Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — FY 2025 Earnings Presentation
37 slides from Airbus's earnings presentation, Feb 19, 2026
Slide 1: FY Results 2025
- FY Results 2025 19 February 2026 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: FY 2025 Key Topics
4 FY 2025 Key Topics Performed in a complex and dynamic environment 793 Commercial aircraft delivered Guidance achieved € 7.1 bn EBIT Adjusted Dividend proposal: Dividend of € 3.2 per share € 4.6 bn FCF before Customer Financing
Slide 5: FY 2025 Commercial Positioning
5 FY 2025 Commercial Positioning Commercial Aircraft Order Book in units by Programme A330 3% Commercial Aircraft: Good commercial A350 momentum A320 10% 82% 8,754 units A220 5% Helicopters: Very strong momentum Consolidated Airbus in both civil & military Order Book in value by Region markets Asia
Slide 6: FY 2025 Financial Performance
6 FY 2025 Financial Performance Revenues Revenues by Division (1) R&D in € bn in % in € bn Helicopters 12% Airbus 69.2 73.4 70% € 73.4 bn 3.3 3.2 t/o defence € 14.2 bn FY 2024 FY 2025 FY 2024 FY 2025 Defence and Space 18% (1) Breakdown based on External Revenues
Slide 7: FY 2025 Profitability
7 FY 2025 Profitability EBIT Adjusted EBIT Reported in € bn in € bn EBIT Adjustments of € - 1,046 m: 9.7% 8.3% • € - 624 m $ Working Capital mismatch and 7.7% 7.7% Balance Sheet revaluation • € - 188 m Sprit AeroSystems work packages 7.1 acquisition and integration 6.1 5.4 5.3 • € - 105 m related to
Slide 8: USD Exposure Coverage
8 USD Exposure Coverage IN $ BILLION Forwards, Collars & Euro Conversion as of Dec. 2025 Forwards & Euro Conversion 25.7 as of Dec. 2024 23.6 22.3 17.7 7.0 3.0 Average blended rates(1) 2030 (€ vs. $) 2025 2026 2027 2028 2029 and beyond Forwards, Collars and 1.19 1.21 1.23 1.22 1.19 1.21 Euro convers
Slide 9: FY 2025 Cash Evolution
9 FY 2025 Cash Evolution IN € BILLION +0.1 -4.0 +8.2 +0.5 -2.4 -2.0 Free Cash Flow (1): € + 4.8 bn 11.8 12.2 FCF before Customer Financing (1): € + 4.6 bn [FY’24: € + 4.5 bn] (2) Net Cash Position Gross Cash Flow Change in Industrial CapEx Other FCF Shareholder Pensions Net Cash Position December 20
Slide 10: Divisional highlights
AIRBUS 02. Divisional highlights
Slide 11: Airbus
11 Airbus IN € MILLION FY 2025 FY 2024 Change Deliveries by Programme (% of units delivered) Order Intake (net) 889 826 7.6% A330 Units 4% Order Book 8,754 8,658 1.1% A320 77% Order Intake (net) 92,320 77,413 19.3% A350 Value Order Book 539,693 558,925 -3.4% 7% Deliveries Units 793 766 3.5% Revenues
Slide 12: Airbus Helicopters
12 Airbus Helicopters IN € MILLION FY 2025 FY 2024 Change External Revenue Split Order Intake (net) 536 450 19.1% Units Order Book 1,037 893 16.1% Civil Order Intake (net) 13,707 10,071 36.1% 48% Value Order Book 29,028 24,064 20.6% Deliveries Units 392 361 8.6% Revenues 8,972 7,941 13.0% R&D Expens
Slide 13: Airbus Defence and Space
13 Airbus Defence and Space IN € MILLION FY 2025 FY 2024 Change External Revenue Split Order Intake (net) 17,729 16,710 6.1% Services Order Book 50,771 46,803 8.5% 32% Revenues 13,405 12,082 11.0% R&D Expenses 269 276 in % of Revenues 2.0% 2.3% -2.5% EBIT Adjusted 798 (566) Platforms in % of Revenue
Slide 14: Airbus integrating certain Spirit AeroSystems work packages
14 Airbus integrating certain Spirit AeroSystems work packages Acquire key work ~4,000 employees 5 new sites packages A220 Wings Enable the A350 Section 15 A220 Pylon ramp-up A220 Mid-fuse Other sub-assemblies* trajectory Financials Turnaround integrated in our the work packages guidance Secure cont
Slide 15: Guidance highlights
AIRBUS 03. Guidance highlights Sa,
Slide 16: 2026 Guidance
16 2026 Guidance Around The Company targets 870 to achieve in 2026 Commercial aircraft deliveries As the basis for its 2026 guidance, the Company assumes no Around additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal € 7.5 bn operations and ability
Slide 17: Key Priorities
17 Key Priorities Deliver on the commercial aircraft ramp-up Safety, Quality, Leading Integrity, Play a key role in Defence the future Compliance, of aerospace and Security Maintain strong commercial positioning across businesses Deliver profitable growth
Slide 18: Appendix. FY Results 2025
AIRBUS Appendix. FY Results 2025
Slide 19: Dividend Proposal
19 Dividend Proposal (1) Airbus is committed to increasing shareholder return, 3.20 (1) targeting sustainable growth in the dividend within 3.00 2.80 a payout ratio of 30%-50%. During 2025 the Company strengthened its 2.00 commitment to increasing shareholder returns 1.80 1.80 by extending the upper
Slide 20: Expected Average Blended Rates for Forwards, Collars and Euro Conversion
Expected Average Blended Rates for Forwards, Collars and Euro Conversion € vs. $ 20 Active exposure management 1.26 Average Blended Rates FY 2024 1.21 1.24 1.24 1.23 FY 2025 1.19 1.22 FY 2026E 1.21 1.21 1.21 1.21 1.20 1.20 1.20 1.20 1.19 1.19 1.18 1.18 1.17 1.16 Q1 Q2 Q3 Q4 2024 2025 2026E Blended r
Slide 21: FY 2025 Detailed Income Statement and Adjustments
21 FY 2025 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT FY 2025 Financial FY 2025 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 6,082 7,128 (296) (154) 28 (624) in % of Revenues 8.3% 9.7
Slide 22: FY 2024 Detailed Income Statement and Adjustments
22 FY 2024 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT FY 2024 Financial FY 2024 IN € MILLION Operational FX Reported Result Adjusted Defence Airbus + Defence Airbus Helicopters and Space(1) and Space(2) EBIT 5,304 5,354 (67) (84) 0 101 in % of Revenues 7.7% 7.7% Int
Slide 23: Liquidity as of December 2025
23 Liquidity as of 31 December 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 cla
Slide 24: Q4 2025 Key Figures
24 Q4 2025 Key Figures IN € MILLION Q4 2025 Q4 2024 Revenues 25,984 24,716 EBIT Adjusted 2,982 2,556 EBIT 2,717 2,614 Net Income 2,580 2,424 FCF before Customer Financing 5,488 5,308 FCF 5,531 5,338 IN € MILLION Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Revenues EBIT Adjusted EBIT Airbus 18,69
Slide 25: Detailed Free Cash Flow
25 Detailed Free Cash Flow IN € MILLION FY 2025 FY 2024 Net Cash position at the beginning of the period 11,753 10,726 Gross Cash Flow from Operations (1) 8,167 6,570 (2) Change in working capital 94 1,266 Investments in intangible and fixed assets (net) (3,508) (3,375) & Dividends paid by companies
Slide 26: Net Cash Position
26 Net Cash Position IN € MILLION Dec. 2025 Dec. 2024 Gross Cash 27,218 26,864 Financing Liabilities (14,249) (14,279) Short-term Financing Liabilities (5,186) (3,924) Long-term Financing Liabilities (9,063) (10,355) Interest rate contracts (798) (832) Reported Net Cash 12,171 11,753
Slide 27: Customer Financing Exposure
27 Customer Financing Exposure (1) IN € MILLION Dec. 2025 Dec. 2024 Dec. 2025 Dec. 2024 Dec. 2025 Dec. 2024 Airbus Helicopters Defence and Space Closing rate € 1 = $ 1.18 $ 1.04 $ 1.18 $ 1.04 $ 1.18 $ 1.04 Total Gross Exposure 192 309 6 17 21 26 of which off-balance sheet 0 2 0 2 0 0 Estimated value
Slide 28: Airbus Customer Financing
28 Airbus Customer Financing Additions Sell Down Amortization Net change Airbus Customer Financing Gross 1,0 0,9 0,8 0,8 0,7 Exposure in $ bn 0,6 0,6 0,5 0,3 0,3 0,2 0,1 0,0 0,1 0,1 0,1 (0,1) (0,1) (0,3) (0,3) (0,4) (0,4) (0,1) (0,6) (0,5) (0,6) (0,2) (0,0) (0,0) (0,7) (0,7) (0,7) (0,0) (0,7) (0,7)
Slide 29: Balance Sheet Highlights: Assets
29 Balance Sheet Highlights: Assets IN € MILLION Dec. 2025 Dec. 2024 Non-current Assets 61,292 59,781 of which Intangible & Goodwill 16,847 17,179 of which Property, plant & equipment 20,893 19,112 of which Investments & other long-term financial assets 7,830 7,510 of which Contract assets 17 61 of
Slide 30: Balance Sheet Highlights: Liabilities
30 Balance Sheet Highlights: Liabilities IN € MILLION Dec. 2025 Dec. 2024 Total Equity 26,184 19,696 of which AOCI (Accumulated Other Comprehensive Income) (70) (3,286) of which Non-controlling interests 80 90 Total Non-current liabilities 45,244 48,894 of which Pensions 926 1,555 of which Other pro
Slide 31: New Capitalised Research and Development
31 New Capitalised Research and Development IN € MILLION FY 2025 FY 2024 Airbus 283 246 Helicopters 0 1 Defence and Space 73 203 Eliminations 0 0 Consolidated Airbus 356 450
Slide 32: Shareholding Structure at 31 December 2025
32 Shareholding Structure at 31 December 2025 SOGEPA 10.8% Free Float 73.7% GZBV 10.8% SEPI 4.1% Treasury Shares 0.6% 792,283,683 shares issued at 31 December 2025
Slide 33: Quarterly Revenues Breakdown
33 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 33,886 32,879 52,577 50,646 Helicopters 1,600 1,461 3,693 3,191 5,652 4,875 8,972 7,941 Defence and Space 2,656 2,399 5,813 4,985 8,876 7,609 13,405 12,082 E
Slide 34: Quarterly EBIT Adjusted Breakdown
34 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 3,270 3,028 5,470 5,093 Helicopters 78 71 249 230 495 420 925 818 Defence and Space 77 (9) 265 (807) 420 (661) 798 (566) Eliminations (25) 8 (24) 14 (39) 11 (
Slide 35: Quarterly EBIT Breakdown
35 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 2,556 2,876 4,555 5,133 Helicopters 78 71 249 230 495 420 953 818 Defence and Space (31) 30 161 (760) 353 (617) 639 (656) Eliminations (25) 8 (24) 14 (39) 11 (65) 9 Co
Slide 36: FY 2025 IFRS vs. APM Cash Flow Reconciliation
36 FY 2025 IFRS vs. APM Cash Flow Reconciliation IN € BILLION Dec. 2025 Cash provided by (used for) operating activities 8.0 t/o Reimbursement from / contribution to plan assets (0.3) t/o Treasury swaps 0.0 t/o Change in other operating assets and liabilities 0.1 Gross Cash Flow from Operations 8.2
Slide 37: Glossary on Alternative Performance Measures
37 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