30 April 2019

Guillaume Faury|

Chief Executive Officer

Dominik Asam|

Chief Financial Officer

SAFE HARBOUR STATEMENTDISCLAIMER

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 and market expectations,as well as statements regarding future performance and outlook. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking statements.
These factors include but are not limited to: Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses;
 Significant disruptions in air travel (including as a result of 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.
As a result, Airbus’ actual results may differ materially from the plans, goals and expectations set forth in such forward-looking statements.
For a discussion of factors that could cause future results to differ from such forward-looking statements, see the 2018 Airbus SE Information
Document released in March 2019, including the Risk Factors section.
Any forward-looking statement contained in this presentation speaks as of the date of this presentation. Airbus undertakes no obligation to
publicly revise or update any forward-looking statements in light 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

Business
Highlights

Guidance
Highlights

4

Q1 2019 HIGHLIGHTS
New management team in place
Robust commercial aircraft environment
Q1 2019 financials reflect mainly A320 ramp-up and delivery phasing2019 Guidance maintained

5

Q1 2019 COMMERCIAL POSITIONING
Consolidated Airbus Order Book

Consolidated Airbus
External Revenue

by Division

by Division

Q1 2019
Airbus(in units)

Helicopters(in units)

Defence and Space(in € m)Order Intake (net)
Order Book

(58)
7,357

Order Intake (net)66

Order Book

737

Order Intake (net)€ 12.5 bn
t/o defence€ 1.7 bn

1,074
Airbus76%

Helicopters

7%

Defence and Space17%

AIRBUS: Gross orders: 62 a/c incl. 38 A350; net orders: -58 a/c, incl. 31 A380, 42 A350 cancellations; Backlog: 7,357 a/c
HELICOPTERS: 66 net orders including 20 Super Puma, thereof 16 for Hungary; launch customers secured for theenhanced five-bladed H145
DEFENCE AND SPACE: Order intake € 1.1 bn; good short-term prospects; future opportunities in Military Aircraft andUnmanned Aerial Systems

6

Q1 2019 FINANCIAL PERFORMANCE
Revenues

EBIT Adjusted

in € bn

10.1

in € bn / RoS (%)

4.4%

12.5
0.1%

0.55

0.01
Q1 2018

Q1 2019

EPS(1) Adjusted

Q1 2018

FCF before M&A and Customer Financing

in €in € bn(3.8)(0.06)
Q1 2018

Q1 2019

(4.3)

0.47
Q1 2019(1) Q1 2019 Average number of shares: 775,730,957 compared to 774,364,786 in Q1 2018
Capitalised R&D: € 27 m in Q1 2019 and € 18 m in Q1 2018
Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

Q1 2018

Q1 2019

7

Q1 2019 PROFITABILITYEBIT Performance

Q1 2019 EBIT Reported of € 181 m

in € bn

Q1 2019 EBIT Adjustments resulting from:
0.55
0.01

0.20

EBIT Adjusted

EBIT Reported

Q1 2018

0.18

€
€
€
€

– 190 m Defence export ban– 83 m PDP mismatch / BS revaluation– 61 m A380 programme cost
– 34 m Others

Q1 2019 Net Adjustments of € − 368 m

Q1 2019

EPS(1) Performancein €Q1 2019 Net Income of € 40 m
0.47

0.37

0.05

(0.06)EPS Adjusted
Q1 2018

EPS Reported
Q1 2019(1) Q1 2019 Average number of shares: 775,730,957 compared to 774,364,786 in Q1 2018
Capitalised R&D: € 27 m in Q1 2019 and € 18 m in Q1 2018
Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

Q1 2019 Net Income Adjusted of € 362 m
Q1 2019 tax rate on core business is 27%

8

CURRENCY HEDGE POLICY
IN $ BILLION

Forward Sales as of Mar. 20196.3

Collars as of Mar. 2019
4.6

Forward Sales and Collars as of Dec. 2018

1.7

21.3

20.7

19.2
10.6
3.7

Average hedge rates€ vs $

Forwards/Collars (2)£ vs $

2019

remaining 9 months

1.20

2020
1.23

2021
1.24

2022
1.26

2023

and beyond

1.28( 1.23 in Dec. 18 )( 1.23 in Dec. 18 )( 1.24 in Dec. 18 )( 1.27 in Dec. 18 )( 1.30 in Dec. 18 )

1.42

1.37

1.36

1.35

1.40

Mark-to-market value incl. in AOCI = € - 2.4 bn
Closing rate @ 1.12 € vs. $In Q1 2019, $ 6.7 bn(1) of new Forwards were added at an average rate of € 1 = $ 1.24
$ 6.3 bn(1) of hedges matured at an average rate of € 1 = $ 1.32
Hedge portfolio(1) 31 March 2019 at $ 81.8 bn (vs. $ 81.9 bn in Dec. 2018), at an average rate of $ 1.23(2)In Q1, $ 3.3 bn of hedges rolled-over intra-year to align with backloaded delivery profile
Approximately 60% of Airbus US$ revenues are naturally hedged by US$ procurement. Graph shows US$ Forward Sales and Collars(1) Total hedge amount contains $/€ and $/£ designated hedges; (2) Blended Forwards and Collars rate includes Collars at least favourable rate

9

Q1 2019 CASH EVOLUTION
IN € BILLION

0.7
-1.4

-4.7

13.3

-0.4

-0.1

-0.1

Free Cash Flow before M&A : € - 4.4 bn
t/o Customer Financing: € - 0.1 bn

7.5

Free Cash Flow before M&A andCustomer Financing € - 4.3 bn

IFRS
16
Net Cash position IFRS
16 initial
Gross Cash Flow
Change in
implementation
Dec. 2018
impactfrom Operations Working Capital

IFRS 16 implemented January 1st, 2019(1) Thereof Capex of € – 0.5 bn(2) M&A transactions include acquisitions and disposals of subsidiaries and businesses

Cash used forinvestingactivities before
M&A (1)

M&A(2)

Pensions &OthersNet Cash position
Mar. 2019

Company
Highlights

Business
Highlights

Guidance
Highlights

11

IN € MILLION
Order Intake (net)
Order BookUnits

Q1 2019

Q1 2018

Change

(58)

45

-

7,357

7,189

2.3%

A350

14%

A220

5%

33.9%

A330

3%

9,697

7,222

34.3%

A380

1%

454

430

4.7%

6.0%

536

(41)

5.5%

-0.6%

392

(2)

Platforms

92%

4.0%

0.0%

Services8%in % of Revenues

in % of Revenues

EBIT

77%

121

R&D Expenses
EBIT Adjusted

A320

162

Deliveries (units)
Revenues

Deliveries by Programme (units)

in % of Revenues

5.6%-

Revenues reflect higher deliveries
EBIT Adjusted mainly reflects A320neo ramp-up and A350 operational performance

Capitalised R&D: € 3 m in Q1 2019 and € 9 m in Q1 2018
Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

External Revenue Split

12

HELICOPTERS
IN € MILLION
Order Intake (net)
Order Book

Q1 2019

Q1 2018

Change66104-36.5%

737

744

-0.9%

46

52

-11.5%

1,007

961

4.8%

69

70

6.9%

7.3%

15

(3)

1.5%

-0.3%

9

(10)

0.9%

-1.0%

Units

Deliveries (units)
Revenues
R&D Expenses
in % of Revenues

EBIT Adjusted
in % of Revenues

EBIT
in % of Revenues

Civil

51%

Defence49%

Platforms

42%

Services

58%

-1.4%

Revenues and EBIT Adjusted reflect higher volume in services

Capitalised R&D: € 1 m in Q1 2019 and € 6 m in Q1 2018

External Revenue Split-

13

DEFENCE AND SPACE
IN € MILLION
Order Intake (net)Value

Q1 2019

Q1 2018

Change

1,074

1,581

-32.0%

2,112

2,217

R&D Expenses

61

58

in % of Revenues

2.9%

2.6%

EBIT Adjusted

101

112

in % of Revenues

4.8%

5.1%

(117)

265

-5.5%

12.0%

Revenues

EBIT
in % of Revenues

External Revenue Split
69%

Services

31%

Military Aircraft

47%

Space Systems

28%

CIS(1) & Others

25%

-4.7%
5.2%
-9.9%
-

Revenues and EBIT Adjusted reflect stable business performance
A400M: 1 a/c delivered in Q1 20192018 EBIT included Capital Gain from disposal of Airbus DS Communications, Inc. business
German defence export ban: EBIT impact of € − 190 m booked in Q1 2019(1) Communications, Intelligence & Security
Capitalised R&D: € 23 m in Q1 2019 and € 3 m in Q1 2018

Platforms

Company
Highlights

Business
Highlights

Guidance
Highlights

152019 GUIDANCEAs the basis for its 2019 guidance, Airbus expects the world economy and air traffic to grow in linewith prevailing independent forecasts, which assume no major disruptions
Airbus 2019 Earnings and FCF guidance is before M&A
Airbus targets 880 to 890 commercial aircraft deliveries in 2019
On that basis:
Airbus expects to deliver an increase in EBIT Adjusted of approximately +15% compared to 2018
and FCF before M&A and Customer Financing of approximately € 4 bn

16

KEY PRIORITIESDeliver on 2019 commitments
Ramp-up A320
Improve A350 margins
Leverage military portfolio
Services, Digital and Innovation

Deliver Earnings and FCF growth potential

Appendix

18

EXPECTED AIRBUS AVERAGE HEDGE RATES € VS. $Active exposure management

1.34
1.32
1.30

Average
Hedge Rates

(1)

1.32

1.31

1.28

1.27

1.26
1.24

1.23

1.22
1.20

1.20
1.18
1.16
1.14

1.17

Q1

Q2

2019 E(1) Q1 actual

1.20

1.18

Q3

Q4

FY 2018

FY 2018

1.24

FY 2019E

1.23

19

Q1 2019 DETAILED INCOME STATEMENT AND ADJUSTMENTS
IN € MILLION

thereof Adjustments
Impact on EBIT
Q1 2019

Operational

FX

AirbusDefence andSpace(1)

Helicopters

Airbus + Defence
and Space

(87)

(192)

(6)

(83)

Financial
Result

Q1 2019
Adjusted

EBIT

181

in % of Revenues

1.4%

Interest income

56

56Interest expenses

(92)

(92)

Other Financial Result

(7)

5

(12)

Financial Result

(43)

5

(48)

Income before taxes

138

5

501

Non-controlling interest(4)

Net Income reported
Number of shares

EPS reported (in €)

(87)

(192)

(6)

(83)

549
4.4%

(4)

40

362

775,730,957

775,730,957

0.05

0.47

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 discount on provisions
The tax effect on Adjusted Income before taxes is calculated at 27%. The effective tax rate on Income before taxes is 68%(1) Thereof € - 2 m A400M programme update
Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

20

Q1 2018 DETAILED INCOME STATEMENT AND ADJUSTMENTS
IN € MILLION

thereof Adjustments
Impact on EBIT
Q1 2018

Operational

FX

AirbusDefence andSpace(1)

Helicopters

Airbus

(7)

153

(7)

46

Financial
Result

Q1 2018
Adjusted

EBIT

199

in % of Revenues

2.0%Interest income

4141Interest expenses

(104)

(104)

Other Financial Result

102

117

(15)

Financial Result

39

117

(78)

Income before taxes

238

117

(64)

Non-controlling interest(1)

Net Income reported
Number of shares

EPS reported (in €)

(7)

153

(7)

46

14
0.1%

(1)

283

(47)

774,364,786

774,364,786

0.37(0.06)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 discount on provisions
The tax effect on Adjusted Income before taxes is calculated at 28%. The effective tax rate on Income before taxes is -19%

(1) Thereof € 159 m Airbus DS Communications business in the US net capital gain

21

Q1 2019 KEY FIGURES
Q1 2019

Q1 2018

12,549

10,119EBIT Adjusted

549

14

EBIT

181

199

Net Income

40

283

FCF before M&A(4,393)(3,846)

FCF before M&A and Customer Financing(4,341)(3,839)IN € MILLION
RevenuesIN € MILLION

Q1 2019

Q1 2018

Revenues

Q1 2019

Q1 2018

EBIT Adjusted

Q1 2019

Q1 2018

EBIT

Airbus

9,697

7,222

536

(41)

392

(2)

Helicopters

1,007

961

15

(3)

9

(10)

Defence and Space

2,112

2,217

101

112

(117)

265

Transversal & Elim.

(267)

(281)

(103)

(54)

(103)

(54)

Consolidated Airbus

12,549

10,119

549

14

181

199

Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

AIRBUS: STRONG LIQUIDITY POSITION AS OF 31 MARCH 2019
€ 3.0 bn

Credit Facility:

Credit Facility (RSCF)

 Maturity 2021, undrawn
 Fully committed by 40 banks
 No financial covenants, no MAC clause€ 11.0 bn
Financing Liabilities€ 18.5 bn

Financing Liabilities:of which long-term : € 8.7 bn

 Includes € 3.0 bn EMTN, € 0.5 bn Convertible

Bond, € 1.1 bn exchangeable bond and $ 2.5
bn USD 144A/RegS

Total Gross CashInvested in highly rated securities
Credit Ratings:€ 7.5 bn
Net Cash

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

22

23

DETAILED FREE CASH FLOWIN € MILLION
Q1 2019

Q1 2018

Net Cash position at the beginning of the period

13,281

13,390First time impact of IFRS 16(1,352)

-

725

206

(4,703)(3,797)

(470)

(65)

(455)

(393)

(4,448)(3,656)(55)

190

Free Cash Flow before M&A(4,393)(3,846)of which Customer Financing

(52)

(7)

(4,341)(3,839)Change in capital and non-controlling interests--

Change in treasury shares / share buyback

-

(37)

(42)

(53)

-

-

(59)

125

7,463

9,769

Gross Cash Flow from Operations (1)Change in working capital(2)

Cash used for investing activities(3)of which Industrial Capex (additions)(4)Free Cash Flow (5) (6)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
Others(7)

Net 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(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) Including A220 integration ; (7) Including Airbus Canada Ltd. Partnership funding agreement
Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

24

NET CASH POSITIONIN € MILLION

Mar. 2019

Dec. 2018

Gross Cash

18,482

22,207

Financing Debts(11,019)(8,926)

Short-term Financing Debts(2,323)(1,463)Long-term Financing Debts(8,696)(7,463)

7,463

13,281

22

28

7,485

13,309

Reported Net Cash
Airbus non-recourse debt
Net Cash excl. non-recourse

25

CUSTOMER FINANCING EXPOSURE
IN € MILLION

Mar. 2019

Dec. 2018

Mar. 2019

AirbusDec. 2018

Helicopters

Closing rate € 1 =$ 1.12$ 1.15$ 1.12$ 1.15

Total Gross Exposure

907

803

111

109

of which off-balance sheet

109

28

10

10

Estimated value of collateral

(636)

(562)

(37)

(35)

Net Exposure

271

241

74

74

Provision and asset impairment

(271)

(241)

(74)

(74)

0

0

0

0

Net Exposure after provision

26

AIRBUS CUSTOMER FINANCING
AdditionsIN € BILLION
0.8

0.6
0.3

Airbus Customer
Financing Gross
Exposure

(1.1)

(0.2)
(0.1)

Amortization
1.0

0.8
0.5

0.6

Net change
0.9

0.8

0.7

0.6

0.1

(0.2)
(0.1)

(0.3)
(0.7)

(0.7)

(0.1)

(0.1)

(0.2)

(0.1)

Gross Exposurein $ bn

Sell Down

(0.7)

(0.7)

(0.1)

(0.2)

(0.6)

(0.5)

(0.1)

(0.2)

(0.7)
(0.1)

(0.6)
(0.2)

0.1
(0.0)
(0.0)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1.5

1.5

1.8

1.7

1.4

1.5

1.6

1.3

1.5

1.7

1.5

0.9

1.0

Net Exposure fully provisioned
Net Exposure
Gross
Exposure€ 0.8 bn($ 0.9 bn)€ 0.2 bn)
Estimated
Collateral

Net Exposure fully provisioned
Net Exposure
Gross
Exposure€ 0.9 bn($ 1.0 bn)€ 0.6 bn($ 0.6 bn)

31 December 2018€/$ = 1.15

€ 0.3 bn
Estimated
Collateral€ 0.6 bn($ 0.7 bn)

31 March 2019€/$ = 1.12

27

BALANCE SHEET HIGHLIGHTS: ASSETSIN € MILLION

Mar. 2019

Dec. 2018

Non-current Assets

57,35356,564of which Intangible & Goodwill

16,644

16,726of which Property, plant & equipment

17,537

16,773of which Investments & Financial assets

5,656

5,504

of which Contract assets

172

65

of which positive hedge mark-to-market

925

1,031

of which Non-current securities

10,073

10,662Current Assets

59,78658,300of which Inventory

35,15431,891of which Cash

5,987

9,413

of which Current securities

2,422

2,132

of which Contract assets

790

789

of which positive hedge mark-to-market

383

286

Assets of disposal groups classified as held for sale

331

334

117,470

115,198

1.12

1.15

Total Assets
Closing rate € vs. $28

BALANCE SHEET HIGHLIGHTS: LIABILITIESIN € MILLION

Mar. 2019

Dec. 2018

Total Equity

8,913

9,719

of which OCI (Other Comprehensive Income)of which Non-controlling interests

(157)
3

134
(5)

46,371
7,467
5,075
8,696
2,994
15,6371,820

44,693
6,690
4,881
7,463
4,233
15,832
1,132

61,863
342
5,855
2,323
1,602
27,16913,833
1,551

60,354
382
6,935
1,463
344
26,22916,237
1,623

323

432

117,470

115,198

Total Non-current liabilitiesof which Pensionsof which Other provisionsof which Financing debts
of which European governments’ refundable advancesof which Contract liabilitiesof which negative hedge mark-to-market
Total Current liabilitiesof which Pensionsof which Other provisionsof which Financing debts
of which European governments’ refundable advancesof which Contract liabilitiesof which Trade liabilitiesof which negative hedge mark-to-market
Liabilities of disposal groups classified as held for sale
Total Liabilities and Equity

29

SHAREHOLDING STRUCTURE AS AT 31 MARCH 2019

Free Float (73.6%)
Shareholder Agreement (26.3%)
SOGEPA (11.1%)
GZBV (11.0%)
SEPI (4.2%)

Treasury Shares (0.1%)

776,367,881 shares issued as at 31 March 2019

30

QUARTERLY REVENUES BREAKDOWN (CUMULATIVE)
IN € MILLION
Q1

H1
2018

2019

FY

2019

2018

Airbus

9,697

7,222

18,54630,47847,970

Helicopters

1,007

961

2,388

3,755

5,934

Defence and Space

2,112

2,217

4,652

7,051

11,063

Transversal & Elim.

(267)

(281)

(616)

(863)

(1,260)Consolidated Airbus

12,549

10,11924,97040,421

63,707

Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

2019

9m
2018

2019

2018

31

QUARTERLY EBIT ADJUSTED BREAKDOWN (CUMULATIVE)
IN € MILLION
Q1

H1
2018

2019

FY

2019

2018

Airbus

536

(41)

867

2,340

4,808

Helicopters

15

(3)

135

202

380

Defence and Space

101

112

309

409

935

Transversal & Elim.

(103)

(54)

(149)

(213)

(289)

Consolidated Airbus

549

14

1,162

2,738

5,834

Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

2019

9m
2018

2019

2018

32

QUARTERLY EBIT BREAKDOWN (CUMULATIVE)
IN € MILLION
Q1

H1
2018

392

(2)

773

2,238

4,295

9

(10)

114

179

366

Defence and Space

(117)

265

382

479

676

Transversal & Elim.

(103)

(54)

(149)

(213)

(289)

Consolidated Airbus

181

199

1,120

2,683

5,048

Helicopters

Q1 2019 figures include A220, consolidated into Commercial Aircraft as of July 1st, 2018

2018

2019

FY

2019
Airbus

2019

9m
2018

2019

2018

33

Q1 2019 IFRS VS. APM CASH FLOW RECONCILIATIONIN € MILLIONIN € MILLION
Q1 2019

Q1 2019

Cash provided by (used for) operating activities(4,050)t/o Reimbursement from / contribution to plan assets(42)

Cash provided by (used for) investing activities(2)

t/o Treasury swaps(30)

t/o Net change in securities

459

Others63

t/o Change in working capital
Gross Cash Flow from Operations(4,703)725

Cash provided by (used for) operating activities

Free Cash Flowt/o M&A transactions
Free Cash Flow before M&A
t/o Customer Financing
FCF before M&A and Customer Financing(4,050)(4,448)(55)(4,393)(52)(4,341)

34

GLOSSARY ON ALTERNATIVE PERFORMANCE MEASURES (APM)
The following 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 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 asreported 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 financial result 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 toprogrammes, 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, restructurings or foreign exchange impacts as well as capital gains/losses from thedisposal 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 19.

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 statements 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 (allas recorded in the consolidated statement of financial position) as defined in Information Document, MD&A section 2.1.6

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 working capital. It is defined in Information 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.

Change in working capital: it is identical to changes in other operating assets and liabilities as defined by IFRS rules. It is comprised of inventories, tradereceivables, contract assets and contract liabilities (including customer advances), trade liabilities, and other assets and other liabilities.



FCF: For the definition of the alternative performance measure free cash flow, see Information 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 investing activities.



FCF before M&A refers to FCF as defined in the Information Document, MD&A section 2.1.6.1. adjusted for net proceeds from disposals and acquisitions. It is analternative performance measure and key indicator that reflects Free Cash Flow excluding those cash flows resulting from acquisitions and disposals 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 performance measure and indicator that may be used from time to time by the Company in its financial guidance, especially when there is higher
uncertainty around customer financing activities.