29 October 2020

Guillaume FAURY| Chief Executive Officer

Dominik ASAM

| Chief Financial Officer

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

These factors include but are not limited to: Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses;
 Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);
 Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
 The successful execution of internal performance plans, including cost reduction and productivity efforts;
 Product performance risks, as well as programme development and management risks; Customer, supplier and subcontractor performance or contract negotiations, including financing issues;
 Competition and consolidation in the aerospace and defence industry; Significant collective bargaining labour disputes;
 The outcome of political and legal processes, including the availability of government financing for certain programmes and the size of defence and space procurement budgets; Research and development costs in connection with new products;
 Legal, financial and governmental risks related to international transactions; Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;
 The full impact of the COVID-19 pandemic and the resulting health and economic crisis.
As a result, Airbus’ actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
For a discussion of factors that could cause future results to differ from such forward-looking statements, see Airbus SE’s 2019 Universal Registration Document dated 23 March 2020, including the Risk
Factors section. For more information about the impact of the COVID-19 pandemic, see note 2 "Impact of the spread of the COVID-19 pandemic" of the Notes to the Airbus SE Unaudited Condensed
Interim IFRS Consolidated Financial Statements published 29 October 2020.
Any forward-looking statement contained in this presentation speaks as of the date of this presentation. Airbus undertakes no obligation to publicly revise or update any forward-looking statements inlight of new information, future events or otherwise.

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

Company
Highlights

Business
Highlights

Guidance
Highlights

9m 2020 Key Topics

 Global air travel recovery slower than anticipated Cash containment and business adaptation on track 9m 2020 financials:
 FCF before M&A and Customer Financing € - 11.8 bn; EBIT Adjusted € - 0.1 bn

 Restructuring provision of € 1.2 bn recognised in EBIT Reported
 Strong liquidity underpins business resilience and flexibility
 Q3 performance: Convergence of production and deliveries in Q3
 No further cash consumption; FCF before M&A and CF € + 0.6 bn in the third quarter Guidance issued on FCF before M&A and CF for the fourth quarter 20204

9m 2020 Commercial Positioning

5

Consolidated Airbus Order Book

Consolidated Airbus

by Division

External Revenue by Division

Order Intake
Airbus(in units)(net)

Order Book
Order Intake

9m 20209m 2019

Change300

127136.2%

7,441

7,133

4.3%

143

173

-17.3%

Order Book

669

681

-1.8%

Order Intake

8,214

6,064

35.5%

Helicopters(in units)(net)

Defence and Space(in € m)(net)

€ 30.2 bn
t/o defence€ 6.1 bn AIRBUS: Gross orders: 370 a/c; net orders: 300 a/c; Backlog: 7,441 a/c
 HELICOPTERS: 143 net orders incl. 8 H160 and 1 H215 in Q3
 DEFENCE AND SPACE: Order intake € 8.2 bn including an additional A330 MRTT order as well as contract wins in Telecom Satellites in Q3

Airbus66%

Helicopters

11%

Defence and
Space

23%

9m 2020 Financial Performance
Revenues

6

EBIT Adjusted

in € bnin € bn / RoS (%)

9.0%

4.1

46.2
30.2

-0.4%

(0.1)
9m 20199m 20199m 20209m 2020

EPS(1) Adjusted

FCF before M&A and Customer Financing

in €in € bn

9m 2019

(4.9)

3.75

(8.2)

(0.32)
9m 20199m 20209m 2020(1) 9m 2020 Average number of shares: 783,012,736 compared to 776,697,534 in 9m 2019
Capitalised R&D: € 68 m in 9m 2020 and € 78 m in 9m 2019

(3.6)

(11.8)

Penalty
Payment

9m 2020 Profitability

7

EBIT Performance 9m 2020 EBIT Reported of € - 2,185 m

in € bn 9m 2020 EBIT Adjustments resulting from:4.1

 € - 1,200 m

3.4 €  € -

(0.1)

(2.2)

EBIT Adjusted

EBIT Reported

9m 2019

 € -

358 m
374 m
128 m

Restructuring provision
A380 programme cost
PDP mismatch / BS revaluation
Others 9m 2020 Net Adjustments of € - 2,060 m

9m 2020 9m 2020 Net Loss of € - 2,686 m

EPS(1) Performancein € 9m 2020 Net Loss Adjusted of € - 250 m
3.75

2.81

(0.32)(3.43)EPS Adjusted
9m 2019

EPS Reported
9m 2020(1) 9m 2020 Average number of shares: 783,012,736 compared to 776,697,534 in 9m 2019
Capitalised R&D: € 68 m in 9m 2020 and € 78 m in 9m 2019

Currency Hedge Policy

8

Forward Sales as of Sept. 2020

IN $ BILLION

Forward Sales and Collars as of Dec. 2019

11.1
16.8

15.2
12.6

10.5

9.1

8.8

8.2
5.6

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

2020
remaining 3 months

2021

2022

2023

2024

2025

2026

2027

1.27

1.21

1.24

1.23

1.26

1.27

1.29

1.30

( 1.20 in Dec. 19 )( 1.23 in Dec. 19 )( 1.23 in Dec. 19 )( 1.24 in Dec. 19 )( 1.27 in Dec. 19 )( 1.28 in Dec. 19 )( 1.27 in Dec. 19 )( n/a in Dec 19)

1.34

1.37

1.37

1.42

n/a

n/a

n/a

n/a

 Roll-overs implemented in Q3 to adjust portfolio

Mark-to-market value incl. in AOCI = € - 3.1 bn
Closing rate @ 1.17 € vs. $ In 9m 2020, $ 3.9bn(1) of new Forwards were added
 $ 11.1 bn(1) of hedges matured at an average rate of € 1 = $ 1.20
 Hedge portfolio(1) 30 Sept 2020 at $ 86.8 bn (vs. $ 97.1 bn in Dec. 2019), at an average rate of $ 1.25(2) after $ 3.1 bn of hedges disqualified in 9m 2020
Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars
Hedge rates reflect EBIT impact of the US$ hedge portfolio(1) Total hedge amount contains $/€ and $/£ designated hedges; (2) Blended Forwards and Collars rate includes Collars at least favourable rate, no more Collars as of 31 March 2020 and thereafter9m 2020 Cash Evolution9IN € BILLION

+1.6
-3.6

12.5

-8.7

-1.1

-0.5
Free Cash Flow before M&A: € - 11.8 bn
t/o Customer Financing € 0.0 bn

-0.5

-0.2

Pensions & Others

Net Debt Position
September 2020

Free Cash Flow before M&A andCustomer Financing € - 11.8 bn
Net Cash Position
December 2019

Gross Cash Flowfrom Operations

Penalties
DPA(1) DPA: “Deferred Prosecution Agreement”(2) Thereof CapEx of € - 1.2 bn(3) M&A transactions include acquisitions and disposals of subsidiaries and businesses(1)

Change in
Working Capital
excluding Penalties

Cash used for(2)
investing activities
before M&A

M&A

(3)

Liquidity as of 30 September 2020

10

SLL:

€ 9.3 bn Signed March 31st with 9 Banks Maturity:
12m+6m+6m(fromSupplemental Liquidity Line (SLL)signing day) Term-out amounts of €5.5bn frombond issuances and €0.2bn froman USPP issuance€ 3.0 bn Credit Facility (RSCF)

RSCF:
 Maturity October 2021, undrawn
 Fully committed by 40 banks
 No financial covenants, no MAC

clauseFinancing Liabilities:of which long-term : € 14.0 bn€ 18.1 bn

 Includes € 9.0 bn EMTN andTotal Gross Cash

€ 18.3 bn

Invested inhighly rated securities

Financing Liabilities$ 3.2 bn USD 144A/RegS (nominal
amounts)

Credit Ratings:
Short-term rating: S & P:
A-1
 Moody’s:
P-1€ 0.2 bn Net Debt

Long-term rating: S & P:A negative
 Moody’s:
A2 negativeCompany
Highlights

Business
Highlights

Guidance
Highlights

12

9m 20209m 2019
Restated(1)ChangeDeliveries by Programme (Units)

300

127

136.2%

A220

5%

7,441

7,133

4.3%

A320

83%

A330

3%

341

571

-40.3%

Revenues

20,27135,572-43.0%A350

9%R&D Expenses

1,674

1,735

A380

0%

8.3%

4.9%

(641)

3,593

-3.2%

10.1%

(2,399)3,165-11.8%

8.9%

Platforms

91%

Services9%IN € MILLION
Order Intake (net)

Units

Order Book
Deliveries

Unitsin % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues

-3.5%
N/A
N/A

External Revenue Split

 Deliveries: 341 aircraft incl. 18 A220, 282 A320 Family, 9 A330 and 32 A350
 Revenues mainly reflect lower deliveries

 EBIT Adjusted mainly reflects lower deliveries, lower cost efficiency and COVID-19 related charges

Capitalised R&D: € 8 m in 9m 2020 and € 40 m in 9m 2019(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

HelicoptersIN € MILLION
Order Intake (net)

Units

Order Book
Deliveries

Units

Revenues

13

9m 2019

Change143173-17.3%

Civil

46%

669

681

-1.8%

Defence

54%

169

209

-19.1%

3,623

3,712

-2.4%

Platforms

47%

Services

53%

R&D expenses

196

216

in % of revenues

5.4%

5.8%

EBIT Adjusted

238

205

in % of revenues

6.6%

5.5%

EBIT

238

203

in % of revenues

6.6%

5.5%

-9.3%
16.1%
17.2%

 Revenues broadly stable reflecting lower deliveries partially compensated by higher services

 EBIT Adjusted reflects favourable mix, increase in services, programme execution and lower R&D

Capitalised R&D: € 8 m in 9m 2020 and € 14 m in 9m 2019

External Revenue Split

9m 2020

Defence and SpaceIN € MILLION

149m 20209m 2019

ChangeOrder Intake (net)

8,214

6,064

35.5%

Revenues

6,936

7,706

-10.0%

R&D Expenses

177

216

in % of Revenues

2.6%

2.8%

EBIT Adjusted

266

355

in % of Revenues

3.8%

4.6%

EBIT

(36)

83

in % of Revenues

-0.5%

1.1%

Capitalised R&D: € 52 m in 9m 2020 and € 24 m in 9m 2019

65%

Services35%-25.1%N/A EBIT Adjusted mainly reflects lower volume in Space and COVID-19 impact, partly offset by cost reduction

 A400M: 5 a/c delivered in 9m 2020

Platforms-18.1%

 Revenues reflect lower volume in Space and A400M as well as the impact of COVID-19 on business phasing

measures

External Revenue Split

Military Aircraft

59%

Space Systems

23%

Connected Intelligence& Others

18%Company
Highlights

Business
Highlights

Guidance
Highlights

Guidance

16

The Company’s Full-Year 2020 guidance was withdrawn in March. Given the continued impact of COVID-19 on the business and theassociated risks, no new guidance is issued on commercial aircraft deliveries or EBIT.
As the basis for its Q4 2020 guidance for free cash flow before M&A and customer financing, the Company assumes no further disruptions to
the world economy, air traffic, Airbus’ internal operations, and to its ability to deliver products and services.

 On that basis, the Company targets at least breakeven free cash flow before M&A and customer financing

in the fourth quarter of 2020.

Key Priorities Manage deliveries and backlog

 Continued focus on cash

 Further implementation of restructuring plan17

Appendix

Expected Average Hedge Rates € vs. $19

Active exposure management

Average
Hedge Rates
1.34

1.32

1.29

1.27

1.23

1.24

1.21

1.21
(1) (2)

1.19

1.20
1.19
1.17

1.14
Q1

Q2

Q3

2020E
(1) Q3 actual(2) Based on $ 4.1 bn hedges matured with associated EBIT impact

2019

Q4

FY 2019

1.24

FY 2020E

1.22

9m 2020 Detailed Income Statement and Adjustments

20

thereof Adjustments
Impact on EBITIN € MILLION

9m 2020
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)(1,396)

(290)

0

(374)

Financial
Result(2,185)EBIT

9m 2020
Adjusted(125)

in % of Revenues

-7.2%

-0.4%

Interest income

101

101

Interest expense

(313)

(313)

Other Financial Result

(500)

(476)

(24)

Financial Result

(712)

(476)

(236)

(476)

(361)

(2,897)

Income (Loss) before taxes

(290)

(374)

14

(2,686)(250)

783,012,736

783,012,736(3.43)(0.32)Net Income (Loss)

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

The tax effect on Adjusted Loss before taxes is calculated at 27%. The effective tax rate on Loss before taxes is 7%.

(1) Thereof € - 59 m A400M programme update(2) Thereof € - 362 m Airbus, € - 12 m Defence and Space

014

Non-controlling interests

Number of shares(1,396)

9m 2019 Detailed Income Statement and Adjustments

21

thereof Adjustments
Impact on EBITIN € MILLION

9m 2019
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(225)

(222)

(2)

(253)

Financial
Result9m 2019
Adjusted

EBIT

3,431

in % of Revenues

7.4%

9.0%

Interest income

143

143

Interest expense

(266)

(266)

Other Financial Result

(110)

(72)

(38)

Financial Result

(233)

(72)

(161)

Income (Loss) before taxes

3,198

(72)

3,972

(225)

(222)

(253)

12

2,186

2,912

776,697,534

776,697,534

2.81

3.75

Net Income (Loss)

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

The tax effect on Adjusted Income before taxes is calculated at 27%. The effective tax rate on Income before taxes is 32%.

(1) Thereof € - 22 m A400M programme update(2) Thereof € - 203 m Airbus, € - 50 m Defence and Space

(2)

12

Non-controlling interests

Number of shares

4,133

Q3 2020 Key FiguresIN € MILLION22

Q3 2020

Q3 2019

11,213

15,302

820

1,604

EBIT

(626)

1,338

Net Income (Loss)

(767)

989

FCF before M&A

617

(904)

FCF before M&A and Customer Financing

642

(956)

Revenues
EBIT Adjusted

IN € MILLION
Q3 2020

Q3 2019(1)

Restated

Revenues

Q3 2020

Q3 2019(1)

Restated

EBIT Adjusted

Q3 2019

Q3 2020(1)

Restated
EBIT

Airbus

7,738

11,529

666

1,400

(591)

1,159

Helicopters

1,290

1,341

86

80

86

79

Defence and Space

2,385

2,691

80

122

(109)

98

Eliminations

(200)

(259)

(12)

2

(12)

2

Consolidated Airbus

11,213

15,302

820

1,604

(626)

1,338

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

Detailed Free Cash FlowIN € MILLION

23

9m 20209m 2019

12,534

13,281-(1,352)

1,612

4,538

(12,276)(8,244)(1,612)(1,421)(1,191)(1,457)(12,276)(5,127)

(520)

(225)

Free Cash Flow before M&A(11,756)(4,902)of which Customer Financing

42

35(11,798)(4,937)

Change in capital and non-controlling interests

83

133

Change in treasury shares / share buyback(4)4Change in liability for puttable instruments

85

243

(261)

(113)

0

(1,280)

(403)

(213)

(242)

5,576

Net Cash position at the beginning of the period
First time impact of IFRS 16
Gross Cash Flow from Operations(1)Change in working capital(2)

Cash used for investing activities(3)of which Industrial CapEx (additions)(4)Free Cash Flow (5)of which M&AFree Cash Flow before M&A and Customer Financing

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

Net Cash PositionIN € MILLION

24

Sep. 2020

Dec. 201918,09522,682(18,337)(10,148)

Short-term Financing Liabilities(4,364)(1,959)Long-term Financing Liabilities(13,973)(8,189)

Reported Net Cash (Debt)(242)

12,534

Airbus non-recourse debt

24

24

(218)

12,558Gross Cash
Financing Liabilities

Net Cash (Debt) excl. non-recourseCustomer Financing ExposureIN € MILLION

25

Sep. 2020

Dec. 2019

AirbusClosing rate € 1 =Total Gross Exposureof which off-balance sheet
Estimated value of collateral
Net Exposure
Provision and asset impairment
Net Exposure after provisionSep. 2020

Dec. 2019

Helicopters$ 1.17$ 1.12$ 1.17$ 1.12

555

731

46

48

14

95

2

9

(310)

(530)

(28)

(30)

245

202

18

18

(245)

(202)

(18)

(18)

0

0

0

0

Airbus Customer Financing

26

IN € BILLION
0.8
0.4

0.6

0.3

Airbus Customer
Financing Gross
Exposure

AdditionsSell Down

0.8

0.6

0.5

(0.2)

(1.1)

(0.2)
(0.1)

(0.1)

(2.2)

(0.7)

(0.7)
(0.1)

1.0

(0.7)

(0.7)

(0.1)

(0.2)

Net change

0.8

0.6

(0.3)
(0.1)

(0.2)

Amortization

0.9

(0.6)

(0.5)

(0.1)

(0.2)

0.7

0.1

(0.7)

(0.6)

(0.1)

(0.2)

0.2

0.0

(0.2)
(0.1)

(0.2)
(0.0)

(0.1)
(0.2)

Gross Exposurein $ bn

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1.8

1.5

1.5

1.8

1.7

1.4

1.5

1.6

1.3

1.5

1.7

1.5

0.9

0.8

0.7

Net Exposure fully provisioned

Net Exposure fully provisioned

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

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

Gross
Exposure($ 0.7 bn)

Estimated
Collateral€ 0.3 bn($ 0.4 bn)

31 December 201930 September 2020€/$ = 1.12€/$ = 1.17

Balance Sheet Highlights: Assets

IN € MILLION

27

Sep. 2020

Dec. 2019Non-current Assets

50,90957,686of which Intangible & Goodwill

16,394

16,591of which Property, plant & equipment

16,666

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

4,933

6,079

58

91

of which Positive hedge mark-to-market

1,294

996

of which Non-current securities

5,514

11,066

Current Assets

62,39756,723of which Inventory

36,65531,550of which Contract assets

1,378

1,167

of which Cash and cash equivalents

10,9279,314

of which Current securities

1,654

2,302

675

444

0

0

113,306

114,409

1.17

1.12

of which Contract assetsof which Positive hedge mark-to-market
Assets of disposal groups classified as held for sale
Total Assets
Closing rate € vs. $Balance Sheet Highlights: Liabilities28

IN € MILLION

Sep. 2020

Dec. 2019

Total Equity

1,924

5,990

of which AOCI (Accumulated Other Comprehensive Income)(1,171)

(523)

10

15

Total Non-current liabilities

54,04046,045of which Pensions

9,222

7,932

of which Other provisions

4,538

4,610

of which Financing liabilities

13,9738,189

of which European Governments’ refundable advances

3,779

3,725

of which Contract liabilities

19,256

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

2,121

2,434

Total Current liabilities

57,34262,374280421

of which Other provisions

6,801

5,951

of which Financing liabilities

4,364

1,959

470

552

of which Contract liabilities

26,542

26,426of which Trade liabilities

9,526

14,808of which Negative hedge mark-to-market

2,041

1,560

0

0

113,306

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

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

Shareholding Structure at 30 September 2020

Free Float

29

73.9%

Shareholder Agreement 26.0%

 784,064,748 shares issued at 30 September 2020

SOGEPA

10.9%

GZBV

10.9%

SEPI

4.1%

Treasury Shares

0.1%

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

30

Q1
2020

H1
2019
(1)

Restated

2020

9m
2019
(1)

Restated

2020

FY
2019
(1)

Restated

2020

2019
Restated(1)Airbus

7,569

9,697

12,53324,043

20,27135,572

54,775

Helicopters

1,202

1,007

2,333

2,371

3,623

3,712

6,007

Defence and Space

2,111

2,112

4,551

5,015

6,936

7,706

10,907

Eliminations

(251)

(267)

(469)

(563)

(669)

(822)

(1,211)

10,631

12,54918,94830,86630,161

46,16870,478

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

Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

31

Q1

H1
2019

2020

(1)

Restated

9m
2019

2020

(1)

Restated

FY
2019

2020

(1)

Restated

2020

2019
Restated(1)Airbus191

463(1,307)

2,193

(641)

3,593

5,947

Helicopters

53

15

152

125

238

205

422

Defence and Space

15

101

186

233

266

355

565

Eliminations

22

(30)

24

(22)

12

(20)

12

Consolidated Airbus

281

549

(945)

2,529

(125)

4,133

6,946

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

Quarterly EBIT Breakdown (Cumulative)IN € MILLION

32

Q1

H1
2019

2020

(1)

Restated

9m
2019

2020

(1)

Restated

FY
2019

2020

(1)

Restated

2020

2019
Restated(1)Airbus57

319(1,808)2,006(2,399)

3,165

1,794

Helicopters

53

9

152

124

238

203

414

(53)

(117)

73

(15)

(36)

83

(881)

Eliminations

22

(30)

24

(22)

12

(20)

12

Consolidated Airbus

79

181

(1,559)2,093(2,185)

3,431

1,339

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

9m 2020 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

Sep. 202033

IN € BILLION

Sep. 2020

Cash provided by (used for) operating activities(10.9)Cash provided by (used for) operating activities

t/o Reimbursement from / contribution to plan assets(0.3)

Cash provided by (used for) investing activities

4.6

t/o Treasury swaps

0.1

t/o Net proceeds (payment)

6.1

Others0.2(1)t/o Change in working capital

Gross Cash Flow from Operations(12.3)
1.6

Free Cash Flow

(12.3)

t/o M&A transactions(0.5)

Free Cash Flow before M&A(11.8)

t/o Customer Financing
FCF before M&A and Customer Financing(1) Impact from the penalties included. Excluding the penalties, change in working capital amounts to € - 8.7 bn(10.9)

0.0(11.8)

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