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Airbus : Q1 2026 Financial Statements
Airbus : Q1 2026 Financial
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Contents Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Information for the three-month period ended 31 March 2026 Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements 2 Unaudited Condensed Interim IFRS Consolidated Income Statement 2 Unaudited Condensed Interim IFRS Consolidated Statement of Comprehensive Income 3 Unaudited Condensed Interim IFRS Consolidated Statement of Financial Position 4 Unaudited Condensed Interim IFRS Consolidated Statement of Cash Flows 6 Unaudited Condensed Interim IFRS Consolidated Statement of Changes in Equity 7 Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements 8 The Company 8 Accounting Policies 8 Geopolitical and Macroeconomic Environment 8 Acquisitions and Disposals 8 Related Party Transactions 9 Segment Information 9 Revenues and Gross Margin 10 Research and Development Expenses 10 Other Income and Other Expenses 11 Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments 11 Total Financial Result 11 Income Taxes 11 Earnings per share 11 Investments Accounted for under the Equity Method 11 Other Investments and Other Long-Term Financial Assets 12 Inventories 12 Provisions 12 Other Financial Assets and Other Financial Liabilities 12 Other Assets and Other Liabilities 13 Total Equity 14 Net Cash 14 Financial Instruments 16 Litigation and Claims 17 Number of Employees 18 Events after the Reporting Date 18 1 Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements Unaudited Condensed Interim IFRS Consolidated Income Statement (in € million) Note 1 January - 31 March 2026 1 January - 31 March 2025 Revenues 7 12,651 13,542 Cost of sales (11,095) (11,664) Gross margin 7 1,556 1,878 Selling expenses (218) (219) Administrative expenses (421) (446) Research and development expenses 8 (730) (673) Other income 9 55 33 Other expenses 9 (38) (121) Share of profit from investments accounted for under the equity method 10 17 29 Other income from investments 10 3 (8) Profit before financial result and income taxes (EBIT) 224 473 Interest income 11 176 209 Interest expenses 11 (175) (189) Other financial result 11 465 601 Total financial result 11 466 621 Income taxes 12 (139) (349) Profit for the period 551 745 Attributable to: Equity owners of the parent (Net income) 586 793 Non-controlling interests (35) (48) Earnings per share € € Basic 13 0.74 1.01 Diluted 13 0.74 1.01 The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements. Unaudited Condensed Interim IFRS Consolidated Statement of Comprehensive Income (in € million) 1 January - 31 March 2026 1 January - 31 March 2025 Profit for the period 551 745 Other comprehensive income: Items that will not be reclassified to profit or loss: Remeasurement of the defined benefit pension plans 244 171 Income tax relating to re-measurement of the defined benefit pension plans (108) (23) Change in fair value of financial assets (98) (1) Income tax relating to change in fair value of financial assets 0 0 Transfer on disposal of fair value through OCI equity instruments 34 0 Share of change from investments accounted for under the equity method (1) (5) Items that may be reclassified to profit or loss: Foreign currency translation differences for foreign operations 74 (143) Change in fair value of cash flow hedges (1,076) 2,002 Income tax relating to change in fair value of cash flow hedges 257 (548) Change in fair value of financial assets (110) 30 Income tax relating to change in fair value of financial assets 1 0 Share of change from investments accounted for under the equity method (11) (15) Other comprehensive income, net of tax (794) 1,469 Total comprehensive income for the period (243) 2,214 Attributable to: Equity holders of the parent (202) 2,226 Non-controlling interests (41) (12) The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements. Unaudited Condensed Interim IFRS Consolidated Statement of Financial Position (in € million) Note 31 March 2026 31 December 2025 Assets Non-current assets Intangible assets 16,837 16,847 Property, plant & equipment 20,941 20,893 Investment property 68 68 Investments accounted for under the equity method 14 2,375 2,360 Other investments & other long-term financial assets 15 5,613 5,470 Non-current contract assets 31 17 Non-current other financial assets 18 654 1,070 Non-current other assets 19 3,073 2,762 Deferred tax assets 2,000 1,808 Non-current securities 21 10,366 9,997 Non-current assets 61,958 61,292 Current assets Inventories 16 46,922 41,676 Trade receivables 5,243 5,454 Current portion of other long-term financial assets 15 905 734 Current contract assets 1,837 1,639 Current other financial assets 18 2,349 2,557 Current other assets 19 3,950 3,760 Current tax assets 601 543 Current securities 21 2,999 3,093 Cash and cash equivalents 21 11,872 14,128 Current assets 76,678 73,584 Assets and disposal group of assets classified as held for sale 4 64 63 Total assets 138,700 134,939 (in € million) Note 31 March 2026 31 December 2025 Equity and liabilities Equity attributable to owners of the parent Capital stock 793 793 Share premium 4,002 4,002 Retained earnings 23,277 22,334 Other components of equity (1,026) (70) Treasury shares (955) (955) Equity attributable to owners of the parent 26,091 26,104 Non-controlling interests 88 80 Total equity 20 26,179 26,184 Liabilities Non-current liabilities Non-current provisions 17 3,759 3,976 Long-term financing liabilities 21 9,055 9,063 Non-current contract liabilities 26,468 26,484 Non-current other financial liabilities 18 5,097 4,809 Non-current other liabilities 19 450 477 Deferred tax liabilities 387 428 Non-current deferred income 7 7 Non-current liabilities 45,223 45,244 Current liabilities Current provisions 17 4,163 4,369 Short-term financing liabilities 21 5,515 5,186 Trade liabilities 16,337 15,878 Current contract liabilities 33,859 32,112 Current other financial liabilities 18 1,264 1,000 Current other liabilities 19 5,291 4,223 Current tax liabilities 224 133 Current deferred income 560 528 Current liabilities 67,213 63,429 Disposal group of liabilities classified as held for sale 4 85 82 Total liabilities 112,521 108,755 Total equity and liabilities 138,700 134,939 The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements. Unaudited Condensed Interim IFRS Consolidated Statement of Cash Flows (in € million) Note 1 January - 31 March 2026 1 January - 31 March 2025 Operating activities Profit for the period attributable to equity owners of the parent (Net income) 586 793 Loss for the period attributable to non-controlling interests (35) (48) Adjustments to reconcile profit for the period to cash provided by (used for) operating activities: Depreciation and amortisation 686 626 Deferred tax expense (income) (76) (30) Change in income tax assets, income tax liabilities and provisions for income tax 31 190 Results on disposals of non-current assets 8 17 Results of investments accounted for under the equity method (17) (29) Change in current and non-current provisions (69) 136 Contribution to plan assets (77) (75) Others elements (34) (456) Change in other operating assets and liabilities (2,886) (900) Cash provided by (used for) operating activities 21 (1,883) 224 Investing activities Purchases of intangible assets, property plant and equipment, investment property (615) (597) Proceeds from disposals of intangible assets, property plant and equipment and investment property 5 8 Acquisitions of subsidiaries and businesses (net of cash acquired) and joint ventures 4 (1) 0 Payments for investments accounted for under the equity method, other investments and other long-term financial assets (274) (228) Proceeds from disposals of investments accounted for under the equity method, other investments and other long-term financial assets 422 276 Dividends paid by companies accounted for under the equity method 4 0 Change in securities 21 (319) (657) Cash (used for) investing activities 21 (778) (1,198) Financing activities Change in financing liabilities 21 227 (41) Change in capital and non-controlling interests 20 1 67 Change in treasury shares 20 0 (102) Cash provided by (used for) financing activities 21 228 (76) Effect of foreign exchange rate changes on cash and cash equivalents 179 (278) Net (decrease) in cash and cash equivalents 21 (2,254) (1,328) Cash and cash equivalents at beginning of period 21 14,140 15,010 Cash and cash equivalents at end of period 21 11,886 13,682 thereof presented as cash and cash equivalents 21 11,872 13,676 thereof presented as part of disposal groups classified as held for sale 4 14 6 The accompanying notes are an integral part of these Unaudited Condensed Interim IFRS Consolidated Financial Statements. Unaudited Condensed Interim IFRS Consolidated Statement of Changes in Equity (In € million) Equity attributable to owners of the parent Non-controlling interests Total Equity Balance at 1 January 2025 19,606 90 19,696 Profit for the period 793 (48) 745 Other comprehensive income 1,433 36 1,469 Total comprehensive income of the period 2,226 (12) 2,214 Capital increase 0 0 0 Share-based payment 263 0 263 Equity transaction 6 13 19 Change in treasury shares (102) 0 (102) Balance at 31 March 2025 21,999 91 22,090 Balance at 1 January 2026 26,104 80 26,184 Profit for the period 586 (35) 551 Other comprehensive income (788) (6) (794) Total comprehensive income of the period (202) (41) (243) Capital increase 0 0 0 Share-based payment 234 0 234 Equity transaction (45) 49 4 Change in treasury shares 0 0 0 Balance at 31 March 2026 26,091 88 26,179 2 Notes to the Airbus SE Unaudited Condensed Interim IFRS Consolidated Financial Statements The Company The accompanying Unaudited Condensed Interim IFRS Consolidated Financial Statements present the financial position and the results of operations of Airbus SE (together with its subsidiaries referred to as "the Company"), a European public limited-liability company ( Societas Europaea ) with its seat ( statutaire zetel ) in Amsterdam, The Netherlands, its registered address at Mendelweg 30, 2333 CS Leiden, The Netherlands, and registered with the Dutch Commercial Register (Handelsregister) under number 24288945. The Company's reportable segments are Airbus, Airbus Helicopters and Airbus Defence and Space (see "- Note 6: Segment Information"). The Company is listed on the European stock exchanges in Paris, Frankfurt am Main, Madrid, Barcelona, Valencia and Bilbao. The Unaudited Condensed Interim IFRS Consolidated Financial Statements were authorised for issue by the Company's Board of Directors on 28 April 2026. Accounting Policies The Unaudited Condensed Interim IFRS Consolidated Financial Statements (including the financial position and the results of operations of the Company as at and for the three months ended 31 March 2026) are prepared in accordance with International Financial Reporting Standards ("IFRS"), issued by the International Accounting Standards Board ("IASB") as endorsed by the European Union ("EU"). They are prepared and reported in euro ("€") and all values are rounded to the nearest million appropriately. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. These Unaudited Condensed Interim IFRS Consolidated Financial Statements are prepared in compliance with IAS 34 and should be read in conjunction with the IFRS Consolidated Financial Statements as of 31 December 2025. The Company's accounting policies and methods are unchanged compared to 31 December 2025. The implementation of new or amended standards has no material impact on the Unaudited Condensed Interim IFRS Consolidated Financial Statements as of 31 March 2026. Use of Estimates and Judgements In preparing the Unaudited Condensed Interim IFRS Consolidated Financial Statements, management makes assumptions and estimates. These estimates are revised if the underlying circumstances have evolved or in light of new information. The key estimates and judgements of the Company that have a significant influence on the amounts recognised in the Unaudited Condensed Interim IFRS Consolidated Financial Statements are the same as those described in the Company's IFRS Consolidated Financial Statements as of 31 December 2025. Geopolitical and Macroeconomic Environment The Company continues to operate in a complex and dynamic environment, in particular with geopolitical uncertainties and specific supply chain challenges, notably engine shortages from one supplier. Continued instability in the geopolitical environment persists in creating points of vigilance for the Company. While the current conflict in the Middle East is impacting trade routes (and in particular the supply of oil and other related products) and has led to disruptions of air traffic, as of 31 March 2026, no material impact has been recognised in the Company's Unaudited Condensed Interim IFRS Consolidated Financial Statements. The Company continues to assess this situation as it evolves. Acquisitions and Disposals Spirit Acquisition On 8 December 2025, after having received all required regulatory approvals, the Company completed the acquisition of certain Spirit AeroSystems, Inc. businesses related mainly to the execution by Spirit of certain supply contracts with Airbus (collectively, the "Spirit Acquired Businesses"). A preliminary goodwill of US$ 236 million (€ 203 million) was recognised as of 31 December 2025. The Company continues to review information relating to events or circumstances existing at the acquisition date that could impact the fair value estimates. The one-year window for the completion of the purchase price allocation ("PPA") will end at the latest in December 2026. Other acquisitions and disposals On 23 October 2025, the Company, Leonardo and Thales announced the signature of a memorandum of understanding to create a leading European player in space. The Company will contribute with its Space Systems and Space Digital businesses, coming from Airbus Defence and Space. The new company could be operational in 2027, subject to regulatory approvals and satisfaction of other closing conditions. Ownership of the new company will be shared among the parent companies, with Airbus, Leonardo and Thales owning respectively 35%, 32.5% and 32.5% stakes. It will operate under joint control, with a balanced governance structure among shareholders. As of 31 March 2026, this transaction did not meet the criteria to be classified as held for sale. On 7 November 2025, Satair, an Airbus company, entered into an agreement to acquire Unical Aviation Inc. ("Unical"), a global aircraft parts and components supplier of Used Serviceable Material ("USM") and its subsidiary ecube, a global expert in aircraft storage, disassembly, and transition services. The acquisition includes Unical's and ecube's six operational sites and offices across North America, Spain, and the United Kingdom, adding a strategic expansion to Satair Int's global footprint. The transaction is subject to the customary regulatory approvals and is still expected to be finalised in the first half-year 2026. On 23 March 2026, Airbus entered into a definitive agreement with the Cobham Ultra group, a portfolio company of Advent, for the acquisition of Ultra Cyber Ltd, based in Maidenhead, United Kingdom. This strategic move reinforces Airbus' position as a trusted, sovereign partner for the UK and a key supplier to its allies, while strengthening its presence in the European cybersecurity landscape. Closing of the transaction is subject to customary regulatory approvals and is expected in the second half-year 2026. Assets and Disposal Groups Classified as Held for Sale As of 31 March 2026, the Company continues intending to divest one of its subsidiaries. The assets and liabilities relating to this disposal are classified as held for sale for a net amount of € -21 million as of 31 March 2026. The transaction is expected to be closed in 2026. Related Party Transactions The Company has entered into various transactions with related entities; carried out in the normal course of business. Segment Information The following tables present information with respect to the Company's business segments. As a rule, inter-segment transfers are carried out on an arm's length basis. Inter-segment sales predominantly take place between Airbus and Airbus Defence and Space and between Airbus Helicopters and Airbus. Consolidation effects are reported in the column "Eliminations". The Company uses EBIT as a key indicator of its economic performance. Business segment information for the year ended 31 March 2026 is as follows: (In € million) Airbus Airbus Helicopters Airbus Defence and Space Eliminations Airbus Consolidated Total revenue 8,436 1,604 2,832 0 12,872 Inter-segment revenue (117) (85) (19) 0 (221) Revenue 8,319 1,519 2,813 0 12,651 thereof: sales of goods at a point in time 6,888 474 919 0 8,281 sales of goods overtime 0 150 954 0 1,104 services, including sale of spare parts 1,431 895 940 0 3,266 Profit before financial result and income taxes (EBIT) 1 65 134 24 224 thereof research and development expenses (566) (76) (78) (10) (730) Interest result 1 Other financial result 465 Income taxes (139) Profit for the period 551 Business segment information for the year ended 31 March 2025 is as follows: (In € million) Airbus Airbus Helicopters Airbus Defence and Space Eliminations Airbus Consolidated Total revenue 9,521 1,600 2,656 0 13,777 Internal revenue (128) (88) (19) 0 (235) Revenue 9,393 1,512 2,637 0 13,542 thereof: sales of goods at a point in time 7,965 469 803 0 9,237 sales of goods overtime 1 157 860 0 1,018 services, including sale of spare parts 1,427 886 974 0 3,287 Profit before financial result and income taxes (EBIT) 451 78 (31) (25) 473 thereof research and development expenses (545) (66) (57) (5) (673) Interest result 20 Other financial result 601 Income taxes (349) Profit for the period 745 Airbus EBIT decreased by € -450 million to € 1 million (first three months 2025: € 451 million). It mainly reflects the lower deliveries of 114 aircraft (first three months 2025: 136 aircraft) and a less favourable foreign exchange environment. Airbus Helicopters EBIT remained stable at € 65 million (first three months 2025: € 78 million). Airbus Defence and Space EBIT increased by € +165 million to € 134 million (first three months 2025: € -31 million). It is mainly due to higher volume and better performance across Airbus Defence and Space businesses. The first three months 2025 included a charge of € -0.1 billion related to the associated costs of the adaptation plan announced in 2024. Revenues and Gross Margin Revenue decreased by € -891 million to € 12,651 million (first three months 2025: € 13,542 million). The decrease is mainly driven by lower deliveries of 114 aircraft (first three months 2025: 136 aircraft) paired with a less favourable foreign exchange environment partly offset by higher volume across Airbus Defence and Space businesses. Revenue by geographical areas based on the location of the customer is as follows: (In € million) 1 January - 31 March 2026 1 January - 31 March 2025 Europe 5,613 5,567 Asia-Pacific 2,753 4,028 North America 1,946 2,662 Middle East 1,426 615 Latin America 416 370 Other countries 497 300 Total 12,651 13,542 The gross margin decreased by € -322 million to € 1,556 million compared to € 1,878 in the first three months 2025. It is mainly due to lower aircraft deliveries paired with a less favourable foreign exchange environment partly offset by higher volume and better performance across Airbus Defence and Space businesses. The gross margin rate decreased from 13.9% to 12.3%. Research and Development Expenses Research and development expenses increased by € 57 million to € 730 million compared to € 673 million in the first three months 2025. Research and development expenses mainly reflect the development of latest generation commercial aircraft programmes and activities to prepare technologies of the future. Other Income and Other Expenses Other income increased by € +22 million to € 55 million compared to € 33 million in the first three months 2025. Other expenses decreased by € 83 million to € -38 million compared to € -121 million in the first three months 2025 mainly due to the restructuring provision related to the Airbus Defence and Space adaptation plan announced in 2024 and recorded in the first three months 2025. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments Share of profit from investments under the equity method and other income from investments remained stable at € 20 million compared to € 21 million in the first three months 2025. Total Financial Result Total financial result decreased by € -155 million to € 466 million compared to € 621 million in the first three months 2025. The financial result mainly reflects the revaluation of certain equity investments (see "- Note 15: Other Investments and Other Long-Term Financial Assets"). Income Taxes The income tax expense amounts to € -139 million (first three months 2025: € -349 million) and corresponds to an effective income tax rate of 20.2%. This is related to the non-taxable impact from the revaluation of certain financial investments partly offset by the effect of the French surtax. Earnings per share (In € million) 1 January - 31 March 2026 1 January - 31 March 2025 Profit for the period attributable to equity owners of the parent (Net income) € 586 million € 793 million Weighted average number of shares outstanding 787,227,745 787,433,498 Basic earnings per share € 0.74 € 1.01 Diluted earnings per share - The Company's dilutive potential ordinary shares are equity-settled Performance Shares relating to Long-Term Incentive Plans ("LTIP"). In the first three months 2026, a total of 1,406,067 equity-settled Performance Shares was considered in the calculation of diluted earnings per share. (In € million) 1 January - 31 March 2026 1 January - 31 March 2025 Profit for the period attributable to equity owners of the parent (Net income) € 586 million € 793 million Weighted average number of shares outstanding (diluted) 788,633,812 788,579,719 Diluted earnings per share € 0.74 € 1.01 Investments Accounted for under the Equity Method Investments accounted for under the equity method remained stable at € 2,375 million (prior year-end: € 2,360 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE. Other Investments and Other Long-Term Financial Assets (In € million) 31 March 2026 31 December 2025 Other investments 3,843 3,499 Other long-term financial assets 1,770 1,971 Total non-current other investments and other long-term financial assets 5,613 5,470 Current portion of other long-term financial assets 905 734 Total 6,518 6,204 Other investments mainly comprise the Company's participations and include the remaining investment in Dassault Aviation (10.65%, prior year-end: 10.56%) amounting to € 2,641 million as of 31 March 2026 (prior year-end: € 2,266 million). Other long-term financial assets and the current portion of other long-term financial assets include other loans in the amount of € 2,551 million as of 31 March 2026 (prior year-end: € 2,613 million), and the sales financing activities in the form of finance lease receivables and loans from aircraft financing. Inventories Inventories of € 46,922 million (prior year-end: € 41,676 million) increased by € +5,246 million. This is mostly driven by work in progress in order to support the ramp-up and higher level of finished goods. Provisions (In € million) 31 March 2026 31 December 2025 Provisions for pensions 1,115 1,255 Other provisions 6,807 7,090 Total provisions 7,922 8,345 Non-current provisions 3,759 3,976 Current provisions 4,163 4,369 As of 31 March 2026, provisions for pensions amount to € 1.1 billion (prior year-end: € 1.3 billion). It mainly reflects the actuarial gains on pension obligations from financial assumptions driven by the increase in the discount rates and the contributions to plan assets. It is partly offset by low performance on plan assets. As of 31 March 2026, a non-current asset of € 1.0 billion (prior year-end: € 0.8 billion) has been accounted for to reflect the surplus in two pension funds in the UK, the Airbus Section of the participation in BAE Systems Pension Scheme and the Company UK Pension Scheme, the Airbus Atlantique Pension Plan in Canada, as well as the German deferred compensation. (see "- Note 19: Other Assets and Other Liabilities"). Other provisions decreased by € -284 million to € 6,806 million (prior year-end: € 7,090 million). It is mainly due to the utilisation of provisions for onerous contracts. Other Financial Assets and Other Financial Liabilities Other Financial Assets (In € million) 31 March 2026 31 December 2025 Positive fair values of derivative financial instruments (1) 633 1,050 Others 21 20 Total non-current other financial assets 654 1,070 Receivables from related companies 1,349 1,426 Positive fair values of derivative financial instruments (1) 571 771 Others 429 360 Total current other financial assets 2,349 2,557 Total 3,003 3,627 See "- Note 22: Financial Instruments". Other Financial Liabilities (In € million) 31 March 2026 31 December 2025 Liabilities for derivative financial instruments (1) 1,407 1,107 European Governments' refundable advances (2) 3,611 3,620 Others 79 82 Total non-current other financial liabilities 5,097 4,809 Liabilities for derivative financial instruments (1) 641 414 European Governments' refundable advances (2) 206 202 Liabilities to related companies 68 80 Others 349 304 Total current other financial liabilities 1,264 1,000 Total 6,361 5,809 See "- Note 22: Financial Instruments". Refundable advances from European Governments are provided to the Company to finance research and development activities for certain projects on a risk-sharing basis, i.e. they are repaid to the European Governments subject to the success of the project. The total net fair value of derivative financial instruments decreased by € -1,144 million to € -844 million (prior year-end: € 300 million) as a result of the strengthening of the US dollar spot rate in the first three months 2026. In the first three months 2026, the European Governments' refundable advances remained stable at € 3,817 million (prior year-end: € 3,822 million). The allocation of European Governments' refundable advances between non-current and current presented in the Condensed Interim IFRS Consolidated Financial Information ended 31 March 2026 is based on the applicable contractual repayment dates. Other Assets and Other Liabilities Other Assets (In € million) 31 March 2026 31 December 2025 Cost to fulfil a contract 735 715 Prepaid expenses 47 46 Others 2,291 2,001 Total non-current other assets 3,073 2,762 Value added tax claims 2,037 1,924 Cost to fulfil a contract 740 683 Prepaid expenses 793 766 Others 380 387 Total current other assets 3,950 3,760 Total 7,023 6,522 As of 31 March 2026, others included into other assets comprise € 1,405 million of payments to be made to Airbus by suppliers after aircraft delivery (prior year-end: € 1,319 million) which are expected to be received over a rolling period of 15 years. They are recorded as a reduction of cost of goods sold at the time of aircraft delivery. These future payments are discounted to reflect specific contractual terms and repayment profile. As of 31 March 2026, a non-current asset of € 982 million (prior year-end: € 781 million) is accounted for in others to reflect the surplus in two pension funds in the UK (see "- Note 17: Provisions"). Other Liabilities (In € million) 31 March 2026 31 December 2025 Others (1) 450 477 Total non-current other liabilities 450 477 Tax liabilities (excluding income tax) 1,076 871 Others (1) 4,215 3,352 Total current other liabilities 5,291 4,223 Total 5,741 4,700 "Others" mainly comprises tax (excluding income tax) and personnel liabilities ( e.g. Salaries, Social insurance contribution, Liabilities from personnel restructuring). Total Equity The Company's shares are exclusively ordinary shares with a par value of € 1.00. The following table shows the development of the number of shares issued and fully paid: (In number of shares) 31 March 2026 31 December 2025 Issued as at 1 January 792,283,683 792,283,683 Issued for ESOP 0 0 Issued as at end of the period 792,283,683 792,283,683 Treasury shares (5,055,558) (5,055,938) Outstanding as at end of the period 787,228,125 787,227,745 Holders of ordinary shares are entitled to dividends and to one vote per share at general meetings of the Company. Equity attributable to owners of the parent (including purchased treasury shares) amounts to € 26,091 million (prior year-end: € 26,104 million) representing a decrease of € -13 million. This is mainly due to the mark to market revaluation of the hedge portfolio of € -819 million partly compensated by the net income for the period of € +586 million and the 2026 employee share ownership plan ("ESOP") campaign with share-based payment of € +234 million. The non-controlling interests ("NCI") from non-wholly owned subsidiaries increased to € 88 million as of 31 March 2026 (prior year-end: € 80 million). These NCI do not have a material interest in the Company's activities and cash flows. Net Cash The net cash is comprised of the following elements: (In € million) 31 March 2026 31 December 2025 Cash and cash equivalents 11,872 14,128 Current securities 2,999 3,093 Non-current securities 10,366 9,997 Gross cash position 25,237 27,218 Short-term financing liabilities (5,515) (5,186) Long-term financing liabilities (9,055) (9,063) Interest rate contracts (818) (798) Total 9,849 12,171 The net cash position on 31 March 2026 amounted to € 9,849 million (prior year-end: € 12,171 million), with a gross cash position of € 25,237 million (prior year-end: € 27,218 million). Cash and Cash Equivalents Cash and cash equivalents are composed of the following elements: (In € million) 31 March 2026 31 December 2025 Bank account and petty cash 5,941 7,387 Short-term securities (at fair value through profit or loss) 4,844 5,004 Short-term securities (at fair value through OCI) 1,087 1,737 Total cash and cash equivalents 11,872 14,128 Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents. Cash and cash equivalents have decreased by € +2.2 billion from € 14.1 billion as of 31 December 2025 to € 11.9 billion as of 31 March 2026. The main variations are as follows: Cash provided by operating activities amounts to € -1.9 billion in the first three months 2026, driven by inventory build-up partly offset by a profit translated into cash and a positive impact from contract assets and liabilities. Cash used for investing activities amounts to € 0.8 billion, mainly reflecting capital expenditure and investments in securities. Cash used for financing activities amounts to € 0.2 billion. Financing Liabilities (In € million) 31 March 2026 31 December 2025 Bonds and commercial papers 6,297 6,286 Liabilities to financial institutions 320 329 Loans 393 395 Lease liabilities 2,045 2,053 Total long term financing liabilities 9,055 9,063 Bonds and commercial papers 1,491 1,479 Liabilities to financial institutions 2 25 Loans 75 129 Lease liabilities 324 327 Others (1) 3,623 3,226 Total short term financing liabilities 5,515 5,186 Total 14,570 14,249 (1) Included in "others" are financing liabilities to joint ventures. Long-term financing liabilities, mainly comprising of bonds and lease liabilities,remained stable at € 9,055 million (prior year-end: € 9,063 million). Short-term financing liabilities increased by € +329 million to € 5,515 million (prior year-end: € 5,186 million). On 31 January 2023, the Company signed a lease agreement with Mobile Airport Authority ("MAA") for a new Final Assembly Line designed by Airbus and to be constructed in Mobile, Alabama on MAA owned land. The expected cost of construction is funded through the issuance of bonds by MAA for a nominal amount of US$ 1.0 billion, the proceeds of which are used solely for that purpose. The bonds are fully guaranteed by the Company which is supervising the construction and is liable for any cost overruns. As of 31 March 2026, the project has entered into service for a corresponding amount of US$ 939 million (no entry into service has been recorded in the first three months 2026). In accordance with IFRS 16 and the Company's accounting policies for the classification of interests' cash flows, the lease liability payments to be made over the lease term is recognised in financing cash flows for the principal portion and in operating cash flows for the interest portion. Financial Instruments The following table presents the composition of derivative financial instruments: (In € million) 31 March 2026 31 December 2025 Non-current positive fair values 633 1,050 Current positive fair values 571 771 Total positive fair values of derivative financial instruments 1,204 1,821 Non-current negative fair values (1,407) (1,107) Current negative fair values (641) (414) Total negative fair values of derivative financial instruments (2,048) (1,521) Total net fair values of derivative financial instruments (844) 300 The total net fair value of derivative financial instruments decreased by € -1,144 million to € -844 million (prior year-end: € 300 million) as a result of the strengthening of the US dollar spot rate in the first three months 2026. As of 31 March 2026, the total hedge portfolio with maturities up to 2030 amounts to US$ 56.2 billion (prior year-end: US$ 54.2 billion) and covers a significant portion of the foreign exchange exposure expected over the hedging horizon. The average US$/€ hedge rate of the US$/€ hedge portfolio until 2030 amounts to 1.23 US$/€ (prior year-end: 1.22 US$/€). Carrying Amounts and Fair Values of Financial Instruments Fair values of financial instruments have been determined with reference to available market information at the end of the reporting period and the valuation methodologies as described in detail in Note 37.2 to the 2025 IFRS Consolidated Financial Statements. For the first three months 2026, the Company has applied the same methodologies for the fair value measurement of financial instruments. Carrying amount is a reasonable approximation of fair value for all classes of financial instruments listed in the first table of Note 37.2 to the 2025 IFRS Consolidated Financial Statements, with the exception of: 31 March 2026 31 December 2025 (In € million) Book Value Fair Value Book Value Fair Value Financing liabilities Issued bonds and commercial papers (7,788) (8,046) (7,765) (8,113) Liabilities to banks and other financing liabilities (4,413) (4,413) (4,104) (4,104) Fair Value Hierarchy Depending on the extent the inputs used to measure fair values rely on observable market data, fair value measurements may be hierarchised according to the following levels of input: Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities; Level 2: inputs other than quoted prices that are observable for the asset or liability - fair values measured based on Level 2 input typically rely on observable market data such as interest rates, foreign exchange rates, credit spreads or volatilities; Level 3: inputs for the asset or liability that are not based on observable market data - fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company's own data and may require the use of assumptions that are inherently judgemental and involve various limitations. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input. The following table presents the carrying amounts of the financial instruments held at fair value across the three levels of the fair value hierarchy : 31 March 2026 31 December 2025 (In € million) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Equity instruments 2,868 0 975 3,843 2,645 0 854 3,499 Derivative instruments 0 1,204 0 1,204 0 1,821 0 1,821 Securities 13,365 0 0 13,365 13,090 0 0 13,090 Customer financing 0 0 125 125 0 0 92 92 Cash equivalents 4,844 1,087 0 5,931 5,004 1,737 0 6,741 Total 21,077 2,291 1,100 24,468 20,739 3,558 946 25,243 Financial liabilities measured at fair value Derivative instruments 0 (2,048) 0 (2,048) 0 (1,521) 0 (1,521) Other liabilities 0 0 0 0 0 0 0 0 Total 0 (2,048) 0 (2,048) 0 (1,521) 0 (1,521) As of 31 March 2026, the fair value of the written put options on non-controlling interests ("NCI puts") relating to ACLP amounts to € 0 million (prior year-end: € 0 million). The fair value of these NCI puts is derived from a discounted cash flow analysis using the latest operating plan and a projection over the lifetime of the A220 programme. In addition, a post-tax WACC of 8.77% is used to discount the forecasted cash flows, taking into account the specificities of the programme (prior year-end: 8.77%). Litigation and Claims The Company is involved from time to time in various governmental, legal and arbitration proceedings in the ordinary course of its business, the most significant of which are described below. Other than as described below, there are no material governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened) which may have or have had in the recent past significant effects on Airbus SE's or the Company's Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Securities Litigation In August 2021 the Company received notification of two separate claims, and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the "Dutch claims") were made in relation to the previously reported criminal investigations that led to the Company's agreements with the French Parquet National Financier ("PNF"), the UK Serious Fraud Office ("SFO"), the US Department of Justice ("DoJ") and the US Department of State ("DoS"), which were approved on 31 January 2020. The Dutch claims assert that the Company violated its reporting obligations, allegedly leading to an impact on the Company's share price, by failing to adequately inform investors and providing false or misleading information about the criminal investigations, the Company's use of intermediaries and alleged corrupt practices, and its related financial exposure, internal investigations and subsequent measures taken by the Company. The first Dutch claim was filed with the Amsterdam District Court in August 2021 by a special purpose vehicle incorporated under the laws of Guernsey, an assignee purportedly representing numerous private shareholders and institutional investors, seeking a declaratory judgment with damages to be assessed in follow on proceedings. The second Dutch claim was filed in December 2021 following a demand letter sent by a foundation incorporated under the laws of the Netherlands, a purported representative of unnamed institutional and retail investors worldwide, starting a class action against the Company before the Dutch courts. This second Dutch claim targets the Company and its former auditors, Ernst & Young. The third Dutch claim was a class action filed in April 2022 against the Company by a foundation incorporated under the laws of the Netherlands. In accordance with Dutch procedural law, the two Dutch class action claims were treated jointly as one case. The Dutch claims followed the filing in 2020 of a putative class action lawsuit in US federal court in the state of New Jersey, against Airbus SE and members of its current and former management. The US complaint asserted violations of US securities laws, alleging false and misleading statements or omissions concerning, among other things, the Company's agreements approved on 31 January 2020 with the French PNF, the UK SFO, the US DoJ and the US DoS as well as the Company's historic practices regarding the use of third party business partners and anti-corruption compliance. The matter was fully and finally settled on 30 September 2022 in exchange for a payment in the amount of US$ 5 million without any acknowledgement of liability. In August 2023 the first Dutch claim was dismissed on the merits, with the plaintiff appealing this dismissal in November 2023. The second and third Dutch claims were dismissed on procedural grounds in September 2023, which plaintiffs appealed in December of that year. The first and third Dutch claims were fully and finally settled on 30 November 2024 for a non-material amount, without any acknowledgement of liability. On 23 December 2025 the Hague Court of Appeal affirmed the lower court's dismissal of the second Dutch claim, and the plaintiff appealed to the Supreme Court of the Netherlands in March 2026. Even should the Supreme Court allow the final claim to be reinstated, the Company believes it has strong grounds to defend the claim on the merits. The consequences of such litigation and the outcome of the proceedings cannot be fully assessed at this stage, but any judgment or decision unfavourable to the Company could have a material adverse impact on the Financial Statements, business and operations of the Company. Air France Flight 447 Trial On 1 June 2009, an A330 operated by Air France as flight AF447 from Rio de Janeiro to Paris disappeared over the Atlantic Ocean with 228 persons onboard. The wreckage was located in April 2011 after several search campaigns organised by the Bureau d'Enquêtes et d'Analyses (BEA), which published its final investigation report in July 2012. In the wake of the accident, the prosecutor in Paris opened an investigation for involuntary manslaughter and Airbus SAS was charged in March 2011. In September 2019, the investigating magistrates closed the investigation and dismissed all criminal charges after a thorough analysis of the technical and criminal legal elements of the case. However, the Paris Court of Appeal overturned the magistrates' decision and ordered a trial for involuntary manslaughter. The Company's appeal to the French Supreme Court was dismissed. Following a trial in the fourth quarter of 2022, the Paris Criminal Court announced in April 2023 that all criminal charges against the Company were dismissed, but sustained certain civil liability claims. The Paris General Prosecutor appealed the dismissal of criminal charges against Airbus and Air France, and a full retrial of the matter was held before the Paris Court of Appeal in the autumn of 2025, with a verdict scheduled for May 2026. HMRC Export Control Investigation Airbus is fully cooperating with an investigation by the Revenue and Customs Authority of the United Kingdom into possible violations of the United Kingdom's export control rules. It is not expected that the resolution of this matter will have a material financial impact. Number of Employees Airbus Airbus Helicopters Airbus Defence and Space Consolidated Airbus 31 March 2026 106,128 24,384 36,364 166,876 31 December 2025 105,128 23,922 36,244 165,294 As of 31 March 2026, the total number of employees amounts to 166,876 (prior year-end: 165,294). Events after the Reporting Date On 21 April 2026, Airbus has entered into an agreement for the acquisition of the French cybersecurity company Quarkslab, primarily based in Paris and Rennes, France. Closing of the transaction is subject to consultation with social partners as well as customary regulatory approvals, and is expected in the course of 2026.