Airbus SE
Unaudited Condensed Interim
IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

Contents
1 Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements ......................................................................2
Unaudited Condensed Interim IFRS Consolidated Income Statement ...............................................................................................2
Unaudited Condensed Interim IFRS Consolidated Statement of Comprehensive Income .................................................................3
Unaudited Condensed Interim IFRS Consolidated Statement of Financial Position ...........................................................................4
Unaudited Condensed Interim IFRS Consolidated Statement of Cash Flows ....................................................................................6
Unaudited Condensed Interim IFRS Consolidated Statement of Changes in Equity ..........................................................................7
2 Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements .................................................81.

The Company .......................................................................................................................................................................82.

Ukraine Crisis........................................................................................................................................................................83.

Macroeconomic Environment ................................................................................................................................................84.

Accounting Policies ...............................................................................................................................................................95.

Climate Impacts ....................................................................................................................................................................96.

Acquisitions and Disposals .................................................................................................................................................. 10

7.

Related Party Transactions ................................................................................................................................................. 10

8.

Segment Information ........................................................................................................................................................... 10

9.

Revenue and Gross Margin ................................................................................................................................................ 11

10.

Research and Development Expenses ............................................................................................................................... 12

11.

Other Income and Other Expenses ..................................................................................................................................... 12

12.

Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments .................. 12

13.

Total Financial Result.......................................................................................................................................................... 12

14.

Income Taxes ..................................................................................................................................................................... 12

15.

Earnings per Share ............................................................................................................................................................. 13

16.

Intangible Assets and Property, Plant and Equipment ......................................................................................................... 13

17.

Investments Accounted for under the Equity Method ........................................................................................................... 13

18.

Other Investments and Other Long-Term Financial Assets ................................................................................................. 13

19.

Inventories .......................................................................................................................................................................... 13

20.

Provisions ........................................................................................................................................................................... 14

21.

Other Financial Assets and Other Financial Liabilities ......................................................................................................... 14

22.

Other Assets and Other Liabilities ....................................................................................................................................... 15

23.

Total Equity ......................................................................................................................................................................... 1524.

Net Cash ............................................................................................................................................................................. 16

25.

Financial Instruments .......................................................................................................................................................... 17

26.

Litigation and Claims ........................................................................................................................................................... 18

27.

Number of Employees ......................................................................................................................................................... 20

28.

Events after the Reporting Date .......................................................................................................................................... 20

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

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 (loss) from investments accounted for under the 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
9
9

10
11
11
12
12

13
14

Attributable toEquity owners of the parent (Net income)Non-controlling interests
Earnings per share
Basic
Diluted15
15

1 January 31 March 2023
11,763(10,103)
1,660
(205)
(382)
(683)
24
(36)
9
3
390
133
(166)
182
149
(101)
438

1 January 31 March 2022
12,000(9,460)
2,540
(181)
(330)
(586)
22
(19)
(21)
4
1,429
2
(78)
242
166
(402)
1,193

466
(28)

1,219
(26)

€
0.59
0.59

€
1.55
1.55

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

2

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

Unaudited Condensed Interim
IFRS Consolidated Statement of Comprehensive Income
1 January 31 March 2023
438

1 January 31 March 2022
1,193

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 assets
Share of change from investments accounted for under the equity method

40
(1)
188
(24)
11

987
(226)
(191)
24
2

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 hedges
Change in fair value of financial assets
Income tax relating to change in fair value of financial assets
Share of change from investments accounted for under the equity method
Other comprehensive income, net of tax
Total comprehensive income for the period

(54)
953
(260)
82
1
7
943
1,381

60
(560)
154
(247)
2
7
12
1,205

Attributable to:Equity owners of the parent
Non-controlling interests

1,399
(18)

1,221
(16)

(In € million)

Note

Profit for the period
Other comprehensive income

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

3

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

Unaudited Condensed Interim
IFRS Consolidated Statement of Financial Position(In € million)

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

Note

31 March 2023

31 December 2022

16
16

16,81816,345
37
2,063
4,713
30
691
1,923
4,358
6,236
53,214

16,76816,505
37
2,067
4,190
26
781
1,872
4,683
6,013
52,94235,165
4,509
745
1,616
2,320
3,524
728
1,670
14,51264,78957
118,060

32,202
4,953
665
1,501
2,542
2,850
704
1,762
15,82363,002
0
115,944

17
18
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

19
18
21
22
24
24
6

4

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

(In € million)

Equity and liabilities
Equity attributable to equity owners of the parent
Capital stock
Share premium
Retained earnings
Accumulated other comprehensive income
Treasury shares
Total equity attributable to equity 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

31 March 2023

31 December 2022

23

791
3,991
14,034(4,132)(151)
14,53335
14,568789
3,837
13,408(5,016)(68)
12,95032
12,982

6,716
10,65021,274
9,113
446
205
25
48,4296,896
10,631
22,044
10,117498
164
1750,367

4,008
2,102
13,80025,873
3,451
4,457
734
550
54,975
88
103,492
118,060

4,127
2,142
13,261
23,869
4,073
3,803
817
503
52,595
0102,962
115,944

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

21
22

6

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 three-month period ended 31 March 2023

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

Note

Operating 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 (used for) operating activities
Investing activities
Purchases of intangible assets, property, plant and equipment andinvestment property
Proceeds from disposals of intangible assets, property, plant and equipment
and investment property
Acquisitions of subsidiaries, joint ventures, businesses and non-controllinginterests (net of cash)
Payments for investments accounted for under the equity method, otherinvestments 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
Change in securities
Cash (used for) investing activities
Financing activities
Change in financing liabilities
Change in liability for puttable instruments
Change in capital and non-controlling interests
Change in treasury shares
Cash provided by financing activities
Effect of foreign exchange rate changes on cash and cash equivalents
Net increase (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
24
6

1 January 31 March 2023

1 January 31 March 2022

466
(28)

1,219
(26)

495
(389)
70

585
(384)
58

(108)
8
(9)
(177)
(70)
(737)
(479)

279
0
21
(532)
(70)
(662)
488

(497)

(337)

6

25

0

(6)

(218)

(231)

86
(88)
(711)

96
92
(361)

(153)
138
140
(83)
42
(155)
(1,303)
15,823
14,52014,512
8

28
134
139
(36)
265
81
473
14,572
15,04515,0450

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 three-month period ended 31 March 2023

Unaudited Condensed Interim
IFRS Consolidated Statement of Changes in Equity
Equity attributable toequity owners of theparent9,466

Non-controllinginterests
20

Total Equity
9,486

Profit for the period

1,219

(26)

1,193

Other comprehensive income
Total comprehensive income for the period
Capital increase

2
1,221
136

10
(16)
0

12
1,205
136

83
0

0
21

83
21

Change in treasury shares
Balance at 31 March 2022

(36)
10,870025(36)
10,895

Balance at 1 January 2023

12,95032

12,982

466
933

(28)
10

438
943

Total comprehensive income for the period
Capital increase
Share-based payment

1,399
156
131

(18)
0
0

1,381
156
131

Equity transaction
Change in treasury shares
Balance at 31 March 2023

(20)
(83)
14,533

21
0
35

1
(83)
14,568(In € million)
Balance at 1 January 2022

Share-based payment
Equity transaction

Profit for the period
Other comprehensive income

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

7

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

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 8: 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 3 May
2023.

2.

Ukraine Crisis

Russia's invasion of Ukraine on 24 February 2022 and the resulting export control restrictions and international sanctions against Russia,
Belarus and certain Russian entities and individuals have resulted in disruption to the Company’s business, its operations, data
management and supply chain.
Following the imposition of export control restrictions and sanctions by the EU, the UK, the US and other countries that are relevant to theCompany's business, the Company announced in March 2022 it has suspended the delivery of aircraft and support services to Russiancustomers, as well as the supply of spare parts, equipment and software to Russia. The Company is complying with all applicableregulations and sanctions to its facilities and operations in Russia.
The crisis has increased the Company’s exposure to supply chain disruption risk. Part of the titanium used by the Company is sourced
from Russia, both directly and indirectly through the Company’s suppliers. While geopolitical risks are integrated into the Company’stitanium sourcing policies, the impact of Russia’s invasion of Ukraine on the Company’s ability to source materials and components andany future expansion of sanctions is continuously being reviewed.
The Company is also indirectly exposed through its partnership into the joint venture ArianeGroup. Arianespace paid and received prepayments for the Soyuz program for which Roscosmos decided to suspend the rocket launches operated by Arianespace. Agreements
have been reached on pre-payments received with two of these clients. Negotiations are well advanced with the remaining customers.
In 2022 and in the first three months 2023, there was no material impact.

3.

Macroeconomic Environment

In 2022, the Company has been operating in an adverse macroeconomic environment in light of high inflation, energy crisis, increasing
interest rates, but also remaining effects of the COVID-19 pandemic.
During 2022, the Company experienced increases in its labour rates, due to wage increases but also through the distribution of exceptional
premiums granted to employees to help them face inflation and the energy crisis. Furthermore, it also faced increases in raw material andenergy costs. The main impacts of inflation on the Company’s Consolidated Financial Statements have been assessed (see “– Note 9:
Revenue and Gross Margin). In particular, the Company concluded that the main material effect on the margin of its overtime contracts
or on the provision for loss at completion of the onerous contracts recognised as of 31 December 2022 was related to its A400M contract.
In 2022, the strengthened US dollar versus the euro had a negative impact on the mark to market valuation of the hedge portfolio, while
higher interest rates led to a decrease in the bonds portfolio (for more details, see “– Note 21: Other Financial Assets and Other Financial
Liabilities”). The increase in interest rates also resulted in a decrease of the defined benefit obligations of the pension plans, only partly
offset by a decline in pension plan assets (see “– Note 20: Provisions”). Associated increases in discount rates did not result in any further
long-term assets impairment charges.

8

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

This environment has further increased the Company’s exposure to supply chain disruption, already impacted by the consequences of
Russia’s invasion of Ukraine (see “– Note 2: Ukraine Crisis”). This supply chain disruption caused shortage or delay of materials andparts, hampering the Company’s production ramp-up. On the A320 Family programme, the ramp-up trajectory has been adapted with
suppliers. The Company is progressing towards a monthly production rate of 65 aircraft by the end of 2024 and 75 in 2026. The A330
monthly production rate increased to around 3 at the end of 2022 as planned and the Company targets to reach rate 4 in 2024. The A350
monthly rate is around 6 aircraft. In order to meet growing demand for widebody aircraft as international air travel recovers, and following
a feasibility study with the supply chain, the Company is targeting a monthly production rate of 9 A350s at the end of 2025.
There has been no material change in the first three months 2023.
The Company has not been materially impacted by the recent banking crisis in relation to the collapse of Silicon Valley Bank and Credit
Suisse during the first quarter of 2023.

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 theabsolute 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 2022. The Company’s accounting policies andmethods are unchanged compared to 31 December 2022. The implementation of new or amended standards has no material impact on
the Unaudited Condensed Interim IFRS Consolidated Financial Statements as of 31 March 2023.

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 underlying assumptions used
for the main estimates are similar to those described in the Company’s IFRS Consolidated Financial Statements as of 31 December 2022.

5.

Climate Impacts

Climate change may have a major impact on both the Company’s industrial operations and its upstream and downstream value chains,
including aircraft direct operations and the wider air transport ecosystem. Accordingly, climate-related risks can potentially affect theCompany’s business and competitiveness, its customers and other actors in the aviation industry.
As of 31 March 2023, to the best of the Company’s judgment, there is no material impact on the Company’s assets and liabilities. The
Company considered the assumptions related to the life cycle of its programmes and the related impacts on long-lived assets andconcluded that there is no need for impairment.
Similarly, the Company did not identify any need for revision to the useful lives of the property, plant and equipment and intangible assets.
This is supported by the current demand for the Company’s products as demonstrated by its order backlog. As it relates to commercial
aircraft, the Company’s current portfolio already delivers significant CO2 reduction when compared to the previous generation aircraft.
Around 75% of the global commercial aircraft fleet is made up of older generation aircraft, therefore, renewing the fleet represents animmediate potential for aviation decarbonisation. Furthermore, the Company expects its commitment to certify all current aircraft andhelicopter programmes to be capable of flying on 100% Sustainable Aviation Fuels (SAF) by 2030 will play an important role in the sector’s
decarbonisation journey.
The Company has received approval from the Science Based Targets initiative (SBTi) for its greenhouse gas emission reduction nearterm targets. These targets, in line with the Paris agreement’s objectives, are based on climate science and cover the full set of theCompany’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 aircraftin service (Scope 3 - Use of Sold Product) by 2035.
In support of the overall sector ambition, the Company is investing in and accelerating its efforts on complementary strategic pathways toreduce its environmental footprint. Overall, a major portion of the Company capital expenditures, research & technology, and research &development expenses is linked to its commercial aircraft activities and the realisation of five decarbonisation pathways. In the first threemonths 2023, the total research & development expenses amounted to € 0.7 billion (first three months 2022: € 0.6 billion).

9

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

6.

Acquisitions and Disposals

Acquisitions
On 20 June 2022, a Share Purchase Agreement was signed by the Company, Safran and Tikehau Capital for the acquisition of Aubert &Duval from Eramet. On 28 April 2023, the acquisition was finalised following the satisfaction of all conditions precedent including required
regulatory approvals (see “– Note 28: Events after the Reporting Date”).
On 20 July 2022, Satair USA, Inc. signed a Membership Interest Purchase Agreement under which it acquired 100% of the shares of VAS
Aero Services, LLC. VAS Aero Services provides aviation logistics and aftermarket services including end-of-life support. A preliminary
goodwill of € 67 million was recognised as of 31 December 2022 and the one year window period for the completion of the purchase priceallocation will end in June 2023.
On 31 December 2022, Airbus Helicopters Deutschland GmbH acquired 100% of the shares of ZF Luftfahrttechnik GmbH. ZF
Luftfahrttechnik was subsequently renamed Airbus Helicopters Technik GmbH. The company is a manufacturer of dynamic components
for light and medium helicopters and a maintenance, repair, and overhaul service partner for helicopter fleet. A preliminary goodwill of€ 60 million was recognised as of 31 December 2022 and the one year window period for the completion of the purchase price allocation
will end in December 2023.
Assets and Disposal Groups Classified as Held for Sale
As of 31 March 2023, the Company intends to divest one of its subsidiary. The assets and liabilities relating to this disposal have been
reclassified to assets classified as held for sale for a net amount of € -31 million. The transaction is expected to be closed within the next
twelve months.

7.

Related Party Transactions

The Company has entered into various transactions with related entities; carried out in the normal course of business.

8.

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 — Military Air Systems 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 anddefence 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.

10

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

Business segment information for the three-month period ended 31 March 2023 is as follows:(In € million)

Total revenue
Internal 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
8,110
(167)
7,943

AirbusHelicopters
1,598
(69)
1,529

AirbusDefenceand Space
2,299
(8)
2,291

Eliminations
0
0
0

Consolidated
Airbus
12,007(244)
11,763

6,984
0
959

617
164
748

657
869
765

0
0
0

8,258
1,033
2,472

197
(569)

156
(66)

36
(45)

1
(3)

390
(683)
(33)
182
(101)
438

Airbus
8,541
(184)
8,357

AirbusHelicopters
1,265
(65)
1,200

AirbusDefenceand Space
2,453
(10)
2,443

Eliminations
0
0
0

Consolidated
Airbus12,259(259)
12,000

7,634
0
723

479
49
672

709
985
749

0
0
0

8,822
1,034
2,144

1,242
(477)

90
(56)

95
(53)

2
0

1,429
(586)
(76)
242
(402)
1,193

Business segment information for the three-month period ended 31 March 2022 is as follows:(In € million)

Total revenue
Internal 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

9.

Revenue and Gross Margin

Revenue decreased by € -237 million to € 11,763 million (first three months 2022: € 12,000 million). The decrease is mainly driven by
Airbus (€ -414 million) reflecting lower volume in aircraft deliveries and Airbus Defence and Space (€ -152 million) partly offset by Airbus
Helicopters (€ +329 million) mainly reflecting higher deliveries.
Revenue by geographical areas based on the location of the customer is as follows:
1 January 31 March 2023
5,045
2,740
2,754
467
269
488
11,11,763(In € million)

EuropeAsia-PacificNorth America
Middle East
Latin America
Other countries
Total

1 January 31 March 2022
5,180
3,084
2,650
507
291
288
12,000

The gross margin decreased by € -880 million to € 1,660 million compared to € 2,540 million in the first three months 2022. It is mainly
driven by lower aircraft deliveries and negative foreign exchange impacts. In the first three months 2022, the gross margin included a nonrecurring positive impact related to the re-measurement of past service cost in the retirement obligations of € 0.4 billion. The gross marginrate decreased from 21.2% to 14.1%.
In 2022, the Company performed an assessment of the impacts of inflation which mainly relate to the overtime contracts within Airbus
Defence and Space, in particular the A400M programme for € 0.2 billion. The year-end assessment remains unchanged as of 31 March
2023.
11

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

In the first three months 2023, the Company has delivered 1 A400M aircraft.
The Company has continued with development activities toward achieving the revised capability roadmap. Retrofit activities areprogressing in close alignment with the customer.
In 2022, an update of the contract EAC was performed and an additional charge of € 477 million recorded, mainly reflecting updated
assumptions, including inflation and risks related to the remaining SOC3 contractual development milestones to be achieved. The yearend assessment remains unchanged as of 31 March 2023.
Risks remain on the qualification of technical capabilities and associated costs, on aircraft operational reliability, on cost reductions andon securing overall volume as per the revised baseline.
In a notice of termination dated 9 June 2022, the Norwegian Defence Material Agency notified NHIndustries SAS ("NHI") of the Norwegian
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 madeagainst the NH90 as well as against [NHI]." NHI considers the termination to be legally groundless and reserves its right to take anynecessary legal action to challenge it. The parties are engaging in discussions with a view to resolve this matter.

10.

Research and Development Expenses

Research and development expenses increased by € 97 million to € 683 million compared to € 586 million in the first three months 2022.

11.

Other Income and Other Expenses

Other income increased by € +2 million to € 24 million compared to € 22 million in the first three months 2022.
Other expenses increased by € 17 million to € -36 million compared to € -19 million in the first three months 2022.

12.

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 increased by € +29 million to€ 12 million compared to € -17 million in the first three months 2022.

13.

Total Financial Result

Total financial result deteriorated by € -17 million to € 149 million compared to € 166 million in the first three months 2022. This is driven
by the revaluation of certain equity investments partly offset by the positive impact from the revaluation of financial instruments and ahigher net interest result.

14.

Income Taxes

The income tax expense amounts to € -101 million (first three months 2022: € -402 million) and corresponds to an effective income tax
rate of 18.7%. This includes impacts on the tax-free revaluation of certain equity investments under IFRS 9, tax risk updates and deferred
tax asset impairments.

12

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

15.

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 31 March 2023
€ 466 million
787,791,767€ 0.59

1 January 31 March 2022
€ 1,219 million
785,841,075€ 1.55

Diluted earnings per share – The Company’s dilutive potential ordinary shares are equity-settled Performance Shares relating to LongTerm Incentive Plans (“LTIP”). For the shares meeting the performance conditions at the closing date, the dilutive effect is determinedin accordance with the treasury share method specified by IAS 33 – Earnings per share.
In the first three months 2023, a total of 964,114 equity-settled Performance Shares was considered in the calculation of diluted earnings
per share.

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 share16.

1 January 31 March 2023

1 January 31 March 2022

€ 466 million
788,755,881€ 0.59€ 1,219 million
786,392,417€ 1.55Intangible Assets and Property, Plant and Equipment

Intangible assets increased by € +50 million to € 16,818 million (prior year-end: € 16,768 million). Intangible assets mainly relate to
goodwill of € 13,158 million (prior year-end: € 13,165 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 5: Climate Impacts”).
Property, plant and equipment decreased by € -160 million to € 16,345 million (prior year-end: € 16,505 million). Property, plant andequipment include right-of-use assets for an amount of € 1,682 million as of 31 March 2023 (prior year-end: € 1,746 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 5: Climate Impacts”).

17.

Investments Accounted for under the Equity Method

Investments accounted for under the equity method decreased by € -4 million to € 2,063 million (prior year-end: € 2,067 million). They
mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.

18.

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

31 March 2023
3,046
1,667
4,713
745
5,458

31 December 2022
2,641
1,549
4,190
665
4,855

Other investments mainly comprise the Company’s participations and include the remaining investment in Dassault Aviation (9.90%,
prior year-end: 9.90%) amounting to € 1,511 million at 31 March 2023 (prior year-end: € 1,309 million).
Other long-term financial assets and the current portion of other long-term financial assets include other loans in the amount of€ 2,341 million as of 31 March 2023 (prior year-end: € 2,129 million), and the sales financing activities in the form of finance leasereceivables and loans from aircraft financing.

19.

Inventories

Inventories of € 35,165 million (prior year-end: € 32,202 million) increased by € +2,963 million. This is driven by Airbus (€ +2,315 million),
mainly linked to an increase in the work in progress, reflecting the inventory build up to support the ramp up across all programmes.

13

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

20.

Provisions(In € million)

31 March 2023
3,358
7,366
10,724
6,716
4,008

Provisions for pensions
Other provisions
Total
thereof non-current portion
thereof current portion

31 December 2022
3,509
7,514
11,023
6,896
4,127

As of 31 March 2023, provisions for pensions amount to € 3.4 billion (prior year-end: € 3.5 billion).
As of 31 March 2023, a non-current asset of € 0.6 billion (prior year-end: € 0.6 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”).

21.

Other Financial Assets and Other Financial Liabilities

Other Financial Assets(In € million)

Positive fair values of derivative financial instruments
OthersTotal non-current other financial assets
Receivables from related companies
Positive fair values of derivative financial instruments
OthersTotal current other financial assets
Total

31 March 2023
661
30
691
1,019
927
374
2,320
3,011

31 December 2022
753
28
781
1,104
1,141
297
2,542
3,323

31 March 2023
5,065
3,709
339
9,113
2,799
130
201
321
3,451
12,56431 December 2022
6,163
3,717
237
10,117
3,450
140
186
297
4,073
14,190

Other Financial Liabilities(In € million)

Liabilities for derivative financial instruments
European Governments' refundable advances
OthersTotal non-current other financial liabilities
Liabilities for derivative financial instruments
European Governments' refundable advances
Liabilities to related companies
OthersTotal current other financial liabilities
Total

The total net fair value of derivative financial instruments improved by € +1,443 million to € -6,276 million (prior year-end: € -7,719 million)
as a result of the weakened US dollar versus the euro associated with the mark to market valuation of the hedge portfolio.
In the first three months 2023, the European Governments’ refundable advances decreased by € -18 million to € 3,839 million (prior yearend: € 3,857 million).
The allocation of European Governments’ refundable advances between non-current and current presented in the Unaudited Condensed
Interim IFRS Consolidated Financial Statements ended 31 March 2023 is based on the applicable contractual repayment dates.

14

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

22.

Other Assets and Other Liabilities

Other Assets(In € million)

31 March 2023
368
199
1,356
1,923
1,943
461
370
750
3,524
5,447

Cost to fulfil a contract
Prepaid expenses
OthersTotal non-current other assets
Value added tax claims
Cost to fulfil a contract
Prepaid expenses
OthersTotal current other assets
Total

31 December 2022
337
149
1,386
1,872
1,732
448
161
509
2,850
4,722

As of 31 March 2023, non-current other assets include € 702 million of payments to be made to Airbus by suppliers after aircraft delivery(prior year-end: € 673 million). 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 31 March 2023, a non-current asset of € 0.6 billion (prior year-end: € 0.6 billion) is accounted for to reflect the surplus in two pension
funds in the UK (see “– Note 20: Provisions”).

Other Liabilities(In € million)

31 March 2023
446
446
1,172
3,285
4,457
4,903

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

31 December 2022
498
498
1,082
2,721
3,803
4,301

As of 31 March 2023, current other liabilities mainly comprise tax (excluding income tax) and personnel liabilities.

23.

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:
31 March 2023
788,205,008
2,190,603
790,395,611(1,332,444)
789,063,167(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 2022
786,083,690
2,121,318
788,205,008(647,500)
787,557,508

Holders of ordinary shares are entitled to dividends and to one vote per share at general meetings of the Company.
Equity attributable to equity owners of the parent (including purchased treasury shares) amounts to € 14,533 million (prior year-end:€ 12,950 million) representing an increase of € +1,583 million mainly explained by the net income for the period of € +466 million and anincrease in the other comprehensive income, principally related to the mark to market revaluation of the hedge portfolio of € +674 million
and the change in fair value of financial assets of € +247 million.
The non-controlling interests (“NCI”) from non-wholly owned subsidiaries increased to € 35 million as of 31 March 2023 (prior yearend: € 32 million). These NCI do not have a material interest in the Company’s activities and cash flows.

15

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

24.

Net Cash

The net cash position provides financial flexibility to fund the Company’s operations, to react to business needs and risk profile and toreturn capital to the shareholders.

(In € million)

31 March 2023
14,512
1,670
6,236
22,418(2,102)(10,650)(1,307)
8,359

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 2022
15,823
1,762
6,013
23,598(2,142)(10,631)(1,394)
9,431

The net cash position on 31 March 2023 amounted to € 8,359 million (prior year-end: € 9,431 million), with a gross cash position of€ 22,418 million (prior year-end: € 23,598 million).

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

31 March 2023
5,676
7,930
906
14,512

Bank 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 2022
3,687
11,135
1,001
15,823Only 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 € -1.3 billion from € 15.8 billion at 31 December 2022 to € 14.5 billion at 31 March 2023
and they include payments received in advance from certain customers.
The main variations are as follows:
Cash used for operating activities amounted to € -0.5 billion in the first three months 2023, driven by a negative impact from working
capital which mainly reflects the increase in inventory partly compensated by a positive impact from contract assets and contract liabilities,
and trade liabilities relating to a phasing impact from payments made to suppliers in anticipation.
Cash used for investing activities amounted to € -0.7 billion, mainly reflecting capital expenditures.
Cash provided by financing activities amounted to € +42 million.
Similar to previous years, the Company has supported its suppliers concerning supply chain financing arrangements. As of 31 March
2023, these arrangements have no impact on the Company’s Unaudited Condensed Interim IFRS Consolidated Financial Statements.
The Company evaluates such suppliers’ early payment arrangements 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 at 31 March 2023, the payables subject to supplier financing arrangements
do not meet the criteria to be reclassified as borrowings.

16

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

Financing Liabilities(In € million)

31 March 2023
8,725
331
168
1,426
10,650
0
27
78
232
1,765
2,102
12,752

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 2022
8,681
383
75
1,492
10,631
0
27
83
242
1,790
2,142
12,773

Included in “others” are financing liabilities to joint ventures.

Long-term financing liabilities, mainly comprising of bonds and lease liabilities, increased by € +19 million to € 10,650 million (prioryear-end: € 10,631 million).
Short-term financing liabilities decreased by € -40 million to € 2,102 million (prior year-end: € 2,142 million).
On 31 January 2023, the Company signed a lease agreement with Mobile Airport Authority for a new Final Assembly Line in Mobile,
Alabama. As of 31 March 2023, and based on IFRS 16, this lease has not commenced and therefore no lease liabilities have beenrecognised in the financial statements. The future discounted cash outflows amount to US$ 1 billion to be fully guaranteed by the Company
out of which an amount of US$ 0.8 billion has been issued on 31 January 2023 and US$ 0.2 billion is scheduled to be issued by year end.

25.

Financial Instruments

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

31 March 2023
661
927
1,588
(5,065)(2,799)(7,864)(6,276)

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 2022
753
1,141
1,894
(6,163)(3,450)(9,613)(7,719)The total net fair value of derivative financial instruments improved by € +1,443 million to € -6,276 million (prior year-end: € -7,719 million)
as a result of the weakened US dollar versus the euro associated with the mark to market valuation of the hedge portfolio.
As of 31 March 2023, the total hedge portfolio with maturities up to 2029 amounts to US$ 75.5 billion (prior year-end: US$ 76.4 billion)
and covers a major portion of the foreign exchange exposure expected over the hedging horizon. The US dollar spot rate was 1.09 US$/€and 1.07 US$/€ at 31 March 2023 and at 31 December 2022, respectively. The average US$/€ hedge rate of the US$/€ hedge portfolio
until 2029 remains at 1.24 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 38.2 to the 2022 IFRS Consolidated Financial Statements. For the first
three months 2023, 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 38.2 tothe 2022 IFRS Consolidated Financial Statements, with the exception of:(In € million)

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

31 March 2023
Book Value
Fair Value(8,725)(2,369)17(8,984)(2,369)31 December 2022
Book Value
Fair Value(8,681)(2,358)(9,071)(2,358)

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

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.
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 131 March 2023
Level 2
Level 3

Total

Level 131 December 2022
Level 2
Level 3

Total

2,284
0
7,906
0
7,930
18,120

0
1,588
0
0
906
2,494

762
0
0
72
0
834

3,046
1,588
7,906
72
8,836
21,448

1,896
0
7,775
0
11,13520,806

0
1,894
0
0
1,001
2,895

744
0
0
86
0
830

2,640
1,894
7,775
86
12,136
24,531000(7,795)0(7,795)

(69)
(204)
(273)

(7,864)(204)(8,068)000(9,529)0(9,529)

(84)
(83)
(167)

(9,613)(83)(9,696)As at 31 March 2023, the fair value of the written put options on non-controlling interests (“NCI puts”) relating to ACLP amounts to € 204
million (prior year-end: € 83 million) linked to the funding of ACLP by IQ.
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 9.74% is used to discount the forecasted cash flows, taking into
account the specificities of the programme (prior year-end: 9.74%).

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.

Investigation by the UK SFO, France’s PNF, US Departments of State and Justice and Related
Commercial Litigation
The Company reached final agreements (“the agreements”) with the French Parquet National Financier (“PNF”), the UK Serious Fraud
Office (“SFO”), and the US Department of Justice (“DoJ”) resolving the authorities’ investigations into allegations of bribery and corruption,
as well as with the US Department of State (“DoS”) and the DoJ to resolve their investigations into inaccurate and misleading filings madewith the DoS pursuant to the US International Traffic in Arms Regulations (“ITAR”). The agreements were approved and made public on
31 January 2020.
Under the terms of the agreements, the Company agreed to pay penalties of € 3,597,766,766 plus interest and costs to the French, UK
and US authorities. This was recognised in the Company’s 2019 accounts. The settlements with each authority were as follows: PNF€ 2,083,137,455, the SFO € 983,974,311, the DoJ € 526,150,496 and the DoS € 9,009,008 of which € 4,504,504 may be used for approved
remedial compliance measures. All penalties have been paid.
Under the terms of the Convention judiciaire d’intérêt public (“CJIP”) with the PNF, the Company had an obligation to submit its complianceprogramme to targeted audits carried out by the Agence Française Anticorruption (“AFA”) over a period of three years.
Under the terms of the Deferred Prosecution Agreement (“DPA”) with the SFO, no independent compliance monitor was imposed on the
Company in light of the continuing monitorship conducted by the AFA.
18

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

Under the terms of the DPA with the DoJ, no independent compliance monitor was imposed on Airbus under the agreement with the DoJ,
but the Company periodically reported on its continuing compliance enhancement progress during the three year term of the DPA andcarried out further reviews as required by the DoJ.
The agreements resulted in the suspension of prosecution for a duration of three years. This deferral period ended on 31 January 2023.
On 13 February 2023, the SFO gave notice to the Company discontinuing the prosecution. On 17 March 2023, the PNF gave notice ofthe same with receipt of the Constat de l'extinction de l'action publique. The Company awaits the formal determination by the DoJ that it
has complied with the terms of the DPA with the DoJ.
Under the terms of the Consent Agreement with the DoS, the DoS agreed to settle all civil violations of the ITAR outlined in the Company’s
voluntary disclosures identified in the Consent Agreement, and the Company agreed to retain an independent export control complianceofficer to monitor the effectiveness of the Company’s export control systems and its compliance with the ITAR.
As a result of the Company's decision to redirect export control compliance resources to ensure compliance with export control restrictions
and international sanctions announced against Russia, Belarus and certain Russian entities and individuals following Russia's invasion of
Ukraine on 24 February 2022, the Company asked the DoS to extend the Consent Agreement by nine months. The DoS has granted theextension.
In addition to any pending investigation in other jurisdictions, the factual disclosures made in the course of reaching the agreements may
result in the commencement of additional investigations in other jurisdictions. Such investigations could also result in (i) civil claims or
claims by shareholders against the Company, (ii) adverse consequences on the Company’s ability to obtain or continue financing for
current or future projects, (iii) limitations on the eligibility of group companies for certain public sector contracts, and/or (iv) damage to theCompany’s business or reputation via negative publicity adversely affecting the Company’s prospects in the commercial market place.
Airbus will continue to cooperate with the authorities in the future and to enhance its strong Ethics & Compliance programme and culture
within the Company.
Several consultants and other third parties have initiated commercial litigation and arbitration against the Company seeking relief. The
agreements reached with authorities may lead to additional commercial litigation and arbitration against the Company and tax liability inthe future, which could have a material impact on the Financial Statements, business and operations of the Company.

Securities Litigation
In August 2020, a putative class action lawsuit was filed in US federal court in the state of New Jersey against Airbus SE and membersof its current and former management. The Company was served with the complaint in the fourth quarter of 2021. The lawsuit was brought
on behalf of alleged shareholders that purchased or otherwise acquired Airbus SE securities in the US between 24 February 2016 and 30
July 2020, and asserted violations of US securities laws. The complaint alleged that defendants made false and misleading 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 anticorruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of$5,000,000 USD without any acknowledgement of liability.
In addition, the Company received notification in August 2021 of two separate claims and in March 2022 of a third claim, all alleging similarfacts as the US class action. Three claims have been filed in the Netherlands purportedly on behalf of Airbus investors.
The first Dutch claim was filed in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee
purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to beassessed in follow on proceedings. This claim is now pending before the Amsterdam District Court.
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 allege that the Company violated its reporting obligations by failing to adequately inform investors and providing false
or misleading information about its use of intermediaries and alleged corrupt practices, its related financial exposure, internal investigations
and subsequent measures taken by the Company, and related criminal investigations, which allegedly impacted the Company's shareprice.
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.

19

Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Information
for the three-month period ended 31 March 2023

Air France Flight 447 Trial
On 1 June 2009, an A330 operated by Air France 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 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, Airbus will appeal the judgement on civil liability.

Grand Canyon Helicopter Accident
On 10 February 2018, a fatal accident occurred in the Grand Canyon at a site called Quartermaster in Arizona involving an EC130 B4
helicopter operated by Papillon Helicopters impacting the canyon floor and catching fire, leading to five fatalities and two severely injured
persons. Following the accident, product liability claims were filed in Nevada state court in the US, including claims by the estate andparents of a deceased passenger and by the injured pilot of the helicopter. The Company intends to vigorously defend itself against theclaims, but such claims may generate negative publicity and reputational harm. The trial is scheduled to take place in the first quarter of2024. Any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, businessand operations of the Company as well as on its reputation.

Other Investigations
In 2019, the Company self-reported to German authorities potentially improper advance receipt and communication of confidential
customer information by employees of Airbus Defence and Space GmbH. The information concerned relates to future German government
procurement projects. The self-disclosure by the Company followed an internal review with the support of an external law firm. Both theGerman Ministry of Defence and the Munich public prosecutor opened an investigation into the matter. The investigation could have an
impact on Airbus Defence and Space GmbH’s and Airbus Secure Land Communications GmbH’s ability to participate in future public
procurement projects in Germany. In 2021 the Munich prosecution issued a penalty notice against Airbus Defence and Space GmbH for€ 10 million for negligent violation of supervisory duties in connection with this matter. The Company continues to fully cooperate with
relevant authorities.

27.

Number of Employees
Airbus81,43979,13431 March 2023
31 December 2022

28.

AirbusHelicopters
21,50220,803

Airbus Defence
and Space
34,77434,330Consolidated
Airbus137,715
134,267

Events after the Reporting Date

Following a trial in the fourth quarter of 2022 regarding Air France flight AF447, 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 a consequence, Airbus will appeal thejudgement on civil liability (see "– Note 26: Litigation and Claims").
On 28 April 2023, the Company, Safran and Tikehau Capital finalised the acquisition of Aubert & Duval from Eramet, following thesatisfaction of all conditions precedent including required regulatory approvals (see "– Note 6: Acquisitions and Disposals").

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