Airbus reports Full-Year (FY) 2022 results● 661(1) commercial aircraft delivered in FY 2022
● Revenues € 58.8 billion; EBIT Adjusted up 16% to € 5.6 billion● EBIT (reported) € 5.3 billion; EPS (reported) € 5.40
● Free cash flow before M&A and customer financing € 4.7 billion● Dividend proposal: € 1.80 per share● 2023 guidance issued
Amsterdam, 16 February 2023 – Airbus SE (stock exchange symbol: AIR) reported
consolidated Full-Year (FY) 2022 financial results and provided guidance for 2023.
"The industry continued its recovery during 2022, with air traffic increasing and airlines
turning to their long-term fleet planning. We delivered solid financials despite an adverse
operating environment that prevented our supply chain from recovering at the pace we
expected. The Company had to adjust its operations accordingly, which led to lower
commercial aircraft deliveries than originally planned. We are adapting our production tomatch supply,” said Guillaume Faury, Airbus Chief Executive Officer. “As we move forward in
2023 we are focused on our industrial activities and the longer-term transformation of theCompany. The solid 2022 financial performance and our confidence in the future lead us topropose a higher dividend payment this year.”
Gross commercial aircraft orders increased to 1,078 (2021: 771 aircraft), with net orders of
820 aircraft after cancellations (2021: 507 aircraft) corresponding to a net book-to-bill ratio
significantly above 1. The order backlog amounted to 7,239 commercial aircraft at the end of2022. Airbus Helicopters registered 362 net orders (2021: 414 units), with a book-to-bill
above 1 both in units and value. Helicopter orders were well spread across programmes andincluded 12 H160s. Airbus Defence and Space’s order intake by value was € 13.7 billion(2021: € 13.7 billion), corresponding to a book-to-bill of around 1.2. Key orders included
Demonstrator Phase 1B of the Future Combat Air System, the Eurodrone unmanned aerial
system and 20 latest-generation Eurofighters for the Spanish Air Force.
Consolidated order intake by value increased to € 82.5 billion (2021: € 62.0 billion) with theconsolidated order book valued at € 449 billion at the end of 2022 (year-end 2021: € 398
billion). The increase in the consolidated backlog value mainly reflects the book-to-bill above
1 and the strengthening of the US dollar.
Consolidated revenues increased 13 percent to € 58.8 billion (2021: € 52.1 billion). A total of661(1) commercial aircraft were delivered (2021: 611(2) aircraft), comprising 53 A220s, 516
A320 Family, 32 A330s and 60 A350s. Revenues generated by Airbus’ commercial aircraft
activities increased 15 percent year-on-year, mainly reflecting the higher deliveries and thestrengthening of the US dollar. Airbus Helicopters delivered 344 units (2021: 338 units), with
Page | 1revenues rising by 8 percent, mainly reflecting growth in services and a favourable mix inprogrammes. Revenues at Airbus Defence and Space increased 11 percent, mainly driven byhigher volume in Military Aircraft and Eurodrone. A total of 10 A400M airlifters were deliveredin 2022, compared to 8 in 2021.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator
capturing the underlying business margin by excluding material charges or profits caused by
movements in provisions related to programmes, restructuring or foreign exchange impacts
as well as capital gains/losses from the disposal and acquisition of businesses – increased to€ 5,627 million (2021: € 4,865 million).
EBIT Adjusted related to Airbus’ commercial aircraft activities increased to € 4,600 million(2021: € 3,570 million). The increase reflects the higher deliveries and is supported by some
non-recurring elements – mainly the positive impacts from retirement obligations and fromthe progress made on compliance related topics – partly offset by a less favourable hedge
rate compared to FY 2021.
On the A320 Family programme, the ramp-up trajectory has been adapted with suppliers.
The Company is now progressing towards a monthly production rate of 65 aircraft by the endof 2024 and 75 in 2026. Entry-into-service for the A321XLR is expected to take place in Q2
2024.
The A330 monthly production rate increased to around 3 at the end of 2022 as planned andthe Company now targets to reach rate 4 in 2024. The A350 monthly rate is now around 6
aircraft. In order to meet growing demand for widebody aircraft as international air travelrecovers, and following a feasibility study with the supply chain, the Company is now
targeting a monthly production rate of 9 A350s at the end of 2025.
Airbus Helicopters’ EBIT Adjusted increased to € 639 million (2021: € 535 million), reflecting
higher services and programme execution. Non-recurring elements included the positive
impact related to retirement obligations booked in Q1.
EBIT Adjusted at Airbus Defence and Space decreased to € 384 million (2021: € 696 million),
mainly reflecting the impairment related to the loss of two Pleiades Neo satellites in
December and to delays on the Ariane 6 launcher, as well as the impact of rising inflation.
This was partly offset by higher volume in Military Aircraft, the ramp-up in Eurodrone and thepositive impact related to retirement obligations booked in Q1.
On the A400M programme, development activities continue towards achieving the revised
capability roadmap. Retrofit activities are progressing in close alignment with the customer. In
2022, an update of the contract “Estimate at Completion” was performed and an additionalcharge of € 0.5 billion recorded. This mainly reflects updated assumptions, including inflation
and risks related to the remaining SOC3 contractual development milestones to be achieved.
Risks remain on the qualification of technical capabilities and associated costs, on aircraft
Page | 2

operational reliability, on cost reductions and on securing export orders in time as per therevised baseline.
Consolidated self-financed R&D expenses totalled € 3,079 million (2021: € 2,746 million).
Consolidated EBIT (reported) amounted to € 5,325 million (2021: € 5,342 million), including
net Adjustments of € -302 million.
These Adjustments comprised:● € +308 million related to the dollar pre-delivery payment mismatch and balance sheet
revaluation, of which € -41 million were in Q4;● € +28 million related to the A380 programme, of which € -5 million were in Q4;● € -477 million related to the A400M programme, of which € -258 million were in Q4;● € -82 million related to the Aerostructures transformation in France and Germany, of
which € -34 million were in Q4;● € -79 million of other costs including compliance, of which € -35 million were in Q4.
The financial result was € -250 million (2021: € -315 million). It mainly reflects the net interest
result of € -232 million. It also includes a negative impact from the revaluation of financial
instruments and a positive impact from the revaluation of certain equity investments.
Consolidated net income(3) was € 4,247 million (2021: € 4,213 million) with consolidated
reported earnings per share of € 5.40 (2021: € 5.36).
Consolidated free cash flow before M&A and customer financing was € 4,680 million(2021: € 3,515 million), supported by the favourable foreign exchange environment and astrong positive phasing impact from working capital. Consolidated free cash flow was €4,324 million (2021: € 3,511 million). The 2021 dividend of € 1.50 per share, or € 1.2 billion in
total, was paid in Q2 2022 while pension contributions totalled € 0.6 billion during the year.
The gross cash position stood at € 23.6 billion at the end of 2022 (year-end 2021: € 22.7
billion), with a consolidated net cash position(4) of € 9.4 billion (year-end 2021: € 7.7 billion).
The Board of Directors will propose the payment of a 2022 dividend of € 1.80 per share(2021: € 1.50 per share) to the 2023 Annual General Meeting taking place on 19 April 2023.
The proposed payment date is 27 April 2023.

Page | 3

Outlook
As the basis for its 2023 guidance, the Company assumes no additional disruptions to theworld economy, air traffic, the supply chain, the Company’s internal operations, and its ability
to deliver products and services.
The Company’s 2023 guidance is before M&A.
On that basis, the Company targets to achieve in 2023 around:●●●

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

The Company has received approval from the Science Based Targets initiative (SBTi) for its
greenhouse gas emission 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. Airbus intends to reduce its Scope 1 and Scope 2 industrial emissions by up to
63% by 2030, in line with a 1.5°C pathway. The Company 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.

Page | 4

Note to editors: Live Webcast of the Analyst Conference Call and Annual Press Conference
At 07:30 CET on 16 February 2023, you can listen to the FY 2022 Results Analyst Conference Call with Chief
Executive Officer Guillaume Faury and Chief Financial Officer Dominik Asam via the Airbus website
https://www.airbus.com. The analyst call presentation can also be found on the website. A recording will be madeavailable in due course. For a reconciliation of Airbus’ KPIs to “reported IFRS” please refer to the analyst
presentation.
The Annual Press Conference on the 2022 Results starts at 09:15 CET on 16 February 2023 and is also
webcast live via the Airbus website.

Contacts for the media:
Guillaume Steuer

Rod Stone

Justin Dubon

Airbus+33 (0) 6 73 82 11 68

Airbus+33 (0) 6 30 52 19 93

Airbus+33 (0) 6 74 97 49 51

Martin Agüera

Laurence Petiard

Philippe Gmerek

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

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

Airbus+33 (0) 6 13 19 37 27

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Consolidated Airbus – Full-Year (FY) 2022 Results(Amounts in Euro)
Consolidated Airbus

FY 2022

FY 2021

ChangeRevenues, in millions
thereof defence, in millions

58,763
11,491

52,149
9,175

+13%
+25%

EBIT Adjusted, in millions

5,627

4,865

+16%

EBIT (reported), in millions

5,325

5,342

0%

Research & Development expenses, inmillions

3,079

2,746

+12%

Net Income(3), in millions

4,247

4,213

+1%

Earnings Per Share

5.40

5.36

+1%

Free Cash Flow (FCF), in millions

4,324

3,511

+23%

Free Cash Flow before M&A, in millions

4,534

3,543

+28%

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

4,680

3,515

+33%

Dividend per share(5)

1.80

1.50

+20%

Order intake, in millions

82,52162,007+33%

Consolidated Airbus

31 Dec 2022

31 Dec 2021

ChangeOrder book, in millions of Euro
thereof defence, in millions of Euro449,241
47,242

398,439
43,110+13%+10%

Net Cash position(4), in millions of Euro

9,431

7,740

+22%

Number of employees

134,267

126,495+6%

For footnotes please refer to page 11.

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By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

FY 2022

FY 2021

ChangeFY 2022

FY 2021

ChangeAirbus41,42836,164

+15%

4,800

4,175

+15%

Airbus Helicopters

7,048

6,509

+8%

639

535

+19%

Airbus Defence andSpace

11,25910,186

+11%

-118

568

-

Eliminations

-972

-710

-

4

64

-94%

Total

58,76352,149

+13%

5,325

5,342

0%

By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

FY 2022

FY 2021

ChangeAirbus

4,600

3,570

+29%

Airbus Helicopters

639

535

+19%

Airbus Defence and
Space

384

696

-45%

Eliminations

4

64

-94%

Total

5,627

4,865

+16%

By Business Segment

Order Intake (net)

Airbus, in units
Airbus, in millions ofEuroAirbus Helicopters, inunits
Airbus Helicopters, inmillions of Euro
Airbus Defence andSpace, in millions ofEuro

Order Book

FY 2022

FY 2021

Change31 Dec2022

31 Dec2021

Change

820

507

+62%

7,239

7,082

+2%

59,72740,004+49%

390,456

345,101

+13%

362

414

-13%

757

739

+2%

9,338

8,552

+9%

20,774

17,985+16%

13,66013,656

0%38,42636,131+6%

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Consolidated Airbus – Fourth Quarter (Q4) 2022 Results(Amounts in Euro)

Consolidated Airbus

Q4 2022

Q4 2021

ChangeRevenues, in millions

20,644

16,994+21%

EBIT Adjusted, in millions

2,146

1,496

+43%

EBIT (reported), in millions

1,773

1,905

-7%

Net Income(3), in millions

1,679

1,578

+6%

Earnings Per Share

2.13

2.01

+6%

By Business Segment

Revenues

EBIT (reported)(Amounts in millions ofEuro)

Q4 2022

Q4 2021

ChangeQ4 2022

Q4 2021

ChangeAirbus

14,774

11,546

+28%

1,559

1,286

+21%

Airbus Helicopters

2,533

2,372

+7%

259

223

+16%

Airbus Defence and
Space

3,666

3,305

+11%

-54

364

-

Eliminations

-329

-229

-

9

32

-72%

Total

20,644

16,994

+21%

1,773

1,905

-7%

By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

Q4 2022

Q4 2021

ChangeAirbus

1,725

831

+108%

Airbus Helicopters

259

221

+17%

Airbus Defence and
Space

153

412

-63%

Eliminations

9

32

-72%

2,146

1,496

+43%

Total

For footnotes please refer to page 11.

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Q4 2022 revenues increased by 21 percent, mainly reflecting higher commercial aircraft
deliveries, higher contributions from Airbus Defence and Space and Airbus Helicopters, andthe appreciation of the US dollar.
Q4 2022 EBIT Adjusted increased by 43 percent, mainly reflecting the increased
commercial aircraft deliveries and progress made on compliance related topics while Airbus
Defence and Space was negatively impacted by the loss of the two Pleiades Neo satellites.
Q4 2022 EBIT (reported) of € 1,773 million included net Adjustments of € -373 million. Net
Adjustments in the fourth quarter of 2021 amounted to € +409 million.
Q4 2022 Net Income(3) of € 1,679 million mainly reflects the EBIT (reported), € +56 million
from the financial result and € -171 million from income tax.
EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus(Amounts in millions of Euro)EBIT (reported)

FY 2022
5,325

thereof:$ PDP mismatch/balance
sheet revaluation+308

A380 programme+28

A400M charge-477

Aerostructures transformation-82

Others-79

EBIT Adjusted

5,627

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Glossary
KPI

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

Adjustment

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

EBIT Adjusted

The Company uses an alternative performance measure, EBIT Adjusted, as a key
indicator capturing the underlying business margin by excluding material charges or profits
caused by movements in provisions related to programmes, restructuring or foreignexchange impacts as well as capital gains/losses from the disposal and acquisition ofbusinesses.

EPS Adjusted

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

Gross cash
position

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

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

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

FCF before M&A Free cash flow before mergers and acquisitions refers to free cash flow 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 performance measure and key indicator thatreflects free cash flow excluding those cash flows resulting from acquisitions and disposals
of businesses.
FCF before M&A Free cash flow before M&A and customer financing refers to free cash flow before mergers
and customer
and acquisitions adjusted for cash flow related to aircraft financing activities. It is anfinancingalternative performance measure and indicator that may be used occasionally by theCompany in its financial guidance, especially when there is higher uncertainty aroundcustomer financing activities.

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Footnotes:
1)
2)
3)
4)
5)

After a reduction of two aircraft previously recorded as sold in December 2021 for which a transfer was notpossible due to international sanctions against Russia.
Two A330s delivered on operating lease in FY 2021.
Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable toequity owners of the parent as defined by IFRS Rules.
The Company has decided to refine the net cash definition to include interest rate contracts related to fairvalue hedges, which is also reflected in the FY 2022 balance.
To be proposed to the Annual General Meeting on 19 April 2023.

Safe Harbour Statement:This press release includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”,“expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking
statements. Examples of forward-looking statements include statements made about strategy, ramp-up anddelivery schedules, introduction of new products and services and market expectations, as well as statements
regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances 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;▪
Changes in societal expectations and regulatory requirements about climate change;▪
The full impact of the COVID-19 pandemic and the resulting health and economic crisis;▪
Aggravation of adverse geopolitical events, including Russia’s invasion of Ukraine and the resulting
imposition of export control restrictions and international sanctions, and rising military tensions around theworld.
As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth insuch forward-looking statements. For more information about the impact of Russia’s invasion of Ukraine, see also
note 2 “Ukraine Crisis” of the Notes to the Airbus SE Unaudited Condensed IFRS Consolidated Financial
Statements published 16 February 2023. For more information about the impact of the Macroeconomic
Environment, see also note 3 “Macroeconomic Environment” of the Notes to the Airbus SE Unaudited Condensed
IFRS Consolidated Financial Statements published 16 February 2023. For more information about factors that
could cause future results to differ from such forward-looking statements, see Airbus SE’s annual reports,
including its Report of the Board of Directors, Universal Registration Document and the most recent Risk Factors.
Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus
SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new
information, future events or otherwise.

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