Airbus reports Nine-Month (9m) 2019 results; delivery and FCF
outlook updated, EBIT Adjusted guidance maintained•

Solid commercial aircraft environment•

9m financials mainly reflect A320neo ramp-up and A350 progress•

Revenues € 46.2 billion, +14% YoY; EBIT Adjusted € 4.1 billion, +51% YoY•

EBIT (reported) € 3.4 billion; EPS (reported) € 2.81•

2019 guidance updated for delivery outlook of around 860 commercial aircraft:
FCF before M&A and Customer Financing now approximately € 3 billion, EBIT
Adjusted guidance maintained

Amsterdam, 30 October 2019 – Airbus SE (stock exchange symbol: AIR) reported NineMonth (9m) 2019 consolidated financial results and provided full-year guidance.

“Our nine-month results are mainly driven by the performance in commercial aircraft,
reflecting both the A320neo ramp-up and progress on the A350,” said Airbus Chief Executive
Officer Guillaume Faury. “We are focused on the A320neo ramp-up and improving theindustrial flow while managing the higher level of complexity on the A321 ACF in particular.
Our nine-month delivery numbers and the updated delivery outlook for the year reflect theunderlying actions to secure a more efficient delivery flow in the next years as we progress torate 63 per month for the A320 Family in 2021. The full-year free cash flow guidance has
been adjusted to reflect the revised delivery outlook while the EBIT Adjusted target ismaintained. We are focused on meeting our customer commitments and preparing theproduction system for the future.”

Gross commercial aircraft orders totalled 303 (9m 2018: 311 aircraft), including 20 A330neos
and 22 A350 XWBs in the third quarter alone, with net orders of 127 aircraft (9m 2018: 256aircraft). The order book stood at 7,133 commercial aircraft as of 30 September 2019. Net
helicopter orders of 173 units (9m 2018: 230 units) included 12 H135s in the third quarter.
Airbus Defence and Space’s order intake by value totalled € 6.1 billion, with third quarterbookings supported by key contract wins in Space Systems.
Consolidated revenues increased to € 46.2 billion (9m 2018: € 40.4 billion), mainly driven byhigher deliveries, a favourable mix and foreign exchange rate development. A total of 571
commercial aircraft were delivered (9m 2018: 503 aircraft), comprising 33 A220s, 422 A320

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Family, 34 A330s, 77 A350s and 5 A380s. Airbus Helicopters delivered 209 units (9m 2018:218 units) with its stable revenues supported by growth in services and reduced byprogramme phasing. In September, the 1,000th Super Puma helicopter was delivered. Higher
revenues at Airbus Defence and Space were mainly driven by Military Aircraft activities.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator
capturing the underlying business margin by excluding material charges or profits caused bymovements in provisions related to programmes, restructurings or foreign exchange impacts
as well as capital gains/losses from the disposal and acquisition of businesses – increased to€ 4,133 million (9m 2018: € 2,738 million), mainly reflecting the commercial aircraft
performance at Airbus.

Airbus’ EBIT Adjusted increased sharply to € 3,833 million (9m 2018: € 2,340 million), largely
driven by the A320 ramp-up and NEO premium, progress on the A350 financial performanceand foreign exchange improvement which already materialised in H1 2019.

On the A320 programme, NEO aircraft represented 338 out of the total 422 deliveries. The
production ramp-up continued for the Airbus Cabin Flex (ACF) version of the A321, which
remains challenging. The ACF programme will further ramp up in Q4 2019 with efforts
continuing throughout 2020 to improve the industrial maturity of the programme. Airbus also
continues to study different options to increase the share of the A321 in current A320 Family
production capacity. The ramp-up of the A330neo continued and represented 26 of the total
34 A330 deliveries over the nine-month period. Airbus continued to make good progress on
A350 recurring cost convergence with the programme on track to reach the breakeven target
for the year.

Airbus Helicopters’ EBIT Adjusted was stable at € 205 million (9m 2018: € 202 million),reflecting an increased contribution from services which was reduced by a less favourable
delivery mix.

EBIT Adjusted at Airbus Defence and Space totalled € 355 million (9m 2018: € 409 million),
mainly reflecting efforts to support ongoing and future campaigns. The Division’s focus is on
performance improvement across its businesses.

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Ten A400M military transport aircraft were delivered, bringing the in-service fleet to 84 as of30 September 2019. During the third quarter several key milestones were achieved towards
the aircraft’s full capability, including the successful deployment of 58 paratroopers through asingle side door and 80 simultaneously from both side doors as well as in-flight refuelling
contacts with an H225M helicopter. While the A400M cash consumption is reducing, it is notat the pace being targeted. Airbus will continue with development activities towards achieving
the revised capability roadmap. Retrofit activities are progressing in line with the customer
agreed plan. Challenges remain, particularly on exports.
Consolidated self-financed R&D expenses totalled € 2,150 million (9m 2018: € 2,103 million).
Consolidated EBIT (reported) increased to € 3,431 million (9m 2018: € 2,683 million),including Adjustments totalling a net € -702 million. These Adjustments comprised:•A negative € -253 million related to the dollar pre-delivery payment mismatch and balance
sheet revaluation;•A negative € -221 million related to the suspension of defence export licences to Saudi
Arabia by the German government, now prolonged to March 2020, of which € -13 million
were booked in Q3 2019;•A negative € -158 million related to A380 programme cost, of which € -22 million werebooked in Q3 2019, as part of Airbus’ continuous assessment of asset recoverability and thequarterly review of onerous contract provision assumptions;•A total of € -70 million of other costs.

Consolidated reported earnings per share of € 2.81 (9m 2018: € 1.88) included a negative
impact from the financial result, affected by the recognition of a loss on foreign exchange hedges
as a result of the defence export licence suspension already booked as of Q2 2019. The financial
result was € -233 million (9m 2018: € -413 million). The effective tax rate also reflected charges
related to the defence export licence suspension, as well as the reassessment of tax assets andliabilities. Consolidated net income(1) was € 2,186 million (9m 2018: € 1,453 million).

Consolidated free cash flow before M&A and customer financing of € -4,937 million(9m 2018: € -4,169 million) mainly reflected the working capital build to support futuredeliveries, including advanced stage aircraft close to delivery. Consolidated free cash flowwas € -5,127 million (9m 2018: € -3,928 million).

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The consolidated net cash position was € 5.6 billion on 30 September 2019 (year-end 2018:€ 13.3 billion) after the 2018 dividend payment of € 1.3 billion in the second quarter. The grosscash position on 30 September was € 17.8 billion (year-end 2018: € 22.2 billion).
In response to developments in the WTO dispute, the United States Trade Representative(USTR) decided to impose tariffs on Airbus commercial aircraft imported from the EU into theUS from 18 October 2019. The tariffs, as announced, do not include components delivered toMobile, US, from Europe. Airbus is working with its US customers to manage theconsequences of these tariffs. The potential decision of the EU to impose tariffs on USproducts should come at a later stage. Airbus continues to support an outcome through anegotiated solution(2).
OutlookAs the basis for its 2019 guidance, the Company expects the world economy and air traffic togrow in line with prevailing independent forecasts, which assume no major disruptions.
The 2019 earnings and Free Cash Flow guidance is before M&A.
•Airbus now targets around 860 commercial aircraft deliveries in 2019, which reflects theupdated delivery schedule.

•On that basis:
Airbus maintains its expected increase in EBIT Adjusted of approximately +15%
compared to 2018.
Airbus now expects FCF before M&A and Customer Financing of approximately€ 3 billion.

About Airbus
Airbus is a global leader in aeronautics, space and related services. In 2018, it generated revenues of € 64 billion
and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger
airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as oneof the world’s leading space companies. In helicopters, Airbus provides the most efficient civil and militaryrotorcraft solutions worldwide.
Airbus Investor Relations contacts:
Thorsten FISCHER
Mohamed DENDEN
Nicolas CHRETIEN

tel. +33 5 67 19 02 64
tel. +33 5 82 05 30 53
tel. +33 5 67 19 02 07

thorsten.t.fischer@airbus.com
mohamed.denden@airbus.comnicolas.n.chretien@airbus.com

Note to editors: Live Webcast of the Analyst Conference Call
At 08:15 CET on 30 October, you can listen to the 9m 2019 Results Analyst Conference Call with Chief Executive
Officer Guillaume Faury and Chief Financial Officer Dominik Asam via the Airbus website. The analyst callpresentation can also be found on the company website. A recording will be made available in due course. For areconciliation of Airbus’ KPIs to “reported IFRS” please refer to the analyst presentation.

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Airbus Consolidated – Nine-Month (9m) Results 2019(Amounts in Euro)

Airbus Consolidated

9m 20199m 2018

ChangeRevenues, in millions

46,16840,421

+14%

6,231

6,141+1%

EBIT Adjusted, in millions

4,133

2,738+51%

EBIT (reported), in millions

3,431

2,683

+28%

Research & Development expenses,in millions

2,150

2,103+2%

Net Income(1), in millions

2,186

1,453+50%

Earnings Per Share (EPS)

2.81

1.88+49%

Free Cash Flow (FCF), in millions-5,127-3,928--4,902-4,342--4,937-4,169-

Airbus Consolidated

30 Sept
2019

31 Dec2018

ChangeNet Cash position, in millions5,576

13,281-58%

Employees

135,978

133,671+2%

thereof defence, in millions

Free Cash Flow
before M&A, in millions
Free Cash Flow before M&Aand Customer Financing, in millions

For footnotes please refer to page 10.

Page | 5By Business
Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

9m
2019

9m
2018

Change9m
2019

9m
2018

ChangeAirbus

35,57230,478

+17%

3,405

2,238

+52%

Airbus Helicopters
Airbus Defence andSpaceTransversal &Eliminations

3,712

3,755

-1%

203

179

+13%

7,706

7,051

+9%

83

479-83%-822-863--260

-213

-

Total

46,16840,421

+14%

3,431

2,683

+28%

By Business
Segment

EBIT Adjusted(Amounts in millions ofEuro)

9m
2019

9m
2018

ChangeAirbus

3,833

2,340+64%

Airbus Helicopters
Airbus Defence andSpaceTransversal &Eliminations

205

202

+1%

355

409

-13%

-260

-213

-

4,133

2,738

+51%

Total

By Business
Segment

Airbus, in units
Airbus Helicopters,in units
Airbus Defence andSpace, in millions ofEuro

Order Intake (net)

Order Book

9m
2019

9m
2018

Change30 Sept2019

30 Sept2018

Change

127

256

-50%

7,133

7,383-3%

173

230-25%681

704-3%

6,064

4,988+22%

N/A

N/A

N/A

For footnotes please refer to page 10.

Page | 6Airbus Consolidated – Third Quarter (Q3) Results 2019
(Amounts in Euro)

Airbus Consolidated

Q3 2019

Q3 2018

ChangeRevenues, in millions

15,302

15,451-1%

EBIT Adjusted, in millions

1,604

1,576+2%

EBIT (reported), in millions

1,338

1,563-14%(1)

Net Income , in millions

989

957

+3%

Earnings Per Share (EPS)

1.27

1.23+3%By Business
Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

Q32019Q32018

ChangeQ32019

Q32018ChangeAirbus11,52911,932-3%

1,254

1,465

-14%

Airbus Helicopters
Airbus Defence andSpaceTransversal &Eliminations

1,341

1,367-2%

79

65+22%

2,691

2,399+12%

98

97+1%

-259

-247

--93-64-

Total

15,302

15,451-1%

1,338

1,563-14%

By Business Segment

EBIT Adjusted(Amounts in millions of Euro)

Q3
2019

Q32018ChangeAirbus

1,495

1,473+1%

Airbus Helicopters

8067+19%

Airbus Defence and Space

122

100+22%

Transversal & Eliminations-93-64-Total

1,604

1,576+2%For footnotes please refer to page 10.

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Q3 2019 revenues were stable as lower commercial aircraft deliveries were compensated byfavourable foreign exchange rates and higher revenues at Airbus Defence and Space.
Q3 2019 EBIT Adjusted was stable as lower commercial aircraft deliveries werecompensated by the transition to the NEO and progress on the A350 XWB programme.
Q3 2019 EBIT (reported) decreased by 14%. This reflected Net Adjustments of € -266
million booked in the quarter. Net Adjustments in the third quarter of 2018 amounted to€ -13 million.
Q3 2019 Net Income was stable, reflecting the lower EBIT (reported) and offset by an
improved financial result and a lower effective tax rate.

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

9m 2019
3,431

thereof:$ PDP mismatch/Balance Sheet
revaluation
Defence export ban-253

A380 programme cost

-158

Others-70

EBIT Adjusted

4,133

-221

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GlossaryKPIDEFINITIONEBITThe Company continues to use the term EBIT (Earnings before interest and taxes). It is
identical to Profit before finance result 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, restructurings or foreignexchange impacts as well as capital gains/losses from the disposal and acquisition ofbusinesses.

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 cash

The Company defines its consolidated gross cash position as the sum of (i) cash and cash

positionequivalents and (ii) securities (all as recorded in the consolidated statement of financial
position).

Net cash

For the definition of the alternative performance measure net cash position, seeposition

Registration Document, MD&A section 2.1.6.

FCF

For the definition of the alternative performance measure free cash flow, see 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&AFree cash flow before mergers and acquisitions refers to free cash flow as defined in theRegistration Document, MD&A section 2.1.6.1 adjusted for net proceeds from disposals andacquisitions. It is an alternative performance measure and key indicator that reflects freecash flow excluding those cash flows resulting from acquisitions and disposals ofbusinesses.

FCF before M&AFree 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 anfinancing

alternative performance measure and indicator that may be used from time to time by theCompany in its financial guidance, especially when there is higher uncertainty aroundcustomer financing activities.

Page | 9Footnotes:
1. Airbus SE continues to use the term Net Income. It is identical to Profit for the period
attributable to equity owners of the parent as defined by IFRS Rules.
2. For more details on the WTO dispute, please refer to the Financial Statements and, inparticular, note 23, “Litigation and Claims” of the Unaudited Condensed Interim Financial
Information of Airbus SE for the nine-month period ended 30 September 2019 available on
Airbus’ website (www.airbus.com).

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-looking
statements. Examples of forward-looking statements include statements made about strategy, ramp-up anddelivery 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 andcircumstances and there are many factors that could cause actual results and developments to differ materiallyfrom 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 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.

As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth insuch forward-looking statements.
For a discussion of factors that could cause future results to differ from such forward-looking statements, see the2018 Airbus SE “Registration Document” dated 29 July 2019, including the Risk Factors section.
Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus
SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new
information, future events or otherwise.
Rounding
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may notprecisely reflect the absolute figures.

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