Slides
Page 1
- H1 results 2025 30 July 2025 Guillaume Faury Chief Executive Officer Thomas Toepfer Chief Financial Officer
Page 2
Safe HarbourStatement DISCLAIMER 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 six-month period ended 30 June 2025 published 30 July 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. 2
Page 3
01. Company highlights
Page 4
Financials € 2.2 bn EBIT Adjusted € 1.6 bn EBIT Reported € - 1.6 bn FCF before Customer Financing H1 2025 Key Topics 4 Progressing in a fast changing operating environment Guidance unchanged 306 Commercial aircraft delivered
Page 5
H1 2025 H1 2024 Change Order Intake (net) 402 310 29.7% Order Book 8,754 8,585 2.0% Order Intake (net) 171 233 -26.6% Order Book 926 913 1.4% Order Intake (net) 5,084 6,059 -16.1% Airbus (in units) Helicopters (in units) Defence and Space (in € m) H1 2025 Commercial Positioning Airbus: Good commercial momentum Helicopters: Positive momentum in both Civil & Military markets Defence and Space: Good order momentum across all business lines 5
Page 6
1.6 1.4 H1 2024 H1 2025 28.8 29.6 H1 2024 H1 2025 H1 2025 Financial Performance Revenues by Division (1) in % Revenues in € bn 6 (1) Breakdown based on External Revenues € 29.6 bn t/o defence € 6.0 bn Airbus 69% Helicopters 12% Defence and Space 19% R&D in € bn
Page 7
1.5 1.6 5.1% 5.5% H1 2024 H1 2025 1.4 2.2 4.8% 7.4% H1 2024 H1 2025 1.38 2.15 H1 2024 H1 2025 1.04 1.93 H1 2024 H1 2025 H1 2025 Profitability 7 (1) H1 2025 Average number of shares: 789,255,549 compared to 789,675,929 in H1 2024 EBIT Reported in € bn EBIT Adjusted in € bn EPS Adjusted (1) in € EPS Reported (1) in € EBIT Adjustments of € - 587 m : • € - 391 m $ Working Capital mismatch and Balance Sheet revaluation • € - 105 m related to Airbus Defence & Space workforce adaptation plan • € - 57 m Spirit AeroSystems work packages stabilisation costs • € - 34 m Others EBIT to Net Income: • Financial Result of € 490 m • Income Taxes of € - 663 m • Net Income of € 1,525 m
Page 8
USD Exposure Coverage IN $ BILLION • In H1 2025, $ 9.1 bn(2) of forwards matured and Euro conversion realised at an average blended rate(1) of € 1 = $ 1.18. • $ 7.7 bn(2) of new USD coverage were added at an average blended rate(1) of € 1 = $ 1.14. • Forwards and Euro conversion portfolio(2) as of 30 June 2025 at $ 81.4 bn, at an average blended rate(1) of $ 1.21 (vs. $ 82.8 bn in December 2024 at $ 1.21). Average blended rates(1) (€ vs. $) 2025 remaining 6 months 2026 2027 2028 2029 2030 and beyond Forwards and Euro conversion 1.20 ( 1.20 in Dec. 24 ) 1.21 ( 1.21 in Dec. 24 ) 1.23 ( 1.24 in Dec. 24 ) 1.22 ( 1.22 in Dec. 24 ) 1.17 ( 1.17 in Dec. 24 ) 1.15 ( 1.15 in Dec. 24 ) Forwards & Euro Conversion as of Jun. 2025 Forwards & Euro Conversion as of Dec. 2024 Approximately 60% of Airbus US$ 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. Mark-to-market of FX hedging instruments incl. in AOCI = € - 0.6 bn Closing rate @ 1.17 € vs. $ 8 14.7 23.1 20.9 17.2 5.0 0.5 9.1
Page 9
-3.0 -1.3 -2.3 -0.9 +2.4 +0.4 11.8 7.0 Net Cash Position December 2024 Gross Cash Flow from Operations Change in Working Capital Industrial CapEx (additions) Other FCF Shareholder Return Pensions & Others Net Cash Position June 2025 H1 2025 Cash Evolution IN € BILLION (1) Customer Financing of € 0.0 bn (2) Includes proceeds from disposals of intangible and fixed assets & Dividends paid by companies valued at equity (2) Free Cash Flow (1): € - 1.6 bn FCF before Customer Financing (1): € - 1.6 bn [H1’24: € - 0.5 bn] 9
Page 10
02. Divisional highlights
Page 11
Airbus Highlights • Deliveries: 306 aircraft comprising 41 A220, 232 A320 Family, 12 A330 and 21 A350. • Revenues mainly reflect the lower deliveries. • EBIT Adjusted mainly reflects the lower deliveries partly offset by a favourable hedge rate and lower R&D expenses. Deliveries by Programme (% of units delivered) External Revenue Split A220 13% A320 76% A330 4% A350 7% Platforms 86% Services 14% IN € MILLION H1 2025 H1 2024 Change Order Intake (net) 402 310 29.7% Order Book 8,754 8,585 2.0% Deliveries Units 306 323 -5.3% Revenues 20,829 21,215 -1.8% R&D Expenses 1,141 1,301 in % of Revenues 5.5% 6.1% EBIT Adjusted 1,714 1,954 in % of Revenues 8.2% 9.2% EBIT 1,231 1,972 in % of Revenues 5.9% 9.3% Units -37.6% -12.3% -12.3% 11
Page 12
Civil 45% Defence 55% Highlights • Revenues increase reflects higher deliveries and services growth. • EBIT Adjusted increase reflects growth in services and higher deliveries but with a less favourable programme mix. External Revenue Split Airbus Helicopters Platforms 50% Services 50% IN € MILLION H1 2025 H1 2024 Change Order Intake (net) 171 233 -26.6% Order Book 926 913 1.4% Deliveries Units 138 124 11.3% Revenues 3,693 3,191 15.7% R&D Expenses 145 155 in % of Revenues 3.9% 4.9% EBIT Adjusted 249 230 in % of Revenues 6.7% 7.2% EBIT 249 230 in % of Revenues 6.7% 7.2% 8.3% Units -6.5% 8.3% 12
Page 13
External Revenue Split Airbus Defence and Space Platforms 67% Services 33% IN € MILLION H1 2025 H1 2024 Change Order Intake (net) 5,084 6,059 -16.1% Revenues 5,813 4,985 16.6% R&D Expenses 125 150 in % of Revenues 2.2% 3.0% EBIT Adjusted 265 (807) in % of Revenues 4.6% -16.2% EBIT 161 (760) in % of Revenues 2.8% -15.2% -16.7% N/A N/A 13 Air Power 60% Space Systems 23% Connected Intelligence & Others 17% Highlights • Revenues increase driven by higher volumes across all business lines. • EBIT Adjusted reflects higher volumes and improved profitability across all business lines and our two main Joint Ventures.
Page 14
03. Guidance highlights
Page 15
2025 Guidance 15 The Company targets to achieve in 2025 Around € 7.0 bn EBIT Adjusted Around € 4.5 bn FCF before customer financing Around 820 Commercial aircraft deliveries As the basis for its 2025 guidance, the Company excludes the impact of tariffs on its business. The Company’s 2025 guidance includes the impact of the integration of certain Spirit AeroSystems work packages based on preliminary estimates and an assumed closing in the fourth quarter of 2025. The Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations and ability to deliver products and services. The anticipated impact of the integration of certain Spirit AeroSystems work packages on the Company’s guidance remains in line with previous estimates.
Page 16
Key Priorities 16 Continue to deliver on our commercial aircraft ramp-up Successfully manage the transformation of Airbus Defence and Space Focus on profitable growth Lead the development of sustainable aerospace Maintain strong commercial positioning across businesses Play a key role in bridging the European Defence capability gap
Page 17
Appendix. H1 Results 2025
Page 18
1.23 1.20 1.20 1.21 1.19 1.17 1.18 1.21 1.16 1.18 1.20 1.22 1.24 Q1 Q2 Q3 Q4 2024 2025E Expected AverageBlended Rates for Forwards and Euro Conversion € vs. $ Active exposure management 18 Blended rates reflect both EBIT impact of hedge rates of the US$ hedge portfolio and Euro conversion (1) Q2 actual Average Blended Rates FY 2024 1.21 FY 2025E 1.19 (1)
Page 19
H1 2025 Detailed Income Statement and Adjustments 19 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%. thereof Adjustments Impact on EBIT IN € MILLION H1 2025 Reported Operational FX Financial Result H1 2025 Adjusted Airbus Defence and Space(1) Helicopters Airbus + Defence and Space(2) EBIT 1,617 (90) (106) 0 (391) 2,204 in % of Revenues 5.5% 7.4% Interest income 380 380 Interest expense (383) (383) Other Financial Result 493 480 13 Financial Result 490 480 10 Income before taxes 2,107 (90) (106) 0 (391) 480 2,214 Non-controlling interests 81 81 Net Income 1,525 1,697 Number of shares 789,255,549 789,255,549 EPS (in €) 1.93 2.15 (1) Thereof € 0 m A400M programme update (2) Thereof € - 393 m Airbus, € + 2 m Defence and Space
Page 20
H1 2024 Detailed Income Statement and Adjustments 20 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 46%. thereof Adjustments Impact on EBIT IN € MILLION H1 2024 Reported Operational FX Financial Result H1 2024 Adjusted Airbus Defence and Space(1) Helicopters Airbus + Defence and Space(2) EBIT 1,456 (11) 57 0 19 1,391 in % of Revenues 5.1% 4.8% Interest income 399 399 Interest expense (428) (428) Other Financial Result (79) (80) 1 Financial Result (108) (80) (28) Income before taxes 1,348 (11) 57 0 19 (80) 1,363 Non-controlling interests 92 92 Net Income 825 1,087 Number of shares 789,675,929 789,675,929 EPS (in €) 1.04 1.38 (1) Thereof € - 3 m A400M programme update (2) Thereof € 29 m Airbus, € - 10 m Defence and Space
Page 21
Liquidity as of 30 June 2025 € 7.0 bn Net Cash € 21.1 bn Total Gross Cash Invested in highly rated securities € 14.1bn Total Gross Debt Incl. interest rate contracts € 8.0 bn Credit Facility (RSCF) (1) The H1 2025 Gross Debt includes financing liabilities for € 13.4 bn and interest rate contracts related to fair value hedges for € 0.8 bn (1) RSCF • Signed on July 5, 2022 • 2nd extension option of 1 year exercised in June 2024 and approved by all lenders: the full €8bn line is committed until July 5, 2029 • Fully committed by 38 banks • No financial covenants, no MAC clause • Sustainability-Linked Financing Liabilities include bonds* • € 6.6 bn EMTN • $ 1.5 bn 144A/RegS • $ 0.8 bn USPP *nominal amounts Credit Ratings Short-term rating: • S & P: A-1 • Moody’s: P-1 Long-term rating: • S & P: A stable outlook • Moody’s: A2 positive outlook 21
Page 22
IN € MILLION Airbus 11,308 12,048 1,220 1,447 780 1,472 Helicopters 2,093 1,730 171 159 171 159 Defence and Space 3,157 2,586 188 (798) 192 (790) Eliminations (490) (369) 1 6 1 6 Consolidated Airbus 16,068 15,995 1,580 814 1,144 847 EBIT Q2 2025 EBIT Adjusted Q2 2025 Q2 2024Q2 2024Q2 2025 Revenues Q2 2024 IN € MILLION Q2 2025 Q2 2024 Revenues 16,068 15,995 EBIT Adjusted 1,580 814 EBIT 1,144 847 Net Income 732 230 FCF before Customer Financing (1,300) 1,262 FCF (1,288) 1,240 Q2 2025 Key Figures 22
Page 23
IN € MILLION H1 2025 H1 2024 Net Cash position at the beginning of the period 11,753 10,726 Gross Cash Flow from Operations (1) 2,366 2,127 Change in working capital (2) (3,040) (1,615) Investments in intangible and fixed assets (net) & Dividends paid by companies valued at equity (910) (1,071) of which Industrial CapEx (additions) (3) (1,340) (1,315) Free Cash Flow (4) (1,584) (559) of which Customer Financing 26 (30) Free Cash Flow before Customer Financing (1,610) (529) Change in other Investing cash flow (8) (181) Change in capital and non-controlling interests 21 118 Change in treasury shares / share buyback 242 215 Change in liability for puttable instruments 48 0 Contribution to plan assets of pension schemes (157) (176) Cash distribution to shareholders / non-controlling interests (2,290) (2,215) Others (1,072) 6 Net Cash position at the end of the period 6,953 7,934 Detailed Free Cash Flow (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 23
Page 24
IN € MILLION June 2025 Dec. 2024 Gross Cash 21,081 26,864 Financing Liabilities (13,355) (14,279) Short-term Financing Liabilities (4,404) (3,924) Long-term Financing Liabilities (8,951) (10,355) Interest rate contracts (773) (832) Reported Net Cash 6,953 11,753 Net Cash Position 24
Page 25
Customer Financing Exposure IN € MILLION June 2025 Dec. 2024 June 2025 Dec. 2024 Closing rate € 1 = $ 1.17 $ 1.04 $ 1.17 $ 1.04 Total Gross Exposure 284 309 13 17 of which off-balance sheet 0 2 1 2 Estimated value of collateral (250) (263) (13) (17) Net Exposure 34 46 0 0 Provision and asset impairment (34) (46) 0 0 Net Exposure after provision 0 0 0 0 HelicoptersAirbus 25
Page 26
0.8 0.5 0.6 1.0 0.6 0.8 0.9 0.7 0.1 0.2 0.0 0.3 0.3 0.1 0.1 0.0 (0.7) (0.7) (0.3) (0.7) (0.7) (0.6) (0.5) (0.7) (0.6) (0.2) (0.3) (0.4) (0.4) (0.1) (0.1) (0.0) (0.2) (0.1) (0.1) (0.1) (0.2) (0.1) (0.2) (0.1) (0.2) (0.1) (0.1) (0.1) (0.0) (0.0) (0.0) (0.0) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Additions Sell Down Amortization Net change Airbus Customer Financing Gross Exposure in $ bn 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 0.3 0.3 Airbus Customer Financing Gross Exposure in $ bn Net Exposure fully provisioned Net Exposure fully provisioned 30 June 2025 €/$ = 1.17 31 December 2024 €/$ = 1.04 Estimated Collateral € 0.3 bn ($ 0.3 bn) Gross Exposure € 0.3 bn ($ 0.3 bn) Net Exposure € 0.0 bn Estimated Collateral € 0.3 bn ($ 0.3 bn) Gross Exposure € 0.3 bn ($ 0.3 bn) Net Exposure € 0.0 bn 26
Page 27
Balance Sheet Highlights: Assets IN € MILLION June 2025 Dec. 2024 Non-current Assets 59,521 59,781 of which Intangible & Goodwill 16,962 17,179 of which Property, plant & equipment 19,188 19,112 of which Investments & other long-term financial assets 7,511 7,510 of which Contract assets 21 61 of which Positive hedge mark-to-market 1,517 670 of which Non-current securities 9,903 9,032 Current Assets 69,465 69,371 of which Inventory 43,471 37,745 of which Contract assets 1,243 1,474 of which Cash and cash equivalents 8,195 15,003 of which Current securities 2,983 2,829 of which Positive hedge mark-to-market 1,101 395 Assets of disposal groups classified as held for sale 54 61 Total Assets 129,040 129,213 Closing rate € vs. $ 1.17 1.04 27
Page 28
Balance Sheet Highlights: Liabilities IN € MILLION June 2025 Dec. 2024 Total Equity 23,148 19,696 of which AOCI (Accumulated Other Comprehensive Income) 409 (3,286) of which Non-controlling interests 87 90 Total Non-current liabilities 45,758 48,894 of which Pensions 1,421 1,555 of which Other provisions 3,002 3,075 of which Financing liabilities 8,951 10,355 of which European Governments’ refundable advances 3,658 3,698 of which Contract liabilities 26,827 25,572 of which Negative hedge mark-to-market 1,030 3,715 Total Current liabilities 60,055 60,548 of which Pensions 212 266 of which Other provisions 3,894 4,041 of which Financing liabilities 4,404 3,924 of which European Governments’ refundable advances 162 161 of which Contract liabilities 30,733 30,136 of which Trade liabilities 14,066 13,791 of which Negative hedge mark-to-market 527 2,466 Liabilities of disposal groups classified as held for sale 79 75 Total Liabilities and Equity 129,040 129,213 28
Page 29
IN € MILLION Airbus 107 73 Helicopters 0 1 Defence and Space 36 90 Eliminations 0 0 Consolidated Airbus 143 164 H1 2025 H1 2024 New Capitalised Research and Development 29
Page 30
Shareholding Structure at 30 June 2025 30 Free Float 74.1% SOGEPA 10.8% GZBV 10.8% SEPI 4.1% Treasury Shares 0.1% 792,283,683shares issued at 30 June 2025
Page 31
Quarterly Revenues Breakdown (Cumulative) IN € MILLION Airbus 9,521 9,167 20,829 21,215 32,879 50,646 Helicopters 1,600 1,461 3,693 3,191 4,875 7,941 Defence and Space 2,656 2,399 5,813 4,985 7,609 12,082 Eliminations (235) (197) (725) (566) (849) (1,439) Consolidated Airbus 13,542 12,830 29,610 28,825 44,514 69,230 2025 FY 20252025 Q1 H1 2025 9m 2024202420242024 31
Page 32
Quarterly EBIT Adjusted Breakdown (Cumulative) IN € MILLION Airbus 494 507 1,714 1,954 3,028 5,093 Helicopters 78 71 249 230 420 818 Defence and Space 77 (9) 265 (807) (661) (566) Eliminations (25) 8 (24) 14 11 9 Consolidated Airbus 624 577 2,204 1,391 2,798 5,354 Q1 H1 9m FY 2025 2025 2025 20252024 2024 2024 2024 32
Page 33
Quarterly EBIT Breakdown(Cumulative) IN € MILLION Airbus 451 500 1,231 1,972 2,876 5,133 Helicopters 78 71 249 230 420 818 Defence and Space (31) 30 161 (760) (617) (656) Eliminations (25) 8 (24) 14 11 9 Consolidated Airbus 473 609 1,617 1,456 2,690 5,304 Q1 H1 9m FY 2025 2025 2025 20252024 2024 2024 2024 33
Page 34
H1 2025 IFRS vs. APM Cash Flow Reconciliation 34 IN € BILLION June 2025 Cash provided by (used for) operating activities (0.8) t/o Reimbursement from / contribution to plan assets (0.2) t/o Treasury swaps 0.0 t/o Change in other operating assets and liabilities (3.0) Gross Cash Flow from Operations 2.4
Page 35
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 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 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 before changes in other operating assets and liabilities (working capital). It is defined 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. ▪ 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 used by the Company in its financial guidance. 35