H1 Results
2023
26 July 2023

Guillaume FAURY | Chief Executive Officer
Xavier TARDY| Interim 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;▪ 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 the world.
As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.

For more information about the impact of Russia’s invasion of Ukraine, see note 2 "Ukraine Crisis" of the Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements
for the six-month period ended 30 June 2023. For more information about the impact of the Macroeconomic Environment, see note 3 "Macroeconomic Environment” of the Notes to the Airbus SE
Unaudited Condensed Interim IFRS Consolidated Financial Statements for the six-month period ended 30 June 2023. For more information about factors that could cause future results to differ fromsuch forward-looking statements, please refer to Airbus SE's most recent annual report, including the financial statements and notes thereto, the most recent Universal Registration Document and themost recent Risk Factors.
Any forward-looking statement contained in this presentation speaks as of the date of this presentation. Airbus SE 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

Airbus H1 Results 2023

H1 2023 Key Topics

 Progressing on our plan in a complex operating environment
 316 commercial aircraft delivered in H1 2023
 H1 2023 financials:
 EBIT Adjusted of € 2.6 bn; EBIT reported of € 1.9 bn
 FCF before M&A and Customer Financing of € 1.6 bn
 Guidance maintained4

H1 2023 Commercial Positioning

5

Consolidated Airbus Order Book

Consolidated Airbus

by Division

Airbus(in units)

Helicopters(in units)
Defence and Space(in € m)External Revenue by Division

H1 2023

H1 2022

ChangeOrder Intake

1,044

259

303.1%

Order Book

7,967

7,046

13.1%

Order Intake

131

163

-19.6%

Order Book

743

787

-5.6%

Order Intake

6,038

6,534

-7.6%

(net)

(net)

(net)

 AIRBUS: Gross orders: 1,080 a/c; Net orders: 1,044 a/c; Backlog: 7,967 a/c
 HELICOPTERS: 131 net orders of which 19 H160
 DEFENCE AND SPACE: Order intake € 6.0 bn, including 4 newly-built and 5 converted MRTT for Canada€ 27.7 bn
t/o defence€ 4.8 bn

Airbus72%

Helicopters

11%

Defence and
Space

17%

H1 2023 Financial Performance
Revenues

EBIT Adjusted

in € bn

24.8

H1 20226

in € bn / RoS (%)

27.7

H1 2023

EPS(1) Adjusted

10.7%

9.5%

2.6

2.6

H1 2022

H1 2023

FCF before M&A and Customer Financing

in €in € bn

2.40

2.47

2.0

H1 2022

H1 2023

H1 2022(1) H1 2023 Average number of shares: 788,453,538 compared to 786,638,226 in H1 2022
Capitalised R&D: € 163 m in H1 2023 and € 103 m in H1 2022

1.6

H1 2023

H1 2023 Profitability

7

EBIT Performance H1 2023 EBIT Reported of € 1,887 m

in € bn H1 2023 EBIT Adjustments resulting from:

2.6

2.6

2.6
1.9

 € -

651 m

PDP mismatch / BS revaluation

 €

-

34 m

Aerostructures transformation

 €

-

46 m

Others H1 2023 Net Adjustments of € - 731 m
EBIT Adjusted
H1 2022

EBIT Reported
H1 2023

 H1 2023 Net Income of € 1,526 m

EPS(1) Performancein € H1 2023 Net Income Adjusted of € 1,945 m

2.40

2.47

EPS Adjusted
H1 2022(1) H1 2023 Average number of shares: 788,453,538 compared to 786,638,226 in H1 2022
Capitalised R&D: € 163 m in H1 2023 and € 103 m in H1 2022

2.42

1.94

EPS Reported
H1 2023

USD Exposure Coverage

8

IN $ BILLION

Forwards & Euro Conversion as of Jun. 2023
Forwards & Euro Conversion as of Dec. 2022

9.7

22.4
19.0
14.8

12.5

13.4
7.7

Average blended rates(1)(€ vs. $)Forwards and Euro conversion

2023

Remaining 6 months

1.19( 1.21 in Dec. 22 )

2024
1.22

( 1.23 in Dec. 22 )

2025
1.23

( 1.24 in Dec. 22 )

2026
1.27

( 1.28 in Dec. 22 )

 In H1 2023, $ 9.7bn(2) of forwards matured and Euro conversion realised at an average blended rate (1) of € 1 = $ 1.21.

2027
1.27

( 1.27 in Dec. 22 )

2028
1.25

( 1.22 in Dec. 22 )Mark-to-market of FX hedging instruments incl. in AOCI = € - 6.1 bn
Closing rate @ 1.09 € vs. $ $ 5.5 bn(2) of new USD coverage were added at an average blended rate(1) of € 1 = $ 1.11.
 Forwards and Euro conversion portfolio(2) as of 30 June 2023 at $ 89.7 bn, at an average blended rate(1) of $ 1.24 (vs. $ 93.9 bn in December 2022 at $ 1.24).

Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement.
(1) Blended rates reflect both EBIT impact of hedge rates of the US$ hedge portfolio and Euro conversion.
(2) Volumes reflect both forwards and Euro conversion. Total amount predominantly contains €/$. Volumes reflect roll-over which will be finalised in the next quarter.

H1 2023 Cash Evolution9IN € BILLION
+0.6

-1.0
-0.1

+1.9

-1.5
-0.3

Free Cash Flow before M&A: € + 1.5 bn
t/o Customer Financing € + 0.0 bn
Free Cash Flow before M&A andCustomer Financing: € + 1.6 bn

9.4

Net Cash Position
December 2022

9.1

Gross Cash Flowfrom Operations

Change in
Working Capital(1) Thereof CapEx of € - 1.1 bn(2) M&A transactions include acquisitions and disposals of subsidiaries and businesses(1)Cash used forinvesting activities
before M&A

M&A

(2)

Shareholder Return

Pensions & Others

Net Cash Position
June 2023

Divisions
Highlights

Airbus H1 Results 2023

11

Deliveries by Programme (Units)IN € MILLION
Order Intake (net)
Order Book
Deliveries

Units

Units

H1 2023

H1 2022

Change

A220

8%

1,044

259

303.1%

A320

81%

7,967

7,046

13.1%

A330

4%

6.4%

A350

7%

Platforms

90%

Services10%316297 (1) (2)

Revenues

20,34917,533

R&D Expenses

1,196

1,020

5.9%

5.8%

2,256

2,276

11.1%

13.0%

1,523

2,478

7.5%

14.1%

in % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues

16.1%
17.3%
-0.9%
-38.5%

 Deliveries: 316 aircraft comprising 25 A220, 256 A320 Family, 14 A330 and 21 A350
 Revenues mainly reflect higher deliveries
 EBIT Adjusted mainly reflects deliveries partially offset by investments for preparing the future(1) Before a reduction of 2 a/c previously recorded as sold in December 2021 for which a transfer was not possible due to international sanctions against Russia(2) Two A350 delivered on operating lease
Capitalised R&D: € 62 m in H1 2023 and € 66 m in H1 2022

External Revenue Split

Helicopters

12External Revenue Split
IN € MILLION
Order Intake (net)
Order Book
Deliveries
Revenues

Units

Units

H1 2023

H1 2022

Change

Civil

47%

131

163

-19.6%

Defence

53%

743

787

-5.6%

145

115

26.1%

3,194

2,744

16.4%

Platforms

49%

Services51%

R&D Expenses

145

120

in % of Revenues

4.5%

4.4%

EBIT Adjusted

274

215

in % of Revenues

8.6%

7.8%

EBIT

267

215

in % of Revenues

8.4%

7.8%

 Revenues reflect deliveries and a good performance in Services
 EBIT Adjusted reflects a solid performance across programmes and Services

Capitalised R&D: € 0 m in H1 2023 and € 0 m in H1 2022

20.8%
27.4%
24.2%

Defence and Space

13

External Revenue Split
H1 2023

H1 2022

ChangeOrder Intake (net)

6,038

6,534

-7.6%

Revenues

4,653

5,056

-8.0%

IN € MILLION

R&D Expenses
in % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues

96

117

2.1%

2.3%

78

155

1.7%

3.1%

87
1.9%

(113)
-2.2%

 A400M: 3 a/c delivered in H1 2023

Capitalised R&D: € 101 m in H1 2023 and € 37 m in H1 2022

64%

Services36%-17.9%-49.7%
N/A Revenues decrease mainly driven by delays in Space Systems and phasing in Military Air Systems
 EBIT Adjusted decrease also reflects updated assumptions on contracts

Platforms

Military Air Systems

58%

Space Systems

23%

Connected Intelligence& Others

19%

Guidance
Highlights

Airbus H1 Results 2023

2023 Guidance
The guidance issued in February 2023 is maintained.
As the basis for its 2023 guidance, the Company assumes:
 no additional disruptions to the world economy, air traffic, the supply chain, the Company’s internal operations, and its ability to deliverproducts 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

15

Key Priorities

 Deliver on our commercial aircraft ramp-up
 Continue the transformation of the Company

 Further strengthen the backlog across businesses Lead the development of sustainable aerospace Deliver earnings and free cash flow growth potential

16Appendix

Airbus H1 Results 2023

Expected Average Blended Rates for Forwards and Euro Conversion € vs. $Active exposure management
1.28

Average
Blended Rates

1.26
1.24

1.24
1.22

(1)

1.23
1.22
(2)

1.20

1.21

1.21

1.21

1.21

1.18
1.17

1.16
1.14

Q1

Q2
2022

Q3
2023E

Blended rates reflect both EBIT impact of hedge rates of the US$ hedge portfolio and Euro conversion.
(1) Based on $ 4.2 bn hedges matured with associated EBIT impact and $ 0.3 bn of Euro conversion realised(2) Q2 actual

Q4

FY 2022

1.22

FY 2023E

1.20

18

H1 2023 Detailed Income Statement and Adjustments

19

thereof Adjustments
Impact on EBITIN € MILLION

H1 2023
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(74)

1

(7)

(651)

Financial
ResultH1 2023
Adjusted

EBIT

1,887

in % of Revenues

6.8%

Interest income

278

278

Interest expense

(336)

(336)

Other Financial Result

160

157

3

Financial Result

102

157

(55)

157

2,563

1,989

Non-controlling interests

74

74

1,526

1,945

788,453,538

788,453,538

1.94

2.47

Number of shares
EPS (in €)1(7)

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 27%.

(1) Thereof € + 2 m A400M programme update(2) Thereof € - 659 m Airbus, € + 8 m Defence and Space

(651)

9.5%

Income before taxes
Net Income

(74)

2,618

H1 2022 Detailed Income Statement and Adjustments

20

thereof Adjustments
Impact on EBITIN € MILLION

H1 2022
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(73)

(219)

0

226

Financial
ResultH1 2022
Adjusted

EBIT

2,579

in % of Revenues

10.4%

Interest income

3030Interest expense

(166)

(166)

Other Financial Result

243

240

3

Financial Result

107

240

(133)

240

2,512

2,686

Non-controlling interests

57

57

1,901

1,891

786,638,226

786,638,226

2.42

2.40

Number of shares
EPS (in €)

(219)

0

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 31%.

(1) Thereof € - 218 m A400M programme update(2) Thereof € + 275 m Airbus, € - 49 m Defence and Space

226

10.7%

Income before taxes
Net Income

(73)

2,645

Liquidity as of 30 June 2023

21

RSCF:

 Signed on July 5, 2022
 1stextension option of 1 year exercised inJune 2023:
o € 7,925 m maturing on July 5, 2028
o € 75 m maturing on July 5, 2027
 One remaining extension option of 1 year
 Fully committed by 38 banks
 No financial covenants, no MAC clause Sustainability-Linked€ 8.0 bn
Credit Facility (RSCF)€ 13.9 bn
Total Gross Debt
€ 22.9 bn

Incl. interest rate
contracts

Financing Liabilities:(1)of which long-term: € 10.4 bn

 Includes € 8.0 bn EMTN and$ 2.3 bn 144A/RegS & USPP (nominal amounts)

Total Gross CashInvested inhighly rated securities

Credit Ratings:€ 9.1 bn
Net Cash(1) The H1 2023 Gross Debt includes financing liabilities for € 12.5 bn and interest rate contracts related to fair value hedges for € 1.3 bn

Short-term rating: S & P:
A-1
 Moody’s:
P-1
Long-term rating: S & P:A stable outlook
 Moody’s:
A2 stable outlook

H1 2023 Key Figures

22

Q2 2023

Q2 2022

Revenues

15,90012,810EBIT Adjusted

1,845

1,382

EBIT

1,497

1,150

Net Income

1,060

682

FCF before M&A

2,418

1,498

FCF before M&A and Customer Financing

2,463

1,742

IN € MILLIONIN € MILLION

Q2 2023

Q2 2022

Revenues

Q2 2023

Q2 2022

EBIT Adjusted

Q2 2023

Q2 2022
EBIT

Airbus12,239

8,992

1,676

1,211

1,326

1,236

Helicopters

1,596

1,479

118

125

111

125

Defence and Space

2,354

2,603

42

49

51

(208)

Eliminations

(289)

(264)

9

(3)

9

(3)

Consolidated Airbus

15,90012,810

1,845

1,382

1,497

1,150

Detailed Free Cash FlowIN € MILLION

23

H1 2023

H1 2022Net Cash position at the beginning of the period

9,431

7,740

Gross Cash Flow from Operations (1)

1,859

2,002

647

323

(1,032)(679)(1,090)

(749)

1,474

1,646

(58)

(19)

Free Cash Flow before M&A

1,532

1,665

of which Customer Financing

(42)

(290)

1,574

1,955

Change in capital and non-controlling interests

140

140

Change in treasury shares / share buyback

(83)

(36)

Change in liability for puttable instruments

138

135

(201)

(387)

(1,421)(1,181)

(414)

(843)

9,064

7,214

Change in working capital(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 position at the end of the period(6)(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(6) The Company decided in 2022 to refine the net cash definition to include interest rate contracts related to fair value hedges

Net Cash PositionIN € MILLION

24

June 2023

Dec. 2022

22,91923,598(12,549)(12,773)

Short-term Financing Liabilities(2,186)(2,142)Long-term Financing Liabilities(10,363)(10,631)(1,306)(1,394)

9,064

9,431

Gross Cash
Financing Liabilities

Interest rate contracts
Reported Net CashCustomer Financing ExposureIN € MILLION

25

June 2023

Dec. 2022

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

June 2023

Dec. 2022

Helicopters$ 1.09$ 1.07$ 1.09$ 1.07

308

312

30

33

6

6

1

2

(252)

(262)

(30)

(33)

56

50

0

0

(56)

(50)

0

0

0

0

0

0

Airbus Customer Financing

26

AdditionsAirbus Customer
Financing Gross
Exposure in $ bn

1.0

0.8

0.6

0.5

0.3

Sell Down

0.6

0.8

0.9

Net change

0.7

0.6

0.2

0.1

(0.2)

(0.2)

(0.1)

(0.1)

(0.7)

(0.7)

(0.3)

(0.7)

(0.7)

(0.1)

(0.2)

(0.1)

Gross Exposurein $ bn

Amortization

(0.2)

(0.1)

(0.6)

(0.5)

(0.1)

(0.2)

(0.7)

(0.1)

(0.6)

0.0

(0.2)

(0.3)

(0.1)

(0.1)

0.3

0.3
0.0

(0.4)

(0.4)

(0.1)

(0.0)

(0.0)
(0.0)

(0.2)

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

1.5

1.8

1.7

1.4

1.5

1.6

1.3

1.5

1.7

1.5

0.9

0.8

0.5

0.4

0.3

0.3

Net Exposure fully provisioned

Gross
Exposure€ 0.3 bn($ 0.3 bn)

Net Exposure € 0.1 bn
Estimated
Collateral€ 0.3 bn($ 0.3 bn)

31 December 2022€/$ = 1.07

Net Exposure fully provisioned

Gross
Exposure€ 0.3 bn($ 0.3 bn)

Net Exposure € 0.1 bn
Estimated
Collateral€ 0.3 bn($ 0.3 bn)

30 June 2023€/$ = 1.09

Balance Sheet Highlights: Assets

27

June 2023

Dec. 2022

Non-current Assets

53,64052,942of which Intangible & Goodwill

16,893

16,768of which Property, plant & equipment

16,501

16,505of which Investments & other long-term financial assets

6,875

6,257

of which Contract assets

29

26

of which Positive hedge mark-to-market

670

753

of which Non-current securities

6,850

6,013

Current Assets

65,39563,002of which Inventory

35,46632,202of which Contract assets

1,684

1,501

of which Cash and cash equivalents

14,533

15,823of which Current securities

1,536

1,762

of which Positive hedge mark-to-market

450

1,141

Assets of disposal groups classified as held for sale54

0

119,089

115,944

1.09

1.07

IN € MILLION

Total Assets
Closing rate € vs. $Balance Sheet Highlights: Liabilities28

IN € MILLION

June 2023

Dec. 2022

Total Equity

15,156

12,982of which AOCI (Accumulated Other Comprehensive Income)(3,537)(5,016)37

32

Total Non-current liabilities

49,40450,367of which Pensions

2,756

3,193

of which Other provisions

3,456

3,703

of which Financing liabilities

10,363

10,631of which European Governments’ refundable advances

3,719

3,717

of which Contract liabilities

23,81622,044of which Negative hedge mark-to-market

4,334

6,163

Total Current liabilities

54,44352,595250316

of which Other provisions

3,463

3,811

of which Financing liabilities

2,186

2,142

143

140

of which Contract liabilities

25,72523,869of which Trade liabilities

13,924

13,261of which Negative hedge mark-to-market

2,205

3,450

86

0

119,089

115,944of 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 2023

Free Float
Shareholder Agreement

 790,395,611 shares issued at 30 June 2023

29

74.1%
25.8%

SOGEPA

10.9%

GZBV

10.8%

SEPI

4.1%

Treasury Shares

0.2%

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

30

Q1
2023

H1
2022

2023

9m
2022

2023

FY
2022

2023

2022

Airbus

8,110

8,541

20,34917,53326,654

41,428

Helicopters

1,598

1,265

3,194

2,744

4,515

7,048

Defence and Space

2,299

2,453

4,653

5,056

7,593

11,259Eliminations

(244)

(259)

(533)

(523)

(643)

(972)

Consolidated Airbus

11,763

12,00027,66324,81038,11958,763

Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

31

Q1
2023

H1
2022

9m
2022

2023

2023

FY
2023

2022

2022

Airbus

580

1,065

2,256

2,276

2,875

4,600

Helicopters

156

90

274

215

380

639

Defence and Space

36

106

78

155

231

384

Eliminations

1

2

10

(1)

(5)

4

773

1,263

2,618

2,645

3,481

5,627

Consolidated Airbus

Quarterly EBIT Breakdown (Cumulative)IN € MILLION

32

Q1
2023

H1
2022

9m
2022

2023

2023

FY
2023

2022

2022

Airbus

197

1,242

1,523

2,478

3,241

4,800

Helicopters

156

90

267

215

380

639

Defence and Space

36

95

87

(113)

(64)

(118)

Eliminations

1

2

10

(1)

(5)

4

390

1,429

1,887

2,579

3,552

5,325

Consolidated Airbus

H1 2023 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

June 2023

Cash provided by (used for) operating activities

2.3

t/o Reimbursement from / contribution to plan assets

(0.2)

33

IN € BILLION
Cash provided by (used for) operating activities

June 2023
2.3

Cash provided by (used for) investing activities

(1.9)
(0.6)

t/o Treasury swaps

0.0

t/o Net proceeds (payment)t/o Change in other operating assets and liabilities

0.6

Others0.4

Gross Cash Flow from Operations

1.9

Free Cash Flow

1.5

t/o M&A transactions
Free Cash Flow before M&A
t/o Customer Financing
FCF before M&A and Customer Financing

(0.1)
1.5
(0.0)
1.6

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, plus or minus (iiii) interest rate
contracts related to fair value hedges (all as recorded in the Consolidated Statement of Financial Position).
 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 2.1.6.1. 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, contract assets and contract
liabilities (including customer advances), trade liabilities, and other assets and other liabilities.
 Free Cash Flow (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 theCompany to measure the amount of cash flow generated from operations after cash used in investing activities.
 FCF before M&A 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 that reflects FCF excluding those Cash Flows resulting from 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.