30 July 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 30 July 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

Key
Priorities

H1 2020 Key Topics

 Adaptation plan deployed throughout the business Latest view on commercial aircraft business consistent with April rate adjustments
 Industrial system adjusted to new production levels

 Cash containment and business resizing on track H1 financials reflect COVID-19 impact mitigated by adaptation measures
 EBIT Adjusted € - 0.9 bn, including € - 0.9 bn COVID-19 related charges

 FCF before M&A and Customer Financing € - 12.4 bn, of which € - 4.4 bn in Q2
 Strong liquidity underpins business resilience and flexibility4

H1 2020 Commercial Positioning

5

Consolidated Airbus Order Book

Consolidated Airbus

by Division

External Revenue by Division

Order Intake
Airbus(in units)(net)

H1 2020

H1 2019

Change

298

88

239%

Order Book

7,584

7,276

4.2%

Order Intake

75

123

-39.0%

666

697

-4.4%

5,588

4,220

32.4%

Helicopters(in units)(net)

Defence and Space(in € m)Order Intake

Order Book(net)

 AIRBUS: Gross orders: 365 a/c; net orders: 298 a/c; Backlog: 7,584 a/c
 HELICOPTERS: 75 net orders incl. 3 H145, 1 Super Puma and 1 H160 in Q2

 DEFENCE AND SPACE: Order intake € 5.6 bn including major contract wins in Military Aircraft in Q2€ 18.9 bn
t/o defence€ 4.1 bn

Airbus65%

Helicopters

11%

Defenceand Space24%

H1 2020 Financial Performance
Revenues

6

EBIT Adjusted

in € bnin € bn / RoS (%)

8.2%

2.5

30.9

-5.0%

18.9

(0.9)
H1 2019

H1 2020

H1 2019

H1 2020

EPS(1) Adjusted

FCF before M&A and Customer Financing

in €in € bn

H1 2019

2.25
(4.0)

H1 2019

H1 2020(8.8)(1.01)(3.6)

H1 2020(12.4)(1) H1 2020 Average number of shares: 782,700,007 compared to 776,291,117 in H1 2019
Capitalised R&D: € 31 m in H1 2020 and € 45 m in H1 2019

Penalty
Payment

H1 2020 Profitability

7

EBIT Performance H1 2020 EBIT Reported of € - 1,559 m

in € bn H1 2020 EBIT Adjustments resulting from:
 € -

2.5

2.1

 €  € -

(0.9)

(1.6)

EBIT Adjusted
H1 2019

332 m
165 m
117 m

A380 programme cost
PDP mismatch / BS revaluation
Others H1 2020 Net Adjustments of € - 614 m

EBIT Reported
H1 2020

 H1 2020 Net Loss of € - 1,919 m

EPS(1) Performancein € H1 2020 Net Loss Adjusted of € - 789 m
2.25

1.54
(1.01)(2.45)EPS Adjusted
H1 2019(1) H1 2020 Average number of shares: 782,700,007 compared to 776,291,117 in H1 2019
Capitalised R&D: € 31 m in H1 2020 and € 45 m in H1 2019

EPS Reported
H1 2020

 Restructuring provision expected of around € 1.2 bn to € 1.6 bn not recognised as of H1
 Reminder: FY 2020 guidance withdrawn in Q1 2020

Currency Hedge Policy

8

IN $ BILLION

Forward Sales as of Jun. 2020
Forward Sales and Collars as of Dec. 2019
9.9

23.8
21.0
15.2

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

14.6

2020

2021

remaining 6 months

2022

13.1

2023

2024
and beyond

1.20

1.21

1.23

1.25

1.27

( 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 )

1.33

1.36

1.35

1.40

n/a

 In H1 2020, $ 2.4 bn(1) of new Forwards were added, mainly in Q1

Mark-to-market value incl. in AOCI = € - 5.5 bn
Closing rate @ 1.12 € vs. $ $ 9.9 bn(1) of hedges matured at an average rate of € 1 = $ 1.18
 Hedge portfolio(1) 30 June 2020 at $ 87.8 bn (vs. $ 97.1 bn in Dec. 2019), at an average rate of $ 1.23(2) after $ 1.8 bn of hedges disqualified in H1 2020
 Roll-overs to be implemented to adjust portfolio to the new delivery profile in Q3
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H1 2020 Cash Evolution
IN € BILLION

9

+0.3
-3.6

12.5
-8.3

-0.8

-0.5
Free Cash Flow before M&A: € - 12.4 bn
t/o Customer Financing € 0.1 bn

-0.6
-0.2

Free Cash Flow before M&A andCustomer Financing € - 12.4 bn

Net Cash Position
December 2019

Gross Cash Flowfrom Operations

Penalties
DPA (1)(1) DPA: “Deferred Prosecution Agreement”(2) Thereof CapEx of € - 0.9 bn(3) M&A transactions include acquisitions and disposals of subsidiaries and businesses

Change in
Working Capital
excluding Penalties

Cash used forinvesting activities
before M&A (2)

M&A (3)Pensions & Others

Net Debt Position
June 2020

Liquidity as of 30 June 2020

10

SLL:

€ 9.5 bn Signed March 31st with 9 Banks

Supplemental Liquidity Line (SLL)€ 3.0 bn Credit Facility (RSCF)

 Maturity:

12m+6m+6m
signing day) Term-out
amount fromissuances: € 5.5 bn

(from
bond

RSCF:
 Maturity October 2021, undrawn
 Fully committed by 40 banks
 No

financial covenants, no MAC
clauseFinancing Liabilities:of which long-term : € 13.4 bn€ 17.5 bn

 Includes € 9.0 bn EMTN and$ 2.5 bn USD 144A/RegS (nominal
amounts)

Total Gross Cash

€ 18.1 bn

Invested inhighly rated securities

Financing Liabilities
Credit Ratings:
Short-term rating: S & P:
A-1
 Moody’s:
P-1€ 0.6 bn Net Debt

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

Business
Highlights

Key
Priorities12

IN € MILLION
Order Intake (net)
Order Book

H1 2020

H1 2019
Restated(1)Change

298

88

239%

7,584

7,276

4.2%

Units

Deliveries by Programme (Units)
A220

5%

A320

80%

196

389

-49.6%

A330

3%

Revenues

12,53324,043-47.9%A350

12%

R&D Expenses

1,146

1,153

A380

0%

9.1%

4.8%

(1,307)2,193-10.4%

9.1%(1,808)2,006-14.4%

8.3%

Deliveries

Unitsin % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues

-0.6%
N/A
N/A

External Revenue Split

 Deliveries: 196 aircraft incl. 11 A220, 157 A320 Family, 5 A330 and 23 A350
 Production rates adapted to new market environment
 Revenues reflect lower deliveries
 EBIT Adjusted mainly reflect lower deliveries, lower cost efficiency and COVID-19 related charges

Capitalised R&D: € 5 m in H1 2020 and € 19m in H1 2019(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

Platforms 89%
Services11%

HelicoptersIN € MILLION
Order Intake (net)
Order Book

Units

H1 2020

H1 2019

Change75

123-39.0%

666

697

-4.4%

104

143

-27.3%

2,333

2,371

-1.6%

R&D Expenses

140

143

in % of Revenues

6.0%

6.0%

EBIT Adjusted

152

125

in % of Revenues

6.5%

5.3%

EBIT

152

124

in % of Revenues

6.5%

5.2%

Deliveries
Revenues

Units

13

Civil

46%

Defence54%

Platforms

46%

Services

54%

-2.1%

21.6%
22.6%

 Revenues stable reflect lower deliveries partially compensated by higher services
 EBIT Adjusted reflects favourable mix and higher Services partially offset by lower deliveries

Capitalised R&D: € 6 m in H1 2020 and € 9 m in H1 2019

External Revenue Split

Defence and SpaceIN € MILLION
Order Intake (net)14

H1 2020

H1 2019

Change

5,588

4,220

32.4%

4,551

5,015

R&D Expenses

119

138

in % of Revenues

2.6%

2.8%

EBIT Adjusted

186

233

in % of Revenues

4.1%

4.6%

EBIT

73

(15)

in % of Revenues

1.6%

-0.3%

Revenues-9.3%

Capitalised R&D: € 20 m in H1 2020 and € 17 m in H1 2019

Platforms

64%

Services36%-13.8%-20.2%

N/A Revenues and EBIT Adjusted mainly reflect lower volume / mix in Space and unfavourable business phasing A400M: 3 a/c delivered in H1 2020

External Revenue Split

Military Aircraft

56%

Space Systems

24%

Connected Intelligence& Other

20%

Company
Highlights

Business
Highlights

Key
Priorities

Key PrioritiesManage deliveries and backlog

Focus on cashContinued focus on longer term cost structure across all businesses

16Appendix

Expected Average Hedge Rates € vs. $18

Active exposure management

1.34
1.32

Average
Hedge Rates

1.32

1.30

FY 2019

1.24

1.28

FY 2020E

1.19

1.26
1.24
1.22

1.23

1.21

1.20

1.21

1.21
1.19
1.19

1.18
1.17

1.16

(1)

1.14
Q1

Q2

Q3

2020E

(1) Q2 actual

2019

Q4

H1 2020 Detailed Income Statement and Adjustments

19

thereof Adjustments
Impact on EBITIN € MILLION

H1 2020
Reported

Operational
AirbusDefenceand Space(1)

(381)

(68)

FX
Helicopters

Financial
ResultAirbus + Defence
and Space(2)(1,559)EBIT

H1 2020
Adjusted

(945)
(165)

in % of Revenues

-8.2%

-5.0%

Interest income

82

82Interest expense

(211)

(211)

Other Financial Result

(300)

(287)

(13)

Financial Result

(429)

(287)

(142)

(287)

(1,087)(1,988)

Income before taxes

(68)

5

(1,919)(789)

782,700,007

782,700,007(2.45)(1.01)Net Income (Loss)

EPS (in €)Net Income 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 Net Loss is 3%.

(1) Thereof € - 58 m A400M programme update(2) Thereof € - 120 m Airbus, € - 45 m Defence and Space

(165)

5

Non-controlling interests

Number of shares(381)

H1 2019 Detailed Income Statement and Adjustments

20

thereof Adjustments
Impact on EBITIN € MILLION

H1 2019
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(205)

(228)

(1)

(2)

Financial
ResultH1 2019
Adjusted

EBIT

2,093

in % of Revenues

6.8%

8.2%

Interest income

9191Interest expense

(191)

(191)

Other Financial Result

(115)

(89)

(26)

Financial Result

(215)

(89)

(126)

Income before taxes

1,878

(89)

2,403

Non-controlling interests

(4)

(4)

1,197

1,750

776,291,117

776,291,117

1.54

2.25

Net Income (Loss)
Number of shares
EPS (in €)

2,529

(205)

(228)

Net Income 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 36%(1) Thereof € - 17 m A400M programme update(2) Thereof € 18 m Airbus, € - 20 m Defence and Space

(1)

(2)

Q2 2020 Key FiguresIN € MILLION21

Q2 2020

Q2 2019

Revenues

8,317

18,317

EBIT Adjusted(1,226)

1,980

EBIT

(1,638)

1,912

Net Income (Loss)(1,438)

1,157

FCF before M&A(4,374)395

FCF before M&A and Customer Financing(4,410)360

IN € MILLION

Q2 2020

Q2 2019
Restated(1)Revenues

Q2 2020

Q2 2019
Restated(1)EBIT Adjusted

Q2 2020

Q2 2019
Restated(1)EBIT

Airbus

4,964

14,346(1,498)1,730(1,865)

1,687

Helicopters

1,131

1,364

99

110

99

115

Defence and Space

2,440

2,903

171

132

126

102

Eliminations

(218)

(296)

2

8

2

8

Consolidated Airbus

8,317

18,317(1,226)

1,980(1,638)1,912(1) 2019 financial figures restated to reflect the adoption of a new segment reporting structure for “Transversal” activities

Detailed Free Cash FlowIN € MILLION22

H1 2020

H1 2019

12,534

13,281-(1,352)

329

2,781

(11,898)(6,088)(1,307)

(809)

(933)

(914)

(12,876)(4,116)

(503)

(118)

Free Cash Flow before M&A(12,373)(3,998)of which Customer Financing

67

(17)

(12,440)(3,981)

Change in capital and non-controlling interests

83

133

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

78

179

(203)

(77)

-

(1,280)

(198)

(207)

(586)

6,565

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

(1)

(2)

Cash used for investing activities(3)of which Industrial CapEx (additions)Free Cash Flow

(4)

(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

23

June 2020

Dec. 2019

Gross Cash

17,484

22,682Financing Liabilities(18,070)(10,148)

Short-term Financing Liabilities(4,629)(1,959)Long-term Financing Liabilities(13,441)(8,189)

Reported Net Cash (Debt)(586)

12,534

Airbus non-recourse debt

25

24

(561)

12,558Net Cash (Debt) excl. non-recourseCustomer Financing ExposureIN € MILLION

24

June 2020

Dec. 2019

AirbusClosing rate € 1 =June 2020

Dec. 2019

Helicopters$ 1.12$ 1.12$ 1.12$ 1.12

Total Gross Exposure

558

731

45

48

of which off-balance sheet

15

95

8

9

Estimated value of collateral

(313)

(530)

(27)

(30)

Net Exposure

245

202

18

18

Provision and asset impairment

(245)

(202)

(18)

(18)

0

0

0

0

Net Exposure after provisionAirbus Customer Financing

25

IN € BILLION
Additions
0.8
Airbus Customer
Financing Gross
Exposure

0.6

0.3

0.8

0.4

Amortization
1.0

0.5

0.6

0.6

Net change
0.9

0.8

0.7
0.1

(1.1)
(2.2)

Sell Down

(0.2)
(0.1)

(0.2)
(0.1)

(0.1)

(0.3)
(0.7)

(0.7)

(0.2)

(0.1)

(0.1)

(0.7)

(0.7)

(0.5)

(0.6)

(0.2)

(0.1)
(0.2)

(0.6)

(0.7)
(0.1)

(0.1)

0.2

(0.2)

(0.2)
(0.1)

0.0
(0.2)
(0.0)

(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

0.6

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($ 0.6 bn)

Estimated
Collateral€ 0.3 bn($ 0.4 bn)

31 December 201930 June 2020€/$ = 1.12€/$ = 1.12

Balance Sheet Highlights: Assets

IN € MILLION

26

June 2020

Dec. 2019Non-current Assets

51,85957,686of which Intangible & Goodwill

16,484

16,591of which Property, plant & equipment

16,936

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

5,039

6,079

of which Contract assets

65

91

of which Positive hedge mark-to-market

779

996

of which Non-current securities

5,973

11,066

Current Assets

61,012

56,723of which Inventory

37,52431,550of which Contract assets

1,184

1,167

of which Cash and cash equivalents

9,924

9,314

of which Current securities

1,587

2,302

511

444

0

0

112,871

114,409

1.12

1.12

of which Positive hedge mark-to-market
Assets of disposal groups classified as held for sale
Total Assets

Closing rate € vs. $Balance Sheet Highlights: Liabilities

IN € MILLION

27

June 2020

Dec. 2019

Total Equity

1,331

5,990

of which AOCI (Accumulated Other Comprehensive Income)(2,719)

(523)

9

15

Total Non-current liabilities

52,14946,045of which Pensions

8,882

7,932

of which Other provisions

4,645

4,610

of which Financing liabilities

13,4418,189

of which European Governments’ refundable advances

3,481

3,725

of which Contract liabilities

16,54916,980of which Negative hedge mark-to-market

3,899

2,434

Total Current liabilities

59,39162,374328

421

of which Other provisions

5,702

5,951

of which Financing liabilities

4,629

1,959

511

552

of which Contract liabilities

28,843

26,426of which Trade liabilities

10,59014,808of which Negative hedge mark-to-market

1,889

1,560

0

0

112,871

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 June 2020

Free Float

28

73.9%

Shareholder Agreement 26.0%

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

SOGEPA

10.9%

GZBV

10.9%

SEPI

4.1%

Treasury Shares

0.1%

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

Q1

29

H1

9m

FY

2020

2019
Restated(1)

2020

2019
Restated(1)Airbus

7,569

9,697

12,53324,04335,572

54,775

Helicopters

1,202

1,007

2,333

2,371

3,712

6,007

Defence and Space

2,111

2,112

4,551

5,015

7,706

10,907

Eliminations

(251)

(267)

(469)

(563)

(822)

(1,211)

10,631

12,54918,94830,866

46,16870,478

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

2020

2019
Restated(1)

2020

2019
Restated(1)Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

Q1

30

H1

9m

FY

2020

2019
Restated(1)

2020

2019
Restated(1)Airbus191

463(1,307)

2,193

3,593

5,947

Helicopters

53

15

152

125

205

422

Defence and Space

15

101

186

233

355

565

Eliminations

22

(30)

24

(22)

(20)

12

Consolidated Airbus

281

549

(945)

2,529

4,133

6,946

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

2020

2019
Restated(1)

2020

2019
Restated(1)Quarterly EBIT Breakdown (Cumulative)IN € MILLION

31

Q1

H1

9m

FY

2020

2019
Restated(1)

2020

2019
Restated(1)Airbus57

319(1,808)

2,006

3,165

1,794

Helicopters

53

9

152

124

203

414

Defence and Space

(53)

(117)

73

(15)

83

(881)

Eliminations

22

(30)

24

(22)

(20)

12

Consolidated Airbus

79

181

(1,559)

2,093

3,431

1,339

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

2020

2019
Restated(1)

2020

2019
Restated(1)H1 2020 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

H1 202032

IN € BILLION

H1 2020

Cash provided by (used for) operating activities(11.7)Cash provided by (used for) operating activities

t/o Reimbursement from / contribution to plan assets(0.2)

Cash provided by (used for) investing activities

4.4

t/o Treasury swaps

0.1

t/o Net proceeds (payment)

5.7

Others0.1

t/o Change in working capital(1)Gross Cash Flow from Operations(11.9)
0.3

Free Cash Flow

(12.9)

t/o M&A transactions(0.5)

Free Cash Flow before M&A(12.4)

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 € - 8.3 bn(11.7)

0.1(12.4)

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.