Q1 Results 2024
25 April 2024-

Guillaume FAURY
Thomas TOEPFER| Chief Executive Officer| 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 lingering effects of the COVID-19 pandemic; and▪ 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 and the impact of the Macroeconomic Environment, see note 2 “Geopolitical and Macroeconomic Environment" of the Notes to the
Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements for the three-month period ended 31 March 2024 published 25 April 2024 (the “Financial Statements”). For more
information about factors that could cause future results to differ from such forward-looking statements, please refer to Airbus SE’s most recent annual reports, including the Report of the Board of
Directors, the Financial Statements and the Notes thereto, the Universal Registration Document and the most 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 statement 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.

2

01.

Company
Highlights

4

Q1 2024 Key Topics
Continue to execute on our plan, in
an increasingly complex environment

Financials€ 0.6 bn

142

EBIT Adjusted

Commercial aircraft delivered€ 0.6 bn
EBIT Reported

Guidance
unchanged€ - 1.8 bn
FCF before Customer Financing

5

Q1 2024 Commercial Positioning

Q1 2024

Q1 2023

Change

170

142

19.7%

Order Book

8,626

7,254

18.9%

Order Intake

63

39

61.5%

Order Book

817

725

12.7%

Order Intake

1,994

2,521

-20.9%

Order Intake(net)

Airbus:Good commercial
momentum on
Widebody aircraft

Airbus(in units)(net)

Helicopters:
New orders mainly in theLight and Medium
segments

Helicopters(in units)

Defenceand Space(in € m)(net)

Defence and Space:
New orders include
A400M Services andcontract wins in Space
Systems

6

Q1 2024 Financial Performance
Revenues

Revenues by Division (1)R&D

in € bnin %in € bn

Defence and Space
18%

11.8

€ 12.8 bn

12.8

0.7

0.7

t/o defence€ 2.1 bn

Q1 2023(1) Breakdown based on External Revenues

Q1 2024

Helicopters
11%

Airbus71%
Q1 2023

Q1 2024

7

Q1 2024 Profitability
EBIT Adjusted

EBIT Reportedin € bnin €bnEBIT Adjustments of € +32 m :

6.6%
4.7%

4.5%

• € + 51 m

3.3%

0.8
0.6

0.6

• € - 13 m $ Working Capital mismatch andBalance Sheet revaluation• €-Airbus OneWeb Satellites gain

6 m Others

0.4
Q1 2023

Q1 2023

Q1 2024

EPS Adjusted (1)EPS Reported(1)

in €

in €

Q1 2024

EBIT to Net Income:• Financial Result of € 229 m• Income Taxes of € - 286 m

0.72

Q1 2023

0.76
0.59

0.59

Q1 2024

Q1 2023(1) Q1 2024 Average number of shares: 788,076,898 compared to 787,791,767 in Q1 2023

Q1 2024• Net Income of € 595 m

8

USD Exposure Coverage
IN $ BILLION
4.5

Forwards & Euro
Conversion as ofMar. 2024
Forwards & Euro
Conversion as ofDec. 2023

19.4

20.4

18.3

16.3
13.2

3.9

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

2024
Remaining 9 months

2025

2026

2027

2028

2029

1.21

1.21

1.23

1.25

1.23

1.17

( 1.21 in Dec. 23 )( 1.22 in Dec. 23 )( 1.24 in Dec. 23 )( 1.26 in Dec. 23 )( 1.23 in Dec. 23 )( 1.16 in Dec. 23 )Mark-to-market of FX hedging instrumentsincl. in AOCI = € - 5.5 bn
Closing rate @ 1.08 € vs. $• In Q1 2024, $ 4.5bn(2) of forwards matured and Euro conversion realised at an average blended rate(1) of € 1 = $ 1.23.
• $ 4.2 bn(2) of new USD coverage were added at an average blended rate(1) of € 1 = $ 1.12.
• Forwards and Euro conversion portfolio(2) as of 31 March 2024 at $ 91.4 bn, at an average blended rate(1) of $ 1.22 (vs. $ 91.7 bn in December 2023 at $ 1.23).
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.

9

Q1 2024 Cash Evolution
IN € BILLION

+1.0
-2.3
-0.5
+0.0

-0.2

10.7

Free Cash Flow (1): € - 1.8 bn

8.7

FCF before Customer Financing (1): € - 1.8 bn[Q1’23: € - 0.9 bn]

Net Cash Position
December 2023

Gross Cash Flowfrom Operations

Change in
Working Capital(1) Customer Financing of € 0.0 bn(2) Includes proceeds from disposals of intangible and fixed assets & Dividends paid by companies valued at equity

Industrial CapEx(additions)(2)

Other FCF

Pensions& Others

Net Cash Position
March 2024

02.

Divisional
Highlights

11

AirbusIN € MILLION

Q1 2024

Q1 2023

Change

170

142

19.7%

8,626

7,254

18.9%

142

127

11.8%

Revenues
R&D Expenses

9,167

8,110

13.0%

614

569

in % of Revenues

6.7%

7.0%

Deliveries by Programme(% of units delivered)Order Intake (net)
Order Book
Deliveries

Units
Units

EBIT Adjusted

507

580

in % of Revenues

5.5%

7.2%

EBIT

500

197

in % of Revenues

5.5%

2.4%

A330
5%

A320
82%

A350
5%

7.9%
A220
8%

-12.6%
153.8%

External Revenue Split
Services
13%

Highlights• Deliveries: 142 aircraft comprising 12 A220, 116 A320 Family, 7 A330 and 7 A350.
• Revenues mainly reflect higher deliveries.
• EBIT Adjusted mainly reflects deliveries, offset by less favourable hedge rate andinvestments to prepare the future. It also includes the Employee Share Ownership Plan impact.

Platforms
87%

12

Airbus HelicoptersIN € MILLION
Order Intake (net)

Units

Order Book
Deliveries
Revenues

Units

Q1 2024

Q1 2023

Change

63

39

61.5%

817

725

12.7%

50

71

-29.6%

1,461

1,598

-8.6%

R&D Expenses

71

66

in % of Revenues

4.9%

4.1%

EBIT Adjusted

71

156

in % of Revenues

4.9%

9.8%

EBIT
in % of Revenues

71

156

4.9%

9.8%

External Revenue Split

Defence
40%

7.6%

Civil
60%

-54.5%-54.5%

Services
58%

Highlights• Revenues reflect lower deliveries, partially offset by Services.
• EBIT Adjusted reflects deliveries, partially offset by Services. It also includes the Employee

Share Ownership Plan impact.

Platforms
42%

13

Airbus Defence and SpaceIN € MILLION
Order Intake (net)
Revenues

Q1 2024

Q1 2023

Change

1,994

2,521

-20.9%

2,399

2,299

R&D Expenses

58

45

in % of Revenues

2.4%

2.0%

EBIT Adjusted

(9)

36

in % of Revenues

-0.4%

1.6%

30

36

1.3%

1.6%

EBIT
in % of Revenues

4.3%

External Revenue Split
Services
37%

28.9%
N/A

Platforms
63%-16.7%

Connected Intelligence &Others20%

Air Power
61%

Highlights• Revenues increase mainly driven by Air Power, partly offset by a less favourable phasing inSpace Systems.
• EBIT Adjusted also reflects the lower profitability of Space Systems, notably linked to the

Estimates at Completion updates in the second half of 2023. It also includes the Employee ShareOwnership Plan impact.
• A400M: 1 a/c delivered in Q1 2024

Space Systems
19%

03.

Guidance
Highlights

152024 Guidance
The guidance issued in February 2024 remains unchanged.
As the basis for its 2024 guidance, the Company assumes:• no additional disruptions to the world economy, air traffic, thesupply chain, the Company’s internal operations, and its ability todeliver products and services.
The Company’s 2024 guidance is before M&A.

On that basis, the Company targets to achieve in 2024:

Around800
commercial
aircraft deliveries

Between€ 6.5 bn and€ 7.0 bn
EBIT Adjusted

Around
€ 4.0 bn
Free Cash Flow
before Customer
Financing

16

Key Priorities

Continue to deliveron ourcommercial
aircraft ramp-up

Successfully
manage thetransformation of
Airbus Defence
and Space

Leverage
digitalisation &lead thedevelopment ofsustainableaerospace

Maintain thestrongcommercial
positioning acrossbusinesses

Focus onprofitable growthAppendix.

Airbus Q1
Results 2024

Expected Average Blended Rates for Forwards and Euro Conversion € vs. $18

Active exposure management

1.24

Average
Blended Rates

(1)

1.23

1.22

FY 2023

1.20

FY 2024E

1.21

1.22
1.22
1.21
1.21
1.20

1.20
1.20

1.18
1.18

1.16
Q1

Q2

Q3

2023

2024E

Blended rates reflect both EBIT impact of hedge rates of the US$ hedge portfolio and Euro conversion(1) Q1 actual

Q4

19

Q1 2024 Detailed Income Statement and Adjustments
thereof Adjustments
Impact on EBITIN € MILLION

Q1 2024
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(4)

49

0

(13)

Financial
Result

Q1 2024
Adjusted

EBIT

609

in % of Revenues

4.7%

4.5%

Interest income

217

217

Interest expense

(213)

(213)

Other Financial Result

225

225

0

Financial Result

229

225

4

Income before taxes

838

225

581

Non-controlling interests

43

43

Net Income

595

467

788,076,898

788,076,898

0.76

0.59

Number of shares
EPS (in €)

577

(4)

49

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 34%.

(1) Thereof € - 1 m A400M programme update(2) Thereof € - 3 m Airbus, € - 10 m Defence and Space

(13)

20

Q1 2023 Detailed Income Statement and Adjustments
thereof Adjustments
Impact on EBITIN € MILLION

Q1 2023
Reported

Operational

FX

AirbusDefenceand Space(1)Helicopters

Airbus + Defence
and Space(2)

(22)

(1)

0

(360)

Financial
Result

Q1 2023
Adjusted

EBIT

390

in % of Revenues

3.3%

6.6%

Interest income

133

133

Interest expense

(166)

(166)

Other Financial Result

182

181

1

Financial Result

149

181

(32)

Income before taxes

539

181

741

Non-controlling interests

28

28

Net Income

466

569

787,791,767

787,791,767

0.59

0.72

Number of shares
EPS (in €)

773

(22)

(1)

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 19%.

(1) Thereof € - 1 m A400M programme update(2) Thereof € - 361 m Airbus, € + 1 m Defence and Space

(360)

21

Liquidity as of 31 March 2024

RSCF

€ 8.0 bn

• Signed on July 5, 2022
• 1st extension option of 1 year exercised in June 2023:• € 7,925 m maturing on July 5, 2028
• € 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

Credit Facility (RSCF)€ 14.7 bn
Total Gross Debt
€ 23.4 bn

Financing Liabilities include bonds*(1)

Incl. interest rate
contracts• € 8.0 bn EMTN
• $ 1.5 bn 144A/RegS• $ 0.8 bn USPP
*nominal amounts

Total Gross CashInvested inhighly rated securities

Credit Ratings
Short-term rating:€ 8.7 bn
Net Cash• S & P:
• Moody’s:

Long-term rating:• S & P:
• Moody’s:(1) The Q1 2024 Gross Debt includes financing liabilities for € 13.7 bn and interest rate contracts related to fair value hedges for € 1.0 bn

A-1
P-1

A stable outlook
A2 stable outlook

22

Q1 2024 Key FiguresIN € MILLION

Q1 2024

Q1 2023

12,83011,763

EBIT Adjusted

577

773

EBIT

609

390

Net Income

595

466

FCF before Customer Financing(1,791)

(876)

FCF

(1,799)(873)

RevenuesIN € MILLION

Q1 2024

Q1 2023

Revenues

Q1 2024

Q1 2023

Q1 2024

EBIT Adjusted

Q1 2023
EBIT

Airbus

9,167

8,110

507

580

500

197

Helicopters

1,461

1,598

71

156

71

156

Defence and Space

2,399

2,299

(9)

36

30

36

Eliminations

(197)

(244)

8

1

8

1

Consolidated Airbus

12,83011,763

577

773

609

390

23

Detailed Free Cash FlowIN € MILLION

Q1 2024

Q1 2023

10,726

9,431

959

356

(2,284)

(738)

(474)

(491)

(498)

(497)

(1,799)

(873)

(8)

3

(1,791)

(876)

(112)

(132)

Change in capital and non-controlling interests

1

140

Change in treasury shares / share buyback

0

(83)

Change in liability for puttable instruments

0

138

(74)

(70)

0

0

(26)

(192)

8,716

8,359

Net Cash position at the beginning of the period
Gross Cash Flow from Operations (1)Change in working capital (2)Investments in intangible and fixed assets (net)& Dividens paid by companies valued at equityof which Industrial CapEx (additions) (3)Free Cash Flow (4)of which Customer Financing
Free Cash Flow before Customer Financing
Change in other Investing cash flow

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

24

Net Cash PositionIN € MILLION

Mar. 2024

Dec. 2023

Gross Cash

23,42425,278Financing Liabilities(13,679)(13,591)

Short-term Financing Liabilities(3,393)(3,389)Long-term Financing Liabilities(10,286)(10,202)

Interest rate contracts(1,029)(961)

Reported Net Cash

8,716

10,726

25

Customer Financing ExposureIN € MILLION

Mar. 2024

Dec. 2023

AirbusClosing rate € 1 =Mar. 2024

Dec. 2023

Helicopters$ 1.08$ 1.11$ 1.08$ 1.11

312

312

18

19

6

6

2

2

(250)

(252)

(18)

(19)

Net Exposure

62

60

0

0

Provision and asset impairment

(62)

(60)

0

0

Net Exposure after provision

0

0

0

0

Total Gross Exposureof which off-balance sheet
Estimated value of collateral

26

Airbus Customer Financing

AdditionsAirbus Customer
Financing Gross
Exposure in $ bn

1.0
0.6

0.8

0.5

Sell Down
0.8

0.6

0.9

Amortization
0.7

0.6
0.1

(0.2)
(0.1)

(0.3)
(0.7)

(0.7)

Net change

(0.7)

(0.7)

(0.6)

(0.5)

(0.7)

0.2

Gross Exposurein $ bn

(0.1)

2009

2010

2011

1.8

1.7

1.4

Net Exposure fully
provisioned€ 0.3 bn($ 0.3 bn)

(0.2)

0.1
(0.1)
(0.0)

(0.0)

0.0
(0.3)

(0.4)

(0.4)

(0.1)

(0.1)

(0.1)

(0.0)

0.0
(0.0)

(0.2)

(0.1)

(0.2)

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

1.5

1.6

1.3

1.5

1.7

1.5

0.9

0.8

0.5

0.4

0.3

0.3

0.3

Net Exposure € 0.1 bn

Gross
Exposure

(0.1)

0.3

(0.2)
(0.6)

(0.1)
(0.2)

0.3

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

Net Exposure
fully provisioned

Net Exposure € 0.1 bn

Gross
Exposure€ 0.3 bn($ 0.3 bn)

Estimated
Collateral€ 0.3 bn($ 0.3 bn)

31 December 2023

31 March 2024€/$ = 1.11€/$ = 1.08

27

Balance Sheet Highlights: Assets
IN € MILLION

Mar. 2024

Dec. 2023

Non-current Assets

55,78954,870of which Intangible & Goodwill

17,055

16,929of which Property, plant & equipment

17,36017,201of which Investments & other long-term financial assets

7,224

6,947

of which Contract assets

62

26

of which Positive hedge mark-to-market

689

897

of which Non-current securities

7,964

7,508

Current Assets

66,916

63,948of which Inventory

37,65633,741of which Contract assets

1,923

1,823

of which Cash and cash equivalents

13,615

16,469of which Current securities

1,845

1,301

of which Positive hedge mark-to-market

286

330

Assets of disposal groups classified as held for sale

52

53

122,757

118,871

1.08

1.11

Total Assets
Closing rate € vs. $28

Balance Sheet Highlights: Liabilities
IN € MILLION

Mar. 2024

Dec. 2023

Total Equity

18,46017,730of which AOCI (Accumulated Other Comprehensive Income)(2,949)(2,305)36

35

Total Non-current liabilities

47,08247,391of which Pensions

2,234

2,405

of which Other provisions

3,281

3,262

of which Financing liabilities

10,286

10,202of which European Governments’ refundable advances

3,660

3,671

of which Contract liabilities

23,54023,961of which Negative hedge mark-to-market

3,242

2,859

Total Current liabilities

57,14153,676of which Pensions

265

310

of which Other provisions

3,860

3,851

of which Financing liabilities

3,393

3,389

198

185

of which Contract liabilities

27,12524,537of which Trade liabilities

14,202

14,323of which Negative hedge mark-to-market

1,998

1,891

74

74

122,757

118,871of which Non-controlling interestsof which European Governments’ refundable advances

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

New Capitalised Research and Development
IN € MILLION

Q1 2024

Q1 2023

Airbus20

31

Helicopters

00Defence and Space

37

52

Eliminations

0

0

Consolidated Airbus

57

83

29

30

Shareholding Structure at 31 March 2024

SOGEPA
10.8%

Free Float
74.1%

GZBV
10.8%

SEPI
4.1%
Treasury Shares
0.2%

792,283,683 shares issued at 31 March 2024

31

Quarterly Revenues Breakdown (Cumulative)IN € MILLION

Q1
2024

H1
2023

2024

9m
2023

2024

FY
2023

2024

2023

Airbus

9,167

8,110

20,34931,50747,763

Helicopters

1,461

1,598

3,194

4,662

7,337

Defence and Space

2,399

2,299

4,653

7,133

11,495

Eliminations

(197)

(244)

(533)

(742)

(1,149)12,83011,763

27,66342,56065,446

Consolidated Airbus

32

Quarterly EBIT Adjusted Breakdown (Cumulative)IN € MILLION

Q1
2024

H1
2023

2024

9m
2023

2024

FY
2023

2024

2023

Airbus

507

580

2,256

3,216

4,818

Helicopters

71

156

274

417

735

Defence and Space

(9)

36

78

(1)

229

Eliminations

8

1

10

(1)

56

577

773

2,618

3,631

5,838

Consolidated Airbus

33

Quarterly EBIT Breakdown (Cumulative)IN € MILLION

Q1
2024

H1
2023

2024

9m
2023

2024

FY
2023

2024

2023

Airbus

500

197

1,523

2,306

3,610

Helicopters

71

156

267

410

717

Defence and Space

30

36

87

(3)

220

Eliminations

8

1

10

(1)

56

609

390

1,887

2,712

4,603

Consolidated Airbus

Q1 2024 IFRS vs. APM Cash Flow ReconciliationIN € BILLION

Mar. 2024

Cash provided by (used for) operating activities(1.4)

t/o Reimbursement from / contribution to plan assets(0.1)

t/o Treasury swaps

0.0

t/o Change in other operating assets and liabilities(2.3)

Gross Cash Flow from Operations

1.0

34

Glossary on Alternative Performance Measures (APM)

35This 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 mostdirectly 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 measures enhance 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 foreign exchange 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 ofbusinesses.
▪ 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 before changes 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 foreignexchange 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.
▪ FCF: It is an alternative performance measure and key indicator which allows the Company to measure the amount of cash flow generated by its operations. The Company defines
Free Cash Flow as the sum of (i) cash provided by operating activities and (ii) Investments in intangible and fixed assets (net) & Dividends paid by companies valued at equity,
minus (iii) contribution to plan assets of pension schemes, (iv) realised foreign exchange results on treasury swaps and (v) change in cash from changes in consolidation.
▪ FCF before Customer Financing refers to Free Cash Flow adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and indicator usedby the Company in its financial guidance.