Consolidated Airbus – Nine-Month (9m) 2023 Results 

(Amounts in Euro)

Consolidated Airbus	9m 2023	9m 2022	Change
Revenues, in millions thereof defence, in millions	42,560 7,249	38,119 7,541	+12%  -4%
EBIT Adjusted, in millions	3,631	3,481	+4%
EBIT (reported), in millions	2,712	3,552	-24%
Research & Development expenses, in millions	2,167	1,965	+10%
Net Income(3), in millions	2,332	2,568	-9%
Earnings Per Share	2.96	3.26	-9%
Free Cash Flow (FCF) , in millions	718	2,502	-71%
Free Cash Flow before M&A , in millions	776	2,609	-70%
Free Cash Flow before M&A and Customer Financing , in millions	1,037	2,899	-64%

 

Consolidated Airbus	30 Sept. 2023	31 Dec. 2022	Change
Net Cash position , in millions of Euro	8,315	9,431	-12%
Number of employees	145,511	134,267	+8%

 

By Business Segment	Revenues			EBIT (reported)
(Amounts in millions of Euro)	9m 2023	9m 2022	Change	9m 2023	9m 2022	Change
Airbus	31,507	26,654	+18%	2,306	3,241	-29%
Airbus Helicopters	4,662	4,515	+3%	410	380	+8%
Airbus Defence and Space	7,133	7,593	-6%	-3	-64	-
Eliminations	-742	-643	-	-1	-5	-
Total	42,560	38,119	+12%	2,712	3,552	-24%

 

By Business Segment	EBIT Adjusted
(Amounts in millions of Euro)	9m 2023	9m 2022	Change
Airbus	3,216	2,875	+12%
Airbus Helicopters	417	380	+10%
Airbus Defence and Space	-1	231	-
Eliminations	-1	-5	-
Total	3,631	3,481	+4%

 

By Business Segment	Order Intake (net)			Order Book
	9m 2023	9m 2022	Change	30 Sept. 2023	30 Sept. 2022	Change
Airbus, in units	1,241	647	+92%	7,992	7,294	+10%
Airbus Helicopters, in  units	191	246	-22%	751	792	-5%
Airbus Defence and Space, in millions of Euro	8,469	7,991	+6%	N/A	N/A	N/A

Consolidated Airbus – Third Quarter (Q3) 2023 Results

(Amounts in Euro)

Consolidated Airbus	Q3 2023	Q3 2022	Change
Revenues , in millions	14,897	13,309	+12%
EBIT Adjusted , in millions	1,013	836	+21%
EBIT (reported) , in millions	825	973	-15%
Net Income (3) , in millions	806	667	+21%
Earnings Per Share	1.02	0.85	+20%

 

By Business Segment	Revenues			EBIT (reported)
(Amounts in millions of Euro)	Q3 2023	Q3 2022	Change	Q3 2023	Q3 2022	Change
Airbus	11,158	9,121	+22%	783	763	+3%
Airbus Helicopters	1,468	1,771	-17%	143	165	-13%
Airbus Defence and Space	2,480	2,537	-2%	-90	49	-
Eliminations	-209	-120	-	-11	-4	-
Total	14,897	13,309	+12%	825	973	-15%

 

By Business Segment	EBIT Adjusted
(Amounts in millions of Euro)	Q3 2023	Q3 2022	Change
Airbus	960	599	+60%
Airbus Helicopters	143	165	-13%
Airbus Defence and Space	-79	76	-
Eliminations	-11	-4	-
Total	1,013	836	+21%

 

EBIT (reported) / EBIT Adjusted Reconciliation
The table below reconciles EBIT (reported) with EBIT Adjusted.
 

Consolidated Airbus (Amounts in millions of Euro)	9m 2023
EBIT (reported)	2,712
thereof:
$ PDP mismatch/balance sheet revaluation	-806
Aerostructures transformation	-57
Others	-56
EBIT Adjusted	3,631

Glossary
 

KPI	DEFINITION
EBIT	The Company continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance cost and income taxes as defined by IFRS Rules.
Adjustment	Adjustment, an alternative performance measure, is a term used by the Company which includes material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
EBIT Adjusted	The Company uses an alternative performance measure, EBIT Adjusted , as a key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses.
EPS Adjusted	EPS Adjusted is an alternative performance measure of basic earnings per share as reported whereby the net income as the numerator does include Adjustments. For reconciliation, see the Analyst presentation.
Gross cash position	The Company defines its consolidated gross cash position as the sum of (i) cash and cash equivalents and (ii) securities (all as recorded in the consolidated statement of financial position).
Net cash position	The Company defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities, plus or minus (iiii) interest rate contracts related to fair value hedges (all as recorded in the consolidated statement of financial position).
Free Cash Flow (FCF)	For the definition of the alternative performance measure Free Cash Flow, see the Universal Registration Document, MD&A section 2.1.6.1. It is a key indicator which allows the Company to measure the amount of cash flow generated from operations after cash used in investing activities.
FCF before M&A	FCF before M&A refers to Free Cash Flow as defined in the Universal Registration Document, MD&A section 2.1.6.1 adjusted for net proceeds from disposals and acquisitions. It is an alternative performance measure and key indicator that reflects free cash flow excluding those cash flows resulting from acquisitions and disposals of businesses.
FCF before M&A and Customer Financing	FCF before M&A and Customer Financing refers to Free Cash Flow before mergers and acquisitions adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and indicator that may be used occasionally by the Company in its financial guidance, especially when there is higher uncertainty around customer financing activities.

 
Footnotes:

1. Before a reduction of two aircraft previously recorded as sold in December 2021 for which a transfer was not possible due to international sanctions against Russia.
2. Two A350s delivered on operating lease without revenue recognition at delivery.
3. Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable to equity owners of the parent as defined by IFRS Rules.

Safe Harbour Statement:

• Changes in general economic, political or market conditions, including the cyclical nature of some of Airbus’ businesses;
• Significant disruptions in air travel (including as a result of the spread of disease or terrorist attacks);
• Currency exchange rate fluctuations, in particular between the Euro and the U.S. dollar;
• The successful execution of internal performance plans, including cost reduction and productivity efforts;
• Product performance risks, as well as programme development and management risks;
• Customer, supplier and subcontractor performance or contract negotiations, including financing issues;
• Competition and consolidation in the aerospace and defence industry;
• Significant collective bargaining labour disputes;
• The outcome of political and legal processes, including the availability of government financing for certain programmes and the size of defence and space procurement budgets;
• Research and development costs in connection with new products;
• Legal, financial and governmental risks related to international transactions;
• Legal and investigatory proceedings and other economic, political and technological risks and uncertainties;
• Changes in societal expectations and regulatory requirements about climate change;
• The full impact of the COVID-19 pandemic and the resulting health and economic crisis;
• Aggravation of adverse geopolitical events, including Russia’s invasion of Ukraine and the resulting imposition of export control restrictions and international sanctions, and rising military tensions around the world.

Rounding