Airbus reports First Quarter (Q1) 2021 results
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125 commercial aircraft delivered in a market environment that remains uncertain
Strong focus on cost and cash containment; progress on restructuring
Revenues € 10.5 billion; EBIT Adjusted € 0.7 billion
EBIT (reported) € 0.5 billion; EPS (reported) € 0.46
Free cash flow before M&A and customer financing € 1.2 billion, including positive phasing
impactNet cash position at € 5.6 billion
The guidance issued in February 2021 remains unchanged

Amsterdam, 29 April 2021 – Airbus SE (stock exchange symbol: AIR) reported consolidated
financial results for its First Quarter (Q1) ended 31 March 2021.
“The good Q1 results mainly reflect our commercial aircraft delivery performance, cost andcash containment, progress with the restructuring plan as well as positive contributions fromour helicopter and defence and space activities,” said Airbus Chief Executive Officer GuillaumeFaury. “The first quarter shows that the crisis is not yet over for our industry, and that the market
remains uncertain. We are investing in innovation and in the transformation of our Company todeliver on our long-term ambitions across the portfolio.”
Gross commercial aircraft orders totalled 39 (Q1 2020: 356 aircraft) and included 38 singleaisle aircraft. After cancellations, net commercial aircraft orders were -61 (Q1 2020: 290aircraft) with the order backlog comprising 6,998 aircraft on 31 March 2021. Airbus Helicoptersbooked 40 net orders (Q1 2020: 54 units), including 2 Super Puma Family rotorcraft and 1H160. Airbus Defence and Space’s order intake by value was € 2.0 billion (Q1 2020: € 1.7billion) and included major contract wins in Space Systems and recurring services orders in
Military Aircraft.
Consolidated revenues were broadly stable year-on-year at € 10.5 billion (Q1 2020: € 10.6billion). A total of 125 commercial aircraft were delivered (Q1 2020: 122 aircraft), comprising 9A220s, 105 A320 Family, 1 A330 and 10 A350s. Revenues generated by Airbus’ commercial
aircraft activities decreased by 4 percent, mainly reflecting lower volume in services. Airbus
Helicopters delivered 39 units (Q1 2020: 47 units) with revenues reflecting lower volume in civil
helicopters, partly offset by growth in services. Revenues at Airbus Defence and Space werestable compared to a year earlier.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator
capturing the underlying business margin by excluding material charges or profits caused by
movements in provisions related to programmes, restructuring or foreign exchange impacts aswell as capital gains/losses from the disposal and acquisition of businesses – increased to €694 million (Q1 2020: € 281 million).

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The EBIT Adjusted related to Airbus’ commercial aircraft activities increased to € 533 million(Q1 2020: € 191 million), mainly reflecting the focus on cost as well as a favourable mix. It also
includes a positive impact from currency hedging.
Airbus Helicopters’ EBIT Adjusted increased to € 62 million (Q1 2020: € 53 million), driven byservices, programme execution and lower spending on Research & Development (R&D)
following the certifications of the H160 and five-bladed H145 in 2020.
EBIT Adjusted at Airbus Defence and Space increased to € 59 million (Q1 2020: € 15 million),
mainly reflecting continued cost containment and positive phasing in the quarter. One A400M
military airlifter was delivered.
Consolidated self-financed R&D expenses totalled € 620 million (Q1 2020: € 663 million).
Consolidated EBIT (reported) amounted to € 462 million (Q1 2020: € 79 million), including
Adjustments totalling a net € -232 million.
These Adjustments comprised:●●●€ -29 million related to A380 programme cost;€ -177 million related to the dollar pre-delivery payment mismatch and balance sheet
revaluation;€ -26 million of other costs, including compliance.

The financial result was € 59 million (Q1 2020: € -477 million). It mainly reflects the revaluationof financial instruments and the evolution of the US dollar as well as € 43 million from therevaluation of the Dassault Aviation equity stake, partly reduced by the net interest result of €-82 million. Consolidated net income(1) was € 362 million (Q1 2020 net loss:€ -481 million)
with consolidated reported earnings per share of € 0.46 (Q1 2020 loss per share: € -0.61).
Consolidated free cash flow before M&A and customer financing amounted to € 1,202
million (Q1 2020: € -8,030 million), mainly driven by a strong positive phasing impact fromworking capital and reflects continued cash containment efforts. Consolidated free cash flowwas € 1,164 million (Q1 2020: € -8,501 million).
The consolidated net cash position was € 5.6 billion on 31 March 2021 (year-end 2020:€4.3 billion) with a gross cash position of € 22.6 billion (year-end 2020: € 21.4 billion). The
Company’s liquidity position remains strong. The maturity of the Supplemental Liquidity Linehas been extended by 6 months, maintaining a high level of flexibility in the uncertain
environment caused by COVID-19.

Outlook
The guidance issued in February 2021 remains unchanged.

Page | 2As the basis for its 2021 guidance, the Company assumes no further disruptions to the world
economy, air traffic, the Company’s internal operations, and its ability to deliver products andservices. The Company’s 2021 guidance is before M&A.
On that basis, the Company targets to at least achieve in 2021:●●●

Same number of commercial aircraft deliveries as in 2020;
EBIT Adjusted of € 2 billion;
Breakeven free cash flow before M&A and customer financing.

Note to editors: Live Webcast of the Analyst Conference Call
At 08:15 CEST on 29 April 2021, you can listen to the Q1 2021 Results Analyst Conference Call with Chief
Executive Officer Guillaume Faury and Chief Financial Officer Dominik Asam via the Airbus website
https://www.airbus.com. The analyst call presentation can also be found on the website. A recording will be madeavailable in due course. For a reconciliation of Airbus’ KPIs to “reported IFRS” please refer to the analyst
presentation.

Investor Relations Webpage

Contacts for Investors
Thorsten Fischer
Institutionals and Analysts+33 (0)5 67 19 02 64thorsten.t.fischer@airbus.com

EmailPhilippe Gossard
Institutionals and Analysts+33 (0)5 31 08 59 43
philippe.gossard@airbus.com

EmailGoesta Klammt
Institutionals and Analysts+33 (0)5 81 76 80 41
goesta.klammt@airbus.com

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Consolidated Airbus – First Quarter (Q1) 2021 Results(Amounts in Euro)

Consolidated Airbus

Q1 2021

Q1 2020

ChangeRevenues, in millions
thereof defence, in millions

10,4602,027

10,631
1,946

-2%
+4%

EBIT Adjusted, in millions

694

281

+147%

EBIT (reported), in millions

462

79+485%

Research & Development expenses, inmillions

620

663-6%Net Income/Loss(1), in millions

362-481-

Earnings/Loss Per Share

0.46

-0.61

-

Free Cash Flow (FCF), in millions

1,164-8,501-

Free Cash Flow before M&A, in millions

1,171-7,999-

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

1,202-8,030-

31 March 2021

31 Dec 2020

ChangeNet Cash position, in millions of Euro

5,575

4,312

+29%

Number of employees

127,814131,349-3%

Consolidated Airbus

For footnotes please refer to page 8.

Page | 4By Business SegmentRevenues

EBIT (reported)(Amounts in millions ofEuro)

Q1 2021

Q1 2020

ChangeQ1 2021

Q1 2020

ChangeAirbus7,272

7,569-4%

343

57+502%

Airbus Helicopters

1,177

1,202-2%

6253+17%

Airbus Defence andSpace

2,115

2,111

0%

17-53-

Eliminations-104-251-40

22+82%

Total

10,460

10,631-2%

462

79+485%

By Business Segment

EBIT Adjusted(Amounts in millions ofEuro)

Q1 2021

Q1 2020

ChangeAirbus533

191+179%

Airbus Helicopters

6253+17%

Airbus Defence andSpace

5915+293%

Eliminations

4022+82%

Total

694

281+147%By Business Segment

Order Intake (net)

Order Book

Q1 2021

Q1 2020

Change31 March
2021

31 March
2020

ChangeAirbus, in units-61290-6,998

7,650-9%

Airbus Helicopters, inunits

4054-26%664

702-5%

Airbus Defence andSpace, in millions ofEuro

1,962

1,734+13%

N/A

N/A

N/A

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EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
Consolidated Airbus(Amounts in millions of Euro)EBIT (reported)

Q1 2021462

thereof:
A380 programme cost

-29

$ PDP mismatch/balance
sheet revaluation-177

Others-26

EBIT Adjusted

694

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GlossaryEBIT

KPI

DEFINITION

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

Adjustment

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

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

EPS Adjusted

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

Gross cashposition

The Company defines its consolidated gross cash position as the sum of (i) cash and cash
equivalents and (ii) securities (all as recorded in the consolidated statement of financialposition).

Net cash position For the definition of the alternative performance measure net cash position, see theUniversal Registration Document, MD&A section 2.1.6.
FCF

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

FCF before M&A Free cash flow before mergers and acquisitions refers to free cash flow as defined in the
Universal Registration Document, MD&A section 2.1.6.1 adjusted for net proceeds fromdisposals and acquisitions. It is an alternative performance measure and key indicator thatreflects free cash flow excluding those cash flows resulting from acquisitions and disposals ofbusinesses.
FCF before M&A Free cash flow before M&A and customer financing refers to free cash flow before mergers
and customerand acquisitions adjusted for cash flow related to aircraft financing activities. It is anfinancing
alternative performance measure and indicator that may be used occasionally by theCompany in its financial guidance, especially when there is higher uncertainty aroundcustomer financing activities.

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Footnotes:1)

Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable
to equity owners of the parent as defined by IFRS Rules.

Safe Harbour Statement:This press release includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”,“expects”, “intends”, “plans”, “projects”, “may” and similar expressions are used to identify these forward-looking
statements. Examples of forward-looking statements include statements made about strategy, ramp-up and delivery
schedules, introduction of new products and services and market expectations, as well as statements regarding
future performance and outlook.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events andcircumstances and there are many factors that could cause actual results and developments to differ materially fromthose expressed or implied by these forward-looking statements.
These factors include but are not limited to:▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪

Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’businesses;
Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);
Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
The successful execution of internal performance plans, including cost reduction and productivity efforts;
Product performance risks, as well as programme development and management risks;
Customer, supplier and subcontractor performance or contract negotiations, including financing issues;Competition and consolidation in the aerospace and defence industry;
Significant collective bargaining labour disputes;
The outcome of political and legal processes, including the availability of government financing for certain
programmes and the size of defence and space procurement budgets;
Research and development costs in connection with new products;
Legal, financial and governmental risks related to international transactions;
Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;
The full impact of the COVID-19 pandemic and the resulting health and economic crisis.

As a result, Airbus SE’s actual results may differ materially from the plans, goals and expectations set forth in suchforward-looking statements.
For more information about the impact of the COVID-19 pandemic, see Note 2 “Impact of the COVID-19 pandemic”
of the Notes to the Airbus SE 2020 IFRS Consolidated Financial Statements. For more information about factorsthat could cause future results to differ from such forward-looking statements, see Airbus SE’s annual reports,including its 2020 Universal Registration Document and the most recent Risk Factors.
Any forward-looking statement contained in this press release speaks as of the date of this press release. Airbus
SE undertakes no obligation to publicly revise or update any forward-looking statements in light of new information,
future events or otherwise.
Rounding
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may notprecisely reflect the absolute figures.

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