,460791
3,983
15,616(2,305)(390)
17,69535
17,7305,515
10,28623,540
7,042
410
249
40
47,082

5,667
10,202
23,961
6,715
450
361
35
47,391

4,125
3,393
14,202
27,125
2,707
4,364
697
528
57,141
74
104,223
122,757

4,161
3,389
14,32324,537
2,569
3,507
740
450
53,676
74
101,141
118,871

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
19
21
22

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 three-month period ended 31 March 2024

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

1 January Note 31 March 2024

1 January 31 March 2023

595
(43)

466
(28)

24

513
(288)
194
(110)
5
(22)
115
(74)
(2,284)(1,399)

495
(389)
70
(108)
8
(9)
(177)
(70)
(737)
(479)

15

(498)

(497)

15

24

6

5

(23)

0

(149)

(218)

60
(979)
(1,565)

86
(88)
(711)

(66)
0
1
0
(65)
175
(2,854)
16,473
13,61913,615
4

(153)
138
140
(83)
42
(155)
(1,303)
15,823
14,52014,5128

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 used for operating activities
Investing activities
Purchases of intangible assets, property, plant and equipment, investment property
Proceeds from disposals of intangible assets, property, plant and equipment andinvestment property
Acquisitions of subsidiaries, joint ventures, businesses and non-controlling interests(net of cash)
Payments for investments accounted for under the equity method, other investments
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
Change in securities
Cash (used for) investing activities
Financing activities
Change in financing liabilities
Change in liability for puttable instruments
Change in capital and non-controlling interests
Change in treasury shares
Cash provided by 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

24
24

24
24
23
24
24
24
24
24
5

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 three-month period ended 31 March 2024

Unaudited Condensed Interim
IFRS Consolidated Statement of Changes in Equity
Equity attributable toequity owners of theparent12,950Non-controllinginterests
32

Total Equity
12,982

466
933

(28)
10

438
943

1,399
156
131

(18)
0
0

1,381
156
131

Equity transaction
Change in treasury shares

(20)
(83)

21
0

1
(83)

Balance at 31 March 2023

14,53335

14,568

Balance at 1 January 2024
Profit for the period

17,695
595

35
(43)

17,730552

Other comprehensive income
Total comprehensive income for the period
Capital increase

(435)
160
99

(9)
(52)
0

(444)
108
99

Share-based payment
Equity transaction

253
1

0
53

253
54

216
18,4240
36

216
18,460(In € million)
Balance at 1 January 2023
Profit for the period
Other comprehensive income
Total comprehensive income for the period
Capital increase
Share-based payment

Change in treasury shares
Balance at 31 March 2024

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

7

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

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 7: 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 25 Avril
2024.

2.

Geopolitical and Macroeconomic Environment

In the first three months 2024, inflation and energy prices kept on normalising, this paired with an interest rate stabilisation has limited
impact on the Company’s Unaudited Condensed Interim IFRS Consolidated Financial Statements. At the same time, the Company is stillfacing persistent tensions in the supply chain.
The war in Ukraine has increased the Company’s exposure to supply chain disruption risk given that part of the titanium used by theCompany is sourced from Russia, both directly and indirectly through the Company’s suppliers. As a consequence, a de-risking plan isbeing implemented to increase resilience. It consists in establishing alternatives to the current materials and parts references. This has
prevented the Company from any production disruptions in the first three months 2024 and it is continuously being reviewed to avoid any
shortage in the supply chain.
In 2024, the Company maintained compliance with all applicable regulations and sanctions on its facilities and operations in Russia. The
Representative Office in Moscow was closed in August 2023, while the Airbus Russia affiliate (Airbus RUS) and the Space Division’s two
joint ventures in Russia, Energia Satellite Technologies and Synertech, are in the process of being closed.
Although the Company is operating in a complex global environment and continues to be affected by delays of materials and parts, itmaintains its production ramp-up trajectory. The A220 ramp-up continues towards a monthly production rate of 14 aircraft in 2026, with afocus on the programme's industrial maturity and financial performance. On the A320 Family programme, the Company is making progress
towards the rate of 75 aircraft per month in 2026. In 2023, construction of the second A320 Final Assembly capacities in Tianjin (China)
and Mobile (US) commenced and the new A320 Family Final Assembly Line in Toulouse delivered its first aircraft in December. The first
customer A321XLR entered into the Final Assembly Line in December, with entry-into-service for the aircraft type expected to take placein Q3 2024. On widebody aircraft, the Company has decided to increase the production rate for the A350 to 12 aircraft a month in 2028
and continues to target rate 4 for the A330 in 2024.

3.

Climate Impacts

Climate change may have a major impact on both the Company’s industrial operations and its upstream and downstream value chain.
The impacts have been taken into account by management when preparing the Company’s IFRS Consolidated Financial Statements andmanagement have not identified a need to change the assumption on the useful life of its Property, plant and equipment or Intangible
assets.
The Company follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) to identify climate relatedrisks and opportunities, both transition and physical, and establish a transition plan. The transition plan covers industrial operations,products and services, supply chain and employees and is consistent with the aviation sector's long-term aspirational decarbonisation
goal of reaching net-zero carbon emissions by 2050.
Scope 1 & 2 each represent around 0.2% of total emissions. To limit these emissions the Company invests in renewable energy, energy
efficiency, biomass as well as industrial improvements of its ground fixed assets. Mobile sources such as “Beluga” air transport, flight
operations and sea vessels are also part of the Company’s decarbonisation strategy. In order to support decision making of the Company’s
capital expenditures investments, the Company has set an internal carbon price of €150 per tonne of CO2.
8

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024
The Company’s Scope 3 Category 11 – Use of sold products – has been identified as highly material for the Company, representing above
90% of total emissions. The second most material was Category 1 – Purchased goods and services, representing around 2.5% of total
emissions. CO2 emissions from commercial aircraft in operation appear to be the most material category. In order to address theCompany’s carbon footprint, five strategic pathways that are part of the transition plan have been established. The strategic pathways
focus on the following (i) renew current fleet with best‑in‑class aircraft (ii) developing and deploying SAF (all aircraft types compatible withup to 100% SAF by 2030) (iii) investing in technologies to reduce product emissions (iv) investing in smart air traffic management (ATM)solutions and optimised operations and (v) encouraging temporary CO emission compensation schemes.
As of 31 March 2024, the impacts of the five strategic pathways and the transition plan were included in the Company’s IFRS Consolidated
Financial Statements.
In January 2023, the Company received approval from the Science Based Targets initiative (SBTi) for its greenhouse gas emission (GHG)
reduction near‑term targets. These targets, in line with the Paris Agreement’s objectives, are based on climate science and cover the fullset of the Company’s emissions. The Company intends to reduce its Scope 1 and Scope 2 industrial emissions, targeting a decrease of
up to 63% by 2030, in line with a 1.5°C pathway. The Company is also committed to reducing by 46% the greenhouse gas emissions
intensity generated by its commercial aircraft in service (Scope 3 - Use of Sold Product) by 2035. Both targets are based on the 2015 year
as a baseline.

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 the absolute 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 2023. The Company’s accounting policies andmethods are unchanged compared to 31 December 2023. The implementation of new or amended standards has no material impact on
the Unaudited Condensed Interim IFRS Consolidated Financial Statements as of 31 March 2024.

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 2023.

5.

Acquisitions and Disposals

Acquisitions
On 16 January 2024, Airbus U.S. Space & Defense, Inc. acquired from Eutelsat OneWeb its 50% share of the Airbus OneWeb Satellites(AOS) joint venture, obtaining control and making Airbus U.S. Space & Defense the 100% owner of AOS and the satellite manufacturing
facility in Merritt Island, Florida. The Airbus OneWeb Satellites joint venture, established in 2016, built more than 600 satellites for the
OneWeb first generation constellation, currently operating on‑orbit and qualifies as a business as defined in IFRS 3.
The net assets acquired are measured at fair value on the acquisition date and are recognised for an amount of US$ 46 million as of 31
March 2024. As the purchase price allocation is preliminary additional adjustments over the measurement period could be recognised inaccordance with IFRS 3.
The total consideration transferred amounts to US$ 127 million, satisfied by US$ 75 million cash payment to Eutelsat OneWeb at theacquisition date, US$ 75 million related to the remeasurement of the 50% previously held equity interest in AOS at fair value and thesettlement of pre-existing relationships (US$ 23 million payables due to AOS). A gain of US$ 54 million related to the step-up of thepreviously held equity interest at fair value is recognised as of 31 March 2024.
A preliminary goodwill of US$ 81 million is recognised as of 31 March 2024, reflecting the expected future synergies from combining thespace operations of AOS with Airbus Defence and Space. The one‑year window period for the completion of the purchase price allocation
will end in January 2025.
On 15 January 2024, Airbus Helicopters has announced the signing of the agreement to acquire Aerovel, the maker of Flexrotor, a small
tactical unmanned aerial system designed for intelligence, surveillance, target acquisition and reconnaissance (ISTAR) missions at sea
and over land. Aerovel, based in Bingen, Washington, will remain a US-owned company and will continue to collaborate with the US DoD
under Airbus’ Special Security Agreement (SSA). The acquisition is subject to regulatory approvals and customary closing conditions,with closing expected in the first half-year 2024.
On 21 March 2024, Airbus Defence and Space has entered into an agreement to acquire INFODAS, a Cologne-based, German company
that provides cybersecurity and IT solutions in the public sector including for defence and critical infrastructures. This acquisition supports
Airbus’ strategic ambition to strengthen its cybersecurity portfolio for the benefit of its European and global customers. With exponential
cyber threats, along with the increasing digitalisation and connectivity of its products and systems, cybersecurity is a pivotal componentof Airbus’ development. The transaction is subject to the customary regulatory approvals and is expected to be finalised before the endof 2024.
9

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024
Assets and Disposal Groups Classified as Held for Sale
As of 31 March 2024, the Company continues to intend to divest one of its subsidiaries. The assets and liabilities relating to this disposal
are classified as held for sale for a net amount of € -22 million as of 31 March 2024. The transaction is expected to be closed in 2024.

6.

Related Party Transactions

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

7.

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 — Air Power 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 and defence
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.
Business segment information for the year ended 31 March 2024 is as follows:(In € million)

Total revenue
Inter-segment 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
9,167
(103)
9,064

AirbusHelicopters
1,461
(80)
1,381

AirbusDefenceand Space
2,399
(14)
2,385

Eliminations
0
0
0

Consolidated
Airbus13,027(197)
12,830

7,886
0
1,178

448
138
795

693
810
882

0
0
0

9,027
949
2,854

500
(614)

71
(71)

30
(58)

8
0

609
(743)
4
225
(286)
552

10

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024
Business segment information for the year ended 31 March 2023 is as follows:(In € million)

Total revenue
Inter-segment 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
8,110
(167)
7,943

AirbusHelicopters
1,598
(69)
1,529

AirbusDefenceand Space
2,299
(8)
2,291

Eliminations
0
0
0

6,984
0
959
197
(569)

617
164
748
156
(66)

657
869
765
36
(45)

0
0
0
1
(3)

Consolidated
Airbus
12,007(244)
11,763
8,258
1,033
2,472
390
(683)
(33)
182
(101)
438

-

Airbus EBIT increased by € +303 million to € 500 million (first three months 2023: 197 million) mainly reflecting higher aircraft
deliveries of 142 aircraft (first three months 2023: 127 aircraft), a positive foreign exchange impact year-on-year (largely related tolast year’s € -0.4 billion US dollar Working Capital mismatch impact due to the phasing impact arising from the difference between
transaction date and delivery date) and evolution in management estimates, partly offset by overall cost increase due to ramp-up
and the 2024 Employee Share Ownership Plan (ESOP) campaign.

-

Airbus Helicopters EBIT decreased by € -85 million to € 71 million (first three months 2023: 156 million) mainly reflecting lower
deliveries and negative impact from the 2024 ESOP campaign.

-

Airbus Defence & Space EBIT remained stable at € 30 million (first three months 2023: 36 million) mainly due to a gain related tothe step-up of the previously held equity interest at fair value in Airbus OneWeb Satellites offset by lower profitability of certain Space
programmes following the estimates at completion updates performed in the second half of 2023 and negative impact from the 2024
ESOP campaign.
In the first three months 2024, the Company has delivered one A400M aircraft and has continued with development activities towards
achieving the revised capability roadmap.
In 2023, an additional update of the contract estimate at completion has been performed and a net charge of € 41 million recorded.
No further net material impact was recognised as of 31 March 2024.
Retrofit activities are progressing in close alignment with the customer. Risks remain on the qualification of technical capabilities andassociated costs, on aircraft operational reliability, on cost reductions and on securing overall volume as per the revised baseline.

8.

Revenue and Gross Margin

Revenue increased by € +1,067 million to € 12,830 million (first three months 2023: € 11,763 million). The increase is mainly driven byhigher aircraft deliveries of 142 aircraft (first three months 2023: 127 aircraft).
Revenue by geographical areas based on the location of the customer is as follows:
1 January 31 March 2024
5,810
2,733
2,747
480
455
605

(In € million)

EuropeAsia-PacificNorth America
Middle East
Latin America
Other countries
Total

12,8301 January 31 March 2023
5,045
2,740
2,754
467
269
488
11,11,763

The gross margin increased by € +273 million to € 1,933 million compared to € 1,660 million in the first three months 2023. It is mainly
due to higher volume in Commercial aircraft, a positive foreign exchange impact year on year and evolution in management estimates,
partly offset by overall cost increase. This is leading to a gross margin rate increase from 14.1% to 15.1%.

11

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

9.

Research and Development Expenses

Research and development expenses increased by € 60 million to € 743 million compared to € 683 million in the first three months
2023. It mainly reflects the development of latest generation commercial aircraft programmes, including the A321 XLR, A350 Freighter
and activities to prepare technologies of the future.

10.

Other Income and Other Expenses

Other income increased by € +66 million to € 90 million compared to € 24 million in the first three months 2023 mainly due to a gain
related to the step-up of the previously held equity interest at fair value in Airbus OneWeb Satellites.
Other expenses decreased by € 11 million to € -25 million compared to € -36 million in the first three months 2023.

11.

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 remained stable at € 20 million
compared to € 12 million in the first three months 2023.

12.

Total Financial Result

Total financial result improved by € +80 million to € 229 million compared to € 149 million in the first three months 2023. The financial
result mainly reflects a positive impact from the revaluation of certain equity investments.

13.

Income Taxes

The income tax expense amounts to € -286 million (first three months 2023: € -101 million) and corresponds to an effective income tax
rate of 34.1%. This includes impacts from tax risk updates and net deferred tax asset impairments.

14.

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 31 March 2024
€ 595 million
788,076,898€ 0.76

1 January 31 March 2023
€ 466 million
787,791,767€ 0.59Diluted earnings per share – The Company’s dilutive potential ordinary shares are equity-settled Performance Shares relating to LongTerm Incentive Plans (“LTIP”).
In the first three months 2024, a total of 1,184,458 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 share

15.

1 January 31 March 2024

1 January 31 March 2023

€ 595 million
789,261,356€ 0.75€ 466 million
788,755,881€ 0.59Intangible Assets and Property, Plant and Equipment

Intangible assets increased by € +126 million to € 17,055 million (prior year-end: € 16,929 million). Intangible assets mainly relate to
goodwill of € 13,222 million (prior year-end: € 13,141 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 3: Climate Impacts”).

12Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024
Property, plant and equipment increased by € +159 million to € 17,360 million (prior year-end: € 17,201 million). Property, plant andequipment include right-of-use assets for an amount of € 1,708 million as of 31 March 2024 (prior year-end: € 1,641 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 3: Climate Impacts”).

16.

Investments Accounted for under the Equity Method

Investments accounted for under the equity method increased by € +41 million to € 2,269 million (prior year-end: € 2,228 million).
They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.

17.

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

31 March 2024
2,985
1,970
4,955
836
5,791

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

31 December 2023
2,798
1,921
4,719
795
5,514

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 € 1,688 million at 31 March 2024 (prior year-end: € 1,483 million).
Other long-term financial assets and the current portion of other long-term financial assets include other loans in the amount of €2,691 million as of 31 March 2024 (prior year-end: € 2,601 million), and the sales financing activities in the form of finance lease receivables
and loans from aircraft financing. The increase is mainly reflecting additional loans in Airbus bank.

18.

Inventories

Inventories of € 37,656 million (prior year-end: € 33,741 million) increased by € +3,915 million. This is mostly driven by finished goods,
work in progress, raw materials and manufacturing supplies resulting in inventory build up to support the ramp-up.

19.

Trade Liabilities

Trade liabilities of € 14,202 million (prior year-end: € 14,323 million) decreased by € -121 million.
Similar to previous years, the Company has supported its suppliers concerning supply chain financing arrangements. As of 31 March
2024, these arrangements have no impact in the Unaudited Condensed Interim IFRS Consolidated Financial Statements. The range of
payment due dates is not impacted by the supplier finance arrangements. The Company evaluates such suppliers’ early payment
arrangements with a financing third party against a number of indicators to assess whether the payable continues to hold thecharacteristics 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 of 31 March 2024, the payables subject to supplier financing arrangements do not meet thecriteria to be reclassified as borrowings.

20.

Provisions(In € million)

31 March 2024
2,499
7,141
9,640
5,515
4,125

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

31 December 2023
2,715
7,113
9,828
5,667
4,161

As of 31 March 2024, provisions for pensions amount to € 2.5 billion (prior year-end: € 2.7 billion). The decrease mainly reflects theincrease in the discount rates in Germany, France, UK and Canada.
As of 31 March 2024, a non-current asset of € 0.5 billion (prior year-end: € 0.4 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”).
Other provisions remained stable at € 7,141 million (prior year end: € 7,113 million).
13

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

21.

Other Financial Assets and Other Financial Liabilities

Other Financial Assets(In € million)

Positive fair values of derivative financial instruments (1)OthersTotal non-current other financial assets
Receivables from related companies
Positive fair values of derivative financial instruments (1)OthersTotal current other financial assets
Total
(1)

31 March 2024
689
32
721
1,145
286
400
1,831
2,552

31 December 2023
897
25
922
1,252
330
269
1,851
2,773

31 March 2024
3,242
3,660
140
7,042
1,998
198
179
332
2,707
9,749

31 December 2023
2,859
3,671
185
6,715
1,891
185
183
310
2,569
9,284

See “– Note 25: Financial Instruments”.

Other Financial Liabilities(In € million)

Liabilities for derivative financial instruments (1)European Governments' refundable advances (2)OthersTotal non-current other financial liabilities
Liabilities for derivative financial instruments (1)European Governments' refundable advances (2)Liabilities to related companies
OthersTotal current other financial liabilities
Total
(1)
(2)

See “– Note 25: Financial Instruments”.
Refundable advances from European Governments are provided to the Company to finance research and development activities for certain projects
on a risk-sharing basis, i.e. they are repaid to the European Governments subject to the success of the project.

The total net fair value of derivative financial instruments decreased by € -742 million to € -4,265 million (prior year-end: € -3,523 million)
as a result of the strengthening of the US dollar versus the hedge rate of the Company portfolio in the first three months 2024.
In the first three months 2024, the European Governments’ refundable advances remained stable at € 3,858 million (prior year-end:€ 3,856 million).
The allocation of European Governments’ refundable advances between non-current and current presented in the Unaudited Condensed
Interim IFRS Consolidated Financial Statements ended 31 March 2024 is based on the applicable contractual repayment dates.

22.

Other Assets and Other Liabilities

Other Assets(In € million)

31 March 2024
511
46
1,437
1,994
1,987
490
581
575
3,633
5,627

Cost to fulfil a contract
Prepaid expenses
Others (1)Total non-current other assets
Value added tax claims
Cost to fulfil a contract
Prepaid expenses
Others (1)Total current other assets
Total
(1)

31 December 2023
468
129
1,257
1,854
1,600
460
174
463
2,697
4,551

As of 31 March 2024, other assets include € 951 million of payments to be made to Airbus by suppliers after aircraft delivery (prior year-end: € 874
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 specificcontractual terms and repayment profile.
As of 31 March 2024, a non-current asset of € 476 million (prior year-end: € 373 million) is accounted for to reflect the surplus in two pension funds in
the UK. (see “– Note 20: Provisions”).

14Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

Other Liabilities(In € million)

31 March 2024
410
410
1,081
3,283
4,364
4,774

Others (1)Total non-current other liabilities
Tax liabilities (excluding income tax)
Others (1)Total current other liabilities
Total
(1)

31 December 2023
450
450
740
2,767
3,507
3,957

“Others” mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel
restructuring).

23.

Total Equity

23.1

Equity Attributable to Equity Owners of the Parent

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:
31 March 2024
790,459,434
1,824,249
792,283,683(1,359,562)
790,924,121(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 2023
788,205,008
2,254,426
790,459,434(3,037,467)
787,421,967

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 € 18,424 million (prior year-end:€ 17,695 million) representing an increase of € +729 million. This is mainly due to the net income for the period of € +595 million, a changein actuarial gains and losses of € +209 million. It also reflects the 2024 ESOP campaign with share-based payment of € +235 million,
treasury shares usage of € +216 million and a capital increase of € +99 million. At the same time, it is partly offset by the mark to market
revaluation of the hedge portfolio of € -649 million.
The non-controlling interests (“NCI”) from non-wholly owned subsidiaries remained stable at € 36 million as of 31 March 2024 (prioryear-end: € 35 million). These NCI do not have a material interest in the Company’s activities and cash flows.

24.

Net Cash

The net cash is comprised of the following elements:(In € million)

31 March 2024
13,615
1,845
7,964
23,424(3,393)(10,286)(1,029)8,716

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 2023
16,4691,301
7,508
25,278(3,389)(10,202)(961)
10,726

The net cash position on 31 March 2024 amounted to € 8,716 million (prior year-end: € 10,726 million), with a gross cash position of €23,424 million (prior year-end: € 25,278 million).

Cash and Cash Equivalents
Cash and cash equivalents are composed of the following elements:

15

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024
(In € million)

31 March 2024
3,167
9,614
834
13,615

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 2023
3,050
12,4091,010
16,469Only 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 € -2.9 billion from € 16.5 billion at 31 December 2023 to € 13.6 billion at 31 March 2024.
The main variations are as follows:
Cash used for operating activities amounts to € -1.4 billion in the first three months 2024. This is driven by increase in inventory partly
offset by contract assets and liabilities, a profit translated into cash and a net positive impact from payments made to suppliers inanticipation.
Cash used for investing activities amounts to € -1.6 billion, mainly reflecting capital expenditures and investments in securities.

Financing Liabilities(In € million)

31 March 2024
8,228
323
271
1,464
10,286
823
1
77
218
2,274
3,393
13,679Bonds 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 2023
8,250
323
233
1,396
10,202
817
1
81
221
2,269
3,389
13,591

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

Long-term financing liabilities, mainly comprising of bonds and lease liabilities, increased by € +84 million to € 10,286 million (prioryear-end: € 10,202 million), largely due to the new Final Assembly Line in Mobile, Alabama.
Short-term financing liabilities remained stable at € 3,393 million (prior year-end: € 3,389 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 31 March 2024, a first part of the project has entered into service for US$ 118 million. According to the current projectplan, another part is expected in the remaining nine months 2024 for US$ 249 million. In accordance with IFRS 16 and the Company’s
accounting policies for the classification of interests’ cash flows, payments to be made over the lease term will be recognised in financing
cash flows and operating cash flows for respectively the principal and interest payments’ portions of the lease liability. The future
discounted cash outflows amount to US$ 1 billion and have been funded through bonds issued by the lessor and fully guaranteed by theCompany as of 31 December 2023.

25.

Financial Instruments

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

31 March 2024
689
286
975
(3,242)(1,998)(5,240)(4,265)

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 2023
897
330
1,227
(2,859)(1,891)(4,750)(3,523)

The total net fair value of derivative financial instruments decreased by € -742 million to € -4,265 million (prior year-end: € -3,523 million)
as a result of the strengthening of the US dollar versus the hedge rate of the Company portfolio in the first three months 2024.

16

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024
As of 31 March 2024, the total hedge portfolio with maturities up to 2029 amounts to US$ 67.5 billion (prior year-end: US$ 67.1 billion)
and covers a major portion of the foreign exchange exposure expected over the hedging horizon. The US dollar spot rate was 1.08 US$/€and 1.11 US$/€ at 31 March 2024 and at 31 December 2023, respectively. The average US$/€ hedge rate of the US$/€ hedge portfolio
until 2029 improved by 1 cent to 1.23 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 37.2 to the 2023 IFRS Consolidated Financial Statements. For the first
three months 2024, 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 37.2 tothe 2023 IFRS Consolidated Financial Statements, with the exception of:
31 March 2024
Book Value
Fair Value(In € million)

Financing liabilities
Bonds and commercial papers
Liabilities to financial institutions and others(9,051)(2,946)31 December 2023
Book Value
Fair Value(9,456)(2,946)(9,067)(2,907)(9,470)(2,907)

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 131 March 2024
Level 2
Level 3

Total

Level 131 December 2023
Level 2
Level 3

Total

2,250
0
9,809
0
9,614
21,673

0
975
0
0
834
1,809

734
0
0
116
0
850

2,984
975
9,809
116
10,44824,332

2,084
0
8,809
0
12,40923,302

0
1,227
0
0
1,010
2,237

714
0
0
116
0
830

2,798
1,227
8,809
116
13,41926,369000(5,240)0(5,240)

0
(34)
(34)

(5,240)(34)(5,274)000(4,750)0(4,750)

0
(86)
(86)

(4,750)(86)(4,836)

As of 31 March 2024, the fair value of the written put options on non-controlling interests (“NCI puts”) relating to ACLP amounts to € 34
million (prior year-end: € 86 million).
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 9.30% is used to discount the forecasted cash flows, taking into
account the specificities of the programme (prior year-end: 9.30%).

17

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

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.

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”) were made in relation to the previously reported criminal
investigations that led to the Company’s agreements with the French Parquet National Financier (“PNF”), the UK Serious Fraud Office(“SFO”), the US Department of Justice (“DoJ”) and the US Department of State (“DoS”), which were approved on 31 January 2020. 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 the criminal investigations, the Company’s useof intermediaries and alleged corrupt practices, and its related financial exposure, internal investigations and subsequent measures takenby the Company.
The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the lawsof Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory
judgment with damages to be assessed in follow on proceedings.
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 US$ 5 million without any acknowledgement of liability.
On 30 August 2023, the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal on 29 November 2023.
On 20 September 2023, the second and third Dutch claims were dismissed on procedural grounds, which plaintiffs appealed on 19
December 2023. The calendar for appeal proceedings on both matters extends at least to 2025 and could take longer.
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.

Air France Flight 447 Trial
On 1 June 2009, an A330 operated by Air France as 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 a 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, there will be a full retrial of the matter, which the Company expects will be scheduled to take place in 2025.

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. In January 2024, the last remaining claim with a passenger family was settled, with noadmission of liability on behalf of the Company, in the amount of US$ 100 million, shared between Airbus Helicopters and Papillon
Helicopters.
18

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2024

Norway NH90
In a notice of termination dated 9 June 2022, the Norwegian Defence Materiel 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.

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
91,77990,03231 March 2024
31 December 2023

28.

Events after the Reporting Date

There are no material subsequent events after the reporting date.

19

AirbusHelicopters
22,513
22,336

Airbus Defence
and Space
35,801
35,525

Consolidated
Airbus150,093
147,893