Airbus Se · EURONEXT:AIR
Airbus — 9M 2026 Earnings Presentation
35 slides from Airbus's earnings presentation, Oct 28, 2026
Slide 1: 9m 2026 Results
9m 2026 Results Guillaume Faury Chief Executive Officer 28 October 2026 Thomas Toepfer Chief Financial Officer
Slide 2: Safe Harbour Statement
2 Safe Harbour Statement DISCLAIMER This presentation includes forward-looking statements. Words such as “anticipatesˮ, “believesˮ, “estimatesˮ, “expectsˮ, “intendsˮ, “plansˮ, “targetsˮ, “projectsˮ, “mayˮ and similar expressions are used to identify these forward-looking statements. Examples of forw
Slide 3: 01. Company Highlights
01. Company Highlights DE ie | = ee aoe - AIRBUSA350F — AIRBUS
Slide 4: 9m 2026 Key Topics
4 9m 2026 Key Topics Operating in a complex and fast-changing environment 547 € 4.5 bn € 1.3 bn Commercial aircraft EBIT FCF before 2026 delivered Adjusted Customer Financing Guidance unchanged
Slide 5: 9m 2026 Commercial Performance
5 9m 2026 Commercial Performance Commercial Aircraft Airbus Helicopters Airbus Defence and Space in units in units in € m Order Intake (net) 1,105 115% Order Intake (net) 311 2% Order Intake (net) 11,474 70% Order Book 1 9,310 2 7% Order Book 1 1,122 14% Strong commercial momentum 1 As
Slide 6: 9m 2026 Financial Performance
6 9m 2026 Financial Performance Revenues Revenues by Division 1 R&D Expenses in € bn in % in € bn € 50.6 bn t/o defence € 9.3 bn Airbus 71% Helicopters 11% Defence and Space 18% 1 Breakdown based on external revenues.
Slide 7: 9m 2026 Profitability
7 9m 2026 Profitability EBIT Adjusted EBIT in € bn / RoS % in € bn / RoS % EBIT Adjustments of € + 55 m: • € 270 m $ Working Capital mismatch and Balance Sheet revaluation • € 235 m related to the integration of former Spirit AeroSystems work packages • € 60 m related to Airbus Defence and
Slide 8: USD Exposure Coverage
8 USD Exposure Coverage in $ bn Mark-to-market of FX hedging instruments incl. in AOCI € 2.2 bn Closing rate @ 1.14 € vs. $ Forwards, Collars & Euro Conversion as of Sep. 2026 Forwards, Collars & Euro Conversion as of Dec. 2025 0.4 Average blended rates1 2026 2031 € vs. $ Remaining 3 months
Slide 9: 9m 2026 Cash Evolution
9 9m 2026 Cash Evolution in € bn Free Cash Flow 1: € 1.1 bn FCF before Customer Financing 1: € 1.3 bn 9mʼ25 € 0.9 bn] 2 1 Customer Financing of € 0.2 bn. 2 Includes proceeds from disposals of intangible and fixed assets & dividends paid by companies valued at equity.
Slide 10: 02. Divisional Highlights
02. Divisional Highlights
Slide 11: Airbus
11 Airbus in € m 9m 2026 9m 2025 Deliveries by Programme % of units delivered) Order Intake (net) in units 1,105 514 A220 13% Order Book⁽¹⁾ in units 9,310 (2) 8,665 A320 78% A330 2% Deliveries in units 547 507 A350 7% Revenues 36,665 33,886 External Revenue Split R&D Expenses 1,798 1,728 in % of re
Slide 12: Airbus Helicopters
12 Airbus Helicopters in € m 9m 2026 9m 2025 External Revenue split Order Intake (net) in units 311 306 Civil 51% Order Book⁽¹⁾ in units 1,122 981 Defence 49% Deliveries in units 226 218 Revenues 5,646 5,652 R&D Expenses 234 227 in % of revenues 4.1% 4.0% EBIT Adjusted 445 495 Platforms 48% in % of
Slide 13: Airbus Defence and Space
13 Airbus Defence and Space in € m 9m 2026 9m 2025 External Revenue split Order Intake (net) 11,474 6,753 Air Power 59% Revenues 9,341 8,876 Space 23% Systems R&D Expenses 285 206 Connected in % of revenues 3.1% 2.3% Intelligence 18% & Others EBIT Adjusted 672 420 in % of revenues 7.2% 4.7% EBIT 711
Slide 14: 03. Guidance Highlights & Outlook
03. Guidance Highlights & Outlook
Slide 15: 2026 Guidance
15 2026 Guidance Around The Company targets 870 to achieve in 2026 Commercial aircraft deliveries As the basis for its 2026 guidance, the Company assumes Around no additional disruptions to global trade or the world economy, air traffic, the supply chain, its € 7.5 bn internal operations and ability
Slide 16: Key Priorities
16 Key Priorities Deliver on the commercial aircraft ramp-up Safety, Quality, Leading Integrity, Play a key role in Defence the future Compliance, and of aerospace Security Leverage strong commercial positioning across businesses Deliver profitable growth
Slide 17: Appendix. 9m 2026 Results
6 Results Appendix. 9m 202 \ AIRBUS
Slide 18: Expected Average Blended Rates for Forwards, Collars and Euro Conversion
18 Expected Average Blended Rates for Forwards, Collars and Euro Conversion € vs. $ Active exposure management Average Blended Rates FY 2025 1.19 FY 2026E 1.21 (1) 2025 2026E Blended rates reflect both EBIT impact of hedge rates of the US$ hedge portfolio and Euro conversion. It includes Collars at
Slide 19: 9m 2026 Detailed Income Statement and Adjustments
19 9m 2026 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT 9m 2026 Financial 9m 2026 in € m Operational FX Reported Result Adjusted Airbus + Defence Airbus Helicopters Defence and Space and Space1 EBIT 4,550 4,495 259 44 0 270 in % of Revenues 9.0% 8.9% Interest inco
Slide 20: 9m 2025 Detailed Income Statement and Adjustments
20 9m 2025 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT 9m 2025 Financial 9m 2025 in € m Operational FX Reported Result Adjusted Airbus + Defence Airbus Helicopters Defence and Space1 and Space2 EBIT 3,365 4,146 135 69 0 577 in % of Revenues 7.1% 8.7% Intere
Slide 21: Liquidity as of 30 September 2026
21 Liquidity as of 30 September 2026 RSCF € 8.0 bn • Signed on July 5, 2022 • 2nd extension option of 1 year exercised in June 2024 Credit Facility (RSCF and approved by all lenders: the full € 8 bn line is committed until July 5, 2029 • Fully committed by 38 banks • No financial covenants, no MAC
Slide 22: Quarterly Key Figures
22 Quarterly Key Figures in € m Q3 2026 Q3 2025 Revenues 17,469 17,826 EBIT Adjusted 1,768 1,942 EBIT 1,805 1,748 Net Income 1,344 1,116 FCF before Customer Financing 102 696 FCF 65 806 in € m Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Revenues EBIT Adjusted EBIT Airbus 12,788 13,057 1,375
Slide 23: Detailed Free Cash Flow
23 Detailed Free Cash Flow in € m 9m 2026 9m 2025 Net Cash position at the beginning of the period 12,171 11,753 Gross Cash Flow from Operations 1 6,548 4,709 Change in working capital 2 5,647 3,677 Investments in intangible and fixed assets (net) 2,009 1,810 & dividends paid by companie
Slide 24: Net Cash Position
24 Net Cash Position in € m Sep. Dec. 2025 2026 Gross Cash 21,854 27,218 Financing Liabilities 13,826 14,249 Short-term Financing Liabilities 4,841 5,186 Long-term Financing Liabilities 8,985 9,063 Interest rate contracts 986 798 Reported Net Cash 7,042 12,171
Slide 25: Customer Financing Exposure
25 Customer Financing Exposure in € m Sep. 2026 Dec. 2025 Sep. 2026 Dec. 2025 Sep. 2026 Dec. 2025 Airbus Helicopters Defence and Space Closing rate € 1 = $ 1.14 $ 1.18 $ 1.14 $ 1.18 $ 1.14 $ 1.18 Total Gross Exposure 137 192 5 6 19 21 of which off-balance sheet 0 0 0 0 0 0 Estimated value of collate
Slide 26: Airbus Customer Financing
26 Airbus Customer Financing Gross Exposure in $ bn 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 0.2 0.2 Net Exposure Net Exposure fully provisioned Net Exposure € 0.0 bn fully provisioned Net Exposure € 0.0 bn € 0.1 bn € 0.2 bn $ 0.2 bn) $ 0.2 bn) € 0.2 bn € 0.1 bn $ 0.2 bn) $ 0.1 bn
Slide 27: Balance Sheet Highlights: Assets
27 Balance Sheet Highlights: Assets in € m Sep. 2026 Dec. 2025 Non-current Assets 63,577 61,292 of which Intangible & Goodwill 17,141 16,847 of which Property, plant & equipment 21,410 20,893 of which Investments & other long-term financial assets 8,670 7,830 of which Contract assets 0 17 of which P
Slide 28: Balance Sheet Highlights: Liabilities
28 Balance Sheet Highlights: Liabilities in € m Sep. 2026 Dec. 2025 Total Equity 26,827 26,184 of which AOCI Accumulated Other Comprehensive Income) 1,122 70 of which Non-controlling interests 85 80 Total Non-current liabilities 46,951 45,244 of which Pensions 796 926 of which Other provisions
Slide 29: New Capitalised Research and Development
29 New Capitalised Research and Development in € m 9m 2026 9m 2025 Airbus 150 166 Helicopters 0 0 Defence and Space 33 55 Eliminations 0 0 Consolidated Airbus 183 221
Slide 30: Shareholding Structure at 30 September 2026
30 Shareholding Structure at 30 September 2026 Free Float 73.9% SOGEPA 10.8% GZBV 10.8% SEPI 4.1% Treasury Shares 0.4% 792,283,683 shares issued at 30 September 2026
Slide 31: Quarterly Revenues Breakdown (Cumulative)
31 Quarterly Revenues Breakdown Cumulative) in € m Q1 H1 9m FY 2026 2025 2026 2025 2026 2025 2026 2025 Airbus 8,436 9,521 23,877 20,829 36,665 33,886 52,577 Helicopters 1,604 1,600 3,680 3,693 5,646 5,652 8,972 Defence and Space 2,832 2,656 6,316 5,813 9,341 8,876 13,405 Eliminations 221 235 6
Slide 32: Quarterly EBIT Adjusted Breakdown (Cumulative)
32 Quarterly EBIT Adjusted Breakdown Cumulative) in € m Q1 H1 9m FY 2026 2025 2026 2025 2026 2025 2026 2025 Airbus 81 494 1,987 1,714 3,362 3,270 5,470 Helicopters 65 78 240 249 445 495 925 Defence and Space 130 77 487 265 672 420 798 Eliminations 24 25 13 24 16 39 65 Consolidated Airbus 30
Slide 33: Quarterly EBIT Breakdown (Cumulative)
33 Quarterly EBIT Breakdown Cumulative) in € m Q1 H1 9m FY 2026 2025 2026 2025 2026 2025 2026 2025 Airbus 1 451 1,950 1,231 3,378 2,556 4,555 Helicopters 65 78 240 249 445 495 953 Defence and Space 134 31 542 161 711 353 639 Eliminations 24 25 13 24 16 39 65 Consolidated Airbus 224 473 2,
Slide 34: 9m 2026 IFRS vs. APM Cash Flow Reconciliation
34 9m 2026 IFRS vs. APM Cash Flow Reconciliation in € bn Sep. 2026 Cash provided by (used for) operating activities 0.7 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 5.6 Gross Cash Flow from Operations 6.5
Slide 35: Glossary on Alternative Performance Measures (APM)
35 Glossary on Alternative Performance Measures APM This presentation also contains certain “non-GAAP financial measuresˮ, 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