Airbus Se · EURONEXT:AIR
Airbus — Airbus Se Ord — H1 2026 Earnings Presentation
35 slides from Airbus's earnings presentation, Jul 29, 2026
Slide 1: H1 2026 Results
H1 2026 Results Guillaume Faury Chief Executive Officer 29 July 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: H1 2026 Key Topics
4 H1 2026 Key Topics Delivering in a complex, fast-changing environment 351 € 2.7 bn € 1.2 bn Commercial aircraft EBIT FCF before 2026 delivered Adjusted Customer Financing Guidance unchanged
Slide 5: H1 2026 Commercial Performance
5 H1 2026 Commercial Performance Commercial Aircraft Airbus Helicopters Airbus Defence and Space in units in units in € m Order Intake (net) 821 104% Order Intake (net) 215 26% Order Intake (net) 9,293 83% Order Book 1 9,222 2 5% Order Book 1 1,108 20% Strong commercial momentum 1 As of
Slide 6: H1 2026 Financial Performance
6 H1 2026 Financial Performance Revenues Revenues by Division 1 R&D Expenses in € bn in % in € bn € 33.2 bn t/o defence € 6.3 bn Airbus 70% Helicopters 11% Defence and Space 19% 1 Breakdown based on external revenues.
Slide 7: H1 2026 Profitability
7 H1 2026 Profitability EBIT Adjusted EBIT in € bn / RoS % in € bn / RoS % EBIT Adjustments of € 18 m: • € 124 m $ Working Capital mismatch and Balance Sheet revaluation • € 123 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 € 2.1 bn Closing rate @ 1.14 € vs. $ Forwards, Collars & Euro Conversion as of Jun. 2026 Forwards, Collars & Euro Conversion as of Dec. 2025 0.4 Average blended rates1 2026 2031 € vs. $ Remaining 6 months
Slide 9: H1 2026 Cash Evolution
9 H1 2026 Cash Evolution in € bn Free Cash Flow 1: € 1.0 bn FCF before Customer Financing 1: € 1.2 bn H1ʼ25 € 1.6 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
Slide 11: Airbus
11 Airbus in € m H1 2026 H1 2025 Deliveries by Programme % of units delivered) Order Intake (net) in units 821 402 A220 13% Order Book⁽¹⁾ in units 9,222 (2) 8,754 A320 77% A330 3% Deliveries in units 351 306 A350 7% Revenues 23,877 20,829 External Revenue Split R&D Expenses 1,194 1,141 in % of reve
Slide 12: Airbus Helicopters
12 Airbus Helicopters in € m H1 2026 H1 2025 External Revenue split Order Intake (net) in units 215 171 Civil 50% Order Book⁽¹⁾ in units 1,108 926 Defence 50% Deliveries in units 144 138 Revenues 3,680 3,693 R&D Expenses 150 145 in % of revenues 4.1% 3.9% EBIT Adjusted 240 249 Platforms 47% in % of
Slide 13: Airbus Defence and Space
13 Airbus Defence and Space in € m H1 2026 H1 2025 External Revenue split Order Intake (net) 9,293 5,084 Air Power 61% Revenues 6,316 5,813 Space 22% Systems R&D Expenses 122 125 Connected in % of revenues 1.9% 2.2% Intelligence 17% & Others EBIT Adjusted 487 265 in % of revenues 7.7% 4.6% EBIT 542
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. H1 2026 Results
Appendix. H1 2026 Results
Slide 18: Expected Average Blended Rates
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: H1 2026 Detailed Income Statement and Adjustments
19 H1 2026 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT H1 2026 Financial H1 2026 in € m Operational FX Reported Result Adjusted Airbus + Defence Airbus Helicopters Defence and Space and Space1 EBIT 2,745 2,727 165 59 0 124 in % of Revenues 8.3% 8.2% Interest inco
Slide 20: H1 2025 Detailed Income Statement and Adjustments
20 H1 2025 Detailed Income Statement and Adjustments thereof Adjustments Impact on EBIT H1 2025 Financial H1 2025 in € m Operational FX Reported Result Adjusted Airbus + Defence Airbus Helicopters Defence and Space1 and Space2 EBIT 1,617 2,204 90 106 0 391 in % of Revenues 5.5% 7.4% Intere
Slide 21: Liquidity as of 30 June 2026
21 Liquidity as of 30 June 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 claus
Slide 22: H1 2026 Key Figures
22 H1 2026 Key Figures in € m Q2 2026 Q2 2025 Revenues 20,525 16,068 EBIT Adjusted 2,427 1,580 EBIT 2,521 1,144 Net Income 1,657 732 FCF before Customer Financing 1,319 1,300 FCF 1,379 1,288 in € m Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Revenues EBIT Adjusted EBIT Airbus 15,441 11,308 1
Slide 23: Detailed Free Cash Flow
23 Detailed Free Cash Flow in € m H1 2026 H1 2025 Net Cash position at the beginning of the period 12,171 11,753 Gross Cash Flow from Operations 1 4,538 2,366 Change in working capital 2 4,423 3,040 Investments in intangible and fixed assets (net) 1,158 910 & dividends paid by companies
Slide 24: Net Cash Position
24 Net Cash Position in € m Jun. Dec. 2025 2026 Gross Cash 23,376 27,218 Financing Liabilities 14,276 14,249 Short-term Financing Liabilities 4,851 5,186 Long-term Financing Liabilities 9,425 9,063 Interest rate contracts 740 798 Reported Net Cash 8,360 12,171
Slide 25: Customer Financing Exposure
25 Customer Financing Exposure in € m Jun. 2026 Dec. 2025 Jun. 2026 Dec. 2025 Jun. 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 150 192 5 6 24 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 € 0.0 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) $ 0.1 bn
Slide 27: Balance Sheet Highlights: Assets
27 Balance Sheet Highlights: Assets in € m Jun. 2026 Dec. 2025 Non-current Assets 63,256 61,292 of which Intangible & Goodwill 17,112 16,847 of which Property, plant & equipment 21,165 20,893 of which Investments & other long-term financial assets 8,006 7,830 of which Contract assets 0 17 of which P
Slide 28: Balance Sheet Highlights: Liabilities
28 Balance Sheet Highlights: Liabilities in € m Jun. 2026 Dec. 2025 Total Equity 25,962 26,184 of which AOCI Accumulated Other Comprehensive Income) 830 70 of which Non-controlling interests 88 80 Total Non-current liabilities 46,935 45,244 of which Pensions 813 926 of which Other provisions 3,
Slide 29: New Capitalised Research and Development
29 New Capitalised Research and Development in € m H1 2026 H1 2025 Airbus 102 107 Helicopters 0 0 Defence and Space 20 36 Eliminations 0 0 Consolidated Airbus 122 143
Slide 30: Shareholding Structure at 30 June 2026
30 Shareholding Structure at 30 June 2026 Free Float 74.2% SOGEPA 10.8% GZBV 10.8% SEPI 4.1% Treasury Shares 0.1% 792,283,683 shares issued at 30 June 2026
Slide 31: Quarterly Revenues Breakdown
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 33,886 52,577 Helicopters 1,604 1,600 3,680 3,693 5,652 8,972 Defence and Space 2,832 2,656 6,316 5,813 8,876 13,405 Eliminations 221 235 697 725 978 1,
Slide 32: Quarterly EBIT Adjusted Breakdown
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 3,270 5,470 Helicopters 65 78 240 249 495 925 Defence and Space 130 77 487 265 420 798 Eliminations 24 25 13 24 39 65 Consolidated Airbus 300 624 2,727 2,204
Slide 33: Quarterly EBIT Breakdown
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 2,556 4,555 Helicopters 65 78 240 249 495 953 Defence and Space 134 31 542 161 353 639 Eliminations 24 25 13 24 39 65 Consolidated Airbus 224 473 2,745 1,617 3,365 6
Slide 34: IFRS vs. APM Cash Flow Reconciliation
34 H1 2026 IFRS vs. APM Cash Flow Reconciliation in € bn Jun. 2026 Cash provided by (used for) operating activities 0.0 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 4.4 Gross Cash Flow from Operations 4.5
Slide 35: Glossary on Alternative Performance Measures
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