Slides
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Safe Harbour Statement This presentation includes forward-looking statements. Words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “targets”, “projects”, “may” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements made about strategy, production ramp-up and delivery schedules, introduction of new products and services and market expectations, as well as statements regarding future performance, prospects 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 the Company's businesses; ▪ Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks); ▪ Disruptions to the Company's industrial operations and / or supply chain, whether due to economic or geopolitical factors or other threats (including physical or cyber security threats); ▪ 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 or affecting global trade (e.g. tariffs); ▪ 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 the war in Ukraine (and the resulting export control restrictions and sanctions), and conflicts or 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 the Macroeconomic Environment, see note 3 “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 2025 published 30 April 2025 (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 published on 20 February 2025 (including the most recent Risk Factors), the Financial Statements and the Notes thereto. 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 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.
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Guillaume Faury Chief Executive Officer INTRODUCTION
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2025 is a cornerstone year paving the way for profitable growth 4 2022-2025 2025 2025+ Building resilience Pivotal year Value creation Recovering from pandemic Operating in a fast changing environment Showing adaptability and agility Unprecedented A320 production rate secured Double digit Return on Sales confirmed Defence and Space transformation in motion Delivering on our Commercial Aircraft ramp-up Contributing to European defence with our 2 Divisions Achieving profitable growth
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Christian Scherer Chief Executive Officer COMMERCIAL AIRCRAFT
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7 GDP, trade and population are the main drivers of air traffic growth World GDP World population Urban population World trade Middle Class* CAGR 20242044 from 2024 to 2044 from 2024 to 2044 CAGR 20242044 from 2024 to 2044 2.5% 1.2 bn 1.3 bn 2.6% 1.5 bn Source: S&P Global, Oxford Economics, Airbus GMF 2025 * Households with yearly income between $20,000 and $150,000 at PPP in constant 2015 prices
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8 Demand for 43,420 passenger+freighter aircraft Fleet in service (# aircraft) Source: Airbus GMF 2025, Cirium May 25 Notes: Passenger aircraft (≥ 100 seats), Freighters with a payload above 10t Figures rounded to nearest 10 | totals rounded separately Fleet will almost double in the next 20 years Higher proportion of new deliveries 44% will replace older, less fuel-efficient aircraft
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9 Demand for 42,450 new passenger aircraft between 2025 and 2044 Typically Single Aisle Typically Widebody North America 6,810 Middle East 3,790 Latin America 2,660 Europe & CIS 8,070 Asia/Pacific (excl. PRC) 10,050 Africa 1,490 PRC 9,570 Source Airbus GMF 2025 Notes: Passenger aircraft only (≥ 100 seats) | Figures rounded to nearest 10
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10 1000 2000 3000 4000 5000 6000 7000 8000 9000 100 150 200 250 300 350 400 Seating capacity Range (nm) The latest generation Airbus Family, for efficiency and versatility on all segments 10 Train Maintain Enhance Expand Operate Airbus Family of new generation Aircraft portfolio & Services
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11 Single Aisle 80% Market Share Clean-sheet design 25% cost advantage per seat 50% lower noise footprint unique growth potential 20% cost advantage per seat 50% lower noise footprint Fly by wire generation “NMA” today up to 4700NM Low risk route opener Widebody partnerships 62% Market Share 737MAX Family Source: Airbus O&Ds end May 2025 / Boeing O&Ds end May 2025 / Embraer Q1 2025 O&D report Family 56% Market Share Embraer E2 737MAX7 737MAX9/10 Family
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12 Widebody and Freighter Source: Airbus official O&Ds end May 2025 / Boeing official O&Ds end May 2025 787 777X 44% Market Share 52% Market Share 777-8F Suits all business models 25% lower fuel burn and CO₂ emissions “NMA+” today Only large WB aircraft able to serve all major markets Endorsed by top ranking airlines 25% lower fuel burn and CO₂ emissions Built on A350 success Largest Main Deck Cargo Door 40% lower fuel burn and CO₂ emissions 52% market share - from zero in 2021
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13 Airbus commercial performance since 2020 86 customers (including lessors leasing to airlines) Europe 34%North America 21% Latin America 7% Middle East & Africa 5% Asia* 33% Deliveries by region in 2024 Classified by end operator Net order & Delivery trend Private & Gvmt <1% *China:12%, India: 9%
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14 Breakdown of FY 2024 deliveries by source of financing 2024 Airbus deliveries attracted diverse & competitive financing ▪ Airlines taking more aircraft on-B/S which pushed Airline commercial Debt & Cash up to 50% ▪ Op lease share committed at delivery (direct orders & SLB) reduced to 48% ▪ Several Lessors also offered on-B/S financing sustaining overall Lessors' share above 50% ▪ Private insurance-backed financing expanded to 5% ▪ Export Credit was available as required ▪ Manufacturer financing limited to minority participations Lessor SLB Airline Debt Lessor Direct Order Airline Cash 3% 48% 50% 1% Export Credit Manufacturer Lessors Airline debt & cash Export Credit ECA & EDC 766 aircraft Lessor SLB Airline debt Airline cashLessor direct order Source: Airbus - Financing at time of delivery (as at end of period for Export Credit). Overlap (>100%) possible between categories. Rounded figures
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15 Commercial Aircraft backlog Strong backlog providing long-term visibility Backlog as of 31 May 2025 Lessors 16% Middle East & Africa 9% Other* 8% Europe 18% Americas North America Latin America 16% 11% 5% India China Others Asia Pacific 15% 3% 16% 34% *: Rest of World and undisclosed Single Aisle 7,666 Wide body 964 Total 8,630 69% 25% 6% & 69% 24% 7% Rounded figures
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Florent Massou dit Labaquère EVP Operations COMMERCIAL AIRCRAFT
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17 Growing our industrial system and integrating Spirit AeroSystems work packages Enabling the skilled workforce Collaborating with supply chain partners to build capability and resilience Ramping-up across all Programmes Confirming our rate trajectory R14 in 2026 R75 in 2027 R4 stabilisation R12 in 2028
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18 Leveraging our industrial system Benefiting from integrated flows and our own center of competences Accelerating digitalisation and introducing new assembly lines 30 production sites worldwide Sub-assembly Lines Final Assembly Lines
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19 Integrating and transforming Spirit AeroSystems work packages Airbus Atlantic Airbus Aerostructures Before Day 1 Mid-term Benefit from Airbus centers of excellence Secure continuity and enable the ramp-up trajectory Integrate in our operating system Train and upskill people Drive supplier performance Target operational efficiency & synergies Please refer to the Press release from 28 Apr 2025 for the full perimeter of the transaction We are committed to turn around the work packages
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Enabling our skilled workforce Anticipated recruitment in the last years to join the production workforce supporting our ramp up First months of intensive training, followed up by tutorship until appropriate qualification Robotics, Digital and Automation to improve enablement, efficiency and increase safety 21
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Enhancing supply chain readiness.. Missing parts Strong reduction of -40% vs H1 2024 Quality improvement Industry-wide maturity grid and assessment performed Rate readiness Building capacity and de-risk single point of failure Engines & Cabin remain the main pacing elements for our ramp-up Dedicated team of Supply Chain Experts Disturbances have significantly reduced as a result of anticipation, prevention and proactive mitigation, together with our suppliers 22
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..and addressing the main areas of tensions Engines Cabin Increased demand and cabin configuration Recovering tier-x supply-chain Continue delivery and on service performance Stabilising upstream supply chain and recovering linefit engine deliveries Reinforced tripartite collaboration Robust end to end programme management Reinforced onsite presence at key suppliers Improved partnership & good transparency on MRO versus OEM needs Engine maturity improvements Alignment on ramp-up trajectory by securing volumes Challenges Enabling the ramp-up 23
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Bruno Even Chief Executive Officer AIRBUS HELICOPTERS
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Airbus Helicopters: a global leader Successful transformation journey 2018 to 2024 Backlog €15bn to €24bn+ 2018 to 2024 Profitability 6.4% to 10.3% 2024 Market share(1) 52% Civil & Parapublic 15% Military Values Competitiveness Innovation Customer Safety, quality, integrity, compliance and security Optimised industrial footprint & reduced production costs Continuous upgrades of products and services Focused on customer loyalty (1) Platform value25
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A robust and resilient business model Military 49% Services 46% Civil 51% Platforms 54% Broadest range - 7 dual platforms - 2 specialised military helicopters Balanced - Military / Civil - Platforms / Services Global Footprint - 30 customer centres - 10 industrial sites FY’24 Revenue 26
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Focus on Support & Services 27 Background ~13,000 Airbus helicopters in service 30 to 40 years of service life +50% revenue increase since 2018 46% of 2024 revenue ● Strong international footprint ● OEM & tier one manufacturer ● Increase of long term multiservices and by the hour contracts Execute 27
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Positive market perspective Tactical Drones Civil & Parapublic Helicopters Military Helicopters European Defence Total market in €bn(1) Yearly overview 2025-2030 cumulative view European Defence total market upside €18bn over 6 years 15% 2024 Civil & Parapublic Market Share in Value 52% 2024 Military Market Share in Value (excl. China & Russia) (1) Total addressable market in €bn. Military segment excludes China & Russia28
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29 Our strategy in a growing market Civil & Parapublic Support and Services New businessMilitary Grow in value on the Civil & Parapublic market Increase market share Become a drone leader Grow Support & Services Customer loyalty, operational excellence and innovation 29
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Execute our ramp up 30 +50% deliveries expected between 2023 and 2025 Production: Focus on H145 / H145M // H145 Deliveries 2023 2024 2025 2028 FINAL 86 68 +40% of engineering hours expected between 2023 to 2025 Engineering Key priorities Contract execution linked to customer requirements Market growth with lead time reduction: standardisation, multipurpose, innovation Condition of growth on new markets: drones, teaming, uncrewed helicopters 30
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Focus on military strategy 31 EU WHITE PAPER PRIORITY AREAS Air & Missile Defence Artillery Systems Ammunition & Missiles Drones and counter-drone Systems Military Mobility AI, Quantum, Cyber & Electronic Warfare Strategic enablers and critical infrastructure protection Increasing national demand Deliver on multirole & dual platforms Lead the Next Generation Increase operational availability One Airbus approach STRATEGIC ENABLERS
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● Large portfolio spanning all drone classes & missions ● Flexible partnerships to accelerate time-to-market One Airbus offer One ambition ● Crewed - Uncrewed Teaming & Interoperability ● Demonstrated progress made on autonomy & teaming Support & services Maximising fleet availability Long term support contracts Airbus is developing a drones portfolio addressing all customer missions 32
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2028 Ambition Continue to deliver profitable growth Beyond 2028 European defence upside Transformation journey Ramp-up execution Support and services growth Increase military market share Leader on drones €0.8bn Civil value growth €1bn+ Additional levers: 33 in €bn 10.3% RoS 11%+ RoS 2024 EBIT Adj. 2028 EBIT Adj. Military focus Mid-term outlook: Airbus Helicopters
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Mike Schoellhorn Chief Executive Officer AIRBUS DEFENCE AND SPACE
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Airbus Defence and Space at a glance ~36,000 employees 180 locations around the world 2,000+ customers and partners 2024 Revenues €12.1bn 2024 Order Intake €16.7bn Connected Intelligence 2000+ customers & 50+ years of delivering Space Systems 850+ satellites built and launched Air Power 1,985+ aircraft delivered Reference Date: 06/202536
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Air Power at a glance: Portfolio matching current and future needs Transport, Mission, and Tanker Future Air Power Services & Aerostructure Combat A400M / MRTT / C295 Eurofighter FCAS / NGWS Unmanned Aerial Systems 37
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● Large portfolio spanning all drone classes & missions ● Flexible partnerships to accelerate time-to-market One Airbus offer One ambition ● Crewed - Uncrewed Teaming & Interoperability ● Demonstrated progress made on autonomy & teaming Support & services Maximising fleet availability Long term support contracts Airbus is developing a drones portfolio addressing all customer missions 38
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Space Systems at a glance: Recover as a sustainable & profitable European Champion in Space Systems Earth Observation Telecommunication NavigationScience and Exploration Space Products Pléiades Neo European Service Module for Artemis Mission Milsatcom / EuroStar Neo OneSat Arrow Galileo 2nd Gen Laser Terminal Star tracker Power electronics 39
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Earth Observation SatCom Services Ground Segment Cybersecurity Connected Intelligence at a glance: Strengthen our position to become a key European player in Multi-Domain Operations Defence Digital Space DigitalPublic Safety & Security 40 Products and solutions for Cyber defence and aerospace Mission- and business- critical communications solutions and services Integrated solutions for information and decision advantage
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JVs and Partnerships Leading global provider of complex weapons reinforcing European defence readiness Building a European future for space by leveraging both civil and military capabilities The central pillar of Europe´s Air Power - ensuring European sovereignty Dassault Aviation as a partner and as an investment €4.9bn Revenue FY’24 €37bn Order backlog FY’24 37.5% Airbus ownership €~3bn Order intake FY’24 €2.5bn Revenue FY’24 50% Airbus ownership 721 a/c Orders in unit as of 31 May 2025 €4.7bn Revenue FY’24 46% Airbus ownership €43.2bn Order backlog FY’24 incl. Services €6.2bn Revenue FY’24 ~10.5% Airbus shareholding Consolidated at equity Consolidated at equity Consolidated at equity Investments 43% Work share Work share recognition 41
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Airbus Defence and Space focus areas for European Defence priorities Air Power Tanker MRTT A400M Transport & Mission Aircraft C2 & Connectivity Combat Mass Airpower Services Military Satellite Communications Multi-Sensor Observation Intelligence and Information Warfare Space Systems Connected IntelligenceCybersecurity Joint Ventures & Partnerships Integrated Air & Missile Defence EU White Paper priority areas + National demands MBDA Combat Drones partnerships Strategic enablers and critical infrastructure protection Air & Missile Defence Military Mobility AI, Quantum, Cyber & Electronic Warfare Ammunition & Missiles Drones and counter-drone Systems Artillery Systems Addressable areas in Defence & Space portfolio ArianeGroup
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European Defence to boost European Military market Air Power addressable market in €bn Connected Intelligence addressable market in €bn Space Systems addressable market in €bn Addressable market volumes (relevant for European Defence) from Home Countries, Rest of Europe and Institutions (EU + NATO). Baseline is GMF2025. +9% ‘25-34 CAGR +6% ‘25-34 CAGR +9% ‘25-34 CAGR Air Power addressable market more than doubles by 2034 driven by Services and Combat Connected Intelligence addressable market more than doubles by 2034 driven by Defence Digital and Cyber Significant upside of military satellite demand expected in mid-term horizon driven by Earth Observation & Constellations 43 2024 market share: ~20% 2024 market share: ~15% 2024 market share: ~30% Potential upside driven by European Defence initiatives
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Mid-term outlook: Airbus Defence & Space Costs structure optimisation Space turnaround plan Portfolio focus & Bid selectivity in €bn - €0.6bn Enhanced efficiency Increased demand Accelerated development timeline 44 Mid-to-high single digit RoS €1bn+ Additional levers: Incl. Space charges 2024 EBIT Adj. 2028 EBIT Adj. RoS > 8% 2028 Ambition Beyond 2028 European defence upside
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Way ahead into a new and volatile world Execute ● Operational excellence ● Transformation ● Prepare for ramp-up ● Capture the growth of Space military market by creating scale ● Foster collaboration (Start-ups, SMEs and legacy defence players) Invest Team up Targeted investments into technologies where clear customer perspective is given to ensure early market entry 45
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Thomas Toepfer Chief Financial Officer FINANCIALS
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47 Company’s environment and trajectory 2025 Guidance Unchanged Macroeconomic environment • European Defence momentum • Significant defence budget increase • Uncertain global trade environment Company Trajectory Ramp-up execution Growth in services and improved profitability Business transformation and improved profitability
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48 Driving earnings performance beyond 2024 level 2024 EBIT Adj. €5.4bn A320 Family A220 / Widebody / Services Divisions Spirit AeroSystems work packages Prepare the Future FX / Hedging European Defence upside Cost Efficiency NextGen Aircraft Rates Stabilisation Chart for illustrative purpose only - not to be scaled 766 a/c Pricing Mid-term EBIT Adj. Long-term drivers
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49 US Dollar Exposure Coverage policy and guiding principles Tools used Minimise the impact of currency exchange rate on EBIT Use of natural hedge Optimise cost of hedging Continuously search for efficiency Coverage as of 31 March 2025 Forward & Eur. Conversion as of Mar. 2025 Forward & Eur. Conversion as of Dec. 2024 in $ billion Forward contracts Euro Conversion Zero-cost collars / Options • To be progressively implemented into Airbus’ coverage from second semester of 2025 • To be used in combination with forwards and euro conversion Coverage portfolio ~82bn at $1.21 blended rate (1) (1) Blended rates reflect both EBIT impact of hedge rates of the US$ hedge portfolio and Euro conversion
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50 Cash conversion Cash Conversion of ~1 Over a 5-year horizon Cash conversion above 1, mainly supported by: Strong Order Intake across Divisions Efficient Working Capital in a phase of ramp-up Total FCF before Customer Financing generation: €3.8bn Total investments in CapEx: €9.2bn 2022-2024 Target Trajectory Working capital management Convergence of D&A and CapEx in the mid-term Cash dilutive items to taper off in the next couple of years
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51 Organic Investment Bolt-on M&A Use of cash Zoom on Organic Investment Disciplined investing in the business to support growth with a focus on existing and future programmes Shareholder Return R&D R&D effort to continue to increase mid-term in absolute value to support our ambition for the future CapEx CapEx should stabilise from 2026 onwards in absolute value as we approach rate stabilisation •Continuous development •Ramp-up across the businesses •New variants (eg: A350 Freighter) Main investments: •Digitalisation •Prepare the Future
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52 Bolt-on M&A Use of cash Organic Investment Shareholder Return Extended dividend payout ratio range: 30% to 50% Further actionable tools to return cash to shareholders: • Special dividend • Share buy-back Zoom on Shareholder Return Committed to sustainable growth in shareholder return Dividend per share evolution illustrative purpose only 30% to 50% payout ratio
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53 Organic Investment Bolt-on M&A Use of cash Zoom on Bolt-on M&A Only positive NPV, main targeted areas include: Shareholder Return Commercial Aircraft • De-risking & resilience • Digitalisation • Services • Research & technology Airbus Helicopters • Digitalisation • Services • Uncrewed Airbus Defence & Space • Cybersecurity • Digitalisation • Services • Uncrewed European Consolidation Portfolio management: • Continuous screening of the portfolio • Alignment of portfolio with strategic priorities
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54 Commercial aircraft production rates confirmed Cash conversion of ~1 over a 5-year horizon Extended dividend policy with payout ratio of 30% to 50% 2028 ambition: EBIT Adj. €1bn+ RoS 11%+ 2028 ambition: EBIT Adj. €1bn+ RoS mid-to-high single digit Long term upside from European Defence Confident in business growth Committed to increase shareholder value 54
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Guillaume Faury Chief Executive Officer CLOSING REMARKS
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Primary actions fostering leadership 56 Unwavering commitment to deliver on the commercial aircraft ramp-up Play a central role in reducing the European Defence capability gap Turnaround our Space business and leverage scale in European industry Leading the future of aerospace 5 pillars: Safety, Quality, Compliance, Integrity and Security