First half-year 2024 Financial Report

2024 Semi-annual report of the Board of Directors .......................................................................................................................................... 2
Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Information for the six-month period ended 30 June 2024.................. 4

Appendix: Review report of the independent auditor

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

2024 Semi-annual report of the Board of Directors
1.

Semi-annual report on activities

Main events in the first half-year of 2024
For an overview of the main events that occurred during the first half of 2024 and their impact on the Unaudited Condensed Interim IFRS
Consolidated Financial Information of the Company for the six-month period ended 30 June 2024 (the “Semi-Annual Financial
Statements”), please refer to the press release, which was approved by the Board of Directors and issued on 30 July 2024, available on
Airbus’ website www.airbus.com.
For further information and detail regarding the Company’s activities, finances, financing, risk factors and corporate governance, pleaserefer to the Company’s website www.airbus.com and the documents posted thereon.

Related party transactions
Please refer to the notes to the Semi-Annual Financial Statements attached hereto (see “– Note 6: Related Party Transactions”).

2.

Risk factors

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

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

reduce the exposure level to risks,-

ensure Airbus ERM compliance regarding the Dutch Corporate Governance Code.

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

Airbus SE Report of the Board of Directors 2023 (sections 4.5 and 4.6)
(https://www.airbus.com/sites/g/files/jlcbta136/files/2024-04/Airbus%20SE%20Report%20of%20Board%20of%20Directors%20%20FY2023%20%281%29.pdf), andb.

Airbus SE Universal Registration Document 2023 (section “Risk Factors”)(https://www.airbus.com/sites/g/files/jlcbta136/files/2024-03/Airbus-Universal-Registration-Document-2023.pdf)

2

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

3.

Semi-Annual Financial Statements

The Semi-Annual Financial Statements, including the review report by EY Accountants B.V., are attached hereto.

4.

Statement of the Board of Directors

The Board of Directors of Airbus hereby declares that, to the best of its knowledge:
the Semi-Annual Financial Statements for the period ended 30 June 2024 give a true and fair view of the assets, liabilities, financial
position and profits or losses of Airbus and undertakings included in the consolidation taken as a whole; andthis Semi-Annual Board Report (including the press release, which was approved by the Board of Directors and issued on 30 July 2024)
gives a true and fair view of the position as per the balance sheet date, and of the development and performance during the first half ofthe 2024 financial year and expected course of events of Airbus and undertakings included in the consolidation taken as a whole. This
Semi-Annual Board Report has paid special attention to investments and circumstances upon which the development of revenues andprofitability is dependent, as these have been described herein.

30 July 2024,
The Board of Directors
René Obermann, Chairman
Guillaume Faury, Chief Executive Officer
Victor Chu, Director
Jean-Pierre Clamadieu, Director
Mark Dunkerley, Director
Stephan Gemkow, Director
Catherine Guillouard, Director
Amparo Moraleda, Director
Claudia Nemat, Director
Irene Rummelhoff, Director
Antony Wood, Director
Dr Feiyu Xu, Director

3

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
Contents
1 Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements ......................................................................5
Unaudited Condensed Interim IFRS Consolidated Income Statement ...............................................................................................5
Unaudited Condensed Interim IFRS Consolidated Statement of Comprehensive Income .................................................................6
Unaudited Condensed Interim IFRS Consolidated Statement of Financial Position ...........................................................................7
Unaudited Condensed Interim IFRS Consolidated Statement of Cash Flows ....................................................................................9
Unaudited Condensed Interim IFRS Consolidated Statement of Changes in Equity ........................................................................ 10
2 Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements .............................................. 111.

The Company ..................................................................................................................................................................... 112.

Geopolitical and Macroeconomic Environment .................................................................................................................... 11

3.

Climate Impacts .................................................................................................................................................................. 114.

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

5.

Acquisitions and Disposals .................................................................................................................................................. 12

6.

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

7.

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

8.

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

9.

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

10.

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

11.

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

12.

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

13.

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

14.

Earnings per Share ............................................................................................................................................................. 15

15.

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

16.

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

17.

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

18.

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

19.

Trade Liabilities ................................................................................................................................................................... 16

20.

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

21.

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

22.

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

23.

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

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

25.

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

26.

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

27.

Number of Employees ......................................................................................................................................................... 22

28.

Events after the Reporting Date .......................................................................................................................................... 22

4

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 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 underthe equity method
Other income from investments
Profit before financial result and income taxes
Interest income
Interest expense
Other financial result
Total financial result
Income taxes
Profit for the period

Note
8
8

9
10
10

1 January 30 June 2024
28,825(24,652)
4,173
(460)
(884)
(1,593)178(78)

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

1 April 30 June 2024
15,995(13,755)
2,240
(234)
(444)
(850)
88
(53)

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

79
41
1,456
399
(428)
(79)
(108)
(615)
733

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

57
43
847
182
(215)
(304)
(337)
(329)
181

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

825
(92)

1,526
(74)

230
(49)

1,060
(46)

€
1.04
1.04

€
1.94
1.93

€
0.29
0.29

€
1.34
1.34

11
11

12
13

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

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

5

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

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

Profit for the period
Other comprehensive income

1 January 30 June 2024
733

1 January 30 June 2023
1,452

1 April 30 June 2024
181

1 April 30 June 2023
1,014

652

396

395

356

(106)
(28)

(17)
170

(73)
0

(16)
(18)

4

(21)

0

3

(5)

7

3

(4)

92
(1,235)

30
1,663

57
(312)

84
710

330
(33)

(450)
58

82
3

(190)
(24)

0

0

0

(1)

43
(287)
446

37
1,873
3,325

2
157
338

30
930
1,944

553
(107)

3,392
(67)

393
(55)

1,993
(49)

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

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

6

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

7

30 June 2024 31 December 2023

17,12917,574
35
2,140
4,749
62
647
2,258
3,806
8,492
56,892

16,92917,201
35
2,228
4,719
26
922
1,854
3,448
7,508
54,87039,477
4,867
807
1,334
1,956
3,630
641
2,455
10,92866,095
53
123,040

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 six-month period ended 30 June 2024

(In € million)

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

Note

30 June 2024

31 December 2023

23

793
4,005
14,955(3,108)(100)
16,54535
16,580791
3,983
15,616(2,305)(390)
17,69535
17,7305,190
9,765
24,507
7,279
395
176
40
47,352

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

4,182
3,113
14,38428,358
2,772
4,300
1,386
539
59,03474
106,460
123,040

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

5

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

8

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

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

1 January 30 June 2024

1 January 30 June 2023

825
(92)

1,526
(74)

24

1,299
(389)
(228)
561
13
(79)
217
(176)
(1,544)
407

1,042
(699)
470
127
29
(79)
(483)
(201)
648
2,306

15

(1,315)(1,090)

15
5

54
(79)

27
0

(294)

(578)

192
190
(2,077)(3,329)

219
150
(582)
(1,854)(950)(2,215)0
118
215(2,832)
218(5,536)
16,473
10,937
10,9289(348)(1,421)
138
140
(83)
(1,574)(160)(1,282)
15,823
14,541
14,5338

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

24
24

24
23
24
23
24
24
24
24
24
5

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

9

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

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

Total Equity
12,982

Profit for the period
Other comprehensive income

1,526
1,866

(74)
7

1,452
1,873

Total comprehensive income for the period
Capital increase
Share-based payment
Cash distribution to shareholders /dividends to non-controlling interests

3,392
144
137

(67)
0
0

3,325
144
137

(1,421)0(1,421)Equity transaction
Change in treasury shares
Balance at 31 June 2023

(12)
(71)
15,119

72
0
37

60
(71)
15,156

Balance at 1 January 2024
Profit for the period
Other comprehensive income

17,695
825
(272)

35
(92)
(15)

17,730733(287)

Total comprehensive income for the period
Capital increase

553
24

(107)
0

446
24

Share-based payment
Cash distribution to shareholders /dividends to non-controlling interests
Equity transaction
Change in treasury shares

279

0

279

(2,215)
(81)
290

0
107
0

(2,215)26
290

Balance at 30 June 2024

16,54535

16,580(In € million)
Balance at 1 January 2023

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

10

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 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 30 July
2024.

2.

Geopolitical and Macroeconomic Environment

In the first half-year 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 facing
persistent specific supply chain issues mainly in engines, aerostructures and cabin equipment. The Company continues to ramp up
towards a rate of 75 A320 Family aircraft per month, which is now expected in 2027 (compared to 2026 previously). The A220 ramp-up
continues towards a monthly production rate of 14 aircraft in 2026, with a focus on the programme's industrial maturity and financial
performance. On widebody aircraft, the Company continues to target a monthly production rate of 4 A330s in 2024 and rate 12 for theA350 in 2028. In 2023, construction of the second A320 Final Assembly capacities in Tianjin (China) and Mobile (US) commenced andthe 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 place at the end of the summer.
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, the Company
implemented and is progressing well on the de-risking plan to avoid any shortage in the supply chain. This has prevented the Company
from experiencing any production disruptions related to that matter in the first half-year 2024.
In 2024, the Company maintains compliance with all applicable regulations and sanctions with respect to Russia. The Representative
Office in Moscow was closed in 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.

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.
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 the11Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
Company’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 30 June 2024, the impacts of the five strategic pathways and the transition plan were included in the Company’s Unaudited
Condensed Interim 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 full set of the Company’s emissions. The Company intends to reduce its Scope 1 and Scope 2 industrial emissions, targeting adecrease 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 30 June 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 key estimates and judgementsof the Company that have a significant influence on the amounts recognised in the Company’s Consolidated Financial Statements are thesame as 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 30
June 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 30 June 2024.
A preliminary goodwill of US$ 81 million is recognised as of 30 June 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 announced having finalised the agreement to acquire Aerovel, the Flexrotor maker, a small
tactical unmanned aerial system (“UAS”) designed for intelligence, surveillance, target acquisition and reconnaissance (“ISTAR”) missions
over land and sea. Aerovel, based in Bingen (Washington D.C.), will remain a US-owned company and will work with Airbus US Spaceand Defense, Inc., a Special Security Agreement (“SSA”) company, which will manage any US Department of Defense (“DoD”) businessas a prime contractor.
The acquisition was completed on 30 April 2024, after all the requirements precedent such as regulatory approvals and customary closing
conditions were met. The total consideration includes a fixed portion paid plus an earn-out clause with expected future payments over2024 through 2028 based on performance conditions. A preliminary goodwill of € 123 million is recognised as of 30 June 2024. The
one‑year window period for the completion of the purchase price allocation will end in April 2025.
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.
12

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
On 30 June 2024, the Company has entered into a binding term sheet agreement with Spirit AeroSystems in relation to a potential
acquisition of major activities related to Airbus, notably the production of A350 fuselage sections in Kinston, North Carolina, U.S., and St.
Nazaire, France; of the A220’s wings and mid-fuselage in Belfast, Northern Ireland, and Casablanca, Morocco; as well as of the A220
pylons in Wichita, Kansas, U.S. With this agreement, the Company aims to ensure stability of supply for its commercial aircraft
programmes through a more sustainable way forward, both operationally and financially, for the various Airbus work packages that Spirit
AeroSystems is responsible for today. The Company will be compensated by payment of US$ 559 million from Spirit AeroSystems, for anominal consideration of US$ 1.00, subject to adjustments including based on the final transaction perimeter. Entering into definitive
agreements remains subject to an ensuing due diligence process.
Assets and Disposal Groups Classified as Held for Sale
As of 30 June 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 € -21 million as of 30 June 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 six-month period ended 30 June 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

AirbusDefenceand Space
4,985

(350)
20,865

AirbusHelicopters
3,191
(168)
3,023

18,501
0
2,364

1,070
310
1,643

1,640
1,408
1,889

0
0
0

20,141
1,408
4,253

1,972
(1,301)

230
(155)

(760)
(150)

14
13

1,456
(1,593)
(29)
(79)
(615)
733

Airbus21,215

13

(48)
4,937

Eliminations
0
0
0

Consolidated
Airbus29,391(566)
28,825

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
Business segment information for the six-month period ended 30 June 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
20,349(367)
19,982

AirbusHelicopters
3,194
(139)
3,055

AirbusDefenceand Space
4,653
(27)
4,626

Eliminations
0
0
0

18,007
0
1,975
1,523
(1,196)

1,299
201
1,555
267
(145)

1,439
1,536
1,651
87
(96)

0
0
0
10
6

Consolidated
Airbus28,196(533)
27,663
20,745
1,737
5,181
1,887
(1,431)
(58)
160
(537)
1,452

-

Airbus EBIT increased by € +449 million to € 1,972 million (first half-year 2023: 1,523 million) mainly reflecting higher aircraft
deliveries of 323 aircraft (first half-year 2023: 316 aircraft), a positive foreign exchange impact year-on-year (largely related to lastyear’s € -0.7 billion US dollar Working Capital mismatch impact due to the phasing impact arising from the difference between
transaction date and delivery date) partly offset by overall cost increase due to ramp-up and the 2024 Employee Share Ownership
Plan (“ESOP”) campaign.

-

Airbus Helicopters EBIT decreased by € -37 million to € 230 million (first half-year 2023: 267 million) mainly reflecting lower
deliveries and negative impact from the 2024 ESOP campaign.

-

Airbus Defence & Space EBIT decreased by € -847 million to € -760 million (first half-year 2023: 87 million).
In the first half-year 2024, the Space Systems management team performed extensive technical and business reviews of its criticalprogrammes and updated its assessment of key assumptions and estimates related to the remaining revenue and costs for contracts
with performance obligations satisfied overtime (see “– Note 5: Key Estimates and Judgements” in the Company’s IFRS Consolidated
Financial Statements as of 31 December 2023).
On that basis, identifying further commercial and technical challenges the Company has recorded an additional charge amounting
to € -989 million in the first half-year 2024. This additional charge is mainly related to updated assumptions on schedules, workload,sourcing, risks and costs over the lifetime of certain telecommunications, navigation and observation programmes and reflects thecurrent best view of estimates at completion. Risks remain on meeting the schedules, securing the supply chain, achieving technicalrequirements and securing the required level of orders.
Acknowledging that the Space business is inherently complex and competitive with sophisticated products and long-term
programmes, the company is also evaluating several strategic options such as potential restructuring, cooperation models, portfolio
review and potential merger and acquisition options.
In the first half-year 2024, the Company has delivered four 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 30 June 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 € +1,162 million to € 28,825 million (first half-year 2023: € 27,663 million). The increase is mainly driven by higher
aircraft deliveries of 323 aircraft (first half-year 2023: 316 aircraft) paired with strong revenue growth in Air Power business.
Revenue by geographical areas based on the location of the customer is as follows:
1 January 30 June 2024
13,579
5,921
7,353
1,010
728
234
28,825(In € million)

EuropeAsia-PacificNorth America
Middle East
Latin America
Other countries
Total
14

1 January 30 June 2023
10,423
7,621
6,200
1,657
601
1,161
27,663

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
The gross margin decreased by € -344 million to € 4,173 million compared to € 4,517 million in the first half-year 2023. It is mainly due
to the estimates at completion (“EAC”) update of certain telecommunications, navigation and observation programmes and an overall cost
increase partly offset by higher volume in Commercial aircraft and a positive foreign exchange impact year on year. This is leading to agross margin rate decrease from 16.3% to 14.5%.

9.

Research and Development Expenses

Research and development expenses increased by € +162 million to 1,593 million compared to € 1,431 million in the first half-year2023. It mainly reflects the development of latest generation commercial aircraft programmes, including the A321XLR, A350 Freighter
and activities to prepare technologies of the future.

10.

Other Income and Other Expenses

Other income increased by € +144 million to € 178 million compared to € 34 million in the first half-year 2023. This mainly includes a gain
related to the step-up of the previously held equity interest at fair value in Airbus OneWeb Satellites.
Other expenses increased by € -5 million to € -78 million compared to € -73 million in the first half-year 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 € 79 million
compared to € 80 million in the first half-year 2023.

12.

Total Financial Result

Total financial result decreased by € -210 million to € -108 million compared to € 102 million in the first half-year 2023. The financial
result is mainly driven by a negative impact from the revaluation of certain equity investments.

13.

Income Taxes

The income tax expense amounts to € -615 million (first half-year 2023: € -537 million) and corresponds to an effective income tax rateof 45.6% (first half-year 2023: 27.0%). This includes impacts from net deferred tax asset impairments and the tax effect on the revaluationof certain equity investments.
On 19 December 2023, the government of the Netherlands, where the parent company is incorporated, enacted the Pillar Two income
taxes legislation effective from 1 January 2024. As of 30 June 2024, the Company did not record any material top-up tax related to Pillar
II in its Unaudited Condensed Interim IFRS Consolidated Financial Statements.

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 30 June 2024
€ 825 million
789,675,929€ 1.04

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

Diluted earnings per share – The Company’s dilutive potential ordinary shares are equity-settled Performance Shares relating to LongTerm Incentive Plans (“LTIP”).
In the first half-year 2024, a total of 765,383 equity-settled Performance Shares was considered in the calculation of diluted earnings per
share.

15

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
1 January 30 June 2024

1 January 30 June 2023

€ 825 million
790,441,312€ 1.04€ 1,526 million
789,390,727€ 1.93

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.

Intangible Assets and Property, Plant and Equipment

Intangible assets increased by € +200 million to € 17,129 million (prior year-end: € 16,929 million). Intangible assets mainly relate to
goodwill of € 13,349 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”).
Property, plant and equipment increased by € +373 million to € 17,574 million (prior year-end: € 17,201 million). Property, plant andequipment include right-of-use assets for an amount of € 1,682 million as of 30 June 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 decreased by € -88 million to € 2,140 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)

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

30 June 2024
2,717
2,032
4,749
807
5,556

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 (10.48%,
prior year-end: 10.24%) amounting to € 1,403 million at 30 June 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 €2,713 million as of 30 June 2024 (prior year-end: € 2,601 million), and the sales financing activities in the form of finance lease receivables
and loans from aircraft financing.

18.

Inventories

Inventories of € 39,477 million (prior year-end: € 33,741 million) increased by € +5,736 million. This is mostly driven by work in progress,
finished goods, raw materials and manufacturing supplies resulting in inventory build up to support the ramp-up.

19.

Trade Liabilities

Trade liabilities of € 14,384 million (prior year-end: € 14,323 million) increased by € +61 million.
Similar to previous years, the Company has supported its suppliers through supply chain financing arrangements. The range of payment
due dates is not impacted by the supplier finance arrangements. The Company evaluates such suppliers’ early payment arrangementswith a financing third party against a number of indicators to assess whether the payable continues to hold the characteristics of a trade
payable or should be classified as borrowings; these indicators include whether the payment terms exceed customary payment terms in
the industry. As of 30 June 2024, the payables subject to supplier financing arrangements do not meet the criteria to be reclassified as
borrowings. The Company presents a single cash outflow for the payments made to the financing party because it considers the payment
to a supplier by the financing third party not to be a cash transaction of the entity. The Company classifies its cash outflows for payments
made to the financing third party within operating activities because it views the principal nature of these payments as related to thepurchase of goods and services.

16

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

20.

Provisions(In € million)

30 June 2024
2,145
7,227
9,372
5,190
4,182

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 30 June 2024, provisions for pensions amount to € 2.1 billion (prior year-end: € 2.7 billion). The decrease mainly reflects the increasein the discount rates in Germany, France, UK and Canada.
As of 30 June 2024, a non-current asset of € 0.6 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 of € 7,227 million increased by € +114 million (prior year end: € 7,113 million). This is mainly due to provisions foronerous contracts related to the updates of certain telecommunications, navigation and observation programmes partly offset by theutilisation of other provisions.

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)

30 June 2024
618
29
647
1,283
262
411
1,956
2,603

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

30 June 2024
3,380
3,683
216
7,279
2,086
175
178
333
2,772
10,05131 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 € -1,063 million to € -4,586 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 half-year 2024.
In the first half-year 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 30 June 2024 is based on the applicable contractual repayment dates.

17

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

22.

Other Assets and Other Liabilities

Other Assets(In € million)

30 June 2024
606
50
1,602
2,258
1,872
509
638
611
3,630
5,888

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 30 June 2024, other assets include € 1,039 million of payments to be made to Airbus by suppliers after aircraft delivery (prior year-end: € 874
million) which is expected to be received over a rolling period of 15 years. They are recorded as a reduction of cost of goods sold at the time of aircraft
delivery. These future payments are discounted to reflect specific contractual terms and repayment profile.
As of 30 June 2024, a non-current asset of € 615 million (prior year-end: € 373 million) is accounted for to reflect the surplus in two pension funds in
the UK. (see “– Note 20: Provisions”).

Other Liabilities(In € million)

30 June 2024
395
395
1,118
3,182
4,300
4,695

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

23.

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).

Total Equity

The Company’s shares are exclusively ordinary shares with a par value of € 1.00. The following table shows the development of thenumber of shares issued and fully paid:
30 June 2024
790,459,434
1,824,249
1,824,249
792,283,683
792,283,683(779,428)(779,428)
791,504,255
791,504,255(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 owners of the parent (including purchased treasury shares) amounts to € 16,545 million (prior year-end: € 17,695
million) representing a decrease of € -1,150 million. This is mainly due to the dividend payments of € -2,215 million and the mark to market
revaluation of the hedge portfolio of € -868 million. At the same time, this is partly offset by the net income for the period of € +825 million
and a change in actuarial gains and losses of € +531 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.
The non-controlling interests (“NCI”) from non-wholly owned subsidiaries remained stable at € 35 million as of 30 June 2024 (prioryear-end: € 35 million). These NCI do not have a material interest in the Company’s activities and cash flows.

18

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024

24.

Net Cash

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

30 June 2024
10,9282,455
8,492
21,875(3,113)(9,765)(1,063)
7,934

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 30 June 2024 amounted to € 7,934 million (prior year-end: € 10,726 million), with a gross cash position of €21,875 million (prior year-end: € 25,278 million).

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

30 June 2024
3,382
6,911
635
10,928Bank 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 € -5.6 billion from € 16.5 billion at 31 December 2023 to € 10.9 billion at 30 June 2024.
The main variations are as follows:
Cash provided by operating activities amounts to € 0.4 billion in the first half-year 2024, primarily driven by a profit translated into cash, apositive impact from contract assets and liabilities and a net positive impact from payments made to suppliers in anticipation partly offset
by inventory build-up.
Cash used for investing activities amounts to € -3.3 billion, mainly reflecting capital expenditures and investments in securities.
Cash used for financing activities amounts to € -2.8 billion. It mainly includes the cash distribution to Airbus SE shareholders of € -2.2
billion.

Financing Liabilities(In € million)

30 June 2024
7,683
333
303
1,446
9,765
543
1
62
213
2,294
3,113
12,878

Bonds 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, decreased by € -437 million to € 9,765 million (prioryear-end: € 10,202 million) largely due to a bond reclass to short‑term liabilities (EMTN 5 years) partly offset by the new Final AssemblyLine in Mobile, Alabama.
Short-term financing liabilities decreased by € -276 million to € 3,113 million (prior year-end: € 3,389 million) mainly due to a bondrepayment in April 2024 as per maturity date (EMTN 10 years) partly offset by a bond reclass to short‑term liabilities (EMTN 5 years).

19

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
On 31 January 2023, the Company signed a lease agreement with Mobile Airport Authority (“MAA”) for a new Final Assembly Line
designed by Airbus and to be constructed in Mobile, Alabama on MAA owned land. The expected cost of construction is funded throughthe issuance of bonds by MAA for a nominal amount of US$ 1.0 billion, the proceeds of which are used solely for that purpose. The bonds
are fully guaranteed by the Company which is supervising the construction and is liable for any cost overruns. As of 30 June 2024, theproject has entered into service for a corresponding amount of US$ 118 million of lease liability. According to the current project plan,
another US$ 249 million of lease liability is expected in the second half-year 2024. In accordance with IFRS 16 and the Company’s
accounting policies for the classification of interests’ cash flows, the lease liability payments to be made over the lease term will berecognised in financing cash flows for the principal portion and in operating cash flows for the interest portion.

25.

Financial Instruments

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

30 June 2024
618
262
880
(3,380)(2,086)(5,466)(4,586)

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 € -1,063 million to -4,586 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 half-year 2024.
As of 30 June 2024, the total hedge portfolio with maturities up to 2029 amounts to US$ 67.6 billion (prior year-end: US$ 67.1 billion) andcovers a major portion of the foreign exchange exposure expected over the hedging horizon. The US dollar spot rate was 1.07 US$/€ and1.11 US$/€ at 30 June 2024 and at 31 December 2023, respectively. The average US$/€ hedge rate of the US$/€ hedge portfolio until
2029 improved to 1.22 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 firsthalf-year 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:(In € million)

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

30 June 2024
Book Value
Fair Value(8,226)(2,993)(9,235)(2,993)31 December 2023
Book Value
Fair Value(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.

20

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
The following table presents the carrying amounts of the financial instruments held at fair value across the three levels of the fair value
hierarchy:(In € million)

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

Level 130 June 2024
Level 2
Level 3

Total

Level 131 December 2023
Level 2
Level 3

Total

1,990
0
10,9470
6,911
19,848

0
880
0
0
635
1,515

727
0
0
126
0
853

2,717
880
10,947126
7,546
22,216

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(5,466)0(5,466)

0
(86)
(86)

(5,466)(86)(5,552)000(4,750)0(4,750)

0
(86)
(86)

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

As of 30 June 2024, the fair value of the written put options on non-controlling interests (“NCI puts”) relating to ACLP amounts to € 86
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%).

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 $5 million USD 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.

21

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the six-month period ended 30 June 2024
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.

Norway NH90
In a notice of termination dated 9 June 2022, the Norwegian Defence Materiel Agency (“NDMA”) notified NHIndustries SAS ("NHI") of theNorwegian 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 made against the NH90 as well as against [NHI]." NHI considers the termination to be legally groundless and reserves its right totake any necessary legal action to challenge it. The parties initiated a mediation process during the second quarter of 2023, whichconcluded during the second quarter of 2024 without an agreement being reached. During the second quarter of 2024 the parties each
filed their respective claims before the Oslo City Court, with the NDMA having requested a court-led mediation process.

HMRC Export Control Investigation
Airbus is fully cooperating with an investigation by the Revenue and Customs Authority of the United Kingdom into possible violations of
the United Kingdom's export control rules. It is not expected that the resolution of this matter will have a material financial impact.

27.

Number of Employees
Airbus
96,01090,03230 June 2024
31 December 2023

AirbusHelicopters
22,85522,336

Airbus Defence
and Space
35,71635,525

Consolidated
Airbus154,581
147,893

As of 30 June 2024, the total number of employees amounts to 154,581 (prior year-end: 147,893). The increase mainly reflects ramp-up
activities and Airbus India inclusion for 3,422 employees.

28.

Events after the Reporting Date

On 9 July 2024, the European Space Agency (“ESA”) has successfully launched the Ariane 6 inaugural flight from Europe’s Spaceport in
Kourou, French Guiana.
On 24 June 2024, in line with agreements in place and as planned, the Company and Investissement Québec (“IQ”) agreed to provide
shareholder financing for the partnership. Both parties committed to fund their respective share of a US$ 1.2 billion equity injection (75%
Airbus, 25% IQ) in three tranches. A first tranche of US$ 760 million was funded on 16 July 2024, a second tranche of US$ 240 million
will be funded on 30 November 2024 followed by an optional tranche of US$ 200 million.
On 19 July 2024, the Airbus A321XLR powered by CFM engines received its Type Certification from the European Union Aviation Safety
Agency (“EASA”), preparing the way for the entry-into-service of the new aircraft at the end of the summer. Certification of the Pratt &Whitney engine version is foreseen for later in 2024.

22

Independent auditor’s review report
To: the shareholders and the board of directors of Airbus SE
Our conclusion
We have reviewed the unaudited condensed interim IFRS consolidated financial information
for the six-month period ended 30 June 2024 included in the accompanying First Half-year 2024
Financial Report of Airbus SE based in Amsterdam, the Netherlands, for the period 1 January 2024 to
30 June 2024.
Based on our review, nothing has come to our attention that causes us to believe that the condensed
interim IFRS consolidated financial information of Airbus SE for the six-months period ended
30 June 2024, is not prepared, in all material respects, in accordance with IAS 34,“Interim Financial Reporting” as adopted by the European Union.
The condensed interim IFRS consolidated financial information comprises:• The unaudited condensed interim IFRS consolidated statement of financial position as of
30 June 2024
• The unaudited condensed interim IFRS consolidated income statement for the period from
1 January 2024 to 30 June 2024
• The notes comprising of a summary of the significant accounting policies and selected explanatory
information
Basis for our conclusion
We conducted our review in accordance with Dutch law including, Dutch Standard 2410, “Het beoordelen
van tussentijdse financiële informatie door de accountant van de entiteit” (Review of Interim Financial
Information Performed by the Independent Auditor of the Entity). A review of interim financial
information in accordance with the Dutch Standard 2410 is a limited assurance engagement.
Our responsibilities under this standard are further described in the Our responsibilities for the review of
the condensed interim IFRS consolidated financial information section of our report.
We are independent of Airbus SE in accordance with the Verordening inzake de onafhankelijkheid vanaccountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation
with respect to independence) and other relevant independence regulations in the Netherlands.
Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants(VGBA, Dutch Code of Ethics).
We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis forour conclusion.
Responsibilities of the board of directors for the condensed interim IFRS consolidated financial
information
The board of directors is responsible for the preparation and presentation of the condensed interim IFRS
consolidated financial information in accordance with IAS 34, “Interim Financial Reporting” as adopted
by the European Union. Furthermore, the board of directors is responsible for such internal control as it
determines is necessary to enable the preparation of the condensed interim IFRS consolidated financial
information that is free from material misstatement, whether due to fraud or error.

Page 2

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

Amsterdam, 30 July 2024

EY Accountants B.V.

signed by N.M. Pul