Airbus Se · EURONEXT:AIR
Airbus — Q1 2026 Earnings Presentation
35 slides from Airbus's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results Guillaume Faury Chief Executive Officer 28 April 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
Slide 4: Q1 2026 Key Topics
4 Q1 2026 Key Topics Progressing in a complex and dynamic operating environment 114 € 0.3 bn € 2.5 bn Commercial aircraft EBIT FCF before 2026 delivered Adjusted Customer Financing Guidance unchanged
Slide 5: Q1 2026 Commercial Positioning
5 Q1 2026 Commercial Positioning Commercial Aircraft Airbus Helicopters Airbus Defence and Space in units in units in € m Order Intake (net) 398 95% Order Intake (net) 79 21% Order Intake (net) 4,957 91% Order Book 1 9,037 2 4% Order Book 1 1,060 13% Strong commercial momentum 1 As of M
Slide 6: Q1 2026 Financial Performance
6 Q1 2026 Financial Performance Revenues Revenues by Division 1 R&D Expenses in € bn in % in € bn € 12.7 bn t/o defence € 2.8 bn Airbus 66% Helicopters 12% Defence and Space 22% 1 Breakdown based on External Revenues.
Slide 7: Q1 2026 Profitability
7 Q1 2026 Profitability EBIT Adjusted EBIT in € bn / RoS % in € bn / RoS % EBIT Adjustments of € 76 m: • € 42 m $ Working Capital mismatch and Balance Sheet revaluation • € 32 m related to the integration of former Spirit AeroSystems work packages • € 2 m Others EPS Adjusted 1 EPS 1
Slide 8: USD Exposure Coverage
8 USD Exposure Coverage in $ bn Mark-to-market of FX hedging instruments incl. in AOCI € 2.0 bn Closing rate @ 1.15 € vs. $ Forwards, Collars & Euro Conversion as of Mar. 2026 Forwards, Collars & Euro Conversion as of Dec. 2025 0.3 Average blended rates1 2026 2031 € vs. $ Remaining 9 months
Slide 9: Q1 2026 Cash Evolution
9 Q1 2026 Cash Evolution in € bn Free Cash Flow 1: € 2.4 bn FCF before Customer Financing 1: € 2.5 bn Q1ʼ25 € 0.3 bn] 2 1 Customer Financing of € 0.1 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 - AIRBUS
Slide 11: Airbus
11 Airbus in € m Q1 2026 Q1 2025 Deliveries by Programme % of units delivered) Order Intake (net) in units 398 204 A220 17% Order Book⁽¹⁾ in units 9,037 (2) 8,726 A320 71% A330 2% Deliveries in units 114 136 A350 10% Revenues 8,436 9,521 External Revenue Split R&D Expenses 566 545 in % of revenues
Slide 12: Airbus Helicopters
12 Airbus Helicopters in € m Q1 2026 Q1 2025 External Revenue split Order Intake (net) in units 79 100 Civil 51% Order Book⁽¹⁾ in units 1,060 942 Defence 49% Deliveries in units 56 51 Revenues 1,604 1,600 R&D Expenses 76 66 in % of revenues 4.7% 4.1% EBIT Adjusted 65 78 Platforms 41% in % of revenue
Slide 13: Airbus Defence and Space
13 Airbus Defence and Space in € m Q1 2026 Q1 2025 External Revenue split Order Intake (net) 4,957 2,592 Air Power 63% Revenues 2,832 2,656 Space 21% Systems R&D Expenses 78 57 Connected in % of revenues 2.8% 2.1% Intelligence 16% & Others EBIT Adjusted 130 77 in % of revenues 4.6% 2.9% EBIT 134 31
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 Maintain strong commercial positioning across businesses Deliver profitable growth
Slide 17: Appendix. Q1 2026 Results
Appendix. Q1 2026 Results
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: Q1 2026 Detailed Income Statement and Adjustments
19 Q1 2026 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT Q1 2026 Financial Q1 2026 in € m Operational FX Reported Result Adjusted Airbus + Defence Airbus Helicopters Defence and Space1 and Space2 EBIT 224 300 42 8 0 42 in % of Revenues 1.8% 2.4% Interest income
Slide 20: Q1 2025 Detailed Income Statement and Adjustments
20 Q1 2025 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT Q1 2025 Financial Q1 2025 in € m Operational FX Reported Result Adjusted Airbus + Defence Airbus Helicopters Defence and Space1 and Space2 EBIT 473 624 32 106 0 13 in % of Revenues 3.5% 4.6% Interest in
Slide 21: Liquidity as of 31 March 2026
21 Liquidity as of 31 March 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 clau
Slide 22: Q1 2026 Key Figures
22 Q1 2026 Key Figures in € m Q1 2026 Q1 2025 Revenues 12,651 13,542 EBIT Adjusted 300 624 EBIT 224 473 Net Income 586 793 FCF before Customer Financing 2,485 310 FCF 2,422 296 in € m Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Revenues EBIT Adjusted EBIT Airbus 8,436 9,521 81 494 1 451
Slide 23: Detailed Free Cash Flow
23 Detailed Free Cash Flow in € m Q1 2026 Q1 2025 Net Cash position at the beginning of the period 12,171 11,753 Gross Cash Flow from Operations 1 1,080 1,199 Change in working capital 2 2,896 906 Investments in intangible and fixed assets (net) 606 589 & dividends paid by companies valu
Slide 24: Net Cash Position
24 Net Cash Position in € m Mar. 2026 Dec. 2025 Gross Cash 25,237 27,218 Financing Liabilities 14,570 14,249 Short-term Financing Liabilities 5,515 5,186 Long-term Financing Liabilities 9,055 9,063 Interest rate contracts 818 798 Reported Net Cash 9,849 12,171
Slide 25: Customer Financing Exposure
25 Customer Financing Exposure in € m Mar. 2026 Dec. 2025 Mar. 2026 Dec. 2025 Mar. 2026 Dec. 2025 Airbus Helicopters Defence and Space Closing rate € 1 = $ 1.15 $ 1.18 $ 1.15 $ 1.18 $ 1.15 $ 1.18 Total Gross Exposure 192 192 5 6 21 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 Net Exposure € 0.0 bn Net Exposure € 0.1 bn fully provisioned fully provisioned € 0.2 bn € 0.2 bn $ 0.2 bn) $ 0.2 bn) € 0.2 bn € 0.1 bn $ 0.2 bn) $ 0.2 bn
Slide 27: Balance Sheet Highlights: Assets
27 Balance Sheet Highlights: Assets in € m Mar. 2026 Dec. 2025 Non-current Assets 61,958 61,292 of which Intangible & Goodwill 16,837 16,847 of which Property, plant & equipment 20,941 20,893 of which Investments & other long-term financial assets 7,988 7,830 of which Contract assets 31 17 of which
Slide 28: Balance Sheet Highlights: Liabilities
28 Balance Sheet Highlights: Liabilities in € m Mar. 2026 Dec. 2025 Total Equity 26,179 26,184 of which AOCI Accumulated Other Comprehensive Income) 1,026 70 of which Non-controlling interests 88 80 Total Non-current liabilities 45,223 45,244 of which Pensions 815 926 of which Other provisions
Slide 29: New Capitalised Research and Development
29 New Capitalised Research and Development in € m Q1 2026 Q1 2025 Airbus 43 48 Helicopters 0 0 Defence and Space 9 17 Eliminations 0 0 Consolidated Airbus 52 65
Slide 30: Shareholding Structure at 31 March 2026
30 Shareholding Structure at 31 March 2026 Free Float 73.6% SOGEPA 10.8% GZBV 10.8% SEPI 4.1% Treasury Shares 0.7% 792,283,683 shares issued at 31 March 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 20,829 33,886 52,577 Helicopters 1,604 1,600 3,693 5,652 8,972 Defence and Space 2,832 2,656 5,813 8,876 13,405 Eliminations 221 235 725 978 1,534 Consolidated Airbus
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 1,714 3,270 5,470 Helicopters 65 78 249 495 925 Defence and Space 130 77 265 420 798 Eliminations 24 25 24 39 65 Consolidated Airbus 300 624 2,204 4,146 7,128
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 1,231 2,556 4,555 Helicopters 65 78 249 495 953 Defence and Space 134 31 161 353 639 Eliminations 24 25 24 39 65 Consolidated Airbus 224 473 1,617 3,365 6,082
Slide 34: Q1 2026 IFRS vs. APM Cash Flow Reconciliation
34 Q1 2026 IFRS vs. APM Cash Flow Reconciliation in € bn Mar. 2026 Cash provided by (used for) operating activities 1.9 t/o Reimbursement from / contribution to plan assets 0.1 t/o Treasury swaps 0.0 t/o Change in other operating assets and liabilities 2.9 Gross Cash Flow from Operations 1.1
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