Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — H1 2025 Earnings Presentation
35 slides from Airbus's earnings presentation, Jul 30, 2025
Slide 1: H1 results 2025
- H1 results 2025 30 July 2025 Guillaume Faury Chief Executive Officer Thomas Toepfer Chief Financial Officer
Slide 2: Safe Harbour Statement
Safe Harbour Statement 2 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 forw
Slide 3: Company highlights
AIRBUS 01. Company highlights
Slide 4: H1 2025 Key Topics
4 H1 2025 Key Topics Progressing in a fast changing Financials operating environment € 2.2 bn EBIT Adjusted 306 Commercial aircraft delivered € 1.6 bn EBIT Reported Guidance unchanged € - 1.6 bn FCF before Customer Financing
Slide 5: H1 2025 Commercial Positioning
5 H1 2025 Commercial Positioning Airbus: H1 2025 H1 2024 Change Good commercial momentum Order Intake 402 310 29.7% (net) Airbus (in units) Order Book 8,754 8,585 2.0% Helicopters: Positive momentum in both Civil & Military Order Intake 171 233 -26.6% markets (net) Helicopters (in units) Order Book
Slide 6: H1 2025 Financial Performance
6 H1 2025 Financial Performance Revenues Revenues by Division (1) R&D in € bn in % in € bn Helicopters Airbus 12% 69% 28.8 29.6 € 29.6 bn 1.6 t/o defence 1.4 € 6.0 bn H1 2024 H1 2025 H1 2024 H1 2025 Defence and Space 19% (1) Breakdown based on External Revenues
Slide 7: H1 2025 Profitability
7 H1 2025 Profitability EBIT Adjusted EBIT Reported in € bn in € bn EBIT Adjustments of € - 587 m : 7.4% • € - 391 m $ Working Capital mismatch and 5.5% Balance Sheet revaluation 4.8% 5.1% • € - 105 m related to Airbus Defence & Space 2.2 workforce adaptation plan 1.5 1.6 1.4 • € - 57 m Spirit AeroS
Slide 8: USD Exposure Coverage
8 USD Exposure Coverage IN $ BILLION Forwards & Euro 9.1 Conversion as of Jun. 2025 Forwards & Euro Conversion as of Dec. 2024 23.1 20.9 14.7 17.2 5.0 0.5 Average blended rates(1) 2025 2030 (€ vs. $) 2026 2027 2028 2029 remaining 6 months and beyond Forwards and Euro conversion 1.20 1.21 1.23 1.22 1
Slide 9: H1 2025 Cash Evolution (Free Cash Flow)
9 H1 2025 Cash Evolution IN € BILLION +2.4 -3.0 -1.3 +0.4 -2.3 -0.9 11.8 Free Cash Flow (1): € - 1.6 bn FCF before Customer Financing (1): € - 1.6 bn 7.0 [H1’24: € - 0.5 bn] (2) Net Cash Position Gross Cash Flow Change in Industrial CapEx Other FCF Shareholder Pensions Net Cash Position December 202
Slide 10: Divisional highlights
AIRBUS 02. Divisional highlights
Slide 11: Airbus
11 Airbus Deliveries by Programme (% of units delivered) IN € MILLION H1 2025 H1 2024 Change A330 A320 4% Order Intake (net) 402 310 29.7% Units 76% Order Book 8,754 8,585 2.0% A350 Deliveries Units 306 323 -5.3% 7% Revenues 20,829 21,215 -1.8% R&D Expenses 1,141 1,301 in % of Revenues 5.5% 6.1% -12
Slide 12: Airbus Helicopters
12 Airbus Helicopters External Revenue Split IN € MILLION H1 2025 H1 2024 Change Order Intake (net) 171 233 -26.6% Units Civil Order Book 926 913 1.4% 45% 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% -6.5% Defence EBIT Adjusted 249 230 55%
Slide 13: Airbus Defence and Space
13 Airbus Defence and Space External Revenue Split IN € MILLION H1 2025 H1 2024 Change Services Order Intake (net) 5,084 6,059 -16.1% 33% Revenues 5,813 4,985 16.6% R&D Expenses 125 150 in % of Revenues 2.2% 3.0% -16.7% EBIT Adjusted 265 (807) in % of Revenues 4.6% -16.2% N/A Platforms 67% EBIT 161
Slide 14: Guidance highlights
AIRBUS 03. Guidance highlights
Slide 15: 2025 Guidance
15 2025 Guidance The Company targets to achieve in 2025 Around Around Around 820 € 7.0 bn € 4.5 bn Commercial aircraft EBIT Adjusted FCF before deliveries customer financing As the basis for its 2025 guidance, the Company excludes the impact of tariffs on its business. The Company’s 2025 guidance in
Slide 16: Key Priorities
16 Key Priorities Continue to deliver on our commercial aircraft ramp-up Focus on profitable growth Successfully manage the transformation of Airbus Lead the development of Defence and Space sustainable aerospace Play a key role in bridging the European Defence capability gap Maintain strong commerc
Slide 17: Appendix. H1 Results 2025
AIRBUS Appendix. H1 Results 2025
Slide 18: Expected Average Blended Rates
Expected Average Blended Rates for Forwards and Euro Conversion € vs. $ 18 Active exposure management 1.24 Average Blended Rates FY 2024 1.21 1.23 1.22 FY 2025E 1.19 1.21 1.21 1.20 1.20 1.20 1.19 1.18 1.18 (1) 1.17 1.16 Q1 Q2 Q3 Q4 2024 2025E Blended rates reflect both EBIT impact of hedge rates of
Slide 19: H1 2025 Detailed Income Statement and Adjustments
19 H1 2025 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT H1 2025 Financial H1 2025 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 1,617 2,204 (90) (106) 0 (391) in % of Revenues 5.5% 7.4%
Slide 20: H1 2024 Detailed Income Statement and Adjustments
20 H1 2024 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT H1 2024 Financial H1 2024 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 1,456 1,391 (11) 57 0 19 in % of Revenues 5.1% 4.8% Intere
Slide 21: Liquidity as of June 2025
21 Liquidity as of 30 June 2025 RSCF € 8.0 bn • 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 Credit Facility (RSCF) July 5, 2029 • Fully committed by 38 banks • No financial covenants, no MAC clause
Slide 22: Q2 2025 Key Figures
22 Q2 2025 Key Figures 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 IN € MILLION Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Revenues EBIT Adjusted EBIT Airbus 11,308 12
Slide 23: Detailed Free Cash Flow
23 Detailed Free Cash Flow 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) (910) (1,071) & Dividends paid by comp
Slide 24: Net Cash Position
24 Net Cash Position 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
Slide 25: Customer Financing Exposure
25 Customer Financing Exposure IN € MILLION June 2025 Dec. 2024 June 2025 Dec. 2024 Airbus Helicopters 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 Provi
Slide 26: Airbus Customer Financing
26 Airbus Customer Financing Additions Sell Down Amortization Net change Airbus Customer Financing Gross 1.0 0.8 0.9 Exposure in $ bn 0.8 0.7 0.6 0.6 0.5 0.2 0.3 0.3 0.1 0.1 0.1 0.0 0.0 (0.1) (0.1) (0.0) (0.3) (0.2) (0.3) (0.4) (0.4) (0.6) (0.5) (0.6) (0.0) (0.0) (0.0) (0.7) (0.7) (0.7) (0.7) (0.7)
Slide 27: Balance Sheet Highlights: Assets
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
Slide 28: Balance Sheet Highlights: Liabilities
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 pr
Slide 29: New Capitalised Research and Development
29 New Capitalised Research and Development IN € MILLION H1 2025 H1 2024 Airbus 107 73 Helicopters 0 1 Defence and Space 36 90 Eliminations 0 0 Consolidated Airbus 143 164
Slide 30: Shareholding Structure at June 2025
30 Shareholding Structure at 30 June 2025 SOGEPA 10.8% Free Float 74.1% GZBV 10.8% SEPI 4.1% Treasury Shares 0.1% 792,283,683 shares issued at 30 June 2025
Slide 31: Quarterly Revenues Breakdown (Cumulative)
31 Quarterly Revenues Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2025 2024 2025 2024 2025 2024 2025 2024 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) (84
Slide 32: Quarterly EBIT Adjusted Breakdown (Cumulative)
32 Quarterly EBIT Adjusted Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2025 2024 2025 2024 2025 2024 2025 2024 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 2,20
Slide 33: Quarterly EBIT Breakdown (Cumulative)
33 Quarterly EBIT Breakdown (Cumulative) IN € MILLION Q1 H1 9m FY 2025 2024 2025 2024 2025 2024 2025 2024 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
Slide 34: H1 2025 IFRS vs. APM Cash Flow Reconciliation
34 H1 2025 IFRS vs. APM Cash Flow Reconciliation 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
Slide 35: Glossary on Alternative Performance Measures (APM)
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