Airbus reports First Quarter (Q1) 2023 results● 127 commercial aircraft delivered in Q1 2023
● Revenues € 11.8 billion; EBIT Adjusted € 0.8 billion● EBIT (reported) € 0.4 billion; EPS (reported) € 0.59
● Free cash flow before M&A and customer financing € -0.9 billion● Guidance unchanged
Amsterdam, 03 May 2023 – Airbus SE (stock exchange symbol: AIR) reported consolidated
financial results for its First Quarter (Q1) ending 31 March 2023.
“The first quarter confirmed strong demand for our products, particularly for commercial aircraft.
We delivered 127 commercial aircraft, which is reflected in the Q1 financials. The quarter also
benefited from a good performance in Helicopters,” said Guillaume Faury, Airbus Chief
Executive Officer. “We continue to face an adverse operating environment that includes inparticular persistent tensions in the supply chain. Our 2023 guidance is unchanged withcommercial aircraft deliveries expected to be backloaded. We remain focused on delivering
the commercial aircraft ramp-up and longer-term transformation.”
Gross commercial aircraft orders totalled 156 (Q1 2022: 253 aircraft), with net orders of 142
aircraft after cancellations (Q1 2022: 83 aircraft). The order backlog amounted to 7,254
commercial aircraft at the end of March 2023. Airbus Helicopters registered 39 net orders (Q12022: 56 units) which were well spread across programmes. Airbus Defence and Space’s orderintake by value was € 2.5 billion (Q1 2022: € 3.2 billion).
Consolidated revenues decreased slightly to € 11.8 billion (Q1 2022: € 12.0 billion). A total of
127 commercial aircraft were delivered (Q1 2022: 142(1) aircraft), comprising 10 A220s, 106
A320 Family, 6 A330s and 5 A350s. Revenues generated by Airbus’ commercial aircraft
activities decreased 5 percent year-on-year, mainly reflecting the lower deliveries, partly offset
by the strengthening of the US dollar. Airbus Helicopters deliveries increased to 71 units (Q12022: 39 units), mainly driven by the Light helicopter segment. The Division’s revenues rose
26 percent, mainly reflecting deliveries and a solid performance across programmes,
favourable mix effects as well as a good start to the year in services. Revenues at Airbus
Defence and Space decreased 6 percent, mainly driven by lower volume in Military Air Systemsand in Space Systems. One A400M transport aircraft was delivered in Q1 2023.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator
capturing the underlying business margin by excluding material charges or profits caused by
movements in provisions related to programmes, restructuring or foreign exchange impacts aswell as capital gains/losses from the disposal and acquisition of businesses – decreased to €773 million (Q1 2022: € 1,263 million).
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EBIT Adjusted related to Airbus’ commercial aircraft activities decreased to € 580 million (Q12022: € 1,065 million). The decrease reflects the lower deliveries, a slightly less favourable
hedge rate compared to Q1 2022 and investments for preparing the future. Q1 2022 included
the positive impact from retirement obligations partly offset by the impact resulting frominternational sanctions against Russia.
The ramp-up on the A220 programme is continuing towards a monthly production rate of 14
aircraft by the middle of the decade. On the A320 Family programme, the Company continues
to ramp-up towards a monthly production rate of 65 aircraft by the end of 2024. The recently
announced decision to add a second Final Assembly Line in Tianjin will increase global
industrial capacity to 10 Final Assembly Lines for the A320 Family, supporting Airbus' plans toproduce 75 aircraft per month in 2026. The flight test programme of the A321XLR isprogressing and entry-into-service is expected to take place in Q2 2024.
As previously announced, the Company targets rate 4 for the A330 in 2024 and rate 9 for theA350 at the end of 2025. On the A350F, the first components were recently produced by Airbus
Atlantic in Nantes. As the first milestones are reached, the industrial planning for this variant isbeing slightly adjusted with the entry-into-service now slipping into 2026.
Airbus Helicopters’ EBIT Adjusted increased to € 156 million (Q1 2022: € 90 million), reflecting
the solid performance across programmes, favourable mix effects and the good start inservices. Q1 2022 also included net positive non-recurring elements.
EBIT Adjusted at Airbus Defence and Space decreased to € 36 million (Q1 2022: € 106 million),
mainly reflecting the lower volume in Military Air Systems and in Space Systems. Q1 2022 also
included net positive non-recurring elements.
On the A400M programme, development activities continue towards achieving the revised
capability roadmap. Retrofit activities are progressing in close alignment with the customer.
Risks remain on the qualification of technical capabilities and associated costs, on aircraft
operational reliability, on cost reductions and on securing overall volume as per the revised
baseline.
Consolidated self-financed R&D expenses totalled € 683 million (Q1 2022: € 586 million).
Consolidated EBIT (reported) amounted to € 390 million (Q1 2022: € 1,429 million), including
net Adjustments of € -383 million.

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These Adjustments comprised:● € -360 million related to the dollar pre-delivery payment mismatch and balance sheet
revaluation;● € -9 million related to the Aerostructures transformation;● € -14 million of other costs including compliance.
The financial result was € 149 million (Q1 2022: € 166 million). It mainly reflects a positive
impact from the revaluation of certain equity investments, partly offset by negative impacts
from the revaluation of financial instruments and the net interest result. Consolidated netincome(2) was € 466 million (Q1 2022: € 1,219 million) with consolidated reported earnings
per share of € 0.59 (Q1 2022: € 1.55).
Consolidated free cash flow before M&A and customer financing was € -889 million (Q12022: € 213 million), mainly reflecting the necessary inventory build-up as the Company
executes the production ramp-up. Consolidated free cash flow was € -886 million (Q1 2022:€ 161 million). The gross cash position stood at € 22.4 billion at the end of March 2023 (yearend 2022: € 23.6 billion), with a consolidated net cash position of € 8.4 billion (year-end 2022:€ 9.4 billion).
Outlook
The guidance issued in February 2023 remains unchanged.
As the basis for its 2023 guidance, the Company assumes no additional disruptions to theworld economy, air traffic, the supply chain, the Company’s internal operations, and its ability
to deliver products and services.
The Company’s 2023 guidance is before M&A.
On that basis, the Company targets to achieve in 2023 around:●

720 commercial aircraft deliveries;●EBIT Adjusted of € 6.0 billion;●Free Cash Flow before M&A and Customer Financing of € 3.0 billion.

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Note to editors: Live Webcast of the Analyst Conference Call
At 19:30 CEST on 03 May 2023, you can follow the Q1 2023 Results Analyst Conference Call via the Airbus
website https://www.airbus.com. The analyst call presentation can also be found on the website. A recording will bemade available in due course. For a reconciliation of Airbus’ KPIs to “reported IFRS” please refer to the analyst
presentation.

Newsroom

Contacts for the media:
Guillaume SteuerRod Stone

Justin Dubon

Airbus+33 (0) 6 73 82 11 68

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Airbus+33 (0) 6 74 97 49 51

EmailEmailMartin Agüera

Laurence Petiard

Airbus Defence and Space+49 (0) 175 227 4369

Airbus Helicopters+33 (0) 6 18 79 75 69

EmailEmail

EmailPage | 4

Consolidated Airbus – First Quarter (Q1) 2023 Results(Amounts in Euro)
Consolidated Airbus

Q1 2023

Q1 2022

ChangeRevenues, in millions
thereof defence, in millions

11,763
2,381

12,000
2,392

-2%
0%

EBIT Adjusted, in millions

773

1,263

-39%

EBIT (reported), in millions

390

1,429-73%

Research & Development expenses, inmillions

683

586

+17%

Net Income(2), in millions

466

1,219

-62%

Earnings Per Share

0.59

1.55-62%

Free Cash Flow (FCF), in millions

-886

161

-Free Cash Flow before M&A, in millions

-886

167

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

-889

213

-

31 March 2023

31 Dec 2022

ChangeNet Cash position, in millions of Euro

8,359

9,431

-11%

Number of employees

137,715

134,267+3%

Consolidated Airbus

For footnotes please refer to page 9.

Page | 5By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

Q1 2023

Q1 2022

ChangeQ1 2023

Q1 2022

ChangeAirbus8,110

8,541-5%

197

1,242-84%

Airbus Helicopters

1,598

1,265+26%

156

90+73%

Airbus Defence andSpace

2,299

2,453

-6%

36

95-62%

Eliminations-244-259-

12-50%

Total

11,763

12,000-2%

390

1,429-73%

By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

Q1 2023

Q1 2022

ChangeAirbus580

1,065-46%

Airbus Helicopters

156

90+73%

Airbus Defence andSpace

36106-66%

Eliminations

12-50%

Total

773

1,263

-39%

By Business Segment

Order Intake (net)

Order Book

Q1 2023

Q1 2022

Change31 March
2023

31 March
2022

ChangeAirbus, in units

142

83+71%

7,254

7,023

+3%

Airbus Helicopters, inunits

3956

-30%

725

756

-4%

Airbus Defence andSpace, in millions ofEuro

2,521

3,211

-21%

N/A

N/A

N/A

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

Q1 2023390

thereof:$ PDP mismatch/balance
sheet revaluation-360

Aerostructures transformation-9Others-14

EBIT Adjusted

773

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Glossary
KPI

DEFINITIONEBITThe Company continues to use the term EBIT (Earnings before interest and taxes). It is
identical to Profit before finance cost and income taxes as defined by IFRS Rules.

Adjustment

Adjustment, an alternative performance measure, is a term used by the Company which
includes material charges or profits caused by movements in provisions related toprogrammes, restructuring or foreign exchange impacts as well as capital gains/losses fromthe disposal and acquisition of businesses.

EBIT Adjusted

The Company uses an alternative performance measure, EBIT Adjusted, as a key indicator
capturing the underlying business margin by excluding material charges or profits caused 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

EPS Adjusted is an alternative performance measure of basic earnings per share asreported whereby the net income as the numerator does include Adjustments. For
reconciliation, see the Analyst presentation.

Gross cashposition

The Company defines its consolidated gross cash position as the sum of (i) cash and cash
equivalents and (ii) securities (all as recorded in the Consolidated Statement of FinancialPosition).

Net cash position The Company defines its consolidated net cash position as the sum of (i) cash and cash
equivalents and (ii) securities, minus (iii) financing liabilities, plus or minus (iiii) interest rate
contracts related to fair value hedges (all as recorded in the Consolidated Statement ofFinancial Position).
FCF

For the definition of the alternative performance measure free cash flow, see the Universal
Registration Document, MD&A section 2.1.6.1. It is a key indicator which allows the Companyto measure the amount of cash flow generated from operations after cash used in investing
activities.

FCF before M&A Free cash flow before mergers and acquisitions refers to free cash flow as defined in theUniversal Registration Document, MD&A section 2.1.6.1 adjusted for net proceeds fromdisposals and acquisitions. It is an alternative performance measure and key indicator thatreflects free cash flow excluding those cash flows resulting from acquisitions and disposals ofbusinesses.
FCF before M&A Free cash flow before M&A and customer financing refers to free cash flow before mergers
and customer
and acquisitions adjusted for cash flow related to aircraft financing activities. It is anfinancingalternative performance measure and indicator that may be used occasionally by theCompany in its financial guidance, especially when there is higher uncertainty aroundcustomer financing activities.

Page | 8Footnotes:1)
2)

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

Safe Harbour Statement:This press release includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”,“expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-lookingstatements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery
schedules, introduction of new products and services and market expectations, as well as statements regarding
future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances and there are many factors that could cause actual results anddevelopments to differ materially from those expressed or implied by these forward-looking statements.
These factors include but are not limited to:▪
Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’businesses;▪
Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);▪
Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;▪
The successful execution of internal performance plans, including cost reduction and productivity efforts;▪
Product performance risks, as well as programme development and management risks;▪
Customer, supplier and subcontractor performance or contract negotiations, including financing issues;▪
Competition and consolidation in the aerospace and defence industry;▪
Significant collective bargaining labour disputes;▪
The outcome of political and legal processes, including the availability of government financing for certain
programmes and the size of defence and space procurement budgets;▪
Research and development costs in connection with new products;▪
Legal, financial and governmental risks related to international transactions;▪
Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;▪
Changes in societal expectations and regulatory requirements about climate change;▪
The full impact of the COVID-19 pandemic and the resulting health and economic crisis;▪
Aggravation of adverse geopolitical events, including Russia’s invasion of Ukraine and the resulting
imposition of export control restrictions and international sanctions, and rising military tensions around theworld.
As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth in suchforward-looking statements. For more information about the impact of Russia’s invasion of Ukraine, see note 2“Ukraine Crisis” of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated FinancialStatements for the three-month period ended 31 March 2023. For more information about the impact of theMacroeconomic Environment, see note 3 “Macroeconomic Environment” of the Notes to the Airbus SE Unaudited
Condensed Interim IFRS Consolidated Financial Statements for the three-month period ended 31 March 2023. For
more information about factors that could cause future results to differ from such forward-looking statements, pleaserefer to Airbus SE’s most recent annual report, including the financial statements and notes thereto, the most recent
Universal Registration Document and the most recent Risk Factors. Any forward-looking statement contained inthis press release speaks as of the date of this press release. Airbus SE undertakes no obligation to publicly revise
or update any forward-looking statements in light of new information, future events or otherwise.

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

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