Airbus SE — Annual Report (ESEF) 2025

Feb 19, 2026

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of the Board of Directors 2025 (Issued as of 18 February 2026) Contents 1 Information on the Company’s Activities 3 1.1 Overview 3 1.2 Airbus (Commercial Aircraft) 9 1.3 Airbus Helicopters 21 1.4 Airbus Defence and Space 28 1.5 Other Corporate Activities 40 2 Corporate Governance 49 2.1 Board of Directors 49 2.2 Executive Committee 64 2.3 Remuneration Report 66 2.4 Dutch corporate governance code 82 2.5 Miscellaneous 84 3 Risk Management and Internal Control Systems 85 3.1 Risk factors 85 3.2 Enterprise Risk Management System 100 3.3 Insurance 103 3.4 Internal Control 104 3.5 Internal Audit 105 3.6 Board declaration 106 4 General information on the Company and its share capital 107 4.1 Description of the share capital 107 4.2 Shareholding and voting rights 109 4.3 Share price performance 2025 120 4.4 Dividends 121 4.5 Taxation 122 5 Financial information 124 5.1 Financial performance 125 5.2 Information on Airbus SE auditors 130 6 Non-Financial Information: Sustainability Statement 131 6.1 General information 136 6.2 Environmental information 149 6.3 Social information 178 6.4 Governance information 206 6.5 Appendices 213 7 Vigilance plan 249 Airbus SE/ Report of the Board of Directors 2025 1 Dear shareholders, This is the Report of the Board of Directors (the "Board Report") on the activities of Airbus SE during the 2025 financial year, prepared in accordance with Dutch law. Airbus SE is a European public limited‑liability company (Societas Europaea) with its seat in Amsterdam, the Netherlands, its registered address at Mendelweg 30, 2333 CS Leiden, the Netherlands, and it is registered with the Dutch Commercial Register (Handelsregister) under number 24288945. Airbus SE, together with its subsidiaries, is referred to herein as the "Company" or “Airbus”. Airbus SE is listed in France, Germany and Spain. The Company operates in three segments: Airbus (which includes the Commercial Aircraft business) and the two Divisions, Airbus Defence and Space and Airbus Helicopters. In this Board Report “Airbus” may be used to refer to the Company, and in context it may refer specifically to the Commercial Aircraft segment. Airbus SE itself does not engage in the core aerospace, defence or space business of the Company, however as the parent company, Airbus SE conducts activities which are essential to the Company’s activities and which are an integral part of the overall management of the Company. In particular, Airbus SE sets and controls objectives and approves major decisions of the Company, including by coordinating related businesses, providing services or procuring the provision of services to its subsidiaries, and pursuing financing activities in support of the business activities and strategy of the Company. For an overview of the Company’s organisation, please refer to the “Simplified Airbus Structure” in the Appendix (2.9) to the Notes to the Financial Statements. For further information regarding the Company's business and operations, finances and results, risks, please refer to the Company’s IFRS Consolidated Financial Statements dated 18 February 2026 and the Company’s other annual, quarterly and ad-hoc announcements and releases relating to the Company’s business, operations, finances and results, in each case available through the Company's website: www.airbus.com. References to the “IFRS Consolidated Financial Statements” or “Financial Statements” and the “Notes to the IFRS Consolidated Financial Statements” or “Notes to the Financial Statements” respectively refer to the Company’s consolidated financial information prepared in accordance with International Reporting Standards, and the accompanying notes thereto, dated 18 February 2026, and available through the “investors” section of the Company’s website: https://www.airbus.com/en/investors. This Board Report 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 forward-looking statements include statements made about the Company’s strategy, introduction of new products and services, market expectations, production ramp-up and delivery schedules and other developments, as well as statements regarding the Company’s future performance, prospects and outlook. Forward-looking statements may be based on analyses or forecasts of future results and estimates of amounts not yet determinable. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements represent the view of the Company only as of the dates they are made, and the Company disclaims any obligation to update forward-looking statements, except as may be otherwise required by law. The forward-looking statements in this Board Report involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual future results, performance and achievements to differ materially from those forecasted or suggested herein. These include changes in general economic and business conditions, the factors described under Section 3.1 “Risk Factors”, and other facts or future developments or conditions not presently known to the Company. Due to the nature of the markets in which the Company operates and the confidential nature of its businesses, any statements with respect to the Company’s competitive position contained herein have been based on the Company’s internal information sources, unless another source has been specified. All statements made in this Board Report are made as of the date hereof, unless specifically otherwise noted. The information included and presented in this Board Report is believed by the Company to be accurate and complete as of the date hereof, and the Company disclaims any obligation to update such information, except as may be otherwise required by law. Due to rounding, numbers presented throughout this Board Report and other documents may not add up precisely to the totals provided, and percentages may not precisely reflect the absolute figures. Airbus SE/ Report of the Board of Directors 2025 2 1 Information on the Company’s Activities 1.1 Overview Airbus pioneers sustainable aerospace for a safe and united world. The Company constantly innovates to provide efficient and technologically-advanced solutions in aerospace, defence, and connected services. In commercial aircraft, Airbus designs and manufactures modern and fuel-efficient airliners and associated services. Airbus is also a European leader in space systems, defence and security. In helicopters, Airbus provides efficient civil and military rotorcraft solutions and services worldwide. In 2025 the Company successfully navigated a complex and dynamic operating environment. In the course of the year the Company reached strategic milestones, delivered on its updated guidance and achieved a record financial performance, while facing persistent challenges in its supply chain. Demand for the Company’s products and services was very strong, with the global demand for commercial aircraft underpinning the Airbus production ramp-up, and the broad and competitive portfolios of Defence and Space and Helicopters allowing the Company to capture the current momentum in defence. 1.1.1 Organisation of the Company’s businesses The Company’s business is organised into the following three operating segments: (i) Airbus (including the Commercial Aircraft business), (ii) Helicopters and (iii) Defence and Space. Airbus (Commercial Aircraft) Airbus is one of the world’s leading aircraft manufacturers of passenger and freighter aircraft and related services. In 2025, Airbus delivered 793 aircraft (compared to 766 deliveries in 2024) and received 1000 gross orders (compared to 878 gross orders in 2024). After accounting for cancellations, net order intake for 2025 was 889 aircraft (compared to 826 aircraft in 2024). As of 31 December 2025, the backlog of commercial orders was 8,754 aircraft (compared to 8,658 aircraft in 2024). In 2025, Airbus (Commercial Aircraft) recorded total revenues of € 52.6 billion – representing approximately 72% of the Company’s revenues. For further information please refer to Section 1.2 “Airbus (Commercial Aircraft)”. Helicopters Airbus Helicopters is a global leader in the civil and military rotorcraft market, offering one of the most complete and modern ranges of helicopters and related services. This product range currently includes intermediate single-engine, light twin-engine, medium, and medium-heavy rotorcraft as well as Uncrewed Aerial Systems (UAS and drones) which are adaptable to all kinds of mission types based on customer needs. Airbus Helicopters delivered 392 helicopters in 2025 (compared to 361 in 2024). The following table presents a breakdown by product type for the past two years. (In units) 2025 2024 Light 183 170 Medium 178 165 Heavy 31 26 thereof NH90 19 12 Total 392 361 Airbus Helicopters received 536 net orders in 2025 (compared to 450 net orders in 2024). Order intake amounted to €13.7 billion in 2025 (2024: € 10.1 billion). Military contracts accounted for 62% of this order volume, with civil representing the remaining 38%. At the end of 2025, Airbus Helicopters' order book stood at 1,037 helicopters (compared to 893 helicopters in 2024). In 2025, Airbus Helicopters recorded total revenues of €9.0 billion, representing approximately 12% of the Company’s revenues. For further information, please refer to Section 1.3 “Airbus Helicopters”. Airbus SE/ Report of the Board of Directors 2025 3 Defence and Space Airbus Defence and Space shapes and leads the European ecosystem of defence aerospace. In 2025, Airbus Defence and Space was organised in three main segments: Air Power, Space Systems and Connected Intelligence. Airbus Defence and Space develops, produces and maintains cutting-edge products, systems and services, enabling governments, institutions and commercial customers to protect people and resources. In 2025, Airbus Defence and Space recorded total revenues of €13.4 billion, representing approximately 18% of the Company’s revenues. For further information, please refer to Section 1.4 “Airbus Defence and Space”. 1.1.2 Corporate Strategy Recent years have presented serious challenges worldwide, and the business world has confronted a phase that is marked by increased complexity and heightened uncertainty. The Company therefore decided at the end of 2024 to adapt by defining five strategic key priorities: resilience, innovation, sustainability, focus, and scale. Throughout 2025, Airbus commenced the rigorous execution of this new strategic roadmap, successfully aligning the entire organisation. This concerted effort is already yielding tangible, positive results. 1.1.1.1 Growth in a persistently turbulent and challenging environment The commercial aviation sector registered robust passenger traffic growth of 5.3% in 2025, measured in Revenue Passenger Kilometers (RPKs) according to the International Air Transport Association (IATA). Cargo traffic grew by 3.4% in Revenue Tonne Kilometers (RTKs), despite the global trade volatility experienced in 2025. IATA forecasts passenger traffic growth of 4.9% for 2026, demonstrating the industry’s continued long-term resilience. In the defence sector, a commitment was made at the 2025 NATO Summit to a long-term, step-change increase in defence spending, with a pledge by members to invest 5% of Gross Domestic Product (GDP) annually on core defence and security requirements by 2035. Crucially, at least 3.5% of members’ GDP must be allocated to core defence needs and NATO Capability Targets by the same year. Furthermore, in 2025 the European Commission proposed a comprehensive €800 billion "Readiness 2030" plan to meet and exceed the 2% GDP defence spending level achieved in 2024. This initiative is intended to activate multiple financial levers to drive investment and encourage joint procurement. Despite the continued robust growth of commercial aviation and strong prospects in defence procurement, the Aerospace & Defence industry's trajectory is unfolding against a backdrop of rising macro-economic volatility, marked by the increasing use of trade restrictions (such as tariffs and export controls) as a geopolitical tool, heightened political polarisation, and renewed international conflicts. Success in this environment requires prioritising operational resilience, implementing agile risk management frameworks, and executing targeted investments in innovative technologies to sustain profitability and navigate these structural global uncertainties. 1.1.1.2 Strategic adaptation is ongoing, focusing on value creation As the Company continues to pursue its five strategic priorities to manage operations, it works to address key corporate challenges while ensuring that value creation for stakeholders remains at the heart of everything Airbus does. The five key strategic priorities are summarised as follows: ● Resilience (a robust industrial system and broad profit base) ● Innovation (improve existing products, develop next generation) ● Sustainability (continue to pioneer sustainable aerospace) ● Focus (on core strengths and synergies) ● Scale (leverage the Company’s leading position in European aerospace) The Company's ambition goes beyond simply navigating present challenges; it is focused on securing a decisive trajectory of sustained growth, bold innovation, and positive societal impact. Consequently, all organisational efforts are strategically channelled toward maximising value creation for all of its stakeholders: customers, employees, partners, shareholders, and society at large. Airbus SE/ Report of the Board of Directors 2025 4 Value Creation Value for customers Airbus is committed to excellence. The Company is working to scale production and bolster industrial resilience in order to reliably deliver best-in-class products and services, with aviation safety and security continuing to be its highest priority. Value for employees and partners Achieving the Company’s strategic objectives requires the passion of its employees and critical contributions from suppliers. The Company is committed to fostering an inclusive and safe environment that attracts and retains top talent by offering fulfilling careers and the opportunity to contribute to exciting, cutting-edge projects that define the future of aerospace. Value for shareholders Amidst the production ramp-up, the Company is targeting sustainable growth in earnings and cash flow to increase shareholder returns, while concurrently making disciplined investments in preparing its future portfolio. Value for society As an industry leader, Airbus accepts the mandate to drive positive social value. This mandate shapes the Company’s strategic approach to sustainability, with the Company continuing to be actively engaged in the pursuit of a decarbonised future for aerospace, while continuing to uphold its stringent integrity and safety standards, and focusing on its people as a core foundation of its commitment. Value for Europe The persistent capability gap in European defence and security has been dramatically underscored by recent geopolitical events, driving an urgent need for an effective collective response. Airbus stands ready to support Europe and its nations (across both the EU and the UK) to further strengthen their defence capabilities and deter existing and emerging security threats. 1.1.1.3 Five strategic priorities 1.1.1.3.1 Resilience: a robust industrial system and broad profit base The Company’s strategic priority of resilience focuses equally on industrial strength and financial robustness. Industrial resilience requires the establishment of a highly efficient, robust industrial system capable of reliable, on-schedule delivery at full scale. Simultaneously, financial resilience is fundamental to the Company’s long-term stability and sustained health, and as such, the Company must actively diversify its revenue streams and sources of profitability. Strengthen the industrial system Meeting the current unprecedented market demand for the Company’s products requires a continued focus on operational transformation. To this end, the Company works to continuously optimise and de-risk its end-to-end production processes, while significantly increasing its overall industrial robustness. For example, advanced automation technologies are being deployed where they demonstrably enhance safety, increase throughput, and thereby enhance the Company’s competitiveness. As part of the effort to address its specific supply chain challenges, in December 2025 the Company closed the previously-announced transaction with Spirit AeroSystems for the acquisition of industrial assets dedicated to Airbus’ Commercial Aircraft programmes. During the final quarter of 2025 Airbus increased its industrial capacity with the inauguration of an additional A320 Family FAL in both China and the US. Enhancing financial resilience and profitability Beyond driving industrial performance, the Company is working to enhance its economic resilience. This objective requires that every programme and business unit across the Company’s Commercial Aircraft business and two Divisions must make significant, positive contributions to the Company’s overall profit base. For example, there may be untapped potential in services activities, which given their intrinsic link to the Company’s core product portfolio may be positioned to further contribute to the Company’s economic performance over the coming years. As another example, the Company has announced that its material management subsidiary Satair has agreed to acquire Unical Aviation Inc., a world leader in the supply of used serviceable material (USM). This strategic acquisition, which is pending regulatory approval, should significantly strengthen the Company’s capabilities in managing the lifecycle of aeronautical materials, in line with its Airbus SE/ Report of the Board of Directors 2025 5 commitment to integrated, comprehensive after-sales solutions. The transformation and adaptation of Airbus Defence and Space that was announced in 2024 has begun to show results, with the Division reporting record order intake and improved profitability during 2025. 1.1.1.3.2 Innovation: improve existing products, develop the next generation of products & services The Company works to continually innovate, both to improve its current product range and to secure the future by developing the next generation of products and services. To this end, the Company maintains a focus on enhancing the performance and relevance of its current product portfolio, to maintain its market-leading position. At the same time, the Company works to make targeted and substantial investments, in order to actively prepare and define the next generation of its core products and services across the Commercial Aircraft business and two Divisions, which aims at ensuring the Company's long-term viability in the decades ahead. Continual product enhancement and strategic portfolio expansion The Company is committed to pursue the constant evolution of its products and services, consistently refining its existing portfolio to ensure maximum alignment with customer expectations and performance needs. Concurrently, the Company strategically pursues new markets and increased market penetration by launching new variants of core products and services, which effectively broadens their applications and captures diverse customer segments. For an overview of recent improvements in the Company’s various products, please refer to Sections 1.2 “Airbus (Commercial Aircraft)”, 1.3 “Airbus Helicopters”, 1.4 “Airbus Defence and Space” and 1.5.2 “Research and Technology”. Breakthrough next-generation products The development of a next-generation single-aisle aircraft, designed for superior efficiency and optimised performance, sits at the core of the Company’s product evolution strategy. Concurrently, the Company is making critical investments to mature the foundational technologies required to successfully introduce a commercially viable, fully electric, hydrogen-powered commercial aircraft into service. The Company’s objective to continue developing breakthrough, next-generation products extends to its helicopter and defence and space capabilities. Strategic initiatives such as the Next Generation Rotorcraft Capability (NGRC), Unmanned Aerial Systems (UAS), and the Future Combat Air System (FCAS) clearly illustrate the Company’s focused pursuit of developing and deploying technological advancements that will define the future of aerospace. For further information on these topics please refer to Sections 1.2 “Airbus (Commercial Aircraft)”, 1.3 “Airbus Helicopters”, 1.4 “Airbus Defence and Space” and 1.5.2 “Research and Technology”. 1.1.1.3.3 Sustainability: continuing to pioneer sustainable aerospace Airbus’ commitment to sustainability Airbus is driven by its purpose: to pioneer sustainable aerospace for a safe and united world. This pioneering spirit has powered the Company for more than fifty years, propelling it to a leading position in the aerospace industry and positioning it for the long-term. The Company takes a holistic approach to sustainability, recognising the critical interdependence of environmental, social, and economic factors. In line with its core purpose, the Company works to pioneer solutions that reduce the environmental impact of aerospace and drive the decarbonisation of the entire industry. One way in which the Company pursues this goal is by continually innovating to create highly fuel-efficient products and encouraging their rapid, effective deployment. Furthermore, the Company continues to progress toward targeted CO2 reductions in Scope 1 and Scope 2 emissions, as well as towards improving the CO2 efficiency of its commercial aircraft as reflected in its Scope 3 target. The Company’s ambition to minimise the environmental footprint of its own operations is also embedded in the additional targets it set related to purchased energy, waste generated, water withdrawal and volatile organic compound (“VOC”) emissions. Airbus SE/ Report of the Board of Directors 2025 6 The Company’s environmental ambitions are intrinsically linked to the Company’s commitment to society, to act ethically and fairly across its supply chain, and within the communities within which it operates. The defence and security products the Company offers to governments directly enable them to protect citizens and advance global security. To underpin this entire strategy, the Company enforces robust internal governance standards, supported by clear targets and transparent reporting, ensuring accountability and reinforcing responsible business practices as the foundation for long-term resilience. Making targeted catalyst investments in alternative fuels Although the sustainable aviation fuel (“SAF”) 1 ecosystem remains nascent—with 2025 production around 1.9 million tonnes representing only 0.6% of total global commercial aviation fuel consumption (per IATA data as of December 2025)—the Company believes that SAF is a critical, high-potential lever necessary for the sector to achieve its ambitious goal of “net zero carbon emissions by 2050”. The Company is actively engaged in fostering the entire SAF value chain to facilitate the emergence of a robust, end-to-end ecosystem. This commitment is materialised through multiple strategic efforts: utilising SAF in the Company’s own operations, generating both supply and stimulating demand, supporting customers in its adoption, and actively facilitating the development and maturation of new SAF production technologies. Airbus intensified its commitment to SAF in 2025 through multiple initiatives. First, the Company continued to increase the direct use of SAF in its own operations. Second, it committed to co-invest with Cathay Group to accelerate SAF development, in Asia and globally. This comes in addition to the already-established partnership with Qantas, which saw a joint investment in Climate Tech Partners aimed at accelerating the development of SAF and other aviation decarbonisation technologies. Furthermore, to solve logistical hurdles and accelerate the connection of SAF supply and demand, Airbus is championing the "Book & Claim" model, which allows customers to purchase SAF credits and claim emissions reductions even if the physical fuel is used elsewhere. While not yet recognised by major regulators like the EU or CORSIA, Airbus is actively advocating for its acceptance. Through the Airbus Book & Claim Demonstrator (ABCD), the company has embarked with key partners including AerCap, SMBC Aviation Capital, and several private aviation firms to mainstream this solution. Paving the way towards long-term hydrogen-powered commercial aviation The Company firmly believes that hydrogen-based propulsive technology holds a long-term key role to aerospace decarbonisation. Airbus is therefore continuing to invest in maturing the core technologies required for a future hydrogen-powered aircraft. After nearly five years of comprehensive research into hydrogen propulsion, Airbus concluded in 2025 that fuel cells represent the most promising option for its future hydrogen-powered aircraft. The Company is leveraging its Aerostack joint venture to develop the necessary fuel cell systems. While the aircraft design has significantly progressed, commercial scalability depends on overcoming significant regulatory hurdles and expanding global airport infrastructure. To address these barriers, Airbus is coordinating a cross-industry effort with energy and infrastructure partners to build a viable hydrogen ecosystem for carbon-neutral flight. Addressing the full lifecycle of the Company’s products The Company was among the earliest adopters of aircraft decommissioning and recycling. As a shareholder in Tarmac Aerosave, the Company has helped establish proven methods for decommissioning, dismantling and recycling its entire product range, with around 90% of an aircraft’s constituent parts by mass eligible for reuse or recycling. Building on its leadership position, the Company has continued to expand its end-of-life services with the opening of the Airbus Lifecycle Services Centre in Chengdu (China). The Company is also dedicated to increasing materials circularity within aerospace and defence, with a particular focus on two primary metals, titanium and aluminium. Both metals are crucial for aircraft structures due to their light weight, high strength and corrosion resistance. For instance, the Company is investing in recycling titanium scraps from the production floor, in collaboration with EcoTitanium, which has been recycling titanium scraps gathered from various Airbus sites. The Company seeks to encourage circularity as a point of reference in how products are designed (refuse, reduce, rethink), how their lifespans are extended (reuse, repair, refurbish, repurpose and remanufacture) and how the end-of-life process is dealt with (recycle and recover). 1 Sustainable Aviation Fuel or “SAF” as used herein refers to renewable or waste-derived aviation fuels that meet sustainability criteria such as those in ICAO's CORSIA or EU's Renewable Energy Directive and that are certified under a recognised sustainability certification scheme (covering the full chain of custody). Airbus SE/ Report of the Board of Directors 2025 7 1.1.1.3.4 Focus on Airbus’ aerospace DNA This priority is anchored by two immutable strategic principles. First, the Company affirms its unwavering commitment to being a 'pure-play' Aerospace and Defence company; all innovation and expansion will be strictly contained within this core perimeter, precluding broader diversification efforts. Investing in what we do best: aerospace products, digitally defined and enhanced By focusing on its core Aerospace and Defence competencies, the Company ensures optimal allocation of resources, innovation, and development capital. Simultaneously, the integration of adjacent fields, specifically advanced digital technologies, acts as a critical accelerator for innovation, directly enhancing the performance and value proposition of the Company’s core product lines. Maximising cross-divisional synergy The Company is actively reaping synergies across its three main businesses and major programs, in order to enhance value and foster innovation. In this regard, the A330 Multi Role Tanker Transport (MRTT) stands as a great example of what the Company can achieve by integrating diverse elements of its varied capabilities. To replicate this approach to achieving success - for instance, in the development of a future military patrol aircraft or the design of autonomy or electrification technologies - the Company is prioritising the mobilisation of existing expertise in alignment with the development of critical new competencies, coupled with the proactive creation of compelling career paths. In combination, these elements are essential for the Company to attract, retain, and leverage top aerospace and digital talent as it endeavours to continue to compete successfully in the markets in which it operates. 1.1.1.3.5 Scale: Leverage European scale Since the 1970s, Airbus has been a standard-bearer for innovation and collaborative excellence within the commercial aircraft industry, while simultaneously championing the vision of a unified European industrial base. This legacy was powerfully reinforced in the 1990s with the creation of Eurocopter in the rotorcraft segment. In commercial aviation, in helicopters, in missiles with Airbus affiliate MBDA, in launchers with another affiliate ArianeGroup, leaders possessing the scale and resources required for international competitiveness have been successfully forged in Europe. As the continent's major aerospace and defence integrator, Airbus now works to apply this proven model, with an aim to help unify Europe's capabilities in the Defence and Space sectors as decisively as has been achieved in those domains. This priority directly confronts a critical efficiency deficit within the European defence market, where fragmentation hinders competitive advantage and critical mass in innovation and production. The Company is actively pursuing a multi-faceted strategy to robustly increase volume, leveraging areas that span from developing dual-use applications to boosting international exports and forging strong multinational alliances. Progress is underway towards this objective, with the memorandum of understanding that was signed between the Company, Leonardo and Thales to combine their respective space activities (excluding launchers) and form a new company being a concrete step forward. By joining forces, the three participants aim to strengthen Europe’s strategic autonomy in space, a major sector that underpins critical infrastructure and services relating to telecommunications, global navigation, Earth observation, science, exploration, and national security. This new company will also serve as a trusted partner in developing and implementing national sovereign space programmes. Ultimately, achieving requisite scale mandates a cohesive home market. The Company is therefore vigorously advocating for a fully integrated European defence ecosystem—encompassing the EU and the UK—while simultaneously strengthening its vital relationships with all non-home EU member states (the EU24). This integration is paramount to unlocking the necessary scale for future dominance. Airbus SE/ Report of the Board of Directors 2025 8 1.2 Airbus (Commercial Aircraft) Airbus is one of the world’s leading manufacturers of large commercial aircraft and provider of related services. Airbus develops and industrialises innovative technological solutions and pursues the most efficient sourcing and manufacturing possible, enabling people to connect and airlines to grow. The Airbus product line comprises successful families of jetliners ranging in capacity from 100 to more than 400 seats: the A220; the A320, civil aviation’s best-selling product line; the A330 and the A350 (including the freighter derivative, the A350F). Across its portfolio, Airbus prioritises high commonality in airframes, on-board systems, cockpits and handling characteristics, which significantly reduces operating costs for its customers. Airbus’ global industrial presence includes activities in Europe (France, Germany, Spain and the UK), as well as in Canada, the US, China, Japan, more widely in the Asia-Pacific region, India and the Middle East. Airbus also has field service stations, spares, support and logistics centres as well as engineering centres worldwide. Airbus benefits from industrial co-operation and partnerships with major companies and an extensive network of suppliers from around the world. See Section 1.1 “Information on the Company’s Activities -Overview” for a further introduction to Airbus. In 2025 Airbus served 91 customers with 793 deliveries of aircraft, an increase of approximately 4 percent compared to 2024. This result was in line with the updated delivery guidance that the Company shared with the market on 3 December 2025, and was achieved despite continued supply-chain challenges and against the backdrop of an operating environment that continues to be complex and fast-changing. Airbus received 1000 gross orders in 2025, an increase of approximately 14% compared to 2024. The Company continues to ramp-up to serve the strong demand for its commercial aircraft product portfolio, as reflected by the order backlog being at unprecedented levels (currently over 8700 aircraft). As part of the ramp up effort, Airbus has enabled all of its A320 assembly sites to be capable of producing the popular A321 model, which should enable the A321 to represent a bigger share of deliveries. During the final quarter of 2025 Airbus increased its industrial capacity with the inauguration of an additional A320 FAL in both China and the US. The A220 production ramp-up is ongoing and still paced by the integration of Spirit AeroSystems work packages and the balance between supply and demand. As the Company continues to make tactical adjustments on this ramp-up trajectory, it is now targeting a rate of 13 aircraft a month for the A220 programme in 2028. On the A320 Family, Pratt & Whitney’s failure to commit to the number of engines ordered by Airbus is negatively impacting the ramp-up trajectory. As a consequence, the Company now expects to reach a rate of between 70 and 75 aircraft a month by the end of 2027, stabilising at rate 75 thereafter. The Company continues to target rate 5 for the A330 programme in 2029 and rate 12 for the A350 in 2028. As part of the effort to address its specific supply chain challenges, in December 2025, the Company took ownership of several Spirit AeroSystems assets, spanning facilities in the US, France, Morocco, Northern Ireland, and Scotland. This strategic acquisition was executed to establish more operationally and financially sustainable pathways for key work packages, to help ensure their stable supply. Strategy Airbus continues to operate in a complex and dynamic environment. As 2025 unfolded, Airbus pursued its efforts on key priorities such as its production ramp up and managing persistent supply chain challenges. In addition, the Company must navigate a changing and uncertain business environment, including the emergence of external risks such as geopolitical tensions or tariffs. Against these headwinds, Airbus continues to focus on profitable growth and aims to build a long-term sustainable competitive advantage, with emphasis on three areas in which Airbus invests today to prepare for tomorrow. First, Airbus plans on enhancing the value delivered to its customers. Airbus aims to keep its commercial aircraft portfolio competitive and suited to evolving customer expectations, through incremental developments of current programmes and the preparation of disruptive next-generation aircraft. By endeavouring to provide excellent services to its customers, Airbus aims to remain their trusted partner across the product lifecycle. Second, Airbus is investing in protecting and improving its ability to design, develop and deliver aircraft. Airbus intends to continue to support its supply chain, strengthen its value chain presence, prepare its future industrial system, and diversify its profit base. Third, Airbus’ ambition is to be at the forefront of the decarbonisation of the commercial aviation sector. The Company has set itself targets (validated by the Science-Based Targets initiative) to reduce its greenhouse gas emissions and those of the commercial aircraft Airbus produces. Fleet replacement is an immediate contributor to the commercial aviation sector’s decarbonisation effort, as the current generation of aircraft offers increased efficiency over those of previous generations. Airbus also continues to invest in enhancing existing technologies, as well as in pursuit of further breakthroughs, seeking incremental efficiency gains for its current products and working to enable the launch of a next-generation single-aisle aircraft, which could enter into service in Airbus SE/ Report of the Board of Directors 2025 9 the second half of the next decade. As it progresses in the development of the next-generation single-aisle, the Company is working to mature the underlying technologies for the aircraft itself, as well as for its production system, related services and the data backbone for more efficient design, manufacturing and operations. Particular areas of focus include breakthrough engine configurations (including open fan), advances in wing design (longer, thinner) and more integration and automation within and among systems. Decarbonisation will also happen through new energy vectors. First, Airbus is working to encourage the development of the SAF ecosystem through strategic partnerships and other efforts on production pathways, as Airbus believes SAF offers the quickest way to decarbonise current and future products. The Company is targeting to have all of its aircraft compatible with up to 100% SAF by 2030. Second, Airbus has the ambition to bring a commercially viable, fully electric, hydrogen-powered commercial aircraft into service. Airbus believes fuel cell technology to be the most promising pathway to fulfil this ambition, which would significantly reduce emissions when compared to conventional jet engine configurations. As the hydrogen ecosystem is progressing at a slower pace than anticipated, Airbus is using this additional time to further develop the performance of the fuel cell propulsion and liquid hydrogen system technologies that are expected to enable the development of the Company's first fully electric commercial aircraft, as part of its ambition to pioneer sustainable aerospace, now expected to come later than 2035. Market In the long-term, the main factors affecting the commercial aircraft market include passenger demand for air travel, airline pricing policies and resulting yields, cargo activity, economic growth cycles, evolution of the cost of energy, national and international regulation, the rate of replacement and obsolescence of existing fleets, the availability of aircraft financing sources and market evolutionary factors. The performance, competitive posture and strategy of aircraft manufacturers, airlines, cargo operators and leasing companies as well as wars, political unrest, pandemics and extraordinary events may also precipitate changes in demand and lead to short-term market imbalances. For further information, see Section 3.1.2 “Business and operations-related risks - Commercial Aircraft and Helicopter market factors may affect the Company’s business”. Demand for air transport Air transport enables highly-efficient physical links between people and the distribution of goods at a global scale, and the fundamental drivers for demand have remained unchanged as the market has developed in the past decades. The long-term market for passenger aircraft depends essentially on passenger demand for air travel, which is primarily driven by macro-economic factors (GDP, Trade), fare levels and demographic growth. Measured in Revenue Passenger Kilometres (“RPK”), air travel increased in every year from 1967 to 2000, except for 1991 due to the Gulf War, resulting in an average annual growth rate of 7.9% for the period. During the 2000s, demand for air transportation proved resilient, with passenger traffic having an average annual growth rate of 3.8% per annum despite successive shocks (including 9/11, SARS in Asia and the 2008 global financial crisis) which dampened demand. From 2010 until the COVID-19 pandemic, passenger traffic grew at an average annual growth rate of 6.0% per annum. The COVID-19 pandemic generated the largest fall in air traffic ever recorded, with a 66% global traffic decline in 2020 relative to the previous year, with recovery only being achieved in 2024. For 2025, IATA reported a global traffic (RPK) growth of 5.3%, remaining significantly above the 20-year historical trend, as some markets continue to recover from COVID-19. Average passenger load factors remained at record-levels of 83.6%.This growth was achieved despite continued geopolitical tensions in the Middle East and the Ukraine war, compounded by the volatile trade policy environment. The Russian market remains closed to western suppliers, and closure of Russian airspace creates an economic imbalance in favour of airlines from countries not applying sanctions, who are still able to overfly Russia. The effort to decarbonise air transport is impacting some markets, with further public policy actions and regulatory measures (potentially including incentives or disincentives such as through tax policy) having effect or potentially coming to bear in the future. This may increase the cost of energy for the sector and the degree of differentiation between the costs of operation of more or less fuel-efficient aircraft. Aviation growth has been driven by consistently strong improvements in efficiency, and past increases in fuel prices have been largely passed through to consumers, although regional differences may be observed. It is possible that future ticket price increases may have a dampening effect on demand growth, but any such effect is likely to be gradual on a global basis. Airbus SE/ Report of the Board of Directors 2025 10 Air cargo market Although air cargo represents only 1% of world freight volume, it accounts for approximately 33% by value of shipments. According to IATA, air cargo traffic grew by 3.4% in 2025, despite the effect of tariffs and other tensions impacting trade. This was due to inventory front-loading that took place in the first half of the year and the adjustments to trade flows that followed, two effects that reflect air cargo’s agility relative to other means of long-distance transportation. Freighter conversion activity peaked during 2023. With the post-COVID rebound in passenger travel happening against the backdrop of a constrained supply of new passenger aircraft, many aircraft designated for conversion were shifted to passenger service. This trend, which has been particularly notable with respect to Single Aisle aircraft, may continue until targeted production rates of new aircraft are realised. The freighter fleet contains a higher proportion of older aircraft, and consequently future deliveries are expected to be more for replacement than growth. E-commerce growth is expected to continue to be a strong driving force and to take an increasing share of the air cargo market. Short-term headwinds include the end of de-minimis tariff exemptions and the overall impact of tariffs and trade disruption. Short-term tailwinds include moderated inflation trends and lower crude oil prices. Airline network development: “hub” and “point-to-point” networks Following deregulation, major airlines continued to adapt their route networks and fleets to the ongoing evolution in customer demand. Where origin-to-destination demand is sufficiently strong, airlines provide direct “point-to-point” route services, and alternatively, where demand between two destinations proves insufficient, airlines have developed highly efficient “hub and spoke” systems, which provide passengers with access to a far greater number of air travel destinations through one or more flight connections, with price competition across networks through rival airline hubs. The chosen system of route networks in turn affects aircraft demand. Airbus believes that it is well-positioned to meet current and future market requirements given its complete family of products. Following its Entry-Into-Service in 2024, the A321XLR has begun operations and is proving itself as a route opener; 50% of the routes operated by the XLR are new routes, which simply would not be viable without the type. Likewise the operating range flexibility of Airbus A350 models provide resilience in the face of airspace closures and longer flight routings. Overall growth of commercial aircraft demand Reduction of aircraft production from all suppliers due to the COVID-19 pandemic and subsequent industrial and supply chain challenges led to significantly lower deliveries than what the industry had previously planned to produce. This led to longer retention of older aircraft in airline fleets, lower short-term rates of replacement and a strengthened demand for the latest fuel-efficient aircraft. Currently the industry faces a certain imbalance, as the shortage of new aircraft has triggered maintenance investment in older aircraft, which are staying in service until they can be physically replaced. Overall, the market for new commercial aircraft has evolved from a situation of oversupply during the COVID-19 pandemic to one of undersupply. The Company anticipates this supply-demand mismatch will endure as long as industry production rate and supply-chain challenges persist. In the long term, the Company's assessment is that the pandemic has not structurally changed the market for commercial aircraft. Airbus’ annual Global Market Forecast is a 20-year demand forecast for aircraft of 100 seats and above clustered in two generic sizes, “Typically Single-Aisle” and “Typically Widebody”, recognising that the size and range characteristics of future products in the industry are not fixed. In today’s Airbus product offering, the former category is addressed by the A220 and A320neo Families typically flying shorter routes, whilst the latter is catered by the A330neo and A350 Families with their long-haul capability, but the forecast recognises a degree of permeability between these two demand categories, as illustrated by the A321XLR’s reach into longer-haul markets and the appeal of A330neo in the Middle East and Asia to perform intra-regional flights. Airbus’ 2025 Global Market Forecast projects that demand for passenger traffic will continue to grow at a long-term rate of 3.6% Compounded Annual Growth Rate (“CAGR”) up to 2044, once the effects of the post-COVID recovery have been fully absorbed, with demand for air cargo forecast to grow by 3.3% CAGR over the same period. The forecast is based on macroeconomic assumptions from information services provider S&P Global and energy price projections considering the European Union Emissions Trading System (“EU-ETS”), the Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”) and stated environmental policies of sovereign states. The forecast explored thousands of sensitivities around future energy prices, SAF penetration rates, GDP, fuel efficiency gains, etc. and reflects the median outcome of these scenarios. The forecast assumes the continued liberalisation of air transport markets, and investment in air transport infrastructure tracking growth of demand locally and regionally. Upside factors to this forecast would include stronger Airbus SE/ Report of the Board of Directors 2025 11 economic development and trade growth between nations. Downside factors to the forecast would include prolonged and significant shifts in global trade policies, travel restrictions or public policy changes that might impact economic growth or otherwise restrict air transport. Airbus forecasts a demand for approximately 43,420 new passenger and freighter aircraft deliveries over the next 20 years, of which approximately 34,250 (roughly 80%) would typically be Single Aisle and approximately 9,170 (roughly 20%) Widebody. Around 18,930 of these aircraft would replace existing aircraft. The demand for Freighters is expected to reach approximately 2,600 aircraft over the next 20 years, broken down into 1,120 Small (10t-40t payload, e.g., A321P2F), 850 Mid-sized (40t-80t payload, e.g., A330P2F) and 630 Large Freighters (>80t payload, e.g., A350F). Of these, roughly 940 are expected to be newly built aircraft and the remainder converted from the in-service passenger fleet. Airbus is focused on providing more fuel-efficient aircraft for fleet replacement and growth. Currently around 39% of the world fleet consists of the latest-generation aircraft typified by Airbus’ current portfolio. Based on its analysis, Airbus continues to believe in the long-term growth potential of the industry. Market structure and competition Market segments: Airbus competes in the three principal market segments for aircraft with more than 100 seats Single-Aisle and Widebody aircraft each have a large breadth of application to route networks. Single-Aisle aircraft typically fly on shorter routes but may also fly on medium-to-long-haul routes. Widebody aircraft typically fly on medium-to-long-haul routes but may equally fly on short-haul sectors where airline network efficiencies, cargo demand or slot constraints favour such use. Freight aircraft, such as the A350F, form a third segment, which comprises a combination of newly built and converted ex-passenger aircraft. This can provide an economical ‘second life’ for in-service aircraft from the A320 and A330 families. Small and medium sized freighters such as the A321P2F and A330P2F are mainly used in the express market (i.e. next day delivery). Larger freighters such as the A350F, launched in response to customer demand in this sector, are mainly employed in the general cargo market. The addition of this freighter variant is also expected to contribute to a greater resilience of the A350 Programme to future market fluctuations. With the ACJ, Airbus also competes in the governmental, corporate and private jet market. The ACJ portfolio is composed of the ACJ319neo, the ACJ320neo, the ACJ330neo and the ACJ350 to compete in the bizliner segment. The ACJ TwoTwenty is the first ACJ purpose-developed business jet, extending the ACJ family and opening a new market: the Xtra Large bizjet, effectively bridging between traditional business jets and bizliners. Geographic differences The high proportion of single aisle aircraft in use in North America and Europe reflects the predominance of domestic short-range and medium-range flights, also resulting from the expansion of low-cost carriers and, particularly in North America, from development of hubs following deregulation. In comparison with North America and Europe, the Asia-Pacific region uses a greater proportion of twin-aisle aircraft, as populations tend to be more concentrated in large urban centres. The use of twin-aisle aircraft is also reinforced by the fact that many of the region’s major airports limit the number of flights due to environmental concerns or infrastructure constraints that limit flight frequency. These constraints lead to higher average aircraft seating capacity per flight. However, Airbus believes that demand for single aisle aircraft in Asia will grow over the next 20 years, particularly as domestic markets in China and India will continue their growth and low-cost carriers continue to develop in the region. Competition In recent decades, the bulk of the market for passenger aircraft of more than 150 seats have been manufactured by either Airbus or Boeing. Nevertheless, the high technology and high value nature of the business makes aircraft manufacturing an attractive industry in which to participate, and besides Boeing, Airbus faces international competitors. Notably, these competitors include Embraer, whose primary focus has been on the regional market (where its largest E2-jet product overlaps with the smallest Airbus aircraft), and the Chinese manufacturer COMAC, who in December 2022 delivered the first C919 airliner, a direct competitor to the A320neo. With deliveries of the C919 increasing and with the manufacturer having committed to future variants (including an eventual widebody), the period of a duopoly in the mainline commercial aircraft market has ended. Airbus considers that COMAC’s progression will be measured, determined, and paced by their industrial ramp-up, certification and the time needed to build a reputation for reliability, support, and locally made aircraft systems. Consequently, Airbus considers the likely market penetration of this competitor to be a more significant risk in the 2030s. Airbus SE/ Report of the Board of Directors 2025 12 Customers As of 31 December 2025, Airbus had 455 customers and a total of 25,510 aircraft had been ordered, of which 16,756 aircraft had been delivered to operators worldwide. The net backlog stood at a record level of 8,754 aircraft. The table below shows Airbus’ largest firm orders by customer during the year 2025 (minimum 50 units). Customers Firm orders (1) VIETJET 100 AVOLON 90 BOC AVIATION 70 AIR CHINA 60 JACKSON SQUARE AVIATION 50 (1) Options are not included. Products The Family Concept – Commonality across the Fleet Airbus’ aircraft families promote fleet commonality. This proposition takes a central aircraft and tailors it to create derivatives to meet the needs of specific market segments. For example, both variants of the A220 have a significant level of common parts and can be operated by a single pilot pool. Alternatively, the A320, A330, A350 and A380 all share the same cockpit philosophy, fly-by-wire controls and handling characteristics, enabling pilots to transfer among these aircraft within the Airbus family with a reduced need for additional training. Cross-crew qualification across families of aircraft enhances airlines' operational flexibility. In addition, the emphasis on fleet commonality permits aircraft operators to benefit from significant cost savings in crew training, spare parts, maintenance and aircraft scheduling. The extent of cockpit commonality within and across families of aircraft is a unique feature of Airbus that, in management’s opinion, constitutes an important competitive advantage. In addition, technological innovation has been at the core of Airbus’ strategy since its creation. Each product in the Airbus family is intended to set new standards in areas crucial to airlines’ success, such as cabin comfort, cargo capacity performance, economic performance, environmental impact and operational commonality. A220 Family. Complementing the A320 Family, the A220-100 and A220-300 models cover the segment up to 150 seats and offer a highly comfortable five-abreast cabin. With the most advanced aerodynamics, carbon fiber reinforced polymer (CFRP) materials, high-bypass Pratt & Whitney PW1500G engines and fly-by-wire controls, the A220 delivers 25% lower fuel burn per seat compared with previous generation aircraft. In addition to the airliner versions ACJ offers the TwoTwenty business jet, based on the A220-100, combining an intercontinental capability of over 12 hours flight duration with unmatched personal space and comfort. Airbus manufactures, markets and supports A220 aircraft under the Airbus Canada Limited Partnership Agreement. In 2020, Airbus delivered the first US-assembled A220-300 aircraft from Mobile, Alabama. Primary competitors to the A220 Family are the Embraer E190-E2 and E195-E2 and the Boeing 737 Max 7. Through the end of December 2025, a total of 482 A220 have been delivered, with a backlog of 467 aircraft. During 2025, Airbus received 49 gross orders for the A220 Family of aircraft and recorded 44 net orders, with 93 aircraft having been delivered in the year. Airbus SE/ Report of the Board of Directors 2025 13 A220 FAMILY TECHNICAL FEATURES Model Entry-into-service Typical seating (1) Range (km) Length (metres) Wingspan (metres) A220-100 2016 100 to 120 6,390 35.0 35.1 A220-300 2016 120 to 150 6,297 38.7 35.1 (1) Two-class layout. A320 Family. In 2025 the A320 family reached a major milestone, becoming the most-delivered airliner in history. As of the end of 2025,19,635 aircraft have been sold, and over 12,470 delivered. The A320 Family of single aisle aircraft includes the A319 and A321 derivatives, as well as the ACJ corporate jet. Each aircraft in the A320 Family shares the same systems, cockpit, operating procedures and cross-section. At 3.95 meters diameter, the A320 Family has a wider fuselage than the 737 MAX. This provides a roomy six-abreast passenger cabin, a high comfort level and a spacious under floor cargo volume. The A320 Family incorporates digital fly-by-wire controls, an ergonomic cockpit and a modern structural material selection. Its competitors are the Boeing 737 series and the Comac C919. Airbus continues to invest in improvements across its product line, as exemplified by the development of the A320neo family, including the A319neo, A320neo and A321neo, and ACJ variants of the A319neo and A320neo, and most recently the A321XLR. The A320neo Family incorporates many innovations including latest generation engines and cabin improvements which together deliver up to 20% in fuel savings per seat compared with earlier A320 family aircraft. The A320neo with Pratt & Whitney engines was the first variant to receive Type Certification, from the European Union Aviation Safety Agency (“EASA”) and the United States Federal Aviation Administration (“FAA”), in November 2015, followed by the A320neo with CFM engines in May 2016. The A320neo Family versions have over 95% airframe commonality with the A320ceo (current engine option) versions, enabling them to fit seamlessly into existing A320 Family fleets – a key factor for Airbus customers and operators. Continuing support for the large in-service A320ceo fleet is undiminished as new opportunities arise, including those in the developing passenger-to-freighter conversion market. Recognising a market requirement for increasing range capability, the A321neo has been further developed to incorporate additional flexibility in cabin configuration with optional design weight and fuel capacity enhancements to produce the 7,280km (4,000nm) range capable A321LR. The A321XLR, which was delivered to its launch customer, Iberia, in October 2024 is combining single aisle efficiency with Widebody range and comfort, resulting in an unmatched product offering for all operator types in the key mid-range market area with 8,700km (4,700nm) range. Since its launch in December 2010, the A320neo Family has received 11,529 firm orders from more than 150 customers, with a total of 4 372 aircraft delivered through the end of 2025. A320neo deliveries commenced in February 2016 followed by the first A321neo in April 2017 and in August 2019 the first A319neo. As against the Boeing 737 MAX Family, the A320neo family retains an approximate 60% market share of the single aisle backlog. Elbe Flugzeugwerke GmbH (“EFW”), a partnership between Airbus and Singapore-based ST Aerospace Ltd. (“STA”) offers passenger-to-freighter (“P2F”) conversion solutions for its A320 and A321 aircraft. With its freighter conversion programmes (the A330P2F, A321P2F and A320P2F), EFW is driving the development of the Airbus freighter family. In 2025, 6 further A321P2F were re-delivered, with 57 having been delivered since 2020. During 2025, Airbus received 656 gross orders for the A320 Family of aircraft and 560 net orders, with 607 aircraft having been delivered. Airbus SE/ Report of the Board of Directors 2025 14 A320 FAMILY TECHNICAL FEATURES Model Entry-into-service Typical seating (1) Range (km) Length (metres) Wingspan (metres) A319 1996 110 to 140 6,850 33.8 35.8 (2) A320 1988 140 to 170 6,200 37.6 35.8 (2) A321 1994 170 to 210 5,950 44.5 35.8 (2) A319neo 2019 (ACJ) 120 to 150 6,760 33.8 35.8 A320neo 2016 150 to 180 6,390 37.6 35.8 A321neo 2017 180 to 220 7,400 44.5 35.8 A321XLR 2024 206 to 220 8,700 44.5 35.8 (1) Two-class layout. (2) With sharklets. A330 Family. With 1,953 aircraft sold (of which 472 A330neo) and 1,659 delivered (as of the end of 2025), the A330 Family covers all market segments with two twin-engine aircraft types and is designed to typically carry between 220 and 300 passengers in three-class configurations, or over 400 passengers in high-density. The A330 Family offers high levels of passenger comfort as well as large under-floor cargo areas. The A330-800 version is also offered as a military platform. A passenger-to-freighter conversion is offered by EFW for both the A330-200 and A330-300, meeting the logistical needs of the rapidly growing e-commerce market. At the end of 2025, a total of 68 A330P2F have been re-delivered (since 2017). The competitors of the A330 Family are the Boeing 767 and 787 aircraft series. The latest evolution of the A330 Family is the A330neo (new engine option), comprising the A330-800 and A330-900 versions. These aircraft incorporate latest generation Rolls-Royce Trent 7000 engines and enhanced aerodynamics for improved fuel efficiency. In October 2020 Airbus certified an improved MTOW (Maximum Take-Off Weight) of 251t on the A330-900 bringing a range increase of 1180 km (650 nm). 251t MTOW was also certified for the A330-800 in mid-2022. During 2025, Airbus received 102 gross orders for the A330 Family of aircraft (of which 2 military variants) and recorded 100 net orders, with 36 aircraft having been delivered (of which 2 military variants). A330 FAMILY TECHNICAL FEATURES Model Entry-into-service Typical seating or payload (1) Maximum range (km) Length (metres) Wingspan (metres) A330-200 1998 210 to 250 13,450 58.8 60.3 A330-300 1993 250 to 290 11,750 63.7 60.3 A330-800neo 2020 220 to 260 15,094 58.8 64.0 A330-900neo 2018 260 to 300 13,334 63.7 64.0 (1) Three-class configuration. Airbus SE/ Report of the Board of Directors 2025 15 A350 Family. The A350 is a family of wide-body aircraft, both passenger and freighter designed to typically accommodate between 300 and 410 passengers and up to 111t as a large freighter. The A350 offers enhanced cabin features, Rolls-Royce Trent XWB engines, advanced aerodynamics and systems technology, with more than 50% composite materials in the fuselage structure. The A350’s main competitors are the Boeing 787 and 777 aircraft series. Initial delivery of the A350-900 variant took place in December 2014 to Qatar Airways. With the Ultra-Long Range (ULR) version of the A350-900 launched in 2015, the A350 demonstrated its versatility by offering the capability to perform flights of up to 19 hours. The first A350-900 ULR was delivered in September 2018 to Singapore Airlines. Highlighting the type flexibility, Airbus delivered the first A350-900 Domestic to Japan Airlines during 2019. Partnering the A350-900 is the seven metre longer A350-1000, which was delivered to its first customer, also Qatar Airways, in February 2018. Offering additional capacity for both passengers and cargo without compromising on range, the A350-1000 is the ideal replacement for previous generation aircraft in the 350-410 seat capacity market. Airbus launched the A350F freighter to compete in both the general freight and express cargo markets. With efficiency in terms of economics, fuel burn and CO 2 emissions, the A350F is the first freighter capable of meeting the latest ICAO CO 2 requirements. A350F had good momentum in 2025 with 27 orders and 4 new customers. Assembly of the first flight test aircraft was commenced in 2025 with the first flight planned for 2026. In 2025 the Company received 165 gross orders for passenger A350 and 28 gross orders for the A350F, and recorded 165 and 20 net orders, respectively. Through the end of 2025, 699 A350s have been delivered, with a total orders of 1,529 (81 freighters, 1,448 passenger). A350 FAMILY TECHNICAL FEATURES Model Entry-into-service Typical seating (1) or payload Maximum range (km) Length (metres) Wingspan (metres) A350-900 2014 300 to 350 15,740 66.8 64.8 A350-1000 2018 350 to 410 16,500 73.8 64.8 A350F 111 tonnes 8,700 70.8 64.8 (1) Three-class layout. A380. The double-deck A380 is the world’s largest commercial aircraft flying today. Its cross-section provides flexible and innovative cabin space, tailored to the needs of each airline. The aircraft is capable of carrying over 500 passengers in a comfortable four-class configuration over a range of 8,000nm / 14,800km. While the final five deliveries of the A380 took place during 2021, some customer airlines are investing in updating their cabins, and the aircraft is likely to remain in service well into the next decade. A380 TECHNICAL FEATURES Model Entry-into-service Typical seating (1) Maximum range (km) Length (metres) Wingspan (metres) A380-800 2007 400 to 550 14,800 72.7 79.8 (1) Four-class layout. Airbus SE/ Report of the Board of Directors 2025 16 Customer services With the global fleet expected to double to 49,000 aircraft by 2044 (Airbus Global Market Forecast 2025), Airbus Customer Services is positioned to support this growth through the entire aircraft lifecycle. In 2025, aftermarket providers served more than 28,500 (passenger aircraft above 100 seats and freighters with a payload above 10t). Airbus Customer Services competes in this market with the aim of being its customers’ companion in fleet management and operation throughout the aircraft lifecycle, working together for safe and sustainable aerospace. Airbus provides a wide range of customer centric and value-added services, and is well positioned to answer today’s and future services needs in order to support the industry. More than just a leading aircraft manufacturer, Airbus ensures its fleet operates safely and efficiently across its entire lifecycle, from first flight to final retirement. Our end-to-end solutions encompasses pilot, mechanics and crew training, optimised maintenance programs, flight operations enhancements, cabin system upgrades, complex repairs and retrofits, and aircraft recycling. We have strong support from our 100 % subsidiaries Satair in spares and Navblue in flight operations. Airbus Customer Services’ priority continues to be supporting customers by offering a range of solutions intended to help reduce operating costs, increase aircraft availability, and enhance the quality of operations and passenger experience. With a worldwide network of 8.600 employees (including subsidiaries), made up of hundreds of technical specialists who provide customers with advice and assistance 24 hours a day, seven days a week; 276 field service representatives positioned in over 68 countries for on-site assistance to operators, and a system of empowered local teams in Asia, Africa, China, the Middle East and the US; Airbus targets to remain at the forefront of the services industry. To succeed in this context, Customer Services intends to continue working on its transformation plan based on three pillars (customer value, customer experience and sustainability) through optimisation and simplification of products and the further industrialisation of activities to decrease costs and increase efficiency, with an aim to continue contributing to the success of the Company. Aircraft trading and financing Airbus favours cash sales, and does not pursue customer financing as an area of business development. However, Airbus recognises the commercial need for manufacturers to assist customers in arranging the financing of new aircraft purchases, and in certain cases to also participate in the financing, particularly during times when a customer may have fewer financing alternatives. Any extension of credit or assumption of exposure is subject to corporate oversight and monitoring, and follows strict standards of discipline and caution. Airbus’ dedicated customer finance team has accumulated decades of expertise in aircraft finance. When Airbus provides financing to a customer, the financed aircraft generally serves as collateral, with the engine manufacturer participating in the financing. These elements assist in reducing the risk borne by Airbus. The difference between the gross exposure resulting from the financing and the collateral value is fully provisioned for. Airbus’ customer financing transactions are designed to facilitate subsequent sell-down of the exposure to the financial markets, third-party lenders or lessors. During the past year Airbus continued to benefit from strong market appetite for both aircraft financing and sale and leaseback lessor opportunities, supported by sustained liquidity in the markets. Airbus customer financing exposure therefore remained limited. In the future, Airbus intends to continue providing direct aircraft financing support as it deems necessary. Management believes, based on its experience, that the level of provisioning toward potential default costs is adequate and consistent with standards and practice in the aircraft financing industry. For further information please refer to the “Notes to the IFRS Consolidated Financial Statements - Note 27: Sales Financing Transactions” and Section 3.1.2 “Business and operations-related risks - The Company may be exposed to customer credit and asset value risk through its customer sales financing arrangements”. Airbus also participates in trading activities, which consist mainly of (i) supporting new aircraft sales campaigns through the trading (cradle to grave) and the placement of all types of used aircraft (sale or lease), (ii) assisting Airbus entities/internal departments in finding/placing aircraft assets on the market (iii) managing and assisting in the remarketing of aircraft held in inventory and (iv) acting as a remarketing agent for airlines or financiers to remarket their aircraft. Trading activity also involves the sell-down of leases and loans (secured and unsecured) and the facilitation of structured lease solutions for customers. Airbus SE/ Report of the Board of Directors 2025 17 Operations Industrial Organisation Airbus’ industrial organisation reflects the end-to-end industrial flow across all Airbus commercial aircraft programmes. The industrial value streams flow from the supply chain, through Airbus’ two Aerostructures companies, the constituent and major component assembly (wing, forward and aft fuselage, and nose and centre fuselage) and to the final assembly in Toulouse, Hamburg, Tianjin, Mirabel and Mobile, with an additional FAL having come on line in 2025 in each of Tianjin and Mobile). Aircraft are then handed over to programme management for delivery to customers. The industrial flow is enabled by Quality and Procurement as well as four transverse functions responsible to provide the skills, standards and services necessary for (1) smooth industrial planning, logistics and transport, (2) integrated manufacturing engineering, (3) eradication and prevention of non-quality and (4) highest operational excellence and sound performance management. The Procurement organisation is responsible for both the contractual and operational relationship with the supplier base. Its aim is to ensure that purchased raw materials, parts and services are delivered on competitive terms, on time, cost and quality. A dedicated Supply Chain & Logistics team manages the delivery stream from the supply chain to enable production flow. Adherence to quality standards and internal processes throughout the flow facilitates compliance with safety requirements, and enables seamless production. Airbus is granted all necessary approvals and certifications from EASA (Production Organisation Approvals (“POA”), Design Organisation Approvals (“DOA”), Maintenance Organisation Approvals (“MOA”)) as well as EN9100 certification, required to design, produce, deliver and maintain its products. The Company maintains these approvals and certifications through both internal controls (audits) and through external confirmation (by certification bodies) of the Company’s adherence to its business management system, reflecting the relevant requirements. A two year internal surveillance cycle was closed in 2023, demonstrating full compliance to EASA part 21G (requirements for Production activities). Striving for further improvement has motivated the launch of the Quality Transformation programme. Its aim is to reinforce risk prevention activities as well as problem solving competencies throughout the end to end value stream. By promoting a strong ethos of collaboration in the service of customers across the value chain, Airbus enhances responsiveness and adaptability while pursuing the highest safety and quality standards. Technology & Engineering Airbus Technology & Engineering is a global organisation leading and managing Airbus product certification and continued airworthiness, as well as supporting in-series production and in-service modifications, non-conformities and continuous improvements. The Technology & Engineering organisation has the mission to: ● develop and deliver new aircraft architecture and design regarding safety, manufacturability, operability, maintainability, fuel-efficiency and environmental compliance; ● support the in-series products manufacturing and in-service operations by delivering definition dossiers and answers to technical queries; ● foster the competitiveness of Airbus’ product and service portfolio in the medium- and long-term, and drive a company-wide synergetic approach to technologies, leveraging on Airbus’ unique history, DNA and product culture to shape the future of aerospace. The team operates transnationally, with employees located in France, Germany, the UK, Spain, the US, Canada, India, China and Singapore. The organisation has a strong delivery focus in support of today’s programmes as well as future developments and it is structured as follows: ● The Centers of Competences (“CoC”) provide skilled resources to work on tasks, develop methods and tools, and generate solutions on topics related to airframe, aircraft systems, flight physics, propulsion, cabin and cargo. The flight and integration test center supports both the development of new aircraft programmes and the deliveries of the in-series products, thanks to their flying and non-flying teams. ● The architect and integration centre ensures, together with a team of senior aircraft architects and the programme chief engineers, that a consistent and multi-disciplinary approach is applied during aircraft development, while acting as the home base of the certification and continued airworthiness delegates. The strategy and transversal integration centre ensures consistency between engineering and corporate strategy, acts as the referent for configuration management, process, methods and tools for engineering, and drives the forward looking transformation of the function. In-service engineering, acting in close cooperation with customer services, provides Airbus SE/ Report of the Board of Directors 2025 18 skilled resources to handle customer technical queries, such as repairs, as well as supporting the resolution of recurrent in-service issues. ● The R&T Programme department applies a lean project-based approach, tracked and managed using earned value management, technology readiness levels and figures of merit. Technological collaboration with external research communities and partners is encouraged and coordinated through the department with technical and scientific experts. The Company-wide integration of R&T technology and alignment with institutional research partners is achieved through cross-portfolio technology planning and roadmapping, giving an exhaustive view of technology targets and investments. In addition, Company-wide engagement for joint funding with public agencies is achieved through a common R&T Funding contract management. Aviation safety The Company believes that everyone in the aerospace industry has a role to play to further enhance the safety of the air transport system. Flying today is safer than ever before, and collective efforts should mean it continues to become even safer by anticipating and responding to risks, threats and challenges. While the foundations of the air transport system are built on regulatory compliance, the safety culture at the Company goes beyond compliance with certification and continued airworthiness requirements to also focus on safety enhancement activities in products and services. This also extends to the products and services of the Company’s Defence and Space Division that offer communication, collaboration and intelligence knowledge solutions to assist government authorities, emergency service providers and healthcare providers. For additional details on this topic, please refer to Section 6.3.3 “Sustainability Statement - Consumers and end-users, ‘Aviation safety’”. Airbus Canada, Regional Aircraft, Aerostructures, Seats Airbus Canada Limited Partnership Airbus Canada Limited Partnership (“Airbus Canada”) was established on 1 July 2018 following the transaction between Airbus, Bombardier and Investment Quebec (“IQ”), which saw the sale, by Bombardier to Airbus, of the A220 aircraft programme (formerly known as the C-series). In February 2020, Bombardier exited the partnership. At the end of 2025, the Airbus Canada shareholding structure was 75% Airbus and 25% IQ, with the IQ stake being redeemable by Airbus in 2035. There are two A220 final assembly lines, with one located in Mirabel (Quebec) and the other in Mobile (Alabama). In 2022, the Mirabel A220 site was expanded with the addition of a sub-assembly area, known as a pre-final assembly line (“pre-FAL”). For further information, please refer to Section 1.2 “Airbus (Commercial Aircraft) -Products -A220 Family” above. ATR ATR (Avions de Transport Régional) is the world leader in the market for regional turboprop aircraft, with its ATR 42 and 72 the best-selling aircraft in the less than 90 seats market segment. Thanks to the efficiency of turboprop technology and the ATR’s focus on continuous innovation, ATR aircraft open 150 new routes on average every year, burn 45% less fuel and emit 45% less CO2 than regional jets. The aircraft family has over 200 operators in more than 100 countries. ATR is an equal partnership between Airbus and Leonardo, with Airbus’ 50% share managed by the Airbus ATR organisation. Airbus and Leonardo are also ATR’s main suppliers, building its wings and fuselage, respectively. Headquartered in Toulouse, as of 31 December 2025, ATR employed 1,392 people (including temporary workers). Since the start of the programme in 1981 and through the end of 2025, ATR has registered net orders for 1,920 aircraft (521 ATR 42s and 1,399 ATR 72s. In 2025, ATR delivered 32 aircraft (compared to 35 in 2024) and recorded orders for 50 aircraft (compared to 56 in 2024). As of 31 December 2025, ATR had a backlog of 134 aircraft (compared to 95 in 2024). Through the end of 2025, a total of 1,749 ATR aircraft have been delivered ATR has established a worldwide customer support organisation committed to supporting aircraft over their service life. There are 13 ATR sites across the globe, including commercial offices, customer services centres, spare parts warehouses, training centres and regional customer support offices, located in Toulouse, Paris, Miami, Singapore, Sao Paulo, Athens, Addis Ababa, Bangalore, Jakarta, Auckland, Bangkok, Beijing and Tokyo. ATR Asset Management addresses the market for second-hand aircraft by assisting in the placement and financing of used and end-of-lease aircraft. Airbus SE/ Report of the Board of Directors 2025 19 Airbus Atlantic Established on 1 January 2022, Airbus Atlantic is a wholly-owned subsidiary of Airbus, specialised in aerostructure fabrication and assembly as well as aircraft seats. Airbus Atlantic is a global industrial leader, a key pillar of Airbus and a partner of choice for its customers around the world. Building on its highly skilled teams and its entrepreneurship mindset, Airbus Atlantic innovates, shapes new standards of industrial excellence and prepares the future for a sustainable and competitive aerospace industry. Counting more than 14,000 employees in five countries and three continents, including 10,000 employees in France and 4,000 worldwide (Canada, Tunisia, Morocco and Portugal), Airbus Atlantic is a global player in aerostructures, in pilot seats, and in First & Business Class seats marketed under the STELIA Aerospace brand. Positioned at the heart of Airbus industrial system, Airbus Atlantic aims at delivering state-of-the-art quality and operational excellence to Airbus and to aircraft manufacturers, as well as to worldwide airlines with its Premium passenger seat range. As such, Airbus Atlantic is an essential part of the Airbus value chain and plays a key-role in the whole aerostructures supply chain, comprising more than 500 suppliers of flying products and more than 2,000 of general procurement products. In terms of key activities and expertise, Airbus Atlantic has a wide range of metallic and composite aerostructure capabilities, from Build-to-Print to Design & Build solutions. It is one of the few companies in the world able to deliver complete and fully equipped and tested aircraft sections (“Plug & Fly”), integrating hydraulic and electric systems. It also designs and manufactures luxury First Class and Business Seats for more than 50 airlines in the world (including Lufthansa, Singapore Airlines, China Airlines, Air France or Etihad Airways) and provides pilot seats, and offers support from design to production, including after-sales service. Airbus Aerostructures Besides Airbus Atlantic, the Airbus Aerostructures organisation is the other aerostructure subsidiary of Airbus, leveraging the Company’s competencies globally, keeping strategic flexibility for resource allocation and building an international company culture. With around 17,000 employees, Airbus Aerostructures combines technology and innovation leadership to pioneer efficient aircraft production. Airbus Aerostructures includes six production sites in Germany and one in Romania: the headquarters in Hamburg with five other plants in Nordenham, Bremen,Stade, Augsburg and Varel. Airbus Aerostructures delivers commercial and military aircraft structures and detail parts and is a partner in the major European international aerospace programmes. The current military programmes include the Eurofighter “Typhoon” and the military transport aircraft A400M. Airbus Aerostructures plays a significant role within new concepts regarding metallic and composite aerostructure activities or 3D-printing of aircraft components made of titanium or aluminium. Airbus Aerostructures serves as an integrator for commercial aircraft parts management. Airbus Aerostructures is a 100 percent owned Airbus subsidiary. Formal governance bodies and regular management meetings ensure business coordination. The legal integration of Premium AEROTEC Industry into Airbus Aerostructures was completed during 2025. Airbus SE/ Report of the Board of Directors 2025 20 1.3 Airbus Helicopters Airbus Helicopters is a global leader in the civil and military rotorcraft market, offering one of the most complete and modern ranges of helicopters, drones and related services. This product range currently includes intermediate single-engine, light twin-engine, medium and medium-heavy rotorcraft, which are adaptable to all kinds of mission types based on customer needs, as well as a range of Uncrewed Aerial Systems (“UAS”). See Section 1.1 “Information on the Company’s Activities -Overview” for an introduction to Airbus Helicopters’ portfolio. Ambition and strategy Airbus Helicopters’ ambition fully embeds the Company’s purpose to pioneer sustainable aerospace for a safe and united world. The division pursues profitable growth while endeavouring to provide the most efficient dual-use vertical take-off and landing (“VTOL”) products and services to its customers, who work to protect and save lives, connect communities, and safely carry passengers in increasingly demanding environments. In this regard, the business strategy of Airbus Helicopters is structured around four clear growth markets: ● to deliver on the industrial ramp-up and commit to civil product developments, in order to secure leadership in the Civil and Parapublic market; ● to grow its market share in the defence & security market by leveraging its dual product portfolio and by capturing further European defence business (particularly in view of the Readiness 2030 initiative announced by the European Commission); ● to sustain and secure profitable growth in Support & Services, driven by an increased coverage of global contracts and by the development of the integrated business model of the Military Support Centres; and ● to work towards operational integration of UAS with helicopters (teaming), in order to offer a true force multiplier to our customers on future battlefields. To execute this strategy, the foundational priorities supporting Airbus Helicopters’ growth ambition remain as follows: 1. Customer loyalty: The top focus remains on being a reliable supplier by improving on-time and on-quality delivery of products, parts and services. Airbus Helicopters also aims to become a reliable partner to its operators by being involved more deeply in customer operations in order to help them address their daily constraints. Airbus Helicopters is also committed to customer-centricity, simplifying interfaces and focusing on the satisfaction of clients. 2. Innovation: To prepare for the battlefield of the future (beyond 2030), innovation is aimed at delivering capabilities to make platforms more capable, more survivable, more affordable, and more connected. Airbus Helicopters’ design and dual product policy is intended to deliver these capabilities as soon as possible to customers. In the same manner, the Company is executing its UAS strategy by building and accelerating the “HTeaming” solution (also called "Crewed-Uncrewed Teaming" roadmap) to pave the way for its tactical drone ambitions. 3. Defence and Security: In a context where NATO is key to European defence, and allies must increase capabilities, Airbus Helicopters aims to become a global Defence & Security leader. This strategy includes executing the "One Airbus" tactical drone strategy to compete in this fast growing market. The Company also continues to focus on delivering on its strong commitment to key governmental programs, including the HIL, Tiger mid-life upgrade, and deliveries to the Bundespolizei and the Royal Netherlands Air and Space Force (RNLAF), while pursuing significant improvements in fleet availability for other key governmental assets (such as NH90 with our partners in NHI). 4. Sustainability: In 2025, Airbus Helicopters further integrated sustainability into its core business strategy, and despite the complexities of an accelerated production ramp-up, remains steadfast in advancing its environmental and social roadmap through rigorous performance monitoring. The Division delivers a full contribution to Company-wide sustainability priorities, while decisively addressing its own specific challenges. Its commitment to continually strive to translate its technological roadmap into superior environmental performance for the products is central to this pursuit. In line with the Company's purpose and sustainability strategy, Airbus Helicopters maintains a sharp focus on meeting its customers needs, while its products and the essential civil and military missions they support help to protect citizens, defend sovereignty and advance global security missions. Airbus SE/ Report of the Board of Directors 2025 21 Commitment to innovation In 2025, Airbus continued to invest in research and technology and product development for both the civil and military markets. Airbus Helicopters introduced its H140 at the vertical lift industry show VERTICON in Dallas, Texas. The multi-mission helicopter raises the bar in the light twin-engined category, for performance, cost-effectiveness, and passenger and crew comfort. The H140 is a 3-tonne class rotorcraft that complements Airbus Helicopters' current light twin offering for the emergency medical services, passenger transport, and private and business aviation markets. The H140 features a wide range of innovations, including a new T-shaped tail boom with an optimised Fenestron that reduces sound levels, a five-blade bearingless main rotor, and new powerful engines. It also features abundant cabin space, large windows and an optimised cabin layout that can comfortably accommodate up to six passengers. Designed with accessibility in mind (thanks to its large clamshell doors and high tail boom), the H140’s rear loading capabilities allow the use of different types of stretcher systems, including intensive care and transport incubators, while its large sliding doors facilitate access to the cabin. Entry into service is targeted for 2028, beginning with the Emergency Medical Services (EMS) segment. The H160 achieved several strategic milestones as its global fleet expanded to approximately 55 units in 2025. The aircraft entered offshore service with PHI Aviation (for Shell). It also demonstrated exceptional reliability, with a single French Navy unit recently surpassing 1,000 flight hours, highlighting the model's search and rescue performance. Now serving all primary segments - including energy, private aviation, law enforcement, and military - the H160 has established a presence across North America, Brazil, the Middle East, Asia, and Europe. The Racer, a high-speed demonstrator developed in the context of the European Research Clean Sky 2 project, performed a successful flight campaign during which it attained a new speed milestone. The demonstrator aircraft reached 440 km/h, a significant leap from the 260 km/h of conventional helicopters. Thanks to its innovative aerodynamics and optimised drag, the Racer also demonstrated a fuel consumption reduction of approximately 25% compared to helicopters in the same weight category. On the drones segment, following the acquisition of Aerovel and its UAS Flexrotor, in 2024, the Company has streamlined its small and medium tactical Uncrewed Aerial Systems (UAS) from Survey Copter (Aliaca and Capa-X) into a single comprehensive portfolio that will be managed by Airbus Helicopters. The aim is to deliver a marked-focused approach for defence and security customers across both the Helicopters and Defence and Space Divisions. Airbus Helicopters now offers a diverse portfolio of tactical drones designed to meet the evolving needs of modern defence. The Aliaca is a 25 kg UAS that can carry up to 3 kg of equipment for 6 hours, making it a robust imagery tool that can enhance reconnaissance and decision-making. The Flexrotor is a 25 kg UAS that can carry up to 8 kg of equipment for 12 to 14 hours, making it ideal for long-endurance missions. For ultimate flexibility, the Capa-X is a 120 kg UAS that can carry up to 20 kg of equipment, making it a highly adaptable system that can be modified for various missions and terrains. The VSR700 is a 760 kg multi-mission drone with a discreet design, specifically developed for demanding maritime, cargo, and combat roles. This range of uncrewed systems provides customers with cutting-edge capabilities for surveillance, intelligence, and operational flexibility. Airbus Helicopters continues to focus on the development of crewed-uncrewed teaming. Its new modular solution, HTeaming, was unveiled prior to the Paris Airshow in June 2025. HTeaming is a range of systems that allows helicopter crews to take full control of Uncrewed Aerial Systems (UAS) in flight. The first version of HTeaming can be used as a standalone solution or integrated into a helicopter mission system. This system has been designed to reduce workload, and new features and functions will be developed in the future. Airbus Helicopters signed an agreement with Singapore’s Defence Science and Technology Agency (DSTA) to explore crewed-uncrewed teaming capabilities, using HTeaming in combination with the H225M Medium Lift helicopter (operated by the Republic of Singapore Air Force (RSAF)) and Airbus Helicopters’ Flexrotor UAS. In 2025, the Company continued to develop activities related to the main demonstrators and roadmaps for key technologies for multiple platforms. The PioneerLab in Germany performed several flights to test advanced awareness functions such as a lidar-based cable detection system and automatic take off and landing features to ease pilot workload, while the Rotor Strike Alerting system, previously tested on the FlightLab, received EASA certification - offering an effective way to enhance operational safety. Airbus SE/ Report of the Board of Directors 2025 22 Airbus Helicopters also continued to progress on its decarbonisation roadmap. The Division continues to lead a SAF user group for its helicopter operators and industry partners, and has launched its innovative Book & Claim service to facilitate access to SAF for its customers. SAF has also progressed in the division’s own development test and training flights, and contributed positively to the Company's own SAF usage that reached 21% in 2025. Focusing on customers Airbus Helicopters is committed to delivering an exceptional customer experience, prioritised through aircraft availability and performance. Airbus Helicopters is investing heavily to solve supply chain challenges fueled by geopolitical factors that continue to affect manufacturers, suppliers, and maintenance partners industry-wide. Production is ramping up industry-wide, with the helicopter sector alone seeing a 30% increase in demand for parts since 2020. Against this backdrop, the Company continues to work to manage its supply chain and support its suppliers, including through working capital investments and by helping them optimise their production processes. Airbus has also established Multi-Function Teams tasked with identifying the most critical parts that impact our customers’ operations, and implementing targeted action plans to ensure their timely delivery. For example with respect to the H135 and H145 programmes, this has resulted in significant improvements in new critical-part deliveries and a reduced backlog. In addition, the Company is constantly investing in improving its products. Besides innovations to improve safety and to otherwise make its products more competitive, the Company consistently invests in making its helicopters more reliable, with a reduced maintenance workload and with lower Direct Maintenance Costs (“DMC”). Many of these latter improvements are discussed and then prioritised with customers in the frame of various forums such as Customer Focus Groups and Reliability Data Groups. Airbus Helicopters also achieved significant milestones for customer support contracts. As of 31 December 2025, there were more than 2,800 helicopters enrolled in parts-by-the-hour contracts. Notably in the course of 2025, the Company secured a major long-term HCare contract to cover the entire H145 fleet of the French Sécurité Civile and Gendarmerie Nationale, ensuring maximum operational availability for their critical public safety missions. Airbus Helicopters also signed an HCare In-Service contract with GDAT, one of China’s most prominent helicopter operators, to cover ten H225 helicopters used in multiple missions like emergency services and forest protection by governmental organisations. A multi-services HCare In-Service contract was also signed with Westair Helicopters to support their fleet of three H225 helicopters for their offshore energy operations in Namibia. To enhance customer proximity and boost regional safety standards, Airbus Helicopters announced major investments in its global training network, including a commitment to deliver H160/H175 full-flight simulators that will serve the Latin American energy sector, and an expansion of the Airbus Helicopters Training Academy in Malaysia, which targets delivery of the first H175 full-flight simulator outside Europe by during the coming year. The Company continued to make progress on helicopter connectivity and digital services, the aim of which is to provide an end-to-end ecosystem of easy-to-use digital solutions that is fully integrated with Airbus Helicopters’ systems. These digital solutions leverage data generated by the aircrafts’ systems, such as flight data recorders and avionics systems, or maintenance software and applications used to manage fleets. The aim of the Company’s Connected Services offering is to enable more flight hours in a simple manner and to enhance safety, and ultimately to better support the Company’s customers in their operations. Aviation Safety Airbus Helicopters’ overriding priority is aviation safety for the thousands of men and women around the world who are transported in its aircraft every day. The Company’s ambition is to further reduce the accident rate of the Airbus helicopter fleet in service as it continues to strive to be a leader in aviation safety. In order to achieve these goals, Airbus Helicopters continues to work to define and develop new safety measures and initiatives that can support and enhance the operations of its customers, while continuing to foster a Company-wide culture of safety. In line with its culture of "Safety First," Airbus Helicopters has been conducting Safety Roadshows for years. These events are a collaborative initiative designed to advance Aviation Safety in partnership with operators, customers, manufacturers, authorities, and academia. Coordinated by Airbus Helicopters’ Aviation Safety Network, these Roadshows focus on demonstrating methods to enhance operational safety. Around 150 safety roadshows are organised every year. This commitment to aviation safety is also reflected across all the internal activities related to the lifecycle of a helicopter, with a focus on meeting (and exceeding where possible) industry quality and safety standards. All this is based on continuously enhancing the strong safety culture in the Company. Airbus SE/ Report of the Board of Directors 2025 23 To continue raising aviation safety awareness, Airbus Helicopters recently inaugurated dedicated Aviation Safety Centres at its Marignane and Paris-le-Bourget sites (in France) and Donauwörth site (in Germany). Step by step, these Centres will be replicated at other key locations within the Company’s global footprint. The centres are divided into several zones which host digital modules, which cover four major themes for Aviation Safety: air accidents, organisational and human factors, FODs (Foreign Object Damage, i.e. foreign bodies that can cause damage) and risk management. The objective is that all employees, including apprentices, temporary workers and on-site subcontractors, should be trained in the Aviation Safety Centres. To date, nearly 10,000 employees and subcontractors have been trained in France and Germany, along with close to 300 customers and 300 suppliers, clearly demonstrating Airbus Helicopters’ commitment to safe flying culture. Market drivers With 1,306 identified units booked in 2025, the global helicopter market has increased by 13% in volume compared to 2024 order intake. Over the same period, the market value increased by 71%, driven by strategic military contracts for specialised attack and heavy utility platforms. Airbus Helicopters continues to lead the Civil and Parapublic market, which overall has returned to a normalised trend following the 2024 spike caused by the BPOL (Bundespolizei) order (resulting in a 1% volume increase and 17% value decrease vs. 2024 in this market). Most of the increase in units within the C&P market is driven by the Light Twin segment, with a total of 156 units sold in 2025 (vs 85 in 2024). This market segment’s significant growth was boosted by the successful launch of the Airbus H140 as well as strong H135 sales, supported by increasing EMS and Public Services demand in this class. The Intermediate Twin segment remained stable with 98 units sold (versus 98 in 2024), with the Airbus H145 having the predominant market share in this segment, achieving greater than 75% market share during 2025. Bookings in the wider market for Medium helicopters declined to 61 units sold (versus 86 in 2024); while the Company saw strong H160 intake, the segment overall was impacted by lower sales of the Leonardo AW139 (31 units versus 74 in 2024). With 548 units booked in 2025, the military global market (excluding China and Russia) landed 55% above 2024 order intake (in terms of units), driven by bookings from OEM’s home countries which represent two-thirds of all military bookings in 2025. In 2025 Airbus Helicopters captured 28% of this market in units and 20% in value, reflecting a successful strategy of anticipating high-value campaigns and the widespread success of the H145M. According to market forecasts produced by Airbus Helicopters, approximately 7,650 new Civil and Parapublic helicopters and approximately 6,000 new Military helicopters are expected to be delivered globally over the next 10 years. In this period, within the Civil and Parapublic Market, around 50% of the deliveries in units are expected to be single engine helicopters, but twin engine helicopters are anticipated to represent more than 80% of market value (i.e. turnover generated by deliveries) to be delivered. For Intermediate Singles, the dominant customer types are expected to be commercial and private and business aviation (PBA), whereas in the Light Twin segment, Helicopter Emergency Medical Services (HEMS) continue to be the dominant customer, followed by Public Services and PBA. The continued resurgence of the energy market remains key for sales of the super medium class, as are Public Services for the Heavy helicopter market class. Demand for military helicopters and related services is mainly driven by budgetary and strategic considerations, and the need to replace ageing fleets. Airbus Helicopters believes that the advanced age of current fleets, increased military spending, the emergence of a new generation of helicopters equipped with integrated systems and the ongoing introduction of armed helicopters into many national armed forces will contribute to increased military helicopter procurement in the medium term. Within the Military Market (in which there is an anticipated demand of approximately 6,000 units over the next 10 years), approximately 33% of market sales (in units) are expected to come from the Heavy helicopter class, with this sector dominated by forces requiring heavy lift capabilities for troop and logistics transportation. The combination of Light, Medium and Super-Medium helicopters is expected to account for more than 40% of the future military helicopter deliveries in units. Competition Airbus Helicopters’ primary competitors in the civil and parapublic sector are Leonardo and Bell. In 2025 Airbus Helicopters led the Civil and Parapublic market, securing 51% of the total units and 54% of the total market value booked. Sales in units were reflected by all Airbus helicopter types (from H125 to H225), with value being concentrated in H145 and H225. Airbus Helicopters’ main competitors in the military sector remain Boeing, Sikorsky and Leonardo. In 2025 Airbus secured 28% of the total market (excluding China and Russia) in units and 20% of total market value (excluding China and Russia). Airbus SE/ Report of the Board of Directors 2025 24 Customers More than 3200 operators currently fly Airbus Helicopters’ rotorcraft in 149 countries. Airbus Helicopters’ principal military clients are Ministries of Defence (“MoDs”) in Europe, Asia, the US and Latin America. In the civil and parapublic sector, Airbus Helicopters has a leading market share in Europe, the Americas and Asia-Pacific. With approximately 52% of the worldwide market share of Civil & Parapublic deliveries in 2025, the versatility and reliability of Airbus Helicopters products have made them the preferred choice of many of the most prominent civil and parapublic customers (turbine helicopters of more than 5 seats). Products and services Airbus Helicopters offers a complete range of vertical lift solutions covering nearly the full civil and military market spectrum. This product range includes intermediate single-engine, light twin-engine, intermediate twin-engine, medium, super-medium, and heavy helicopters, alongside a portfolio of uncrewed systems including the Aliaca, CapaX, Flexrotor, and VSR700. Designed to be adaptable to both military and civil applications, these platforms share multiple technical features as part of a family concept approach. This synergy is enhanced through HTeaming, which enables Crewed-Uncrewed Teaming (CUC-T) capabilities, allowing helicopters and drones to operate seamlessly as a single, cohesive force. The following table sets forth Airbus Helicopters’ existing product line, consisting of optimised products for different mission types: Helicopter Type Primary Missions Intermediate Single Engine (“Écureuil” family) H125 “Écureuil” / H125M “Fennec” Public Services (1) , Military Utility & Armed Reconnaissance, Private & Business Aviation, Commercial Pax Transport & Aerial Work H130 Commercial Pax Transport & Multipurpose, Emergency Medical, Tourism, Private & Business Aviation Light and Intermediate Twin Engine H135 / H135M Private & Business Aviation, Military Utility & Armed Reconnaissance, Emergency Medical, Public Services (1) H140 (anticipated EIS 2028) Private & Business Aviation, Emergency Medical, Public Services (1) H145 / LUH (UH-72) / H145M Private & Business Aviation, Military Utility, Emergency Medical, Public Services (1) Medium and Super Medium H160 / H160M Oil & Gas, Public Services (1) , Private & Business Aviation, Emergency Medical, Military Utility & Transport, Special Operations, Naval H175 Oil & Gas, SAR, Public Services (1) , Private & Business Aviation, Emergency Medical, Military Utility & Transport, Special Operations Heavy H215 “Super Puma” / H215M “Cougar” Civil Utility (2) , Military Transport / SAR, Oil & Gas H225 / H225M SAR, Combat-SAR, Military Transport, Oil & Gas, Private & Business Aviation, Public Services (1) Airbus SE/ Report of the Board of Directors 2025 25 NH90 (TTH / NFH) SAR, Military Transport, Naval Specialised Tiger Combat, Armed Reconnaissance / Escort Uncrewed Aerial Systems Aliaca Intelligence, Surveillance, Reconnaissance, Detection Flexrotor Intelligence, Surveillance, Target Acquisition, Reconnaissance, Detection CapaX Intelligence, Surveillance, Target Acquisition, Reconnaissance, Attack, Cargo/Logistics, Anti Surface warfare, Anti Submarine warfare VSR700 Intelligence, Surveillance, Target Acquisition, Reconnaissance, Attack, Cargo/Logistics, Anti Surface warfare, Anti Submarine warfare (1) Public Services includes homeland security, law enforcement, fire-fighting, border patrol, coast guard and public agency emergency medical services. (2) Civil Utility includes different kinds of commercial activities such as aerial works, electrical new gathering (ENG), passenger and cargo transport. Civil Range Airbus Helicopters’ civil range includes intermediate single-engine, light twin-engine, medium and medium-heavy helicopters, which are adaptable to all mission types depending on customer needs. To maintain and strengthen its competitive edge in the civil sector, the Company continually invests in R&D, with developments such as the recent introduction of the H140 and the ongoing pursuit of upgrades and new or renewed products across the range demonstrating this commitment. Military Range Airbus Helicopters’ military range comprises platforms derived from its commercial range (such as the H145M and H225M, derived respectively from the H145 and H225) as well as pure military platforms developed expressly for armed forces (such as the NH90 and the Tiger). Designed for modern multi-mission capabilities and cost effectiveness throughout its lifecycle, the NH90 has been developed as a multi-role helicopter for both tactical transport (TTH) and naval (NFH) applications. The programme, mainly financed by the governments of France, Germany, Italy and the Netherlands, was jointly developed by Airbus Helicopters, Leonardo of Italy and GKN Fokker of the Netherlands as joint partners in NATO Helicopter Industries (NHI) in direct proportion to their countries’ expressed procurement commitments. Airbus Helicopters’ share of NHI is 62.5%. As of 31 December 2025, 472 NH90 were in service. Within the Combat segment, the mid-life upgrade of the Tiger helicopter will introduce state of the art mission systems, including crewed-uncrewed teaming, new avionics and next generation of weapons (anti tank / air to ground missile, laser guided rockets) in order to address future requirements of the French and Spanish armies. At the end of 2025,159 Tigers were in service. Airbus is also a major contractor to the US Army, having been chosen to supply the service’s UH-72A and UH-72B Lakota helicopters (with more than 480 being in service at the end of 2025). Airbus Helicopters is expanding its Uncrewed Aerial Systems (UAS) portfolio to encompass a wider range of missions. Focusing on the tactical drone market, the Company leverages platforms such as the Aliaca, Flexrotor, Capa-X, and VSR700 to address a broad spectrum of operational needs, including ISTAR (intelligence, surveillance, target acquisition and reconnaissance), strike, logistics, and anti-surface / anti-submarine warfare. Additionally, Airbus is introducing 'HTeaming' across its military and civil helicopters to enhance their operational capabilities through advanced crewed-uncrewed teaming. Airbus SE/ Report of the Board of Directors 2025 26 Customer Services With more than 3,200 operators in 149 countries, Airbus Helicopters has a fleet of more than 12 600 (including NHI) in-service rotorcraft to support. As a result, customer service activities to support this large fleet generated approximately 43% of Airbus Helicopters’ revenues in 2025. Airbus Helicopters’ customer service activities consist primarily of maintenance, repairs, spare parts supply, training and technical support. In order to provide efficient worldwide service, Airbus Helicopters has established an international network of subsidiaries, authorised distributors and service centres. Industrial model The roll-out of the new industrial model for Operations based on site specialisation, the introduction of an improved industrial architecture and the progressive deployment of flexible lines is now complete. The last internal transfer of activity in the context of site specialisation was achieved in 2024 with the remaining transfer to Paris Le Bourget from Donauwörth. By concentrating production sites on specific helicopter sections or technologies, the Company expects to boost the competitiveness of its operations and to increase its overall performance, while improving the factories’ resilience to market fluctuations through the contribution of each site to the entire product range. Alongside site specialisation, the introduction of an improved industrial architecture is being deployed, with major sub-assemblies produced, assembled and tested in parallel, thus shortening the industrial cycle. The reduction of lead-time, in particular in the final assembly lines, aims at decreasing inventories and shortening delivery time to Airbus Helicopters customers. The ability to adapt quickly to market evolution is also key. Therefore, the flexibility of production lines to assemble different products is being developed so that the industrial system can be adjusted more rapidly to changing market requirements. A further key element in the enhancement of the logistics set-up supporting this new industrial model will be the entry into service of the “One Log” hub in Albacete, Spain. This will help to enable the rationalisation of logistics flows, moving from a “point to point” concept with spread flows, to a global logistics approach that will contribute to the competitiveness of operations. In parallel, Airbus Helicopters is enhancing its focus on quality and operational performance through Centres of Excellence in key helicopter components, such as Rotors and Transmissions. The Centres of Excellence aim to unite all departments in the organisation – from Engineering, through Procurement and Supply chain, Quality and Production – to deliver best in class safety, quality and performance. The global industrial footprint continues to be developed to reduce the product cost in the “make” perimeter and to provide opportunities for the rationalisation of the supply base. While keeping more complex activities in the main sites in France, Germany and Spain, simpler work packages are allocated to the Division’s sites in “best cost” countries. For example the workload of the facility in Querétaro, Mexico, which is specialised in aluminium machined parts, was increased in 2024, and the Division’s facility in Gyula, Hungary, inaugurated in 2022 and specialised in hard metals machining, delivered its first parts in 2023 and continued to grow in 2025. Airbus Helicopters also maintains a strong focus on the extended enterprise. Since the pandemic, supply chain monitoring and risk management has been strengthened, increasing the capacity to anticipate and mitigate potential disruptions and secure business continuity. The sourcing strategy that is being implemented endeavours to reshape the Airbus Helicopters supply base to secure its current and future industrial performance, competitiveness and maturity, as an essential part of the overall helicopter industrial ecosystem. Considering the global lack of capacity in the supply chain, extending to “best cost” countries through the supply chain will continue to be a priority in the future. At the same time, reducing the environmental footprint of its industrial activities is a paramount focus of the Airbus Helicopters industrial model. The Company is investing in numerous projects across all its sites, focusing on reducing CO 2 and volatile organic compounds (VOC) emissions, lessening energy and water consumption, and minimising waste generation. Finally, the Company is paying special attention to preparing the future of its factories, industrial processes and systems. In particular, ongoing digital transformation programmes are re-defining the industrialisation and production of Airbus Helicopters products. While always maintaining a focus on cybersecurity, these initiatives serve to enable the further reduction of industrialisation cycles, while increasing efficiency and setting a new standard of quality. Airbus SE/ Report of the Board of Directors 2025 27 1.4 Airbus Defence and Space Airbus Defence and Space is a trusted partner to commercial, institutional and government customers worldwide, providing products, systems and services that ensure mission success in the air, land, sea, space and cyber domains: ● Air Power designs, develops, delivers and supports crewed and uncrewed military air systems and services. It encompasses Combat, Transport, Derivative and Mission Aircraft, in addition to Unmanned Aerial Systems (“UAS”), Services, and Aerostructures. It is the leading fixed-wing military aircraft supplier in Europe. Key products include the Eurofighter Typhoon (jointly with BAE Systems and Leonardo), the A400M, the A330 Multi Role Tanker Transport (“MRTT” & “MRTT+”), the C295, the Eurodrone (currently in development), and the Future Combat Air System (“FCAS”) with partners. Missiles/effectors for Air and Ground based platforms are developed and manufactured by MBDA, in which Airbus Defence and Space has a 37.5% stake. ● Space Systems covers a broad range of civil and military space offerings. Its satellite solutions for telecommunications, Earth observation, navigation and science include spacecraft, ground segments and payloads for institutional, commercial and governmental customers. It also manufactures orbital and space exploration systems, including human-rated modules. Space transportation capabilities (comprising civil and military space launchers and associated services) are offered via ArianeGroup, a 50/50 Airbus-Safran joint venture. ● Connected Intelligence creates specific solutions under three main Programme Units: Space Digital; Public Safety and Security; and Defence Digital & Cyber. It provides trusted intelligence, secure connectivity (for mission- and business-critical communications, from radio to broadband and mobile), and defence solutions for land, air, sea, space and cyber. Airbus Defence and Space is headquartered in Munich. The Division’s main engineering and production facilities are located in France (Paris region, Brittany and Occitania), Germany (Bavaria, Baden-Württemberg and Bremen), Spain (Madrid region and Andalusia) and the United Kingdom (South England and Wales). In addition, Airbus Defence and Space has affiliates and subsidiaries in more than 40 countries around the globe. On 1 January 2024, Airbus Defence and Space began implemented a new, simplified organisational structure consisting of three business lines: Air Power (merging Military Air Systems (“MiAS”) and FCAS, covering all air defence capabilities), Space Systems, and Connected Intelligence, with the operational elements of Engineering and Operations activities being incorporated into each of the three business lines. On 16 October 2024, Airbus Defence and Space presented a follow-up plan to further adapt its organisation and workforce in light of a continuing complex business environment (especially in the Space Systems segment), and in view of an acceleration of technical trends that require focused decision-making and execution as well as adaptability from each of its distinctly different businesses. Targeted measures included creating a more efficient and streamlined organisational structure, reduction of the cost base and targeting of operative end-to-end accountability for business lines that have thus become business units. The social process covering this change as well as the announced workforce reduction across Airbus Defence and Space officially started on 4 December 2024. The new organisation of Airbus Defence and Space, reflecting the above adaptations, came fully into effect on 1 July 2025. The Division has completed all information and consultation processes on European as well as national levels for its adaptation plan and has reached productive agreements with its social partners. On 23 October 2025, Airbus, Leonardo and Thales announced the signature of a Memorandum of Understanding with the aim of combining their respective space activities (excluding launchers) to form a new company. Completion of the transaction is subject to customary conditions including regulatory clearances, with the new company expected to be operational in 2027. By joining forces, the three participating companies aim to strengthen Europe’s strategic autonomy in space, a major sector that underpins critical infrastructure and services relating to telecommunications, global navigation, Earth observation, science, exploration, and national security. The new company will also serve as a trusted partner in developing and implementing national sovereign space programmes. Airbus SE/ Report of the Board of Directors 2025 28 Strategy The mission of Airbus Defence and Space is to support its customers to defend their sovereignty, prevent crises, protect life and restore damaged communities and ecosystems, providing safety and security and respecting the highest standards of human rights. To achieve this, the Company aims to shape and lead the Defence Aerospace industry in Europe across its three main business segments: ● Air Power is at the core of Airbus Defence and Space. To maintain its leading market position, Airbus Defence and Space is pursuing new European programme opportunities while continuing to evolve existing platforms and capabilities for long-term competitiveness. It also focuses on the future of Air Power, leading the development of the system-of-systems environment, of which FCAS is a cornerstone. ● As one of Europe’s space leaders, Space Systems aims to continue to create more competitive products in a fast paced environment, working with European governments and institutions to ensure the long-term health of the entire European space industrial base. The ongoing transformation plan is on track, fostering a culture of performance and sustainable profit levels, as well as de-risking the business. In light of the increasing focus on defence activities in space, the Company is aiming to provide nations with technologies for information superiority and in-space operations. In parallel, Airbus Defence and Space is actively working on sustainability solutions, such as climate change monitoring. ● The Connected Intelligence business is active in cyber-defence as well as in information and decision superiority (Defence Digital & Cyber), end-to-end space services (Space Digital) and critical communications (Public Safety and Security) markets. Airbus Defence and Space aims at being a key European player in Multi-Domain Operations. Multi-Domain Operations seek to achieve military advantage by integrating and synchronising military activities across all operational domains (including land, sea, air and cyberspace) - not just simultaneously, but in a highly interconnected way. This is intended to be the future digital backbone for Defence and Security customers. Globally, Airbus Defence and Space intends to leverage its existing products and services, to innovate in new offerings, and to build selected strategic partnerships, in order to strengthen its position in the market. Corporate social responsibility The Company is firmly committed to conducting its business based on responsible ethical standards, and in compliance with applicable laws and regulations. This includes the delivery of defence products in accordance with export control laws, which are made in full transparency and alignment with authorities and relevant stakeholders. Airbus Defence and Space is not involved in the development, production or support of banned weapons and it maintains policies and procedures to undertake due diligence on the sale of defence products. For further information, please refer to Airbus Sustainability Statement Section 6 “Non-Financial Information: Sustainability Statement”. Market Airbus Defence and Space is active in governmental, institutional and commercial markets. As a general trend, defence budgets are forecast to grow globally, triggered by geopolitical shifts, increasing security risks and the impact of natural disasters. European defence budgets are forecast to grow due to major modernisation needs across countries and in order to meet NATO requirements. In 2025, the NATO member states committed to invest 5% of Gross Domestic Product (GDP) annually on core defence requirements and defence and security-related spending by 2035. This decision has significantly stimulated the defence market, particularly in Europe. Airbus continues to provide defence solutions to strengthen NATO capabilities. The collaboration between industry and states at large is evolving, with a focus on scaling up production, strengthening shared digital capabilities and accelerating the adoption of new solutions. The European Commission's "Readiness 2030" incentivises joint defence procurement across its member states and presents new defence funding mechanisms (e.g. the Security Action for Europe, SAFE). This collective financial mobilisation is intended to address critical capability gaps, enhance overall military readiness, and significantly reduce Europe's reliance on external defence suppliers. For further information, please refer to Section 6.3.4 “Sustainability Statement - Social information - Sovereignty and citizen protection”. At the same time, defence and space programmes and other government activities (e.g. social welfare) compete for the same, finite national budgets. Moreover, an increase in the number of domestic and international defence contractors, as well as lower cost of access to defence and space markets, allows for increased competition. Market access outside the Airbus home countries may continue to be subject to restrictions or preconditions such as national content, local industrial participation or the provision of export licences. Nevertheless, Airbus Defence and Space is well-positioned to benefit from the global growth in defence expenditure. Airbus SE/ Report of the Board of Directors 2025 29 Air Power Customers The Air Power Business Unit, with its combat, military transport, commercial derivatives and mission aircraft, and UAS, along with related services, mainly supplies the public sector, specifically armed forces. Customer relationships in this segment are characterised by their long-term, strategic nature and long decision-making cycles. Once a contract is signed, its life span, including the services business, often lasts for decades. Beyond a strong foothold in the home countries, the Company’s customer base is increasingly global, in particular due to the success of the A330 MRTT, Eurofighter and C295 programmes. The volatile, uncertain, complex and ambiguous geopolitical situation is gradually leading to the increased importance of defence in Europe. A clear signal in this direction was the signature of FCAS, which is reaching the end of phase 1B. There is also notable momentum in Europe for cooperation in large UAS programmes. Beyond the Eurodrone, the Company’s UAS help solve challenges for commercial, government and military customers alike. Institutional and government customers are recognising the benefits of UAS for public services. An increasing number of applications require UAS solutions in areas such as law enforcement, fire-fighting, humanitarian assistance and disaster relief, border protection, emergency services and maritime surveillance. Civil and enterprise customer interest in UAS continues to grow, with the main focus being on smaller and tactical UAS. Competitors The market for military aircraft is dominated by large- and medium-sized American and European companies capable of complex systems integration. Among the competitive factors are affordability, technical and management capability, and the ability to develop and implement complex integrated system architectures. The required skills for overall systems integration into an aircraft are extensive and the number of credible players in the world market is rather limited. In particular, dedicated mission aircraft, such as heavy tankers, are derived from existing aircraft platforms. Adapting them requires thorough knowledge of the basic airframe, which generally only the aircraft manufacturer will possess, along with knowledge of systems architecture and integration. The main competitors in the military transport and mission aircraft market include Boeing, Dassault Aviation, Embraer, Leonardo, Lockheed Martin, Northrop Grumman, Saab, Antonov, and the United Aircraft Corporation. Heavy military transport has historically been driven by US policy and budget decisions, therefore has been dominated by US manufacturers and split in strategic and tactical aircraft segments. On Combat, the Company’s activities take place through the contribution to the Eurofighter Typhoon, jointly with BAE Systems and Leonardo. The main competitors in the segment include Boeing, Dassault Aviation, Lockheed Martin, Saab and UAC. With regards to UAS platforms, Israeli and US firms are well established, with European and Chinese companies gaining in relevance. Major competitors include AeroVironment, Baykar Technology, Boeing, Elbit Systems, General Atomics, Israel Aerospace Industries, Leonardo, Northrop Grumman and Turkish Aerospace Industries. The market is also seeing the emergence of new, smaller companies worldwide, addressing specific and/or national requirements. There is room and need for synergies and partnerships between smaller and larger UAS companies. Across all segments of the defence and space markets the Company continues to see and anticipate new entrants, largely from the technology sector. These new entrants can be competitors, but may also be partners for Airbus Defence and Space, offering complementary skills and assets. Airbus SE/ Report of the Board of Directors 2025 30 Market Trend The sale of military aircraft is expected to be boosted in the coming years, driven by an increasingly volatile global landscape and various geopolitical shifts, such as a greater emphasis on Europe’s responsibility for its own defence. For further information, please refer to Section 6.3.4 “Sustainability Statement - Social information - Sovereignty and citizen protection”. After-sales services are an important business for Air Power, and they continue to grow in line with the deliveries of A400M and A330 MRTT, on top of the existing stable revenue stream associated with Eurofighter and Tornado in-service support. On the uncrewed aerial systems front, defence remains the largest sector. Recently, a growing demand for uncrewed combat aircraft has emerged, with Artificial Intelligence (AI) acting as a critical enabler. In addition, civil and institutional markets are growing steadily, especially in the smaller UAS tactical categories. Services verticals are expected to offer increasingly interesting prospects as the market evolves. The governmental market, especially for advanced UAS, is showing strong growth, with significant opportunities in Europe, the US and Asia Pacific. Small and flexible UAS see wide application among armed forces and likewise among other homeland security agencies. Products and services FCAS – Future Combat Air System: FCAS is being developed as a “system of systems”, combining a crewed new generation fighter teaming with uncrewed remote carriers, collaborating with upgraded existing and new platforms (e.g. Eurofighter, A400M, MRTT, Eurodrone, etc.) orchestrated by a multi-domain combat cloud (“MDCC”). The journey to meet the doctrinal and technological challenges lying ahead will be step-by-step. The Company anticipates FCAS will be key to Europe’s operational, technological and industrial sovereignty. FCAS should foster development of new technologies such as Artificial Intelligence (“AI”), cyber, cloud, and drones. It is anticipated that FCAS will deliver increasing operational effects by leveraging the collaborative capabilities of all connected platforms across domains (air, land sea, space and cyber). The goal is for FCAS to accentuate and unify multiple areas of the Airbus Defence and Space portfolio and its products. FCAS has been progressing with the execution and achievement of the Joint Concept Study and the Demonstrator Phase 1A by the three Air Forces (Germany, France and Spain) in September 2021. The FCAS Demonstrator Phase 1B was signed on 16 December 2022. This phase covers the work on the demonstrator and its components. The next scheduled phase of the programme is the so-called Phase 2, which is currently the subject of nuanced political discussions among the three nations and will require their approval. Phase 2 would include flight demonstrations, targeted towards the end of the decade. It is anticipated that Airbus military aircraft such as A400M, MRTT, Eurofighter and other crewed and uncrewed platforms will play key roles in the FCAS ecosystem. A400M – Heavy military transport: the A400M is the most capable new generation airlifter on the market today, aiming to meet the needs of armed forces worldwide and potential operators for military, humanitarian and peacekeeping missions in the twenty-first century. The A400M can perform the job of three different types of military transport and tanker aircraft by providing different capabilities: tactical (short to medium range airlifter capability with short, soft and austere field operating performance), strategic transport (longer range missions for outsized loads) and tactical tanker. A total of 178 aircraft have been ordered so far. This includes the seven launch customer nations (Belgium, France, Germany, Luxembourg, Spain, Turkey, the UK), as well as three export customers, Malaysia, Kazakhstan and Indonesia. Since 2013 (and through 31 December 2025), 137 units have been delivered to ten nations. The A400M has been deployed in operations since 2014, accumulating more than 250,000 flight hours in service. In June 2025 Airbus was awarded a contract from the German procurement agency to equip 23 Luftwaffe A400Ms with DIRCM protection systems. In 2025 Airbus and OCCAR reached an agreement with the A400M launch nations to secure production for the programme for the foreseeable future, improve the cost of operations, and jointly develop new capabilities. Among these new capabilities, Airbus is already looking into developments like standoff jamming, a payload increase to 40 tonnes, functionality as a “mother ship” for UAS, and firefighting. The A400M is designed to disrupt the difference between strategic and tactical transport by offering both capabilities in one. This saves both time and costs as customers can fly a long range strategic aircraft into a tactical zone of operation. A330 MRTT – Multi-role tanker transport: the A330 MRTT, a derivative of the Airbus A330-200 family, offers military strategic air transport as well as air-to-air refuelling capabilities. Its large fuel tank capacity (111t), a benefit of the design of the commercial platform, allows it to dispense fuel in flight to many receiver aircraft without the need for additional fuel tanks. This allows the entire lower deck cargo bay compartment to be available for freight (up to 37t), with the possibility to Airbus SE/ Report of the Board of Directors 2025 31 transport up to 27 standard civil containers (unit load device), or up to eight 436L military pallets as well as the capacity to transport up to 300 troops in the upper deck cabin compartment, with the high level of comfort of a civil airliner. The A330 MRTT is equipped with state of the art refuelling systems, including an Aerial Refuelling Boom System (ARBS) and under-wing refuelling pods. It is the first and so far only aircraft in the world to perform automatic air-to-air refuelling (A3R) with a boom. At the end of 2025, 85 A330 MRTT have been ordered by 16 national operators (more than 94% ex-US market share over the past ten years), with 66 aircraft already delivered and operating worldwide, accumulating more than 310,000 flight hours in operation. In 2025, NATO ordered two additional Airbus A330 MRTT aircraft and welcomed Sweden and Denmark to the Multinational Fleet. This expansion coincides with the formal accession of Sweden and Denmark to the MMF programme, further strengthening European strategic autonomy and collaborative defence capabilities. In 2024, Airbus announced the A330 MRTT+ programme as a natural evolution of the A330 MRTT. The A330-200 baseline aircraft will be replaced by the A330neo (A330-800), which is expected to reduce the aircraft’s fuel burn by up to 8%, allowing for more range and/or offload capacity. In September 2025, the Royal Thai Air Force (RTAF) ordered the first Airbus A330 Multi Role Tanker Transport Plus (MRTT+). Eurofighter combat aircraft: The Eurofighter multi-role combat aircraft (also referred to as Typhoon) has been designed to enhance fleet efficiency through a single flying weapon system capable of fulfilling both air-to-air and air-to-ground missions. Eurofighter Jagdflugzeug GmbH is owned by Airbus Defence and Space (46%), BAE Systems (33%) and Leonardo (21%). With regards to series production, the respective production work shares of the participating partners within the Eurofighter consortium is consistent with ownership distribution. Airbus Defence and Space develops and manufactures the centre fuselage and the right wing and leading edge slats for all aircraft, and is in charge of final assembly of aircraft ordered by the German, Spanish and Austrian air forces. To date, 769 Eurofighters have been ordered by ten customers (UK, Germany, Italy, Spain, Austria, Saudi Arabia, Oman, Kuwait, Qatar and Turkey). In 2025, Germany ordered an additional 20 aircraft, Italy activated an option for 8 aircraft and Turkey placed an order for 20 aircraft, thereby joining the Eurofighter fleet. By the end of 2025 a total of 617 aircraft were delivered. Export opportunities are being actively developed together with the other shareholders of the Eurofighter consortium. The programme recently announced the acceleration of production rates to meet growing demand. In addition, the design of the next evolution of the Eurofighter - named Long Term Evolution (“LTE”) - is expected to be performed in the coming years with the objective to keep the aircraft relevant into the next decade. One key capability will be the ability to act as a command fighter for teaming with crewed and uncrewed assets. These continuous enhancements will ensure that the Eurofighter is ready to play a key role in the framework of the Future Combat Air System (FCAS). C295 – Light and Medium military transport/mission aircraft: The C295 is a workhorse of tactical military transport, conducting logistical missions including the transport and delivery of personnel and cargo as well as medical evacuations. The aircraft are deployed in demanding operational environments and have been used for humanitarian missions. The aircraft are also offered as a dedicated mission aircraft with configurations beyond the traditional airlifter version, for example, for maritime surveillance and anti-submarine warfare, airborne early warning and control, firefighting and intelligence, surveillance and reconnaissance (“ISR”), among other missions. This family of aircraft has been in service for more than 20 years, and has proven to be robust, reliable, high-performing, efficient, flexible and easy to operate in any environment, and with low operating costs. 329 orders have been recorded for the C295 by over 40 operators by the end of 2025. In December 2025, Spain ordered 18 additional aircraft to replace the CN235 and C212 fleets dedicated to the training of pilots and paratroopers. The objective of this programme is to harmonise fleets and achieve maximum logistical and operational commonality. Combat training system: In December 2025, the Spanish Ministry of Defence selected Airbus Defence and Space to lead the development and implementation of the Spanish Air and Space Force’s new combat Integrated Training System (ITS-C). The contract, led jointly by Airbus, as national coordinator for Spain, and Turkish Aerospace as the manufacturer of the HÜRJET Jet Trainer, has as its primary objective the replacement of the current F-5 aircraft fleet and the coverage of the entire advanced training process for Spanish combat pilots. This encompasses the acquisition of 30 HÜRJET Jet Trainers from Turkish Aerospace, the conversion of the fleet with Spanish content according to the customer's requirements, the creation of an Aircraft Conversion Centre in Spain, the refurbishment of the Training Centre at the Fighter and Attack School at Talavera la Real Air Base, Extremadura, and the provision of an integrated set of operation and maintenance services at this base. Airbus SE/ Report of the Board of Directors 2025 32 UAS - Unmanned Aerial Systems: In the field of UAS platforms, Airbus Defence and Space is active at both product (Eurodrone, Zephyr, Sirtap) and service levels, supplying robust and dependable solutions for customers across military, commercial and institutional markets. Solutions span from high-end tactical fixed-wing UAS to stratospheric solar powered high altitude platform station (“HAPS”). Next generation air superiority programmes such as FCAS are planned to feature strong UAS components, spurring the development of different types of remote carriers, and leveraging manned-unmanned teaming (“MUM-T”) technologies. In 2025, Airbus Defence and Space and Quantum Systems signed a Memorandum of Understanding (MoU) to deepen their strategic cooperation. Both companies are working together on solutions to seamlessly integrate tactical aerial reconnaissance, in particular into modern command and information systems. Eurodrone – Medium Altitude Long Endurance Remotely Piloted Aircraft System (“MALE RPAS”): is the first uncrewed aerial system designed for flight in non-segregated airspace. This programme aims to give Europe its own unparalleled competencies in the field of UAS, offering advanced strategic performance capabilities, and with the aim to allow for mission modularity for ISR missions, contributing to European sovereignty. The Eurodrone contract between Airbus Defence and Space as industry prime (in partnership with Leonardo and Dassault), and OCCAR on behalf of the nations (Germany, France, Spain and Italy) provides for the delivery of 20 Eurodrone systems (with 3 drones and 2 ground stations each), along with an initial five-year package of in-service support. Eurodrone is anticipated to offer capabilities that facilitate international conflict prevention and crisis management during all phases of operation - especially in the field of Intelligence, Surveillance, Target Acquisition and Reconnaissance (“ISTAR”). As a four-nation project, Eurodrone should help to strengthen European sovereignty by establishing and expanding an independent technological base in the field of uncrewed aviation. This programme reflects the initiative to increasingly rely on multinational armament projects. Development, procurement and operation are planned to be carried out jointly, which should save costs and increase efficiency. Eurodrone is designed to become one of the main pillars of any future combat air system, prepared for real integration into civil airspace based on minimal restrictions and easy transportability due to its modular design. The design aims to offer multi-mission capabilities and significant growth potential, for homeland operations, ISTAR and armed ISTAR, which can be conducted with full operational sovereignty. Japan and India joined Eurodrone as observers in 2023 and 2024 respectively. In October 2025, the Critical Design Review was achieved with OCCAR. This achievement confirms the maturity of the system’s design. Next steps comprise prototype manufacturing and ground tests. Zephyr – solar-electric stratospheric HAPS: is designed to be capable of flying continuously for months at around 70,000ft, above weather and conventional air traffic. It remains the only fixed-wing HAPS to have demonstrated day/night longevity in the stratosphere. It offers a range of continuous surveillance, communications and monitoring services for both military and civil markets. In June 2024, a Japanese Consortium led by NTT DOCOMO, Inc. and Space Compass Corporation, together with Mizuho Bank Limited and the Development Bank of Japan Inc., committed to invest USD$100m in AALTO HAPS Limited (“AALTO”), which manufactures and operates Zephyr HAPS. Airbus Defence and Space will remain AALTO’s majority shareholder. SIRTAP – Sistema RPAS Táctico de Altas Prestaciones (or High Performance Remotely Manned System): is the next generation tactical fixed-wing UAS designed to meet the operational requirements of armed forces and governmental agencies around the world, providing extended endurance and a flexible payload in a range of capabilities adapted to fulfil ISR missions across military and civil markets. As it will be dual-use, it should be capable of carrying missions such as maritime surveillance, search and rescue, natural disaster relief, fire fighting support, as well as target identification, damage evaluation operations, ISTAR missions and convoy protection, among others. In 2024, following the contract signature with the Spanish Ministry of Defence for the development and acquisition of nine SIRTAP systems, SIRTAP’s Final Assembly Line kicked-off at Airbus in Getafe. In 2025, the assembly of the first SIRTAP prototype was concluded and the ground-tests campaign commenced at the Airbus Defence and Space facilities in Getafe, Spain. SIRTAP is smaller than Eurodrone: tactical, short-range drone focused on providing organic ISR for ground troops, like a tactical UAV (Unmanned Aerial Vehicle). Eurodrone is a large, high-altitude, long-endurance (MALE) system for strategic ISTAR (Intelligence, Surveillance, Target Acquisition & Reconnaissance) over much larger areas. Airbus SE/ Report of the Board of Directors 2025 33 Air Power Services: Airbus Defence and Space offers and provides various services for and related to military aircraft and UAS. Throughout the lifetime of its aircraft, the Company offers integrated logistics support, in-service support, maintenance and upgrades, along with training and flight hour services. Services supports legacy aircraft beyond those types currently in production at Airbus Defence and Space, conducting upgrade programmes for aircraft such as the Tornado and NATO’s Airborne Warning and Control System (“AWACS”). Airbus Defence and Space provides a broad range of training services for pilots, engineers, maintenance and air crews. Covering the complete pilot training path, from initial training through the Airbus Flight Academy of Europe (“AFAE”), to type and conversion training through Airbus Defence and Space’s international training centre and training centres located at customers’ bases, as well as advanced mission training through other subsidiaries. Airbus Defence and Space continues to develop the training of the future, enabled by digital, collective simulation and live virtual constructive technologies. Airbus Defence and Space maintains a network of MRO centres strategically located throughout the world for greater proximity to the customer, for example in Europe, in Seville, Warsaw and Manching (Germany), in the US in Mobile, Alabama, and also at subsidiaries in Saudi Arabia and Canada. Supporting more than 1,600 aircraft worldwide, the contribution of Services continues to grow. Airbus Defence and Space offers UAS services through Airbus DS Airborne Solutions GmbH, supporting FRONTEX (the European Border and Coast Guard Agency) for surveillance operations in the Mediterranean Sea. Space Systems Commercial Sector: Telecommunications Satellites The commercial telecommunications satellite market is highly competitive – with customer decisions primarily based on price, technical expertise and track record. The main competitors for telecommunications satellites are (in the US) Boeing, Lockheed Martin, MAXAR Technologies and Northrop Grumman, (in Europe) Thales Alenia Space and OHB, and (in Asia) the China Aerospace Science and Technology Corporation, India Space Research Organisation (ISRO) and Melco. The commercial geostationary (“GEO”) telecommunications satellite market continues to stabilise. While the number of orders for traditional GEO satellites has declined, the demand for alternative solutions is high. In this context, software-defined satellites and small GEO are becoming more relevant, and large system integrators like Airbus are tapping into new market trends. This was evidenced in 2025 by the signing of a OneSat contract with a new customer, Oman’s Space Communication Technologies, bringing our total orderbook to 10 OneSats. Airbus aims to participate as a key industrial supplier in Europe’s LEO constellation, known as the Infrastructure for Resilience, Interconnectivity and Security by Satellite (“IRIS²”) programme, which began in earnest with signature of a concession agreement between the European Union and the SpaceRISE industrial consortium at the end of 2024. Looking at the market more broadly, constellations beyond Europe are also gaining traction. In addition to the US’s SpaceX Starlink constellation, which is already in service, full funding was confirmed for Telesat’s “Lightspeed” constellation in 2024, while Amazon launched its first satellites in 2025 for Project Kuiper (150+ of 3200). China is developing and has commenced launches for multiple large-scale low Earth orbit (LEO) satellite constellations, including Guowang, Qianfan and Honghu-3, to provide global and domestic internet services. These competitor constellations are expected to commence service delivery in the second part of this decade. The OneWeb global high-speed internet constellation was completed in 2023, with 600+ satellites now in orbit and full global service entry anticipated in the near-term. This endeavour required a full re-think of satellite design and manufacturing, to facilitate production at competitive costs and on relatively short timelines. Since January 2024, Airbus has been the sole owner of the former Airbus OneWeb Satellites manufacturing facility in Merritt Island, Florida, supplying commercial and US government contracts. In December 2024 Airbus Defence and Space was awarded a contract by Eutelsat to build an extension of the OneWeb Low Earth Orbit (LEO) constellation, with the first batch comprising 100 satellites. In December 2025, Airbus Defence and Space was awarded a contract by Eutelsat to build a further 340 OneWeb low Earth orbit (LEO) satellites bringing the total for the enhanced European designed satellites to 440. The satellites will be produced at the Airbus Toulouse space site with deliveries expected from 2026. They will ensure continuity and enhance the OneWeb first generation fleet. For information on Launchers & Deterrence, please refer to the Section “ArianeGroup” below. Airbus SE/ Report of the Board of Directors 2025 34 Governmental Sector: Earth Observation and Telecommunication Satellites Against the current geopolitical backdrop, there is growing attention to military capabilities in Space. Airbus Defence and Space aims to support nations by providing connectivity, information superiority and in-space operations for defence. In 2025 the Company was awarded several Governmental and Defence Earth Observation (“EO”) contracts: Oberon, with two radar satellites for the United Kingdom, and PAZ-2, with two radar satellites for Hisdesat in Spain. In addition to these contract signatures, key launches took place in 2025, starting with the 3rd CSO-3 satellite for the French Armed Forces, later followed by the 4 CO3D / S250 dual-use EO satellites. Finally, the production of two S950 optical satellites for Poland is well underway. There is also continued export demand for Earth Observation systems. The export market is expected to continue growing over the medium-term, driven by demand from new governmental operators on top of the replacement of existing assets. Europe is currently at the stage of structuring its ambition for a high re-visit Earth observation constellation (Programme Study SPIDER and future European Earth Observation Governmental Services EOGS). On a bilateral Franco-German level, discussions are underway on the topic of a space-based early warning capability. There is also strong demand in the governmental satcom market in the Airbus home nations, as well as internationally. 2025 focus was on launch of previously secured orders such as the SpainSat NG satellites, and design and production of Skynet 6A for the UK MoD, Al Yah 4 and Al Yah 5 for Space 42 and SatcomBw3 for the German Armed Forces. The equipment business has benefited from a strong European market in 2025, both on the defence, civil and commercial segments. The US business has been facing delays in market demand, notably due to strategy reviews and budget uncertainties, however the outlook remains positive. The overall market context - boosted by EU's Readiness 2030, and national programmes in our home countries and worldwide - is favourable for our space equipment business. For information on Launchers & Deterrence, please refer to the Section “ArianeGroup” below. Institutional Sector: Satellites, Space Infrastructure In the public market for Earth Observation, navigation and science satellites, competition in Europe is organised on a national and multinational level, primarily through the European Space Agency (“ESA”), the European Commission and national space agencies. Space Systems remains a major player in the EO segment, involved in the 12 existing and future Copernicus environment missions. Airbus Defence and Space is likewise building on its re-established position on the navigation side, as it continues to work on the manufacturing of six Galileo second-generation satellites for Europe’s navigation system as well as the EGNOS V3 navigation overlay system, critical for aircraft navigation. The space exploration segment comprises scientific missions for solar system exploration and crewed space systems. Demand for space exploration systems originates solely from publicly funded space agencies, in particular from ESA, NASA, and JAXA (Japan). Such systems are typically built in cooperation with international partners. The Company’s predominant field of activity in this segment is to provide continuing support to the operations of the ISS, together with vehicle and equipment development programmes and services. Airbus Defence and Space is the prime contractor for the Orion European Service Module for NASA’s Artemis Moon-return missions, with six modules under contract. In 2022, the Orion spacecraft successfully completed the first full test mission (Artemis I), with a trip around the moon. The Artemis II crewed mission is set for launch in 2026. As the future exploration plans of the various national space agencies take shape with a growing focus on a sustainable return to the moon and further Mars exploration, Space Systems is taking an important role in providing vehicles, platforms and services to support these endeavours. Notably in 2025, Airbus and prime contractor Thales Alenia Space were selected by ESA to build key systems for Europe’s ExoMars lander. Products and Services Human space flight: Airbus has played an important role in human spaceflight, starting with the Spacelab reusable laboratory flown on the US Space Shuttle, followed by the development of the Columbus module and the Automated Transfer Vehicle (ATV) spacecraft for the ISS. Today, Airbus’ expertise is being applied to the European Service Module (“ESM”) powering Orion. Airbus is the prime contractor to ESA for the development and manufacturing of six ESMs, the first of which flew on NASA’s Artemis I mission in November 2022. In late 2025 the ESM-4 was shipped to Florida. As the ISS (International Space Station) approaches end of life at the turn of the decade, space agencies are seeking industry-led space station solutions to replace it. Along with Voyager Space, Airbus was a founding member of Starlab Airbus SE/ Report of the Board of Directors 2025 35 Space LLC, a global joint venture between Voyager Space, Airbus, Mitsubishi Corporation, MDA Space, Palantir and Space Applications Services that is designing, building, and will operate the Starlab commercial space station. Airbus is supporting the ongoing system engineering and integration activity for Starlab LLC. After a successful systems Preliminary Design Review (PDR, under NASA's supervision), the teams are now focused on the Critical Design Review (CDR) planned to start in early 2026. Telecommunication satellites: Airbus Defence and Space produces telecommunication satellites used for both civil and military applications, such as television and radio broadcasting, fixed and mobile communication services and internet broadband access. Airbus was first to bring a reconfigurable satellite (OneSat product) to the telecommunications market. The company has ten OneSats under contract; three for Viasat for the first of their next generation of geostationary Ka-band satellites, one for Optus (an Australian operator), two for Intelsat, one for SkyPerfect JSAT in Japan, one for Thaicom, one for Oman’s Space Communications Technologies and one for an undisclosed customer. With regards to its new all-electric and customer oriented Eurostar Neo platform, manufacturing is ongoing for five satellites: for the UAE’s Space 42 as well as the German and UK governments. Navigation satellites: Airbus Defence and Space is prime contractor for EGNOS V3, the next generation of the European Satellite Based Augmentation System, planned to provide the aviation community with advanced “safety of life services” and additional new services to maritime and land users. Airbus is also in the process of manufacturing six of the satellites required for the second generation of Europe’s Galileo, embarking on a new and enhanced payload that will open new possibilities for the navigation sector. Observation and scientific / exploration satellites: Airbus Defence and Space supplies Earth Observation satellite systems carrying optical and radar instruments and ground infrastructures for both civil and military applications. Customers can derive significant benefits from the common elements of the Company’s civil and military observation solutions, which allow the collection of information for various applications, such as cartography, weather forecasting, climate monitoring, mineral, energy and water resource management, as well as military reconnaissance and surveillance. Airbus Defence and Space also produces scientific satellites and space infrastructure, which are tailor-made products adapted to the specific requirements of the mostly high-end missions assigned to them. Applications include astronomical observation of radiation sources within the universe and planetary exploration. Current projects under design and build for the European Space Agency include Earth Return Orbiter to bring the first ever Mars samples back to earth, the ExoMars rover, Ariel, Europe’s next exo-planet mission, and SMILE, to image earth’s magnetic environment. Flagship inter-planetary missions include the JUICE spacecraft, ESA’s next life-tracker inside our solar system, and BepiColombo, Europe’s first mission to Mercury, due to reach the planet in December 2026. Space products: Airbus Defence and Space serves the worldwide market with space products through its own Airbus brand as well as the brands Jena-Optronik and TESAT. Space Products offers an extensive portfolio of equipment for all types of space applications, including radio-frequency (RF) as well as optical communication products, solar arrays, power distribution, data handling, platform and payload processing, actuators, gyros, star trackers, LiDARs and cameras, among others. For information on Launchers & Deterrence, please refer to the Section “ArianeGroup” below. Connected Intelligence Connected Intelligence is active in the cyber-defence, information and decision superiority, end-to-end space services and critical communications markets. It is divided into three Programme Units: Defence Digital & Cyber, Space Digital, and Public Safety & Security. Defence Digital & Cyber: is designed to be the “digital light-house” for our defence customers, who demand fully interoperable, digitised and automated multi-domain solutions for changing defence conditions. Key users include Germany, France and UK as well as other NATO nations and international missions, including contributions to NATO AWACS (Airborne Warning and Control System) and NATO AGS (Alliance Ground Surveillance). Cyber serves Europe and its allies as a trusted European cybersecurity provider, as a specialist in cybersecurity for Defence and Aerospace systems, assets, and network and endpoint security. Its mission is to design, develop, integrate and deploy tailored and reliable cybersecurity products and solutions for defence, governmental, institutional and commercial customers as well as for critical national infrastructure. The Cyber Programme Unit is the home to the Division’s core cybersecurity competences and capabilities, with clear governance to support all business lines of Airbus Defence and Space. Airbus SE/ Report of the Board of Directors 2025 36 In an era of escalating complexity, Multi-Domain Operations (MDO) represent the next paradigm shift for global security. To maintain operational superiority, modern forces must act as a single, unified entity across Air, Land, Sea, Space, and Cyber. Airbus is leading this transformation by moving beyond disparate systems to create “information superiority,” by providing integrated and innovative solutions which should enable commanders to ensure the operational and strategic superiority of all their units. Concretely, Defence Digital, through its Software Defined Defence (SDD) strategy, is decoupling capability from hardware. By prioritising flexible, modular software and open architectures, these systems are better able to evolve at the speed of the threat. In this context, Airbus launched a dedicated Software Factory in Friedrichshafen in Q1 2024. This hub is the heartbeat of Defence Digital’s SDD strategy, ensuring that the next generation of collaborative combat is driven by software-led innovation and rapid deployment. Space Digital: provides trusted Space Solutions, uniting Connected Intelligence’s space-related services and capabilities. Its customers are governmental, institutional, and commercial. In the geospatial domain, Space Digital offers a comprehensive range of geospatial data and services, including earth observation imagery, advanced products such as mosaics, elevation models, and 3D imagery, analytics and geospatial solutions catering to diverse industries, including defence & intelligence, security, environment, agriculture, insurance, maritime, oil & gas and more. These data and services are provided through a wide range of channels, from digital (e.g. the OneAtlas platform) to dedicated infrastructure (Direct Receiving Stations). The Programme Unit also operates in governmental satellite communications and military space, offering multi-domain (land, sea and air) secure sovereign space solutions (ground-segment based systems and connectivity services) for national and global security, notably the UK, France, Germany, the US, European Institutions and NATO. In some cases, it is positioned as a meta-operator, offering end-to-end trusted satellite communications services to customers. Public Safety and Security: Public Safety and Security aims to deliver critical communications solutions to organisations - governmental, defence and private - which are responsible for the security and the protection of the population, critical infrastructures and environment. In this respect, Public Safety and Security is paving the way for the digital transformation of its customers by leveraging broadband solutions and 5G infrastructure. Products and Services Defence Digital & Cyber is a recognised actor in defence intelligence as well as a system house supplier for securely connected ISR (Intelligence, Surveillance and Reconnaissance), Air Defence and Land Command and Control solutions as well as Cyber solutions. Defence Digital provides multi-domain and cyber-resilient information superiority through real-time ISR data fusion and predictive analysis for military and governmental customers. It develops its solutions to support multi-domain operations, fostering a culture of proactive digitalisation within Airbus to meet defence market demands. Airbus Defence and Space has supported the German Air Force for over 30 years with its AirC2 (a control and reporting centre) and ground-based air defence system. Developed according to NATO standards, these solutions ensure interoperability for collaborative NATO operations. Real-time ISR, data fusion, and predictive analysis capabilities are actively deployed in NATO missions and certain European Ministries of Defence. The Cyber portfolio encompasses broad expertise in cyber project management, including crypto and key management systems, security gateways, network and endpoint protection, aerospace multi-messaging systems, detection and response chain, and cyber attack simulation platforms. Having protected Airbus Defence and Space complex systems and networks for over 30 years, this programme is leveraging its Airbus DNA to develop products and solutions for customers facing similar challenges, based on state-of-the-art trusted technologies. Cyber security is a very dynamic sector, and the Company’s strategy aims to ensure the group and its ecosystem benefit from the best possible protection. The Cyber Programme Unit consists of Cyber Programmes (including Infodas) and Stormshield. Stormshield provides standardised solutions for roughly 20,000 firewalls per year, comprising a range of 8 models from entry-level to high-end, while remaining an arm’s length affiliate due to its specific business model. Infodas was acquired by Airbus Defence and Space in September 2024. The Infodas portfolio comprises cross-domain cybersecurity solutions (security gateways, data diodes, data classification services), patch management for isolated networks, and cybersecurity / IT consulting services. The PMI (Post Merger Integration) of these entities has been executed successfully, protecting their operational agility. Space Digital: The Geospatial business manages a fleet of satellites, including radar (TerraSAR-X, TanDEM-X and PAZ) and optical (2 Pléiades, 2 Pléiades Neo, SPOT 6, Vision 1) satellites. The Company is committed to delivering high quality earth observation services including premium resolution satellite imagery to support various needs, including defence Airbus SE/ Report of the Board of Directors 2025 37 operations or disaster relief for rescue operations. 2024 saw Space Digital's kick-off of the Pléiades Neo Next programme for the next generation of high resolution imagery. Thanks to advanced AI & GenAI-based analytics, Space Digital continuously provides actionable information to address customer’s operational needs. All satellite images are accessible on the OneAtlas platform, with both optical and radar imagery available, ad-hoc analytics included. Thanks to the above, Space Digital can provide customers with the right information at the right time to the right person or level of command, to enable the right decision. Space Digital also provides satellite communications (satcom) services and sovereign military space solutions for governments, defence, and international agencies. Building on the success of the UK’s Skynet 5 programme, the Programme Unit delivers end-to-end satcom systems and mission-critical space services for national and global security customers including France, Germany, UK, US, European Institutions and NATO. This includes notably the management and delivery of pioneering European Data Relay Satellite system (EDRS) high data throughput communications services. In 2024, Space Digital successfully launched a hosted payload on EUTELSAT 36D to provide Ultra High Frequency (UHF) military communications to European Ministries of Defence. Public Safety and Security offers advanced mobile communication and collaboration solutions with the highest standards of security and reliability to Public Safety organisations and enterprises. Its portfolio of products and services evolves constantly to meet the changing requirements of public safety, defence, critical infrastructures and TUI sectors (transport, utilities and industry). To deliver solutions which enhance situational awareness, improve user experience and safety, and optimise operational efficiency, Public Safety and Security integrates infrastructures, networks, devices, applications, software, and services, based on narrowband (TETRA, Tetrapol) and broadband (4G/5G) technologies. The Agnet solution is based on the latest 4G/5G broadband technologies and includes voice communication, messaging and multimedia sharing as well as interoperability with TETRA and Tetrapol technologies. In 2025, Public Safety and Security continued to demonstrate the critical value of its solutions in many highly demanding, unforeseen events, most notably the nationwide power blackout in Spain. The modernisation of the installed network infrastructure has maintained its momentum, particularly in Germany, where over 1,800 next-generation base stations have been delivered to date. Furthermore, the Réseau Radio du Future (RRF) - national broadband network for security and emergency services - reached a major milestone with its final qualification awarded in November 2025. Due to its sheer scale, complexity, and ambitious delivery timeline, the RRF has become the global benchmark for the public safety market, sparking significant interest from governmental agencies worldwide. The success of the RRF has already served as a powerful catalyst for new business. This is best illustrated by the Swedish Civil Contingencies Agency awarding Public safety and Security a multi-year contract to transition their national mission-critical network from narrowband to broadband. International expansion also reached the Middle East, where Public Safety and Security successfully delivered a broadband business-critical communication network to Aramco Digital, a subsidiary of Aramco group, responsible notably for developing broadband communication services in the kingdom of Saudi Arabia. MBDA Airbus Defence and Space holds a 37.5% stake in MBDA (a joint venture with BAE Systems and Leonardo). MBDA brings together state-of-the-art expertise in decisive military capabilities. By designing, manufacturing and delivering innovative defence solutions to European nations and their allies around the world, MBDA plays a major role in supporting their strategic independence, protecting their national security and preserving their land, maritime, air and space sovereignty. Beyond its role in European markets, MBDA has an established presence in export markets. The broad product portfolio covers all five principal missile system categories: air-to-air, air-to-surface, surface-to-air, anti-ship and surface-to-surface. MBDA’s product range also includes a portfolio of airborne countermeasures such as missile warning and decoy systems and other customer support activities. MBDA continues its efforts to adapt to mass production and reduced lead time challenges, while remaining focused on the future of defence and developing next-generation solutions, including the preparation of counter-hypersonic and laser systems. The most significant programmes currently under development are the next generation of the successful MICA air-to-air missile (Missile d'interception, de combat et d'autodéfense), the SPEAR 3 missile (selected precision effects at range capability 3), the precision attack BRIMSTONE 3 missile, the CAMM-ER missile (Common anti-air modular missile extended range), as well as the battlefield engagement AKERON LP missile. Recent product upgrades also include the ASTER Block 1 NT (New Technology) and SAMP-T NG systems, the air and missile defence systems for France, Italy and Airbus SE/ Report of the Board of Directors 2025 38 the UK, the SEA VENOM missile for the helicopters of the UK Navy, as well as the ENFORCER KFK & X and AKERON MP effectors for the battlefield. The successful conclusion of the STRATUS LO & RS (Future Cruise / Anti-Ship Weapon) programme's Assessment Phase confirmed the maturity of the advanced technologies and systems required to launch the full Development Phase. Further activities include the delivery of various aircraft packages for the Eurofighter Typhoon, Rafale and KF-21 platforms (including ASRAAM, MICA, METEOR, SCALP / STORM SHADOW and Exocet AM39), as well as the production of ground based air defence systems (including CAMM / -ER, VL MICA and MISTRAL) and various packages for frigate and corvette systems/missiles (including ASTER, CAMM / -ER, VL MICA, MARTE ER, EXOCET and TESEO EVOLVED). ArianeGroup Airbus Defence and Space holds a 50% stake in ArianeGroup (a joint venture with Safran), which is a leading player in the field of European space launchers and defence systems. One of its main activities is designing and manufacturing the Ariane 6 and Maia launchers. Ariane 6 is the new-generation European launcher, designed to be modular, flexible and versatile, to meet the needs of institutional and commercial customers in the space market. Ariane 6 is commercialised by Arianespace. The maiden flight of Ariane 6 was on 9 July 2024, and during 2025 there were 4 launches of Ariane 6. MaiaSpace (subsidiary of ArianeGroup) is developing a small launcher, Maia, which will be one of the first European reusable mini-launchers. It will incorporate first-stage vertical landing on an offshore barge. MaiaSpace will be able to offer highly competitive, reactive space mobility options, and at the same time help to speed up acquisition and extension of reuse technologies in Europe. The programme was pre-selected in 2025 by the European Space Agency (ESA) as part of the European Launcher Challenge and received a French government contract to support its development. ArianeGroup also directly supplies world-class products and equipment for space applications and launchers, for defence and industry, together with a range of high value-added services (including high-temperature composite parts, chemical and electric propulsion systems, attitude control systems, star trackers and pyrotechnics, among others). Competitors for launch services include SpaceX, United Launch Alliance. A number of competitors are addressing the small satellites launcher market with varying degrees of maturity - such as Rocket Lab, Firefly Aerospace, Isar Aerospace, PLD Space, RFA and Orbex. French deterrence systems: ArianeGroup, as prime contractor, holds the contracts with the French State for its submarine-launched deterrence system. As such, ArianeGroup is responsible for the research, development, production and support to operations of missiles for the French nuclear deterrence force (French Strategic Oceanic Force). These activities are compliant with the Treaty on the Non-Proliferation of Nuclear Weapons. In October 2025 the third version of the M51 strategic missile, developed and deployed by ArianeGroup, entered into operational service. Airbus SE/ Report of the Board of Directors 2025 39 1.5 Other Corporate Activities 1.5.1 Digital and Information Management 1.5.1.1 Overview Digital transformation is no longer a supporting initiative but an essential pillar of the Company’s success. This section details the Company’s progress in 2025 in leveraging digital technologies to enhance efficiency, drive innovation, strengthen cybersecurity, and deliver value to its customers. The Company remains focused on optimising its digital ecosystem, deploying cutting-edge technologies, and cultivating a digitally fluent and resilient workforce. 1.5.1.2 Digitally enabled end-to-end processes Digital Design, Manufacturing and Services (“DDMS”) In its operations the Company faces challenges regarding data quality and data flow consistency, a result of the legacy approach to data management, which can result in impacts on cost, lead-times and production. To overcome these limitations and ensure the success of future developments, including next generation commercial aircraft, Eurodrone, and X9, Airbus initiated the Digital Design, Manufacturing & Services (DDMS) transformation in 2018. DDMS prepares Airbus for Concurrent Engineering and allows the Commercial Aircraft business and the two Divisions to adopt shared processes, methods, tools, and data. DDMS is also crucial for unlocking the full potential of an End-to-End (E2E) digitalised value chain. The digital twin, defined as "a virtual representation of real-world entities, systems or processes, synchronised at a specified frequency and fidelity”, is an integral part of all DDMS activities. It is a comprehensive solution to make decisions, to monitor the present, to understand the past, and to predict and simulate the future. In the initial stages, the digital 3D representation creates a replica of what is to be built and the means by which it will be built, which is then augmented with behavioural representations. Once these models are created, they are propagated through the Company’s digital architecture to production and services, enabling the physical and real data to be brought back to the models of the digital replica. Bringing all this data together in a consistent manner makes it a digital twin, which is a game-changer for the design and manufacturing process. More than 11,000 people in the Company are already using DDMS solutions in their daily work. Progress updates are included in the Commercial Aircraft business and two Divisions’ regular digital transformation reviews. Artificial Intelligence The Company has made Artificial Intelligence (AI) a central focus. The initial success of the Company’s generative AI initiatives has spurred exploration across all businesses, identifying numerous opportunities for value creation and ensuring a focus on the most promising ones. The overall AI strategy is multifaceted, aiming to optimise internal processes, better serve customers, enhance safety, efficiency and resilience, and empower the Company’s workforce. The Company’s ambition is for AI to meaningfully contribute to its business and results over the mid-to-long term. Airbus is working to actively shape the future of AI in aerospace by defining industry standards in collaboration with airworthiness authorities. Key areas of focus include generative AI, knowledge management AI, decision-making AI, and computer vision, all supported by a commitment to safe, responsible and ethical AI practices. To support this commitment, a robust ‘return on investment’ framework is being implemented, secured AI data processing platforms are being deployed, and a transversal AI Federation has been established. A dedicated steering committee, sponsored by three Executive Committee members, has been created to ensure that AI implementation respects the Company’s values of safe, responsible and ethical AI. Google and Airbus continue to partner to further improve the functionalities of Google Workspace. After the successful introduction of the Gemini Application in early 2025, the official rollout of Gemini for Workspace started on 1 October 2025, which promises to seamlessly integrate generative AI capabilities into the Company’s core collaboration suite. The Company also successfully deployed an on-premise Generative AI platform within the Company’s national domains, enabling the handling of restricted data. The platform is now operational in Spain and Germany and has seen rapid adoption, with close to half of the division's employees (15,000+) using its capabilities. These include a "Doc Assistant" for document-based prompting, and a "Code Assistant" for automated code generation. Airbus SE/ Report of the Board of Directors 2025 40 Digital transformation in Commercial Aircraft A320 Family: Following the first DDMS-built A321neo delivery in 2024, the approach is now being applied to all new A321neo aircraft. This transformation has delivered significant gains: a roughly 50% reduction in Design Query Notes (Quality) for the Electrical Systems and Cabin areas, and improvements in Engineering and production efficiency - for example, the transformed Electrical System Installation (ESI) process helped deliver more aircraft with significantly less effort from Engineering in 2025 compared to 2024. Head of Version (HoV) development lead time was reduced by roughly 2 months, enabling an increased number of HoV in the Single Aisle programme. Furthermore, DDMS tools are easing assembly by reducing geometrical variability in the FAL. The DDMS deployment, which included successfully upskilling over 5,000 employees, is nearing finalisation on the A320neo, ensuring this digital-first approach delivers on its promises to extend the technical and commercial success of the A320 Family. Future Programmes in Commercial Aircraft: Measurable efficiency gains and speed could be reached through the deployment of model-based system engineering, digital twins and digital continuity on the A350 Freighter. Co-development principles, model based system engineering and digital thread are becoming standard in the design, manufacture and maintenance of future aircraft. The specification for the next-generation programmes has started and is taking shape. Digital Security is pivoting from foundational Cyber Transformation to a strategic focus. Guided by the ambition to Enable the Future, the Company continues to mature and optimise core controls. While talent recruitment remains a challenge, internal development programs are actively bridging this gap. Moving forward, the priority is total business resilience, ensuring the Company’s digital ecosystem is robust enough to safeguard the Company’s business, the sovereignty of its data and the integrity of its products, while supporting strategic growth. As digital technologies continue to become ever more central to the Company’s operations, cybersecurity will continue to be paramount, and the Company will continue to be vigilant in this area. Please also refer to Section 6.4.2 “Sustainability Statement - Governance Information - Cybersecurity”. Digital transformation at Defence and Space Airbus Defence and Space's digital transformation in 2025 delivered significant progress across its strategic priorities: securing digital foundations, driving efficiency, enhancing user experience, and building future capabilities. The efforts successfully secured the Defence and Space IT landscape, streamlined operations, and achieved measurable cost reductions, directly contributing to business competitiveness. A critical security milestone was achieved with the successful deployment and accreditation of the division’s International Restricted Layer, securing a three-year Authorisation to Operate (ATO). This new architectural layer is foundational to the division’s multi-national operations, enabling its first major network migrations notably in France. It is on track for full enablement across Germany and Spain in 2026, which will significantly ease collaboration within the division’s restricted defence context. Simultaneously, reduction of legacy networks is progressing well, with the number of networks reduced from an initial 32 down to 25 at the end of 2025. Furthermore, the security of the division’s IT landscape was substantially enhanced by reducing identified vulnerabilities and security deviations, while expanding Security Operations Centre (SOC) capabilities to cover the most sensitive Business-owned Tools (BOTs). Following the division’s strategic outlook, the major transformation programmes Enterprise Resource Planning (ERP) roadmap and DDMS went ahead, focusing on the Air Power business unit. For ERP, this included the division’s largest ever migration to the new ERP technology (S4/HANA), while also delivering critical migrations and technical enablers. Starting the roadmap at an initial 62 ERP systems a few years ago, as of this year the landscape has been simplified, with only 21 systems remaining. For DDMS, a major milestone was enabling the closure of the Eurodrone Critical Design Review (CDR) as well as deploying DDMS in production for the Future Combat Air System (FCAS) programme. Digital transformation at Helicopters Airbus Helicopters is advancing its digital transformation with a focus on standardising and harmonising company processes across all sites through major initiatives like new ERP and DDMS. A key milestone is the deployment of the latest SAP technology (S4/HANA) in Spain and H160 3D preparation solution. Building on prior data governance efforts, the division has launched the creation of a center of excellence for Data & Analytics. This initiative is crucial for improving data analytics and underpinning the AI roadmap for the coming years. Furthermore, digital efforts are strengthening the underlying digital foundations to ensure high availability and efficiency, while also protecting digital assets and production means. A significant part of this focus is dedicated to shielding the helicopter business from escalating cyber risks and ransomware resilience. Airbus SE/ Report of the Board of Directors 2025 41 1.5.1.3 Digitally-enabled products and services Skywise At its origin in 2015, Skywise was launched to unlock data from the Company’s discrete legacy systems to make it accessible and actionable for day-to-day operations. Now fully industrialised, Skywise adoption is still expanding at a rapid pace, growing approximately 16% in 2025 to reach approximately 55,000 users across all of the Company’s functions (including the Commercial Aircraft business and the two Divisions). The strategy to place data at the heart of the Company’s digital transformation is yielding results. Over 2024, Skywise data architecture was enriched with real-time digital continuity features that support end-to-end business processes and also leverage in-service aircraft data. Skywise is the flagship platform for the aerospace industry's digital transformation, connecting Airbus, airline customers and some key aerospace suppliers. With Skywise directly supporting the operations and maintenance of more than 11,900 commercial aircraft (Airbus and other OEMs), it is allowing the airline industry to realise significant annual savings through reduced flight delays and cancellations. The self-service usage of the Skywise platform has yielded increased operational efficiency for customers, and has accelerated overall aircraft operational availability. Approximately 54% of the Airbus fleet in service is now supported by the Skywise platform as well as Skywise digital solutions developed by Airbus Customer Services, such as S.Health Monitoring, S.Predictive Maintenance and S.Fleet Performance. Finally, in November 2025, Skywise received the updated ISO27001:2022 certificate demonstrating that the Airbus Information Security Management System has deployed the best practices and principles enshrined in this International Standard to keep cyber-security at the heart of its data analytics and workflows. Digitalise the aircraft Since 2024, Customer Services has had a dedicated programme to deliver and sell connected aircraft services across all aircraft families. The Digital team has worked on connected aircraft via FOMAX connectivity since 2015, developing and operating ground platforms for data transfer to Airbus Information systems. In 2025, an Extended Engineering team (involving Cabin, System Engineering, and Digital) was formed to support the Connected Aircraft programme by developing end-to-end solutions. The product of a collaboration with external partners, the programme is developing a platform for aircraft connectivity, ground services, and passenger experience. This platform will integrate the fleet into the evolving digital ecosystem, supporting use cases like IoT, onboard applications, AI, live data, remote diagnostics, and over-the-air updates, all deployable in-flight. A first platform version was delivered in 2025 for the A350 freighter (Smart Freighter). The cross-program solution is expected for 2028. Digital services for helicopters Airbus Helicopters Support and Services is advancing its multiyear digital transformation roadmap with a focus on achieving ambitious goals for aviation safety, fleet availability, competitiveness, and innovation. The digital initiatives are designed to contribute to these aims by covering the full spectrum of data utilisation, from end-to-end creation and collection to analytical exploitation. This comprehensive approach allows Airbus Helicopters to both enhance internal efficiency and expand the range of digital services offered to customers. 1.5.1.4 Digitally enabled people The Digital Academy team identifies the core and critical skills and competences required to fully benefit from the opportunities unleashed by the ongoing digital transformation, building digital talents within our company. In 2025, Airbus confirmed its strong investment in upskilling solutions on digital; from awareness up to expertise, enabling efficiency, competitiveness and innovation, enhanced by the competencies of the Company’s workforce. The key developments were as follows: ● 6,400 employees across Airbus are mapped to a digital job, and 55,000 employees have at least a competence / skill in their position linked to the digital world. ● 90% of these “digital” profiles in the Company can benefit from specific career path frameworks, designed for architects, technology specialists, developers, IT operation managers, IT product / service managers, data analysts / scientists, business analysts, cybersecurity specialists and innovation managers. This is reflected by a low turnover rate among this cohort (3.2%, compared to the external market ~15%). Airbus SE/ Report of the Board of Directors 2025 42 ● The Company’s digital “eXperts” community continues to grow in key technologies and technical fields, with 20 new positions validated by the college of eXperts. ● 76,400 employees have been trained on digital upskilling solutions (from awareness to specialists). This figure has been multiplied by 6 compared to 2024, boosted by an appetite to learn on data and on artificial intelligence. ● A continuous learning culture is being pushed for digital profiles, leveraging on a top function objective in Digital to get 90% of the Company’s active workforce trained on a technical course provided by Udemy. ● There are 5,700 active members in “communities of practice” (social learning), which is an increase of 7% compared to last year, allowing learning and exchanging on best practices and pain points, and facilitating technical mentorship and participation in key events. ● 300 employees were certified in 2025 in data analytics / science, cloud, infrastructure, SAP and architecture. ● A new reskilling program has been formalised to offer a trajectory to becoming a junior digital business analyst (from an experienced Airbus business employee), to engage our people by offering new pathways within the Company. 1.5.1.5 Concluding thoughts and next challenges The digital transformation (through DDMS, ERP or Skywise) continues to deliver significant, measurable benefits in the Commercial Aircraft business and two Divisions. The rapid adoption of AI capabilities, including the rollout of Gemini for Workspace or Mistral.ai products, positions AI as a core strategic enabler for the Company. In 2026 Airbus will continue its transformation journey, looking for additional efficiency and effectiveness in processes and for new capabilities to better serve customers. This will require a continuous effort and focus in the development of a digitally fluent workforce. Airbus SE/ Report of the Board of Directors 2025 43 1.5.2 Research and Technology The Airbus Technology and Engineering department, led by the Head of Technology Airbus, orchestrates the acceleration of research and technology (“R&T”) and innovation, while fostering technology synergies across the Commercial Aircraft business and two Divisions, advancing expertise in cutting edge technologies. The department’s objective is to develop new technologies that enable Airbus to continuously enhance its product and services offerings, with specific priority given to technologies for next-generation aircraft, bringing together products, production systems and services. The R&T Program shapes and drives Technology activities across the Group. Acting as a central body, it is responsible to deliver Airbus company-wide Technology Planning and Roadmapping, consolidate R&T investments across the Group, ensure R&T program operational excellence, align R&T priorities internally and with external stakeholders globally. Additionally, joint funding with public agencies are coordinated through an integrated R&T function. To help safeguard the Company’s R&T, its intellectual property is protected, secured and defended through a central intellectual property function, responsible for patent applications, portfolio investigations and portfolio defence. Each division has its own dedicated R&T function, to support and coordinate development of their respective businesses. These divisional functions primarily perform planning and technical arbitration within their perimeters. The Disruptive R&T Department delivers cross-divisional development of disruptive technologies and solutions to benefit the Company’s future endeavors. It focuses on both technology and business disruption, exploiting technology trends across regions and delivering a set of services, competencies and capabilities, utilising the following pathways: Fast Tracks: the Head of Technology Airbus is supported by “Fast Track” leaders, who serve as principal advisors that ensure portfolio coherence and foster the rapid advancement of strategic priorities across the businesses. Current fast-track roadmaps cover the following technologies: Artificial Intelligence (AI), autonomy, connectivity, electrification, industrial systems and manufacturing, and materials. Central R&T (“CRT”): this cross-divisional R&T organisation prepares the Company’s long-term technological capabilities. CRT leads specific investigations into emerging research areas and conducts ambitious research projects. It also leverages expertise from leading academic, scientific and research institutions to achieve the Company’s ambitions. Group Demonstrators (Airbus UpNext and FlightLab): the Company’s development of selected cutting-edge technologies is accelerated through these “demonstrators”, which employ rapid maturation methods. With this setup, Airbus has the tools necessary to conduct flight- and ground-demonstrator projects that drive collaborative new ways of working, provide high levels of transparency and help to challenge the status quo. X-Labs (E-AircraftSystems, MaterialLabs, ProtoSpace): they provide test, conceptual design, simulation and rapid prototyping capabilities for R&T and the engineering centres, in particular by addressing capabilities by maturing, accelerating or derisking technologies for Airbus. There is a significant focus on how services are provided to achieve the main target: de-risking and maturing technologies as early as possible in the development process and helping anchor new ways of working within the core engineering workforce. Acubed: this research and innovation centre, based in Silicon Valley, focuses on accelerating AI and autonomy adoption to create competitive advantage. Acubed plays a central role in fast-tracking the maturation of key autonomy functions for the next-generation commercial aircraft programme. Airbus China R&D and Innovation Centre (ACRI): this Centre accelerates “local for local” innovation by leveraging the local sustainability and digital innovation ecosystem to support local business growth and the Company’s future competitiveness in China. Airbus India Innovation Centre: this Centre builds disruptive products for the Commercial Aircraft business and two Divisions by leveraging the strong engineering and digital competencies residing within Airbus India, while also collaborating with the external innovation ecosystem in the country. Airbus Tech Hub: a global network of technology and innovation hubs which aims to foster collaboration with industry leaders, academia, knowledge institutes, government and start-ups to develop a strong network of partnerships. It aims to push the boundaries in aerospace technology and prepare the future of aviation. Established in Japan, the Netherlands, Singapore and most recently in South Korea. Airbus SE/ Report of the Board of Directors 2025 44 Airbus Central Innovation (ACI): engages with ecosystems to impact current and future aerospace challenges by detecting and leveraging the right trends, technologies, startups and new business opportunities. The team has a four-pronged structure: corporate innovation, global technology scouting, startup engagement, and incubator (development of new businesses). Key progress in 2025 Central Research & Technology CRT pioneers the future of aerospace by exploring and delivering ambitious new technologies for the Company’s current and next-generation product and services portfolio of commercial aircraft, helicopters and spacecraft. In 2025, CRT ran more than 40 projects concurrently across its domains. Highlights from these activities are listed below. ● Materials technologies: significant technical advancement was achieved in the fields of materials (re-use, recycling, substances and compositions), materials informatics and digitalisation, functional and high-performance materials and product mission performance and competitiveness. Quantum computing and quantum sensing aspects in the field of materials technologies have been chosen for acceleration. ● Electrification technologies: contributed to progress on several aspects of electrification and electric propulsion technologies. For example, on lithium-ion battery technologies, new technology solutions for thermal runaway mitigation (such as fire extinguisher agent or gas/air mixer unit to dilute) were demonstrated, and showed that ignition can be suppressed. A next-generation motor control unit was developed, operating at high temperature (for weight benefit) and using cutting-edge technologies like wide band gap semiconductors (SiC), cooling systems and multilevel topologies. ● Communication technologies: significantly advanced the applicability of 5G+ and 6G mobile communication standards for Airbus products, focusing on precise localisation and sensing functionalities. Achieved breakthroughs in low-cost, ultra-high-data-rate optical links and developed advanced computing hardware solutions to enable on-board use of artificial intelligence (AI) across Airbus platforms. ● Artificial intelligence: great progress has been achieved in fundamental AI research areas. Focus areas were trustworthy AI for the certification of systems embedding AI models, decision making for complex planning problems, and augmented generation retrieval systems. Uncertainty quantification enhancement was integrated into a computer vision function under development for smart automation. ● Virtual product engineering: delivered software and methods to enable automated and flexible meshing in 3D simulation workflows to the computational fluid dynamics software (CODA) team. Methodology was matured to assess complex trades at system and system-of-systems levels under uncertainties. Scientific machine learning methods remain under development to hybridise classical numerical solvers with AI, and the first results on composability between CPU and GPU in COMPOSYX open source library have been capitalised on. New projects were also launched on multi-physics modelling and how generative AI could speed up V&V activities. ● Quantum technology: implications of quantum technologies for aerospace and defence are extensive and include important applications in the fields of computing, communication, and sensing. The objective of the Company is to explore this emerging technology and to prepare for its early adoption within the portfolio. Beyond accelerating quantum computing applications, a dedicated focus of 2025 included the maturation of quantum sensors for navigation, offering solutions for resilient positioning, navigation and timing in GNSS denied environments. ● BlueSky research: this research explores, validates and fosters early upstream technologies that are new to Airbus,of strategic nature and have the potential to push the boundaries of aerospace, potentially yielding high business and societal impact. This year, the function notably explored the possibility of using humanoid robotics to improve operational excellence, designed the first brain-computer interface system for an industrial application, and explored concepts of cognitive, organic aircraft and spacecraft for next-generation operability. Airbus demonstrators – Airbus UpNext Airbus UpNext launches and runs projects that support Airbus’ technology roadmaps and fast-tracks them to solve strategic challenges across the Commercial Aircraft business and two Divisions. Key highlights of 2025 progress include: ● Optimate: this smart automation demonstrator explores how novel sensors and advanced system architectures can improve pilots’ situational awareness in high-workload mission phases (such as taxiing). Numerous test runs Airbus SE/ Report of the Board of Directors 2025 45 were conducted with an “aircraft on wheels” truck platform, allowing for fast iteration and testing in operational airport environments. ● CryoProp: explores using superconductive and cryogenic power transmission to create a mega-watt class powertrain. Several design milestones were achieved in the course of 2025, enabling the start of component manufacturing and ultimately testing. ● eXtra Performance Wing: this year the aircraft’s original wing configuration was converted to the high-aspect-ratio wing configuration. In preparation of the flight test campaign, ground testing commenced, providing required validation for flight clearance. The eXtra Performance Wing – compatible with any propulsion system and aircraft configuration – aims to reduce CO₂ emissions, contributing to Airbus’ decarbonisation roadmap. ● Moreover, in 2025, new demonstrator projects have been launched but not yet publicly announced Acubed, Airbus’ Silicon Valley Innovation Centre Acubed’s focus is on accelerating the adoption of: AI for Products (related to Autonomy, achieving important progress on obstacle detection and visual based landing function); AI for Manufacturing (supporting assessment and improve production processes, quality and safety thanks to machine learning and computer vision); and AI for Services. Airbus China R&D and Innovation Centre (ACRI) ACRI is the Airbus China R&D and Innovation Centre in Suzhou, leveraging China’s industrial innovation ecosystem to support the Company’s sustainability ambition in China. ACRI’s mission is to develop local talents, partners and resources within China’s sustainability and innovation ecosystem. It aims to discover promising technologies, identify solutions enabling new business, and support local business growth. The ACRI has the following functions: ● Manufacturing Innovation: The team has successfully progressed and deployed several high-impact projects at the Tianjin Final Assembly Line, including AI vision-based safety enhancements, energy management systems, improving Major Component Assembly (MCA) transfers, flowline logistics automation, and robotics. The strategic goal of scaling these value-driven solutions across all Airbus FALs globally. ● Cabin, Cargo & Connectivity Innovation: The team delivers smart, digital and sustainable solutions tailored to both current and future aircraft business needs. By exploring next-generation cabin electronics and sustainable materials, the team enhances Airbus’s "Local to Local" cabin offering while scaling high-value innovations "Local to Global" to benefit the entire Airbus product portfolio and elevate the passenger experience. ● The system/software development team supports project teams in developing systems and software for innovation projects with internal technical competencies such as system architecturing, system design, software development Airbus India Innovation Centre Airbus India Innovation Centre (AIC) pioneers disruptive technologies through frugal innovation, leveraging strong regional engineering capabilities and a vibrant external ecosystem to deliver scalable, high-value solutions for global business needs. In 2025, AIC has achieved several significant milestones, including: ● An additional mandate as an AI4Engineering Innovation Centre was awarded. This highlights Airbus’ growing leadership in AI-led engineering innovation. This milestone amplifies India’s contribution to the AI-in-One Strategy and enhances the Company’s ability to deliver fast, tangible value. ● Data Product project delivered an AI-enabled data extraction platform that processed 2,000 stress dossier documents into a structured repository mapped across 13 key parameters. ● The AI for Performance Based Services & Contracts prototype was completed and product development sponsorship secured. The tool streamlines complex performance based services contract analysis by mapping risks, aligning KPIs, and enhancing visibility using Generative AI. AI for Simulation product, uses AI and machine learning with Non-Linear Finite Element Method simulation to predict structural failures and crack instability more quickly and reliably, cutting simulation and analysis time by roughly 70%.This Indian-engineered capability will support major savings, reduce AOG exposure, and drive Airbus’s next phase of intelligent simulation. Airbus SE/ Report of the Board of Directors 2025 46 Airbus Tech Hub ● Korea Tech Hub launched on 18 November 2025 focusing on: electrification, lightweight composites, and Defence and Space technologies. Three projects announced on space-grade chips and signaling antennas, electromagnetic interference (EMI) filters and lightweight composite, and an open innovation challenge on electrification. ● Japan (focused on: Composite, Decarbonisation technologies, Automation & Robotics). A new project kicked off during 2025 for recycling aircraft parts (carbon fibre), and a memorandum of understanding was signed with the Ministry of Economy, Trade and Industry (METI) on strategic development of research and technology capabilities in Japan. ● The Netherlands (focused on sustainable aerospace, future energy and communications). During the 2025, Netherlands Aerospace Group was onboarded as a new partner of the Tech Hub. Two projects were approved for hydrogen infrastructure feasibility studies (one completed within the year); the first phase of the Flying Vision accelerator (roadmap for sustainable long-range aircraft) was delivered; and three memorandum of understanding were signed about cabin thermoplastic with KLM; Quantum TechBridge consortium setup and deepening collaboration with TU Delft on robotics and industrial systems. ● Singapore (focused on decarbonising aviation, maintenance, services and air traffic management solutions). Three projects were completed on cold spray technologies, advanced connectivity for lower airspace (CV2X) and cargo loading systems (which will advance to Phase 2 in 2026); and a memorandum of understanding was signed on 5G/6G NTN demonstration in Singapore. Airbus Central Innovation (ACI) Airbus Central Innovation is tasked with leveraging trends and engaging ecosystems to impact current and future aerospace challenges. The scope of the team is cross-divisional, strategically aligned with the central and divisional strategy teams to deliver high added-value through innovation. The team delivers four different services: ● Corporate innovation: drives the Company’s innovation culture by supporting an internal ecosystem focused on long-lasting impact. Promotes intrapreneurship and out-of-the-box thinking, and coordinates the Global Airbus Innovation Network. ● Global technology scouting: identifies emerging technologies worldwide to enhance the Company’s portfolio and sustainability objectives. Facilitates cooperative arrangements with startups and smaller companies to address future challenges. ○ Now physically present in nine countries and covering all Europe, particularly emphasising APAC (with a presence in China, Korea, Japan and Singapore and India). ○ The acceleration of activities is also driven by qualitative interactions with regional agencies (e.g. Korea International Trade Association, Japan External Trade Organisation, Economic Development Board), ACI being a local actor for the identification, access, and assessment of potentially successful startups or other emerging disruptors, these agencies provide access to government funding programmes, giving Airbus the opportunity to test external options and establish links with key local technologies holders. ● Startup engagement: accelerates adoption of startup solutions aligned with the Company's strategic priorities, focusing on mature solutions with high-impact potential. Notable successful outcomes include: ○ Videns Analytics®: utilises machine learning and AI to optimise line balancing and productive planning within Airbus. ○ Delta Orbit®: developing a system that can efficiently support two distinct types of propulsion thrusters utilising methane and hydrogen. ○ Innodura®: software-based environment recognition system to automate robotic trajectory planning. It recognises the aircraft geometry and dynamically changes the programming of the robot. Airbus SE/ Report of the Board of Directors 2025 47 ○ Q-Ctrl®: GNSS-denied navigation based on quantum sensors, to enhance long-term localisation accuracy over time without GPS ○ Resilio®: assessment tool to measure the environmental impact of digital products and take countermeasures to increase energy efficiency and reduce waste. ○ Flashgroup®: mixed-reality training solution for fire safety, minimising water usage, eliminating exposure to hazardous substances for firefighters, and expanding scenario diversity for comprehensive emergency readiness. ○ Plaswire®: sustainable solution to recycle end-of-life cabin and cargo parts. Contributes to Airbus’ objective to reduce cabin waste by 50% by 2030 and offer a circular cabin by 2035. ○ Kyber®: server-based 3D-rendering solution that delivers high-quality visuals on standard laptops while reducing heavy computing with GPUs for lower CAPEX costs. ○ 20 Proof of Value projects run in 2025 on domains such as: ■ Synthetic Data Generation for Landing Vision ■ Flight and Mission Autonomy ■ Resilience of Infrastructures and Multi Domain Operations ■ Drone Delivery from Skyhub to Customer Line ■ Surrogate AI modelling for Pressure Prediction ● Incubator: We transform complex, strategically relevant situations into beyond-core business propositions and push conclusive Airbus decisions. Successful outcomes: ○ Airbus Direct Air Capture (DAC): DAC is crucial for eSAF production and carbon sequestration. Utilising Airbus’ expertise from the life support system of the International Space Station, Airbus DAC has now sent its first Airbus DAC250 commercial unit (capacity to capture 250 tonnes of C0 2 per year) to DeepSky in Canada. ○ Airbus Bulk Cargo: 90% of Airbus single-aisle aircraft require manual loading and unloading of luggage, which is labor intensive and prone to inefficiencies. The Quick Loading Box allows for faster, safer and more efficient operations. Airbus SE/ Report of the Board of Directors 2025 48 2 Corporate Governance 2.1 Board of Directors 2.1.1 Composition of the Board of Directors This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “GOV-1 The role of the administrative, management and supervisory bodies”, paragraphs 21, 23. Under the Articles of Association, the board of directors of the Company (the “Board of Directors”) consists of 12 Directors, whose terms expire at the close of the AGM held three years following their appointment. Under the Company’s Internal Rules for the Board of Directors (the “Board Rules”), at least a majority (i.e., 7/12) of the members of the Board of Directors (including the Chairman of the Board of Directors) must be nationals of the European Union ("EU"; any reference in the Board Rules to the EU includes the United Kingdom (the "UK") and its constituent countries, notwithstanding a withdrawal of the UK from the EU), and a majority of such majority (i.e., 4/7) must be both EU nationals and residents. No Director may be an active civil servant. The Board of Directors has one Executive Director and eleven Non-Executive Directors. While the Board of Directors appoints the CEO, the CEO is required to be an Executive Director and must be an EU national and resident; therefore it is anticipated that the Board of Directors will appoint as CEO a person appointed by the shareholders as an Executive Director. At least nine of the Non-Executive Directors must be "Independent Directors" (including the Chairman of the Board of Directors). Under the Board Rules, an Independent Director is a Non-Executive Director who is “independent” within the meaning of the Dutch Corporate Governance Code (the "Dutch Code") and meets additional specified independence standards. Specifically, while the Dutch Code would determine non-independence (in part) by reference to a Director's relationships with shareholders who own at least 10% of the company in question, the Board Rules refer to such Director's relationships with shareholders owning at least 5% of such company. According to the criteria of the Dutch Code and the Board Rules, all Non-Executive Directors (including the Chairman) presently qualify as Independent Directors. The Remuneration, Nomination and Governance Committee (the "RNGC") of the Board of Directors is responsible for recommending to the Board the names of candidates to succeed Board members, after consultation with the Chairman of the Board of Directors and the CEO. The Board of Directors, deciding by a simple majority of the votes cast (a “Simple Majority”), proposes individuals to the shareholders' meeting of the Company for appointment as Directors by the shareholders. No shareholder, group of shareholders or any other entity has any right to propose, nominate or appoint Directors beyond those rights available to all shareholders under general Dutch corporate law. Airbus SE/ Report of the Board of Directors 2025 49 In addition to the membership and composition rules described above, the RNGC (in recommending candidates for the Board of Directors) and the Board of Directors (in resolving to propose the renewal or appointment of Directors to the shareholders' meeting) are each required to apply the following principles: - the preference for the best candidate for the position; - the preference for gender diversity between otherwise comparable profiles; - the maintenance of an appropriate skills mix and geographical experience; and - the maintenance, in respect of the number of members of the Board of Directors, of the observed balance among the nationalities of the candidates in respect of the location of the main industrial centres of the Company (in particular among the nationals of France, Germany, Spain and the United Kingdom, where these main industrial centres are located). In accordance with these principles, the Board of Directors continues to seek greater diversity with respect to gender, age, geography, education, profession and background. The Board of Directors makes sure it has the required mix of experience, qualifications, skills and industrial knowledge necessary to assist the Company in formulating and achieving its overall strategy, together with the specific expertise required to fulfil the duties assigned to it and its committees. The Board of Directors is required to take into account, in the resolutions proposed in respect of the renewal or nomination of Directors presented to the shareholders' meeting, the undertakings of the Company to the French state, pursuant to the French State Security Agreement, and to the German state, pursuant to the German State Security Agreement, in each case as described more fully below in Section 4.2.7.2 “Shareholding and voting rights -Undertakings with respect to interests of certain stakeholders”. In practice, this means that at all times the Board of Directors needs to have: (i) two Directors who should also be French Defence Outside Directors (as defined below in Section 4.2.7.2) of the French Defence Holding Company (as defined below in Section 4.2.7.2) who have been proposed by the Company and consented to by the French state, and (ii) two Directors who should also be German Defence Outside Directors (as defined below in Section 4.2.7.2) of the German Defence Holding Company (as defined below in Section 4.2.7.2) who have been proposed by the Company and consented to by the German state. The RNGC endeavours to avoid a concentrated turnover of Directors in a given year. To that end, in consultation with the Chairman and the CEO, the RNGC draws up an appointment and reappointment schedule for the Directors. In doing so, the RNGC considers the continuity of Company-specific knowledge and experience within the Board of Directors, and takes into account the fact that Directors should, at the time of their appointment or reappointment, not be older than 75 years, while also ensuring that at least one third of Directors' positions are either renewed or replaced every year for a term of three years. While exceptions to these rules may be agreed by the Board of Directors if specific circumstances justify such exceptions, in the ordinary course they are observed, in order to avoid the replacement of a large block of Directors at any single AGM and the corresponding loss of experience and integration challenges that would result. 2025 Overview of the Airbus SE Board of Directors’ composition The RNGC performed a comprehensive review of the Board of Directors’ skills matrix in 2024, aiming at providing greater transparency and a more concrete measure of the skills, experience and expertise of the Board Members. Airbus SE/ Report of the Board of Directors 2025 50 The Board of Directors’ skills matrix, developed on the basis of the RNGC’s review, follows below: Airbus SE/ Report of the Board of Directors 2025 51 As mentioned above, the review likewise involved an in-depth assessment of the skills, experience and expertise of all Board members, against the Company’s long-term objectives. The result of this assessment is aggregated in the graphic below: As the graphic illustrates, the 2025 Board of Directors composition shows a balanced mix of experience, with in particular, significant experience in Human Capital (12/12), Governance & Leadership (12/12), Geopolitics (12/12), Engineering & Innovation (10/12) and Finance / Audit & Risk (11/12). Ten members have Sustainability experience, and seven members have Manufacturing & Production skills. Seven of the Board members have solid Aerospace Industry experience, while Digital Transformation skills are represented by four Board members, and three members have extensive Defence Industry experience. This evaluation will be updated annually by the RNGC and will serve as a critical element for the Board’s ongoing succession planning. Airbus SE/ Report of the Board of Directors 2025 52 The composition of the Board of Directors until the 2026 Annual General Meeting is presented below: Airbus SE/ Report of the Board of Directors 2025 53 In 2025, Dr. Doris Höpke joined the Board of Directors as a Non-Executive Director with effect on the date of the 2025 AGM, replacing Ms Claudia Nemat, in accordance with the appointment and reappointment principles described above. Dr. Höpke was appointed for a term of three years, which will end at the close of the AGM to be held in 2028. In the various executive and advisory roles Dr Höpke has fulfilled over the past 20 years, she has obtained multifaceted and comprehensive experience with respect to management, including risk management, human resources, law and conflict resolution. Dr Höpke possesses a sound understanding of the aerospace industry and the challenges and risks inherent therein, and her extensive experience in relation to geopolitics and risk management is of great benefit to the Company, particularly in view of the complex global economic and geopolitical context overall, and likewise in respect of supply chain challenges it faces. After the 2025 AGM, the following changes were made to the Committee composition: - Following her appointment, Dr. Höpke joined both the Audit Committee and the Remuneration Nomination and Governance Committee. - Mr Stephan Gemkow was appointed Chair of the Audit Committee (he was formerly a member of such Committee), succeeding Catherine Guillouard, who remains a committee member. Simultaneously, Mr Gemkow joined the Ethics, Compliance, and Sustainability Committee as a member. At the end of 2025, the average age of the members of the Board of Directors was 61. The proportion of female representation on the Board of Directors is 42%. The Board of Directors believes that a diverse composition among its members, notably with respect to gender, experience and national origin, is valuable for the quality and efficiency of its work. 2.1.2 Powers, rules and engagement with shareholders Powers The Board Rules specify that in addition to the Board of Directors' responsibilities under applicable law and the Articles of Association, the Board of Directors is responsible for certain enumerated categories of decisions. Under the Articles of Association, the Board of Directors is responsible for the management of the Company. Under the Board Rules, the Board of Directors delegates the execution of the strategy (as approved by the Board of Directors) and the day-to-day management of the Company to the CEO, who, supported by the Executive Committee and its executive leadership team, makes decisions with respect to the management of the Company. However, the CEO should not enter into transactions that comprise part of the key responsibilities of the Board of Directors, unless these transactions have been approved by the Board of Directors. Matters that require Board of Directors' approval include, among others, the following items (by Simple Majority below unless otherwise noted): - any change in the nature and scope of the business of the Company; - the strategy, the operational business plan of the Company (the "Business Plan") and the yearly budget of the Company (the "Yearly Budget"), including the plans for Investment, R&D, Employment, Finance and, as far as applicable, major programmes; - nominating, suspending or revoking the Chairman of the Board of Directors and the CEO (Qualified Majority, as defined below); - the appointment of all Executive Committee members as proposed by the CEO (including their service contracts and other contractual matters in relation to the Executive Committee), and deciding upon the appointment and removal of the Secretary to the Board of Directors on the basis of the recommendation of the RNGC; - any relocation of the headquarters of the principal companies of the Company or of the operational headquarters of the Company (Qualified Majority as defined below); - decisions in connection with the location of new industrial sites material to the Company or the change of the location of existing activities that are material to the Company; - decisions to invest in and initiate programmes financed by the Company: acquisition, divestment or sale decisions, Airbus SE/ Report of the Board of Directors 2025 54 in each case for an amount in excess of € 300 million; - decisions to invest in and initiate programmes financed by the Company: acquisition, divestment or sale decisions, in each case for an amount in excess of € 800 million (Qualified Majority, as defined below); - decisions to enter into and terminate strategic alliances at the level of the Company or at the level of one of its principal subsidiaries (Qualified Majority as defined below); - matters of shareholder policy, major actions or major announcements to the capital markets; and - decisions in respect of other measures and business of fundamental significance for the Company, or which involve an abnormal level of risk. In addition, the Board Rules detail the rights and duties of the members of the Board of Directors and set out the core principles which each member of the Board of Directors shall comply with and shall be bound by. These principles include acting in the best interests of the Company and its stakeholders, devoting necessary time and attention to the carrying out of their duties, and avoiding any and all conflicts of interest. Voting and quorum rules Most Board of Directors' decisions can be made by a Simple Majority, but certain decisions must be made by a two-thirds majority (i.e., eight favourable votes) of votes cast by the Directors regardless of whether they are present or represented in respect of the decision (a "Qualified Majority"). In addition, amendments to certain provisions of the Board Rules require the unanimous approval of the Board of Directors, with no more than one Director not being present or represented (including provisions relating to nationality and residence requirements with respect to members of the Board of Directors and the Executive Committee). However, no individual Director or class of Directors has a veto right with respect to any Board of Directors' decisions. The Board of Directors must have a certain number of Directors present or represented at a meeting to take action. This quorum requirement depends on the action to be taken. For the Board of Directors to make a decision on a Simple Majority matter, a majority of the Directors must be present or represented. For the Board of Directors to make a decision on a Qualified Majority matter, at least ten of the Directors must be present or represented. If the Board of Directors cannot act on a Qualified Majority matter because this quorum is not satisfied, the quorum would decrease to eight of the Directors at a new duly called meeting. Shareholder engagement and Governance roadshow meetings The Chairman of the Board and the Lead Independent Director (and Chair of the RNGC) engage with shareholders of the Company, together with the General Counsel & Head of Airbus Public Affairs (the “General Counsel”) and the Head of Investor Relations. The Board values an open and transparent dialogue with shareholders. The following topics have in particular been discussed: remuneration policy including executive compensation, Board of Directors’ composition (including diversity and skills), overboarding policy (Directors’ external commitments and availability), as well as the Company’s sustainability vision and strategy. Exchanging with shareholders on key governance topics provides the Board of Directors with important insights on shareholders’ expectations and allows for a continuous improvement of the Company’s governance practices. 2.1.3 Operation of the Board of Directors in 2025 Board of Directors meetings Eleven Board meetings were held in 2025. The average attendance rate at these meetings was 95.45%. As is the case every year, the Board of Directors was informed in between Board meetings of any developments relevant to the Company, through written communications and through verbal debriefings held on a regular basis between meetings. Non-executive sessions took place at the beginning and the end of each meeting of the Board of Directors. The following section outlines the principal activities and focus areas of the Board of Directors during 2025: Company’s results, disclosures and operative planning The Board dedicated significant time to the Company’s strategic trajectory and performance management: Airbus SE/ Report of the Board of Directors 2025 55 - Review and Approval of 2025 Operative Planning and Guidance: A detailed review and subsequent approval of the annual operative planning was conducted, setting clear, measurable targets and strategic priorities for the management team. This guidance included KPIs for each business segment and was rigorously stress-tested against various market scenarios. - Regular Financial and Capital Allocation Reviews: The Board maintained regular, in-depth reviews of the Company’s financial figures, operational results, and overall financial situation. Special emphasis was placed on assessing and optimising capital allocation decisions to ensure maximum return on investment and strategic alignment, particularly in light of global economic uncertainties and geopolitical shifts. - Dividend Policy and Proposals: Following an analysis of the Company’s performance, cash flow generation, and long-term capital requirements, the Board formally decided on the proposals for both ordinary and extraordinary dividend distributions. The Company strengthened its commitment to increasing shareholder returns, targeting sustainable growth in the dividend and extending the upper range of the dividend payout ratio to 30-50% from the current payout ratio of 30-40%. These proposals were approved for submission to the 2025 Annual General Meeting, reflecting a commitment to shareholder returns while preserving financial flexibility. - Forecasting and scenario planning: The Board consistently reviewed rolling forecast results and performed critical evaluations of management’s projections. This involved scenario planning sessions to anticipate potential adverse or favorable market shifts, ensuring the Company was prepared to proactively adapt its strategy and operational focus. - Market disclosure approvals: All key disclosures intended for the market, including press releases on significant corporate actions, material non-public information releases, and investor presentations, were closely reviewed and formally approved by the Board, ensuring transparency, accuracy, and adherence to all regulatory requirements. Corporate Audit, internal controls and risk management Maintaining a robust governance structure was a key priority, with the Board focusing on enhancing the Company's internal resilience against a spectrum of risks. - Regular review of top company risks and opportunities: The Board conducted scheduled and ad-hoc reviews of the Company's most significant strategic, operational, financial, and compliance risks. This dynamic process also included identifying and assessing potential strategic opportunities to capitalise on market shifts and emerging technologies. - Approval of Risk Management and Internal Controls disclosure: Following comprehensive review and deliberation, the Board approved the detailed Risk Management and Internal Controls chapter included in the Report of the Board of Directors for 2024 (issued in February 2025). This chapter provided a transparent and forward-looking overview of the Company’s risk landscape and the strategies in place to mitigate those risks. - Oversight of Corporate Audit and Internal Controls: The Board reviewed and approved the annual plans for Corporate Audit, monitoring the execution and achievement of its objectives. It received regular reports on the status of internal controls. - Launch of new Enterprise Risk Management project: A significant governance initiative was the launch of a new, company-wide Enterprise Risk Management project. The objective of this project is to implement an integrated, holistic framework with a sharper, more quantitative focus on identifying, measuring, and managing major, high-impact risks that could threaten the Company’s strategic objectives or long-term viability. Audit and relations with statutory auditors The Board, working closely with its Audit Committee, rigorously reviewed the 2025 quarterly and annual financial statements. This process included a detailed examination of the relevant reports and findings presented by the statutory (external) auditors, ensuring that the financial statements presented a true and fair view of the Company’s financial position and performance, in compliance with applicable accounting standards and regulations. Following a proposal from the Board, the General Meeting of Shareholders also appointed KPMG to replace EY as the company's statutory auditors as of the financial year starting 1 January 2026. EY continues to fulfil its role as statutory auditors for the year 2025, through the conclusion of the 2026 AGM. Airbus SE/ Report of the Board of Directors 2025 56 General / strategy The Board of Directors engaged in thorough discussions across several critical domains throughout the reporting period, reflecting the complex operational and strategic environment in which Airbus operates. These key areas included: - Geopolitical and macroeconomic landscape: The Board dedicated significant time to assessing the volatile geopolitical landscape and its multifaceted impact on the Company’s operations. A positive development was the successful conclusion of the EU-US aerospace trade deal, which effectively mitigated the immediate and most significant financial risks to Airbus’ US deliveries, which otherwise may have been impacted by the tariffs announced by the US earlier in 2025. This positive development took place against a backdrop of persistent global instability. The ongoing conflict in Russia/Ukraine continued to be a major concern, primarily due to the persistent disruption and complexity it has introduced into the global supply chain. Furthermore, specific attention was paid to the enduring geopolitical risks associated with China, particularly concerning the reliable and secure export of critical raw materials, such as rare earth minerals, which are essential for aerospace manufacturing. - Corporate strategy and portfolio management: Strategic discussions covered a broad range of topics and were highly detailed, focusing on the future shape and direction of the Company. A key element of this was a comprehensive review of potential mergers and acquisitions (M&A) opportunities, assessing targets that may potentially align with the Group's long-term growth objectives. The Board also reviewed the progress and completion of several major projects, notably the successfully completed acquisition of key Spirit AeroSystems sites, which was a strategic step taken to secure and integrate core aerostructures manufacturing capabilities. Furthermore, a significant milestone was the signing of a memorandum of understanding (MoU) aimed at combining Airbus’ space activities with those of two major European partners, Leonardo and Thales, a clear move towards consolidating and strengthening the European space industry. Beyond these major initiatives, regular and in-depth strategy reviews were conducted, covering critical areas such as the Company’s long-term commercial aircraft engine strategy, the decision-making framework for initiatives relating to the next-generation commercial aircraft, updating the M&A portfolio pipeline, and detailed analysis of widebody aircraft market dynamics. - Commercial Aircraft business performance: Discussions concerning the Commercial Aircraft business were dominated by the challenging operational environment. The Board continued to focus intently on the ongoing production ramp-up efforts across all major programmes, which have been continually hindered by persistent supply chain challenges. These challenges ultimately led to a revision of the Company’s 2025 delivery guidance in December. In light of continued operational hurdles and market shifts, the deeper strategic analysis of the Company’s long-term Commercial Aircraft strategy remains a continued and essential focus area for the Board. - Defence and Space Division overview: The Board noted and discussed the improved financial health and overall performance of the Defence and Space Division. A significant focus was placed on the internal transformation of the Space business, particularly its development activities, and the strategic importance of the MoU regarding the proposed consolidation of Europe’s space industry, which aims to create a more efficient and competitive European champion. The core defence business, Air Power, was also a major topic, with specific attention given to key European collaborative programmes such as the Eurodrone and the performance and strategic positioning of the A400M military transport aircraft. Lastly, the Directors engaged in detailed discussions concerning the strategic, technical, and political key issues associated with the highly ambitious Future Combat Air System (FCAS) programme. - Helicopters Division strategy: The focus for the Helicopters Division was sharpened toward ensuring a disciplined and controlled production ramp-up, addressing challenges across both industrial processes and engineering capabilities. Strategically, Airbus Helicopters undertook a review and subsequent streamlining of its tactical drone product range, recognising this specific market segment as a critical and rapidly evolving new business frontier with significant growth potential. - Overall financial situation and capital allocation: The Board conducted thorough reviews of the Company's overall financial health, covering corporate finance matters, investor relations activities, and the efficacy of the Company’s hedging strategy in managing currency and commodity risks. Additionally, a detailed review of Airbus’ dividend policy was performed to ensure it aligns with the Company's capital allocation priorities and commitment to shareholder returns. - Sustainability and responsible business: Sustainability remained a high-priority topic, with discussions covering the evolving regulatory framework, notably the significant shifts introduced by the Corporate Sustainability Airbus SE/ Report of the Board of Directors 2025 57 Reporting Directive (CSRD) concerning the scope and detail of sustainability disclosures. The Board also addressed the growing need for enhanced due diligence and supply chain-related obligations, including the implications of the EU Corporate Sustainability Due Diligence Directive. Energy transition topics were paramount, focusing on sustainable aviation fuels (“SAF”) and broader energy strategy. Furthermore, the Board reviewed progress on the human rights roadmap, the substance roadmap, the security of critical materials, and the overall impacts of Airbus’ operations on local communities. - Digital strategy and security: A dedicated Board awareness session was held to deepen the Directors' understanding of the emerging digital landscape. The session specifically focused on Airbus’ strategy concerning Artificial Intelligence (“AI”) and its potential for operational enhancement, and included a comprehensive review of the Company's cybersecurity posture, thereby strengthening the Board's ability to provide effective oversight on these critical risks and opportunities. - Aviation safety: As a foundational element of its responsibilities, the Board performed a bi-annual, in-depth review of product safety-related issues, ensuring the highest standards of aviation safety and operational integrity are maintained across the Company's products and services. - Ethics and Compliance: Regular updates were provided to the Board on the continuous deployment and reinforcement of the export control programme. The Directors were also informed about initiatives to further strengthen the overall Ethics and Compliance culture within the organisation, and received reports on the progress and findings of major internal investigations. Corporate governance During 2025 there were significant developments in the Company's corporate governance and executive leadership, as detailed in this Board Report: - Board composition and effectiveness: A key focus for the Board was ensuring that its composition reflects the evolving strategic needs of the Group. To this end, the Annual General Meeting (AGM) in 2025 approved the appointment of Dr. Doris Höpke as a new Non-Executive Director. Her deep experience provides valuable insights and contributes to robust Board discussions. The Board maintains a proactive and ongoing search for potential new Non-Executive Directors. This process is highly targeted, with a particular emphasis on identifying candidates who possess profound and relevant expertise in the defence sector and advanced digital technologies. The goal of this continuous recruitment effort is to ensure the Board's collective knowledge base remains optimally aligned with the Company's long-term strategic objectives and the technological challenges and opportunities facing the aerospace industry. In line with best governance practices, a comprehensive review of Board effectiveness was undertaken. This review included an in-depth assessment of the Board's structure, processes, information flow, and overall performance, underlining the Board’s commitment to continuous improvement. For additional information on this topic please see the “Board effectiveness review” section below. - Executive leadership and succession planning: A critical priority for the Board and the CEO was ensuring seamless and orderly succession across key Executive Committee roles. The transition process was managed with careful planning and oversight to maintain business continuity and strategic focus. Notably there was a leadership transition within Commercial Aircraft at Airbus, with Lars Wagner joining the business in November 2025 to commence his integration and handover period. This was a preparatory step ahead of his formal assumption of the role of Chief Executive Officer of Commercial Aircraft on 1 January 2026. This carefully orchestrated pre-onboarding period allowed for a comprehensive handover of responsibilities and strategic priorities from his predecessor. Similarly, the critical role of Chief Human Resources Officer (“CHRO”) saw a change in leadership, with Carmen-Maja Rex being appointed as the new CHRO for the entire group, effective 1 April 2025. A key factor in the success of these transitions was the active support and collaboration provided by the outgoing leaders. Christian Scherer, the former CEO of Commercial Aircraft, and Thierry Baril, the former CHRO, worked closely with Lars Wagner and Carmen-Maja Rex, respectively, ensuring a comprehensive transfer of institutional knowledge, ongoing projects, and stakeholder relationships. Airbus SE/ Report of the Board of Directors 2025 58 Underlying the successful succession planning process is a robust framework for talent management. The Board and ExCom also regularly undertook comprehensive reviews of the Company's talent pool and the associated development plans. These reviews are essential for identifying high-potential individuals, ensuring critical capabilities are maintained, and preparing the next generation of leaders to safeguard the Group's future performance. Compensation - The Board concluded its assessment process for the CEO and all members of the Executive Committee concerning their 2025 individual achievements. This comprehensive review evaluated performance against pre-defined strategic objectives and operational targets, providing a crucial basis for accountability and reward determination. Furthermore, a key outcome of these sessions was the formal definition and approval of the strategic roadmaps, priority focus areas, and key performance indicators (“KPIs”) for the CEO and the entire Executive Committee for the forthcoming 2026 fiscal year. These roadmaps are designed to ensure alignment with the Company's long-term strategy and shareholder value creation objectives. - In a significant governance development, revisions to the CEO remuneration policy were formally approved by shareholders at the 2025 Annual General Meeting. A notable and critical change was the explicit integration of sustainability KPIs into the long-term incentive (“LTI”) plan structure. Specifically, the remuneration framework now directly ties a portion of the CEO's (and others in the Company’s senior leadership) long-term compensation to measurable performance in three crucial areas: Scopes 1 and 2 CO2 reduction, Scope 3 Use of products (commercial aircraft efficiency), and People Engagement. This revision underscores the Company's firm commitment to integrating Sustainability criteria into its core executive performance and compensation philosophy, thereby linking executive reward directly to the achievement of sustainable business outcomes and climate transition goals. Annual General Meeting and Annual Disclosures - The Board of Directors dedicated significant time and effort to preparing the 2025 Annual General Meeting. This comprehensive effort involved a detailed review and subsequent approval of the official agenda, ensuring all necessary items for shareholder consideration were included. Furthermore, the Board scrutinised and approved the draft resolutions that would be submitted for shareholder approval and which were described in the Information Notice for the 2025 Annual General Meeting. - In early 2025 the Board was also engaged in the preparation and finalisation of the Report of the Board of Directors for 2024, which provides shareholders with a detailed account of the Company's performance and governance during the year, as well as a forward-looking strategic outlook and risk assessment. - In parallel, the Board also initiated preliminary planning and preparation for the 2026 Annual General Meeting. This forward-looking approach ensures the orderly and timely execution of the steps required for continued effective governance and shareholder communication over the following year. Strategy off-site Board meeting, induction programme and other site visits Strategy off-site Board meeting The Board of Directors holds an annual off-site meeting to review and refine the Company’s strategic priorities. This dedicated meeting is an opportunity for an in-depth review of long-term objectives, industry trends, geopolitical developments and key initiatives aimed at driving sustainable growth. In 2025, this strategy off-site took place in India, which is a large market for Airbus, as well as being a manufacturing centre and an important location for sourcing, engineering, innovation, maintenance and training services. The Board visited the Airbus C295 manufacturing centre in Hyderabad, and the Airbus/Air India pilot training centre in Delhi in the presence of the Minister of Civil Aviation. The Board was received by Prime Minister Modi for a personal exchange on aerospace, Airbus and India’s ambitions, and also met customers including Air India CEO Campbell Wilson and IndiGo CEO Pieter Elbers, as well as high-profile industrialists including the chairmen of both the Tata and Mahindra groups. As in previous years, the off-site fostered robust dialogue and collaboration among Board members, ensuring alignment on strategic direction and oversight of the Company’s roadmap. Airbus SE/ Report of the Board of Directors 2025 59 Induction programme The Company conducts a comprehensive induction programme for newly appointed Board members to ensure a smooth transition into their roles. The programme is designed to provide: (i) an overview of the Company’s operations, governance structure, and strategic priorities; (ii) access to the Company’s Board policies and recent performance reports; and (iii) one-on-one sessions with Executive Committee members and senior talent to understand the current challenges and priorities of the Company. This programme aims at providing new Directors with the knowledge and context necessary to contribute effectively to the Board’s deliberations and decision-making processes. Dr. Doris Höpke, as a new member of the Board (and joined by other members of the Board of Directors, in particular Antony Wood), followed the 2025 Airbus induction programme. This programme consisted of various site visits, including the Airbus Commercial Aircraft site in Toulouse (France), the Airbus Helicopters site in Marignane (France) and the Airbus Defence and Space site in Ottobrunn (Germany). During these site visits presentations were given by the Company’s Executive Committee members and senior talents topics relating to business strategy and anticipated challenges. Furthermore, additional site visits were conducted in 2025, including a visit to the Airbus Filton and Portsmouth sites (United Kingdom) and to the Airbus China site in Beijing (China). In order to better engage with the Company’s teams globally, in 2025 René Obermann also visited the Airbus Eurodrone Plateau in Ingolstadt and the Airbus Defence and Space site in Bremen (Germany). In addition to the site visits, René Obermann and several other members of the Board had regular exchanges with Airbus top management (notably to prepare the awareness session and to prepare the various Board meeting presentations throughout the year), as well as with other key stakeholders. Board effectiveness review Principle Every three years, as part of the Board of Directors' continuous review of its performance, a formal evaluation of the functioning of the Board of Directors and its Committees is conducted with the assistance of a third-party expert. Following this evaluation, an improvement action plan is issued to the members of the Board. In the two subsequent years, on an annual basis, the General Counsel issues a questionnaire focusing on the implementation of the improvement action plan, and more generally on the Board's performance. The outcome of this internal evaluation is then presented and discussed at that year’s December Board meeting. 2025 2025 was the second year of the three-year cycle that started in 2024. In November 2025, the Board of Directors carried out an internal evaluation based on a questionnaire issued by the General Counsel and circulated to each Board Member. The questionnaire covered a range of matters, including: the Board’s performance and meetings, Board topics & activities, Board composition (incl. skills and succession plan), the Committees functioning & composition, dynamics within the Board and with management, executive succession plan, Board oversight (strategy, risks, capital allocation, culture), and implementation by the Board (with support from Management) of the action plan following the 2024 evaluation. The Board evaluation results were largely positive, highlighting the Board's strong performance and effectiveness, led by a knowledgeable and committed Chairman. The CEO was described as agile, thriving on complexity, and nurturing a positive relationship with the Board. Directors demonstrated a high level of engagement, excellent cooperation, diversified skills, and high levels of expertise. All Committees were confirmed to be functioning effectively and making valuable contributions. The Board's culture supports open debates by embracing diverse perspectives. In line with the evaluation objectives, the questionnaire also provided valuable insights to foster the Board's effectiveness, specifically highlighting opportunities to enhance risk oversight to further strengthen the Company’s decision-making processes; refine capital expenditure oversight for a keener appreciation of how strategic decisions impact capital allocation; further detail the roadmap for future Board decisions; and continue to strengthen executive succession planning. Airbus SE/ Report of the Board of Directors 2025 60 2.1.4 Board Committees This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “GOV-1 The role of the administrative, management and supervisory bodies”, paragraphs 22a, and Disclosure Requirement “GOV-2: Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies”, paragraph 26a. The Audit Committee The Audit Committee (AC) consists of five Non-Executive Directors: Stephan Gemkow 2 (Chairman), Mark Dunkerley, Catherine Guillouard, Dr. Doris Höpke and Antony Wood. In accordance with best governance practices, all members of this Committee, including the Chairman, are independent. All members possess the necessary financial and literacy skills, as well as the professional experience required to effectively oversee the Company’s financial reporting and risk management processes. Pursuant to the Board Rules, the Audit Committee, which is required to meet at least four times a year, makes recommendations to the Board of Directors on the approval of the annual financial statements and the interim accounts (Q1, H1, Q3), as well as the appointment of external auditors and their remuneration. Moreover, the AC is responsible for verifying and making recommendations to the effect that the internal and external audit activities are correctly directed, that internal controls are duly exercised and that these matters are given due focus at meetings of the Board of Directors. Thus, it discusses with the external auditors their audit programme and the results of the audit of the financial statements, and it monitors the adequacy of the Company's internal controls, accounting policies and financial reporting. It also oversees the operation of the Company's enterprise risk management system and maintains a strong link to the Ethics, Compliance and Sustainability Committee. For further details in this regard, see Section 3.2 “Enterprise Risk Management System”. Please refer to Annex E of the Board Rules for a complete list of responsibilities of the Audit Committee. The Chairman of the Board of Directors and the CEO attend all AC meetings (subject to their recusal from portions of such meetings, as may be appropriate). The CFO and the Head of Accounting Record are requested to attend meetings to present management proposals and to answer questions. Furthermore, the Head of Corporate Audit and the Chief Ethics & Compliance Officer report to the Audit Committee on a regular basis. In 2025, this Committee met seven times (including two joint meetings between the AC and Ethics, Compliance and Sustainability Committee on the CSRD) with an attendance rate of 97.14%. It fully performed all of its duties and discussed all the items described above. In particular, it performed reviews of internal controls, Corporate Audit (including major findings and audit plan for 2025), accounts (i.e. specific provisions and accounting items, operative planning and forecasts), tax related issues, independence of external auditors and disclosure related matters, including the CSRD. Furthermore, the Committee conducted a quarterly review of the Space Systems improvement plan, alongside the presentation and discussion of legal and compliance updates. The Ethics, Compliance and Sustainability Committee The Ethics, Compliance and Sustainability Committee (ECSC) is composed of six Non-Executive Directors: Jean Pierre Clamadieu (Chairman), Victor Chu, Stephan Gemkow, Catherine Guillouard, Amparo Moraleda and Irene Rummelhoff. To ensure seamless integration of oversight across the Board’s specialised functions, the Chairman of the Audit Committee and the Chairman of the Remuneration Nomination and Governance Committee are formal members of the ECSC. In accordance with best governance practices, all members of the Committee, including the Chair, are independent; this ensures the diverse expertise necessary to oversee the Company’s complex regulatory and environmental landscape. Pursuant to the Board Rules, the ECSC, which is required to meet at least four times a year, assists the Board of Directors in overseeing the Company's culture and commitment to ethical business, integrity and sustainability. The ECSC is empowered to monitor the Company's Ethics & Compliance programme, organisation and framework to make sure that the Company's Ethics & Compliance governance is effective (including all associated internal policies, procedures and controls). This includes the areas of money laundering and terrorist financing, fraud, bribery and corruption, trade sanctions and export control, data privacy, procurement and supply chain compliance, and anti-competitive practices. The ECSC is also empowered to oversee the Company's sustainability strategy and effective governance and ensure that sustainability related topics are taken into account in the Company's objectives and strategy. 2 Replacing Catherine Guillouard as Chair since AGM 2025. Airbus SE/ Report of the Board of Directors 2025 61 The ECSC makes recommendations to the Board of Directors and its Committees on all ethics, compliance or sustainability-related matters, including on climate-related disclosures, and is responsible for providing the Audit Committee with any necessary disclosures on issues or alleged ethical and compliance breaches that are financial and accounting-related. The ECSC maintains a reporting line with the Chief Ethics & Compliance Officer (who is requested to provide quarterly reports on its activities) and with the Chief Sustainability Officer and Communications (and member of the Executive Committee), who each regularly attend ECSC meetings. The Chairman of the Audit Committee and the Chairman of the RNGC are members of the ECSC. Unless otherwise decided by the ECSC, the CEO and the Chairman of the Board of Directors attend all of the meetings. From time to time, independent external experts are also invited to attend ECSC meetings. In 2025, the ECSC met six times (including two joint meetings between the Audit Committee and Ethics, Compliance and Sustainability Committee on the CSRD) with an attendance rate of 93.94%. All of the above-described items were discussed during the meetings and the ECSC fully performed all its duties. The ECSC’s work during the year was evenly split between sustainability topics and compliance topics. During the reporting period, the ECSC discussed, amongst other topics, the Company decarbonisation strategy, substances management strategy or the in-sourcing of critical raw materials including human rights due diligence dimension, as well as all material topics through the review of sustainability performance indicators and the preparation of the Company’s Sustainability Statement, which included the double materiality assessment and its outcome. The ECSC continued to closely monitor Ethics and Compliance activities as well, with periodic updates concerning the design and operation of the compliance programme, in particular related to anti-corruption, export controls and sanctions adherence. The ECSC monitored treatment of the main allegations and investigations arising through the Company’s whistleblowing alert system, lessons learned and measures undertaken to promote a culture of integrity more broadly across the Company. The Remuneration, Nomination and Governance Committee The Remuneration Nomination and Governance Committee (RNGC) is composed of four Non-Executive Directors: Amparo Moraleda (Chair), Jean Pierre Clamadieu, Mark Dunkerley, and Dr. Doris Höpke. Adhering to best governance practices, all members of the Committee, including the Chair, are independent; this ensures the diverse expertise necessary to oversee the Company’s executive leadership and governance framework. Pursuant to the Board rules, besides its role described in Sections 2.1.1 “Composition of the Board of Directors” and 2.1.2 “Powers, rules and engagement with shareholders” above, the RNGC consults with the Chairman and the CEO with respect to proposals for the appointment of the members of the Executive Committee, and makes recommendations to the Board of Directors regarding the appointment of the Secretary to the Board of Directors. The RNGC also makes recommendations to the Board of Directors regarding succession planning (at Board of Directors, Executive Committee and senior management levels), remuneration strategies and long-term remuneration plans. Furthermore, the RNGC oversees contractual matters in relation to the members of the Board and the Executive Committee, including the terms and conditions of the relevant contracts, and the preparation of the remuneration policy for approval by the Board. The rules and responsibilities of the RNGC have been set out in the Board Rules. In addition, the RNGC reviews the Company's top talents, discusses measures to improve engagement and to promote diversity, as well as reviewing the remuneration of the Executive Committee members, the long-term incentive ("LTI") plans, and the variable pay for the previous year. Finally, the RNGC performs regular evaluations of the Company's corporate governance and makes proposals for changes to the Board Rules or the Articles of Association. The Chairman of the Board of Directors and the CEO attend all meetings of the RNGC (subject to their recusal from portions of such meetings, as may be appropriate). The Chief Human Resources Officer ("CHRO") is requested to attend meetings to present management proposals and to answer questions. The CEO leaves the meetings when the RNGC discusses his remuneration or personal situation. Pursuant to the Board Rules, the Chair of the RNGC automatically fulfils the function of "Lead Independent Director". In this role, the Chair of the RNGC is responsible for (i) replacing the Chairman if unable to attend meetings of the Board of Directors, (ii) organising the annual appraisal of the Chairman's performance by the Board of Directors and (iii) acting as an intermediary for, and between, the other Directors when necessary. Airbus SE/ Report of the Board of Directors 2025 62 The RNGC is required to meet at least four times a year. In 2025, it met six times with an attendance rate of 100%. It discussed all of the above-described items during the meetings and it fully performed all its duties. In particular, the Committee, with the support of an external advisor, performed a comprehensive review of the executive remuneration policy. They evaluated pay components, pay mix, performance conditions and other structural features to ensure that the Company’s Remuneration Policy continues to attract, retain and motivate high calibre executives. This process, as in previous Remuneration Policy reviews, included engagement with shareholders and other relevant stakeholders as well as an independent benchmark of pay practices. Consequent to this review, the following amendments were made to the Remuneration Policy regarding the evolution of the CEO’s remuneration; these were subsequently adopted following shareholder approval at the 2025 Annual General Meeting: (i) the introduction of a sustainability-linked KPI within the Long-Term Incentive scheme; and (ii) the reinforcement of the performance-related elements of the CEO’s remuneration. The latter includes (a) an increase in the Short-Term Incentive opportunity, (b) an uplift in the LTI grant, and (c) a further strengthening of the 'pay for performance' principle. The full Remuneration Policy is available on the Airbus website with other of the Company’s governance documents (https://www.airbus.com/en/about-us/our-governance/governance-framework-and-documents). More generally, the RNGC held regular discussions on the Non-Executive Directors succession plan, on talent management (development, engagement and retention) and diversity (including gender action plan and target). The RNGC’s work likewise included reviewing the membership of the Board Committees. During the year and as part of its responsibilities, the RNGC proactively supported continuity of leadership by anticipating the transition of the Audit Committee Chairmanship and appointing a successor Chair in advance to ensure a smooth and effective handover. Airbus SE/ Report of the Board of Directors 2025 63 2.2 Executive Committee 2.2.1 Nomination and Composition of the Executive Committee This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “GOV-1 The role of the administrative, management and supervisory bodies”, paragraphs 21, 23. The CEO proposes all the members of the Executive Committee of the Company (the "Executive Committee" or “EC”) for approval by the Board of Directors, after consultation with (i) the Chairman of the RNGC and (ii) the Chairman of the Board of Directors, applying the following principles: ● the preference for the best candidate for the position; ● the maintenance of the balance of nationalities of Executive Committee members, reflecting the location of the main industrial centres of the Company (in particular balancing the nationals of France, Germany, Spain and the United Kingdom, where these main industrial centres are located); and ● at least two-thirds of the members of the Executive Committee, including the CEO and the CFO, being EU nationals and residents. 2.2.2 Role of CEO and Executive Committee The CEO is responsible for executing the strategy, as approved by the Board of Directors, and for managing the day-to-day operations of the Company's business with the support of the EC and its executive leadership team through Executive Leadership Meetings ("ELM") in which the EC members participate. The CEO shall be accountable for the proper execution of the day-to-day operations of the Company's business. ELMs are held on a regular basis and aim to advise the CEO on his day-to-day role. The ELM also help to ensure that EC members report back on business progress, updates and concerns, and they serve as a forum to address Company-wide topics including corporate matters, and for approving all vacancies and promotions above certain levels. The EC further supports the CEO in performing these tasks. Under the leadership of the CEO, the EC is responsible for business strategy as well as organisational matters and management of the business; monitoring key projects/products and major investments, overseeing performance targets (whether financial, individual, for programmes or for support functions) and outlining policies to motivate, recruit and retain employees. It is also accountable for regulatory and statutory obligations, as well as policy matters, communications and market disclosures. It is the forum where information or requests for approval destined for the Board of Directors are discussed and approved. The EC members shall jointly contribute to the overall interests of the Company, in addition to each member's individual operational or functional responsibility within the Company. The EC comprises the heads of the Commercial Aircraft, Helicopters and Defence and Space businesses, plus the heads of other key functions of the Company. The CEO is the only Executive Director within the Board of Directors, and represents the Company on the Board of Directors. That said, depending on the topic, the CEO typically asks the responsible EC member to join him at meetings of the Board of Directors to present financial information (CFO), programme/product topics (Division heads), HR matters (Chief Human Resources Officer) or any other topic where a specialist is needed. This approach allows the Board members to get to know the EC members and better equips the Board to make judgements when it comes to decisions about key positions. Airbus SE/ Report of the Board of Directors 2025 64 The composition of the Executive Committee as of the date of this Board Report is as follows: Name Position Guillaume Faury Chief Executive Officer Lars Wagner Chief Executive Officer of the Commercial Aircraft business Bruno Even Chief Executive Officer Airbus Helicopters Michael Schoellhorn Chief Executive Officer Airbus Defence and Space John Harrison General Counsel & Head of Airbus Public Affairs Catherine Jestin Executive Vice President Digital Julie Kitcher Chief Sustainability Officer and Communications Florent Massou dit Labaquère Executive Vice President Operations of the Commercial Aircraft business Philippe Mhun Executive Vice President Programmes and Services of the Commercial Aircraft business Carmen-Maja Rex Chief Human Resources Officer Thomas Toepfer Chief Financial Officer Airbus SE/ Report of the Board of Directors 2025 65 2.3 Remuneration Report 2.3.1 Introduction This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “GOV-3: Integration of sustainability-related performance in incentive schemes”, paragraph 29. This remuneration report explains how the Company implemented the Remuneration Policy for the Board of Directors in the financial year 2025. As part of the Company’s commitment to transparency and accessibility, the Company’s Remuneration Policy is no longer included in the Board Report, rather it is available as a standalone document, posted with the Company’s governance and framework documents on the Company’s website: https://www.airbus.com/en/about-us/our-governance/governance-framework-and-documents. The Company’s Remuneration Policy was adopted by the 2025 Annual General Meeting (“AGM”) by a majority (96.42%) of the votes cast. During the 2025 AGM, the implementation of the policy over 2024 received strong support from shareholders, with an approval level of 96.58%. As every year, the Chairman, the Lead Independent Director and the Company’s representatives proactively engaged with shareholders and proxy advisors to develop a deeper understanding of their perspectives and expectations. Shareholders’ feedback was specifically considered as part of the Remuneration Policy revision process ahead of the 2025 AGM. Following the 2025 AGM, the RNGC reviewed the voting results as well as the shareholders’ voting rationale. The RNGC was pleased to note that shareholders approved both the implementation of the Remuneration Policy for the financial year 2024 as well as the Remuneration Policy with a very high level of votes being cast in favour (>96%). Regarding the 2025 AGM results, the RNGC observed that abstentions on the Remuneration Policy were primarily driven by the long-standing voting principles of certain large shareholders. When excluding these specific positions, shareholder support for the policy was exceptionally strong, exceeding 96%. The Board remains committed to ongoing dialogue with shareholders and will continue to engage constructively to ensure their views are appropriately considered. Note that the disclosure included in this Section 2.3 constitutes the Remuneration Report (bezoldigingsverslag) for purposes of Section 2:135b of the Dutch Civil Code and best practice provision 3.4.1 of the Dutch Corporate Governance Code, and has been included as a separate agenda item for an advisory vote at the 2026 AGM. Sections A and B respectively describe how the Company’s Remuneration Policy was implemented in 2025 for the CEO and the Non-Executive Members of the Board of Directors. The cumulative remuneration of all Executive Committee Members is presented in the "Notes to the IFRS Consolidated Financial Statements – Note 33. Remuneration". To the extent that any information presented in Note [33] relates to matters referred to Articles 2:383c through 2:383e of the Dutch Civil Code and is not described in section A, such information is incorporated by reference into this Remuneration Report in order to satisfy the requirements of the Dutch Civil Code. Airbus SE/ Report of the Board of Directors 2025 66 2.3.2 Implementation of the Remuneration Policy in 2024: CEO This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “GOV-3: Integration of sustainability-related performance in incentive schemes”, paragraph 29. This section describes how the Remuneration Policy was implemented in 2025 with respect to the CEO (Mr Guillaume Faury). 1- Remuneration philosophy The Company's remuneration philosophy is fundamentally designed to attract, retain and motivate high-calibre executives, whose contribution will help to ensure that the Company achieves its strategic and operational objectives, and, critically, delivering long-term sustainable returns for all shareholders and other stakeholders consistent with the Company’s identity, mission and corporate values. The Board of Directors and the RNGC are committed to an executive remuneration structure that (i) is transparent and comprehensive for all stakeholders; (ii) is consistent and aligned with the interests of long-term shareholders, whilst also taking into consideration the employment conditions of the Company's employees; and (iii) actively promotes the Company's corporate values by basing variable remuneration components on the achievement of non-financial targets and metrics, specifically integrating environmental, social, and governance criteria through a dedicated sustainability performance measure. Before setting the targets to be proposed for adoption by the Board of Directors, the RNGC analyses scenarios with respect to the potential targets and considers the resulting outcomes, including financial. The Board of Directors further considers these aspects, based on the RNGC's recommendations. Before making a recommendation relating to the remuneration of the CEO, the RNGC and the Board of Directors also take note of the views of the CEO with regard to the amount, level and structure of his remuneration. 2- Total direct compensation 2.1 Base Salary The CEO's Base Salary is determined by the Board of Directors, taking into account peer group analysis (please refer to paragraph 4 -Governance below). The CEO’s base salary for 2025 was set at €1,560,000 per annum. This represents a 5% increase compared to 2024 and was the first adjustment since 2022, when the salary was increased to coincide with the second renewal of the CEO’s mandate. 2.2 Short Term Incentive (STI) In line with the Remuneration Policy, the CEO's STI is targeted at 150% of the Base Salary and capped at 200% of the target. The final pay-out is conditional upon the achievement of both collective Company and specific individual performance targets. The CEO's STI for 2025 totals an aggregate of € 2,925,000. This is split into two components: € 1,439,100 (49%) based on the achievement of the Company's targets, and € 1,485,900 (51%) linked to the CEO's specific objectives. Airbus SE/ Report of the Board of Directors 2025 67 Overview of the CEO Achievements against 2025 STI Targets: Performance measures Weight Achievement Company’s targets Earning Before Interest and Taxes (“EBIT”) 3 20% 115% Free Cash Flow (“FCF”) 4 20% 157% Sustainability 10% 69% CEO’s objectives (business’ objectives and CEO’s priorities) 50% 127% Performance achievement – Company’s targets (50% STI weighting) In February 2026, the RNGC and Board assessed the Company’s 2025 consolidated performance at 123%. This result was measured against the targets and specific vesting scales 5 established at the start of 2025. The overall achievement level results from: a 115% achievement of the EBIT target, a 157% achievement of the Free Cash Flow target and a 69% achievement of the Sustainability targets, as further described below. These criteria and their assessment apply to all Executives and Senior Managers having a Company’s target Component in their STI. Currently approximately 5,200 employees receive a STI based on the achievements mentioned above. For the 2025 financial year, Sustainability targets were assessed against two key criteria (each metric representing a 5% weighting): ● The rolling Lost Time Injury Frequency Rate (FR1), defined as the monthly number of lost time injuries per million hours worked, averaged over 12 months. In 2025, the rolling FR1 decreased by appx. 16% in Commercial Aircraft (achievement at 105% as per the below scales), while it remained below 1 at 0.66 in Airbus Defence and Space (achievement at 120% as per the below scales) and it increased in Airbus Helicopters at 1.25 (achievement at 0% as per the below scales). The average of the divisional achievements, weighted by the number of hours worked, leads to a consolidated achievement of 86%. 5 For confidentiality reasons, certain specific details of the vesting scale (threshold, target, maximum) are not disclosed. 4 FCF is defined as the sum of (i) cash provided by operating activities and (ii) investments in intangible and fixed assets (net) & Dividends paid by companies valued at equity, minus (iii) contribution to plan assets of pension schemes, (iv) realised foreign exchange results on treasury swaps and (v) change in cash from changes in consolidation. 3 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. Airbus SE/ Report of the Board of Directors 2025 68 Commercial Aircraft Airbus Defence and Space Airbus Helicopters ● The reduction in Scope 1&2 CO2 emissions. In 2025, the CO2 emissions were 519 ktCO2eq, leading to an achievement of 52% as per the below scales: For further details on Scope 1&2 Co2 emissions reduction, please refer to Section 6.2.1 “Sustainability Statement - Environmental information - Climate change ESRS E1”. 2026 Company’s targets - Sustainability component (10% STI weighting) For the financial year 2026, the Sustainability component will be comprised of the following two key criteria (each metric representing a 5% weighting): ● Lost Time Injury Frequency Rate (FR1): Maintaining the same methodology as 2025; for further details, please refer to Section 6.3.1.7, “Sustainability Statement – Health and Safety”. FR1 targets are established at a divisional level. The consolidated Company achievement represents the average of these divisional results, weighted by the total number of hours worked. For Commercial Aircraft and Airbus Helicopters, where the FR1 exceeded 1.0 at year-end 2025, the 2026 target for 100% achievement is set at a 15% reduction in the rate. For Airbus Defence and Space, where the FR1 was below 1.0 at year-end 2025, the 2026 target for 100% achievement is defined as 0.7. The following curves present the scale of achievement related to the evolution of the FR1 targeted in 2026: Airbus SE/ Report of the Board of Directors 2025 69 Commercial Aircraft 6 Airbus Defence and Space Airbus Helicopters ● Water Consumption: Introduced as a new criterion for 2026. Water withdrawal and consumption have been identified as a critical business continuity risk, particularly at sites located in areas of high water stress. As a potential shortage represents a significant operational risk, the Board of Directors has resolved to incentivise Executives and Senior Management with respect to this objective. This metric serves as a universal and actionable target applicable across all divisions and regions. For further details, please refer to Section 6.2.3, “Sustainability Statement - Environmental information - Water and marine resources - ESRS E3”. The following curve presents the scale of achievement related to the evolution of the water consumption targeted in 2026: In accordance with evolving market practice and shareholder expectations, a sustainability component is incorporated into the Long-Term Incentive (LTI) plan, as approved within the Remuneration Policy at the 2025 AGM. This adjustment serves to further align the Company’s strategic objectives in accordance with its purpose with its executive compensation framework. Consequently, the Scope 1&2 emissions criteria have been transitioned from the STI to the LTI component to reflect their long-term strategic importance. Performance achievement – CEO’s objectives (50% STI weighting) The level of achievement of the CEO’s objectives of the STI is assessed by the RNGC and the Board of Directors against the targets set at the beginning of the year. For 2025, based on the review conducted by the RNGC and the Board of Directors in February 2026, the overall achievement level has been assessed at 127%. 6 For Commercial Aircraft, the 2026 targets include Airbus Atlantic and Airbus Aerostructures Airbus SE/ Report of the Board of Directors 2025 70 The CEO’s objectives have been assessed according to two sets of complementary elements: Overview of the 2025 CEO’s objectives achievements: Weight (%) Achievements (%) Business’ objectives (communicated to all employees of the Company, these are shared with Executives and Managers of the Company to promote collective alignment) 20% 110% CEO’s priorities (how the CEO contributes to the success of the Company) 30% 138% 2025 CEO’s objectives achievements 127% Overview of the 2025 CEO’s priorities achievement (1) Weight (%) Achievements (%) 1. Ensure the ramp up on all programmes for Commercial Aircraft, Helicopters and Defence & Space Commercial Aircraft In 2025, Airbus successfully delivered 793 commercial aircraft, marking a 4% growth over the previous year. While this result was slightly below (3% miss) the projections set at the start of the year, it is in line with the revised year-end target. Achieving this growth is a testament to the resilience of the Company’s production capabilities and the successful navigation of a complex and dynamic global landscape under the leadership of the CEO. While operational performance remained strong, the end of 2025 presented two distinct technical challenges: a safety-related software anomaly in the flight control systems and a quality non-conformity in certain A320 fuselage components. The company and CEO’s response was immediate, prioritising fleet safety and operational integrity above all.The CEO has since launched comprehensive 'root-cause' investigations to convert these lessons learned into permanent industrial safeguards, ensuring Airbus remains the benchmark for aviation excellence. 2025 marked a pivotal moment in the Company’s industrial ramp-up notably with the two new A321 Final Assembly lines' openings outside Europe as well as the acquisition of certain Spirit AeroSystems workpackages securing A220 and A350 future growth. Airbus Helicopters Airbus Helicopters achieved an outstanding year of growth with revenues climbing 13% to nearly €9 billion and successfully accelerated the production of the next-generation H160 programme by delivering 29 units - a 26% increase. Under the CEO’s strategic direction, Airbus Helicopters has undergone a deliberate shift towards high-value and military platforms. This transition has been met with exceptional market confidence, resulting in a historic €13.7 billion in bookings in a single year. Airbus Defence and Space The division achieved a landmark year, successfully executing 11 satellite launches (up from 3 in 2024) and achieved a 100% delivery record for all Air Power missions. The CEO led a push into high-value technical support and training, which saw service revenues exceed internal targets. Additionally, by securing 48 new combat aircraft orders and reaching an agreement to increase Eurofighter production, the CEO has solidified the Company’s position as both the cornerstone of European air power and a leader in the global defence and space economy. 5% 90% Airbus SE/ Report of the Board of Directors 2025 71 2. Progress on the digital and decarbonisation roadmap, including: act as a catalyst for the SAF & hydrogen eco-systems, continue the progress on the Airbus internal roadmap and on Airbus digital roadmap Decarbonisation In 2025, the Company reduced operational emissions despite intensive manufacturing ramp-ups. Under the CEO’s direction, the usage of SAF increased to 21%. The CEO has advanced Airbus’s influence on the global stage by strengthening the strategic partnership with the International Civil Aviation Organization (ICAO) and playing a pivotal role in the triennial Assembly aligning the industry behind the 2050 Long-Term Aspirational Goal for decarbonisation. This leadership was marked by a historic visit from the ICAO to Airbus, reinforcing the Company’s position as a trusted advisor and a primary architect of a sustainable future for global flight. Key regulatory achievements included advocating for a ‘Book & Claim’ system in the European Commission's Sustainable Transport Investment Plan and leading the 'European Industrial Strategy for Civil Aeronautics' submission. Recognising that the availability of SAF is critical to the industry’s future, the CEO oversaw two landmark international investments: a joint venture with Qantas into Climate Tech Partners to actively bridge the gap between early-stage technology and commercial-scale production in Australia and a strategic partnership with the Cathay Group to accelerate SAF scaling across Asia. Digital In 2025, the CEO accelerated the Company’s digital transformation, ensuring manufacturing and design capabilities remain at the global cutting edge. The CEO has championed the 'democratisation' of Artificial Intelligence (AI), overseeing the deployment of the Gemini AI app to over 272,000 users and ensuring nearly 66,000 employees are trained in the ethical use of Generative AI. 2.5% 140% 3. Continue to drive future European aerospace cooperation and ensure a successful transformation and restructuring of the Defence and Space business In 2025, Airbus consolidated its market leadership through a landmark Memorandum of Understanding with industry peers Thales and Leonardo to create a unified European space leader with the expertise to dominate on the global stage. Furthermore, the CEO secured a strategic partnership with US-based Kratos Defense, combining Airbus technology with established platforms to accelerate the Company’s entry into the unmanned aircraft market. Successfully secured the lead coordinator role for Phase 2 of the EU Next Generation Rotorcraft Technologies (ENGRT) project. This successful bid to lead this 13-nation initiative ensures Airbus dictates the technological standards for the next-generation of combat-ready rotorcraft. Operationally, the Space Systems turnaround plan and the financial recovery of the Connected Intelligence business restored division profitability. This was further strengthened by the acquisition of Infodas, expanding the division’s footprint in the high-growth cyber defence market. 7.5% 145% 4. Further develop and enhance our resilience to adapt and navigate through the fast changing and disruptive geopolitical landscape Trade Advocacy & Resilience: Navigating the Tariff Crisis Under the CEO's leadership, Airbus secured a permanent 'zero-for-zero' EU-US trade accord through joint advocacy with ASD and GIFAS, protecting the industry from aircraft and component tariffs. The CEO successfully navigated 2025’s export restrictions, including rare earth materials, maintaining production continuity for narrow-body and wide-body programs without downtime. 5% 150% Airbus SE/ Report of the Board of Directors 2025 72 The CEO leveraged Airbus’ global manufacturing footprint to mitigate tariffs on North American imports. This action ensured that production at the Mobile, Alabama facility remained economically viable. Strategic Achievements: International & Public Affairs In 2025, the CEO’s revamped international strategy secured long-term competitive advantages in key markets by shifting the Company’s strategy in high-priority markets towards deeper industrial partnerships. This approach secured the LOT Polish Airlines fleet renewal and established a foundation for multi-decade growth in the Middle East. Industrial Cooperation & Offset (IC&O) Management The CEO rebalanced the IC&O portfolio to ensure a globally resilient presence, successfully discharging all Company offset obligations due by year-end 2025. Operational Resilience Successfully de-risked the Company’s exposure to titanium and other mission-critical raw materials. The CEO successfully oversaw the transition of the Eutelsat OneWeb assembly line from the US to Europe, a strategic move that optimises the manufacturing footprint and secures industrial control over critical satellite technologies. This operational efficiency was further validated by securing key Satellite Communication (SatCom) contracts for the German and Spanish governments, reinforcing the Company’s role in European national security. 5. Successfully execute the product roadmap, including the delivery on key programmes milestones Commercial Aircraft In 2025, the CEO oversaw key milestones that further strengthened Airbus’ product leadership. The A350F programme transitioned to the industrial phase with the first two prototypes entering the Final Assembly Line and the Main Deck Cargo Door production commencing in Spain. Airbus Defence and Space The CEO’s leadership in 2025 focused on transitioning the Defence and Space division from a development-heavy cycle into a high-volume, profitable production phase, while securing Airbus’ 90% dominance in key global segments. The OneSat software-defined satellite successfully transitioned from development to high-volume production with ten units under contract, supported by a new production mechanism securing assembly activity through 2028 providing the industrial stability necessary to manage costs and safeguard long-term delivery targets. Further the CEO secured the launch contract for the A330neo-based tanker (MRTT+), a milestone that consolidates our 90% global market share in the air-to-air refuelling segment and secures long-term production and service revenue. In unmanned systems, the SIRTAP tactical UAV reached its ‘Power On’ milestone for 2027 delivery, while the Eurodrone programme successfully concluded its Critical Design Review. The CEO secured a trilateral agreement to expand the Eurofighter production by more than 40%, transitioning from rate 14 to 20 securing the platform's long-term commercial and operational relevance. The CEO initiated the ‘Patmar’ (Maritime Patrol) de-risking phase and finalised contract preparations for the Indian Airborne Early Warning & Control programme. By adapting the A320 family for military applications, the Company is maximising returns on its most successful commercial assets through strategic cross-sector utilisation. Airbus Helicopters In 2025, the helicopter division achieved a record number of new orders for emergency and commercial use. A significant commercial milestone was reached with the Entry into Service of the 5% 150% Airbus SE/ Report of the Board of Directors 2025 73 Tiger MKIII System HC 0 and validating the modernisation path for Europe’s attack helicopter fleet; this was supported by the delivery of ten retrofits on schedule. Furthermore, the H160M ‘Guépard’ programme gained momentum following a successful maiden flight in July 2025, meeting the operational timelines of our sovereign partners. In the civil market, the CEO directed the high-impact launch of the H140, securing 61 firm bookings in its first year exceeding internal commercial targets. With two prototypes now in flight, the H140 is set to become the global standard for emergency medical aviation. These achievements were underpinned by a commitment to safety, with nearly 4,000 employees trained and 148 global safety roadshows. 6. Further develop Airbus leadership team, including coaching and development of top executives, ensure mapping of skills and competence needed for critical positions The CEO institutionalised a rigorous approach to executive succession and performance, using data-driven assessments and targeted coaching, fostering a culture of high performance and divisional collaboration. In partnership with Russell Reynolds Associates, a comprehensive competency audit was conducted to ensure leadership alignment with strategic priorities in digitalisation, defence and decarbonisation. Furthermore, the CEO strengthened the succession pipeline by accelerating the development of internal talent and establishing 'success profiles' for critical roles, securing a robust leadership bench to ensure future continuity. These efforts were evidenced by the seamless transition of the CEO of Commercial Aircraft and the Chief Human Resources Officer, both managed without loss of strategic or industrial momentum. 5% 150% Total 30% 138% (1) Equivalent to 60% of “CEO individual components” under former remuneration policy as disclosed in the 2024 remuneration report For the year 2026, the Board has set the following objectives for the CEO: 2026 Overview on CEO’s objectives Weight (%) Business objectives 10% CEO Priorities 40% 1. Ensure our five pillars - Safety, Quality, Integrity, Compliance and Security - are the baseline for every action and decision across the company 7.5% 2. Deliver on & secure ramp up across all businesses 7.5% 3. Prepare for the Airbus of the 30s by executing on the product, digital & sustainability roadmaps 7.5% 4. Navigate through geopolitical landscape to expand our global reach and contributing to a more sovereign Europe 5% 5. Finalise the transformation of our defence and space business 5% 6. Develop & leverage human capital 7.5% CEO objectives Total 50% Airbus SE/ Report of the Board of Directors 2025 74 2.3 Long Term Incentive (LTI) 2025 Grant In 2025, under the Company’s Long-Term Incentive (LTI) plan, the Board decided to grant Performance Shares. This applies to the CEO as well as to all beneficiaries of LTI. The value of the Performance Shares award to the CEO has been capped at 150% of his Base Salary, in line with the applicable Remuneration Policy. The vesting of the Performance Shares will be subject to the performance measures (average EPS (35%), cumulative FCF (35%) and Sustainability criteria (30%)). The table below gives an overview of the Performance Shares granted to the CEO in 2025 pursuant to the LTI plan: Share plan: number of Performance Shares Granted in 2025 Vesting date Guillaume Faury 14,404 May 2029 For the 2025 grant (performance period related to financial years 2026, 2027 and 2028) the LTI Sustainability component will be comprised of the following two metrics: ● The environmental criteria assesses the three-year reduction targets for: Scopes 1&2 CO2 emissions (10% weighting) and Scope 3 Use of sold products - commercial aircraft efficiency (10% weighting), in alignment with the Company’s trajectory towards its decarbonisation targets in 2030 and 2035 respectively, as validated by the SBTi in January 2023. Scopes 1&2 CO2 emissions targets focus on material sub-scopes within our operations where the Company exerts direct control or influence. For Scope 3, performance is driven by product policy benefits, delivery mix, and projected sustainable aviation fuel (SAF) consumption over the lifespan of the fleet delivered in a given year, based on IEA projections. For further details, please refer to Section 6.2.1, “Sustainability Statement – Environmental information – Climate Change”. The respective targets of CO2 emissions are as follows: ● Scopes 1&2: 500 ktCO2eq in 2028 on TCO scope (see definition in Section 6.5.4.2.1.) ● Scope 3: 58.1 gCO2/km.pax in 2028 ● The workforce related criteria (10% weighting) assesses the evolution of employee engagement (which represents an important driver of the Company’s performance and long-term competitiveness) through the variation of the Employee Net Promoter Score (eNPS) over the three-year performance period. ● The target is to increase the eNPS by 15% over the performance period Vesting values in 2025 In 2025, the CEO received both cash payments and vested shares (all conditional to the achievement of performance conditions) in connection with the vesting of 2020 and 2021 LTI awards: ● Cash: in connection with the 2020 LTI award, the CEO received a total cash payment of € 843,696. Both caps on share price and value compared to the initial grant value have been applied as per the rules and regulation of the 2020 LTI plan. ● Shares: in connection with the 2021 LTI award, the CEO received 11,636 vested shares on 7 May 2025. Airbus SE/ Report of the Board of Directors 2025 75 LTI plans overview: granting and vesting Date of grants Grant Type Number of Shares Share price at grant Value at grant date Performance achievement Shares with performance achievement Dates of vesting Share value at vesting dates (1) 2021 Share 12,121 €111.38 € 1,350,037 96% 11,636 1 vesting in 2025 7 May 2025 € 156.88 2022 Share 14,115 € 105.20 € 1,484,898 122% 17,220 1 vesting in 2026 Not yet known 2023 Share 11,619 € 127,81 € 1,485,024 Not yet known Not yet known 1 vesting in 2027 Not yet known 2024 Share 10,839 € 137.00 € 1,484,943 Not yet known Not yet known 1 vesting in 2028 Not yet known 2025 Share 14,404 € 162.45 € 2,339,930 Not yet known Not yet known 1 vesting in 2029 Not yet known (1) Vesting will occur according to the respective rules and regulations of each plan. Performance Conditions of 2022 LTI plan: ● The performance conditions for the 2022 LTI plan were determined as follows: if the Company reports a positive cumulative EBIT, a minimum portion of 50% of the Performance Shares vest. If the Company reports a negative cumulative EBIT resulting from exceptional circumstances, the Board of Directors can decide at its sole discretion to vest a maximum portion of 50% of the Performance Shares. ● 50% to 150% of the allocation will be granted depending on the compounded achievement of the two following performance criteria: ● 75% of average EPS ("Ave EPS"): determined on a linear basis depending on three-year Ave EPS for the 2023, 2024 and 2025 fiscal years, with the three-year Ave EPS target for an allocation of 100% equal to € 5.03; and ● 25% of cumulative FCF ("Cum FCF"): determined on a linear basis depending on three-year Cum FCF for the 2023, 2024 and 2025 fiscal years, with the three-year Cum FCF target for an allocation of 100% equal to € 11,043 million. Review of achievement of performance conditions: In February 2026, the Board of Directors noted the achievement of the performance conditions of the 2022 plan, i.e. for the 2023, 2024 and 2025 fiscal years. The three-year average EPS was € 5.59 and the three-year Cum FCF was € 12,683 million. Due to confidentiality concerns, the specific targets for average EPS and cumulative Free Cash Flow cannot be made public, as this information is competitively sensitive. Nevertheless, to ensure maximum transparency for our shareholders and align with best practices, retrospective data illustrating the rigour of the targets established by the Board of Directors for the prior LTI plans is provided below: Date of grants KPI Number of units Target for a 100% allocation Achieved Performance achievement in percentage Compounded performance achievement in percentage Resulting vesting in number 2020 Ave EPS Cum FCF 19,840 € 2.52 € 1,951m € 5.19 € 11,720m 150% 150% 150% (1) 29,760 Airbus SE/ Report of the Board of Directors 2025 76 2021 Ave EPS Cum FCF 12,121 € 5.35 € 11,821m € 5.19 € 12,007m 93% 103% 96% 11,636 2022 Ave EPS Cum FCF 14,115 € 5.03 € 11,043m € 5.59 € 12,683m (2) 121% 126% 122% 17,220 (1) The overperformance of the 2020 plan is due to a faster than expected recovery from the COVID 19 pandemic. As a reminder, the 2020 plan was granted in October 2020 when the impact of the pandemic for the years 2021, 2022 and 2023 was still extremely difficult to predict. (2) Cum FCF is measured based on the definition applied before 2024. 3- Benefits 3.1 Benefits The costs associated with benefits provided through mandatory collective and social security plans are included within social charges (refer to Note 33 in the IFRS Consolidated Financial Statements for detailed information). In 2025, the monetary value of other benefits provided to the CEO is € 33,968, compared to € 35,292 in 2024. 3.2 Pension The CEO's retirement benefits were previously structured as a defined benefit commitment until the end of 2019. Following approval at the 2020 AGM, the Board of Directors decided to freeze the accrued pension rights under this commitment. This freeze is based on the CEO's seniority as an Executive Committee member as of the end of 2019, and no further accrual will occur. Consequently, a replacement target ratio has been set at 52% of the CEO's Base Salary (which is equivalent to 20.8% of the combined Base Salary and target STI). The pension rights associated with this commitment remain unvested until the CEO's retirement date. The pension rights arising from the Company's defined contribution plan (i.e. contribution of 20% of the pensionable remuneration, which is the Base Salary and the paid STI) are deducted from the frozen pension rights described above. The present value of the remaining CEO's pension obligation related to the frozen defined benefit commitment is estimated annually by an independent actuarial firm according to the international accounting standard IAS19 as applied by the Company for post-employment benefits. The defined benefit obligation for the frozen commitment, which is accounted for in the 2025 Consolidated Financial Statements, stood at € 3,814,659 as of 31 December 2025, compared to € 4,172,786 in 2024. This accrued obligation will undergo annual adjustments until the CEO's retirement date. These updates will reflect factors such as the additional service cost, future changes in economic assumptions, and other elements, including potential salary increases. For the fiscal year 2025, the cost related to the CEO’s pension rights accrued under Company’s plans during the year represented an expense of € 1,077,017 (2024: € 1,121,057). The annual cost of pension rights accrued under applicable mandatory collective and state pension plans are accounted for among social charges (please refer to Note 33 to the IFRS Consolidated Financial Statements for further details). 4- Governance 4.1 Methodology Benchmark In accordance with the Remuneration Policy, an independent benchmarking exercise was commissioned in July 2024. No further benchmarking was undertaken during 2025. The peer group established for the 2024 exercise comprises: ● global companies in the Company's main markets (France, Germany, the United Kingdom (the UK), Spain and the United States of America (the US), excluding financial institutions; and ● companies operating in the same industries as the Company worldwide. Airbus SE/ Report of the Board of Directors 2025 77 To consider the Company’s operations and employees’ breakdown by geographic areas, the relevant peer group is currently composed of 55 companies 7 selected from the CAC40 in France, the DAX 40 in Germany, the FTSE 100 in the UK, the IBEX 35 in Spain and the Dow 30 in the US, having comparable economic indicators such as revenues, number of employees and market capitalisation, and providing perspective on compensation practices from direct or indirect competitors. In particular, US companies are included in this peer group since Airbus has direct competitors in the US and since Airbus has senior Executives in the US where it competes to recruit talents. However, and considering the very unique US pay practices and as Airbus Executives are mainly based in Europe, US companies are only weighted at 10%. The data are compounded using the following weighting: France 30%, Germany 30%, Spain 15%, the UK 15% and the US 10%. Pay ratio The Dutch Corporate Governance Code recommends that the Company provides a ratio comparing the compensation of the CEO with the average annual remuneration of the employees of the Company and the group companies. The Company's pay ratio is calculated by comparing the compensation of the CEO with the average annual compensation of employees, which is derived from the number of employees and the personnel expenses disclosed in the Financial Statements (see Notes 28 and 29 to the IFRS Consolidated Financial Statements). The ratio between the compensation of the CEO (including Base Salary, STI, social charges, benefits, pension contributions and LTI grant face value) and the average annual compensation of employees for the fiscal year to which this report relates is approximately 69 (2024: 64, 2023: 67, 2022: 74; 2021: 56; 2020: 64). Development of the compensation The table below summarises the CEO's direct cash remuneration for a financial year, which includes the Base Salary and the Short-Term Incentive, alongside the overall Employee Compensation (as both terms are defined further below). Financial year 2025 2024 2023 2022 2021 I. CEO's direct cash compensation Annual Base Salary (k€) 1,560 1,485 1,485 1,485 1,350 Short Term Incentive (STI) (k€) (1) 1,582 1,916 2,042 2,241 1,404 Total 3,142 3,401 3,527 3,726 2,754 Annual Variation -7.6% -3.6% -5.3% +35% -5.1% II. Long Term Incentive Plan (k€) (2) 2,340 1,485 1,485 1,485 1,350 III. Company Performance EBIT Adjusted (m€) 7,128 5,354 5,838 5,627 4,865 Annual Variation +33% -8% +4% +16% +185% FCF before customer financing (m€) 4,574 4,463 4,532 4,816 3,707 Annual variation +2% -2% -6% +30% n.a. 7 Peer group used in 2024 France: Air Liquide, Danone, Dassault Systèmes, Engie, Safran SA, Saint-Gobain, Sanofi, Schneider Electric, Stellantis, Thales, TotalEnergies, Vinci Germany: BASF, Bayer, BMW, Continental, Deutsche Post, Deutsche Telekom, E.ON, Henkel, Mercedes, SAP, Siemens, Volkswagen Spain: Aena, Amadeus IT, Cellnex, Endesa, Ferrovial, Iberdrola, Inditex, Naturgy, Repsol, Telefónica UK: Bae Systems, BAT, BP, Diageo, GSK, Rio Tinto, Rolls Royce, Shell, Tesco, Unilever, Vodafone US: 3M, Boeing, Caterpillar, Fedex, GE, General Dynamics, IBM, Lockheed, Northrop Grumman, Raytheon Airbus SE/ Report of the Board of Directors 2025 78 IV. Employee compensation (k€) (3) 113.4 113.9 108.4 101.6 104.9 Annual Variation -0.4% 5.1% 6.6% -3.1% 9.8% (1) STI paid during the financial year at stake in relation to the previous financial year. (2) Face value of LTI granted in the financial year. (3) Average compensation of employees, which is derived from the number of employees and the personnel expenses disclosed in the Financial Statements (see Notes 28 and 29 to the IFRS Consolidated Financial Statements). Ratio fixed part and variable part In 2025, the CEO's total remuneration was split into a fixed portion (Base Salary, annual contribution to the defined contribution pension plan, and benefits) and a variable portion (Short-Term Incentive related to 2025 and paid out in 2026, and Long-Term Incentive Plans vested in 2025). The resulting ratio is 28% fixed to 72% variable, compared to 31% fixed and 69% variable in 2024. 4.2 Share ownership guideline The CEO owned 55,880 Airbus SE shares on 31 December 2025 which represents a value higher than 200% of his Base Salary, in compliance with the Share ownership guideline (see the Company’s Remuneration Policy under “A. 4 - Share ownership guideline”). Please refer to the AFM website www.afm.nl for any further information related to the transactions of the CEO. Employee Share Ownership Plan (ESOP) In March 2025, the Company offered all eligible employees the opportunity to subscribe to a share matching plan, through which the Company matches a certain number of directly acquired shares with a grant of matching shares representing an equivalent discount of 40%. The total offering was up to 3.5 million shares of Airbus SE, open to all qualifying employees. Information about the plan can be found on the Company's website. Under the umbrella of the ESOP 2025, a dedicated UK tax advantageous Share Incentive Plan ("SIP") was also deployed in March 2025. The CEO opted not to participate in the ESOP 2025 plan, despite being eligible. This decision was made to increase the number of shares available for employees, thereby promoting broader employee share ownership. 4.3 Clawback The Board of Directors did not apply any clawback in 2025. 4.4 Severance No payment has been made to the CEO in 2025 related to severance or other termination indemnity. Under the current CEO's appointment terms and conditions, the payment of an indemnity in case of termination would be subject to adequate performance conditions validated by the Board of Directors. 2.3.3 Implementation of the Remuneration Policy in 2024: Non-Executive Directors This section details the 2025 implementation of the Remuneration Policy for Non-Executive Directors. The policy ensures fair compensation and safeguards Board independence, with remuneration commensurate to the time commitment and responsibilities of each role. Key Principles and Fee Structure: ● Exclusions: The CEO is the sole Board member ineligible for Board or Committee fees. ● Attendance Fees: Rates for Board and Committee meetings remain unchanged from the levels established in 2016 and 2019, respectively. Airbus SE/ Report of the Board of Directors 2025 79 ● Fixed Fees: Current levels are based on a 2022 review conducted with an independent consultant to align with market practice and recognise the Board's strategic importance. Benchmarking and Market Alignment: In September 2022, at the RNGC's request, Egon Zehnder performed a benchmarking exercise against a global peer group of 80 large-scale corporations 8 . Within this group, the Company’s market capitalisation and revenues fall within the third quartile. The peer group used for benchmarking is more extensive than the one applied for the CEO's compensation. This broader scope is warranted for the following reasons: ● Global Competitiveness: Ensuring pay remains competitive to attract diverse, international expertise. ● Profile Distinction: Recognising that Executive and Non-Executive pay structures are not directly comparable. ● Geographic Variation: Acknowledging the wide variance in Non-Executive Directors pay practices across jurisdictions. Consistency is maintained, despite the broader scope, as approximately 88% of the peer group is registered in either the Netherlands or the Company’s core territories (France, Germany, Spain, and the UK). Board fees: Fixed fee for membership of the Board of Directors (€ / year): ● Chair of the Board: 500,000 ● Member of the Board: 120,000 Attendance fees (€ / Board meeting): ● Chair: 15,000 ● Member: 10,000 When meetings are held by telephone or a member attends remotely via phone, the attendance fees are reduced by 50%. 1- Committee fees: Fixed fee for membership of a Committee (€ / year): ● Chair: 60,000 ● Member of a Committee: 30,000 A per-meeting attendance fee is applicable to both the Chair and members for any additional Committee meetings exceeding the initial four per annum. This fee applies regardless of whether the meetings are conducted in person or via telephone. ● Physical attendance fees are set at 3,000 for Chairs or members based in Europe. This amount is doubled to 6,000 for those based outside Europe. ● Participation by phone (whether the meeting is held physically or by phone) is set at 1,500. 8 Peer group: 3M, A.P. Moller - Maersk A/S , AB Volvo, ABB, Accenture, Ahold Delhaize, Air Liquide, Aon, Bae System, Banco Bilbao, BASF, BAT, Bayer, BMW, Bombardier, BP, Caterpillar, Chevron, Continental, Credit Suisse, Daimler, Danone, Dassault Systèmes, Deutsche Post, Deutsche Telekom, DIAGEO, E.ON, Endesa, Engie, Exxon Mobil Corp, Fedex, Ferrovial, Ford Motor, Fortum Oyj, GE, General Dynamics Corporation, GSK, Heineken, Henkel, Honeywell International Inc., Iberdrola, IBM, INDITEX, ING, Koninklijke DSM NV, Leonardo, Lockheed Martin Corporation, Mckesson Corp, MTU Aero Engines AG, Naturgy, Nestle, Northrop Grumman Corporation, Novartis, NXP Semiconductors, Raytheon Technologies Corporation, Renault, Repsol, Rio Tinto, Roche, Rolls Royce, Safran, Saint-Gobain, Sanofi, Santander, SAP, Schneider Electric, SHELL, Siemens, Sodexo, Stellantis, Telefonica, Tesco, Thales, The Boeing Company, Total, Unilever, Unitedhealth Group, Vinci, Vodafone, Volkswagen. Airbus SE/ Report of the Board of Directors 2025 80 The remuneration of the Non-Executive Members of the Board of Directors was as follows: 2025 2024 2023 2022 2021 (In €) Fixum (1) Attendance Fees (2) Total Fixum (1) Attendance Fees (2) Total Total Total Total Non-Executive Board Members René Obermann 500,000 162,500 662,500 500,000 120,000 620,000 605,000 (3) 360,000 300,000 Victor Chu 150,000 78,000 228,000 150,000 66,500 216,500 212,000 166,000 143,000 Jean-Pierre Clamadieu 210,000 127,000 337,000 210,000 82,000 292,000 286,000 236,500 197,500 Mark Dunkerley 180,000 136,000 316,000 180,000 110,000 290,000 274,000 236,420 166,000 Stephan Gemkow (4) 192,845 119,000 311,845 150,000 81,000 231,000 226,000 208,000 163,000 Catherine Guillouard (5) 188, 784 121,000 309,784 210,000 86,000 296,000 273,000 238,000 197,500 Dr. Doris Höpke (6) 128,287 88,000 216,287 Amparo Moraleda 210,000 121,000 331,000 210,000 82,000 292,000 279,500 243,000 184,500 Claudia Nemat (7) 43,509 10,000 53,509 150,000 67,500 217,500 206,500 176,500 156,500 Irene Rummelhoff 150,000 79,500 229,500 150,000 78,000 228,000 205,000 147,100 - Antony Wood (8) 150,000 119,000 269,000 150,000 86,000 236,000 211,050 13,913 - Dr Fei Yu Xu (9) 128,702 75,000 203,702 108,791 60,000 168,791 - - - Former Non-Executive Board Members Ralph D. Crosby, Jr. (10) 75,000 15,000 90,000 220,000 200,000 161,000 Lord Drayson (11) - 48,811 169,500 Carlos Tavares (12) - 27,541 125,000 Total 2,232,127 1,236,000 3,468,127 2,243,791 934,000 3,177,791 2,998,050 2,301,785 1,963,500 (1) Fixum includes a base fee for Board membership and the relevant Committee membership as the case may be (Audit Committee “AC”, Remuneration, Nomination and Governance Committee ("RNGC") and Ethics, Compliance and Sustainability Committee ("ECSC"). The fixum for the year 2025 was paid 50% in January 2025 and 50% in July 2025. The fixum for the year 2024 was paid 50% in January 2024 and 50% in July 2024. (2) 2025 attendance fees include the Board attendance fees and the fees in relation to the relevant Committee (Ad Hoc, AC, RNGC and ECSC) meetings. The Board attendance fees related to the first semester 2025 were paid in July 2025, those related to the second semester 2025 were paid in January 2026. The Committees’ attendance fees related to the full year 2025 were paid in January 2026. (3) Amount before donation to several charitable organisations of the portion exceeding the fixed remuneration received in 2022, as described in the 2023 Board Report. (4) Chair of the AC and member of the ECSC since 15 April 2025. (5) Chair of the AC until 15 April 2025. (6) Member of the Board of Directors, AC and RNGC since 15 April 2025. (7) Member of the Board and RNGC until 15 April 2025. (8) Member of the AC since 19 April 2023. (9) Member of the Audit Committee until 15 April 2025. (10) Member of the Board and ECSC until 10 April 2024. (11) Member of the Board of Directors, the RNGC and the ECSC until 12 April 2022. (12) Member of the Board of Directors until 12 April 2022. Airbus SE/ Report of the Board of Directors 2025 81 2.4 Dutch corporate governance code In accordance with Dutch law and with the provisions of the Dutch Code, which provides (non-obligatory) guidance for effective collaboration and management, the Company either applies the provisions of the Dutch Code or, if applicable, explains and gives sound reasons for deviations from these provisions. The Dutch Code was most recently revised in 2025 (following prior revisions in 2022). The update of the Dutch Code was limited to the inclusion of additional statements regarding risk management and some technical adjustments. These revisions apply to financial years starting on or after 1 January 2025. While the Company, in its continuous efforts to adhere to the highest standards, applies nearly all the current recommendations of the Dutch Code, it must, in accordance with the "comply or explain" principle, provide the explanations below. For the full text of the Dutch Code, please refer to: https://www.mccg.nl/. For the financial year 2025, and in respect of compliance with the Dutch Code, the Company states the following: Securities in the Company as long-term investment Best practice provision 3.3.3 of the Dutch Code recommends that Non-Executive Directors who hold securities in the Company should keep them as a long-term investment. With this not being a strict legal requirement, it is at the discretion of the Non-Executive Directors who own shares to decide whether to keep them as a long-term investment; the Company imposes no such requirement. Best practice provision 3.1.2 vi of the Dutch Code recommends that any shares awarded to the Chief Executive Officer (the "CEO") should be held for at least five years after they are awarded. The rules applicable within the Company do not impose a minimum five year holding period for such awarded shares; however, the Company believes that potential deviations from this recommendation are significantly limited by the Company’s share ownership guidelines, under which the CEO is expected to hold throughout their tenure Airbus SE shares with a value equal to at least 200% of their base salary. For further information on these topics, please refer to the Company’s Remuneration Policy, under “B. 5- Long-Term Incentive Plan” and “B. 6 - Share ownership guideline” (available on the Company’s website: https://www.airbus.com/en/our-governance/governance-framework-and-documents). Dealings with analysts Best practice provision 4.2.3 of the Dutch Code recommends meetings with analysts, presentations to analysts, presentations to investors and institutional investors and press conferences shall be announced in advance on the Company's website and by means of press releases. In addition, it recommends that provisions shall be made for all shareholders to follow these meetings and presentations in real time, and that after the meetings the presentations shall be posted on the Company's website. For practical reasons, the Company does not always allow shareholders to follow meetings with analysts in real time. However, the Company ensures that all shareholders and other parties in the financial markets are provided with equal and simultaneous information about matters that may influence the share price. Diversity and inclusion Best practice provision 2.1.6 of the Dutch Code recommends that the corporate governance statement explain the diversity and inclusion policy of the Company and the way it is implemented. In accordance with Dutch law (Article 2:166 of the Dutch Civil code) the Company provides such information in Section 6.3.1.8 “Sustainability Statement - Diversity” below. CEO’s remuneration policy - Severance The Airbus remuneration policy provides that in case of termination of the CEO's duties at the initiative of the Board of Directors, the CEO shall be entitled to a termination indemnity equal to one time the last Total Annual Remuneration (defined the Base Salary and VR most recently paid), subject to applicable local legal requirements (if any). The termination indemnity would be paid only provided that the performance conditions assessed by the Board of Directors had been fulfilled by the CEO. If the CEO's appointment as member of the Board of Directors terminates within a period of 12 months or less prior to his retirement date, the termination indemnity will be limited by pro-rating its amount. Best practice provision 3.2.3 of the Dutch Code recommends that severance arrangements be limited to a maximum of one year’s base salary. As the Company competes on a global basis (and beyond the Dutch market) for talent, the Company deems a deviation of this recommendation to be justified. The termination indemnity of the CEO could therefore result in a deviation from the Dutch Code. Airbus SE/ Report of the Board of Directors 2025 82 Other For information on the operation of the Shareholders' Meeting, its key powers, the shareholders' rights and how such powers and rights can be exercised, see Section 4.2.2 "Right to attend shareholders' meetings". For information on the composition and operation of the Board of Directors and its respective committees, see Sections 2.1.1 “Composition of the Board of Directors" and 2.1.4 “Board Committees”. For information on (i) significant direct and indirect shareholdings, (ii) holders of shares with special control rights, (iii) rules governing appointment and dismissal of Directors, (iv) amendments to the Articles of Association, and (v) the delegation to the Board of Directors of the power to issue or buy back shares, see Section 2.1.1 “Composition of the Board of Directors”, 2.1.2 “Powers, rules and engagement with shareholders”, 4.1.2 “Modification of share capital or rights to acquire shares” 4.2.1 “Shareholding structure at the end of 2025", 4.2.6 “Amendments to the Articles of Association”, and 4.2.7 “Relationship with principal shareholders”. Airbus SE/ Report of the Board of Directors 2025 83 2.5 Miscellaneous 2.5.1 Policy for loans and guarantees granted The Company’s general policy is not to grant any loan or guarantee to the members of the Board of Directors. Unless the law provides otherwise, the members of the Board of Directors shall be reimbursed by the Company for various costs and expenses, such as the reasonable costs of defending claims. Under certain circumstances, such as an act or failure to act by a member of the Board of Directors that can be characterised as intentional, intentionally reckless, or seriously culpable, there will be no entitlement to this reimbursement. The Company has also taken out liability insurance (‘‘D&O’’ - Directors and Officers) covering the persons concerned. 2.5.2 Conflicts of interest The Company has a conflict of interest policy, which sets out that any potential or actual conflict of interest between the Company and any member of the Board of Directors shall be disclosed and, where possible, avoided (please refer to the Company’s "Internal Rules for the Board of Directors (Annex D – Article 8: Conflicts of interest)"). This policy is available on the Company's website: www.airbus.com (follow “About us” / “Our governance” / “Governance Framework and Documents”), as is the related principle 2.7 of the Dutch Code (as such term is defined in Section 2.4 “Dutch corporate governance code” above), which the Company complied with during 2025. Pursuant to Airbus SE’s Articles of Association (the “Articles of Association”) and the Board Rules, a conflicted member of the Board of Directors should abstain from participating in the deliberation and decision-making process relating to the matters concerned. The Board of Directors must approve any decision to enter a transaction where a Director has conflicts of interest that are material to the Company or the individual Director. In 2025, no such transactions were reported. During the years 2023, 2024 and 2025, no agreement was entered into by the Company with one of its Directors or principal officers or a shareholder holding more than 5% of the voting rights of the Company outside the ordinary course of business and in conditions other than arm’s length conditions. There were, however, related-party transactions: for more information, please refer to the note on Related Party Transactions (Note 10) in the Notes to the IFRS Consolidated Financial Statements for each respective year. Airbus SE/ Report of the Board of Directors 2025 84 3 Risk Management and Internal Control Systems 3.1 Risk factors The Company is subject to the risks and uncertainties described below that may materially affect its business, results of operations and financial condition. These are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company, or that it currently considers immaterial, may also impair its business and operations. Although a certain degree of risk is inherent in the Company’s business (as described in the risk factors in this section and elsewhere in this Board Report), the Company endeavours to mitigate and/or manage risk in accordance with its risk appetite. To pursue its strategy, the Company is prepared to take a certain level of risk in order to secure profitability and cash flow and maintain its competitiveness, invest in research and development and manage a diversified business portfolio in a world of uncertain market and economic conditions. In addition to focusing on the identification and management of operational risks, the Company seeks to manage its legal and compliance risks by working to ensure that its business practices conform to applicable laws, regulations and ethical business principles, while developing and maintaining a culture of integrity. Regarding financial risks, the Company aims to undertake a prudent risk approach, seeking to minimise downside risk in accordance with the Company's risk appetite through an appropriate liquidity buffer, moderate financial leverage, the use of hedging derivatives and other mitigation measures. 3.1.1 Geopolitical, global economic and financial market risks The Company’s business, financial condition and results of operations may be materially affected by global economic conditions, global financial markets, geopolitical volatility and other macroeconomic developments which are outside of the Company’s control The behaviour of the Company’s customers and by extension, the demand for and supply of the Company’s products and services is affected by global economic conditions. The Company has operations around the world and a global customer base; as such, its business, financial condition and results of operations may be materially affected by global economic conditions, the global financial markets, geopolitical volatility and other macroeconomic developments outside its control, most particularly those affecting Europe, the Americas and Asia, where it manufactures and sells the majority of its products. Market disruptions and significant economic downturns may develop quickly due to, among other things, crises affecting credit markets and financial liquidity, regional or global recessions, sharp fluctuations in or sustained high commodity prices (including gas and oil), energy shortage or unavailability, volatility in or sustained unfavourable currency exchange rates or high interest rates, rapid increases in or sustained high levels of inflation or deflation, sovereign debt or financial industry debt rating downgrades, sovereign or financial industry restructurings or defaults, geopolitical tensions and conflicting policies (particularly among the US, the EU, Russia and China) - particularly as may be reflected through trade policy, tariffs or sanctions, adverse geopolitical events (such as military or armed conflicts, acts of terrorism) or other events having disruptive or negative global or regional economic repercussions (such as pandemics or natural disasters). Market disruptions and weak global (or localised) economic conditions brought on by the above-described or other factors could therefore result in: ● Protracted weak or reduced demand for air travel and cargo; ● financial distress among airlines and lessors, and potential bankruptcies within this market; ● financial distress affecting the Company’s suppliers or subcontractors and increased costs or disruptions within the Company’s supply chain; ● credit being unavailable (or not available at suitable terms) in the financial markets, or increases in customers’ operating costs leading to requests by customers to postpone or cancel existing orders for aircraft (including Airbus SE/ Report of the Board of Directors 2025 85 helicopters), decisions by customers to review their order intake strategy or an increase in the amount of sales financing that the Company is requested to provide to its customers to support aircraft deliveries; and ● variations in public spending or support for defence, homeland security and space activities, which may lead to the termination or reduction of future funding or to cancellations or delays impacting existing contracts. In each case, the factors and developments described above could result in weakened demand for the Company’s products or otherwise lead to material negative effects on the Company’s business, results of operations and financial condition. Further, although the potential negative impacts of global economic conditions have been thoroughly assessed and are continually monitored, the consequences thereof could have unforeseen material effects on the Company’s business, results of operations and financial condition, particularly to the extent they were to impact the Company’s commercial aviation activities or otherwise impact its access to financing. Increased tariffs or other trade restrictions or regulations could increase the cost of or otherwise weaken demand for the Company’s products in certain markets The Company is exposed to the risk of increased tariff rates and other trade restrictions or regulations. These factors may increase the cost of the Company’s products for customers in certain markets, or create situations where demand for the Company’s products in those markets is otherwise degraded or weakened. This could lead to lost or cancelled sales and requests by customers to defer, reject or reschedule delivery of new aircraft. These factors may also lead to increased costs within the Company’s supply chain, and non-tariff measures such as enhanced requirements by customs authorities, increased export restrictions and export bans may likewise impact the Company’s supply chain. The foregoing factors could have a material adverse effect on the Company’s business, results of operations and financial condition. In the past, the US has imposed increased tariffs on aircraft and on aircraft parts and components. The imposition of similar measures in the future, particularly by the US or China (and including any retaliatory trade measures), could have a material adverse effect on the Company’s business, results of operations and financial condition. The Company is exposed to foreign currency and related risks Due to the global nature of its business, the Company is exposed to fluctuations in currency exchange rates. Typically, around 75% of the Company’s revenues are denominated in US dollars, with approximately 60% of such exposure being “naturally hedged” by US dollar-denominated costs, and the remaining costs being incurred primarily in euros (and to a lesser extent pounds sterling and other currencies). To the extent the Company does not cover its net current and future exchange rate exposure (arising from the time of a customer order to the time of delivery), its earnings and costs may be significantly affected by changes in the exchange rate of the US dollar against these currencies. To mitigate foreign currency exposure, under its hedging strategy the Company endeavours to hedge a significant portion of those exposures which are not “naturally hedged.” There are complexities inherent in determining whether and when foreign currency exposure will materialise (in particular given the possibility of unpredictable revenue variations arising from order cancellations, postponements or delivery delays), and there are structural limitations that may affect the Company’s ability to fully execute its hedging strategy (for example, the Company may seek to hedge amounts in excess of counterparties’ exposure limits). Accordingly, the Company’s hedging strategy may not protect it from significant changes in the exchange rate of the US dollar to the euro and the pound sterling, particularly if the euro appreciates versus the US dollar over the long-term (as it has in the past). Further, the Company is exposed to the risk of non-performance or default by these hedging counterparties, and as regulatory capital requirements evolve, increased hedging fees and credit charges may further erode the effectiveness of hedging through derivative instruments. Even with a fully implemented hedging strategy in place, the Company’s foreign currency exposure may reduce the Company’s financial flexibility and could result in a material adverse effect on the Company’s results and financial condition. Volatility or long-term changes in currency exchange rates, such as a strengthening of the currencies (primarily the euro or pound sterling) in which the Company incurs costs, or a relative weakening of those currencies in which competitors incur their costs, may negatively impact the Company’s ability to offer its products at competitive prices. This is particularly the case regarding fluctuations relative to the US dollar, as many of the Company’s products and those of its competitors (e.g. in the defence export market) are priced in US dollars. Further, as the Company’s non-euro denominated consolidated revenues, costs, assets and liabilities are translated into euro for the purposes of compiling its financial statements, changes in the value of these currencies relative to the euro will have an effect on the euro value of the Company’s reported revenues, costs, EBIT, other financial results, assets, liabilities and equity, which could result in a materially negative effect on the Company’s results. For further information on the Company’s foreign currency exposure, please refer to “Notes to the IFRS Consolidated Financial Statements - Note 37. Financial Instruments”. Airbus SE/ Report of the Board of Directors 2025 86 Unfavourable economic conditions and financial market volatility may negatively affect the Company’s liquidity, financial assets and access to funding Unfavourable, weak or uncertain economic conditions, rating agency downgrades of the Company, financial market volatility or disruptions, or liquidity constraints more broadly impacting the financial markets and market participants may affect the value of the Company’s financial assets, its ability to finance its product development programmes and meet its payment obligations and its ability to raise funds in the capital markets. The Company generally finances its manufacturing activities and product development programmes (particularly the development of new commercial aircraft), through a combination of cash flows generated by operating activities, customer advances, European governments’ refundable advances and risk-sharing agreements with subcontractors, and through funds raised in the capital markets. The conditions, events and circumstances described above could result in the Company being unable to obtain outside financing on appropriate terms (or at all), which could limit the Company’s ability to fund its operations, research and development activities and capital expenditure needs. Further, the resulting liquidity constraints could lead to the Company being late in paying or failing to pay its creditors and shareholders, and potentially delaying or disrupting the closing of transactions. In order to mitigate liquidity risk, the Company endeavours to maintain a prudent cash balance, a diverse and robust funding programme and a solid credit rating. The conditions, events and circumstances described above may also negatively affect the Company’s financial assets, potentially resulting in gains or losses being realised on the sale or exchange of financial instruments, impairment charges due to revaluation of the fair market value of debt and equity securities and other investments, unfavourable changes in interest rates and changes in the fair value of derivative instruments, each of which could result in a material negative effect on the Company’s financial results. Local or regional wars, armed conflicts or disputes (including responses thereto, such as sanctions) may adversely affect the Company’s business, operations and supply chain To the extent local or regional wars or armed conflicts result in reduced demand for air travel (directly or through consequent economic effects) or negative impacts on the commercial aircraft market (closing certain routes, disrupting fuel or other critical supplies, or otherwise impinging on air traffic), such events could reduce demand for the Company’s products and services. Further, such events may pose risks to the Company’s operations, supply chain (relating to the production or movement of materials or goods) and access to commodities. Operating worldwide, the Company must comply with sanctions laws and regulations implemented by transnational, national and regional authorities. Depending on geopolitical considerations, including national security interests and foreign policy, there is a risk that at any time new sanctions regimes may be set up or the scope of existing ones may be widened, which may have a negative impact on the Company’s activities. While geopolitical risks, and associated de-risking activities, are integrated into the Company’s sourcing policies, events such as Russia’s invasion of Ukraine (and the resulting sanctions), or other destabilising events and conflicts may disrupt the Company’s supply chain or otherwise affect the Company’s ability to source certain materials and components, particularly in view of the lead time needed to develop alternative sources. For more details on the consequences of supply chain disruption risk, please refer to Section 3.1.2 “Business and operations-related risks - The Company depends on its supply chain, including key suppliers and subcontractors, and is thereby exposed to cost and performance risk”. 3.1.2 Business and operations-related risks Commercial aircraft and helicopter market factors may affect the Company’s business Historically, the commercial aircraft market has experienced cyclical trends (including as expressed by order intake), reflecting changes in demand for passenger air travel and air freight. These trends in turn largely correlate to a range of variables, such as economic growth (or contraction), political stability, private consumption levels and working age population size. While downturns in the Company’s commercial aircraft business have in the past been partially mitigated by its defence, space and government activities, the significant growth of the Company’s commercial aircraft business relative to its other activities has significantly diminished this effect. For information on the Company’s revenue by segment, please refer to “Notes to the IFRS Consolidated Financial Statements - Note 11. Segment Information”. Airbus SE/ Report of the Board of Directors 2025 87 Particular factors impacting demand for the Company’s products and playing an important role in determining the market for commercial aircraft include: (i) the average age and technical obsolescence of the fleet relative to new aircraft; (ii) the number and characteristics of aircraft taken out of service and parked pending potential return into service; (iii) passenger and freight load factors; (iv) airline pricing policies and resultant passenger yields; (v) airline financial health; (vi) the availability of third party financing for aircraft purchases; (vii) fuel price evolution; (viii) geopolitical events (such as terrorism or pandemics); (ix) public or regulators’ perception of safety in the industry (generally or relating to specific events, aircraft types or operators); (x) the regulatory environment more broadly; (xi) environmental constraints imposed upon aircraft operations, such as the CORSIA, carbon standards and other environmental taxes; and (xii) market evolutionary factors such as the volume of business-related travel, the growth of low-cost passenger airline business models, the impact of e-commerce on air cargo volumes and the consolidation of airlines. In the future, other factors (such as the availability of SAF) may impact the market. Historically, the commercial helicopter market has also experienced cyclical trends as described above, and may also be influenced by these factors. The factors described above may have an impact on the commercial aircraft industry and commercial helicopter industry, leading customers to postpone or cancel orders or delay payments, which could result in a material impact on the Company’s business, financial condition and results of operations. The Company is exposed to counterparty credit risk through its financial instruments and other arrangements with financial counterparties The Company is exposed to counterparty credit risk under its financial instruments, including its hedging instruments (US$ 54.2  billion nominal value at 31 December 2025) and cash investments (€  27.2 billion nominal value at 31 December 2025). For further information on the Company’s exposure to financial counterparties, please refer to “Notes to the IFRS Consolidated Financial Statements - Note 37. Financial Instruments”. In view of this exposure, the Company maintains policies to avoid concentrations of credit risk and to ensure that credit risk exposure is limited. Counterparties for transactions in cash, cash equivalents and securities as well as for derivative transactions are limited to highly-rated financial institutions, corporates or sovereigns. The Company’s credit limit system assigns maximum exposure lines to such counterparties, based on a minimum credit rating threshold as published by Standard & Poor’s and Moody’s. Besides the credit rating, the Company’s credit limit system also takes into account fundamental counterparty data, as well as sector and maturity allocations and further qualitative and quantitative criteria such as credit risk indicators. The counterparty credit exposure of the Company is reviewed on a regular basis and the respective limits are regularly monitored and updated. In addition to monitoring the Company’s overall credit exposure, the Company regularly analyses counterparty credit exposure in terms of its potential contribution to unexpected losses. The Company also seeks to maintain a certain level of diversification in its portfolio between individual counterparties as well as between financial institutions, corporates and sovereigns, in order to avoid an increased concentration of credit risk on only a few counterparties. Despite these measures, it cannot be certain that the Company’s credit risk management strategies will be adequate or that the Company will retain the benefit of its derivatives or cash investments, particularly in the event of a systemic market disruption. In such circumstances, the value and liquidity of these financial instruments could decline and result in a significant impairment, which may in turn have a negative effect on the Company’s financial condition and results of operations. Airbus SE/ Report of the Board of Directors 2025 88 The Company may be exposed to customer credit and asset value risk through its customer sales financing arrangements In support of aircraft sales and deliveries, the Company may from time to time participate in sales financing solutions for its customers. During periods of financial market disruption, the Company’s participation in these activities may significantly increase, due to a lack of financing alternatives being available to customers. To the extent the customer does not perform its obligations under the relevant financing arrangements, such arrangements may expose the Company to counterparty credit risk. Because the Company will generally retain a security interest in the aircraft, these arrangements may also expose the Company to residual value risk with respect to the aircraft collateral. Under adverse market conditions, the market for used aircraft could become illiquid and the market value of used aircraft could drop significantly below anticipated levels; hence if a customer defaults at a time when aircraft market values are depressed, the Company would be exposed to the difference between the outstanding loan amount and the market value of the aircraft. Further, through its asset management department or as a result of past financing transactions, from time to time the Company may take ownership of used aircraft, and as such can be exposed to fluctuations in their market value. Defaults by financing or asset management customers, or significant decreases in the value of financed or Company-owned aircraft in the resale market, could result in a material adverse effect on the Company’s business, results of operations and financial condition. For information on the Company’s customer sales financing activities, please refer to “Notes to the IFRS Consolidated Financial Statements - Note 27. Sales Financing Transactions”. The Company has significant pension commitments, which could weigh on its financial condition The Company participates in several pension plans for both executive and non-executive employees, most notably in Germany and the UK, some of which are underfunded. The Company has recorded a provision in its balance sheet for its share of the underfunding measured in accordance with IFRS based on current estimates. These estimates are reviewed annually and, as the case may be, revised leading the Company to record lower or higher provisions. Please refer to the “Notes to the IFRS Consolidated Financial Statements - Note 31. Post-Employment Benefits” for information on amounts provisioned for retirement plans and similar obligations, as well as for other related information. Necessary adjustments of such provisions include but are not limited to (i) the discount factor (dependent in part on interest rates) and the inflation rate applied to calculate the net present value of the pension liabilities, (ii) the performance of the asset classes which are represented in the pension assets, (iii) behavioural assumptions regarding beneficiaries, and (iv) additional cash injections contributed by the Company from time to time to the pension assets. The Company has taken measures to reduce potential losses on the pension assets and has a long-term objective to better match the characteristics of the pension assets with those of the pension liabilities. Nevertheless, any required additional provisions would have a negative effect on the Company’s total equity (net of deferred tax), which could in turn have a negative effect on the Company’s financial condition. Business disruptions, including by cyber, physical or hybrid threats, could adversely affect the Company The Company’s business and operations are at risk of disruption by cyber, physical or hybrid threats, which may be targeted at the Company specifically or which may unfold on a wider scale. As the Company becomes more digitised and interconnected (including through increased use of cloud services, mobile devices and the “internet of things”), its extensive information and communications systems, industrial environment (including control systems and manufacturing processes), products and services are increasingly exposed to cyber security risks. The Company is exposed to these risks directly or indirectly (e.g. through its supply chain), and threats may be brought about by intentional, hostile actions or they may arise due to accidents, carelessness or neglect. Threats from hostile actors are continually and rapidly evolving, becoming more sophisticated and requiring ever more vigilance on behalf of the Company. This type of threat may take the form of intrusion in the Company’s systems (leading to data leakage and/or unavailability of the Company’s technology infrastructure), attacks impacting the resilience of industrial systems, or attacks compromising the development, use or operation of products and services. The objectives of these attackers may include espionage or financial objectives (e.g. extracting ransom), and they may otherwise seek to influence the actions of the Company or to create obstacles to its operations. Physical incidents, which may disrupt modes of transportation, supply chains, public infrastructure and public services, or which may damage the Company’s property or threaten the physical security of the Company’s employees, may arise through terrorism or other deliberate malicious acts, local or regional conflicts or civil unrest, natural disasters, pandemics or incidents of another nature. In addition to potentially impacting demand for the Company’s products, such events may compromise the Company’s internal operations, its supply chain or its ability to deliver products and services. In addition to Airbus SE/ Report of the Board of Directors 2025 89 purely cyber and physical incidents, “hybrid” incidents (i.e. combining cyber and physical) may occur (for example, coordinated disruptions of air traffic utilising drones). While the Company maintains vigilance to prevent such risks from materialising, including through significant (and targeted) investment of resources, it is possible that adverse security events may occur. If such risks were to materialise it could compromise the Company’s ability to operate and perform its obligations, could result in the loss of intellectual property or other business data and information, and could lead to malfunctions in its products and services, in each case potentially resulting in material adverse effects on the Company’s business, results of operations and financial condition. In addition to these direct operational risks, the Company could experience reputational damage and, as the Company handles sensitive national security information and is subject to data privacy laws in many jurisdictions, to the extent national security information or personal data were compromised (whether accidentally, or through a deliberate internal or external act) the Company could face administrative, civil or criminal liabilities (including significant fines and penalties) in addition to the reputational, commercial, financial or other consequences that may result. The Company maintains dedicated risk identification and mitigation measures meant to safeguard its operations, critical assets and people. The materialisation of catastrophic or disruptive events of a nature described herein could materially adversely affect the Company’s business, results of operations and financial condition. The Company depends on its supply chain, including key suppliers and subcontractors, and is thereby exposed to cost and performance risk Due to its global footprint and the nature of its business, the Company’s operations are dependent on the performance of numerous suppliers and subcontractors in a multitude of countries that provide the raw materials, parts, assemblies, systems, equipment and services required for the Company to manufacture and/or deliver its products and services. In the event of late or unsatisfactory performance by these suppliers and subcontractors or their failure to perform their obligations, or any other disruption impacting the supply chain (whether in the short-term or on a sustained basis), the Company’s operations and performance (including its ability to meet its committed production schedule) could be impaired, which could have a material adverse effect on the Company’s business, results of operations and financial condition. The ability of these suppliers and subcontractors to meet their contractual obligations may be negatively impacted by a variety of commercial factors, including (but not limited to) the availability and cost of financing, the availability and cost of energy and raw materials, the ability to attract, train and retain a suitably skilled workforce, the ability to acquire certain non-commodity materials and components in the required quantity and timeframe and at an acceptable cost, disruptions to transport and logistics networks, and cyber security or other threats. Further, macroeconomic or local economic factors (including economic recessions and inflation or changes in raw material prices), geopolitical conflicts causing economic or logistical disruptions, changes or tightening of export controls and other trade regulations, tariffs, sanctions and embargoes, and other legal or regulatory matters (e.g., sustainability, including human rights, health and safety and environmental regulation) may negatively impact suppliers’ and subcontractors’ financial stability and ability to meet their contractual obligations. Despite the Company’s efforts to continually improve its supply chain resilience, including by having robust governance in place aiming to prevent, anticipate and monitor supply chain disruption risks and to manage such matters efficiently (including by having a qualification and performance surveillance system in place), the Company cannot fully protect itself from unsatisfactory or non-performance by its suppliers or subcontractors, which could negatively affect the Company’s ability to meet commitments to its customers or could increase the Company’s operating costs, and which could lead to a material adverse effect on the Company’s business, results of operations and financial condition. In addition to the performance risks described above, the Company is exposed to the risk of increased costs in its supply chain, which may materialise due to increased commodity or raw materials costs, or due to inflation more generally impacting the cost of production. Due to the long duration of sales and supplier contracts in the aerospace and commercial aircraft industry, many such contracts include revision clauses linked to external indices, which may result in the Company’s supply chain costs increasing further and more quickly than the Company is able to adjust the prices charged for its goods and services. Further, changes to the Company’s production or development schedules may impact suppliers and customers such that they may initiate contractual claims for financial compensation or they may elect to not fulfil their on-time and on-quality delivery commitments. Increased costs arising in the supply chain could impact the ability of the Company to operate its programmes and lines of business on a profitable basis, and could materially adversely affect the Company’s business, results of operations and financial condition. Airbus SE/ Report of the Board of Directors 2025 90 For additional information on risks that may impact the Company’s suppliers and contractors and their ability to deliver, please also refer to Section 3.1.1 “Geopolitical, global economic and financial market risks - Increased tariffs or other trade restrictions or regulations could increase the cost of or otherwise weaken demand for the Company’s products in certain markets” and “Local or regional wars, armed conflicts or disputes (including responses thereto, such as sanctions) may adversely affect the Company’s business, operations and supply chain”. The Company faces challenges in adapting and evolving its industrial system as it works towards its targeted commercial aircraft production rates The Company’s efforts to adapt and evolve its industrial system as it works to reach its targeted commercial aircraft production rates are taking place in a complex and challenging environment. The success of this industrial adaptation and the production ramp-up depend not only on the Company effectively executing its plans, but also on external factors beyond the Company’s control, with challenges arising across the value chain (including within the supply chain) and other extrinsic factors having the potential to compromise the Company’s efforts. To the extent developments arise that affect the value chain (including the supply chain), whether relating to raw materials, suppliers’ work packages (such as engines, wings, airframe components, cabin equipment or other parts or elements), the availability of necessary elements of production could be disrupted, thereby threatening the success of the ramp-up effort. To mitigate potential downside outcomes in this context, the Company monitors the ramp-up capabilities of the value chain (including the supply chain) for all commercial aircraft programmes on a continual basis. Likewise, the Company attempts, where possible, to increase its resilience against production disruptions and delays by increasing inventory buffers for certain key inputs and/or securing alternative sources. Factors within the Company, such as human resources (right-sizing headcount and acquiring or developing the specific skills and competencies required to support the Company's ramp-up, and training and reskilling the existing workforce), resource allocation and adaptation to the complex and evolving operating environment likewise present challenges that could threaten the success of the ramp-up effort. Finally, other extrinsic factors affecting the Company or its value chain (arising due to economic, political or other developments) could disrupt the ramp-up effort. Against this backdrop, the Company continues to focus on quality and safety, while protecting priority projects and delivering incremental programme objectives and continuing to meet its various regulatory obligations (such as securing Production Organisations Approvals). The intersection of these various and complicated factors yield a complex and challenging environment within which the Company is attempting to execute the ramp-up. Failure to achieve the ramp-up and reach the targeted production rates could have a materially negative effect on the Company’s business, results of operations and financial condition. The Company’s technologically advanced products and services are complex to design and manufacture, and they may require updates or modifications throughout their lifecycle The Company’s products and services are technologically advanced, often with lengthy life-cycles, meaning their design and manufacture (and the design and manufacture of their constituent components) is often complex. Likewise, the components and materials (such as specialty chemicals) that are utilised in the Company’s products and services can require specific handling, and may require substantial efforts to integrate and coordinate through the supply chain, and the availability of these materials (such as specialty chemicals) may be impacted by regulatory change. Due to these complexities, which are inherent in the Company’s products and services, delays in design or manufacturing may arise. There can also be no assurance that the Company’s efforts to develop a product or service will be successful, or that the manufacturing process and maintenance requirements of a product will be in line with plans and forecasts. During their life cycle, the Company’s products may require updates, modifications, retrofits or other costly actions going beyond those originally designed and planned. If, due to the foregoing factors (or for any reason), a product or service is not delivered on time or fails to adequately perform, or if remedial actions are required or if contractual requirements are otherwise not met, the Company may be subject to payment obligations or other remedial measures. To the extent any of these risks materialise (in regard to new or established programmes) they could cause the Company to incur significant costs or suffer lost revenues, and to the extent there were potential safety implications, regulatory authorisation of the affected product or service could be suspended. Risks of this nature could, individually or in the aggregate, have a material adverse effect on the Company’s business, financial condition and results of operations, as well as on the reputation of the Company and demand for its products and services. Airbus SE/ Report of the Board of Directors 2025 91 In order to maintain its market position the Company maintains extensive research and development programmes, which may not lead to successful or profitable outcomes The Company’s success depends on (among other things) its ability to continue innovating, in order to develop and offer attractive and relevant products and services on a profitable basis. To this end, the Company maintains extensive and complex research and development programmes, which can be costly and require significant up-front investments, and which do not necessarily lead to successful or profitable innovations. For further information on the Company’s investment in research and development, please refer to the “Notes to the IFRS Consolidated Financial Statements - Note 13. Research and Development Expenses”. Due to the technologically advanced and complex nature of the Company’s products and services (often having lengthy life-cycles) and the long period (including ramp up time) it takes to produce them, the business plans underlying such investments often entail a long payback period to recoup these investments, and assume a certain level of return over the period in order to justify the initial investment. There can be no assurance that the commercial, technical and market assumptions underlying such business plans will be met, and consequently that the duration of payback period or level of returns contemplated therein will be achieved. Failure to develop and offer innovative, attractive and relevant products on a timely basis could impair the Company’s competitiveness and have a significant impact on demand for its products and related services. In addition, no assurances can be given that the Company will achieve the anticipated level of returns from any of its research and development programmes and other development projects, which may negatively affect the Company’s financial condition and results of operations. The Company’s success depends on its ability to attract, train and retain qualified talent and to maintain constructive relations with its workforce The Company’s ability to attract, train and retain qualified talent with the professional and technical skills and experience required to meet its specific needs is crucial to the Company’s ability to maintain its operations, achieve the ramp-up to its targeted production rates and pursue the development of new programmes, products and services. Demand for suitable employees may, depending on the labour market, exceed supply, resulting in intense competition for qualified talent. There can be no assurance that the Company will attract and retain adequate personnel in order to conduct its operations successfully, and in particular to attract and retain engineers and other professionals with the technical skills and experience required for its research and development programmes. These effects can be heightened if the attrition rate increases beyond expectation, either globally or on a local or regional basis. Failure to attract, train and retain sufficient qualified talent could have a significant effect on the Company’s ability to innovate and meet customer demands, which could have a material adverse effect on the Company’s business, financial condition and results of operations. Many of the Company’s employees are represented by labour unions and collective bargaining arrangements. While the Company endeavours to maintain a positive and constructive engagement with its stakeholders, the potential remains for organised actions (including strikes, work slowdowns or other informal measures) to disrupt the Company’s operations and production. Whether over a short timeframe or prolonged, such disruptions could have a material adverse effect on the Company’s business, financial condition and results of operations. The Company may be affected by changes in levels of public spending and public sector investment, particularly in relation to its defence and security related businesses Certain of the Company’s businesses, particularly its defence and security related businesses, serve a customer base that is largely comprised of governments and other public sector customers. Public spending (including defence and security spending) depends on a complex mix of political and geopolitical considerations and budgetary priorities (including constraints arising due to economic conditions), therefore it may significantly fluctuate from year to year and country to country. In instances where several countries jointly enter into defence or procurement contracts, economic, political or budgetary constraints in any one of the countries concerned may have a negative effect with respect to the execution of, or the performance and payment under such contracts. Changes in levels of public spending, and/or cancellations or delays impacting existing public contracts may have a negative effect on the Company’s business, results of operations and financial condition. Historically, the Company and its principal competitors have each received various types of government financing with respect to product research and development. While the Company generally finances its manufacturing activities and product development programmes (particularly the development of new commercial aircraft), through a combination of cash Airbus SE/ Report of the Board of Directors 2025 92 flows generated by operating activities, customer advances, and risk-sharing agreements, in certain circumstances it may also receive refundable advances from European governments, and its military-linked activities in particular may benefit from government-financed research and development contracts. Likewise, a significant proportion of the Company’s longer-term research efforts, which are aimed at furthering the Company’s sustainability ambitions for its future generations of aerospace products, face significant technological and industrial challenges that require cross-industry and cross-government collaboration and innovation in order to be addressed. These longer-term research efforts are particularly tied to national (or supranational) research funding programmes, which enable the Company and the wider aviation ecosystem to mature and develop the required key competencies and technologies to address these complex issues. The loss or absence of these sources of funding and avenues of collaboration could negatively affect the Company’s ability to successfully execute its various research and development programmes, could negatively affect its competitiveness and future prospects, and could lead to a negative effect on the Company’s business, results of operations and financial condition. While there are high barriers to entry, the markets in which the Company operates are highly competitive, and may favour local or regional competitors The design, development and production of commercial aircraft involves high barriers to entry, including certification requirements, large investment needs, skilled competencies, access to technology and long development cycles. With the single-aisle aircraft of an emerging Chinese competitor having entered into service in the Chinese market (and with its certification in other jurisdictions expected to follow), market competition has increased in recent years. Although the Company has significant order backlogs for its commercial aircraft, continued and increasing market competition (through the further entry of new competitors or the launch by competitors of new products or services) could have a negative impact on the Company’s revenues, future financial condition and results of operations. The other markets (beyond commercial aircraft) in which the Company operates are highly competitive, and new players are operating (or seeking to operate) in these markets, which may impact their competitive structure and profitability. In addition, enterprises with different business models and alternative technologies could seek to substitute the Company’s services and some of its products or component parts thereof. With respect to certain markets or products, competitors may have more extensive or more specialised engineering, manufacturing, support and marketing capabilities, and these competitors may develop the capability to manufacture products or provide services similar to those of the Company, in direct competition with the Company, which could have a negative impact on the Company’s revenues, future financial condition and results of operations. There can be no assurance that the Company will maintain its position in the market or compete successfully in the future, or that competition with respect to its products or services will not result in reduced revenues, market share or profit. In addition, the contracts for many aerospace and defence products may be awarded, implicitly or explicitly, on the basis of home country preference or geopolitical considerations. Although the Company is a multinational company (which helps to broaden its “home” market), for certain products or services it may remain at a competitive disadvantage in certain countries (particularly outside of Europe) relative to local competitors. The strategic importance and political sensitivity of the aerospace and defence industries means political considerations may play a role in the choice of many products and services for the foreseeable future. In addition to impacting the outcome of specific sales campaigns, political considerations may be reflected in tax and trade policies (including tariffs and other regulations), which could limit the Company’s competitiveness in certain markets. Further, the contracts for many aerospace and defence products and services are from time to time associated with offset or localised obligations. The Company may face difficulties to meet such obligations (especially with respect to engaging local country assets) while and at the same time optimising its industrial base and supply chain, which could impact the Company’s competitiveness versus local or regional competitors. The Company participates in a variety of co-ventures and is regularly engaged in acquisitions and divestments, which may not yield their intended benefits The Company conducts elements of its businesses and generates a portion of its results through consortia, joint ventures, partnerships or other co-investments and equity holdings. As part of its business strategy, the Company may acquire or divest businesses and/or form joint ventures or strategic alliances. Executing acquisitions and divestments can be difficult and costly due to the complexities inherent in integrating or carving out businesses, technologies or products (and the related operations and human resources), and may be further complicated by regulatory or administrative requirements or by the involvement of stakeholders. Each such arrangement or transaction is highly specific in its nature, purpose, risks and opportunities. While the Company seeks to participate only in ventures in which its interests are aligned with those of its co-venturers, there is a risk of Airbus SE/ Report of the Board of Directors 2025 93 disagreement or deadlock in these entities, particularly where unanimous consent for major decisions may be required or where exit rights may be limited. In certain instances, the co-venturers in these entities may be competitors of the Company, and as such their interests may differ from those of the Company. There can be no assurance that any of the businesses that the Company may acquire (or divest) will be integrated (or carved out) successfully and in the intended time frame or that they will perform as planned or deliver the expected synergies or cost savings. To the extent any of its planned acquisitions or divestments cannot be executed as planned, or any of its consortia, joint ventures, partnerships or other co-investments and equity holdings fail to perform as intended, this could lead to a material effect on the Company’s business, results of operations and financial condition. 3.1.3 Legal, regulatory and governance risks The Company faces various legal and regulatory risks, as described in this section and elsewhere in this Board Report. In addition, the Company operates in a complex geopolitical and economic environment in which it needs to respond to the interests of its various stakeholders while maintaining focus on its operational priorities. In certain contexts, the interests of individual stakeholders or groups of stakeholders may diverge from those of the Company. Reconciling such situations may demand the time and focus of the Company’s management, potentially diverting management’s attention from operational priorities and impacting the performance of the Company, which could have a negative effect on the Company’s business, results of operations and financial condition. The Company is regularly involved in legal and regulatory disputes and proceedings which could lead to negative impacts on the Company’s business, results of operations, financial condition and reputation The Company is regularly involved in civil and commercial disputes and litigation, and governmental or regulatory investigations, proceedings or inquiries, and expects to continue to spend time and incur expenses in connection therewith. Regardless of their ultimate outcome, these matters may divert the focus of management from normal business operations. The Company is not always able to predict the outcome of these matters; as such, no assurance can be given that the outcome of such matters will not be unfavourable to the Company. An adverse resolution to any current or future litigation, dispute or proceeding may result in the imposition of damages, fines or other remedies, which could have a material effect on the Company’s business, results of operations and financial condition. An unfavourable outcome to any of these proceedings could also negatively impact the Company’s share price and reputation. In addition, the Company is from time to time subject to government inquiries and investigations of its business and competitive environment due to, among other things, the heavily regulated nature of its industry. Such inquiries and investigations may cover matters relating to, among other topics, anti-corruption and anti-bribery laws and regulations, export control laws and regulations, sanctions, data privacy laws, securities law, international trade law (including tariffs and import duties), and competition law. An adverse decision in any such matter could have a material effect on the Company’s business, results of operations and financial condition. In addition to the risk of an unfavourable ruling against the Company, any such inquiry or investigation could negatively affect the Company’s reputation and its ability to attract and retain customers and investors, which could have a negative effect on its business, results of operations and financial condition. For further information on currently active legal and regulatory disputes and proceedings, please refer to “Notes to the IFRS Consolidated Financial Statements - Note 38. Litigation and Claims”. The Company must comply with applicable anti-corruption and anti-bribery laws and regulations in jurisdictions around the world where it operates The Company must comply with applicable anti-corruption and anti-bribery laws and regulations in jurisdictions around the world where it operates, with the laws of the US, the UK, France and other nations that have extraterritorial reach covering the entirety of the Company’s value chain. Non-compliance with applicable laws and regulations or ethical misconduct by the Company, its employees or any third party acting on its behalf could expose the Company to liability or have an adverse impact on its reputation, relationships with governments and financial counterparties and business. Non-compliance in this area may also subject the Company to administrative, civil or criminal sanctions, including significant fines and penalties, suspension or debarment from government or non-government contracts for a period of time or the obligatory suspension of operations in one or more markets in which violations have occurred. The Company could also be required to modify its business practices and compliance programme and/or have a compliance monitor imposed on it. Any one or more of the Airbus SE/ Report of the Board of Directors 2025 94 foregoing could have a significant adverse effect on the Company’s reputation and its business, results of operations and financial condition. The Company is required to comply with applicable sanctions, export control laws and regulations The ability to successfully obtain export licences is critical for the Company, as it relies on export authorisations to deliver products and services to its customers worldwide, and to receive parts, raw materials and services from its suppliers. Products the Company designs and manufactures for military use are generally restricted or subject to licensing and export control requirements, notably by the UK, France, Germany and Spain (where the Company carries out its principal activities relating to military products and services) and by other countries where suppliers are based, including but not limited to the US. Commercial products also may be subject to dual-use licensing requirements and restrictions, particularly as regards certain markets, such as China. There can be no assurance that (i) the export controls to which the Company is subject will not become more restrictive, (ii) new generations of the Company’s products will not also be subject to similar or more stringent controls or (iii) geopolitical factors or changing international circumstances will not make it impossible to obtain export licences for one or more clients or constrain the Company’s ability to perform under previously signed contracts. The Company seeks to comply with all relevant laws and regulations. However, even unintentional violations or failure to comply could result in suspension of the Company’s export privileges, or preclude the Company from bidding on certain government contracts (even in the absence of a formal suspension or debarment). Furthermore, the Company’s ability to market new products and enter new markets may be dependent on obtaining government certifications and approvals in a timely manner, highlighting the importance of robust compliance and a strong, trust-based relationship with its regulatory authorities. If sanctions, export control laws and regulations meaningfully limit the Company’s access to export markets or the Company’s ability to receive inputs (including systems, components and technologies, including in relation with dual-use items as well as raw materials) from its suppliers, this could result in reductions, cancellations, and/or delays of existing contracts or programmes or compromise future programme opportunities, and could have a significant adverse effect on the Company’s business, results of operations and financial condition. The Company’s global activities expose it to the risk of increased taxation and the introduction of new taxes in jurisdictions in which it has taxable presence The Company operates across many jurisdictions. Legislative and regulatory developments or other changes in applicable tax law or policy in these jurisdictions could have a negative effect on the Company’s financial results. Relevant tax authorities may review the tax returns filed by the Company and its related entities, and may challenge or disagree with positions taken, which could lead to uncertain or unfavourable results regarding the tax treatment of the Company and could result in increased tax liabilities for the Company. Further, global tax developments, such as the OECD’s anti-BEPS (base erosion and profit shifting) and Pillar 1 (profit allocation and nexus) and Pillar 2 (global minimum taxation) agendas could result in changes impacting the Company’s financial results. In particular, the Pillar 2 Global Minimum Tax rules, which have been implemented in the Company’s home jurisdiction of the Netherlands with effect for the 2024 tax year, impose a minimum consolidated tax rate of 15%, with a “top-up” tax applicable if the Company’s tax rate falls below this threshold. While the Company actively monitors, manages and complies with global and local tax developments and its tax obligations, unfavourable changes in tax law or policy could have a negative effect on the Company’s financial results. The Company is subject to the risk of product liability and warranty claims in the event that any of its products fails to perform as designed The Company designs, develops and produces a number of high-profile products of large individual value, particularly civil and military aircraft and space equipment. In the event any of its products fails to perform adequately or as designed, the Company is subject to the risk of product liability and warranty claims. Due to the nature of product liability and warranty claims, the Company cannot predict the potential impact or magnitude of such claims, as this will depend on the basis of such claims and the relevant facts and circumstances. While the Company believes that its insurance programmes are adequate, no assurance can be given that such claims will not arise in the future or that the Company’s insurance coverage will in fact be adequate in every instance or circumstance. Some types of damages, such as punitive, exemplary or moral damages, may not be insurable, or may not be insurable on commercially reasonable terms. Likewise, in the event a claim is made against an owner or operator of the Company’s products who is not sufficiently insured, it becomes more likely that the Company may be made party to the relevant proceedings and that claims may be asserted against the Company. Further, such incidents could negatively impact the Company’s reputation and brand, reducing demand for its products. To the extent Airbus SE/ Report of the Board of Directors 2025 95 these risks materialise, this could have a significantly negative effect on the Company’s reputation, and could result in materially adverse effects on the Company’s business, financial position and results of operations. The intellectual property rights of the Company may be challenged, invalidated or circumvented, which could adversely affect its competitive position In order to develop and deliver new products to meet customers’ evolving needs, while also improving its existing product lines, the Company relies on its ability to develop, utilise and protect its intellectual property. The Company’s innovations often provide distinct competitive advantages, with many becoming standard in the aircraft industry. In addition, the Company designs, develops and produces high-profile products of large individual value, particularly civil and military aircraft and space equipment. Therefore, intellectual property (“IP”) is one of the Company’s most valuable assets, and the protection of IP is critical to its business. The Company relies upon patents, copyright, trademark, confidentiality and trade secret laws, and agreements with its employees, customers, suppliers and other parties, to establish and maintain its IP rights in its products, services and operations. Notwithstanding the Company’s efforts to protect its IP rights, there is a risk that any of its direct or indirect IP rights could be challenged, invalidated or circumvented. Further, the laws of certain countries do not protect the Company’s proprietary rights to the same extent as the laws in Europe and North America. Therefore, in certain jurisdictions, the Company may be unable to protect its proprietary technology and critical IP adequately against unauthorised third-party copying or use, which could negatively impact the Company’s implementation of its business strategy, and could negatively affect the Company’s future prospects, financial condition and results of operations. The Company has in the past been accused of infringement, and may have such claims asserted against it in the future. These claims could harm its reputation, result in financial penalties, or prevent it from offering certain products or services which may be subject to such third-party IP rights. Any claims or litigation in this area, regardless of their ultimate outcome, could be time-consuming and costly, could harm the Company’s reputation or could require it to enter into licensing arrangements (the terms of which may not be favourable to the Company). If a claim of infringement were successful against the Company, in addition to monetary damages, the Company could be subject to an injunction or other specific remedies, which would likely lead to further disruptions of business and operations and result in further financial losses. 3.1.4 Environment, human rights, and health & safety risks Climate-related risks The Company’s future business depends on its ability to develop and deliver products and technologies that are responsive to and can operate within the emerging parameters defined by climate change and the response thereto. Climate change and climate-related risks may have a major impact on both the Company’s industrial operations and its upstream and downstream value chain, including directly on aircraft operations and on the wider air transport ecosystem, and may have a significant influence on the regulatory environment in which the Company operates and the expectations of stakeholders. Accordingly, climate-related risks could materially affect the Company’s business and competitiveness, its customers and the aviation industry more broadly (which would in turn impact the Company). The results of the Company’s climate scenario analysis has led to the identification of the following climate-related risks: ● Transition - Technology: Emergence of disruptive technologies from competition Delivering on existing commitments and potential future requirements to mitigate climate impacts will require significant investments in new technologies for the commercial aircraft sector, making the delivery of low-emission technologies a significant marker of future competitiveness. A competitor or new market participant could have access to technological developments unavailable to the Company that offer significantly lower emissions at a faster pace than the Company and its partners, resulting in a loss of market share and competitiveness with resulting reduced revenue. The imperative for the Company to develop new technologies faster than other actors in the market will require substantial R&T and R&D investments. ● Transition - Market: Low availability of renewable and low-carbon energy The Company has identified risks linked to the availability and affordability of renewable and low-carbon energy. First, there is the risk of low volumes in absolute terms, due to insufficient investments in renewable energy Airbus SE/ Report of the Board of Directors 2025 96 (including through the sustainable transformation of available biomass) or low-carbon energy. Second, there is the risk that even if total volumes are approaching sufficiency in absolute terms, the aviation sector is unable to access sufficient volumes, leading to a risk of a slower than expected substitution of fossil fuel energy and low uptake of the new solutions and products to be developed by the Company, and resulting in lower or longer returns on invested R&D. ● Transition - Market: Impact of market measures and their development on demand for the Company’s products Accommodating new types of aircraft that respond to the aviation sector’s decarbonisation objectives requires an ecosystem that is ready. For instance, the development of future products based on hydrogen or other alternative propulsive technology concepts will require significant investments in both products and supporting infrastructure, which could directly impact the operating costs of such a product. Consequently, the absence of measures to stimulate robust hydrogen, synthetic fuels and biofuels supply infrastructure and adapted procedures to ensure efficiency and safety of operations, could mean that the ecosystem will be unable to accommodate the Company’s future products, notably resulting in significant development costs incurred and a risk of compromising the investments made if customers are unable or unwilling to purchase products that cannot be widely operated within the available infrastructure and procedures. Moreover, the competitiveness of this next generation product will also strongly depend, among other factors, on the evolution of the price of CO2 emissions. A high price on CO2 may impact the demand for aircraft relative to competitors' portfolios and could result in the loss of market share for the Company relative to its competitors. The Company’s business, results of operations and financial condition may be materially affected if the Company does not, at each step of development of its future products, account for market expectations while ensuring its products stay affordable for customers and competitive with respect to competitors’ portfolios. ● Transition - Policy and legal: Climate-related regulations and restrictions - divergence in regulatory framework Aviation and aerospace are complex industries, with long product development cycles and where change takes a long time to be implemented. A rapid evolution of climate related policies (such as the EU climate ambition and targets-related communications) and regulatory frameworks (CO2 standards, sustainable finance, emissions trading systems, aircraft operation restrictions, among others) could generate fast-changing requirements and could obstruct new product development pathways. In particular for aviation, as it is a global industry, policies and regulations implemented at national or regional rather than international level, or these evolving at a different speed depending on the region, could result in a negative impact on the competitive conditions for manufacturers and aircraft operators. This could result in a loss of competitiveness for the Company and reduced demand for its products. ● Transition - Reputation: Change in behaviours, perceptions and societal expectations Reputational risks could be divided into several categories. Firstly, there is a risk that negative perceptions about the Company’s environmental performance could be used as key decision-making criteria for consumers, investors, or even new talents. Secondly, there is a risk that the Company’s reputation could be damaged by growing societal concerns about the climate change impact of aviation or by the lack of transparency on progress made to address climate-related issues. As an example, the Company was the first manufacturer to disclose its ambition to bring a hydrogen-powered commercial aircraft to the market. If the ambition is perceived as unattainable or if the Company is not able to deliver on its ambition, this could result in reputational damage leading to less investment, loss of revenues and reduced attractiveness. A similar situation could occur if the Company’s environmental performance is not on par with its expressed ambition. ● Physical - Acute: Extreme weather events may impact the Company's products and its operations The foreseen consequences of climate change include more frequent extreme weather events, such as drought, dust storms, extreme temperatures (e.g. heatwaves), extreme winds, flood, hail storms, landslides, hurricanes, tornadoes, cyclones and wildfires. These could negatively impact the Company’s products and its operations (including but not limited to route delays and safe aircraft operations), land assets and infrastructure as well as employees' safety (and people's safety generally). The above consequences and impacts may result in production or other operational disruptions leading to lost revenues, reduced profits, and losses. This could result in the need Airbus SE/ Report of the Board of Directors 2025 97 for additional modifications to the Company's products in order to meet more stringent safety needs, as well as requiring changes to industrial operations and procurement strategy, leading to increased operational and production costs and the consequential costs of adapting the Company’s insurance coverage. ● Physical - Chronic: Consequences of long-term changing weather patterns that may cause increase of infrastructure and operations costs, reduced labour productivity, loss of assets value and negatively impact employee's health The foreseen consequences of climate change include long-term shifts in climate patterns (e.g., change in precipitation patterns, sustained higher temperatures, flooding, water stress or chronic heat waves). Such changes may cause an accelerated degradation of the Company’s industrial infrastructure and assets (buildings, tools, hardware), may reduce the availability of operational resources and may interrupt logistics flows, therefore impacting the Company’s manufacturing activities. In addition, the change in environmental conditions could also negatively impact the performance of products in operation and negatively impact the health and safety of the Company’s employees. This may result in the need for additional modifications to the Company’s products, as well as to industrial operations and procurement strategy, leading to increased costs and the adaptation of the Company’s insurance coverage. Based on a qualitative analysis, the Company has estimated the probability of risk materialisation. It has also performed a preliminary internal assessment, using data from the Company's Enterprise Risk Management system, as to which climate-related risks may involve the most significant financial impacts in the future. The results are displayed in the following table. Airbus SE/ Report of the Board of Directors 2025 98 Climate scenario/time horizon(s) where risk likelihood is considered medium or high, based on Company's qualitative analysis Potential financial impacts before mitigation RISKS 1.5°C >3°C Transition - Technology ▶ ▶ ▶ ▶ ▶ ▶ +++ Transition - Market (Energy) ▶ ▶ ▶ ▶ ▶ ▶ +++ Transition - Market (Demand) ▶ ▶ ▶ ▶ ▶ ▶ +++ Transition - Policy and legal ▶ ▶ ▶ ▶ ▶ ▶ Not assessed Transition - Reputation ▶ ▶ ▶ ▶ ▶ ▶ Not assessed Physical - Acute ▶ ▶ ▶ ▶ ▶ ▶ ++ Physical - Chronic ▶ ▶ ▶ ▶ ▶ ▶ ++ ▶ ▶ ▶ : ST - ▶ ▶ ▶ : MT - ▶ ▶ ▶ : LT The Company and its value chain are subject to extensive rules and regulations relating to environmental protection Given the scope of its activities and the industries in which it operates, the Company and its suppliers and products are subject to stringent laws in numerous jurisdictions around the world, which are designed to protect human health and the environment. To enable compliance with this constantly and rapidly evolving legal and regulatory landscape, the Company incurs and in the future will continue to incur expenditures related to costs to limit, avoid, reduce and control emissions to the environment; investments in improving waste management technologies; management of potential obsolescence; and obligations relating to the manufacturing and composition of the Company’s products, including measures needed for traceability in respect of regulated substances and materials contained in and/or used in the manufacturing of products that the Company acquires through the supply chain and reporting and labeling obligations. As trends continue toward further regulatory pressure to reduce the environmental footprint of industry in general, the Company’s ongoing efforts to comply with its regulatory obligations will lead to additional costs. Any failure to meet requirements of environmental laws and regulations may expose the Company to civil and/or criminal penalties and fines. Further, liability under some environmental laws may be imposed retroactively, on a joint and several basis (i.e. each entity may be fully liable for the entire claim) and, in relation to any sites found to be contaminated due to activities of prior occupants, without any finding of non-compliance or fault by the current owner or occupant. These potential liabilities may not always be covered by insurance, or may be only partially covered. Any obligation to provide compensation for such losses or damages or other enforcement or penalty actions in relation to environmental matters could have a significant adverse effect on the Company’s reputation, business, results of operations and financial condition. The Company is subject to extensive health and safety rules and regulations Given the scope of its activities and the industries in which it operates, the Company is subject to stringent health and safety laws and regulations in numerous jurisdictions around the world, applicable to its operations and with respect to the products it sells. To enable compliance with this constantly evolving legal and regulatory landscape the Company incurs and in the future will continue to incur health and safety related expenditures, which include investments in the continuous review of processes and the identification and the prevention, elimination or control of potential physical and psychological risks to people in the workplace (including chemical, mechanical and physical agents). Potential risks to the workforce or otherwise arising from work activities include the possibility of injury, physical and mental ill-health among the workforce, damage to equipment, business interruptions and regulatory action. In the event of an industrial accident or other serious incident, employees, customers and other third parties may file claims for ill-health, personal injury, or damage to property. The occurrence of such events or any finding of failure by the Company to maintain compliance with these laws and regulations would leave the Company exposed to enforcement or litigation risk, as well as reputational damage, which in each case could have a significant adverse effect on the Company’s reputation, business, results of operations and financial condition. Airbus SE/ Report of the Board of Directors 2025 99 3.2 Enterprise Risk Management System This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “GOV-1 The role of the administrative, management and supervisory bodies”, paragraphs 22c, 22d, Disclosure Requirement “GOV-4: Statement on due diligence”, paragraph 32, Disclosure Requirement “GOV-5: Risk management and internal control over sustainability reporting”, paragraph 36a and Disclosure Requirement “IRO-1: Description of the processes to identify and assess material IROs”, paragraphs 53c, 53e, 53f, 53g. The long-term development and production cycles of the Company's wide range of products and services in a globalised supply chain and highly regulated environment, make Enterprise Risk Management (ERM) a crucial mechanism both to mitigate risks faced by the Company and to identify and enhance potential opportunities. Applied across the Company and its main subsidiaries, ERM is a permanent top-down and bottom-up process, which is executed across the Commercial Aircraft business and two Divisions at each level of the organisation. It is designed to identify and manage relevant risks and opportunities. A sharp focus is put on the operational dimension due to the importance of programmes and operations for the Company. External factors are also considered, in order to strengthen the Company’s resilience. ERM is an operational process embedded into the day-to-day management activities of programmes, operations and functions. The top risks and their mitigations are reported to the Board of Directors through a reporting synthesis, consolidated on a quarterly basis. The ERM system relies on five pillars: ● anticipation: early risk reduction and attention to emerging risks; ● robust risk mitigations; ● strong governance; ● opportunities; and ● speak-up and early warnings. The Company's performance and risks are managed through a strong interaction between the following four functions: Performance Management, ERM, Internal Control, and Corporate Audit, which are organised in a “three lines” model, i.e. embedded within the business lines, (Operational Management), as control functions (ERM and Internal Control), and in an independent assurance capacity (Corporate Audit). 3.2.1 ERM process The objectives and principles of the ERM system, as endorsed by the Board of Directors, are set forth in the Company's ERM Policy and communicated throughout the Company. The Company's ERM Policy is supplemented by directives, manuals, guidelines, handbooks, and other supporting documents. External standards which contribute to the Company's ERM system include the ISO 31000 standard for risk management, defined by the International Organization for Standardization. The ERM process consists of three elements: ● a strong operational dimension - derived from ISO 31000 - to enhance operational risk and opportunity management, identifying and mitigating threats and vulnerabilities, including single points of failure; ● a reporting dimension (bottom up and top down), which contains procedures for the status reporting of the ERM system and the risk/opportunity situation; and ● an ERM confirmation dimension, which comprises procedures to assess the effectiveness of the ERM system. The ERM process applies to all identified relevant sources of risks and opportunities that could potentially affect the Company's activities, its businesses and its organisation in the short, mid and long-term. The ERM process is part of the overall management process of the Company and is interrelated with such other processes. Airbus SE/ Report of the Board of Directors 2025 100 All Airbus organisations, including the Commercial Aircraft business and the two Divisions, subsidiaries and controlled entities, commit to and confirm an effective implementation of the ERM system. The annual “ERM Confirmation Letter” issued by each Airbus organisation serves as their formal acknowledgement of their effective implementation of the ERM system. For the main risks to which Airbus is exposed, please refer to Section 3.1 “Risk Factors". 3.2.2 ERM governance and responsibility The governance structure and related responsibilities for the ERM system are as follows: ● the Board of Directors, with support of the Audit Committee, supervises the ERM system strategy and business risks and opportunities, as well as the design and effectiveness of the ERM system; ● the CEO authorises ERM reports to be escalated to the Board of Directors. The CFO is accountable for an effective ERM system and supervises the Head of ERM, the ERM system design, and process implementation; ● the Head of ERM has primary responsibility for the ERM strategy, priorities, system design, culture development and reporting tool. The Head of ERM supervises the operation of the ERM system, and is supported by a dedicated risk management organisation in the Company, focusing on the operational dimension, including early warning and anticipation culture development, while actively seeking to anticipate and proactively mitigate identified sources of risk by challenging the business to address such potential centres of risk within the Company. The risk management organisation is structured as a cross-divisional centre of competence and works to embed proactive risk management within the Company; and ● Company management at the executive level has responsibility for the operation and monitoring of the ERM system in their respective areas of responsibility, and for the implementation of appropriate response activities aimed at reducing risks and seizing opportunities, while also considering the recommendations of the internal and external auditors. 3.2.3 ERM effectiveness The ERM effectiveness is analysed by: ● ERM centre of competence (CoC), based on ERM reports, ERM Confirmation Letters, in situ sessions (e.g. risk reviews), participation in key controls (e.g. major programme maturity gate reviews); ● ERM key performance indicators (KPIs) measuring maturity and effectiveness of the ERM process within the Company’s various programmes and functions; ● Risk and opportunity in-depth analyses proposed by the ERM CoC and performed by the functions with the involvement and support of the ERM CoC; and ● Corporate Audit engagements, which systematically include assessments of the design and effectiveness of the overall risk management system and ERM. The combination of the following controls is designed to effectively manage the Company’s internal ERM system, considering the Company’s risk appetite and the inherent limitations of risk management and control systems: Organisation Explanations Board of Directors / Audit Committee Regular monitoring The Board of Directors and the Audit Committee review, monitor and supervise the ERM system. Any material failings in, material changes to, and/or material improvements of the ERM system which are observed, made and/or planned are discussed with the Board of Directors and the Audit Committee. Airbus SE/ Report of the Board of Directors 2025 101 Top Management ERM as part of the regular divisional business reviews Results of the operational risk and opportunity management process, self-assessments and confirmation procedures are presented by the Commercial Aircraft business and two Divisions (or other Airbus organisations) to top management. ERM Risk Review Boards are held at executive leadership meetings four times a year. Management ERM confirmation letter procedure Entities and department heads that participate in the annual ERM compliance procedures must sign ERM confirmation letters. ERM CoC ERM effectiveness measurement Assess ERM effectiveness by consideration of ERM performance KPI, ERM reports, ERM confirmations, in situ sessions (risk reviews etc.), participation to key controls (e.g., major Programme maturity gate reviews). Ethics & Compliance Alert system Detects deficiencies regarding conformity with applicable laws and regulations, as well as with ethical business principles. Airbus SE/ Report of the Board of Directors 2025 102 3.3 Insurance The Company’s Insurance Risk Management function (“IRM”) is established to proactively and efficiently respond to risks that can be mitigated by insurance. IRM is responsible for all corporate insurance activities and related protections for the Company and is empowered to deal directly with the insurance and re-insurance markets via the Company’s in-house broker entity. IRM’s ongoing objective in 2025 was to further implement and improve efficient and appropriate corporate and project-related insurance solutions. IRM’s mission includes the definition and implementation of the Company’s strategy for insurance risk management, to help ensure that harmonised insurance policies and standards are in place to cover insurable risk exposures beyond certain levels of magnitude. A systematic review, monitoring and reporting procedure applicable to each operating segment is in place to assess the exposure and protection systems applicable to all the Company’s physical sites. The Company’s insurance programmes likewise cover high risk exposures related to its assets and liabilities. Asset and liability insurance policies underwritten by IRM for the Company cover risks such as property damage, business interruption, cyber, product liability (aviation and non-aviation) and general liability (aviation and non-aviation). IRM also provides a group insurance policy for Supervisory and Managing Board Members and certain other employees of the Company. The Company follows a policy of seeking to transfer the insurable risk of the Company to external insurance markets subject to reasonable conditions, on acceptable terms and within acceptable limits, as available in the international insurance markets. The Company utilises its reinsurance captive in order to optimise its insurance strategy. A more favourable global corporate insurance environment combined with the Company’s positive trajectory and its insurance strategy have allowed it to improve insurance terms and conditions that will be applicable from 2026. That said, the insurance industry and risk factors that could impact the risk profile of the Company remain unpredictable. As most of the Company’s insurance policies are renewed on an annual basis, there may be further demands to change scope of coverage, premiums and deductible amounts. Thus, it cannot be certain that the Company will be able to maintain its current levels of coverage, nor that the insurance policies in place are adequate to cover all significant risk exposure of the Company. Airbus SE/ Report of the Board of Directors 2025 103 3.4 Internal Control This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “GOV-5: Risk management and internal control over sustainability reporting”, paragraph 36a. The Company's governance includes an Internal Control function, which is in charge of defining and managing an internal control system that encompasses all of the Company’s activities and which is applied across the Company, (including the Commercial Aircraft business and the two Divisions) and its controlled affiliates. “The Internal control system” is designed to provide reasonable assurance regarding the achievement of the Company’s operational, reporting, and compliance objectives. An “Internal Control Referential” is being developed, which aims to provide a comprehensive overview of the Company’s key controls and the associated second line testing for the systemic risks meant (or necessary) to be addressed by the internal control system. This referential is currently under development and will be rolled out on an ongoing basis. The results of the yearly internal control cycles are reported to the Internal Control Committee, chaired by the CFO, which monitors the internal control system effectiveness, and to the Audit Committee. Based on findings, action plans are developed and monitored, to foster continuous improvement and increased performance. The Company implements its internal control system in accordance with some of the key guidelines from the Committee of Sponsoring Organisations (“COSO”) framework and the French financial market regulator (the AMF (Autorité des Marchés Financiers)). Airbus SE/ Report of the Board of Directors 2025 104 3.5 Internal Audit In accordance with the Dutch Corporate Governance Code, the Company’s governance includes an internal audit function “Corporate Audit”. Corporate Audit strengthens the Company’s ability to create, protect, and sustain value by providing independent, risk-based, and objective assurance and advice on the effectiveness of the Company's governance, risk management, and internal control processes. Corporate Audit covers all areas of the Company’s activities with a focus on key risks and priorities. Its mandate is set out in the Airbus Corporate Audit Charter. The function’s independence is established by direct reporting to the Chief Executive Officer, participation to the Audit Committee and by direct access and regular interaction with the Chair of the Audit Committee. This structure ensures objectivity and provides Corporate Audit with direct and unrestricted access to the Audit Committee and its Chair. The Corporate Audit function follows the Global Internal Audit Standards issued by The Institute of Internal Auditors. Airbus SE/ Report of the Board of Directors 2025 105 3.6 Board declaration The Board of Directors is responsible for establishing and maintaining adequate internal risk management and control systems. With respect to the financial year, the Board of Directors has assessed the design and effectiveness of these systems, and the results have been discussed with the Audit Committee and the Company’s external auditor. The Board of Directors recognises the inherent limitations of the Company's internal risk management and control systems. While the Company continually endeavours to improve its processes and procedures, these systems cannot provide absolute certainty that all relevant risks have been identified or are effectively managed. Certain risks may arise in relation to third parties or external circumstances that the Company cannot influence; as such these risks remain inherently outside the Company's control. The principal risks faced by the Company, its risk management framework and its risk appetite are described above in this Section 3 of the Board Report. Statement by the Board of Directors Based on the Company's current state of affairs, the reports made directly to the Board of Directors coming from different processes, controls and audits, and the information the Board of Directors has received from management, the Board of Directors believes to the best of its knowledge that: ● the Company’s internal risk management and control systems provide reasonable assurance that the Company’s financial reporting does not contain any material inaccuracies; ● this Board Report provides sufficient insight into any material failings in the effectiveness of the Company’s internal risk management and control systems; ● the Company’s internal risk management and control systems provide limited assurance that the Sustainability Statement appearing as Section 6 of this Board Report does not contain material inaccuracies; ● it is not aware of any facts or circumstances that would lead it to conclude that as of the date hereof the Company’s internal risk management and control systems are not effectively managed, considering the Company’s risk appetite and the inherent limitations of risk management and control systems; ● Based on the current state of affairs it is justified that the Company’s financial statements have been prepared on a going concern basis; and ● this Board Report states the material risks and uncertainties, to the extent that they are relevant to the Company's continuity for the period of 12 months after the preparation of this Board Report. It should be noted that no matter how well designed, the Company’s internal risk management and control systems have inherent limitations, such as vulnerability to circumvention or the potential to override the controls in place. Regardless of their assessed effectiveness, the Company’s internal risk management and control systems cannot provide certainty that all potential risks have been identified and adequately managed. Airbus SE/ Report of the Board of Directors 2025 106 4 General information on the Company and its share capital 4.1 Description of the share capital 4.1.1 Issued share capital As of 31 December 2025, Airbus SE's issued share capital amounted to € 792,283,683 divided into 792,283,683 shares of a nominal value of € 1 each. The issued share capital of Airbus SE as of such date represents 26.41% of the authorised share capital of € 3 billion, comprising three billion shares. The holder of one issued share has one vote and is entitled to profit in proportion to his/her participation in the issued share capital. 9 4.1.2 Modification of share capital or rights to acquire shares The shareholders' meeting has the power to authorise the issuance of shares. The shareholders' meeting may also authorise the Board of Directors, for a period of no more than five years, to issue shares and to determine the terms and conditions of share issuances. Holders of shares have a pre-emptive right to subscribe for any newly issued shares in proportion to the aggregate nominal value of shares held by them, except for: (i) shares issued for consideration other than cash, (ii) shares issued to employees of the Company, and (iii) shares issued pursuant to a previously granted right to subscribe for those shares. For the contractual position as to pre-emption rights, see Section 4.2.7 “Relationship with principal shareholders”. The shareholders' meeting also has the power to limit or to exclude pre-emption rights in connection with new issuances of shares, and may authorise the Board of Directors, for a period of no more than five years, to limit or to exclude pre-emption rights. All resolutions in this context must be approved by a two-thirds majority of votes cast during the shareholders' meeting, in the case where less than half of the capital issued is present or represented at said meeting. If at least half of the capital issued is present or represented at said meeting, all such resolutions require approval of the simple majority of the votes cast, see Section 4.2.2 “Right to attend shareholders' meetings”. Further, the Articles of Association provide that the shareholders' meeting is not authorised to pass any resolution to issue shares, or to grant rights to subscribe for shares, if the aggregate issue price (per share issuance) is in excess of € 500 million, and no preferential subscription rights exist in respect thereof (whether by virtue of Dutch law, or due to subscription rights being excluded by the competent corporate body). The same limitation applies if the shareholders' meeting wishes to grant the Board of Directors the authority to decide on such share issuance or granting of rights. These limitations in the Articles of Association can only be changed by the shareholders' meeting with a 75% voting majority. Pursuant to the shareholders' resolutions adopted at the Annual General Meeting (the "AGM") held on 15 April 2025, the power to issue shares, to grant rights to subscribe for shares and to limit or exclude preferential subscription rights for existing shareholders has been delegated to the Board of Directors for the purpose of: 1. employee share ownership plans and share-related long-term incentive plans, provided that such powers shall be limited to 0.18% of Airbus SE's authorised share capital; and 2. funding Airbus SE and any of its subsidiaries, provided that such powers shall be limited to 0.3% of Airbus SE's authorised share capital. Such power has been granted for a period expiring at the AGM to be held in 2026, and shall not extend to issuing shares or granting rights to subscribe for shares if: (i) there is no preferential subscription right (by virtue of Dutch law, or because it has been excluded by means of a resolution of the competent corporate body) and (ii) it concerns an aggregate issue price in excess of € 500 million per share issuance. 9 Except for the shares held by the Company itself and subject to certain other exceptions under Dutch law. Airbus SE/ Report of the Board of Directors 2025 107 At the AGM held on 15 April 2025, the Board of Directors was authorised for a period of 18 months from the date of such AGM to repurchase shares of Airbus SE, by any means, including derivative products, on any stock exchange or otherwise, as long as, upon such repurchase, Airbus SE would not hold more than 10% of Airbus SE's issued share capital, and at a price per share not less than the nominal value, and not more than the higher of the price of the last independent trade and the highest current independent bid on the trading venues of the regulated market of the country in which the purchase is carried out. The shareholders' meeting may reduce the issued share capital by cancellation of shares or by reducing the nominal value of the shares by means of an amendment to the Articles of Association. A cancellation of shares requires approval by a two-thirds majority of votes cast during the shareholders' meeting in the case where less than half of the capital issued is present or represented at the meeting. If more than half of the capital issued is present or represented at said meeting, a resolution to cancel shares requires approval of the simple majority of the votes cast, see Section 4.2.2 “Right to attend shareholders' meetings”. A reduction of nominal value by means of an amendment to the Articles of Association requires approval by a two-thirds majority of the votes cast during the shareholders' meeting (unless the amendment to the Articles of Association also entails amendment(s) requiring a 75% voting majority under the Articles of Association). At the AGM held on 15 April 2025, the Board of Directors and the CEO were authorised, with powers of substitution, to implement a cancellation of shares held or repurchased by Airbus SE, including the authorisation to establish the exact number of the relevant shares thus repurchased to be cancelled. 4.1.3 Securities granting access to Airbus SE's capital There are no securities that give access, immediately or over time, to the share capital of Airbus SE. For further information please refer to the IFRS Consolidated Financial Statements and the Notes to the IFRS Consolidated Financial Statements. 4.1.4 Changes in the issued share capital in 2025 There were no new shares issued during the course of 2025. During 2025 (i) Airbus SE repurchased 4,766,577 shares and (ii) none of its treasury shares were cancelled. As of 31 December 2025, Airbus SE held 5,055,938 treasury shares. Airbus SE/ Report of the Board of Directors 2025 108 4.2 Shareholding and voting rights 4.2.1 Shareholding structure at the end of 2025 As of 31 December 2025, the French State held 10.83% of the outstanding Company shares through Sogepa, the German State held 10.82% through GZBV, a subsidiary of Kreditanstalt für Wiederaufbau (“KfW”), a public law institution serving domestic and international policy objectives of the Government of the Federal Republic of Germany, and the Spanish State held 4.08% through SEPI. As of 31 December 2025, 74.27% of the outstanding Company shares were held by the public (including the Company’s employees), and the Company held (directly or indirectly) 5,055,938 of its own shares, equal to 0.64% of the issued share capital. These treasury shares owned by the Company do not carry voting rights. The diagram below shows the ownership structure of the Company as of 31 December 2025, reflecting % of capital and voting rights (in parentheses). Ownership structure of Airbus SE as of 31 December 2025 For information on the obligation of entities to notify the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) (the “AFM”) of “substantial” holdings, and a list of entities that have made such notification, please refer to Section 4.2.3 “Disclosure of Holdings". Airbus SE/ Report of the Board of Directors 2025 109 4.2.2 Right to attend shareholders' meetings Each holder of one or more shares may attend general meetings of shareholders of the Company (“General Meetings”), either in person or by written proxy, and may speak and vote according to the Articles of Association. However, under (and subject to the terms of) the Articles of Association, these rights may be suspended under certain circumstances. A shareholder, or another person who has the right to attend a General Meeting, can be represented by more than one proxy holder, provided that only one proxy holder can exercise the rights attached to each share. The persons who have the right to attend and vote at General Meetings are those who are on record in a register designated for that purpose by the Board of Directors on the 28th day prior to the day of the General Meeting (the "Registration Date"), irrespective of who may be entitled to the shares at the actual time of that meeting. As a prerequisite to attending the shareholders' meeting and to casting votes, Airbus SE, or alternatively an entity or person so designated by Airbus SE, should be notified in writing by each holder of one or more shares and those who derive the aforementioned rights from these shares, not earlier than the Registration Date. This notification must be received by Airbus SE or said designated person by the date (and time) mentioned in the convening notice. The notification should describe their intention to attend the General Meeting, their identity, as well as the composition, nature and size of their shareholding in accordance with the relevant convening notice. Shareholders holding their Airbus SE shares through Euroclear France S.A. who wish to attend General Meetings will have to request from their financial intermediary or account holder an admission card, and be given a proxy to this effect from Euroclear France S.A. in accordance with the relevant convening notice. For this purpose, a shareholder will also be able to request that its shares be registered directly (and not through Euroclear France S.A.) in the register of Airbus SE. However, only shares registered in the name of Euroclear France S.A. may be traded on stock exchanges. In order to exercise their voting rights, the shareholders will also be able, by contacting their financial intermediary or account holder, to give their voting instructions to Euroclear France S.A. or to any other person designated for this purpose, as specified in the relevant convening notice. Pursuant to its Articles of Association, Airbus SE may provide for electronic means of attendance, speaking and voting at the General Meetings in such circumstances, and subject to such conditions, as determined by the Board of Directors. Calling of meetings General Meetings are held as often as the Board of Directors deems necessary, when required under the Dutch Civil Code or upon the request of one or more shareholders holding (individually or collectively) at least 10% of the total issued share capital of the Company. The AGM is held within six months of the end of the financial year. The Board of Directors must give notice of General Meetings through publication of a notice on the Company’s website (www.airbus.com), which will be directly and permanently accessible until the General Meeting. The Company must comply with the statutory rules providing for a minimum convening period, which currently require no less than 42 days’ notice. The convening notice must include certain statements and information as required under Dutch law. General Meetings are held in Amsterdam, The Hague, Rotterdam or Haarlemmermeer (Schiphol Airport). If the Board of Directors so decides, shareholders' meetings may be attended by means of electronic or video communication devices as may be specified in the convening notice. The Board of Directors must announce the date of the AGM at least ten weeks before the meeting. A matter which one or more shareholders or other parties with meeting rights individually or collectively representing at least the statutory threshold (which is currently 3% of the issued share capital) have requested in writing to be put on the agenda for a General Meeting shall be included in the convening notice or shall be announced in the same fashion, if the substantiated request or a proposal for a resolution is received by the Company no later than the 60th day before the General Meeting. When exercising the right to put a matter on the agenda for a General Meeting, the respective shareholder or shareholders are obliged to disclose their full economic interest to the Company, and the Company must publish such disclosure on its website. A request as referred to in the preceding paragraph may only be made in writing. The Board of Directors can decide that in “writing” is understood to include a request that is transmitted electronically. Airbus SE/ Report of the Board of Directors 2025 110 Majority and quorum All resolutions are adopted by means of a simple majority of the votes cast in the General Meeting except when a qualified majority is prescribed by the Articles of Association or by Dutch law. No quorum is required for any General Meeting to be held, except as required under applicable law for a very limited number of resolutions of an extraordinary nature. Dutch law may require a special majority for the passing of certain resolutions: inter alia, capital reduction, exclusion of pre-emption rights in connection with share issues and statutory mergers or statutory de-mergers. The passing of such resolutions requires a simple majority if at least 50% of the share capital with voting rights is present at the shareholders’ meeting, and a majority of two-thirds of the votes cast if this 50% presence threshold is not met. In addition, resolutions to amend the Articles of Association or to dissolve the Company may only be adopted with a majority of at least two-thirds of the valid votes cast at a General Meeting, whatever the quorum present at such meeting, and resolutions to amend certain provisions of the Articles of Association may only be adopted with a majority of at least 75% of the valid votes cast at a General Meeting, whatever the quorum present at such meeting. For further information please see Section 4.2.6 "Amendments to the Articles of Association". Conditions of exercise of right to vote In all General Meetings, each shareholder has one vote in respect of each share it holds. The major shareholders of the Company – as set forth in Section 4.2.7 “Relationships with principal shareholders” – do not enjoy different voting rights from those of the other shareholders. A shareholder whose shares are subject to a pledge or usufruct (under which the usufructuary has the right to use and derive benefits from shares without owning them) shall have the voting rights attached to such shares unless otherwise provided by law or by the Articles of Association or if, in the case of a usufruct, the shareholder has granted voting rights to the usufructuary. Pursuant to the Articles of Association and subject to the prior consent of the Board of Directors, a pledgee of shares in the Company may be granted the right to vote in respect of such pledged shares. According to the Articles of Association, no vote may be cast at the General Meeting on a share that is held by the Company or a subsidiary, nor for a share in respect of which one of them holds the depository receipts. Usufructuaries and pledgees of shares that are held by the Company or its subsidiaries are, however, not excluded from their voting rights, in case the right of usufruct or pledge was vested before the share was held by the Company or its subsidiary. 4.2.3 Disclosure of Holdings The Company is subject to various legal provisions of the Dutch Financial Supervision Act (Wet op het financieel toezicht) (the “WFT”). Pursuant to the WFT, any person who, directly or indirectly, acquires or disposes of an (actual or deemed) interest in the capital, voting rights or gross short position of the Company must immediately give notice to the AFM through its online portal, if, as a result of such acquisition or disposal, the percentage of capital interest or voting rights held by such person meets, exceeds or falls below the following thresholds: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%. Any person whose interest in the capital, voting rights or gross short position in the Company meets, exceeds or falls below one or several of the above-mentioned thresholds due to a change in the Company’s outstanding capital, or in voting rights attached to the shares as notified to the AFM by the Company, should notify the AFM no later than the fourth trading day after the AFM has published the notification by the Company. Pursuant to the Articles of Association, shareholders must notify the Company when meeting or crossing the thresholds above. The disclosures are published by the AFM on its website (www.afm.nl). According to the AFM register on substantial holdings, the below listed entities have notified the AFM of their substantial interest in the Company exceeding the below-mentioned thresholds, as of 16 February 2026: ● BlackRock Inc. owns 5.06% (0.38% indirect potential and 4.69% indirect real) and 5.69% (0.31% indirect potential and 5.37% indirect real) of the voting rights; ● Capital Research and Management Company owns 9.90% (0.27% indirect potential and 9.63% direct real) of the voting rights; and ● TCI Fund Management Ltd. owns 3.02% and 3.02% of the voting rights. Airbus SE/ Report of the Board of Directors 2025 111 Actual interests may differ as the holder of a substantial interest is only obliged to notify the AFM of any change in the percentage of share capital and/or voting rights if such holder, directly or indirectly, reaches, exceeds or falls below any of the abovementioned thresholds. Except as described above, the Company is not aware of any other person or legal entity that, as of the date of this Board Report, has a capital or voting interest in the Company of 3% or more. For further details, please refer to the website of the AFM at: www.afm.nl. The Articles of Association also contain disclosure obligations for shareholders that apply when their interests in the Company reach or cross certain thresholds. Among other things, the Company is required to notify the AFM immediately if its outstanding share capital or voting rights have changed by 1% or more since the Company’s previous notification or at the end of the quarter if the change of its outstanding share capital or voting rights is smaller than 1%. Additional disclosure and/or publication obligations apply under European regulations for net short positions in respect of the Company. Under the Articles of Association, the disclosure obligations of shareholders are enhanced in several ways beyond what is required under the WFT, including by requiring the disclosure of additional information, tying the disclosure obligations to a broader range of interests in the capital or voting rights of the Company and by requiring a shareholder to notify the Company if his or her interest reaches, exceeds or falls below the Mandatory Disposal Threshold (as defined below) or if the interest of a shareholder (alone or a member of a concert) which is above such Mandatory Disposal Threshold changes in its composition, nature and/or size. Failure to comply with the legal obligation to notify a change in shareholding under the WFT is an economic offence punishable by criminal and administrative penalties as well as civil law penalties, including the suspension of voting rights. Failure to comply with a notification under the Articles of Association can lead to a suspension of meeting and voting rights. Disclosure Requirements for Members of the Board of Directors and the Executive Committee Disclosure of Holdings In addition to the requirements under the WFT regarding the disclosure of holdings in case the specified thresholds are met or exceeded or if holdings fall below these thresholds, Members of the Board of Directors must report to the AFM the number of shares in the Company and attached voting rights 10 held by them or their entity, within two weeks following their appointment as Director, whether or not such shareholdings meet or exceed any of the specified thresholds. Subsequently, any Member of the Board of Directors is required to notify the AFM of any changes in such number of shares in the Company and attached voting rights. Disclosure of transactions carried out on any securities issued by the Company Based on the Market Abuse Regulation, certain persons discharging managerial or supervisory responsibilities within the Company as well as persons closely associated with them (together “Insiders”, as defined below), are required to notify the Company and the AFM within three trading days of all transactions conducted for their own account involving shares of the Company, or derivatives or other financial instruments related to such shares, unless the aggregate amount of such transactions in a calendar year exceeds the applicable threshold. The current threshold is €20,000, which has been applicable since 4 December 2024. “Insiders” for the Company include (i) Members of the Board of Directors and the Executive Committee of the Company as well as certain other senior executives who are not members of these bodies but who have regular access to inside information relating directly or indirectly to the Company and power to take managerial decisions affecting future developments and the business prospects of the Company, (ii) persons closely associated with any person mentioned under category (i) (including their spouses, life partners or any partner considered by national law as equivalent to the spouse, dependent children and other relatives who have shared the same household), and (iii) legal entities, trusts or partnerships whose managerial responsibilities are discharged by any person referred to in categories (i) or (ii) or which are directly or indirectly controlled by such a person, or that have been set up for the benefit of such a person, or whose economic interests are substantially equivalent to those of such a person. 10 In this context, the term “shares” also includes for example depositary receipts for shares and rights resulting from an agreement to acquire shares or depositary receipts for shares, specifically call options, warrants, and convertible bond. Equally, the term “voting rights” also includes actual or contingent rights to voting rights (e.g., embedded in call options, warrants or convertible bonds). Airbus SE/ Report of the Board of Directors 2025 112 The Company has adopted specific internal insider trading rules (the “Insider Trading Rules”) in order to ensure compliance with the above requirements and with other share trading regulations applicable in the Netherlands, France, Germany and Spain. The Insider Trading Rules are available on the Company’s website, and provide in particular that: (i) all employees and Directors are prohibited from conducting transactions in the Company’s shares or stock options if they have inside information, and (ii) certain persons are only allowed to trade in the Company’s shares or stock options within limited periods and have specific information obligations to the Insider Trading Compliance Officer of the Company and the competent financial market authorities with respect to certain transactions. The Insider Trading Compliance Officer is responsible for the implementation of the Insider Trading Rules. 4.2.4 Mandatory disposal 4.2.4.1 Notification requirements and mandatory disposal threshold restricting ownership to 15% Under the Articles of Association, each shareholder must notify Airbus SE when it (or another party in respect of its interest in Airbus SE) must make a notification to the AFM of a substantial interest or short position with respect to Airbus SE, when its interest (alone or with concert parties) reaches or crosses the Mandatory Disposal Threshold (as defined below) or, subject to certain conditions and exemptions, when changes occur in the composition, nature and/or size of any interest held by it or by its concert parties in excess of the Mandatory Disposal Threshold. Failure to comply with these obligations may, subject to a prior notification by Airbus SE, result in the suspension of voting and attendance rights until the shareholder has complied with its obligations. The Articles of Association prohibit any shareholder from holding an interest of more than 15% of the share capital or voting rights of Airbus SE, acting alone or in concert with others (the "Mandatory Disposal Threshold"). An interest ("Interest") includes not only shares and voting rights, but also other instruments that cause shares or voting rights to be deemed to be at someone's disposal pursuant to the WFT, such that they must be notified to the AFM if certain thresholds are reached or crossed. Any shareholder having an interest exceeding the Mandatory Disposal Threshold must reduce its interest below the Mandatory Disposal Threshold within two weeks after such notification by Airbus SE. Upon receipt of such notification, the voting, attendance and dividend rights attached to the shares exceeding the Mandatory Disposal Threshold shall be suspended. The same applies to concerts of shareholders and other persons who together hold an interest exceeding the Mandatory Disposal Threshold. Should such shareholder or concert not comply the 15% Mandatory Disposal Threshold by the end of such two-week period, the voting, attendance and dividend rights attached to all shares held by such shareholder or concert shall be suspended, and their Excess Shares would be transferred to a Dutch law foundation (stichting), which can, and eventually must, dispose of them. The suspension of shareholder rights described above shall be lifted once a shareholder or concert complies with its obligations under the Articles of Association. The Dutch law foundation would issue depositary receipts to the relevant shareholder in return for the Excess Shares transferred to the foundation, which would entitle the relevant shareholder to the economic rights, but not the voting rights, attached to such Airbus SE shares. The foundation's Articles of Association and the terms of administration governing the relationship between the foundation and the depositary receipt holders provide, inter alia, that: ● the board members of the foundation must be independent from Airbus SE, any “grandfathered” persons and their affiliates, and any holder of depositary receipts and their affiliates. Note that Airbus SE has agreed to cover the foundation's expenses and indemnify its Board members against liability, for further information please refer to Section 4.2.4.2 “Exemptions from mandatory disposal threshold”; ● the board members of the foundation are appointed (except for the initial Board Members who were appointed at incorporation) and dismissed by the management board of the foundation (Airbus SE may, however, appoint one board member in a situation where there are no foundation board members); ● the foundation has no discretion as to the exercise of voting rights attached to any of the Airbus SE shares held by it and will, in a mechanical manner, vote to reflect the outcome of the votes cast (or not cast) by the other shareholders, and the foundation will distribute any dividends or other distributions it receives from Airbus SE to the holders of depositary receipts; and ● no transfer of a depositary receipt can be made without the prior written approval of the foundation's board. Airbus SE/ Report of the Board of Directors 2025 113 For any shareholder or group of shareholders, "Excess Shares" are the shares that exceed the Mandatory Disposal Threshold. This threshold is defined in the Articles of Association as the lower of two amounts: (i) the shares that represent the percentage by which the shareholder's or group's interest exceeds this threshold, and (ii) all the shares held by such shareholder or group. This rule is included in the Articles of Association to ensure Airbus SE's governance remains stable, to increase the number of shares available for public trading, and to protect the interests of Airbus SE and its stakeholders. It limits the influence of any shareholder or group of shareholders holding an amount of shares above the given threshold, except in the case of a public takeover offer that is accepted by shareholders holding at least 80% of the share capital referred to below. 4.2.4.2 Exemptions from mandatory disposal threshold The restrictions pursuant to the Mandatory Disposal Threshold under the Articles of Association do not apply to a person who has made a public offer with at least an 80% acceptance (including any Airbus SE shares already held by such person). These restrictions also have certain grandfathering exemptions for the benefit of shareholders and concerts holding interests exceeding the Mandatory Disposal Threshold on 2 April 2013 (the "Exemption Date"), which is the date of first implementation of the Mandatory Disposal Threshold. Different grandfathering regimes apply to such shareholders and concerts, depending on the interests and the nature thereof held by each such shareholder or concert on the Exemption Date. Airbus SE has confirmed that: (i) the specific exemption in Article 16.1.b of the Articles of Association applies to Sogepa, as it held more than 15% of the outstanding Airbus SE's voting rights and shares, including the legal and economic ownership thereof, on the Exemption Date; and (ii) the specific exemption in Article 16.1.c of the Articles of Association applies to the concert among Sogepa, GZBV and SEPI, as they held more than 15% of the outstanding Airbus SE voting rights and shares, including the legal and economic ownership thereof, on the Exemption Date. 4.2.5 Mandatory public offer 4.2.5.1 Takeover Directive The Directive 2004/25/EC on takeover bids (the “Takeover Directive”) sets forth the principles governing the allocation of laws applicable to the Company in the context of a takeover bid for the shares of the Company. The Takeover Directive refers to the rules of the Netherlands and the rules of the European Union Member State of the competent authority that must be chosen by the Company from among the various market authorities supervising the markets where its shares are listed. For the Company, matters relating to, inter alia, the consideration offered in the case of a bid, in particular the price, and matters relating to the bid procedure, in particular the information on the offeror’s decision to make a bid, the contents of the offer document and the disclosure of the bid, shall be determined by the laws of the European Union Member State having the competent authority. Matters relating to the information to be provided to the employees of the Company and matters relating to company law, in particular the percentage of voting rights which confers control and any derogation from the obligation to launch a bid, the conditions under which the Board of Directors may undertake any action which might result in the frustration of the bid, the applicable rules and the competent authority will be governed by Dutch law. 4.2.5.2 Dutch Law In accordance with Dutch law, shareholders are required to make a public offer for all issued and outstanding shares in Airbus SE's share capital if they – individually or acting in concert (as such terms are defined under Dutch law summarised below), directly or indirectly – have 30% or more of the voting rights (significant control) in Airbus SE. In addition to the other available exemptions that are provided under Dutch law, the requirement to make a public offer does not apply to persons, who at the time the takeover provisions under Dutch law came into force, already held – individually or acting in concert – 30% or more of the voting rights in Airbus SE. In the case of such a concert, a new member of the concert can be exempted if it satisfies certain conditions. Airbus SE/ Report of the Board of Directors 2025 114 4.2.6 Amendments to the Articles of Association According to the Articles of Association, resolutions to amend the Articles of Association require a two-thirds majority of the votes validly cast at a general meeting of shareholders, unless they concern amendments to a limited number of provisions thereof, in which case a 75% voting majority would be required. The proposal containing the literal text of a proposed amendment must be available for inspection by shareholders at Airbus SE's headquarters, from the day the meeting is convened until after the end of the meeting. 4.2.7 Relationship with principal shareholders In 2013, GZBV, a subsidiary of KfW, Sogepa and SEPI, entered into a shareholders' agreement (the "Shareholders' Agreement"). The Shareholders' Agreement, further details of which are set out below, does not give the parties to it any rights to designate members of the Board of Directors or management team or to participate in the governance of Airbus SE. Airbus SE has also entered into state security agreements with each of the French state and German state, which are also described in more detail below. 4.2.7.1 Shareholder arrangements Grandfathering agreement The French state, Sogepa, the German state, KfW and GZBV (all parties together the "Parties" and each, individually, as a "Party") entered into an agreement with respect to certain grandfathering rights under the Articles of Association. Below is a summary of such agreement. Individual grandfathering rights A Party that is individually grandfathered pursuant to Article 16.1.b of the Articles of Association (such Party holding "Individual Grandfathering Rights") shall remain individually grandfathered in accordance with the Articles of Association if the concert with respect to Airbus SE (the "Concert") is subsequently terminated (for instance by terminating the Shareholders' Agreement) or if it exits the Concert. Loss of individual grandfathering rights A Party holding Individual Grandfathering Rights as well as any of its affiliates who are grandfathered pursuant to Article 16.1.b in conjunction with Article 16.3 of the Articles of Association (such affiliates holding "Derived Grandfathering Rights", and the Individual Grandfathering Rights and the Derived Grandfathering Rights, together, the "Grandfathering Rights") shall no longer be entitled to exercise their Grandfathering Rights in the event: ● the Concert is terminated as a result of it or any of its affiliates having actually or constructively terminated such Concert; or ● it or its relevant affiliate(s) exit(s) the Concert, and such termination or exit is not for good cause and is not based on material and ongoing violations of the Concert arrangements, including, without limitation, of the Shareholders' Agreement, by the other principal member of the Concert. In the event that in the future the voting rights in the Company of the other principal member of the Concert, together with those of its affiliates, would for an uninterrupted period of three months represent less than 3% of the outstanding aggregate voting rights of Airbus SE, the Grandfathering Rights of the Party, including its affiliates which were no longer entitled to use their Grandfathering Rights, shall from then on revive and Sogepa and GZBV shall jointly notify Airbus SE to that effect. Notification to the Company Airbus SE will not be required to take any of the actions provided for in Article 15 of the Articles of Association pursuant to the post-Concert Grandfathering Agreement unless and until it receives: (i) a joint written instruction from Sogepa and GZBV with respect to the taking of any of the actions provided for in Article 15 of the Articles of Association pursuant to the post-Concert Grandfathering Agreement, or (ii) a copy of a binding advice rendered by three independent, impartial and neutral Expert Adjudicators in order to settle any dispute between the Parties arising out of, or in connection with, the post-Concert Grandfathering Agreement. Airbus SE/ Report of the Board of Directors 2025 115 Airbus SE will not incur any liability to any of the Parties by taking such actions following receipt of any such joint instruction or binding advice and the Company will not be required to interpret the post-Concert Grandfathering Agreement or any such joint instruction or binding advice. Notwithstanding the description under "Various provisions – Jurisdiction" below, the courts of the Netherlands will have exclusive jurisdiction to resolve any dispute, controversy or claim affecting the rights or obligations of the Company under the post-Concert Grandfathering Agreement. Various provisions Termination: the post-Concert Grandfathering Agreement terminates only if either the French state and its affiliates or the German state and its affiliates no longer hold shares in the Company. Governing law: laws of the Netherlands. Jurisdiction: binding advice for any dispute, controversy or claim arising out of, or in connection with, the post-Concert Grandfathering Agreement, in accordance with the procedure set forth in the post-Concert Grandfathering Agreement. However, any such disputes may be submitted to the exclusive jurisdiction of the courts of the Netherlands to resolve any such dispute, controversy or claim. Governance of the Company Below is a further description of the Shareholders' Agreement, based solely on a written summary of the main provisions of the Shareholders' Agreement that has been provided to Airbus SE by Sogepa, GZBV and SEPI (all parties together, the "Shareholders"). Appointment of the Directors: the Shareholders shall vote in favour of any draft resolution relating to the appointment of Directors submitted to the shareholders' meeting of Airbus SE in accordance with the terms and conditions of the German State Security Agreement and the French State Security Agreement (as described below). If, for whatever reason, any person to be appointed as a Director pursuant to the German State Security Agreement or the French State Security Agreement is not nominated, the Shareholders shall use their best endeavours so that such person is appointed as a Director. Sogepa and GZBV shall support the appointment of one Spanish national that SEPI may present to them as a member of the Board of Directors of Airbus SE, provided such person qualifies as an independent Director pursuant to the conditions set forth in the rules governing the internal affairs of the Board of Directors (the "Board Rules"), and shall vote as Shareholders in any Shareholders' meeting in favour of such appointment and against the appointment of any other person for such position. If, for whatever reason, the French State Security Agreement and/or the German State Security Agreement has/have been terminated, KfW or Sogepa, as the case might be, shall propose two persons, and the Shareholders shall exercise their best endeavours so that these persons are appointed as Directors. Directors can always be dismissed at the general meeting. Modification of the Articles of Association: Sogepa and GZBV shall consult each other on any draft resolution intending to modify the Board Rules and/or the Articles of Association. Unless Sogepa and GZBV agree to vote in favour together of such draft resolution, the Shareholders shall vote against such draft resolution. If Sogepa and GZBV reach a mutual agreement on such draft resolution, the Shareholders shall vote in favour of such draft resolution. Reserved matters: with respect to the matters requiring the approval of a qualified majority at the Board level (the "Reserved Matters"), all the Directors shall be free to express their own views. If the implementation of a Reserved Matter requires a decision of the shareholders' meeting of Airbus SE, then Sogepa and GZBV shall consult each other with a view to reaching a common position. Should Sogepa and GZBV fail to reach a common position, they shall remain free to exercise on a discretionary basis their votes. Prior consultation: Sogepa and GZBV shall consult each other on any draft resolution submitted to the shareholders' meeting other than related to Reserved Matters and the Board Rules. Balance of interests The Shareholders agree to pursue their common objective to seek a balance between themselves and their respective interests in Airbus SE as follows: ● to hold as closely as reasonably possible to 12% of the voting rights for Sogepa, together with any voting rights attributable to Sogepa and/or to the French state, pursuant to Dutch takeover rules except for voting rights attributable due to acting in concert with the other parties; Airbus SE/ Report of the Board of Directors 2025 116 ● to hold as closely as reasonably possible to 12% of the voting rights for GZBV, together with any voting rights attributable to GZBV and/or to the German state, pursuant to Dutch takeover rules except for voting rights attributable due to acting in concert with the other parties; and ● to hold as closely as reasonably possible to 4% of the voting rights for SEPI, together with any voting rights attributable to SEPI and/or to the Spanish state, pursuant to Dutch takeover rules except for voting rights attributable due to acting in concert with the other parties. Mandatory takeover threshold The total aggregate voting rights of the Shareholders shall always represent less than 30% of the voting rights of the Company, or less than any other threshold the crossing of which would trigger for any Shareholder a mandatory takeover obligation (the "MTO Threshold"). In the event that the total aggregate voting rights of the Shareholders exceed the MTO Threshold, the Shareholders shall take all appropriate actions as soon as reasonably practicable, but in any event within 30 days, to fall below the MTO Threshold. Transfer of securities Permitted transfer: transfer of securities by any Shareholder to one of its affiliates. Pre-emption right: pro rata pre-emption rights of the Shareholders in the event any Shareholder intends to transfer any of its securities to a third party directly or on the market. Call option right: call option right for the benefit of the Shareholders in the event that the share capital or the voting rights of any Shareholders cease to be majority-owned, directly or indirectly, by the French state, the German state or the Spanish state as applicable. Tag-along right: tag-along right for the benefit of SEPI in the event that Sogepa, the French state or any of their affiliates and any French public entity, and GZBV, the German state or any of their affiliates and any public entity propose together to transfer all of their entire voting rights interests. Various provisions Termination: the Shareholders' Agreement may cease to apply in respect of one or more Shareholders and/or their affiliates, subject to the occurrence of certain changes in its or their shareholding interest in Airbus SE, or in its or their shareholders. Governing law: laws of the Netherlands. Jurisdiction: arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce, with the seat of arbitration in The Hague (the Netherlands). 4.2.7.2 Undertakings with respect to interests of certain stakeholders Airbus SE has made undertakings and entered into agreements in connection with interests of certain stakeholders. State security agreements and related undertakings Airbus SE and the French state have entered into an amendment to the existing convention between them relating to the Company's ballistic missiles business (as amended, the "French State Security Agreement"). Under the French State Security Agreement, certain sensitive French military assets are held by an Airbus SE subsidiary (the "French Defence Holding Company"). The French state has the right to approve or disapprove of – but not to propose or appoint – three outside Directors on the Board of Directors of the French Defence Holding Company (the "French Defence Outside Directors"), at least two of whom must qualify as Independent Directors under the Board Rules if they are members of the Board of Directors. Two of the French Defence Outside Directors are required also to be members of the Board of Directors of Airbus SE. French Defence Outside Directors may neither (i) be employees, managers or corporate officers of a company belonging to Airbus SE (although they may be members of the Board of Directors of Airbus SE) nor (ii) have material ongoing professional relationships with Airbus SE. Pursuant to the French State Security Agreement, Airbus SE has granted to the French state: (a) a veto right, and subsequently a call option, on the shares of the Airbus SE subsidiary performing ballistic missiles activity, exercisable under certain circumstances, including if (i) a third party acquires, directly or indirectly, either alone or in concert, more than 15% or Airbus SE/ Report of the Board of Directors 2025 117 any multiple thereof of the share capital or voting rights of Airbus SE, or (ii) the sale of the shares of such companies carrying out such activity is considered, and (b) a right to oppose the transfer of any such shares. Airbus SE and the German state have entered into an agreement, and an amendment agreement, to the agreement relating to the protection of essential interests to the German state's security (the "German State Security Agreement"). Under the German State Security Agreement, certain sensitive German military activities are pursued directly or indirectly by an Airbus SE subsidiary (the "German Defence Holding Company"). The German state has the right to approve or disapprove of – but not to propose or appoint – three outside Directors to the Supervisory Board of the German Defence Holding Company (the "German Defence Outside Directors"), at least two of whom must qualify as Independent Directors under the Board Rules if they are members of the Board of Directors. Two of the German Defence Outside Directors are required also to be members of the Board of Directors. The qualifications to serve as a German Defence Outside Director are comparable to those to serve as a French Defence Outside Director. Pursuant to the German State Security Agreement, Airbus SE and the German Defence Holding Company have granted to the German state a pre-emption right to acquire the sensitive activities, as defined under the German State Security Agreement. The pre-emption right applies in case the German Defence Holding Company wishes to sell the sensitive activities to an entity outside Airbus SE, or outside the German territory, or the shares of a controlled entity which hosts sensitive activities. In such a case, the German state may acquire the shares of such a controlled entity. Furthermore, the German state has the right to acquire the sensitive activities in case Airbus SE intends to allocate the sensitive activities outside Germany or to give up the sensitive activities. In February 2021, Airbus SE and the Spanish state entered into an agreement relating to the protection of essential security interests to the Spanish state (the "Spanish State Security Agreement"). Under the Spanish State Security Agreement, certain sensitive Spanish military assets are held by a Company's subsidiary (the "Spanish Defence Holding Company"). Pursuant to the Spanish State Security Agreement, Airbus SE granted the Spanish state a pre-emption right to acquire the sensitive assets as defined under the Spanish State Security Agreement. The pre-emption right applies in case the Spanish Defence Holding Company wishes to sell the sensitive assets to an entity outside Airbus or outside Spain's territory. In such a case, the Spanish state has the right to acquire the sensitive assets. Dassault Aviation Airbus SE entered into an agreement with the French state pursuant to which Airbus SE: ● grants the French state a right of first offer in case of the sale of all or part of its shareholding in Dassault Aviation; and ● commits to consult with the French state prior to making any decision at any shareholders' meeting of Dassault Aviation. As of 31 December 2025, Airbus SE held 10.56% of Dassault Aviation's share capital and 6.38% of its voting rights. Stock exchange listings Airbus SE has undertaken to the parties to the Shareholders' Agreement that, for the duration of the Shareholders' Agreement, Airbus SE's shares will remain listed exclusively in France, Germany and Spain. 4.2.8 Purchase by the Company of its own shares 4.2.8.1 Dutch Law and information on share repurchase programmes Under Dutch civil law, the Company may acquire its own shares, subject to certain provisions of the law of the Netherlands and the Articles of Association, if (i) the shareholders’ equity less the payment required to make the acquisition does not fall below the sum of paid-up and called portion of the share capital and any reserves required by the law of the Netherlands and (ii) the Company and its subsidiaries would not thereafter hold or hold in pledge shares with an aggregate nominal value exceeding one-half (50%) of the Company’s issued share capital. Share acquisitions may be effected by the Board of Directors only if the shareholders’ meeting has authorised the Board of Directors to effect such repurchases. Such authorisation may apply for a maximum period of 18 months. For the authorisations granted to the Board of Directors at the AGM held on 15 April 2025, see Section 4.1.2 “Modification of share capital or rights to acquire shares”. Airbus SE/ Report of the Board of Directors 2025 118 4.2.8.2 European Regulation Pursuant to the Market Abuse Regulation and EU Delegated Regulation no. 2016/1052, the Company is subject to conditions for share repurchase programmes and disclosure relating thereto. In particular, prior to implementing the share repurchase programme, the Company must ensure adequate disclosure of the following information: the purpose of the programme, the maximum pecuniary amount allocated to the programme, the maximum number of shares to be acquired, and the duration of the programme. In addition, the Company must report to the competent authority of the most relevant trading venue (in terms of liquidity in the Company’s shares) on which the shares are admitted to trading or are traded no later than by the end of the seventh daily market session following the date of execution of the transaction, all the transactions relating to the buy-back programme and ensure adequate disclosure of certain information relating to the share repurchase within the same time frame. 4.2.8.3 French Regulations As a result of its listing on a regulated market in France, the Company is subject to the European regulations summarised above in Section 4.2.8.2 “European Regulation”. In addition, the French Authority for the Financial Markets (Autorité des marchés financiers) (the “AMF”) General Regulations and AMF guidelines n°2017-04 define the conditions for a company’s trading in its own shares to be valid in accordance with the Market Abuse Regulation and EU Delegated Regulation no. 2016/1052. Moreover, the Company must report to the AMF, on at least a monthly basis, all the specified information regarding such purchases previously published on its website and information concerning the cancellation of such repurchased shares. 4.2.8.4 German Regulations As a foreign issuer, the Company is subject to German rules on repurchasing its own shares only to a limited extent, since German rules refer to the law of the Member State in which the Company is domiciled. In addition, general principles of German law on equal treatment of shareholders are applicable. The European regulations summarised above in Section 4.2.8.2 “European Regulation” also applies to the Company in Germany. 4.2.8.5 Spanish Regulations As a foreign issuer, the Company is not subject to Spanish rules on trading in its own shares, which only apply to Spanish issuers. The European regulations summarised above in Section 4.2.8.2 “European Regulation” also applies to the Company in Spain. Airbus SE/ Report of the Board of Directors 2025 119 4.3 Share price performance 2025 Over the course of 2025, the Airbus SE share price increased by 29%, closing the year at €198.40. While the increase in European defence spending announced in early 2025 was seen as a positive catalyst for the European Aerospace & Defence sector, the market remained volatile, impacted in particular by repeated changes in US trade policy. Market volatility increased further in the wake of the tariffs announcement made by the US on 2 April. In this period the main European indexes and the Company’s share price declined, as the potential impact on global economic growth, inflation and supply chains was digested by the market. This negative sentiment began to reverse in the ensuing weeks, first with the announcement of a 90-day pause on the implementation of many of the “reciprocal” tariffs that had been announced by the US, and later with the easing of trade tensions between the US and China. Over this period the Company’s share price substantially recovered from the decline precipitated by the 2 April announcement. In May, following the announcement of the Company’s Q1 2025 results, which included positive messaging on the containment of the potential negative direct impact from tariffs and a reiteration of the Company’s guidance, the Company’s share price continued to increase. As spring turned to summer, while European markets remained pressured by global trade uncertainty and tensions in the Middle East, the Company’s share price continued its upward trend, reflecting positive sentiment around the receding risks in the supply chain that were highlighted at the Paris Airshow and at the Airbus Business Update. The Company’s share price was further supported by the favorable tailwind of increased defence spending across Europe. At the end of July, European markets were dragged lower by apprehension over the EU-US trade agreement and its potential effect on the European economy, as well as mixed corporate earning reports. In this context and following the H1 2025 results announcement, the Company’s share price declined. The market remained cautious about the achievement of year-end delivery targets given how engine supply chain issues further shifted planned aircraft deliveries towards the end of the year. Nevertheless, the Company’s share price quickly recovered, supported by an encouraging trend on deliveries, highlighting strong and consistent underlying monthly production rates achieved in August and September. At the end of October, the Company's share price was further boosted by stronger than expected Q3 2025 financial results. These results, and the announcement of October deliveries, further reinforced market confidence regarding the year-end target and reflected growing optimism over the mid-term outlook. In that context, the share price achieved a new record high on 3 November (closing price €214.15). As December began, sentiment shifted as concerns over precautionary A320 fleet actions and media reports of A320 family industrial quality issues emerged, with rumours of low November delivery numbers also serving to increase market uncertainty around the achievement of year-end targets and the ramp-up. While the Company’s share price dropped in reaction to these developments, the updated 2025 delivery guidance issued on 3 December prompted a slight recovery, and the Company’s share price remained stable through to year-end. With a performance of +29% in 2025, Airbus SE shares outperformed the CAC40 index (+10%) and the DAX40 index (+23%) but underperformed the broader aerospace and defence sector (MSCI World Aerospace & Defence +51%). Airbus SE/ Report of the Board of Directors 2025 120 4.4 Dividends 4.4.1 Dividend policy of the Company and dividend proposal Airbus is committed to increasing shareholder return, targeting sustainable growth in the dividend within a payout ratio of 30%-50%. During 2025 the Company strengthened its commitment to increasing shareholder returns by extending the upper range of the dividend payout ratio from 40% to 50%. The Board of Directors will propose to the Annual General Meeting the payment to shareholders on 23 April 2026 of a dividend of € 3.20 per share (FY 2024: € 2.00 and € 1.00 special dividend), corresponding to a payout ratio of 48%. This reflects the Company’s confidence in its future financial performance as well as its commitment to growing shareholder return. The record date should be 22 April 2026. 4.4.2 Unclaimed dividends Pursuant to the Articles of Association, a claim for payment of a dividend or other distribution approved by the shareholders’ meeting shall lapse five years after the date on which such claim becomes due and payable. The claim for payment of interim dividends shall lapse five years after the date on which the claim for payment of the dividend against which the interim dividend could be distributed becomes due and payable. Airbus SE/ Report of the Board of Directors 2025 121 4.5 Taxation The statements below represent a broad analysis of the current tax laws of the Netherlands. The description is limited to the material tax implications for a holder of the Company’s shares (the “Shares”) who is not and is not deemed to be resident in the Netherlands for any Dutch tax purposes (a “Non-Resident Holder”). Certain categories of holders of the Company’s shares may be subject to special rules which are not addressed below and which may be substantially different from the general rules described below. Investors who are in doubt as to their tax position in the Netherlands and in their state of residence should consult their professional advisors. Where the summary refers to “the Netherlands” or “Netherlands” or “Dutch”, it refers only to the European part of the Kingdom of the Netherlands. 4.5.1 Withholding tax on dividends In general, a dividend distributed by the Company in respect of Shares will be subject to Dutch withholding tax at a statutory rate of 15%. Dividends include inter alia dividends in cash or in kind, deemed and constructive dividends, (partial) repayments of paid-in capital not recognised as capital for Dutch dividend withholding tax purposes, and liquidation proceeds in excess of the average paid-in capital recognised as capital for Dutch dividend withholding tax purposes. Stock dividends paid out of the Company’s paid-in-share premium, recognised as capital for Dutch dividend withholding tax purposes, will not be subject to this withholding tax. A Non-Resident Holder of Shares can be eligible for a partial or complete exemption or refund of all or a portion of the above withholding tax pursuant to domestic rules or under a tax convention that is in effect between the Netherlands and the Non-Resident Holder’s country of residence for tax purposes. The Netherlands has concluded such conventions with the US, Canada, Switzerland, Japan, the UK, all European Union Member States and other countries. 4.5.2 Conditional withholding tax on dividends A conditional withholding tax may apply at the highest corporate tax rate (presently 25.8%) on dividends distributed by the Company to an affiliated (gelieerde) entity of it if such entity (i) is considered to be resident (gevestigd) in a jurisdiction that is listed in the annually updated Dutch Regulation on low-taxing states and non-cooperative jurisdictions for tax purposes (Regeling laagbelastende staten en niet-coöperatieve rechtsgebieden voor belastingdoeleinden), or (ii) has a permanent establishment located in such jurisdiction to which the dividend is attributable, or (iii) is entitled to the dividend payable for the main purpose or one of the main purposes to avoid taxation for another person, or (iv) is not considered to be the recipient of the dividend in its jurisdiction of residence because such jurisdiction treats another (lower-tier) entity as the recipient of the dividend (a hybrid mismatch), or (v) is not treated as resident anywhere (also a hybrid mismatch), or (vi) is a reverse hybrid whereby the jurisdiction of residence of a participant that has a qualifying interest (kwalificerend belang) in the reverse hybrid treats the reverse hybrid as tax transparent and that participant would have been taxable based on one (or more) of the items in (i)-(v) above had the dividend been payable to the participant directly, all within the meaning of the Withholding Tax Act 2021 (Wet bronbelasting 2021). If the dividend withholding tax and the conditional dividend withholding tax are both applied, the conditional dividend withholding tax will be reduced by the actual dividend withholding tax levied. As a result, in such circumstance the aggregate tax rate on dividends may rise from 15% to the highest corporate tax rate (presently 25.8%). 4.5.3 Withholding tax on sale or other dispositions of shares Payments on the sale or other dispositions of Shares will not be subject to Dutch withholding tax, unless the sale or other disposition is, or is deemed to be, made to the Company or a direct or indirect subsidiary of the Company. In principle, a redemption or sale to the Company or a direct or indirect subsidiary of the Company will be deemed to be a dividend and will be subject to the rules set forth in Section 4.5.1 “Withholding tax on dividends” and Section 4.5.2 “Conditional withholding tax on dividends” above. Airbus SE/ Report of the Board of Directors 2025 122 4.5.4 Taxes on income and capital gains A Non-Resident Holder who receives dividends distributed by the Company on Shares or who realises a capital gain derived from Shares, will not be subject to Dutch taxation on income or a capital gain unless: ● the income or capital gain is attributable to an enterprise or part thereof which is either effectively managed in the Netherlands or carried on through a permanent establishment (vaste inrichting) or permanent representative (vaste vertegenwoordiger) taxable in the Netherlands and the holder of Shares derives profits from such enterprise (other than by way of the holding of securities); or ● the Non-Resident Holder is an entity and has, directly or indirectly, a substantial interest (aanmerkelijk belang) or a deemed substantial interest in the Company and such interest is held by the Non-Resident Holder with the main purpose of or one of the main purposes of avoiding personal income tax for another person; or ● the Non-Resident Holder is an individual and such holder or a connected person to such holder (verbonden persoon) has, directly or indirectly, a substantial interest (aanmerkelijk belang) or a deemed substantial interest in the Company which is not attributable to an enterprise; or ● the income or capital gain qualifies as income from miscellaneous activities (belastbaar resultaat uit overige werkzaamheden) in the Netherlands as defined in the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001), including without limitation, activities that exceed normal, active portfolio management (normaal actief vermogensbeheer). Generally, a Non-Resident Holder of Shares will not have a substantial interest in the Company’s share capital, unless the Non-Resident Holder, alone or together with certain related persons holds, jointly or severally directly or indirectly, Shares in the Company, or a right to acquire Shares in the Company representing 5% or more of the Company’s total issued and outstanding share capital or any class thereof. Generally, a deemed substantial interest exists if all or part of a substantial interest has been or is deemed to have been disposed of with application of a roll-over relief. 4.5.5 Gift or inheritance taxes Dutch gift or inheritance taxes will not be levied on the occasion of the transfer of Shares by way of gift by, or on the death of, a Non-Resident Holder, unless the transfer is construed as an inheritance or gift made by or on behalf of, a person who, at the time of the gift or death, is or is deemed to be resident in the Netherlands for the purpose of the relevant provisions. 4.5.6 Value Added Tax There is no Dutch value added tax payable by a holder of Shares in respect of dividends on the Shares or on the transfer of the Shares. 4.5.7 Other taxes and duties There is no Dutch registration tax, stamp duty or any other similar tax or duty other than court fees payable in the Netherlands by a holder of Shares in respect of or in connection with the execution, delivery and/or enforcement by legal proceedings (including any foreign judgement in the courts of the Netherlands) with respect to the dividends on the Shares or on the transfer of the Shares. 4.5.8 Residence A Non-Resident Holder will not become resident, or be deemed to be resident, in the Netherlands solely as a result of holding a Share or of the execution, performance, delivery and/or enforcement of rights in respect of the Shares. Airbus SE/ Report of the Board of Directors 2025 123 5 Financial information The following financial information should be read together with the Company’s IFRS Consolidated Financial Statements as of and for the years ended 31 December 2025 and 2024. These Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board as endorsed by the European Union, and with Part 9 of Book 2 of the Dutch Civil Code. The following financial information 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 with IFRS. Specifically, the Company makes use of the non-GAAP financial measures (i.e. Alternative Performance Measures) “EBIT Adjusted”, “Net cash” and “Free Cash Flow”. The Company uses these non-GAAP financial measures to assess its consolidated financial and operating performance and believes they are helpful in identifying trends in its performance. These measures enhance management’s ability to make decisions with respect to resource allocation and whether the Company is meeting its financial goals. Non-GAAP financial measures have certain limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of the Company’s results as reported under IFRS. Exchange rate The financial information presented in this document is expressed in euro, US dollar or pound sterling. The following table sets out, for the periods indicated, certain information concerning the exchange rate between the euro, the US dollar and the pound sterling, calculated using the official European Central Bank fixing rate: Yearly average Year-end €/US$ €/£ €/US$ €/£ 31 December 2025 1.1300 0.8568 1.1750 0.8726 31 December 2024 1.0824 0.8466 1.0389 0.8292 Airbus SE/ Report of the Board of Directors 2025 124 5.1 Financial performance Key Figures (In € million) 2025 2024 Revenue 73,420 69,230 EBIT Adjusted 7,128 5,354 EBIT (reported) 6,082 5,304 Net Income 5,221 4,232 Free Cash Flow 4,753 4,461 Free Cash Flow before Customer Financing 4,574 4,463 Revenue and EBIT (reported) by Business Segment Revenue EBIT (reported) (In € million) 2025 2024 Change 2025 2024 Change Airbus 52,577 50,646 +4% 4,555 5,133 -11% Airbus Helicopters 8,972 7,941 +13% 953 818 +17% Airbus Defence and Space 13,405 12,082 +11% 639 (656) - Eliminations (1,534) (1,439) - (65) 9 - Total 73,420 69,230 +6% 6,082 5,304 +15% Revenue Revenue increased 6% year-on-year to € 73.4 billion (2024: € 69.2 billion). A total of 793 commercial aircraft were delivered (2024: 766 aircraft), comprising 93 A220s, 607 A320 Family, 36 A330s and 57 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 4% to € 52.6 billion, mainly reflecting the higher number of deliveries and growth in services, partially offset by the US dollar’s depreciation. Airbus Helicopters’ revenues increased by 13% to € 9.0 billion, reflecting a strong performance from programmes and growth in services. Helicopter deliveries increased to 392 units (2024: 361 units). Revenues at Airbus Defence and Space increased 11% year-on-year to € 13.4 billion, driven by higher volumes across all business units. EBIT EBIT (reported) amounted to € 6,082 million (2024: € 5,304 million), including net Adjustments of € -1,046 million. EBIT Adjusted – an alternative performance measure and 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 – was € 7,128 million (2024: € 5,354 million). The 2024 figure included charges of € 1.3 billion following an in-depth technical review of Space programmes. The Company continues to use the term EBIT (Earnings Before Interest and Taxes). It is identical to profit before finance result and income taxes as defined by IFRS accounting standards. EBIT Adjusted related to Airbus’ commercial aircraft activities increased to € 5,470 million (2024: € 5,093 million), driven by the higher deliveries with a more favourable hedge rate and lower R&D expenses being partially offset by the impact of tariffs. Airbus Helicopters’ EBIT Adjusted increased to € 925 million (2024: € 818 million), reflecting the higher deliveries, as well as growth in services. Airbus SE/ Report of the Board of Directors 2025 125 EBIT Adjusted at Airbus Defence and Space increased to € 798 million (2024: € -566 million), reflecting higher volumes and improved profitability, as the Division sees the results of its transformation plan. On the A400M programme, a contract amendment was signed with OCCAR in the fourth quarter of 2025 to advance seven deliveries for France and Spain and to further increase the visibility on the programme’s production. In light of uncertainties regarding the level of aircraft orders, Airbus continues to assess the potential impact on the programme's manufacturing activities. Risks on the qualification of technical capabilities and associated costs remain stable. The following table reconciles the Company’s EBIT with its EBIT Adjusted. Airbus Consolidated (In € million) 2025 2024 EBIT (reported) 6,082 5,304 Dollar working capital mismatch and balance sheet revaluation (624) +101 Spirit AeroSystems acquisition and integration (188) - Airbus Defence and Space workforce adaptation plan (105) - A400M charge (73) (121) Airbus OneWeb Satellite - +51 Others (56) (81) Total 7,128 5,354 These Adjustments comprised: ● € -624 million related to the dollar working capital mismatch and balance sheet revaluation. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date; ● € -188 million related to the acquisition and integration of certain Spirit AeroSystems work packages; ● € -105 million related to the Airbus Defence and Space workforce adaptation plan; ● € -73 million related to the A400M; ● € -56 million of other costs including compliance and M&A. Financial result Financial result was € 268 million (2024: € 121 million), mainly reflecting gains from the remeasurement of equity investments and from other financial instruments, partly offset by negative foreign exchange effects on U.S. dollar cash balances. Net income Net income was € 5,221 million (2024: € 4,232 million) with reported earnings per share of € 6.61 (2024: € 5.36). Airbus SE/ Report of the Board of Directors 2025 126 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 December 2025 31 December 2024 Issued as at 1 January 792,283,683 790,459,434 Issued for ESOP 0 1,824,249 Issued as at end of the period 792,283,683 792,283,683 Treasury shares (5,055,938) (4,327,432) Outstanding as at end of the period 787,227,745 787,956,251 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 € 26,104 million (2024: €  19,606 million) representing an increase of € +6,498 million. This is mainly due to the net income for the period of € +5,221 million and the mark to market revaluation of the hedge portfolio of € +3,846 million as well as a change in actuarial gains and losses of € +626 million partly offset by the dividend for € -2,372 million. It also reflects the 2025 employee share ownership plan (“ESOP”) campaign with share-based payment of € +227 million. In 2025, the Company performed share buyback to support ESOP activities and equity-based compensation plans of € -916 million thereof € -102 million mainly related to 2025 campaigns and € -814 million for future campaigns. The non-controlling interests (“NCI”) from non-wholly owned subsidiaries amounted to € 80 million as of 31 December 2025 (2024: € 90 million). These NCI do not have a material interest in the Company’s activities and cash flows. Net Cash 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 (iv) interest rate contracts related to fair value hedges (all as recorded in the Consolidated Statement of Financial Position). Net cash position is an alternative performance measure and an indicator that allows the Company to measure its ability to generate sufficient liquidity to invest in its growth and future expansion, honour its dividend policy and maintain financial flexibility. The net cash is comprised of the following elements: 31 December (In € million) 2025 2024 Cash and cash equivalents 14,128 15,003 Current securities 3,093 2,829 Non-current securities 9,997 9,032 Gross cash position 27,218 26,864 Short-term financing liabilities (5,186) (3,924) Long-term financing liabilities (9,063) (10,355) Interest rate contracts (798) (832) Total 12,171 11,753 The net cash position on 31 December 2025 amounted to € 12,171 million (2024: € 11,753 million), with a gross cash position of € 27,218 million (2024: € 26,864 million). Please also refer to “Notes to the IFRS Consolidated Financial Statements - Note 36: Net Cash”. Airbus SE/ Report of the Board of Directors 2025 127 Financing Liabilities 31 December (In € million) 2025 2024 Bonds and commercial papers 6,286 7,986 Liabilities to financial institutions 329 382 Loans 395 291 Lease liabilities 2,053 1,696 Total long term financing liabilities 9,063 10,355 Bonds and commercial papers 1,479 556 Liabilities to financial institutions 25 26 Loans 129 85 Lease liabilities 327 253 Others (1) 3,226 3,004 Total short term financing liabilities 5,186 3,924 Total 14,249 14,279 (1) Included in “others” are financing liabilities to joint ventures Long-term financing liabilities, mainly comprising bonds and lease liabilities, decreased by € -1,292 million to € 9,063 million (2024: € 10,355 million) largely due to bonds reclassification to short-term liabilities maturing in 2026 (EMTN 10 years maturing in May 2026 and EMTN 6 years maturing in June 2026). Short-term financing liabilities increased by € +1,262 million to € 5,186 million (2024: € 3,924 million) mainly due to the EMTN 10 years maturing in May 2026 and the EMTN 6 years maturing in June 2026 reclassification in short-term financing liabilities partly offset by the EMTN 5 years bond repayment in April 2025. Free Cash Flow The Company defines Free Cash Flow as the sum of (i) cash provided by operating activities and (ii) investments in intangible and fixed assets (net) & dividends paid by companies valued at equity, minus (iii) contribution to plan assets of pension schemes, (iv) realised foreign exchange results on treasury swaps and (v) change in cash from changes in consolidation. It is an alternative performance measure and key indicator which allows the Company to measure the amount of cash flow generated by its operations. Consolidated free cash flow before customer financing was € 4,574 million (2024: € 4,463 million), reflecting the strong performance in all businesses. Consolidated free cash flow totalled € 4,753 million (2024: € 4,461 million). (In € million) 2025 2024 Gross Cash Flow from Operations (1) 8,167 6,570 Change in working capital (2) 94 1,266 Investments in intangible and fixed assets (net) & Dividends paid by companies valued at equity (3,508) (3,375) of which Industrial CapEx (additions) (3) (3,964) (3,669) Free Cash Flow (4) 4,753 4,461 of which Customer Financing 179 (2) Free Cash Flow before Customer Financing 4,574 4,463 (1) Excluding working capital change, contribution to plan assets of pension schemes and realised FX results on treasury swaps (2) Including net customer financing and excluding some perimeter change impacts from changes in consolidation (3) Excluding leased and financial assets (4) Excluding change in securities, change in cash from changes in consolidation, contribution to plan assets, realised FX results on treasury swaps and bank activities Airbus SE/ Report of the Board of Directors 2025 128 Order Intake and Order Book Gross commercial aircraft orders totalled 1,000 (2024: 878 aircraft) with net orders of 889 aircraft after cancellations (2024: 826 aircraft). The order backlog amounted to a year-end record of 8,754 commercial aircraft at the end of 2025. Airbus Helicopters registered net orders totalling 536 units (2024: 450 units), with a book-to-bill ratio above 1 both in units and value, reflecting strong momentum in particular for military markets. Order intake by value at Airbus Defence and Space increased to a record € 17.7 billion (2024: € 16.7 billion), corresponding to a book-to-bill of around 1.3. Order Intake and Order Book by Business Segment (pre-elimination) Order Intake (net) Order Book 2025 2024 Change 2025 2024 Change Airbus (in units) 889 826 +8% 8,754 8,658 +1% Airbus (in € million) 92,320 77,413 +19% 539,693 558,925 -3% Airbus Helicopters (in units) 536 450 +19% 1,037 893 +16% Airbus Helicopters (in € million) 13,707 10,071 +36% 29,028 24,064 +21% Airbus Defence and Space (in € million) 17,729 16,710 +6% 50,771 46,803 +8% Consolidated order intake by value increased to € 123.3 billion (2024: € 103.5 billion). The consolidated order book value stood at € 619 billion at the end of 2025 (year-end 2024: € 629 billion), including the Company-wide book-to-bill of above 1, as well as the weakening of the US dollar. Airbus SE/ Report of the Board of Directors 2025 129 5.2 Information on Airbus SE auditors Date of first appointment Expiration of current term of office (1) EY Accountants B.V. Boompjes 258 3011 XZ Rotterdam Postbus 488 3000 AL Rotterdam The Netherlands Represented by J.J. Vernooij 28 April 2016 14 April 2026 (1) In completing their services with respect to the 2025 financial year, the engagement of EY Accountants B.V. will have reached the maximum period allowed under Dutch law (10 years). Therefore, at the Annual General Meeting of Shareholders held in April 2025, a shareholder resolution was approved, appointing KPMG Accountants N.V. as the Company’s auditors for the 2026 financial year. At the Annual General Meeting of Shareholders to be held in April 2026, a shareholder resolution will be submitted, appointing KPMG Accountants N.V. as the Company’s auditors for the 2027 financial year. EY Accountants B.V. has a licence from the AFM to perform statutory audits for Public Interest Entities and its representative is member of the NBA (Koninklijke Nederlandse Beroepsorganisatie van Accountants – the Royal Netherlands Institute of Chartered Accountants). The NBA is the professional body for accountants in the Netherlands. Airbus SE/ Report of the Board of Directors 2025 130 6 Non-Financial Information: Sustainability Statement Foreword In a world of rising tensions, Airbus is staying true to its purpose: We pioneer sustainable aerospace for a safe and united world. We see sustainability as a source of strength, supporting efficiency, innovation, and long-term value across everything we do. We are committed to maximising our positive impact on people and society, while minimising our environmental footprint. We are delivering impactful solutions, investing in a values-driven ecosystem and sustainable operations to enable communities to thrive today and to transform the future of aerospace for generations to come. Investing in a values-driven ecosystem is all about building responsible, resilient and ethical business practices within the company and throughout the supply chain. Our impactful solutions start with sustainable operations, by reducing our environmental footprint, improving efficiency, and ensuring responsible sourcing. Aerospace plays a vital role in connecting people, promoting economic growth, supporting global peace and stability, and also communities to thrive. Our purpose, to pioneer sustainable aerospace, is paired with a strong commitment to a fair and just society and community cohesion. The future of aerospace belongs to those who innovate and lead the transition to net-zero aviation. We are at the forefront of this transformation, investing in breakthrough technologies and fostering industry-wide collaboration, enhancing efficiency, creating long-term value for our customers and to drive down emissions. Julie Kitcher, CSO and Head of Communications, AGM 2025 The Company is committed to developing new technologies, driven by a pioneering spirit that continues to shape the aerospace industry. Its products and services bring people closer together, fostering unity and progress. They also help to protect citizens and safeguard our world for future generations. Furthermore, the Company believes that its approach to sustainability contributes to the resilience of its business model and creates a competitive advantage, thereby supporting long-term shareholder value. Guiding principles. Everything the Company does is guided by its core principles of safety, quality, integrity, compliance and security. These strong foundations enable it to fulfil its commitments while navigating the risks and challenges it faces, and leveraging its strengths and opportunities. The Company embeds these interconnected principles into its daily operations to ensure resilience, competitiveness and adherence to the highest possible standards. Safety. The Company strives to achieve the highest levels of safety for its employees and for its products and services. Health and safety for the Company’s workforce is a top priority. The commitment to safety is also reflected throughout the Company, from design, engineering and production to maintenance, training and support. Adherence to a robust business and safety management system ensures that standards, processes and methods are respected, and continually reviewed and improved. The Company's aircraft, helicopters, satellites and other products meet stringent requirements, and there is a constant focus to further enhance safety. Safe operations depend not only on safe design, testing and production, but also on proper maintenance and on trained pilots working in a safe environment. The Company is committed to providing safety support throughout the life of its products. Quality. The Company relentlessly promotes a strong culture of quality. This empowers employees to adhere to processes, methods and tools that enable them to do things correctly the first time, and to eliminate root causes of non-quality. The Company believes that quality products are safer, last longer, perform more efficiently, and provide greater value to customers and society at large. Performing quality work also means delivering products and services efficiently, generating as little waste as possible and only consuming the necessary resources. The Company’s business and quality management system is designed to provide products and services that meet customer expectations and safety standards. Airbus SE/ Report of the Board of Directors 2025 131 Integrity and compliance. The Code of Conduct (“CoC”) is the Company’s foundation for integrity and compliance. It guides daily behaviour and helps employees resolve the most common ethical and compliance issues they may encounter. The CoC applies to all employees, officers and directors of the Company, as well as to entities that the Company controls. The separate Airbus Supplier Code of Conduct defines the basic requirements placed on suppliers. It also represents Airbus’ values and principles in line with internationally recognised standards and conventions. Airbus’ Ethics and Compliance (“E&C”) programme seeks to ensure that the Company’s business practices conform to applicable laws, regulations and ethical principles, as well as reinforce a culture of integrity and speaking up. The E&C programme is structured around key risk areas and supported by dedicated policies, procedures, tools and a team of experts. These teams take charge of implementing the policies as well as identifying and proposing new measures that enable the Company to adapt to the constantly evolving regulatory landscape. Security. The Company protects its employees and workplaces, industrial environment, data, as well as its products and services against both digital and physical attacks. Such attacks, if successful, could have serious consequences – financial, legal, reputational, or even on the Company’s ability to continue to operate. Security at the Company is based on compliance and risk analysis. The Company’s approach to security is designed to provide continuous protection against emerging threats. Our core principles of safety, quality, integrity, compliance and security will remain at the heart of all we do. Guillaume Faury, Chief Executive Officer Pioneering sustainable aerospace The Company’s fuel-efficient product family contributes to mitigating the aviation industry’s overall environmental impact. Today, the Company is investigating multiple decarbonisation levers including fleet renewal, operational improvements, sustainable aviation fuels, hydrogen, hybridisation and electrification, as well as carbon capture and storage. The Company’s aim is that advancements in these key areas will allow for progress towards meeting the aviation industry’s long-term aspirational goal of reaching net-zero carbon emissions by 2050, as set by ATAG, IATA and ICAO. It actively collaborates with a wide network of partners, including airlines, suppliers, research institutions and government agencies, to stimulate innovation, address industry challenges and shape the future of aerospace. ➥ See hereafter an illustrative overview of the Company’s decarbonisation roadmap. More broadly and in order to deliver on its ambition, the Company has established a comprehensive materiality-based sustainability approach, aligned with OECD Guidelines, across environmental, social and governance dimensions. It considers the Company’s industrial footprint, the impact of its product and in its value chain, and both impact and financial perspectives. This led to the identification of a number of sustainability topics, as illustrated hereafter. So-called roadmaps set the ambition and ensure proper steering for each topic, including through policies, metrics, targets, action plans as well as engagement with relevant stakeholders. Governance includes decision-making bodies involving top management while Board of Directors oversight is ensured through the Ethics, Compliance and Sustainability Committee (“ECSC”). Information related to topics assessed as material is presented in the rest of this chapter, following the EU CSRD requirements in terms of content and format. It is composed of five main sections: ● General disclosures, including information related to governance, due diligence approach, or materiality ● Environmental topics: Climate change mitigation and adaptation, Pollution prevention, Water use, Biodiversity, Resource use and circularity; ● Social topics: Own workforce - including Health and safety, People development, Diversity and inclusion, Social dialogue -, Workers in value chain, Aviation safety, Sovereignty and citizen protection; ● Governance topics: Business conduct, Cybersecurity; ● Some appendices, including information related to policies, certain detailed process descriptions and the Reporting Protocol presenting information related to targets and metrics preparation methodologies. ● The EU Taxonomy regulatory reporting. Airbus SE/ Report of the Board of Directors 2025 132 Board of directors ▶ oversight in the Ethics, Compliance & Sustainability Committee (“ECSC”)  Executive Committee members ▶ chairing dedicated steering committees  Sustainability organisation and scope  Group-wide steering, incl. ambition, compliance, governance, performance, engagement Impact & value-driven approach ENVIRONMENT SOCIAL Climate change - Scope 3  Health and safety  Climate change - Scopes 1&2  People development  Energy  Diversity and inclusion  Air emissions - VOC  Equal treatment, compensation  Substances management  Social dialogue  Water  Human rights  Circularity  Aviation safety  Waste  Sovereignty and citizen protection  Biodiversity  Community impact  GOVERNANCE Airbus Foundation  Corporate culture, speak up  Business integrity  Relationships with suppliers  ⬤ Cybersecurity  ⬤ Environmental roadmap ⬤ Social Value and Human Rights roadmap ⬤ Sustainable Supply Chain roadmap More information can be found in  the Company Sustainability Statement and/or  on the Company website. Airbus SE/ Report of the Board of Directors 2025 133 Airbus SE/ Report of the Board of Directors 2025 134 Airbus SE/ Report of the Board of Directors 2025 135 6.1 General information 6.1.1 General disclosure [ESRS 2] 6.1.1.1 Basis for preparation [BP] 6.1.1.1.1 General basis for preparation of the sustainability statement [BP-1] This sustainability statement has been prepared on a consolidated basis. The consolidation scope is aligned with the scope of the consolidated financial statements of the Company. By exception, in the last quarter of 2025, the Company acquired a number of sites from Spirit AeroSystems. Related sustainability information from those sites was generally not included in the scope of consolidation - unless explicitly mentioned near the concerned information - due to its limited availability, accuracy and/or reliability. It was nevertheless estimated and assessed as having a non-material effect on group consolidated sustainability information as reported hereafter, and therefore deemed to not prevent this sustainability statement from providing a faithful representation of the Company's sustainability matters. When an information relates to a different perimeter - e.g. when the consolidation perimeter for a given metric differs -, the specificities are laid out in the respective section of this statement. As controlled by the Company and covered by this sustainability statement, all controlled subsidiaries are exempted from individual or consolidated sustainability reporting pursuant to Articles 19a(9) or 29a(8) of Directive 2013/34/EU. Detailed information is available on airbus.com in the document “Information on Principal Investments” on: https://www.airbus.com/en/about-us/our-governance/governance-fram ework-and-documents. This sustainability statement covers the Company’s own operations, upstream value chain and downstream business relationships related to the direct use of its products. The double materiality assessment has been performed on the basis of this value chain. When relevant, details about specific scopes for certain policies, actions, metrics or targets can be found in connection with the information it concerns. In addition, and for the sake of clarity, the Company uses the terms “own operations" and "operationally controlled entities” as per ESRS E1 provisions and extends their use, with the same meaning, to subsequent environmental ESRSs, as the Company’s approach to a number of topics applies to the combination of these two perimeters. The Company has omitted certain information, in accordance with the Corporate Sustainability Reporting Directive's article on permitted omissions of seriously prejudicial information (CSRD, article 19a) as well as the section on intellectual property or results of innovation (ESRS 1, section 7.7). This article is included in the latest draft law transposing the CSRD in the Netherlands, where the Company is incorporated. For the sake of clarity this comes in addition to certain datapoints that may have been omitted as deemed not material information about topic management in view of the actual impact/risk/opportunity (“IRO”) boundaries (materiality of information, ➥ see “– 6.1.1.4.2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement”). 6.1.1.1.2 Disclosures in relation to specific circumstances [BP-2] Time Horizons. In this sustainability statement, unless stated otherwise, short-, medium- and long-term (“ST/MT/LT”) horizons are consistent with time horizons used in the financial statements. MT and LT are aligned with those referenced in ESRS 1 6.4 paragraph 77 while ST refers to a period of one year from the end of the reporting period. By exception and in line with common practices and better reflecting the speed of onset of climate related impacts, time horizons in the context of climate change are considered on a wider scale and specified in the chapter E1 Climate Change. Value Chain Estimations. In some circumstances when information is not available for a certain scope or for certain quantitative metrics related to its value chain, the Company may use estimates or proxies it considers relevant to provide a representation of a given topic. These are identifiable through related explanations and assumptions that are presented close to the concerned information, and with the objective to enable the reader to get an appreciation of the degree of accuracy that would result from their use. When relevant, it may also include a description of contemplated actions to improve the accuracy in the future. Sources of estimation and outcome uncertainty. In some circumstances when information is not available for a certain scope or for certain quantitative metrics, including monetary amounts, the Company uses estimates or proxies it considers relevant to provide a representation of a given topic. Such assumptions are presented in connection to the concerned information with the objective to enable the reader to get a fair appreciation of the degree of uncertainty that would result from their use. Reporting errors and changes in preparation or presentation of sustainability information. This statement refers to comparable sustainability metrics that were published in February 2025 in the Airbus SE Report of the Board of Directors 2024. For the current reporting period, one prior year reporting error was identified in ESRS E1 “Carbon credits cancelled in the reporting year”. In addition, certain 2024 were revised for reasons such as inherent to methodology (update due to the post-closing availability of certain information, move from estimated to measured data, or improvements), changes in reporting perimeter (e.g. entity addition). When material revisions or restatement on 2024 metrics are identified, i.e. variations exceeding 5%, or 3% for energy and CO 2 data, relevant explanations and revised comparative figures - where feasible - are provided. See ➥ “– Reporting protocol – 6.5.4.1 Revision of figures (including restatements)”. Revised quantitative information is disclosed in the relevant sections of the sustainability statement. In case of non-material revisions, i.e. variations below above mentioned thresholds, quantitative information has been revised and is reported in the relevant sections of the sustainability statement. Incorporation by reference table can be found in ➥ appendix “– 6.5.5.1 Incorporation by reference”. Airbus SE/ Report of the Board of Directors 2025 136 6.1.1.2 Governance [GOV] 6.1.1.2.1 The role of the administrative, management and supervisory bodies [GOV-1] Since 1 January 2024, the Company further strengthened sustainability-related activities with the creation of a Chief Sustainability Officer (“CSO”) position. Hence, Julie Kitcher has been appointed Chief Sustainability Officer and Communications and remains a member of the Executive Committee. Her role includes ensuring the proper information to and the involvement of the Company’s Executive Committee and the Ethics, Compliance and Sustainability Committee on sustainability matters. Directly supporting the oversight role of Board of Directors: - the Audit Committee oversees risks and opportunities, among other matters related to financial reporting and audit activities, including sustainability related ones; and - the Ethics, Compliance and Sustainability Committee oversees, among other matters, the sustainability strategy, including material IROs. Board of directors composition Number of directors 12 Number of nationalities 7 Airbus SE's Board of Directors is presented in ➥ “– Corporate Governance – 2.1.1 Composition of the Board of Directors”, including information on composition, experience and diversity. There is no employee representative on the Board of Directors. The Company’s Executive Committee is presented in ➥ “– Corporate Governance – 2.2.1 Nomination and Composition of the Executive Committee”, including information on composition. Airbus SE's Board of Directors and the Company’s Executive Committee respectively oversee and approve strategic decisions, including on sustainability matters. The Company’s corporate governance, including the roles and responsibilities of the administrative, management and supervisory bodies, is described in ➥ “– Corporate Governance – 2.1.4 Board Committees”. BOARD OF DIRECTORS Unit 2025 2024 Number of Directors No. 12 12 Number of independent directors No. 11 11 Percentage of independent directors % 92% 92% Number of executive directors No. 1 1 Number of non-executive directors No. 11 11 Number of women No. 5 5 Number of men No. 7 7 Percentage of women % 42% 42% Percentage of men % 58% 58% Average age Years 61 60 Number of nationalities No. 7 7 Average tenure Years 6 6 EXECUTIVE COMMITTEE Unit 2025 2024 Number of women No. 3 3 Number of men No. 8 9 Percentage of women % 27% 25% Number of Executive Committee meetings No. 4 4 The Airbus SE Internal Rules for the Board of Directors ("Board Rules") describe the responsibilities of these committees. The Board Rules specify that in addition to the Board of Directors’ responsibilities under applicable law and the Articles of Association, the Board of Directors is responsible for certain enumerated categories of decisions. In addition, the Board Rules detail the rights and duties of the members of the Board of Directors and set out the core principles which each member of the Board of Directors shall comply with and shall be bound by. The rules and responsibilities of the Board and its committees, including the Audit Committee and the ECSC, have been set out in the Board Rules. For a complete list of responsibilities of the Audit Committee and the ECSC, please refer respectively to Annex E and Annex G of the Board Rules. For more information on the ECSC, ➥ see “– 6.1.1.2.2 Involvement of administrative, management and supervisory bodies” hereafter. In addition, with regards to risk management, sustainability-related risks and opportunities are fully embedded in the Company’s ERM Airbus SE/ Report of the Board of Directors 2025 137 system. For further information on ERM and on Internal Control, ➥ see “– Corporate Governance – 3.2 Enterprise Risk Management System”. As such, sustainability-related risks and opportunities are consolidated quarterly in a dedicated ERM report, which is reviewed by the CSO. Top Sustainability Risks and Opportunities are presented to the Board of Directors on a quarterly basis as part of the Company’s ERM quarterly report presentation to the Audit Committee. IRO management responsibility, including target setting on sustainability matters, the monitoring of progress and of action plans, is delegated to the relevant topical governance bodies and roadmaps, as presented in the next section (➥ see “– 6.1.1.2.2 Involvement of administrative, management and supervisory bodies”) while targets are also reviewed periodically by the Executive Committee and the Board of Directors. The reporting lines to the Board of Directors are also detailed in the next section. Directly supporting the Board of Directors, the Remuneration, Nomination and Governance Committee is tasked to ensure the Board of Directors collectively possesses relevant skills and expertise to fulfil their duties, including on sustainability matters. Such analysis is performed in the context of the identification and appointment of new Board members, as well as on a periodic basis, at least every three years, when an in-depth review is completed that takes into consideration business context evolution and emerging trends. Sustainability skills cover the following matters: the environment - including knowledge of climate and the energy sector -, social, human rights and business conduct; consistent with identified IROs (see hereafter). Currently 10 out 12 directors are assessed as having meaningful sustainability skills in view of the Company’s strategy and challenges (➥ see “– Corporate Governance – 2.1.1 Composition of the Board of Directors”). The biographies of Board members can be found on the airbus.com website, offering insights into their experience, including information on their experiences as executives that implied an expertise on business conduct matters. Certain Board members bring their own expertise related to certain key sustainability related topics and have been selected for such expertise. In addition, relevant information and knowledge is shared with the Board of Directors for topics that are discussed in the ECSC and including those related to IROs. 6.1.1.2.2 Involvement of administrative, management and supervisory bodies [GOV-2] In order to properly inform or involve the Board of Directors and the Executive Committee, the Company has a defined dedicated supporting governance, including at the highest level. Oversight has been established at the Board of Directors level, with the ECSC. Board of Directors Ethics, Compliance and Sustainability Committee Audit Committee Executive Committee Sustainability Strategy Committee Environment Committee Inclusion and Diversity Advisory Council Product Safety Board Occupational Health and Safety Governance Board Human rights, Business integrity, Sustainable supply chain Direct cascading of topics to the Executive committee The ECSC meets quarterly and is responsible for assisting the Board of Directors to oversee the following: ● Culture and commitment to ethical business, integrity and sustainability; ● Ethics and Compliance programme, organisation and framework for the effective governance of ethics and compliance, including all associated internal policies, procedures and controls, which include the areas of money laundering and terrorist financing, fraud, bribery and corruption, trade sanctions and export control, data privacy, procurement and supply chain compliance and anti-competitive practices; and ● Sustainability strategy and effective governance, including the review of sustainability-related material impacts, risks and opportunities, the setting of targets related to material impacts, also in order to ensure that sustainability-related topics are taken into account in the Company’s strategy and objectives. For further information about the ECSC, ➥ see “– Corporate Governance – 2.1.4 Board Committees”. Under the Board Rules, the Board of Directors delegates the day-to-day management of the Company to the CEO, who, supported by the Executive Committee, makes decisions with respect to the management of the Company, including sustainability. Alignment on sustainability between the Board of Directors and the Company leadership team is also supported by the regular attendance of the Chief Sustainability Officer and Communications, an Executive Committee member, to the ECSC. The Chief Sustainability Officer and Communications has top level accountability on sustainability related matters at Executive Committee level. The Executive Committee has the responsibility to provide top level expectations and direction, while overseeing and validating the sustainability strategy. This entails validating sustainability targets, including those integrated into the Top Company Objectives. Airbus SE/ Report of the Board of Directors 2025 138 The Executive Committee is supported by several committees or boards, that, amongst other things, steer related topics and oversee performance, results and effectiveness of policies, action plans and progress: ● The Sustainability Strategy Committee, which reviews sustainability performance and progress at least once a year, aims to ensure alignment across all sustainability topics. It is co-chaired by the Chief Sustainability Officer and Communications and the Head of Strategy. ● The Environment Committee, the Inclusion & Diversity Advisory Board, the Product Safety Board as well as the Occupational Health and Safety Governance Board, all chaired by Executive Committee members. ● The Steering Committees of the Human Rights and Sustainable Supply Chain Roadmaps, both sponsored by Executive Committee members. Other sustainability topics such as business integrity may be brought directly to the attention of the Executive Committee. These steering bodies notably ensure sustainability impacts, risks and opportunities are properly considered in business decisions, including company-wide strategy evolutions, activity prioritisation or resource allocation. Where relevant, additional elements of governance linked to specific topics are explained in the governance sections of this report. The Sustainability organisation put in place in January 2020 at corporate level has continued to mature and integrate sustainability into the business. Its mission continues to focus on: ● Coordinating the identification of, and providing transparency through reporting, on IROs linked to sustainability. ● Setting the ambition level regarding the Company's overall sustainability strategy, including related to SAF, and its environmental and social commitments; ● Monitoring the evolution of sustainability-related regulations, standards and trends, and engage with relevant external stakeholders; ● Identifying the levers and defining objectives to achieve this ambition; ● Setting relevant targets for environmental matters and shaping targets for other sustainability topics in collaboration with concerned functions; ● Coordinating with relevant functions the performance and reporting on progress across sustainability topics; ● Identifying means of enabling the business to deliver this ambition across the full value chain; ● Engaging employees on sustainability; ● Providing clarity on ambition and progress to internal and external stakeholders. While the Sustainability team has a Company-wide role to define the Company’s sustainability ambition, drive the roadmap and deliver and integrate the Company’s sustainability commitments into the businesses, there are also for each of those topics (e.g. health and safety, inclusion and diversity, human rights, data governance etc.), related functions, departments or “roadmaps” (multi-functional teams addressing cross-functional sustainability topics) driving their respective continuous improvement. The Ethics & Compliance organisation is part of the Legal, Compliance and Public Affairs Department under the ultimate responsibility of the Company’s General Counsel. The aim is to provide strong governance throughout the Company with the global presence of qualified Compliance officers who ensure the Ethics & Compliance programme is implemented consistently in the different functional and operational areas. The Company’s Chief Ethics & Compliance Officer, who reports to both the General Counsel and the ECSC of the Board of Directors, leads a dedicated team of Compliance professionals who are responsible for supporting and advising across the Company on compliance related topics, supporting the day-to-day business, performing risk assessments, drafting policies, conducting third party due diligence, investigating compliance allegations, implementing tools and controls and delivering compliance training. The General Counsel brings with him deep experience in managing high profile, complex cross border issues in some of Europe’s largest industrial companies as well as in leading and integrating teams with external stakeholders around the world, navigating commercial and legal challenges. During the reporting period, the following sustainability matters structured across the ESRS were addressed by at least one above-mentioned committee or management body: climate change, substances of high concern, material in-sourcing (inflows), waste, water, occupational health and safety, social dialogue, inclusion and diversity, people development, due diligence and human rights impacts in the supply chain, product safety, ethics and compliance, cybersecurity. During the reporting period, the ECSC discussed, amongst other topics, the Company decarbonisation strategy, substances management strategy or the in-sourcing of critical raw materials including human rights due diligence dimension, as well as all material topics through the review of sustainability performance indicators and the preparation of the Company’s Sustainability Statement, which included the double materiality assessment and its outcome. Sustainability matters related to ESRS Steering Oversight Steering body(ies) Executive Committee ECSC / Board E1 to E5 (Environment) Environment Committee ✔ ✔ S1, S2, G1 (Human rights / supply chain) Human Rights and Sustainable Supply Chain Roadmap steering committees ✔ ✔ S1 (Human resources) I&D board, HR Function ✔ ✔ S4 (Aviation safety) Product Safety Board ✔ ✔ G1 (Business conduct) Legal, Compliance & Public Affairs Function ✔ ✔ Cybersecurity Security Function ✔ ✔ Transverse (Due diligence / overall performance / reporting / governance) Sustainability Strategy Committee Human Rights and Sustainable Supply Chain Roadmap steering committees ✔ ✔ Airbus SE/ Report of the Board of Directors 2025 139 6.1.1.2.3 Integration of sustainability-related performance in incentive schemes [GOV-3] CEO and executives sustainability-linked collective variable remuneration overview. The Company believes the integration of sustainability criteria into its reward mechanisms is an important means to accelerating its sustainability ambition. A sustainability criterion aligned with certain priorities of the Company sustainability journey is integrated into the common collective component of the CEO’s variable remuneration, ➥ see “– Corporate Governance – 2.3 Remuneration Report”. The remuneration scheme is approved by the Board of Directors, supported by its Remuneration, Nomination and Governance Committee (“RNGC”) that analyses scenarios and benchmarks and proposes targets consistent with Company’s ambition on the related sustainability matter (➥ see “– Corporate Governance – 2.3.2 Implementation of the Remuneration Policy in 2025: CEO”). The CEO's total direct compensation ("Total Direct Compensation") comprises a base remuneration ("Base Salary"), an annual variable short-term remuneration ("Variable Remuneration" or "VR") and an award under the LTI plan (“Long Term Incentive Plan” or “LTIP”). Variable Remuneration is made of a common collective component and individual performance component in equal proportions. The 2025 common collective component includes a sustainability linked component that is composed in equal proportions of an occupational health and safety target (FR1) and a CO 2 Scopes 1&2 target that has been set as necessary intermediate milestones towards the Company’s 2030 Scopes 1&2 target (-63% vs. 2015), which is aligned with a 1.5°C trajectory as validated by the Science Based Targets initiative (“SBTi”). From 2026, the scheme is expected to evolve as illustrated above, including a sustainability-linked component in the LTIP too. These incentivisation mechanisms support the transformation of the Company and the ongoing cultural shift. This scheme also applies to the other members of the Executive Committee who do not serve on the Board of Directors, and to a large extent to Executives and “Level IV” managers (STIP only) employed at the Company. The remuneration of Board members other than the Company CEO does not include any sustainability performance linked component. CEO sustainability and climate-related component in variable short-term remuneration Unit 2025 Percentage of long-term variable remuneration in total variable remuneration % 50 Percentage of short-term variable remuneration in total variable remuneration % 50 Percentage of collective component in annual variable short-term remuneration % 50 Percentage of sustainability criteria in collective component % 20 Percentage of health and safety related criterion in collective component % 10 Percentage of climate related criterion (Scopes 1&2) in collective component % 10 Percentage of climate related criterion in variable short-term remuneration % 5 Percentage of climate related criterion in total variable remuneration % 2.5 Target, performance, ➥ See “– 6.2.1.6 Targets and performance - Climate change”. 6.1.1.2.4 Statement on due diligence [GOV-4] The Company's process to conduct sustainability due diligence throughout its business, operations and supply chain to identify and address the adverse impacts (direct and indirect) of its business activities, is presented in ➥ Appendix “– 6.5.1 Sustainability Due Diligence”. It takes into account the United Nations Guiding Principles for Business and Human Rights and the OECD Due Diligence Guidance for Responsible Business Conduct, which covers six steps including: 1 Embedding responsible business conduct 2 Identifying and assessing potential and actual impacts 3 Acting to address, cease, prevent, mitigate or avoid adverse impacts 4 Tracking performance including use of appropriate KPIs and targets 5 Communicating and reporting on findings and performance 6 Cooperating in appropriate remedies Airbus SE/ Report of the Board of Directors 2025 140 6.1.1.2.5 Risk management and internal control over sustainability reporting [GOV-5] Risk management and internal control in relation to sustainability reporting are embedded in the broader Internal Control and ERM systems and processes described in section ➥ “– 3 Risk Management and Internal Controls”. Detailed information, including those specific to sustainability reporting, is presented in ➥ Appendix “– 6.5.2 Risk management and internal control over sustainability reporting”. 6.1.1.3 Strategy [SBM] 6.1.1.3.1 Strategy, business model and value chain [SBM-1] “We pioneer sustainable aerospace for a safe and united world” is the Company’s purpose. The Company designs, manufactures and delivers aerospace products - including aircraft, helicopters and satellites - services and solutions to customers - including commercial airlines, leasing companies, governments, helicopter operators, space agencies - on a worldwide scale helping to create value and drive growth. While there has been no significant change in either the civil market and customer groups served or products or services offered during the reporting period, the Company expects growing momentum in defence business bolstered by the new approach to European defence. The Company is aware of its responsibility to society and future generations, and contributes to UN Sustainable Development Goals ("SDGs") through its core business and how it operates. This chapter provides key highlights on the Company’s strategy, business model and value chain. The Company's global presence is also reflected through its workforce repartition ➥ see “– 6.3.1.6 Characteristics of the undertaking’s employees”. Through its portfolio of products and services the Company serves a number of global markets and customer groups. From a sustainability perspective, the range of products, including aircraft, helicopters and satellites, show large commonality in terms of technologies, industrial operations and supply chain so that no product differentiation is deemed relevant for associated IROs. Environmental impacts in the downstream value chain primarily relate to the use of commercial aircraft due to the energy-intensive nature of their operation associated with the high number of operating cycles over their lifetime. Differentiation across customer groups or markets served was not deemed meaningful either. Accordingly, the Company has set a number of sustainability goals and objectives that are connected to identified IROs. These notably include a “quest to reach zero accidents” related to aviation safety or the ambition to pioneer sustainable aerospace. The Company aspires to play a leading role in the decarbonisation journey in aerospace. It pioneers advanced and disruptive technologies while continuously improving the fuel efficiency of its products. While its sustainability journey remains ambitious and challenging in many ways that are presented in the topical ESRS, the Company is committed to reducing the environmental impact of its products, including through a range of critical strategic pathways such as exploring new aircraft and propulsion technologies, alternatives to fossil fuels such as SAF, and maturing hydrogen technologies (➥ see “– 6.2.1.5 Actions and resources - Climate change”). It is also committed to improving its environmental performance and, for example, to addressing emissions through its value chain, cutting on-site waste and developing the recyclability of aircraft at the end of their service life. The Company’s products and services, such as its Earth-observation technologies, allow it to play its part in understanding climate change and responding to natural disasters. Neither the Company (including its subsidiaries) nor its joint ventures develop, produce, or distribute any “controversial weapons” as listed within Annex I of the Commission Delegated Regulation (EU) 2022/1288 supplementing EU Regulation 2019/2088 (Sustainable Finance Disclosure Regulation ("SFDR") for Principal Adverse Impact indicator 14. This includes biological weapons or chemical weapons (in accordance with the Biological Weapons Convention and the Chemical Weapons Convention), cluster munition (Oslo Convention) and anti-personnel mines (Ottawa Treaty). Consequently, the Company does not have any exposure to the Principal Adverse Impact indicator 14 under the SFDR criteria. The Company participates in two joint ventures that contribute to France’s nuclear deterrence (ArianeGroup and MBDA), including the production and support of missile systems. These activities are compliant with the Treaty on the Non-Proliferation of Nuclear Weapons. The Company’s reported revenues do not include any revenues relating to these activities (accounted for using the equity-method) as it does not have exclusive control of the joint ventures. Airbus SE/ Report of the Board of Directors 2025 141 Value chain highlights The Company plays a pivotal role in the global aerospace and defence value chain, as a manufacturer, systems integrator and service provider. Its position within the value chain covers the design, development, production and lifecycle management of aircraft, helicopters, satellites and related systems. Fig. illustrative Company’s value chain presentation Design and development (own operations and upstream in the value chain). The Company designs its products in-house, focusing notably on optimising aerodynamics, fuel efficiency, weight reduction, integration of new technologies and safety. It is highly involved in related activities, which also implies a close collaboration with a number of stakeholders such as suppliers - including companies that provide engines, avionics, materials, and subsystems -, universities and public research institutions or industry partners. Manufacturing and assembly (own operations and upstream in the value chain). The Company relies on a global supply chain for sourcing components. These include structural components, avionics, engines and advanced materials. As an integrator, it operates major assembly plants. At these facilities, subassemblies and components are integrated into final products. Commercial aircraft final assembly lines are located across Europe (Toulouse; Hamburg) and worldwide (Mobile, Alabama; Tianjin, China; Mirabel, Canada). Sales, distribution, and end users (own operations and downstream in the value chain). The Company acts as a supplier to airlines, governments and space agencies, taking on a central role in connecting the upstream product development and manufacturing process to downstream customers. End-users are essentially passengers and flight crews, who are respectively customers and own workers of Company’s customers. Services and support (own operations and downstream in the value chain). In addition, the Company provides maintenance, repair, and overhaul (“MRO”) and other services for commercial, military, and helicopter operators that support customers’ fleet operations for reliability and performance. This includes predictive maintenance and spare parts management services (e.g. partnering with Satair), training and simulation services for pilots, engineers, and crew members - through training centres and simulators worldwide -, upgrades and retrofits for existing aircraft and helicopters, extending their lifespan, improving fuel efficiency, or integrating new technologies, and end-of-life and recycling services through initiatives such as TARMAC Aerosave in Europe or Airbus Lifecycle Service Center in China, which specialise in aircraft decommissioning. Regulatory and airworthiness authorities (entire value chain). The Company works closely with authorities such as the European Union Aviation Safety Agency (“EASA”) and the Federal Aviation Agency (“FAA”) to ensure compliance with safety standards and airworthiness regulations across its product range, value chain and product life cycle. Energy value chain (upstream and downstream value chain). As energy is necessary to operate the Company's products, the energy value chain is closely linked with the Company’s business model. This includes conventional kerosene production as well as SAF production or hydrogen production, as essential bricks in the Company’s decarbonisation journey. In this context, the Company also engages with some actors in the energy value chain as business partners. Overall the Company plays a central role and fosters a constant and consistent dialogue and coordination throughout the value chain, including with industry associations and policy makers. It is committed to being a profitable, competitive company that meets customer and investors expectations and that has the financial strength to invest in the future of global aerospace and defence. Airbus SE/ Report of the Board of Directors 2025 142 Focus on supply chain engagement (upstream in the value chain) The Company relies on a global supply chain, composed of the suppliers with which the Company contracts supply agreements (“Tier-1”), and the suppliers of these Tier-1s (“Subtiers” suppliers). It sources services and products from thousands of suppliers worldwide, including raw materials, engines, systems, aerostructure elements and fuselage sections. The Company's daily collaboration with its suppliers supports meeting quality standards and performance requirements. Long-term contracting or partnerships also help reduce inflow risks, including related to the timely delivery of components. The active role of its suppliers will be essential for the aviation sector’s decarbonisation ambitions and for the Company sustainability journey more broadly. Accordingly, the Company has implemented policies and defined engagement plans that are led by its Sustainable Supply Chain Roadmap. While the Company’s products and services are sold all over the world, the majority of its supply chain is based in Europe and OECD countries. The Company has established regional procurement offices in North America (Herndon, Virginia), India (Bangalore), Asia Pacific (Singapore) and China (Beijing) to support local procurement initiatives. The regional procurement offices represent the Procurement function in the respective regions. They are responsible for strategic sourcing, general procurement and supplier development (procurement operations) while supporting the application of the Company’s procurement processes, policy and digital solutions. The Company strives to make environmental and social responsibility a core element of its procurement strategy. This includes managing the relationships with suppliers through the different phases of the procurement process: sourcing strategy definition, supplier selection, contract management and supplier monitoring and development. The Company’s Sustainable Supply Chain Roadmap is based on a three-step approach: supplier commitment, supplier assessment, supplier engagement and development. This approach is aligned with the Company due diligence approach (➥ see “– 6.1.1.2.4 / 6.5.1 Statement on due diligence”) and includes: supply base risk mapping, supplier engagement and contractual requirements, supplier assessment/audits and development plans, policies, tools and reporting. As the Company’s Commercial Aircraft business and its two Divisions (Airbus Helicopters and Airbus Defence and Space) are certified ISO 14001, the Procurement function acts in adherence with ISO 14001 requirements. The depth of the Company's supply chain increases the complexity and, in many areas, the difficulty of identifying and addressing impacts both actual and potential. For instance, reliable information related to the precise mining sites that provide materials incorporated by an upstream sub-tier supplier, combined with other materials, into a component of the Company's products may be complicated to identify, collect and analyse, such as the smelters of raw materials that may end up in certain components. Benefits for customers and society The Company’s products help to connect economies and enable global cooperation and partnership: they bring together people and organisations across the globe, in person with its commercial aircraft and helicopters, and virtually with its satellites and connectivity solutions. The Company’s technology and products allow its customers to successfully master their global and domestic operations and the management of crises to reduce the risk of escalation. The Company's products help to protect citizens, defend sovereignty and advance global security, therefore contributing to sustainability. The Company’s contribution to a more prosperous and sustainable society goes beyond what it offers directly through its products and services. For example, as an important player in the aeronautics and defence industry, the Company contributes significantly to SDG 8 - “Decent Work and Economic Growth” and as a major European defence manufacturer, the Company also has significant economic impact across Europe contributing to Europe’s economic prosperity - as highlighted through ATAG and ASD publications: Key figures from ATAG 2024 Benefits Beyond Borders - global summary, available on the ATAG website Jobs are supported worldwide by aviation ~86,500,000 Productivity of such jobs compared to other jobs, on average 3 times Contribution to global GDP USD 4.1 tn % of world economic activity 3.9 European aerospace and defence key figures, 2024. Source: ASD, available on its website Number of jobs supported by the industry across the continent 1,103,000 EU Industry 2024 total revenue EUR 326 bn The Company also contributes to the economic development of the communities where it operates. Full aerospace ecosystems - bringing together academia, research centres and corporations, all with high value-added jobs - often develop around the Company’s sites such as those in Toulouse, Hamburg or Bristol. This development is accelerated thanks to the Company’s innovation ecosystem such as Airbus Scale: an innovation unit that combines Company innovation, start-up engagement and company-building activities. Airbus SE/ Report of the Board of Directors 2025 143 6.1.1.3.2 Interests and views of stakeholders [SBM-2] The Company is committed to engage in constant and meaningful dialogue with its stakeholders, striving for openness, transparency and inclusiveness. The company values such dialogue for its contribution to continuous improvements across its business and operating model. The Company’s key stakeholder groups include its customers (and users of its products such as operators), its employees (including their representatives and other social partners), its industrial partners (including suppliers and providers of other inputs - such as energy providers - or services - such as maintenance repair and operations (“MRO”) providers -), air transport industry partners (including air navigation service providers (“ANSPs”), airports), academics, local communities, governments and other regulatory or rulemaking authorities (including airworthiness authorities), non-governmental organisations and industry associations, investors and financial industry partners (such as banks). This approach is supported by the International Aerospace Environmental Group (“IAEG”) guidance for the sector. The Company reviews its assessment and identification of key stakeholders on an ongoing basis. The Company endeavours to take the interests of relevant stakeholders into account (including in connection with the sustainability aspects of its strategy), welcomes its stakeholders' perspectives and aspires to always treat its stakeholders with respect and dignity. In its communications, the Company seeks to use clear and concise language and to provide its stakeholders with sufficient information regarding relevant topics in a timely manner. The Company uses various methods of engaging with its key stakeholders. Each group of key stakeholders is internally assigned to the Company function that is best suited for engagement with those stakeholders, which helps to ensure the consistency and relevance of any dialogue. In addition, the Company has formalised other opportunities to exchange more widely with its stakeholders. For example, the Company meets on a regular basis with social partners to review sustainability topics ( ➥ see “– 6.3.1.10 Social dialogue, freedom of association, collective bargaining”), and organises events and forums (such as the Airbus Supplier Sustainability Council, the Airbus Capital Markets Day and the Airbus Summit), as part of which topics including those related to sustainability may be addressed with relevant stakeholders. The Company regularly participates in other events (such as air shows or conferences) which can serve as a venue to foster dialogue with a wide range of external stakeholders. The Company tries to facilitate dialogue requests from its stakeholders, unless it does not believe that this would be in the best interest of the Company and its business, in which case the Company may reject such request or terminate such dialogue. The Company is dedicated to continuously improving its stakeholder engagement processes; as such, it regularly reviews these principles and may amend or supplement them from time to time to ensure any stakeholder dialogue remains relevant and effective. In its discretion, the Company may allow temporary deviations from these principles, subject to ongoing compliance with applicable law and regulations. Some 2025 major engagement events included: Airbus Summit March 2025 Airbus Supplier Sustainability Council June 2025 Paris Airshow June 2025 The Company’s dialogue with its stakeholders, in line with the above-mentioned principles, helps the Company to progress its sustainability ambition. For instance, it feeds the Company's materiality assessment so that the outcome embeds interest and views of stakeholders together with other elements of analysis. The Company's business model is closely interdependent with those of key stakeholders such as customers, suppliers, investors so that it integrates and reflects relevant views or expectations from them. For instance, such dialogue contributes to defining topical roadmaps that are consistent with those of the sector (e.g. transition plan), and enables acting on feedback (e.g. aviation safety). Additional information, including about interests, views and rights of stakeholders related to topical ESRSs such as Own workers, Workers in value chain and Consumer and end-users, is presented ➥ in appendix “– 6.5.3.5 Additional information related to stakeholders’ views”. Airbus SE/ Report of the Board of Directors 2025 144 6.1.1.3.3 Material IROs and their interaction with strategy and business model [SBM-3] Synthesis of material Impacts, Risks and Opportunities resulting from double materiality assessment: Negative impact Positive impact UPSTREAM OWN OPERATIONS DOWNSTREAM USE OF PRODUCTS Risk Opportunity E Climate change mitigation. Climate change adaptation. Energy. Air emissions (VOC) . Substances of (very high) concern. Water withdrawal, consumption. ／ Biodiversity. ／ Resource inflow. Waste. S ● ‧ ‧ ‧ ‧ ‧ S2 ‧ ‧ ‧ ‧ ‧ ● ● ‧ ‧ ‧ ‧ ‧ S1 ‧ ‧ ‧ ‧ ‧ ● ● ‧ ‧ ‧ ‧ ‧ S4 ‧ ‧ ‧ ‧ ‧ ● Health and safety (workers, end users).. Diversity. People development. Social dialogue, collective bargaining…. Forced, child labour. ● Company-specific ● Sovereignty and citizen protection . G Corporate culture. Speak up culture Bribery and corruption. Relationships with suppliers. Cybersecurity . * Company-specific ** Water pollution: In addition, through its materiality assessment and its product life cycle assessment, the Company identified water pollution impacts related to kerosene production in its upstream and downstream value chain. IROs are described in the following table: Airbus SE/ Report of the Board of Directors 2025 145 Airbus SE/ Report of the Board of Directors 2025 146 E ● [I-] The operations at the Company's facilities, those associated with purchased goods and services, and those related to the air transport sector's use of aircraft lead to air emissions including GHG emissions. ● [R] The climate mitigation risk includes the risk that the Company or its suppliers may not meet their decarbonisation ambitions or the late availability of low emissions technology could lead to, respectively, investor mistrust or products failing to meet customer expectations. This could negatively affect financial performance. ● [R] The climate adaptation risk includes the risk that the Company or its suppliers may fail to mitigate the acute or chronic impacts of future climate change on their industrial sites. Additionally, failure to adapt products to perform effectively under future atmospheric conditions in a timely manner, relative to the speed of these risks' onset or time horizon could lead to production disruptions or a product offering that no longer meets customer expectations. This could negatively affect financial performance. ● [R] The energy-related risk includes the risk that renewable and low carbon energy (e.g. SAF, hydrogen) may not be available in sufficient quantities in the necessary time frames. This could lead to less air travel and lower demand for aircraft or for future aircraft programmes if not suited to available energy sources, which could negatively affect financial performance. ● [I-] Energy consumption/mix usage originating from the Company's facilities, the suppliers’ facilities and the air transport sector's use of aircraft in operation lead to GHG emissions. ● [R] The Company or its suppliers may not be in a position to substitute substances of concern or of very high concern in due time in accordance with regulatory requirements. This could lead to business disruption across the value chain and to the Company not being able to deliver aircraft to its customers, which could negatively affect financial performance and damage its reputation. - ● [I-] Aircraft and aircraft parts painting and cleaning within certain facilities of the Company lead to volatile organic compound emissions, potentially resulting in air pollution if adequate mitigation measures are not used. ● [I-] Production of aviation fuel in the downstream value chain may lead to emissions into water, which may contribute to water pollution if adequate mitigation measures are not used ● [R] The Company or its suppliers may fail to mitigate the potential impact of water stress - related to climate change - on water consumption, usage and withdrawal in their industrial operations, within a timely manner relative to the onset of such risks. This could lead to production disruptions, which could negatively affect financial performance. ● [I-] The air transport sector's use of aircraft in operation leads to GHG emissions that may indirectly impact biodiversity ● [I-] The aviation sector's use of titanium in the production of aircraft components represents a relatively high percentage of the resource's global stock and may affect global resource availability. ● [R] The risk of titanium supply disruption could have an impact on aircraft production and deliveries, which could affect financial performance. ● [O] An opportunity to reduce waste may arise from optimising the recovery of industrial waste, such as high-value metallic scraps. This could contribute to more efficient industrial processes and to further secure supply and production, which could contribute to financial performance. S ● [I-] Unidentified weaknesses in health and safety management measures could allow the Company's own workforce to work unsafely, which could cause injury or ill-health from the work environment, process or activity. ● [R] Unidentified weaknesses in health and safety management measures could cause work related injury or ill health that could affect employee engagement, absence rates or job market attractiveness and cause production disturbances. ● [R] The Company, despite efforts and resources dedicated to workforce diversity, may be considered not sufficiently diverse, which could lead to employee disengagement, lower recruitment attractivity and could damage its reputation. ● [I+] The Company's focus on diversity contributes to a more inclusive, just and engaging work environment that fosters employee wellbeing. ● [R] Failure to attract, train and retain sufficient qualified talent could have a significant effect on the Company’s ability to innovate and meet customer demands; this could negatively affect financial performance. ● [I+] People development also supports employability of Company’s employees. ● [R] The Company may not conduct appropriate social dialogue, which could lead to strikes and production disruptions, and could negatively affect financial performance. ● [I+] Promoting social dialogue also can improve engagement and wellbeing among the Company's employees, as it creates positive working and economic conditions that often go beyond minimum legal requirements. ● [I-] Unidentified weaknesses in due diligence and health and safety management measures could result in the use of suppliers that have inadequate occupational health and safety management measures potentially causing injury or ill-health from the work environment, processes or activities. ● [I-] The use of child labour in the upstream supply chain, including in sourcing raw materials, may result in harm for the physical and/or mental health of the concerned children. ● [I-] The use of forced labour in the upstream supply chain, including in situ contractors, may result in harm for the physical and/or mental health of the concerned worker. ● [I-] An accident associated with the operation of an aircraft may result in fatal or serious injury for those on board the concerned flight (flight crew, passengers). ● [R] In addition to the impact described above, an aircraft accident may have a negative effect on the public’s or regulators’ perception of the safety of a given class of aircraft, a given airline, a form of design of aircraft or of air traffic management. This could damage its reputation and negatively affect the Company’s financial performance. ● COMPANY-SPECIFIC [I+] Operated in the frame of UN international conventions and traded in compliance with applicable export control regulations, the Company's defence products and services support the sovereignty of states and the resilience of international alliances like NATO, and contribute to the protection of populations /citizens. ● [O] Increased defence budgets in most NATO countries may lead to increased demand for the Company's defence products. G ● [R] A dysfunctional and negative corporate culture in the Company may lead to a lack of shared values, decreased motivation, reduced productivity and a failure to meet agreed standards and applicable rules. This could negatively affect financial performance. ● [R] Not being able to maintain an effective speak up culture within the Company, including protection of whistleblowers, may delay the identification of certain risks or situations until they have been revealed in the public domain. This could negatively affect financial performance and damage its reputation. ● [R] Ethical misconduct or non-compliance with applicable anti-bribery laws and regulations by the Company, its employees or any third party acting on its behalf could expose it to liability. This could negatively affect financial performance and damage its reputation. ● [R] The Company's numerous suppliers and subcontractors' financial health and ability to meet their contractual obligations may be negatively impacted by internal and external factors, which could lead to operational disruptions and delivery delays. This could negatively affect financial performance. ● COMPANY-SPECIFIC [R] The materialisation of a cybersecurity risk, including intrusion in systems leading to data leakage, attacks impacting the resilience of industrial systems and compromising the development, use or operation of products and services, could lead to severe damage, including but not limited to significant financial loss, need for additional investment, contractual or reputational performance degradation, loss of intellectual property, loss of business data and information, operational business degradation or disruptions, and product or services malfunctions. This could negatively affect financial and damage its reputation. Overview of how the management of topics related to identified IROs have a noticeable interaction with the Company's strategy, business and operating model: Company’s business model key dimensions include Product policy & development Sales / aftersales / services Industrial set up Manuf- acturing & logistics Workforce & working conditions Procure- ment Processes / BMS E Climate change mitigation, adaptation Energy Air emissions (VOC) Substance of concern Water withdrawal / consumption Biodiversity Resource inflow Waste S Health and safety Diversity People development Social dialogue, collective bargaining… Forced, child labour Aviation safety Sovereignty and civilians protection G Corporate culture, speak up culture Bribery and corruption Relationships with suppliers Cybersecurity Overall, the Company's business model, strategy and governance take into account these IROs, as described in the previous sections of ESRS 2 and summarised in the table above. When relevant, more information is disclosed in respective topical sections, including how actual or potential impacts are related to the Company strategy or business model, the nature of activities or operations at stake, how actual or potential impacts may impact people or the environment action plans, describing means allocated to address them and significant related financial effects eventually. Time horizons are presented in the respective IROs tables in each ESRS. As described in the governance section, management of these IROs is integrated into the Company’s operating model with assigned functional responsibilities. Accordingly, the financial dimension of topic management, including related to current and foreseeable forward looking financial resource allocation, is captured in the finance accounting and risk management processes. Actions related to all material IROs as presented in the respective ESRS were screened from a financial perspective. Climate mitigation-related actions require significant resources. Actions associated with addressing other IROs (see respective ESRSs) were deemed to be embedded in the current Company’s business or operating model and would therefore not require significant actual or forward-looking CapEx or OpEx. Further related information about Climate change IROs is presented in ➥ “– 6.2.1 Climate change” and in a dedicated note attached to the financial statements (➥ see: “– Notes to the IFRS Consolidated Financial Statements - Note 3. Climate-related Impacts”). Finance processes also include a long term planning exercise that factors in significant financial effects including those expected to arise from addressing climate change IROs and puts in perspective funding capabilities. This supports assessing the Company resilience and is used for impairment testing purposes, whose outcome is disclosed in the financial statements (➥ see: “– Notes to the IFRS Consolidated Financial Statements - Note 3. Climate-related Impacts”). Airbus SE/ Report of the Board of Directors 2025 147 6.1.1.4 Impact, risk and opportunity management 6.1.1.4.1 Description of the processes to identify and assess material IROs [IRO-1] All CSRD proposed items were assessed through individual analysis at the lowest granularity (IROs) level. Some company specific potential topics were added to this assessment universe, such as cybersecurity and defence/sovereignty. For most environmental subtopics, differentiated assessments were performed across the value chain: own operations / upstream / downstream. To the extent such data is available and accurate enough, quantitative scoring substantiation was systematically preferred to qualitative judgement. The assessment was documented. Concerned functions or roadmaps were systematically involved in the process for the topics they are respectively in charge of, as presented in the governance section. Accordingly, topic impact assessment is aligned with the Company Due Diligence process step related to the identification of impacts, which are then tackled by respective concerned functions or roadmaps. A quantitative and qualitative benchmark of sustainability statements within the aerospace and defence sector and with relevant companies in the value chain also informed the DMA. Impact materiality, i.e. actual or potential impacts on people and the environment. The Company evaluated the actual or potential impact of its activities on environment and people - e.g. employees, end users, and local communities. Scoring for negative impacts was established taking into account the severity (scale, scope, remediability) and likelihood of such impact and using predefined scoring grids. Materiality threshold was determined considering the associated [severity vs. likelihood] combinations deemed relevant to reflect materiality and to support topic prioritisation. For topics related to potential human rights impacts on people, a high severity score overruled a low score of likelihood. Positive impact methodology was updated in 2025; they were assessed based on expertise, data and internal interviews with a qualitative threshold considering scale, scope and likelihood. All Company’s activities and sites are deemed to be considered in this analysis, with a focus on manufacturing of commercial aircraft activity, also taking into account the presumed great commonality of sustainability impact given the similarities in materials used and manufacturing process for helicopters, military aircraft, and satellites. The full value chain was considered, with again a focus on the impact related to the use of commercial aircraft as the magnitude of related impact was deemed higher given the nature and frequency of operations in the respective product lifetimes. This analysis also relied on an understanding of the Company’s own operations, supply chain, or other business relationships as the presence and severity of potential or actual adverse impacts is influenced by various factors, such as: the type of industry, products/services, operations and their associated inherent risks; the country and operating context, considering for instance publicly available statistics and indices or the existence of related environmental or social regulations or relevant voluntary standards and associated thresholds eventually or other relevant scientific sources of information (e.g. planet boundaries, environmental exposure atlas...). Assessment scores were substantiated by quantified data as much as possible, using a number of sources of information. These include internal information such as: - Life-cycle Analysis, information from topical experts, related internal metrics performance (past or ongoing impacts); - outputs from third party due diligence, internal control reports, or information collected during visits to supplier sites; - elements from findings and alerts from, for example, desktop Supplier Sustainability Maturity Assessments, onsite assessments (including social assessments) or from the grievance mechanism; - inputs obtained as part of stakeholder engagement (➥ see “– 6.1.1.3.2 Interests and views of stakeholders”); as well as external information such as topical and sectoral benchmarks or public reports, and regulatory thresholds. Impact materiality assessment was also supported by the engagement with stakeholders, consistently with the overall stakeholder engagement approach presented in the dedicated disclosure requirement. This includes direct consultation of internal and external experts, information collected from stakeholders through the continuous stakeholder engagement, and from affected stakeholders or their relevant proxies (eg. employees through surveys, content of social dialogue, customers feedback…). The consideration of regulatory thresholds, or topical standards or reference frameworks were also deemed to represent ‘silent’ stakeholders’ interests (eg. nature). Impact on the Company or financial materiality. The potential impact of sustainability-related topics on the Company’s financial performance was assessed by combining -1- a screening and reassignment of the top company risks and opportunities extracted from the company’s enterprise risk management (“ERM”) system to sustainability subtopics assessed following ERM methods and -2- an exhaustive screening of the CSRD-proposed list of subtopics, for which both the associated financial impact level and its likelihood were reassessed. A threshold corresponding to a percentage of EBIT was used, aligned with the relevance threshold for financial statements, alongside equivalent qualitative impact types (e.g. Brand, Compliance etc.). The use of climate scenarios supported the identification of connected impact and dependencies that eventually led to complementing the risk picture (e.g. climate technology risk and energy ecosystem risk). More generally the scrutiny of the Company's business and operating model interdependencies with each sub-topic including through exchanges with topical experts supported the above-mentioned screening. DMA was formally presented to and endorsed by the Executive Committee and the Board of Directors. It also supports Internal Control´s prioritisation of work. Sustainability risks and opportunities are integrated into the ERM system and processes, including their identification, assessment and management. Consequently, they are part of the Company risk picture and addressed as defined by the overall process (see ➥ “– Corporate Governance – 3.2 Enterprise Risk Management System”). Impacts are covered by the Company Due Diligence process, as presented in the related disclosure requirements. Complementary information, see ➥ “– 6.5.3.4 Processes to identify and assess material IROs - complementary information”. 6.1.1.4.2 Disclosure requirements in ESRS covered by the sustainability statement [IRO-2] Some datapoints - or some information - associated with a material topic may have been omitted as deemed not material information. Such items were identified through an exhaustive screening of CSRD datapoints and substantiated by comparing the content of the disclosure requirement with the actual boundaries of the related material IROs and/or their relevance in the Company's context. In certain cases a materiality threshold was used, and notably for finance related information, as explained above in ➥ “– 6.1.1.3.3 Material IROs and their interaction with strategy and business model”. The List of the Disclosure Requirements vs. paragraphs where the related disclosures are located in the sustainability statement and the table of datapoints that derive from other EU legislation can be found ➥ in appendices “– 6.5.5.2 List of the Disclosure Requirements [...]” and “– 6.5.5.3 Datapoints that derive from other EU legislations”. Airbus SE/ Report of the Board of Directors 2025 148 6.2 Environmental information 6.2.1 Climate change [ESRS E1] 6.2.1.1 Climate change IROs Climate change ESRS E1 Time horizon ST / MT / LT Location in the value chain Climate change mitigation Actual The operations at the Company's facilities, those associated with purchased goods and services, and those related to the air transport sector's use of aircraft lead to air emissions including GHG emissions. ▶ ▶ ▶ Transition The climate mitigation risk includes the risk that the Company or its suppliers may not meet their decarbonisation ambitions or the late availability of low emissions technology could lead to, respectively, investor mistrust or products failing to meet customer expectations. This could negatively affect financial performance. See below * Climate change adaptation Physical The climate adaptation risk includes the risk that the Company or its suppliers may fail to mitigate the acute or chronic impacts of future climate change on their industrial sites. Additionally, failure to adapt products to perform effectively under future atmospheric conditions in a timely manner, relative to the speed of these risks' onset or time horizon could lead to production disruptions or a product offering that no longer meets customer expectations. This could negatively affect financial performance. Energy The energy-related risk includes the risk that renewable and low carbon energy (e.g. SAF, hydrogen) may not be available in sufficient quantities in the necessary time frames. This could lead to less air travel and lower demand for aircraft or for future aircraft programmes if not suited to available energy sources, which could negatively affect financial performance. Actual Energy consumption/mix usage originating from the Company's facilities, the suppliers’ facilities and the air transport sector's use of aircraft in operation lead to GHG emissions. ▶ ▶ ▶ * ➥ See “– 6.1.1.4.1 Description of the processes to identify and assess material IROs” and “– 6.1.1.3.3 Material IROs and their interaction with strategy and business model”. 6.2.1.2 Transition plan for climate change mitigation [E1.1] In line with the Company’s purpose, “pioneering sustainable aerospace for a safe and united world”, the Company aims to play a leading role in the decarbonisation of the aviation sector, supporting the goal set by the International Air Transport Association (“IATA”), Air Transport Action Group (“ATAG”) and International Civil Aviation Organization (“ICAO”) to reach ‘net zero carbon emissions by 2050’. This includes developing technologies for the next generations of aircraft. An overview of the Company’s comprehensive decarbonisation journey is presented hereafter. Based on the International Energy Agency (“IEA”) Net-Zero by 2050: A roadmap for the global energy sector report, air transport can grow at up to a certain level and meet the Paris Agreement objectives. This relies in part on technological developments to improve the fuel efficiency of air transport, in which the Company and its suppliers have a role to play. This is also in line with “net-zero carbon emissions by 2050” ambitions from international sectoral bodies such as the ATAG, as well as the UN specialised civil aviation body, ICAO. This is consistent with the Company’s near-term target setting, covering all three scopes of emissions, Airbus SE/ Report of the Board of Directors 2025 149 and with its core product policy that focuses on developing and delivering more efficient aircraft while engaging with the energy ecosystem. In October 2022, the aspirational objective of “net zero carbon emissions” in 2050 for international civil aviation operations was adopted by a vast majority of ICAO Member States. This political commitment paves the way for the transformation of the aviation sector, ensuring a level playing field at international level and it will accelerate the development of mitigation measures such as fleet renewal, aircraft and engine technologies, alternative energy carriers such as SAF or renewable hydrogen, and the enhancements of the operational practices and air traffic management. The Company supports this international long-term aspirational goal. The Company's activities are not excluded by the EU’s Paris-aligned benchmark framework. Targets. The Company has set combined near-term targets to reduce its GHG emissions that are validated by the SBTi as being science-based and aligned with limiting global warming to 1.5°C for Scopes 1 and 2 and with well-below 2°C for Scope 3 relating to the use of its commercial aircraft in service (Scope 3 Use of Sold Products (Cat 11)). This is in accordance with SBTi's criteria and recommendations for near-term targets. The Company's Scope 3 Use of Sold Products CO 2 intensity projections (CO 2 /RPK) are related to the Company's delivered commercial aircraft in a given year (2015/2035) over the entire life of service. ➥ Read more in “– 6.2.1.6 Targets and performance - Climate change”. Transition plan. To achieve its GHG emission targets, the Company has developed a transition plan of climate mitigation actions. The plan is structured into decarbonisation levers and sub-levers, which cover innovation in the Company’s product and service portfolio, its own operations, and in the Company’s value chain. A diverse range of factors of different climate scenarios have been considered to detect relevant environmental, societal, technology, market and policy-related developments and determine decarbonisation levers. ➥ See hereafter for more details on the usage of scenarios. The integration of the decarbonisation levers across all of the Company’s business activities, coupled with the focus on enhancing efficiency in its products, translates the objectives of the transition plan into the Company’s business model and strategy. The potential of technological levers to support the compatibility of the Company's business model with the transition to a sustainable economy and with the limiting of global warming to 1.5°C in line with the Paris Agreement and the objective of achieving climate neutrality by 2050 are based on its experience and expertise in the field of commercial aviation in collaboration with industrial partners such as engine manufacturers. Energy and SAF related levers are informed by the sector's work on the topic as well as elements drawn from IEA scenarios and regulatory frameworks around the world. The transition plan has been approved by the Company’s Executive Committee and the Board of Directors. Regular updates on the progress of this plan are presented to the Board’s ECSC. The Company has defined the following decarbonisation levers in order to ensure that its business model and strategy remain compatible with the transition to a sustainable economy. The last three decarbonisation levers refer to the Company’s Scope 3 use of sold products. They imply a close collaboration with many players in the aviation and energy sectors and are consistent with the aviation sector's long-term aspirational decarbonisation goal of reaching “net-zero carbon emissions” by 2050. ➥ Read more in “– 6.2.1.5 Actions and resources - Climate change”. Decarbonisation levers #1. Energy efficiency (Scopes 1&2). This decarbonisation lever focuses on increasing building (stationary) energy efficiency and mobile energy efficiency. #2. Renewable energy (Scopes 1&2). This decarbonisation lever focuses on switching to renewable energy through Power Purchase Agreements (stationary), developing local site renewable energy generation (stationary), and uptake of SAF in its internal operations - logistics and flight tests - (mobile). #3. Technology improvement introduction (Scope 3). This decarbonisation lever focuses on the continuous improvement of the latest generation aircraft as well as developing next generation aircraft that are more fuel efficient than current models. #4. SAF uptake (Scope 3). This decarbonisation lever focuses on fostering the development of the SAF ecosystem, contributing to the setting of industry standards for fuels, and developing aircraft that are 100% SAF capable. #5. Operations improvement (Scope 3). This decarbonisation lever focuses on developing the Commercial Aircraft portfolio of services aimed at supporting customers in reducing emissions arising from the usage of commercial aircraft, in collaboration with relevant actors in the air transport sector (e.g. Air Traffic Management). Investing in the future The Company’s total Research and Development budget (see table below) is mainly split between - but not limited to - investments in incremental developments of the Company’s current product portfolio which is required to maintain its competitiveness, including from a fuel and CO 2 efficiency perspective, as well as investment in the development of breakthrough technologies (e.g. hydrogen based systems, electric machines, energy storage and distribution) that are required for future products. EU Taxonomy. The Commercial Aircraft business of the Company is covered by the EU Taxonomy under the activity “3.21 Manufacturing of Aircraft” of the environmental target of climate change mitigation. Key figures Unit 2025 2024 Research and development expenses Bn € 3.15 3.25 Total OpEx (R&D) meeting EU Taxonomy techni- cal screening criteria for substantial contribution to climate change mitigation objective * Bn € 1.15 1.44 Of which, reported as aligned (OpEx) in the EU Taxonomy report Bn € 0 0 Total CapEx meeting EU Taxonomy technical screening criteria for substantial contribution to climate change mitigation objective * Bn € 1.70 1.47 Of which, reported as aligned (CapEx) in the EU Taxonomy report Bn € 0 0 * also referred to as “alternative performance measure” in ➥ section 6.6.3. Airbus SE/ Report of the Board of Directors 2025 150 The Company’s 2025 total CapEx disclosed in the table above include the impacts resulting from Spirit AeroSystems acquisition. The Company has not utilised the instrument of CapEx/OpEx plans to align its economic activities with the technical screening criteria. The “Manufacturing of Aircraft” criteria includes a transition period until January 1st, 2028, after which alignment will depend on the clarification by the sector and relevant certification agencies for a fuel standard of “100% SAF” specifications and the Company's ability to certify its commercial aircraft products accordingly. As such, the Company is not able to anticipate the evolutions of the alignment of its economic activities in future years. ➥ See “– 6.6 EU EU Taxonomy - Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)”. Locked-in GHG emissions Locked-in GHG emissions - Products. For products (AR.3.(b)), the locked-in GHG emissions are considered equal to Scope 3 - Category 11, Use of sold products for the current year and future Scope 3 emissions of aircraft currently in the order book. ➥ Please refer to section “– 6.2.1.8 GHG Emissions”. Locked-in GHG emissions - Assets. Emissions from all key assets are tracked by the Company's environmental reporting. Future emissions are calculated based on local energy network assumptions and taking into account the decarbonisation levers (as described above) and the impact of industrial production evolution. Locked-in GHG emissions for these assets are calculated as the sum of yearly remaining emissions until 2030, with further efforts being required for evaluating the locked-in GHG emissions until 2050. Locked-in emissions were taken into account when GHG emission reduction targets were set. ➥ For more details on how the Company plans to manage its GHG-intensive and energy intensive assets and products, refer to the “– 6.2.1.2 Transition plan for climate change mitigation” and “– 6.2.1.5 Actions and resources - Climate change”. Tracking progress and performance ➥ See “– 6.2.1.6 Targets and performance - Climate change”. 6.2.1.3 Identifying and assessing material climate-related IROs [ESRS 2 IRO-1] and their interaction with strategy and business model [ESRS 2 SBM-3] Following the TCFD recommendations, the Company has defined a range of temperature scenarios (1.5°C, well-below 2°C and >3°C) to represent different climate realities based upon the global scenarios of the Intergovernmental Panel on Climate Change ("IPCC" - Assessment Report 6 ("AR6")) and the International Energy Agency. The scenario analysis is used to identify financial and operational risks and opportunities related to climate change that may begin to impact the Company in the short-term, medium-term and long-term so that the Company can work to increase the resilience of its assets and operations in order to mitigate and adapt to climate change. The short-term time horizon (“ST”, considering the current year and up to two years thereafter) focuses on the ongoing production and ramp-up plans to increase production to 75 single-aisle aircraft per month by 2027 whilst the mid-term time horizon (“MT”, around 2035) relates to the assets and activities linked to the transition period between the current and next generation of commercial aircraft products. The long-term time horizon (“LT”, around 2050) is used to anticipate future climate-related risks during the production of the next generation of products. ➥ Detailed information about scenario analysis used is presented in appendix “– 6.5.3.4.1 Processes to identify and assess material climate-related IROs”. Resilience analysis Based on the results of the previously described climate-related physical and transition risk assessment, the Company has started analysing the resilience of its business activities in 2023. The full resilience analysis is expected to be completed by 2027. The critical assumptions about how the transition to a lower-carbon and resilient economy will affect the Company's surrounding macroeconomic trends, energy consumption and mix, and technology deployment are detailed in the description of climate scenario considered under the above climate-related physical risk and transition risk sections. The resilience analysis relies on the previously described climate risk analysis (physical and transition), including the time horizons mentioned in the previous first paragraph. The resilience analysis includes a review of the Company’s own business activities and extends to both upstream and downstream segments of the value chain, focusing on identifying vulnerabilities and strengths in the Company's strategy and business model concerning climate-related physical and transition risks. With the 1.5°C scenario for transition risk and the >3°C scenario for the physical risk analysis, the Company covers both extremes of climate risks, thus covering a broad spectrum of risks. As detailed above, the scope of the resilience analysis is the same as the climate risk assessment; it includes an assessment of operations, supply chain dependencies, and customer interactions to ensure a holistic understanding of potential impacts for all of the Company’s business activities. For each remaining identified material physical and transition risks, the existing and potential adaptation measures that contribute to climate resilience are reviewed, resulting in an overall risk picture, including those residual risks where mitigation measures are insufficient to eliminate the risks entirely. The conducted analysis has identified activities related to the transition of the air transport sector as high-risk business activities, with uncertainties including the pace of regulatory changes, technological advancements, and market acceptance of low-carbon solutions. This assessment of physical risks for the upstream value chain is still being conducted and therefore is not yet included in these results. The outcomes to date of the physical and transition risk assessments are summarised in the hereafter tables, as well as how these risks are managed to ensure the resilience of the Company's assets and activities. Airbus SE/ Report of the Board of Directors 2025 151 Climate-related risks The results of the Company’s climate scenario analysis has led to the identification of the following main risks: Transition - Technology Delivering on existing commitments and potential future requirements to mitigate climate impacts will require significant investments in new technologies for the commercial aircraft sector, making the delivery of low-emission technologies a significant marker of future competitiveness. A competitor or new market participant could have access to technological developments unavailable to the Company that offer significantly lower emissions at a faster pace than the Company and its partners, resulting in a loss of market share and competitiveness with resulting reduced revenue. The imperative for the Company and its partners to develop new technologies faster than other actors in the market will require substantial research and technology (“R&T”) and research and development investments. Emergence of disruptive technologies from competition Transition - Market The Company has identified risks linked to the availability and affordability of renewable and low-carbon energy. First, there is the risk of low volumes in absolute terms, due to insufficient investments in renewable or low-carbon energy (including through the sustainable transformation of available biomass). Second, there is the risk that even if total volumes are approaching sufficiency in absolute terms, the aviation sector is unable to access sufficient volumes, leading to a risk of a slower than expected substitution of fossil fuel energy and low uptake of the new solutions and products to be developed by the Company, and resulting in lower or longer returns on invested R&D. Low availability of renewable and low-carbon energy Transition - Market Accommodating new types of aircraft that respond to the aviation sector’s decarbonisation objectives requires an ecosystem that is ready. For instance, the development of future products based on hydrogen or other alternative propulsive technology concepts will require significant investments in both products and supporting infrastructure, which could directly impact the operating costs of such a product. Consequently, the absence of measures to stimulate robust hydrogen, synthetic fuels and biofuels supply infrastructure and adapted procedures to ensure efficiency and safety of operations, could mean that the ecosystem will be unable to accommodate the Company’s future products, notably resulting in significant development costs incurred and a risk of compromising the investments made if customers are unable or unwilling to purchase products that cannot be widely operated within the available infrastructure and procedures. Moreover, the competitiveness of this next generation product will also strongly depend, among other factors, on the evolution of the price of CO 2 emissions. A high price on CO 2 may impact the demand for aircraft relative to competitors' portfolios and could result in the loss of market share for the Company relative to its competitors. The Company’s business, results of operations and financial condition may be materially affected if the Company does not, at each step of development of its future products, account for market expectations while ensuring its products stay affordable for customers and competitive with respect to competitors’ portfolios. Impact of market measures and their development on demand for the Company’s products Transition - Policy and legal Aviation and aerospace are complex industries, with long product development cycles and where change takes a long time to be implemented. A rapid evolution of climate related policies (such as the EU zero-pollution communications) and regulatory frameworks (CO 2 standards, sustainable finance, emissions trading systems, aircraft operation restrictions, among others) could generate fast-changing requirements and could obstruct new product development pathways. In particular for aviation, as it is a global industry, policies and regulations implemented at national or regional rather than international level, or these evolving at a different speed depending on the region, could result in a negative impact on the competitive conditions for manufacturers and aircraft operators. This could result in a loss of competitiveness for the Company and reduced demand for its products. Climate-related regulations and restrictions - divergence in regulatory framework Transition - Reputation Reputational risks could be divided into several categories. Firstly, there is a risk that negative perceptions about the Company’s environmental performance could be used as key decision-making criteria for consumers, investors, or even new talents. Secondly, there is a risk that the Company’s reputation could be damaged by growing societal concerns about the climate change impact of aviation or by the lack of transparency on progress made to address climate-related issues. As an example, the Company disclosed its ambition to bring a commercially viable, fully electric, hydrogen-powered commercial aircraft into service. If the ambition is perceived as unattainable or if the Company is not able to deliver on its ambition, this could result in reputational damage leading to less investment, loss of revenues and reduced attractiveness. A similar situation could occur if the Company’s environmental performance is not on par with its expressed ambition. Change in behaviours, perceptions and societal expectations Physical - Acute The foreseen consequences of climate change include more frequent extreme weather events, such as drought, dust storms, extreme temperatures, extreme winds, flood, hail storms, landslides, hurricanes, tornadoes, cyclones and wildfires. These could negatively impact the Company’s products and its operations (including but not limited to route delays and safe aircraft operations), land assets and infrastructure as well as employees' safety (and people's safety generally). The above consequences and impacts may result in production or other operational disruptions leading to lost revenues, reduced profits, and losses. This could result in the need for additional modifications to the Company's products in order to meet more stringent safety needs, as well as requiring changes to industrial operations and procurement strategy, leading to increased operational and production costs and the consequential costs of adapting the Company’s insurance coverage. Extreme weather events may impact the Company's products and operations Physical - Chronic The foreseen consequences of climate change include long-term shifts in climate patterns (e.g., change in precipitation patterns, sustained higher temperatures, flooding, water stress or chronic heat waves). Such changes may cause an accelerated degradation of the Company’s industrial infrastructure and assets (buildings, tools, hardware), may reduce the availability of operational resources and may interrupt logistics flows, therefore impacting the Company’s manufacturing activities. In addition, the change in environmental conditions could also negatively impact the performance of products in operation and negatively impact the health and safety of the Company’s employees. This may result in the need for additional modifications to the Company’s products, as well as to industrial operations and procurement strategy, leading to increased costs and the adaptation of the Company’s insurance coverage. Consequences of long-term changing weather patterns may cause increase of infrastructure and operations costs, reduced labour productivity, loss of assets value and negatively impact employee’s health Airbus SE/ Report of the Board of Directors 2025 152 Based on a qualitative analysis, the Company has estimated the probability of risk materialisation. It has also performed a preliminary internal assessment, using data from the Company's ERM system, as to which climate-related risks may involve the most significant financial impacts in the future. The results are displayed in the following table. Climate scenario / time horizon(s) where risk likelihood is considered medium or high, based on Company's qualitative analysis Potential financial impacts before mitigation Key associated actions presented in the Company’s transition plan RISKS 1.5°C >3°C Transition - Technology ▶ ▶ ▶ ▶ ▶ ▶ ● ● ● ● Supporting fleet renewal by delivering its latest generation aircraft ● Developing and deploying SAF, with the ambition for all aircraft types to be capable of flying with up to 100% SAF by 2030 ● Investing in technologies to reduce product emissions, including hydrogen ● Investing in smart air traffic management (ATM) solutions and optimised operations ● Deploy local adaptation measures following threats and vulnerabilities assessment. ● Embed climate change in industrial strategy ● Engage R&D activities including with certification authorities on new climate model impacts on products Transition - Market / Energy ▶ ▶ ▶ ▶ ▶ ▶ ● ● ● Transition - Market / Demand ▶ ▶ ▶ ▶ ▶ ▶ ● ● ● Transition - Policy and legal ▶ ▶ ▶ ▶ ▶ ▶ ● ● ● Transition - Reputation ▶ ▶ ▶ ▶ ▶ ▶ ● ● ● Physical - Acute ▶ ▶ ▶ ▶ ▶ ▶ ● ● ● Physical - Chronic ▶ ▶ ▶ ▶ ▶ ▶ ● ● ● ▶ ▶ ▶ : ST - ▶ ▶ ▶ : MT - ▶ ▶ ▶ : LT As mentioned before, the resilience analysis is still ongoing but previously shared information under section ➥ “– 6.2.1.2 Transition plan for climate change mitigation” and to the above mentioned risk management mitigation measures provide a first understanding of the Company's ability to adapt its strategy and business model to climate change. Additionally, the section ➥ “– 6.2.1.5 Actions and resources - Climate change” provides further information on the adaptation actions taken by the Company to reinforce its resilience. More precisely, with regards to product resilience in the context of climate change, aircraft products are sensitive to weather phenomena during their operation phase. While the certified flight envelopes of the Company’s products offer some margin compared to relevant bad atmospheric conditions defined by certification authorities, the adaptation of aircraft design and operation to the changing climate is an important activity to be anticipated, in particular given the long lead time associated with aircraft development and operation. With regards to its defence product portfolio, the Company is collaborating with the North Atlantic Treaty Organization (“NATO”) and other defence industry players and organisations (in the so-called NATO Study Group 291) with the objective of developing recommendations on ensuring allied capabilities adaptation in the context of climate change. This is supported by inputs from the NATO Climate and Defence Task Force led by the Conference of National Armaments Directors (“CNAD”) the Company is also part of, together with the allied governments and other defence industry players. This collaboration aims at assessing, elaborating and deploying solutions to ensure technical capabilities still enable operational effectiveness in facing changing climatic conditions. The climate-related assumptions in the climate scenarios described above were also used in the Company's financial statements. 6.2.1.4 Policies - Climate change [E1.2] The Airbus Environmental Policy addresses climate change mitigation, energy efficiency and renewable energy deployment. Climate change adaptation, while not quoted as such in the policy, is covered by the Company’s EMS and ERM. ➥ Read more about the Airbus Environmental Policy in Appendix “– 6.5.3.1 Environmental policy”. Airbus SE/ Report of the Board of Directors 2025 153 6.2.1.5 Actions and resources - Climate change [E1.3] Climate mitigation and adaptation-related actions are coordinated by the Sustainability Organisation under the leadership of the Chief Sustainability Officer, which includes multifunctional and cross-divisional teams on CO 2 and Energy, as well as a dedicated organisation for SAF. Annual sustainability budgets are allocated to each function to implement said actions. The emissions reduction estimates presented in the tables below are indicative and represent the Company’s best view on how it intends to reach its targets, based on current assumptions, modelling (including effects of increasing production output) and portfolio of projects reducing CO 2 emissions and offsetting business growth. They may be refined over time as forecast techniques may improve and the portfolio of decarbonisation projects may be revised or re-prioritised to capture new opportunities or adapt to changes in market conditions. The Company has not identified any dependencies on the availability and allocation of resources for the implementation of the below actions unless otherwise stipulated. The actions listed below support the achievement of the related target, which applies to the Company’s own operations and operationally controlled entities. They have so far been implemented in priority on sites for which measured data is available, covering a large proportion of the concerned impact. ➥ Read more on methodology in appendix “– Reporting protocol – 6.5.4.2 Information related to ESRS E1”. MITIGATION Scopes 1 & 2 - Energy efficiency Decarbonisation lever #1 Mitigation action, on-going and planned to be further implemented Company-wide by 2030 This covers the Company's continuous efforts to enhance efficiency across key operational areas, specifically addressing building and industrial processes efficiency and strategic developments in internal logistics. Buildings and industrial processes efficiency The Company deploys a structured strategy for energy efficiency that ranges from detailed data acquisition to specific consumption reduction measures. The initial phase involves establishing data maturity by measuring industrial energy consumption, tracking wasted energy, and monitoring production lines. Such monitoring enables prioritising actions aimed at reducing overall energy consumption and addressing three crucial areas: enhancing manufacturing efficiency across industrial machinery, ensuring improving data centre efficiency, and influencing employee behaviours through training and best practices awareness campaigns. Interventions are prioritised based on where energy intensity is highest, so, targeting processes like painting, curing of composite parts and forming. A framework of technical best-practices guides the implementation of process optimisation and technology replacement. To further strengthen the deployment of its decarbonisation actions on the sites and secure its 2026-2030 trajectory, the Company formalised partnerships with leading energy specialists in 2025. Internal logistics The Company’s approach to decarbonise its transatlantic maritime logistics includes both immediate and long-term actions. For the long term, the Company’s operations will rely on three new, highly efficient roll-on/roll-off vessels to replace its entire chartered fleet, which are designed to halve CO 2 emissions compared to the existing fleet.These new ships will feature advanced efficiency features, including six Flettner rotors for wind-assisted propulsion and dual-fuel engines capable of running on e-methanol. The construction of the new ships started in 2025, with entry into service planned for 2026 and 2027. In the interim, to achieve immediate reductions, the Company has commissioned the retrofitting of its chartered vessel “Ville de Bordeaux”, with three autonomous suction sail systems, which are projected to improve efficiency while simultaneously increasing the vessel’s cargo capacity and therefore reduce the overall number of voyages required. Energy efficiency Unit Stationary assets Mobile assets Expected GHG emission reduction in 2030 compared to 2025 ktCO 2 e -139 -128 Achieved GHG emission reduction in 2025 compared to 2015 (incl. surface and activity evolution, energy efficiency and weather impact) ktCO 2 e -82 -69 For methodology, see ➥ appendix “– Reporting protocol – 6.5.4.2.3 About GHG emissions”. Airbus SE/ Report of the Board of Directors 2025 154 Scopes 1 & 2 - Renewable and low carbon energy Decarbonisation lever #2 Mitigation actions, on-going and planned to be further implemented Company-wide until 2030 The Company has implemented a comprehensive plan for renewable and low carbon electricity contracting aimed at addressing Scopes 1 & 2 decarbonisation target over the period 2015-2030. The availability of direct decarbonised energy supply is a key success factor that underscores the importance of securing early reliable and sustainable energy sources. Securing Power Purchase Agreements (“PPAs”) is a primary focus. Such PPA started in Spain in 2024, and were contracted more recently in Germany, starting in 2027, and in the UK - starting in 2028 - (see figures below). These agreements are expected to be pivotal, while the remaining emissions are to be covered by Renewable Energy Certificates (“RECs”) and Guarantees of Origin (“GoOs”). In addition to PPAs, the Company is committed to the implementation of local site renewable energy generation. Several projects are currently under study and development, focusing on photovoltaic systems, biomass, heat pumps, and other renewable energy technologies. The Company is also committed to exemplify the incorporation of SAF by using significant amounts in its relevant internal operations - internal air logistics (Belugas), flight tests - and similarly Sustainable Marine Fuels (“SMF”) for maritime transport, as part of its decarbonisation commitment. The Company does so using a structured process, aiming to maintain traceability and selecting suppliers based on specific standards, while documenting and overseeing the quality and sustainability criteria of the fuel. Key figures Unit Contracted share of country's electricity consumption covered by PPAs - Spain % c. 40 Contracted share of country's electricity consumption covered by PPAs - Germany - from 2027 % c. 50 Contracted share of country's electricity consumption covered by PPAs - UK - from 2028 % c. 50 SAF use in own operations in 2025 (2024) % 21 (18) Renewable and low carbon energy Unit Renewable and low carbon energy source for stationary assets Energy decarbonisation of energy mobile assets Expected GHG emission reduction in 2030 compared to 2025 ktCO 2 e -67 -65 Achieved GHG emission reduction in 2025 compared to 2015 ktCO 2 e -466 -44 For methodology, see ➥ appendix “– Reporting protocol – 6.5.4.2.3 About GHG emissions”. Scope 3 Use of Sold products Technology improvement Introduction Decarbonisation lever #3 Mitigation action, Commercial Aircraft business, on-going, by and beyond 2035 target horizon Delivering latest generation aircraft The Company’s current offering of commercial aircraft products present fuel efficiency characteristics that are in line with the highest achievable levels with current technologies and present a significant efficiency improvement compared with the majority of the current commercial aircraft fleet. As such, airlines renewing their in-service fleet with the Company’s current products benefit from immediate efficiency improvements, as reflected in the figures below. Fleet renewal - Target enablers / contributors Unit Proportion of previous generation aircraft in global commercial aircraft fleet in 2025 (2024) % c. 61 (c. 66) Estimated latest generation aircraft efficiency gain vs. than the previous generation % c. 25 Estimated A350 and A330neo efficiency gain vs. than the previous generation % fuel burn per seat 25 Estimated A320neo family efficiency gain vs. than the previous generation % fuel burn per seat 20 Estimated A220 efficiency gain vs. than the previous generation % fuel burn per seat 25 Continuous technological improvement Additionally, the Company consistently works to improve the efficiency of its aircraft, through new aerostructure designs, advanced materials, upgraded systems, and more fuel-efficient engines, aiming to reduce CO 2 , NOx, and noise emissions in operations. The A321XLR obtained its certification in August 2024 and its commercial entry into service in October 2024. The A321XLR offers the opportunity to longer-range routes for the single-aisle aircraft family, leveraging the platform’s greater fuel efficiency and hence CO 2 efficiency when compared to a bigger widebody aircraft. In 2025, a second engine option for the A321XLR has been certified. Airbus SE/ Report of the Board of Directors 2025 155 Next generation aircraft, supporting the sector's decarbonisation ambition beyond the Company's target horizon Next-generation single-aisle aircraft. The Company is investing in technologies aimed at reducing emissions for the next generation of products. In particular, Commercial Aircraft is preparing next-generation single-aisle aircraft technologies, focusing on innovations for airframes and engines. The "wing of tomorrow" programme is researching wing designs that reduce emissions through improved aerodynamics and reduced mass. The project has successfully delivered a full-size wing prototype incorporating lighter composite components and a folding wing tip for airport compatibility. A key objective is validating that the composite structure can be produced at the same high industrial rates as current metallic wings. In 2025, the Company began the final phase of load testing on its Wing of Tomorrow demonstrator at its facility near Bristol, starting with initial "down-bending" tests to simulate the wing's sag when on the ground. This phase serves to confirm structural predictions and test the integrity of the setup before moving to more high-risk, high-load evaluations that will eventually test the wing to destruction. In parallel, a "run-at-rate wing" demonstrator is being completed in North Wales to stress-test the production system, check fuel system integration, and determine the optimal balance between automation and manual assembly. The Company has also completed the preliminary design for a scaled wing demonstrator dedicated to evaluating the complex aerodynamic and integration challenges posed by open-rotor engines, with manufacturing of this specific demonstrator planned to begin in 2027. In collaboration with the European Clean Sky 2 and Clean Aviation programmes, the Company is researching new efficiency-enhancing technologies, such as semi-morphing wings, dynamic winglets, and innovative flight controls. In 2025, Clean Aviation announced 12 new projects. The Company is involved in eight of them and will lead two: “Large scalE Integration demonstrator of hybrid electrical Architecture” (“LEIA”) and “Short Medium Range - Aircraft Configuration Integration and Impact” (“ACI&I”). On the engine side, the Company supports engine manufacturers in adapting and integrating their latest innovations to meet aircraft needs. Hydrogen. The Company also considers hydrogen as a promising technology for reducing aviation’s climate impact. It has the ambition to bring a commercially viable, fully electric, hydrogen-powered commercial aircraft into service. The Company believes fuel cell technology to be the most promising to fulfil this ambition, which would significantly reduce emissions when compared to conventional jet engine configurations. In 2025, the Company announced that it had officially selected hydrogen fuel cell technology as the primary propulsion method for its future hydrogen powered commercial aircraft. This decision was based on the successful results from its fuel cell prototype and powertrain testing in 2023 and 2024. Airbus and one of its key partners signed a Memorandum of Understanding in June 2025 to advance together on hydrogen fuel cell propulsion, further consolidating efforts on this selected technology pathway. In addition, in 2025 the first Airbus-designed and built hydrogen fuel tank was manufactured at the Company’s site in Nantes. The welded aluminium tank will be shipped to the Airbus site in Bremen, Germany, for equipping before it returns to France for testing at a partner’s facility in Grenoble. The scaling up of the hydrogen ecosystem is challenging, and is progressing at a slower pace than previously anticipated. The scalability of fuel cell technologies towards a commercially viable product will also require more time. A commercial product is now expected to come later than 2035. Airbus will use this additional time to further develop the performance of the fuel cell propulsion and liquid hydrogen system technologies that are expected to enable the development of the Company's first fully electric commercial aircraft, as part of its ambition to pioneer sustainable aerospace. Scope 3 Use of Sold products - SAF uptake Decarbonisation lever #4 Mitigation actions Commercial Aircraft business, on-going, by and beyond 2035 target horizon unless specified otherwise The Company is actively fostering SAF ecosystems readiness and partnerships to support climate change mitigation. The primary constraints for operators are the price and global production capacity of SAF, which hinder large-scale adoption. To establish a robust SAF market, it is essential to match production with demand, supported by global regulatory frameworks and incentivisation schemes. Such a coordinated approach is essential to drive needed long-term investments and technology development. Hence, the Company approach can be summarised as follows: ● Aiming to develop the technical capability for up to 100% SAF for all its aircraft by 2030 ● Engaging with producers, customers and regulators in order to foster a consistent development of regulatory and voluntary demands on one hand, and production on the other hand. SAF uptake - Target enablers / contributors Unit SAF CO 2 emissions reduction throughout life cycle vs. conventional kerosene % Up to 80 Current Company's aircraft portfolio SAF fuel blend capability in operations % Up to 50 End of the decade ambition for the Company's aircraft portfolio SAF fuel blend capability, including military aircraft and helicopters % Up to 100 Airbus SE/ Report of the Board of Directors 2025 156 Context. The Company is vigilant about the potential future positive or negative impacts on the environment or people that could arise with the development on the SAF market, if adequate due diligence frameworks are not set. SAF is a fuel derived from a range of “feedstocks” (origin of carbon molecules used) made from sustainable resources and brings significant reduction of CO 2 emissions throughout its life cycle when compared with conventional kerosene (see table). Eight SAF production pathways are currently certified for blending with kerosene, including processes such as hydro-processed esters and fatty acids (HEFA), alcohol-to-jet, Fischer Tropsch, or power-to-liquid. Some of them are derived from used fat, cooking oil and grease, municipal waste, agricultural and forestry waste and residues. More advanced technologies use hydrogen and carbon captured directly from the air as feedstock for SAF production. On the one hand, regional SAF production, dependent on local feedstock availability, can significantly contribute to socio-economic development, particularly in developing nations. On the other hand, it is essential that other sustainability dimensions be considered to prevent potential adverse impacts, especially for those SAF production pathways that imply land use. In order to be considered a SAF, an aviation fuel needs to meet defined sustainability criteria and requirements; the Company supports the ones set out by ICAO/CORSIA and in particular aspects related to non-competition with food and water resources. It also actively supports current and future sustainability criteria via regionally or nationally recognised schemes including EU Renewable Energy Directive (“RED II”), Renewable Fuel Standard (“RFS”), Low Carbon Fuel Standard in the US, Renewable Transport Fuel Obligation in the UK and ‘Renewable Fuel Units' (“HBEs”) in the Netherlands. To foster a robust market for SAF, both global cooperation and regional initiatives are essential. The EU's ReFuel EU SAF mandate, for instance, is creating tangible regulatory demand. Concurrently, regions like China, India, and Southeast Asia are actively accelerating their own SAF development efforts. Cooperative platforms like the Commercial Aviation Alternative Fuels Initiative (“CAAFI”) in the US exemplify how stakeholders can collaborate to foster market development. Aircraft up to 100% SAF capability The current 50% SAF blend capability of aircraft using Jet A/A1 fuel isn't the short-term limiting factor for the SAF market, as blending rates are currently well below this limit. However, achieving up to 100% SAF compatibility is an essential step, given that an aircraft delivered in 2030 will operate well into 2050. Consequently, the Company is aiming for all its platforms - including military aircraft and helicopters - to be capable of operating on up to 100% SAF by the end of the decade. The current 50% SAF limit ensures compatibility with the JET A/A-1 fuel specification, allowing for a drop-in solution without modifications to aircraft or fueling infrastructure. Exceeding this limit would necessitate either modifications to adapt to a new fuel grade or the development of a purely synthetic fuel that fits within the existing specification. The Company is actively involved in two key research projects in collaboration with industry partners: VOLCAN (a collaboration with Safran, Dassault and the French Ministry of Transport) and ECLIF3 (a collaboration with Rolls-Royce, the German Aerospace Center (“DLR”) and SAF producer Neste). These projects focus on assessing the impact of 100% SAF on engine and fuel systems, as well as measuring the benefits on emissions and fuel efficiency. Findings from these projects have been published in 2025 and formed the basis for two new research projects on the effects of SAF on non-CO 2 emissions (see action below on studying effects of non-CO 2 emissions). Early adopter, foster market demand As an early adopter, the Company aims to stimulate market demand through its above-mentioned flight tests and internal logistics using the Beluga aircraft, addressing actual SAF market development challenges. On top, and since 2022, it has also incorporated SAF in the internal charter flights linking its various production sites. In 2025, the Company signed an agreement with airline easyJet including the integration of SAF on the route between Bristol and Toulouse, the implementation of a SAF for corporate travellers program by easyJet with Airbus as its launch customer and a joint Airbus SE/ Report of the Board of Directors 2025 157 communication campaign to promote the use of SAF in corporate travel. In addition, the Company also engages with customers to assist them in using SAF in their commercial operations and better understand how SAF can be integrated in their business models. Furthermore, as an airlines’ corporate customer and in order to support the emergence of such voluntary demand, the Company further extended its procurement of SAF certificates in 2025 that contribute to reducing the CO 2 emissions from its business travel (e.g., from Air France KLM, British Airways, Iberia, Lufthansa Group, Volotea, Air Corsica and easyJet). The Company is engaged in initiatives and partnerships promoting the development of SAF production and use with airlines and producers which, in 2025, included the following two investments: ● An investment together with airline Qantas in Climate Tech Partners (“CTP”), a climate-focused venture capital fund, to support their shared ambition to accelerate the development of SAF and other aviation decarbonisation technologies. This strategic investment aims to bridge the gap between early-stage climate technologies and commercial, at-scale SAF production, particularly in Australia. ● A joint investment with Cathay Group to accelerate the development and scaling of SAF production in Asia and globally. The partnership will focus on identifying and investing in commercially viable projects, reflecting a shared commitment to building a stronger SAF supply chain and advocating for supportive policies across the region. Towards a harmonised framework As a global industry, aviation requires a harmonised and interoperable framework of standards and regulations to ensure a level playing field. The Company supports the systematic implementation of SAF policies across all states and recognises CORSIA as a reference for sustainability standards, aiding in the global sourcing of SAF. The Company also contributes to sectoral initiatives with ATAG, IATA, JetZero Council (UK), and the First Movers Coalition, and governmental ones with ICAO. Regionally, the Company monitors the development of SAF-related regulations at both national and regional levels to ensure their consistency with global standards and regulatory frameworks. Airbus Book & Claim Demonstrator (“ABCD”). In the nascent SAF market, "Book & Claim" offers a solution to the logistical challenge of delivering SAF to the market. It enables customers to purchase SAF without the need for a direct physical connection to a SAF supply site, providing greater flexibility than other chain of custody models. Indeed, the book and claim approach allows a buyer to "book" a certain amount of SAF and "claim" the corresponding emission reduction, even if the fuel is used elsewhere. The Company, through the ABCD project, is working to make SAF more accessible, especially for customers with low volume needs or those far from supply points. Launched in March 2025 with the non-profit organisation “Roundtable on Sustainable Biomaterials”, the ABCD aims to test, promote, and advocate for wider use of the SAF Book & Claim mechanism within both regulatory and voluntary frameworks. This pilot program will aggregate SAF certificates, run customer use cases, and generate insights into the mechanism's effectiveness. Scope 3 Use of sold products - Operations improvement Decarbonisation lever #5 Mitigation actions, Commercial Aircraft business, on-going, by and beyond 2035 target horizon unless specified otherwise The Company is actively engaged in research to mitigate climate change, focusing on reducing CO 2 emissions and optimising Air Traffic Management (“ATM”) for existing aircraft. Key research programmes include contributing to the Single European Sky Air Traffic Management Research programme ("SESAR") and leading the HERON project, which studies methods to optimise aircraft operations during taxiing and improve Trajectory-Based Operations ("TBO"). Further innovative research involves formation flying, initially explored through the Fello’fly project (launched in 2019) to demonstrate how a trailing aircraft can use the leading aircraft's wake energy for significant fuel savings on long-haul flights. Building on this success, the Company took the lead of the EU’s new “Gain Environmental Efficiency by Saving Energy” (“GEESE”) project in 2024. This research will define the concept of operations for formation flying on continental traffic flows, specifically outlining operational and system requirements for routes between Europe and Asia, Europe and the Middle East, and Europe and North America. Lever #5 - Fello’fly project key figure Unit Estimated engine thrust and fuel consumption reduction for follower aircraft (long-haul flights) % fuel burn up to 5 The Company’s customer services decarbonisation portfolio offers tangible solutions to reduce operational CO 2 emissions and optimise ATM, primarily via its subsidiaries Navblue and Metron: ● Flight Optimisation: the NAVBLUE OPTIMIZE suite of analytics-driven applications, powered by the Skywise big data platform, is available to airline customers to enhance flight and fuel efficiency across their fleets. This digital suite features the Performance Factor Optimizer (“PFO”), which automatically computes the precise fuel factor for each aircraft's current performance state and feeds it into the Flight Management System (“FMS”) for highly accurate fuel Airbus SE/ Report of the Board of Directors 2025 158 prediction. Furthermore, the IDLE Factor Optimizer (“IFO”) continuously adjusts the FMS prediction of the descent trajectory, resulting in quantifiable fuel and emissions savings during every descent. ● ATM Efficiency: the Company provides solutions for Air Navigation Service Providers (“ANSPs”) and airports, such as Harmony and Horizon, to optimise ATM network performance, minimise delays, and increase global capacity. ● Ground Operations: the Company also develops and implements practical fuel-saving procedures for airports, designed to reduce consumption by minimising the use of the main engine and Auxiliary Power Unit (“APU”) while aircraft are stationary or taxiing. For decarbonisation levers #3, #4 and #5, the quantification of potential contributions to GHG emission reduction is deemed in part confidential and therefore not published. Due to the complexity and interdependencies between all product-related decarbonisation levers, it is not possible to calculate the achieved individual contributions to the overall GHG emission reductions. However an order of magnitude of the respective contributions from these levers to the sector’s decarbonisation ambition can be found in the graph entitled “The aviation industry’s roadmap towards “Carbon Neutral Emissions” by 2050’ (see ➥ Foreword in “– 6.1 Non-financial information: Sustainability Statement”). Scope 3 Use of sold products - Studying the effects of non-CO2 emissions Additional action Mitigation actions, Commercial Aircraft business, on-going, by and beyond 2035 target horizon unless specified otherwise While reducing carbon emissions is the primary focus of the aviation industry because of their cumulative effect, non-CO 2 emissions are also produced during flight. These include nitrogen oxides (“NOx”), sulphur and soot aerosols, as well as contrails, which are formed when moisture in the air freezes around these particulates. They may result in both warming and cooling effects on climate depending on molecules and whether contrails occur at night or during the day. The Company collaborates with research institutions, universities and other key stakeholders to better understand the short- and long-term effects of non-CO 2 emissions on the environment and develop operational solutions to mitigate those having a warming effect. The Company’s research focuses on multiple pathways for reducing non-CO 2 emissions: air traffic management solutions, fuel types and engine optimisation. It is working with multiple partners to investigate how adjusting flight trajectories could reduce the impact of these emissions, for example, through the CICONIA project under the SESAR 3 Joint Undertaking, a European aviation partnership programme, as well as with the French civil aviation research council (“CORAC”), the French Directorate General for Civil Aviation (“DGAC”) and the Aerospace Technology Institute in the UK. The Company is also measuring and analysing impacts of different fuel types and mixes on non-CO 2 emissions, using a variety of different engine types and combustion technologies. It leads the VOLCAN and PACIFIC projects, which are testing changes to non-CO 2 emissions when using different types of fuel, including 100% SAF or different SAF blends. In 2025, the Company continued to invest in researching the climate effect of contrails with two new projects: ● The Process for the Abatement of Contrails from Innovative Fuels and Climate (“PACIFIC”) project. This European collaborative effort will focus on advancing research into contrail mitigation, including the impact of 100% SAF combustion on ice crystal formation. ● The Contrail Research Yielding STimulating Advanced RQL Learning (“CRYSTAL”) project, launched in partnership with Canadian aerospace academic and research organisations, includes a ground and flight test campaign at the Company’s Mirabel site (Canada). The CRYSTAL project aims at measuring emissions on-wing (ground testing) and in-flight emissions and contrails at various altitudes (flight testing) using the A220 flight test aircraft. In 2024, the EU Commission amended the existing Monitoring and Reporting Regulation (Implementing Regulation (EU) 2018/2066) to incorporate Monitoring, Reporting, and Verification (MRV) procedures for the non-CO 2 effects of aviation. From 2025, aircraft operators are required to report non-CO 2 emissions effects for individual flights. This reporting will be collected by EUROCONTROL. The Company is actively collaborating with EUROCONTROL and airlines to supply accurate aircraft performance models, which will support the required reporting of 2025 non-CO2 emissions, expected by March 2026. In 2025, the ICAO General Assembly approved a resolution to enhance the scientific understanding and address uncertainties of aviation’s climate impacts, including exploring means to quantify potential climate impacts of non-CO2 aviation emissions and technological and operational measures to address such impacts. Financial resources for mitigation actions The Company estimates that a couple of hundred million euros per year (combined OpEx and CapEx) may be necessary to complete its Scopes 1 & 2 decarbonisation plan. This estimate is indicative and may be revised pending evolution and progress of the project portfolio. Airbus SE/ Report of the Board of Directors 2025 159 ADAPTATION Leveraging the preliminary outcomes of its resilience analysis, including at site level, the Company continues to identify and implement adaptation measures that need to be undertaken locally. They are being prioritised, taking into account the estimated time of horizons and / or speed of onset of respective risks. Industrial sites Adaptation Company-wide, on-going, continuous, with no fixed time horizon The Company has engaged actions corresponding to the most imminent physical risks, specifically extreme heat and floods. Regarding heat stress, preparation plans were implemented across several sites, including Toulouse, Nantes, and Méaulte. The corporate Environment, Health & Safety (“EHS”) department established and distributed 'Guidelines for Heat Stress risk assessment and management' to all Airbus entities. Practical protective measures have been trialled, such as 'heat stroke alert' bracelets and cooling clothing, notably in Toulouse and Manching. Furthermore, good operational practices are in use at various facilities, exemplified by the implementation of free cooling, the installation of heat and humidity sensors in technical rooms, and the use of UV sheets on windows at sites like Airbus Aerostructure Varel. In parallel, mitigation measures against flooding events have been implemented. This includes the installation of flood barriers at Airbus Atlantic Nantes, following a significant past event. In Bremen, a detailed flood emergency plan has been defined, supported by ongoing flood risk analyses for each building. These analyses identify hazards and corresponding action plans to prevent damage to assets and human injury. Continuous monitoring of the groundwater level is also maintained across the Bremen site via a dedicated metering network. Additional examples include the deployment of external flood defence barriers and mobile sump pumps in Stevenage, and the use of a weather station at Varel to control exhaust closures during high rain or strong wind, with associated systematic inspection and clearing of drainage systems following storm episodes. In addition, the design and construction of new facilities incorporate applicable standards aimed at reducing their vulnerability to climate-related hazards. Actions related to water stress risk are detailed separately (refer to ➥ “– 6.2.3 Water and marine resources”). The Company will continuously complement, sequence, and refine its approach as additional information, including insights from its ongoing resilience analysis, becomes available. Certain actions may necessitate engagement with local authorities and/or communities. The Company maintains comprehensive insurance against short-term climate-related risks. A property damage and business interruption insurance policy has been subscribed, covering the impact of natural hazards, specifically including earthquake, wind, and flood, as well as any other natural event not explicitly defined, such as hail, avalanche, snowfall/weight of snow, and mudflow. Products Adaptation Company-wide, on-going, continuous, with no fixed time horizon The Company is engaged in adapting its products to the changing climate, recognising the sensitivity of these products to weather phenomena during their operational phase. While aircraft are certified with flight envelopes going beyond current usual atmospheric conditions, this proactive approach is essential due to the long lead times associated with aircraft development and operation. This is also about ensuring the operational availability of future aircraft, for airlines and operators to experience as little business discontinuity as possible that would be caused by extreme weather conditions. To address this, the Company is participating in the European Network - Impact of Climate Change on Aviation (“EN-ICCA”), an industry working group launched by EASA. The objective of this group is to define a work programme aimed at enhancing adaptive capacity, strengthening resilience, and reducing vulnerability to climate change within the aviation sector. Additionally, the Company is engaged in the creation of a working group with ICAO, further demonstrating its commitment to this critical issue. In 2025, this group reviewed the most relevant climate-related scenarios for product adaptation analysis in their specific time horizons and the critical climate hazards to be monitored, based on available scientific literature. Supply chain Adaptation Company-wide, on-going, continuous, with no fixed time horizon The Company is also progressing similar risk mapping for its supply chain. Identified risks are discussed with concerned suppliers so as to define mitigation actions. Outcomes are included in the broader risk picture and so are considered when defining or reviewing the Company’s procurement risk management strategy. Airbus SE/ Report of the Board of Directors 2025 160 6.2.1.6 Targets and performance - Climate change [E1.4] The Company has set itself three targets to manage material climate-related impacts and risks. Complementary information can be found in the appendix ➥ “– Reporting protocol – 6.5.4.2.1 About climate targets”, which notably includes explanations on critical assumptions used for the Scope 3 computations, such as SAF usage and other operational conditions (average aircraft lifetime, load factor…). CO2 - Scopes 1&2 - market based Near term target validated by SBTi as 1.5°C-aligned -63% 2030 vs. 2015 Actuals kt CO2eq % vs. baseline 2015 1,277 ref. 2025 615 -52% Compensate remaining yearly emissions 2030 target 473 -63% Year-on-year interim targets, set on TCO scope 509 ktCO2eq in 2025 500 ktCO2eq in 2028 2024 520 ref. 2025 519 -0.2% Definitions, methodology, , see ➥ appendix “– 6.5.4 Reporting protocol”. Progress and performance. In 2025, the Company's Scopes 1 & 2 GHG emissions slightly decreased, yet falling short of the ambitious yearly target (see table). Increased emissions from the commercial aircraft production ramp-up and internal logistics were mitigated by internal SAF usage and the purchase of renewable energy certificates proportionate to revenue. To support the 2030 target and absorb continued production growth, the Company formalised partnerships in 2025 to strengthen on-site decarbonisation and is contracting PPAs. CO2 - Scope 3 Use of products commercial aircraft, in efficiency. Near-term target validated by SBTi. -46% 2035 vs. 2015 Actuals gCO2e / km.pax % vs. baseline 2015 88.8 ref. 2025 60.6 -32% 58.1 gCO 2 /km.pax in 2028 2035 target 48.0 -46% Average efficiency of aircraft included in Scope 3 commercial (2025: 791 aircraft, 2024: 764). SAF uptake as per IEA-SDS scenario. See definitions, methodology in ➥ appendix “– 6.5.4 Reporting protocol”. Progress and performance. Since 2015, the improvement of commercial aircraft Scope 3 efficiency - measured through this metric - was largely supported by significant investments into new aircraft technology and designs, as well as by projected SAF uptake impact to a lower extent. It is expected that the forecasted increase of SAF used by airlines in the coming decades will have a decisive impact for achieving this target by 2035. The Company benchmarks global SAF penetration against target assumptions via IATA’s consolidation of direct SAF consumption reported by airlines. While 2025 volumes are below projections, the sector's consumption nearly doubled annually from 2020 to 2024. Consequently, the Company’s sensitivity analysis conducted in 2025 determined that the current variance should not have a material effect on meeting the target. Key figure Unit 2025 2024 Est. annual global SAF production, as per IATA report (“Fact Sheet - Sustainable Aviation Fuels”, Dec 2025) Mt 1.9 1.0 ** The target is validated by SBTi as being science-based and aligned with a “well below 2°C” scenario, which is in line with the required level of ambition for a Scope 3 target according to SBTi’s “Corporate near-term criteria version 5.2”. The Company has initiated the assessment of the compatibility of its targets with 1.5°C considering the EU Commission guidance on European Climate Law-aligned pathways published in November 2025 as well as to the continuing developments of the Greenhouse Gas Protocol, the SBTi net-zero standard for corporates and its guidance for the aviation sector. Energy - own operations Purchased energy from stationary sources % vs. Progress, performance. Notwithstanding a marginal increase in energy consumption in 2025, the growth rate was slightly below that of production and the use of renewable electricity continued to progress. While the 2025 energy target-related metric stood close to its 2030 objective, the trajectory towards this target factors in the expected production ramp-up. -20% 2030 vs. 2015 Actuals GWh baseline 2015 3,188 ref. 2025 2,736 -14% 2030 target 2,551 -20% See definitions, methodology in ➥ appendix “– 6.5.4 Reporting protocol”. Airbus SE/ Report of the Board of Directors 2025 161 6.2.1.7 Energy consumption and mix [E1.5] See definitions, methodology, revision of figures in ➥ appendix “– 6.5.4 Reporting protocol”. Energy consumption and mix Unit 2025 2024 Total Energy Consumption MWh 3,889,989 3,780,426 Total energy consumption from fossil sources MWh 2,305,412 2,321,209 Fuel consumption from coal and coal products MWh 0 0 Fuel consumption from crude oil and petroleum products MWh 953,737 982,369 Fuel consumption from natural gas MWh 1,058,972 935,758 Fuel consumption from other fossil sources MWh 667 1,952 Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources MWh 292,036 401,130 Total energy consumption from nuclear sources MWh 323,100 347,213 Total energy consumption from renewable sources MWh 1,261,478 1,112,004 Fuel consumption from renewable sources MWh 274,931 309,635 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh 980,814 799,198 Consumption of self-generated non-fuel renewable energy MWh 5,732 3,172 Percentage of energy consumption from nuclear sources in total energy consumption % 8.31 9.18 Percentage of renewable sources in total energy consumption % 32.43 29.41 Percentage of fossil sources in total energy consumption % 59.27 61.4 Non-renewable energy production MWh 231,529 285,326 Renewable energy production MWh 9,115 6,229 Total energy consumption from activities in high climate impact sectors MWh 3,889,989 3,780,426 Total energy consumption form activities in high climate impact sectors per net revenue from activities in high climate impact sectors MWh/M€ 53.0 54.6 Purchased grid electricity and other energies (gas and other stationary fuels) for stationary sources, as per Company energy's consumption related target Mwh 2,736,134 2,631,743 Scope 2 GHG emissions - Percentages of energy contracts Unit 2025 2024 Percentage of regular energy contracts % 89.4 87.5 Percentage of regular energy contracts covered by bundled EACs % 17.5 31.7 Percentage of regular energy contracts covered by unbundled EACs % 33.4 7.4 Percentage of regular energy contracts not covered by EACs % 38.5 48.4 Percentage of physical direct-wire PPAs % 0.3 0.2 Percentage of sleeved PPAs % 4.8 5.0 Percentage of virtual PPAs % 0 0 Percentage of other renewable contracts % 5.5 5.0 Percentage of contractual instruments used for sale and purchase of energy bundled with attributes about energy generation in relation to Scope 2 GHG emissions % 25.3 39.3 Percentage of contractual instruments used for sale and purchase of unbundled energy attribute claims in relation to Scope 2 GHG emissions % 29.1 7.4 Airbus SE/ Report of the Board of Directors 2025 162 6.2.1.8 GHG emissions [E1.6] See definitions, methodology, revisions and restatements in ➥ appendix “– 6.5.4 Reporting protocol”, which notably includes explanations on certain critical assumptions used for the Scope 3 computations, such as SAF usage and other operational conditions (average aircraft lifetime, load factor…). The Company has performed a screening of all Scope 3 categories and concluded that category 11 “Use of Sold Product” is the only significant category to be disclosed. Performance Milestones and Target Years GHG emissions disaggregated by Scopes 1 and 2 and significant Scope 3 Unit Base year 2015 2025 2024 2028 % 2028 target vs. 2025 2030 % target vs. base year 2035 % target vs. base year Scope 1 GHG emissions Gross Scope 1 GHG emissions including regulated emission trading schemes ktCO 2 eq 480 462 Percentage of Scope 1 GHG emissions from regulated emission trading schemes % 45 41 Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions ktCO 2 eq 342 323 Gross market-based Scope 2 GHG emissions ktCO 2 eq 135 160 Scope 1 + Scope 2 GHG emissions Gross location-based ktCO 2 eq 822 785 Gross market-based ktCO 2 eq 1,277 615 622 473 -63% Scope 1 + Scope 2 market-based GHG emissions on TCO scope ktCO 2 eq 519 520 500 -3.6% Significant Scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions ktCO 2 eq 492,687 474,691 cat.11 - Use of sold products ktCO 2 eq 492,687 474,691 ・ Commercial aircraft IEA-SDS SAF uptake ktCO 2 eq 483,216 466,354 ・ alt. Commercial aircraft - ("no SAF" scenario) ktCO 2 eq 590,969 560,614 ・ Other products ktCO 2 eq 9,471 8,337 Total GHG emissions Total GHG emissions (location-based) ktCO 2 eq 493,509 475,476 Total GHG emissions (market-based) ktCO 2 eq 493,302 475,313 Biogenic CO 2 emissions Scope 1 Biogenic CO 2 emissions ktCO 2 eq 79 85 Scope 2 Biogenic CO 2 emissions ktCO 2 eq NS NS Scope 3 Biogenic CO 2 emissions ktCO 2 eq 84,967 75,392 Scope 3 Cat 11. GHG efficiency for delivered commercial aircraft (as per SBTi-validated target) gCO 2 / pax.km 88.8 60.6 61.1 58.1 -4.1% 48.0 -46% Scope 3 Cat 11. GHG efficiency for delivered commercial aircraft ("no SAF" scenario”) gCO 2 / pax.km 74.1 73.4 GHG emissions breakdowns Unit 2025 Scope 1 2025 Gross Scope 2 location-based 2025 Gross Scope 2 market-based 2024 Scope 1 2024 Gross Scope 2 location-based 2024 Gross Scope 2 market-based Mobile sources of emissions ktCO 2 eq 250 256 Stationary sources of emissions ktCO 2 eq 230 342 135 206 323 160 From consolidated accounting group ktCO 2 eq 475 295 110 457 280 137 From operationally controlled entities ktCO 2 eq 5 46 25 5 43 23 GHG intensity per net revenue Unit 2025 2024 Total GHG emission (location based) per net revenue ktCO 2 eq/MEUR 6.7 6.9 Total GHG emission (market based) per net revenue ktCO 2 eq/MEUR 6.7 6.9 Key figures Unit 2025 2024 Net revenue used to calculate GHG intensity million EUR 73,420 69,230 Net revenue (other) million EUR 0 0 Total net revenue (in financial statements) million EUR 73,420 69,230 Airbus SE/ Report of the Board of Directors 2025 163 6.2.1.9 GHG removals and carbon credits [E1.7] Carbon offsets act as an additional voluntary measure for GHG emissions compensation, contributing towards global climate actions without any intention to replace emissions reduction or become a way of achieving Company’s near-term SBTi validated targets. Compensation covers Scopes 1 & 2 yearly remaining emissions, as per the Company's commitment. Compensation also covers yearly air business travel and airshows related emissions. Carbon credits cancelled in the current reporting period compensate for emissions from the previous reporting period. The Company's carbon offset strategy prioritises high-quality carbon removal projects over avoidance projects, aligning with IPCC conclusions (e.g., Special Report on 1.5°C and Assessment Report 6), with the ambition to progressively reduce the share of CO 2 avoidance offsets in favour of removal projects, encompassing both nature-based and technology-based solutions. The Company sources carbon offsets from projects that are certified by internationally recognised standards, such as the Gold Standard, Low Carbon Label (French Decree) or Climate Action Reserve, which integrate social and environmental safeguards. These standards strictly ensure additionality, permanence, and avoidance of double counting, alongside rigorous rules for calculating, monitoring, and verifying project GHG emissions. In addition, carbon offset strategy includes a co-benefits dimension to foster positive social and environmental impacts, such as capacity building, biodiversity conservation, air quality improvement, sustainable development of local communities, and climate resilience. The integrity of projects, including criteria and generated offsets quality, are reviewed during the selection phase by an independent third party. Some projects, selected on a risk-based basis, may also undergo on-site visits by third party assurance provider EcoCert to ensure claimed benefits are duly delivered. The selection process also considers societal aspects with a focus on respect for human rights, such as the existence of stakeholder engagement, the active involvement of local and indigenous communities under the free, prior and informed consent principle or the prevention of worker exploitation, including indicators of forced and child labour. To secure a long-term supply of high-quality offsets in view of potential future market scarcity, the Company strives to diversify its sourcing strategy beyond traditional brokered transactions, e.g., considering forward-delivery removal offsets from project developers via new financial and contractual structures. In 2025, a mix of both removal and avoidance carbon credits have been purchased. So far, the Company has relied exclusively on externally brokered carbon offset. No removal or reversals resulting from development in our own operations or value chain have been reported to date. Financed Cancelled Financed and planned Carbon credits (in the reporting year) Unit 2025 2024 2025 2024 to be cancelled in the future Total tCO2eq 1,176,270 871,069 402,209 48,491 775,073 Share from removal projects % 37.2 0.2 17.0 5.1 Share from reduction projects % 62.8 99.8 83.0 94.9 Per recognised quality standard view % 100 100 100 100 Share from projects within the EU % 1.1 0.2 1.6 5.1 Share of carbon credits that qualify as corresponding adjustments % 0 0 0 0 6.2.1.10 Internal carbon pricing [E1.8] Transition plan CapEx and OpEx. The Company has established CO 2 reduction targets for Scopes 1, 2, and Scope 3 Use of Sold Products emissions. Over the years, progress made towards achieving these targets is largely attributable to the Company’s strategic focus on investments (e.g. industrial assets), as well as operational measures (e.g. procurement of renewable energy or SAF for internal operations), which are centrally managed and prioritised by the Company. CO 2 savings are inherently the primary decision criterion for this category of investments, and the use of a shadow carbon price - as described in the following paragraphs - had therefore a limited influence on these CapEx investment decisions. CapEx investments (Scopes 1 & 2). The Company has started to apply a shadow carbon price in its investment decision-making process throughout its three divisions. This fixed price (see table below) was established considering benchmarks, carbon price projections from various relevant sources such as those of the IPCC 2018, IEA and IRENA 2017 and French authorities. The integrated internal pricing mechanism aims to factor the internal carbon price into business case evaluations. By doing so, the Company seeks a more holistic financial analysis of its CapEx projects and to favor those investment decisions with a better CO 2 footprint. As part of its continuous improvement process and having assessed the effectiveness of the current scheme in influencing overall decision making, the Company is considering modifications to ensure relevance for the business. Product incremental development (Scope 3 Use of Sold Products). From November 2023, the use of the shadow carbon price was extended to current aircraft programmes’ product related major incremental developments in the Company’s Commercial Aircraft business segment, in line with its Scope 3 emission reduction ambition. The internal carbon price is used when the Company introduces modifications to existing aircraft programmes, many of which could reduce drag or save weight in its aircraft design to improve fuel efficiency and reduce emissions, while accuracy could still be materially improved with further standardised methodologies to assign a CO 2 emissions to specific modifications. Of note, the use of this internal carbon pricing mechanism is not deemed appropriate in business cases related to any future programmes, to the extent that the energy dimension is embedded in related modelling and projections. Metrics. While the Company does not consider CSRD-defined metrics to be relevant indicators to steer such a topic in view of the context described above, the Company will strive to collect necessary information to report such metrics in the future when additional guidance / best practices emerge. Key figure Unit Internal carbon price EUR / tCO 2 150 Airbus SE/ Report of the Board of Directors 2025 164 6.2.2 Pollution [ESRS E2] 6.2.2.1 Pollution IROs The following pollution-related IROs were identified: Pollution ESRS E2 Time horizon ST / MT / LT Location in the value chain Substances of (Very High) Concern The Company or its suppliers may not be in a position to substitute substances of concern or of very high concern in due time in accordance with regulatory requirements. This could lead to business disruption across the value chain and to the Company not being able to deliver aircraft to its customers, which could negatively affect financial performance and damage its reputation. / Air pollution Actual Aircraft and aircraft parts painting and cleaning within certain facilities of the Company lead to volatile organic compound emissions, potentially resulting in air pollution if adequate mitigation measures are not used. ▶ ▶ ▶ In addition, a potential short-term impact was identified associated with the production of aviation fuel in the downstream value chain, which may lead to emissions into water and contribute to water pollution if adequate mitigation measures are not used. 6.2.2.2 Substances of Concern and of Very High Concern (hereafter jointly referred to as “Substances of Concern”) 6.2.2.2.1 Policies - Substances of Concern [E2.1] The Airbus Environmental Policy emphasises the importance of addressing substances of concern by driving the development of solutions aimed at substituting and reducing the use of regulated substances throughout the product life cycle. This approach supports compliance with applicable regulations, protection of human health and the environment and helps mitigate obsolescence risks for the Company in relation to substances of concern. Incident avoidance and emergency situations are covered in Airbus Environmental Management System. ➥ Read more about the policy in appendix “– 6.5.3.1 Environmental policy”. The use and management of chemical substances are subject to specific requirements, with the main regulations covering the Company’s activities and products being EU’s Registration, Evaluation, Authorisation and restriction of Chemicals (“REACH”); Restriction of Hazardous Substances (“RoHS”) and Persistent Organic Pollutants (“POP”). 6.2.2.2.2 Actions and resources - Substances of Concern [E2.2] Some substances used in the global aerospace industry to meet the stringent technical performance standards required for certification and airworthiness are subject to regulations. These regulations impact key industrial processes and products, such as surface treatments, primers and fire protection. The Company works with suppliers and the wider industry with the aim of developing suitable alternatives to the Company’s uses of such substances and actively promotes the development and use of suitable alternatives, across product life-cycles. Airbus SE/ Report of the Board of Directors 2025 165 Impact assessment Substances of concern Avoidance / reduction, on-going and embedded in the Company’s usual operations, upstream value chain engagement Using information from its technical documentation/design data-set as at aircraft production and based on information received by the Company from its suppliers, the Company tracks, records, assesses and declares regulated chemicals. This activity encompasses both the Company's own operations and upstream activities, based on information received by the Company from its suppliers. Assessments are notably triggered whenever new regulations or regulatory changes occur, enabling the Company to monitor substance usage, manage regulatory compliance, and anticipate supply disruption risks. The Company also engages with suppliers to promote the adoption of a similar approach through regular communication and, more widely, by working together with the aerospace industry to promote worldwide harmonisation of ways of working, taking into account the sector’s safety and lifecycle specificities. Substitution Substances of concern Avoidance / reduction, on-going and embedded in the Company’s usual operations upstream and downstream value chain engagement The Company has established a portfolio of activities and projects, collaborating with suppliers, the wider industry and airworthiness authorities to identify, develop, qualify, and deploy new technologies and solutions that aim to avoid the use of substances classified as posing a risk to human health or the environment, while still meeting the stringent technical performance standards required for airworthiness and certification. When it can be demonstrated that alternative technologies meet those stringent requirements, the Company seeks to implement them in its product design and manufacturing. For example, the Company is, in cooperation with its suppliers, developing, qualifying and progressively deploying on new products, chromate-free corrosion protection and paint systems for aluminium structures. The following table shows the current status of Commercial Aircraft activities as an illustration of the progress achieved: Key figures, at year end Unit 2025 Number of regulated substances screened No. 16,282 Number of mixtures for which substitutes were qualified and deployed No. 492 Data management Substances of concern Avoidance / reduction, on-going and embedded in the Company’s usual operations upstream and downstream value chain engagement The Company is deploying digital tools to facilitate the collection, management and use of substance-related data from its suppliers. This data is then used internally to assess the impact of regulatory evolutions and manage the Company’s obligations linked to substance regulations, including the provision of information to customers on the presence of substances in the Company’s products delivered to them. Monitoring impacts of substance-related regulatory requirements on continuity of supply Substances of concern Avoidance / reduction, on-going and embedded in the Company’s usual operations, upstream value chain engagement The Company also focuses on preventing supply chain disruption caused by the unavailability of substances, whether due to regulatory requirements or suppliers' decisions. This initiative involves regular assessment of such potential risks, such as campaigns to gather information from suppliers. It also includes evaluating suppliers' proposed solutions and the qualification of suitable alternatives. Airbus SE/ Report of the Board of Directors 2025 166 Key figures, at year end Unit 2025 2024 Number of suppliers engaged in this new data collection tool No. c. 600 c. 200 Number of part numbers covered by suppliers engaged in the data collection tool No. c. 100,000 c. 23,000 6.2.2.2.3 Targets - Substances of Concern [E2.3] The Company framework for substitution of Substances of Concern is aligned with regulatory time horizons rather than with set Company targets and regularly assesses status of the Company’s actions towards managing substance-related regulatory requirements. Examples include using Technology Readiness Levels (“TRL”) indicators to track progress of the substitution projects and other Key Performance Indicators which are regularly reviewed by steering committees in charge of substance topics. 6.2.2.2.4 Metrics - Substances of Concern [E2.5] The Company manages substance-related IROs in line with the regulatory requirements and their provisions related to substance traceability, based on information on product composition received by the Company from its suppliers. These provisions generally include the communication of the presence of certain substances, often when above a specified concentration level (for example, presence of Substances of Very High Concern in an article above 0.1% weight by weight (“w/w”) as required by the Article 33 of the REACH regulation; Substances of Concern which are not Substances of Very High Concern under REACH are not subject to this requirement), or the communication of a range of concentration of some substances in a specific mixture via a Safety Data Sheet (for example, the Company may receive the information that a substance is present in a mixture in a concentration between 10% and 80%). The precise quantity (mass) of substances in a product is not made available to the Company, and the available data does not allow the Company to calculate the quantity of substances in products/articles and mixtures. As mentioned above, the Company is working to deploy digital means to facilitate the collection, management and use of substance related data from its suppliers as a way to enhance its reporting capability in the future and maintain its compliance with substance-related regulations. 6.2.2.3 Pollution of Air 6.2.2.3.1 Policies - VOC [E2.1] The Airbus Environmental Policy outlines its environmental management and is designed to manage various environmental aspects, such as Volatile Organic Compounds (“VOC”) emissions. In the context of this Policy, the Company is committed to continually reducing its environmental footprint through its industrial operations by implementing innovative technologies and solutions, including to reduce air emissions. ➥ Read more about the policy in appendix “– 6.5.3.1 Environmental policy”. The Company is subject to pollution-related regulatory requirements, some of which being embedded into the permits granted by local authorities to its sites. In addition, the Company’s ISO 14001 certified Environmental Management System notably applies the standard recommendations for pollution control audits, training, risk assessment and identification, implementation of risk prevention procedures (e.g. emergency plans, simulation exercises). For example, sites shall conduct an analysis of environmental aspects and impacts at least every three years, as well as each time a material change in operations occurs, also in connection with the Company’s ERM process. The Airbus Environmental Management System is intended to cover incidents avoidance and emergency situations. Airbus SE/ Report of the Board of Directors 2025 167 6.2.2.3.2 Actions and resources - VOC [E2.2] Action plan VOC On-going, continuous, including and embedded in Company’s own operations ▶ 1 Monitoring The Company monitors VOC emissions to identify the main emitters of VOC within its industrial processes. The VOC emissions are directly measured where required by regulation or calculated through a mass-balance approach. This action enables the Company to quantify the VOC emissions and focus actions on priority areas. Avoid Reduce ▶ 2 Storage and handling of raw materials In order to prevent or reduce fugitive VOC emissions during storage and handling of solvent-containing materials, the Company applies various practices, including covering of containers in storage and minimisation of storage in production areas. Avoid Reduce ▶ 3 Raw material management including substitution Where technically feasible, the Company reduces the solvent consumption and environmental impact of used raw material by deploying paints/coatings and adhesives with a lower VOC content (high solid systems) as well as water-based systems. Avoid Reduce ▶ 4 Cleaning techniques Where technically feasible, the Company implements several measures to reduce VOC emissions from cleaning processes. These measures include the use of pre-impregnated wipes in manual cleaning, the substitution of VOC-based cleaners with low-volatility or water-based cleaning agents, and the use of enclosed washing machines for tool cleaning. Avoid Reduce ▶ 5 Coating processes The Company aims to minimise raw material consumption and the overall environmental impact of coating processes by employing advanced spraying techniques such as air-assisted airless spraying and electrostatically assisted spraying. Avoid Reduce 6.2.2.3.3 Targets and performance - VOC [E2.3] VOC emissions Own operations and operationally controlled entities % vs. baseline This voluntary target, aligned with the Company’s environmental policy should also be put in perspective with the Airbus production ramp up over the 2015-2030 period. 2025 VOC emissions increased slightly compared to 2024, following the growing industrial output. 2025 VOC emissions remain below the 2030 target while the trajectory towards the target integrates the expected increase in aircraft production. +0% 2030 vs. 2015 tonnes 2015 1,500 ref. 2025 1,270 -15% 2030 target 1,500 0% See definitions, methodology in ➥ appendix “– 6.5.4 Reporting protocol”. 6.2.2.3.4 Metrics - VOC [E2.4] Air emissions Unit 2025 2024 VOC - sites exceeding 100 tonnes annual emissions * tonnes 248 157 VOC - Company-wide (as per Company’s target perimeter) tonnes 1,270 1,219 * 2025: Hamburg and Airbus Atlantic - Montoir de Bretagne sites; 2024: Hamburg site only. See definitions, methodology in ➥ appendix “– 6.5.4 Reporting protocol”. 6.2.2.4 Pollution of water and pollution of living organisms and food The Company has identified that its environmental impacts, risks, and opportunities related to pollution of water and pollution of living organisms and food are found exclusively within the up- and downstream value chain as a potential impact of the kerosene production processes. An overview of all IROs related to pollution can be found in section ➥ “– 6.2.2.1 Pollution IROs”. While LCA leads to identifying such a potential impact, the Company has limited ability to influence the operations of oil & gas companies and does not have any relevant information. Airbus SE/ Report of the Board of Directors 2025 168 6.2.3 Water and marine resources [ESRS E3] 6.2.3.1 Water IROs The following water-related IRO was identified: Water [ESRS E3] Time horizon ST / MT / LT Location in the value chain Water consumption, withdrawals The Company or its suppliers may fail to mitigate the potential impact of water stress - related to climate change - on water consumption, usage and withdrawal in their industrial operations, within a timely manner relative to the onset of such risks. This could lead to production disruptions, which could negatively affect financial performance. / Given the increasing severity of global water stress challenges, the Company strives to strengthen its resilience to water-related risks. While the Company’s overall volume of water withdrawn is relatively limited, securing its availability is critical for business continuity, especially in regions facing high water stress. A number of sites across all divisions are concerned including for instance some in Spain, France, Germany, UK, US, China or India. ➥ Read more about high water stress areas in appendix “– 6.5.3.4 Processes to identify and assess material IROs - complementary information”. Most water usage is tied to non-industrial purposes, such as sanitary needs, Heating, Ventilation and Air Conditioning (“HVAC”) and canteens. Around one third is essential for industrial processes, for example in climate control (e.g., clean rooms and paint-shops), surface treatment and machining. Water procurement's currently limited cost is therefore not a relevant dimension of the topic. The risk of constrained supply is managed through the Company’s ERM system, which specifically addresses water accessibility in highly stressed areas. 6.2.3.2 Policies - Water [E3.1] The Airbus Environmental Policy and Environmental Management System emphasises the Company's commitment to sustainable practices in its operations. A focus of the Environmental Policy is on water, where the Company aims to continually explore and implement innovative technologies and solutions aiming to reduce the environmental footprint of its activities, including regarding water. ➥ Read more about the policy in appendix “– 6.5.3.1 Environmental policy”. 6.2.3.3 Actions and resources - Water [E3.2] Action plan Water Aiming to avoid and reduce the usage and withdrawal of water On-going, continuous, including and embedded in Company’s own operations and operationally controlled entities 1 Metering and monitoring The Company undertakes improvement of water metering and monitoring to better understand water usage and identify deviations and abnormalities. Notable implementations in 2025 include for example the continuous improvement of water consumption monitoring in the Airbus Commercial Toulouse site (France). Airbus SE/ Report of the Board of Directors 2025 169 ▶ 2 Leak management The Company strives to detect, repair and prevent water leakages in order to minimise unnecessary water withdrawal. This continuous initiative has led to the identification and repair of several leaks in a number of the Company’s sites in 2025, for example in the Mirabel site (Canada). ▶ 3 Water reduction and reuse The Company develops water recycling and water reuse systems. For example, a new, closed-loop raintest facility has been set up in the Airbus Helicopters Marignane site (France), allowing almost all of the water used during the tests to be recovered. At the Airbus Getafe site (Spain), renaturalisation of green areas with native species that need low irrigation was conducted in 2025. ▶ 4 Rainwater harvesting The Company implements rainwater harvesting in order to replace the use of drinking water in industrial and sanitary equipment. For example, in 2025, a rainwater collection system has been installed in the Airbus Getafe site; the collected storm water is used for fire protection tests and irrigation. ▶ 5 Employee engagement The Company also acts on employee engagement in order to raise awareness on water management challenges. In 2025, this included deploying awareness campaigns, such as communications on the World Water Day via internal communication channels as well as onsite awareness-raising activities. ▶ 6 Sites assessments In 2025, the Company undertook studies supported by external expertise across several Company sites to evaluate the water management maturity level of these sites and identify relevant opportunities to further reduce water withdrawal. These actions support the achievement of the water-related target. They have so far been implemented in priority on sites for which measured data is available, covering a large proportion of the concerned impact. They target in particular sites located in areas at water risk, including areas with high or extremely high water stress. 6.2.3.4 Targets and performance - Water [E3.3] Water withdrawal Own operations and operationally controlled entities % vs. baseline * This target is set in absolute water withdrawal volumes, defined by the Company as the sum of purchased water, abstracted groundwater and surface water withdrawal whilst excluding collected rainwater, reclaimed water, brackish coastal water, and “non-contact” water used for geothermal energy generation or heating/cooling; this metric is referred to as “water withdrawal-related KPI”. -25% 2030 vs. 2015 m 3 2015 4,311,645 ref. 2025 3,533,233 -18% 2030 target 3,233,734 -25% Year-on-year interim targets, set on TCO scope 3.21 million m 3 in 2026 2024 3,272,199 ref. 2025 3,205,067 -2.1% See definitions, methodology, ** in ➥ appendix “– 6.5.4 Reporting protocol”. Water withdrawal (as per target KPI) slightly reduced in 2025, supported by the outcomes of actions described above and despite the demanding context of increased industrial activity. Securing the trajectory towards the 2030 target, which integrates the expected aircraft production ramp-up, remains a priority focus. 6.2.3.5 Metrics - Water [E3.4] Water Unit 2025 2024 Total water consumption m 3 707,521 656,859 ・ Total water consumption in areas of high water stress m 3 274,420 258,863 ・ Total water consumption in areas at water risk m 3 152,617 142,823 Total water withdrawal m 3 3,521,940 3,573,632 Water intensity (consumption) m 3 /M€ 9.6 9.5 Total water withdrawal-related KPI (own operations and operationally controlled entities, 2030 target) m 3 3,533,233 3,578,127 Total water withdrawal-related KPI on TCO scope (2026 target) m 3 3,205,067 3,272,199 See definitions, methodology in ➥ appendix “– 6.5.4 Reporting protocol”. Airbus SE/ Report of the Board of Directors 2025 170 6.2.4 Biodiversity and ecosystems [ESRS E4] 6.2.4.1 Biodiversity and ecosystems IROs The following IROs were identified for biodiversity: Biodiversity ESRS E4 Time horizon ST / MT / LT Location in the value chain Direct impact drivers of biodiversity loss, impact on the extent / condition of ecosystems Actual The air transport sector's use of aircraft in operation leads to GHG emissions that may indirectly impact biodiversity. ▶ ▶ ▶ The biodiversity-related IRO is an indirect effect of the Company's climate change related IROs. ➥ see “– 6.2.1.1 Climate change IROs”. 6.2.4.2 Transition plan [E4.1] Transition plan and consideration of biodiversity and ecosystems in strategy and business model. No specific resilience of strategy and business model to biodiversity risks was conducted, in line with the non-identification of any material related risk. ➥ see “– 6.1.1.4.1 Description of the processes to identify and assess material IROs”. 6.2.4.3 Material IROs [SBM-3] Material IROs and their interaction with strategy and business model. The Company has not identified any sites as having a material negative impact on biodiversity. To date, the Company has not identified any material negative impacts with regards to soil sealing, land degradation and desertification, nor threatened species. 6.2.4.4 Policies - Biodiversity [E4.2] The Company has not adopted a policy specifically on biodiversity. The Environmental Policy applies to topics related to the biodiversity IROs. ➥ see appendix “– 6.5.3.1 Environmental policy”. In addition, while the Company’s sites ISO 14001 certification embeds biodiversity considerations, processes and actions supporting the local management of biodiversity are also defined to facilitate compliance to local applicable regulatory requirements. 6.2.4.5 Actions and resources - Biodiversity [E4.3] The Company has not defined actions on biodiversity, as the actions implemented to address climate change topics are deemed to simultaneously address biodiversity IRO. For more information, please refer to section ➥ see “– 6.2.1.5 Actions and resources - Climate change”. 6.2.4.6 Targets and metrics - Biodiversity [E4.4] The Company has not defined targets nor metrics on biodiversity, as the target and metrics to address climate change mitigation is deemed to simultaneously address biodiversity IRO. For more information, please refer to section ➥ “– 6.2.1.6 Targets and performance - Climate change”. Airbus SE/ Report of the Board of Directors 2025 171 6.2.5 Resource use and circular economy [ESRS E5] In aerospace applications, the use of materials is largely driven by performance - weight - and airworthiness considerations. While the sector represents a small fraction of the global volumes for most materials, it is among the main users for some highly specialised materials (e.g. titanium). From a life-cycle perspective, the major portion of a typical aircraft impact comes from its operational use phase. Therefore, using lighter materials and optimised designs - which may be more impactful in their production processes - is particularly effective in regards to achieving significant reductions in energy consumption and emissions overall. Product weight optimisation is also largely linked to product performance in terms of range and fuel consumption, and therefore has a benefit for customers. Optimising the use of such high-value materials is directly linked to the Company’s competitiveness, while securing their supply is necessary to ensure business continuity. Key figure Unit Proportion of Company’s aluminium consumption in the global market % c. 0.1 Accordingly, the Company's circularity approach, that includes in-sourcing and waste management dimensions, relies on several complementary levers that include and can be illustrated as follows: ● “Avoid” or material use optimisation - Weight reduction through material use optimisation has always been a priority in aerospace, as this is directly linked to aircraft performance. More optimised design and manufacturing processes for metallic and composite components can improve the buy-to-fly ratios, as well as reduce weight, material consumption, energy consumption and production costs. ● “Reduce” industrial waste - The Company focuses on the waste generated by its sites in the manufacturing process, which is embedded in a waste target. A dedicated multi-functional team with skills from across the organisation such as Engineering, Information Management, Procurement, Industrial Operations and Facility Management is actively working on a waste reduction roadmap. ● “Reduce” - Increase the lifespan of components - A large part of the Company's aircraft products' components last for the aircraft service lifetime, which exceeds 20 years on average. Some components, called life-limited parts (“LLPs”), have a lifetime which is limited for the purposes of airworthiness requirements and need to be replaced at specific intervals based on the aircraft age and usage. Airbus SE/ Report of the Board of Directors 2025 172 ● “Repairability - reuse - second life” - With regards to LLPs, easy replacement and availability of parts over the whole programme lifetime are a priority. The Company’s products are maintained and repaired by a number of maintenance, repair and overhaul (MROs) companies and spare parts providers worldwide. The Company's after-sale activities include the sale of spare parts and the provision of maintenance, repair and overhaul services. ● “Recycling” - Waste generated by the Company’s industrial processes often includes high-value materials, so optimising their circularity responds to both environmental and economic objectives. The Company is working on specific initiatives, such as loop creation for titanium. 6.2.5.1 Resource use and circular economy IROs The following resource use- and circular economy-related IROs were identified: Circular economy - ESRS E5 Time horizon ST / MT / LT Location in the value chain Resource inflow, including resource use Actual The aviation sector's use of titanium in the production of aircraft components represents a relatively high percentage of the resource's global stock and may affect global resource availability. ▶ ▶ ▶ The risk of titanium supply disruption could have an impact on aircraft production and deliveries, which could affect financial performance. / Waste An opportunity to reduce waste may arise from optimising the recovery of industrial waste, such as high-value metallic scraps. This could contribute to more efficient industrial processes and to further secure supply and production, which could contribute to financial performance. / 6.2.5.2 Policies - Resource use and circular economy [E5.1] The Airbus Environmental Policy and Environmental Management System emphasises the Company's commitment to sustainable practices in its operations. The Airbus Environmental Policy outlines the Company’s commitment to reducing environmental impact during production and throughout the product life cycle, eco-design, circularity, and end-of-life considerations (including waste management in its own industrial operations). The Policy focuses on minimising resource depletion (including virgin resources) and the increased use of secondary materials to deliver innovative products and services, although it does not explicitly mention transitioning away from use of virgin resources nor sustainable sourcing and use of renewable resources. All considerations for optimising material use shall also, under no circumstance, be detrimental to product safety and shall meet all technical requirements from stringent certification standards. The Airbus Environmental Policy also emphasises the importance of transitioning from a linear economy to a circular one, diverting waste from landfills and avoiding the depletion of natural resources. ➥ Read more about the policy in appendix “– 6.5.3.1 Environmental policy”. Airbus SE/ Report of the Board of Directors 2025 173 6.2.5.3 Resource inflows 6.2.5.3.1 Actions and resources - Resource inflows [E5.2] The Company is dedicated to advancing materials circularity within the aerospace value chain, with a particular focus on two metals: titanium and aluminium. Titanium is one of the primary metals of structural aerospace manufacturing, with its alloys primarily used for pylons, engines and landing gear. Aluminium alloys are used extensively to form aircraft fuselages, wing structures and interiors. Both metals are lightweight, resistant to corrosion, and have a high strength-to-weight ratio. Titanium alloys are also resistant to high temperatures and have good fatigue resistance. Material optimisation through advanced manufacturing technologies Resource inflows On-going, continuous, concerned Company-wide industrial processes including R&D While 3D printing is not a new manufacturing concept, the Company has been taking steps to use a specific kind of 3D printing technology, called additive layer manufacturing (“ALM”), to produce aircraft parts from titanium with minimal waste. Instead of forging a part from a larger amount of material or milling it down and ending up with scraps – in other words, a subtractive process – additive layer manufacturing allows for parts to be manufactured using only the material needed. This technology is now being used by the Company to create the 32 door latch shafts needed for each A350 aircraft. Before, the latch shaft of the A350 was made using ten separate parts that were assembled together. Now, with ALM, there is only one integrated part, which weighs 45% less compared to latch shafts made using a traditional forging process. The second ALM method is directed-energy deposition (“DED”), which is used to create large and regularly shaped parts by using a laser to melt a titanium wire and then deposit it in place. This technique results in a ‘near net shape’ part, meaning it is very close to its final shape but still must be fully machined before being ready for installation. This is an improvement over traditionally forged parts, where several centimetres of material usually need to be removed during machining. In July 2023, the first two DED-manufactured parts were installed on an A350. DED is considered as the most promising ALM technology for the Company because the development lead times are quicker than those for traditional forgings, and it also helps relieve pressure on titanium supply chains. Airbus SE/ Report of the Board of Directors 2025 174 Material optimisation through scrap recovery Resource inflows On-going, concerned industrial processes at selected sites, progressing deployment across the Company Although new manufacturing techniques can reduce metal consumption, there will always be some level of waste during production. To counter this, the Company is investing in recycling titanium scraps from the production floor. Titanium scraps are critical to manufacturing new ingots because aerospace-grade titanium is not pure – it is made of a mix of virgin alloy (titanium sponge) and recycled titanium. Since 2024, a company called EcoTitanium has been recycling titanium scraps gathered from engine pylon production at the Company’s Saint-Eloi factory in Toulouse, France. In 2025, this was extended to the Company’s sites in Varel and Augsburg, Germany, leading to large volumes of scrap being recovered for processing by EcoTitanium. Key figure Unit 2025 Scrap recovered from the Company’s sites in France and Germany tonnes c. 480 Moving to the end of the lifecycle, the manufacturing of the first ingot containing end-of-life titanium from an Airbus pylon was completed by EcoTitanium in June 2025, under the Company’s lead and in collaboration with IMET Alloys in France. The ingot, which will be used by metals specialist Aubert & Duval to manufacture new titanium-forged airframe parts, is the first instance of material from end-of-life parts being recycled in Europe into manufacturing aerospace-grade material. EcoTitanium is a joint venture by Aubert & Duval of France, French ecological transition agency ADEME and regional bank Crédit Agricole Auvergne. Airbus is a joint owner of Aubert & Duval along with Safran and Tikehau Capital. Critical materials sourcing strategy Resource inflows On-going, Commercial Aircraft business In the context of the EU Critical Raw Material regulation, the Company has established and maintains an internal methodology to assess the criticality of raw materials based on supply risk, environmental, and human rights impacts. This initiative is driven by the increasing cross-boundary measures impacting the supply of critical raw materials. Based on this, a regularly updated watchlist of the most critical raw materials has been defined to influence design and sourcing choices. Launched in 2023, this initiative fundamentally aims to identify vulnerabilities to mitigate risks associated with raw material supply. In 2025, the Company produced risk preparedness dossiers on supply, environmental, and human rights risks for several key resources including titanium alloys, aluminium alloys and permanent magnets. Employee awareness on circularity Resource inflows On-going, continuous, Company-wide The Company’s sustainability competency strategy seeks to cover, among others, circularity. Accordingly, since 2023, training modules are available to employees through the Company’s training catalogue. To further drive engagement in 2025, the Company organised internal events such as "Critical & Strategic Raw Materials Days" where employees learnt about challenges linked to critical and strategic raw materials and explored potential solutions while meeting experts. Additionally, specific awareness sessions and accessible resources, such as livestreams and internal websites, are deployed to ensure broad internal understanding of these strategic topics. 6.2.5.3.2 Targets - Resource inflows [E5.3] The Company tracks the effectiveness of its policies and actions in relation to material sustainability-related impacts, risks and opportunities. This is achieved through a dedicated multi-functional team with various skills such as Engineering, Information Management, Procurement, Industrial Operations and Facility Management that is actively working on a waste reduction roadmap that sets priorities for material inflows, manages projects, and monitors progress. As mentioned under ➥ “– 6.2.5.3.1 Actions and resources - Resource inflows”), weight reduction through material use optimisation has always been a priority in aerospace, as this is directly linked to aircraft performance. The success of these actions is contingent upon securing commercial agreements and consolidating demand rather than focusing on volume-based objectives. In this context, the Company has no plans to set a target as such on this topic. Airbus SE/ Report of the Board of Directors 2025 175 6.2.5.4 Waste 6.2.5.4.1 Actions and resources - Waste [E5.2] The Company's main industrial waste is composed of metallic waste, chemical waste and packaging waste. Waste from industrial activities represents about three quarters of the total waste generated by the Company’s sites, the remaining portion being waste generated in offices and canteens. Metering and monitoring Waste On-going and embedded in the Company’s usual operations Robust metering and monitoring is the backbone of effective waste management, and the Company's commitment to this is reflected in its work to enhance the management and traceability of waste across its operations. This effort has included expanding established waste management practices to partners handling construction and demolition waste and improving data reliability by implementing dedicated waste management tools across most major European sites. A key focus has been on data robustness and accuracy, leading to a Company-wide initiative to achieve a consistent level of data maturity. This involves standardising practices for working with waste collectors and harmonising definitions, processes, and assumptions across all sites for the purposes of regulatory compliance and greater traceability. By leveraging digitalisation to collect and manage all waste data on a single, unified platform, the Company gains a holistic view of generated waste. This enhances monitoring, reporting, and forecasting capabilities, allowing efforts to be effectively steered toward meeting policy objectives. Most of the total waste volume produced is tracked and reported on a monthly basis, and the Company plans to continue onboarding new sites to maintain and improve this standard of data accuracy and transparency. In 2025, the Company rolled out a new process for the collection of data for construction related waste in order to reduce the lengthy periods previously needed to gather the data from subcontractors as well as improve data quality. Recycling of metallic waste Waste On-going and embedded in the Company’s usual operations Waste generated by the Company’s industrial processes often includes high-value metals such as titanium and aluminium. The Company is consequently developing processes to optimise the segregation and cleaning of metallic waste for reclassification as secondary raw material. Following successful implementation at the Nantes site (France) in 2024, similar processes were completed in 2025 at the sites in Broughton (United Kingdom) and Varel (Germany). This shift not only reduces the volume of waste sent for disposal but also creates a circular economy for these critical materials, thus lessening the Company's reliance on primary resource extraction. Waste reduction and reuse Waste On-going and embedded in the Company’s usual operations Focusing on reusable packaging media is a crucial strategic step to not only significantly reduce the volume of waste across the Company’s sites but also for the purposes of compliance with upcoming EU packaging and packaging waste regulation. By moving away from single-use items, the Company will establish a more circular and sustainable operational model throughout its supply chain, yielding long-term cost savings on procurement and waste disposal. This action will be deployed operationally in 2026. Employee engagement Waste On-going and embedded in the Company’s usual operations The Company also acts on employee engagement in order to raise awareness on waste management challenges. In 2025, this included deploying awareness campaigns, such as communications on the European Week for Waste Reduction in internal communication channels as well as onsite awareness-raising activities. Airbus SE/ Report of the Board of Directors 2025 176 6.2.5.4.2 Targets and performance - Waste [E5.3] Waste produced excl. exceptional waste Own operations and operationally controlled entities % vs. baseline In 2025, non-exceptional waste production grew moderately, due to aircraft production ramp up effects partially offset by savings from initiatives described above. 2025 remains close to the 2030 target, while the trajectory towards this target factors in the expected production ramp-up. Landfilling continues to be an area of attention with the increasing visibility of construction / demolition volumes. The Company intends to make greater use of certified centers to manage excavated materials and have them reused. -20% 2030 vs. 2015 tonnes 2015 113,647 0% 2025 91,806 -19% 2030 target 90,917 -20% Additional objective: 0% directed to disposal i.e. landfill and incineration without energy recovery, wherever a suitable alternative is locally and technically available. See definitions, methodology in ➥ appendix “– 6.5.4 Reporting protocol”. 6.2.5.4.3 Metrics - Waste [E5.5] Waste Unit 2025 2024 Total amount of waste generated in Company’s own operations tonnes 388,132 362,562 Total amount of waste diverted from disposal by recovery operations tonnes 213,876 243,975 Total amount of hazardous waste diverted from disposal by recovery operations tonnes 15,816 15,328 Of which, amount going to recycling tonnes 7,368 6,801 Of which, amount going to energy recovery tonnes 6,022 5,658 Of which, amount going to any other recovery operation (pre-treatment / temporary status) tonnes 2,426 2,869 Total amount of non hazardous waste diverted from disposal by recovery operations tonnes 198,060 228,647 Of which, amount going to recycling tonnes 139,355 198,156 Of which, amount going to energy recovery tonnes 14,267 11,591 Of which, amount going to any other recovery operation (pre-treatment / temporary status) tonnes 44,438 18,900 Total amount of waste directed to disposal tonnes 174,256 118,588 Total amount of hazardous waste directed to disposal tonnes 12,173 11,102 Of which, amount going to landfilling tonnes 823.0 1058.0 Of which, amount going to incineration without energy recovery tonnes 3,522 2,790 Of which, amount going to any other disposal operation - (pre-treatment / temporary status) tonnes 7,828 7,253 Total amount of non hazardous waste directed to disposal tonnes 162,083 107,486 Of which, amount going to landfilling tonnes 100,618 18,582 Of which, amount going to incineration without energy recovery tonnes 80.0 189.0 Of which, amount going to any other disposal operation - (pre-treatment / temporary status) tonnes 61,385 88,715 Total amount of non-recycled waste tonnes 241,409 157,605 % of non-recycled waste % 62.2 43.5 Break down per waste category % of general waste % 6.4 7.4 % of metallic waste % 6.9 7.7 % of chemical waste % 6.0 5.8 % of packaging waste % 3.9 3.6 % of construction and demolition waste % 76.3 75.0 % of other waste categories % 0.5 0.6 Total amount of hazardous waste tonnes 27,989 26,429 Additional information linked to the Company’s waste performance monitoring Total amount of waste generated - own operations and operationally controlled entities tonnes 388,744 363,399 Of which, exceptional waste tonnes 296,937 273,386 Of which, non-exceptional waste (Company’s target related metric) tonnes 91,806 90,012 Of which, proportion of general waste % 26.3 29.0 Of which, proportion metallic waste % 28.2 29.1 Of which, proportion of chemical waste % 25.2 23.1 Of which, proportion of packaging waste % 16.3 14.8 Of which, proportion of other waste categories % 4.0 4.0 Total amount of waste directed to disposal (i.e. directed to landfill or incineration w/o energy recovery) tonnes 174,277 118,606 % waste directed to disposal % 44.8 32.6 See definitions, methodology in ➥ appendix “– 6.5.4 Reporting protocol”. Airbus SE/ Report of the Board of Directors 2025 177 6.3 Social information 6.3.1 Own workforce [ESRS S1] 6.3.1.1 Own workforce IROs The following Company’s own workforce-related IROs were identified: Own workforce - ESRS S1 Time horizon ST / MT / LT Location in the value chain Health and safety Actual Unidentified weaknesses in health and safety management measures could allow the Company's own workforce to work unsafely, which could cause injury or ill-health from the work environment, process or activity. ▶ ▶ ▶ Unidentified weaknesses in health and safety management measures could cause work related injury or ill health that could affect employee engagement, absence rates or job market attractiveness and cause production disturbances. / Diversity Actual The Company, despite efforts and resources dedicated to workforce diversity, may be considered not sufficiently diverse, which could lead to employee disengagement, lower recruitment attractivity and could damage its reputation. The Company's focus on diversity also contributes to a more inclusive, just and engaging work environment that fosters employee wellbeing. / ▶ ▶ ▶ (impact) People development Actual Demographic trends and evolving competence needs may lead to skill gaps that could negatively affect financial performance. People development also supports employability of Company’s employees. / ▶ ▶ (impact) Social dialogue Actual The Company may not conduct appropriate social dialogue, which could lead to strikes and production disruptions, and could negatively affect financial performance. Promoting social dialogue can improve engagement and wellbeing among the Company's employees, as it creates positive working and economic conditions that often go beyond minimum legal requirements. / ▶ ▶ ▶ (impact) ➥ Read more about how these IROs are related to the Company’s strategy and business model in ➥ appendix “– 6.5.3.8 Additional information about how IROs are related to the Company’s strategy and business model”. 6.3.1.2 Interests and views of stakeholders [ESRS 2 SBM-2] ➥ For information about the consideration of interests and views of stakeholders, including Company’s own workforce, please refer to section “– 6.1.1.3.2 Interests and views of stakeholders”. Airbus SE/ Report of the Board of Directors 2025 178 6.3.1.3 Own workforce policies [S1.1] Human Resources Airbus Company Policy The overarching Human Resources Airbus Company Policy provides employees with the description of the core values, mission, vision and top level initiatives for HR management, in accordance with the Company’s strategic planning and external requirements, and is also aligned with the Company's commitment to the International Framework Agreement (“IFA”). The Human Resources Airbus Company Policy outlines the employment and organisational framework aimed at creating an attractive and safe working environment for employees. It focuses on engaging, inclusive, and high-performing leadership with a strong emphasis on employee development. It promotes an engaging workplace through regular collection of employee feedback and acting upon it, with a particular focus on Inclusion & Diversity in talent acquisition, development, and retention. The policy also aims to prevent ethics and compliance risks by fostering a culture of integrity and encouraging employees to speak up. Competitive remuneration and working schemes are highlighted, along with strong collaboration with social partners in all these aspects. ➥ Read more about this policy and other applicable workforce-related policies in appendix “– 6.5.3.2 Social policies”. 6.3.1.4 Engaging with own workers and their representatives about impacts [S1.2] In line with the Airbus Company Human Rights Policy and the HR Policy statement of caring about the voice of its people and to regularly seek feedback to act upon, the Company engages directly with its workforce through a survey, historically performed every two years, sent directly to all individual employees in order to score their view on various dimensions. Read more about this survey ➥ in appendix “– 6.5.3.6 Engaging with own workers and their representatives - complementary information”). The approach was reviewed during 2025 and the Company is now implementing a new employee listening strategy, shifting from campaign-based surveys to more regular pulse surveys from 2026 onwards. Drivers for the Pulse Survey Engagement Freedom of opinions Management support Meaningful work Peer relationships Environment Goal setting Organisational fit Recognition Growth In addition, as outlined in the HR policy, there is transparent and trustful social dialogue established at site, country and European level, giving worker representatives the opportunity to regularly address existing or potential impacts on workers in the Company’s own workforce, including vulnerable groups such as colleagues living with disabilities (➥ see section “– 6.3.1.10 Social dialogue, freedom of association, collective bargaining”). 6.3.1.5 Remediate negative impacts and channels to raise concerns [S1.3] The Company has established social dialogue at different levels, as outlined more in detail in the corresponding chapter hereafter (➥ “– 6.3.1.10 Social dialogue, freedom of association, collective bargaining”). Every employee of the Company is invited to raise potential concerns about negative impacts to their manager, HR or Ethics & Compliance representatives, or through the OpenLine, either directly or anonymously, available to all on the Company's website. ➥ Read more about the Speak up culture in section“– 6.4.1.2 Business conduct policies and corporate culture”. In addition, as part of the Company’s commitment to conduct ongoing human rights due diligence, social assessments focused on human and labour rights are conducted by a third party social assurance provider to check adherence to the Company’s human rights commitments and applicable law on Company sites. These assessments include anonymous Airbus SE/ Report of the Board of Directors 2025 179 interviews with workers, conducted by the third party social assurance provider, where workers can express any concerns, including related to human and labour rights. Any findings are shared with the site’s management team (or at the Company’s level if the finding relates to Company-wide actions) and related action plans are agreed. This includes appropriate remediation and integration of feedback from lessons learned, such as repeated findings which may require root cause analysis and systematic changes including policies or processes. ➥ See Step 2 in “– 6.5.1 Sustainability Due Diligence” for more details. For example, during 2025, the Company held focus groups with workers on its site in Grand Prairie, USA, aimed at providing feedback on proposed mitigating actions related to a finding of potential discrimination following an onsite social assessment. Actions were implemented based on the feedback received. In the case of work-related injury or ill-health involving material harm to the Company’s own workforce, the Company may provide or support medical or other remediation. For insights on how the Company manages remediation more broadly across its own workforce and its value chain workers, ➥ see section “– 6.3.3.6 Remediating negative impacts and channels to raise concerns” where this process is detailed. 6.3.1.5.1 Target and performance - Social assessments Assessment of all Company entities with more than 100 employees, including controlled affiliates, for human and labour rights, since 2020 As detailed in the section above, the Company has identified on-site social assessments as key means to identify, prevent and mitigate potential impacts on workers in its operation including in situ contractors; it has consequently established related targets to monitor their proper deployment over time. * An entity may include one or several sites. 100%. target in 2026 Actuals 2024 70% 2025 90% Key figure Unit 2025 2024 On-site social assessments performed - annual number of entities No. 20 15 Countries of entities assessed in 2025: Spain, Germany, France, UK, Portugal, Denmark, Japan, New Zealand, Canada. Complementary information, see ➥ appendix “– 6.5.4.7.1 About targets related to own workers / workers in the value chain” as well as “– 6.5.1 Sustainability Due Diligence”. 6.3.1.6 Characteristics of the undertaking’s employees [S1.6] A multi-year workforce outlook is performed annually within the various business functions in order to manage workforce related risks and opportunities in the context of the execution of the business strategy. Evolutions in the workforce are monitored regularly. As of 31 December 2025 the Company’s regular workforce, active and non-active, amounted to figures provided in the first table below. In 2025 the Company continued to grow its workforce at a lower pace compared to 2023/24. Employees Unit 2025 2024 as per CSRD Heads 177,270 171,830 as per Financial Statement Heads 165,294 156,921 In the Sustainability Statement, “employees” or “employees as per CSRD” means both active employees as well as those who are non-active due to leave of absence - i.e. sickness, parental leave, early retirement, etc - as well as those who are not part of the regular active workforce such as trainees and apprentices. In contrast, the number of employees used internally by the Company and disclosed in the Company’s financial statements corresponds to the number of active employees in consolidated companies with permanent and with temporary contracts (Active Workforce, or “AWF”). This number - unlike any other metric reported in ESRS S1 - also includes workforce from sites acquired from Spirit AeroSystems in 2025. To enable comparison, the table above shows “Employees” as defined by the CSRD versus as defined per the financial statements. The Company manages its workforce data in an HR digital tool Company-wide and it is managed in heads and Full Time Equivalents (“FTEs”). The information provided herein is in heads (i.e. 1 employee = 1 head) with the actuals at the end of the reporting period on 31 December 2025, except for employee turnover that covers the full year period. Airbus SE/ Report of the Board of Directors 2025 180 Employees as per CSRD by gender Unit 2025 2024 Male Heads 139,050 135,222 Female Heads 38,180 36,565 Other (includes “non binary”) Heads 4 12 Not disclosed Heads 36 31 Total Heads 177,270 171,830 Employees as per CSRD - head count per country 1 Unit 2025 2024 France Heads 60,650 59,327 Germany Heads 60,424 59,241 1 In line with CSRD requirements, this table only displays countries with more than 10% of total employees. Employees as per CSRD by contract type 2025 Unit Male Female Other Not disclosed Total Number of employees Heads 139,050 38,180 4 36 177,270 Number of permanent employees Heads 130,216 35,224 4 33 165,477 Number of temporary employees Heads 2,552 593 - - 3,145 Number of trainees Heads 997 521 - - 1,518 Number of apprentices Heads 4,922 1,602 - 3 6,527 Number of working students Heads 363 240 - - 603 Number of non-guaranteed hours employees Heads - - - - - Number of full-time employees Heads 135,556 33,857 4 34 169,451 Number of part-time employees Heads 3,494 4,323 - 2 7,819 2024 Unit Male Female Other Not disclosed Total Number of employees Heads 135,222 36,565 12 31 171,830 Number of permanent employees Heads 125,258 33,547 6 28 158,839 Number of temporary employees Heads 3,866 781 - - 4,647 Number of trainees Heads 1,054 519 4 2 1,579 Number of apprentices Heads 4,703 1,500 2 1 6,206 Number of working students Heads 341 218 - - 559 Number of non-guaranteed hours employees Heads - - - - - Number of full-time employees Heads 132,126 32,434 12 29 164,601 Number of part-time employees Heads 3,096 4,131 - 2 7,229 Employees as per CSRD by contract type & region 2025 Unit Africa Middle East Asia Pacific China Europe Latin America North America South Asia Total Number of employees Heads 2,830 3,043 922 153,663 1,441 11,434 3,937 177,270 Number of permanent employees Heads 2,155 2,845 400 143,935 1,298 11,053 3,791 165,477 Number of temporary employees Heads 660 134 496 1,641 15 160 39 3,145 Number of trainees Heads 4 45 24 1,060 128 150 107 1,518 Number of apprentices Heads 11 19 2 6,424 0 71 0 6,527 Number of working students Heads - - - 603 - - - 603 Number of non-guaranteed hours employees Heads - - - - - - - - Number of full-time employees Heads 2,830 2,996 921 145,939 1,438 11,390 3,937 169,451 Number of part-time employees Heads - 47 1 7,724 3 44 - 7,819 1 Regions classification has changed vs. 2024 Statement to align with new Company internal regions classification. 2024 Unit Total Number of employees Heads 2,151 2,985 907 149,938 1,420 10,766 3,663 171,830 Number of permanent employees Heads 1,219 2,676 386 139,363 1,268 10,374 3,553 158,839 Number of temporary employees Heads 918 219 483 2,819 17 156 35 4,647 Number of trainees Heads 1 69 32 1,160 131 113 73 1,579 Number of apprentices Heads 13 21 6 6,037 4 123 2 6,206 Number of worker students Heads - - - 559 - - - 559 Number of non-guaranteed hours employees Heads - - - - - - - - Number of full-time employees Heads 2,151 2,945 907 142,781 1,413 10,741 3,663 164,601 Number of part-time employees Heads - 40 - 7,157 7 25 - 7,229 Employee turnover Unit 2025 2024 Leavers - as per CSRD definition Heads 12,477 12,152 Attrition rate - as per CSRD definition % 7.1 7.2 Leavers - as per Company definition Heads 7,102 6,484 Attrition rate - as per Company definition % 4.5 4.2 The attrition rate “as per CSRD definition” considers all employees as defined in the first paragraph of this section. The attrition rate “as per Company definition” excludes trainees and apprentices. ➥ More details about the attrition rate methodology, see appendix “– Reporting Protocol – 6.5.4.6.1 About Characteristics of the undertaking’s employees”. Airbus SE/ Report of the Board of Directors 2025 181 6.3.1.7 Health and safety 6.3.1.7.1 Policies - Health and safety [S1.1] The Company is committed to protecting people and reducing both physical and mental health risks through its Occupational Health and Safety Policy. This policy describes the Zero-Harm aspiration for health and safety management and culture, setting out the guiding principles for decision making. The policy enables employees to understand its importance and demonstrates leadership commitment to its continual improvement. It integrates health and safety into the Company's culture, strategy, processes and decision-making, thus harmonising Company-wide philosophy and practice. ➥ Read more details about the Occupational Health and Safety Policy in appendix “– 6.5.3.2.4 Occupational Health and Safety Policy - complementary information”. The Company has defined its policy to align its health and safety management system with the principles of ISO 45001, to which certain parts of the Company are already certified as being compliant with. Governance highlights Senior leadership drives the Company’s safety framework. The Occupational Health and Safety Governance Board, chaired by the CHRO, provides direct oversight. The Company treats safety as a core business function: performance is reviewed regularly, and reducing lost time injuries is a top priority. The Environment Health and Safety (“EHS”) organisation is designed for comprehensive coverage, using a structure of local teams, centers of excellence, and a performance unit. Central teams provide the backbone, delivering the governance, technical methods, and guidance that empower operational teams to set harmonised EHS procedures consistent with the Company’s Policy. The Company employs technical experts in a wide range of disciplines, including operational environment, health, safety, industrial hygiene, ergonomics, and data analytics. These experts are primarily based at our main industrial facilities. Data collection is streamlined using a global EHS management tool, "FISH" (Federated Information for Environment, Safety & Health). While FISH consolidates information from sites worldwide, the central team supplements this by gathering and consolidating data from sites not yet in the system. A monthly Company Incident Review Panel (“CIRP”) meeting ensures consistency and harmonisation of OHS incident monitoring, supports data quality and accuracy, and aligns with the Company’s method for accident management. It is chaired by the Company Head of Operational Environment, Health & Safety and Facilities Management & Real Estate (“HO EHS & FMRE”) and includes other senior EHS leaders. As Airbus employees, we embed health and safety rules and good practice at all times, anticipating risks and adopting appropriate mitigation measures. We take responsibility for our own and others’ mental and physical health and speak up when safety, health or integrity at work is compromised. We actively participate in fostering a positive health and safety culture, underpinned by learning and competence. Extract from Airbus Code of Conduct Key figure 2025 Number of experts supporting Company’s action plan more than 250 Airbus SE/ Report of the Board of Directors 2025 182 6.3.1.7.2 Actions and resources - Health and safety [S1.4] The Company invests significant effort in health (including mental health), safety risk management systems, practices and culture. For the purposes of this health and safety section, the term ‘risk’ includes both the potential ‘impacts’ on people as well as the associated financial risks for the company and others. The actions described below address both these dimensions. Success of these actions will be measured over the coming years in incident rate and risk reduction terms. The Company has implemented a range of actions designed to enhance safety awareness and engagement among its workforce. These efforts aim to foster a positive safety culture and intervention habits, and ensure effective risk control with the ultimate objective of mitigating identified impacts and related risks. Actions below apply to the Company’s own workforce unless specified otherwise. Harmonised risk identification and management Health and safety On-going, Company-wide, embedded in Company’s usual operations A harmonised approach to risk identification and management is embedded in the Company business management system. It covers risk identification, ranking and mitigation, and is designed to enable a consistent estimation of risk. This process ensures that work-related hazards are identified, their associated risks are evaluated, and appropriate mitigation action plans are put in place and tracked by local management teams. When relevant and to support this process, valuable information from accident investigations is communicated through the EHS organisation. Entities manage their risks at the local level unless their technical complexity or their potential human, financial and compliance impacts, including when aggregated across more than one entity, warrant a more coordinated approach. In such cases, the risks are evaluated by the EHS Leadership Team with the EHS Risk Officer, and those that are deemed significant are escalated into the Company ERM process. The EHS Leadership team is an integral part of the Company risk review panel for these risks. Major project risks, such as from construction, are considered as part of the project management process and managed within the project. Ultimately, the success of mitigation activity is reflected in the injury frequency rate. The ERM process for Health & Safety adheres to the ISO 31000 Standard for Risk Management and is part of the Companys ERM system. This process is applied to risks that have been escalated or those identified by other means, such as Company audits or incident and root cause analyses. Such risks and their associated mitigation plans are recorded in the Companys ERM system and regularly reviewed at function and Executive levels. In situ contractors health and safety management Health and safety On-going, Company-wide, embedded in Company’s usual operations For the purposes of EHS, in situ contractors are workers from suppliers (“Workers in the value chain”) that carry out work at the Company’s sites (e.g. workers from a subcontracted construction site, engine installers, etc.). The Company is determined to improve its in situ contractor management processes to further reduce related risk. The Company method for “Supplier and Contractor Health and Safety Management” sets process requirements to ensure health and safety conformity in the selection of in situ contractors. The local operational EHS procedures reflect the Company method for contractor health and safety management and compliance with local regulatory obligations. The EHS Centres of Excellence continuously support Company’s entities in the implementation of the method requirements and deploy actions to improve the maturity of their process. On top of this, the Company provides in situ contractors with the relevant health, safety and welfare information appropriate to the site and their activities, which also fulfills prevention planning needs. An awareness programme has been conducted for the EHS and Procurement functions. A global training addressing the key requirements of contractor safety management has been developed and deployment started in 2025 to ensure the effective implementation of the method across all Company’s entities. In addition, procurement processes also include evidence-based desktop sustainability maturity assessments (“SMA”) covering Health and Safety matters including related to in situ contractors (➥ see “– 6.5.1 Sustainability Due Diligence”, Step 2 : Identify actual and potential adverse impacts, Supply Chain). The expected outcome of this activity is a reduction in the risk of injury and material damage linked to on-site contractor activity. Audits and internal control tests related to the management of in situ contractors’ health and safety took place in 2024. Further internal control tests related to this activity were performed in 2025 and are due to continue in 2026. This Airbus SE/ Report of the Board of Directors 2025 183 sustained effort illustrates the Company’s commitment to significantly reduce this risk and ensure that the prevention measures in place are effective. Addressing the risk of non-compliance following regulatory or industrial changes Health and safety On-going, deployed in relevant areas in France and Spain Legacy issues may have been caused by historical factors such as weaknesses in the ability to anticipate and support changes to industrial activity or legislation. This has led to a risk of non-compliance and uncertain safety conditions. A roadmap with improvement actions was defined in 2024. Implementation of these actions is ongoing in 2025 and planned to be completed in 2026 thus supporting the robustness of compliant systems. EHS ownership, culture and competence Health and safety On-going, Company-wide, embedded in Company’s usual operations EHS ownership, culture and competence are the fundamentals to maintain high standards, and this long-term focus reflects the Company’s commitment to continuous improvement. Various Company’s initiatives, such as "People Safety @ Work" in the Company’s commercial aircraft perimeter, "We Care" at Airbus Defence and Space, and “Safe Together” at Airbus Helicopters, aim to anchor health and safety consideration into all activities. These focus on raising awareness and directly involving employees as influential stakeholders in the health and safety risk management process. Engagement relies on multiple communication channels, including cascading through the line manager hierarchy, campaigns on Airbus TV, posters, and accident data boards at industrial sites. Employees and their representatives are involved in “Go-Look-See” tours, including activities to collect lessons learned resulting from accidents and Near Misses. Key actions implemented by "People Safety @ Work" in 2025 include: a Safety Awards Ceremony for risk improvement initiatives, deployment of the “safe return to work” program beyond Airbus Commercial, and communication campaigns focused on the theme “your safety is my concern”. “People Safety @Work” also organises a quarterly “Red Team Review” with industrial areas deviating from target. Similar activities are undertaken by the “Safe Together” and “We Care” initiatives in Airbus Helicopters and Airbus Defence and Space. The EHS organisation has also established a Health and Safety Competence & Learning Board to prioritise and oversee the provision and content of EHS learning. Progress of learning activities are monitored by the leadership teams of the business functions concerned, while the Competence & Learning Board monitors the implementation of the H&S competence strategy. A new health & safety competence strategy was defined in 2025. Following on from last year’s development of a refresher module for those managers who completed the EHS Foundation Certificate in the past, deployment began at the start of 2025. Separately, the EHS Foundation Certificate modules underwent a fundamental update in 2025, with finalisation planned for 2026. A redesign of the H&S Executive Masterclass was performed in 2025 and will be deployed in 2026. These investments in strategic EHS training programmes for Executives and managers at all levels demonstrate the Company’s commitment to develop the required competencies to effectively manage EHS. Hazardous substances - health and safety impacts management Health and safety On-going, Company-wide, embedded in Company’s usual operations The risk linked to use of hazardous substances includes potential failures in exposure monitoring or in local risk-control measures. The possible effects could include work related ill health, increased legal and operating costs, and consequent production interruptions. Existing operating procedures, work equipment, and training are in place to protect the workers concerned. An end-to-end standard for chemicals OHS management has been deployed. Following a site-by-site review of compliance with and deviations against the end-to-end chemicals process in the core countries, no compliance gaps were identified; however, some deviations from the Company process were found and addressed during 2024 and 2025. A surveillance programme will be set up early 2026 to implement a continuous follow-up of operational ways of working against the end-to-end standard rules. In addition, the set up of a new substances review committee in Spain has progressed well. In order to prepare the launch into run mode, a first preparatory committee took place during the third quarter of 2025, with an entrance into run mode expected in the second half of 2026. Airbus SE/ Report of the Board of Directors 2025 184 Digital solutions for occupational health management Health and safety On-going, Company-wide, prioritised in France, UK The Company's workforce is provided with occupational health support, in some cases as a control measure, for example, to monitor potential exposure to a physical agent such as noise. A key risk stems from the obsolescence of current occupational health management software tools, which might cease to function before a replacement is put in place. This could result in the loss of accreditation to operate in-house medical services, thus necessitating the use of external services and incurring associated cost and disruption. Alternatives are being evaluated. A national approach was deemed most relevant for the replacement in view of varying national requirements. France and the UK have been prioritised with key milestones achieved in 2025 and completion planned for 2026. Health and psycho-social wellbeing Health and safety On-going, Company-wide, embedded in Company’s usual operations The Company recognises that the mental health and wellbeing of its workforce can be adversely impacted by a wide range of factors, both work-related and non-work-related. Whatever the causes, the resultant stress may lead to absenteeism or presenteeism (disengagement at work), with consequent impacts on the individual, other workers and the Company. A wellbeing strategy was developed and its deployment began in previous years. It contributed to awareness raising, initiated work to define a psycho-social risk assessment process, and led to the creation of a network of mental health focal points. The occupational health teams continue to offer counselling to all workers and employees can also benefit from psychological support services. In addition, a global wellbeing online advice and assistance programme is permanently available to the Company’s workforce and their loved ones. Additionally, the Company continues to raise awareness of health issues, with campaigns that address topics beyond the workplace, including: cardio-vascular issues, colorectal cancer, sleeping disorders, smoking cessation and disability awareness. These efforts aim to improve health and wellbeing, prevent serious ill health, and reduce absenteeism. Occupational health services are provided for employees and non-employees, either in-house or through external providers. In cases where dedicated service provision is challenging, national health resources may be utilised. Compliance assurance Health and safety On-going, Company-wide, embedded in Company’s usual operations Compliance assurance activity includes a range of monitoring processes such as: ● audits - which may be conducted by Corporate Audit, the EHS Function or external organisations ● “key controls” - performed by the internal controls teams which targets systemic risks throughout the Company ● local inspections - carried out by the businesses. In 2025, two internal controls related to in situ contractors’ health and safety management were performed Company-wide in Spain and four others on psychosocial risk management in Airbus Commercial’s four founding countries. With regards to internal audits, 2025 was dedicated to closely monitoring past audit recommendations and reforming the EHS internal audit framework. Over half of the recommendations made in 2024 were closed, leading to significant improvements in terms of regulatory monitoring, in situ contractors’ safety management, and risk management in founding countries. The surveillance activities related to affiliates, called “2nd Line Testing”, took a first step towards the scaling up of internal control testing. An internal control centre of competence was created to perform tests in affiliate companies on behalf of several functions. EHS was onboarded, and tests under this new model are scheduled to start in 2026. The Company’s EHS compliance assurance team tested three affiliate companies to prepare this new testing model, sharing their expertise with the centre of competence. The aim is that, by adopting a cyclical approach, the centre of competence will regularly test the health and safety performance of affiliates that present the highest risks. This will provide greater assurance as to the mitigation of systemic health and safety risks in affiliate companies. This ongoing monitoring is further enhanced by safety tours and targeted management safety walks (“Go-Look-See” and Gemba activities), which are supported by the "People Safety @ Work", "We Care", and "Safe Together" initiatives. In addition, local EHS teams commission internal audits to monitor their compliance with local regulatory requirements and international standards. Airbus SE/ Report of the Board of Directors 2025 185 6.3.1.7.3 Targets and performance - Health and safety [S1.5] Airbus FR1 - Commercial Aircraft business Following some initial fluctuation late in the first half of the year, the Company consistently strengthened its trajectory towards its 2025 year-end safety goals, reporting steady month-on-month progress. This positive momentum within the Commercial Aircraft business enabled it to meet its year-end targets. Airbus Defence and Space also achieved its year-end objective, confirming a robust recovery after a period of earlier volatility. Whilst Airbus Helicopters concluded the year above its target rate, an analysis of the 2025 performance has allowed for the clear identification of priority areas, ensuring that actions are appropriately sustained or reinforced heading into 2026. Such monitoring and a commitment to continuous improvement are not limited to the entities within the scope of these specific targets; for instance, Airbus Atlantic concluded a solid year, whilst targeted actions are being strengthened at Airbus Aerostructures. Targets . Actuals 1.40 in 2025. LTI/1M hours 1 YoY delta -15% year-on-year. 2024 1.65 baseline 2025 1.39 -15.8% Airbus FR1 - Airbus Helicopters 0.93 in 2025. LTI/1M hours 1 YoY delta -15.5% year-on-year. 2024 1.10 baseline 2025 1.25 13.6% Airbus FR1 - Airbus Defence and Space 0.7 in 2025. LTI/1M hours 1 YoY delta 2024 0.65 baseline 2025 0.66 1.5% Each year annual targets based on the number of Lost Time Injury (“LTI”) accidents of its own workforce are set for Airbus and the two divisions distinctively. This is the rate of LTI’s per one million hours worked, and is called the Lost Time Injury Frequency Rate 1 (“FR1”). Airbus FR1 differs from the Rate of work related recordable accidents. ➥ For methodology, scope and definitions, see appendix “– Reporting protocol – 6.5.4.6.2 About Health and safety target setting”, and “– 6.5.4.6.3 About Health and safety metrics”. 6.3.1.7.4 Metrics - Health and safety [S1.14] Health & safety metrics Unit 2025 2024 Governance metrics Employees covered by a formal OHSMS (1) % 98 90 Employees covered by certified management system (ISO 45001 or similar) % 29 28 FISH (2) health and safety management platform - Employees with direct access to FISH % 85 >84 Employees included into FR1 reporting % 90 >84 Performance metrics Number of work related fatal accidents No. 0 0 Own workforce No. 0 0 Other workers on Airbus sites No. 0 0 Number of work related ill-health fatalities No. 0 0 Number of work related recordable accidents No. 3,141 2,674 Rate of work related recordable accidents per 1M hrs 12.11 10.60 Company FR1 LTI (3) per 1M hrs 1.62 1.56 (1) OHSMS = Occupational Health and Safety Management System (2) FISH = Federated Information System for Health and Safety (Company’s digital global EHS management tool) (3) Lost-time injuries ➥ For more on methodology, definitions, see appendix “– Reporting protocol – 6.5.4.6.3 About Health and safety metrics”. Airbus SE/ Report of the Board of Directors 2025 186 6.3.1.8 Diversity At the Company, Inclusion and Diversity (“I&D”) are driven by three strategic pillars. These focus on: ● Fostering an inclusive workplace in accordance with ILO Convention C111 (Discrimination in Employment and Occupation); ● Maintaining a diverse workforce committed to merit-based employment practices while actively promoting inclusive leadership; ● And ensuring a sustainable impact on communities through partnerships that align with the Company’s values. I&D efforts are focused on ensuring inclusion of all forms of diversity such as but not limited to intergenerational, ethnic, social and cultural diversity, as well as gender equality, LGBT+, neurodiversity and disability. 6.3.1.8.1 Policies - Diversity [S1.1] The topic of Diversity and Inclusion is integrated in the below policies. ● Human Resources Airbus Company Policy, ➥ see “– 6.5.3.2.3 Human Resources Airbus Company Policy - complementary information” ● Airbus Company Human Rights Policy, ➥ see “– 6.5.3.2.1 Human Rights Policy and related policies” ● International Framework Agreement, ➥ see “– 6.5.3.2.2 International Framework Agreement” ● Airbus Code of Conduct ➥ see “– 6.4.1.2 Business conduct policies and corporate culture” They forbid discrimination and harassment, and formalise the commitment to promote equal opportunities and other ways to advance diversity and inclusion in accordance with ILO convention C111. The policies aim to leverage differences to achieve better business outcomes and support professional development for all employees. In particular, several engagements are taken on diversity and inclusion such as the commitment to recruit, select, and develop employees on merit, irrespective of their race, colour, religion, gender, age, sexual orientation, gender identity, marital status, disability, or any other similar status. In addition, the Company expresses its commitment to fostering an inclusive and diverse workplace in the I&D Guidelines. These guidelines define I&D and underscore the Company's dedication to these principles through its three strategic pillars. They also introduce several initiatives aimed at creating an inclusive environment. These initiatives are essential for clarifying the Company's commitment to I&D, making it accessible and actionable for all employees. The I&D Guidelines apply to all employees, and ensure that everyone is aware of and can contribute to the I&D efforts. An I&D central team in coordination with regional I&D focal points is responsible for the effective implementation of these guidelines across the Company. These guidelines are readily available to stakeholders through the I&D pages on the Company’s intranet ensuring easy access for all employees. Governance highlights An I&D Advisory Council meets bi-annually and provides Executive Committee level oversight and input into the I&D strategy, reviews risks or issues raised, provides support on new initiatives, processes or changes to policy and makes appropriate recommendations to the Executive Committee. In addition, local I&D Steering Committees, championed by Senior Managers and Executives in the regions, provide additional support to embed and advance the I&D strategy locally and provide valuable input to the central I&D team and Advisory Council. The Steering Committees are supported by a network of Diversity Business Champions embedded in the business, who advocate for an inclusive working environment. Airbus SE/ Report of the Board of Directors 2025 187 6.3.1.8.2 Actions and resources - Diversity [S1.4] I&D initiatives have been defined and deployed to support the three I&D strategic pillars of the Company, in particular fostering inclusive workplaces, ensuring a sustainable impact on communities through partnerships, as well as to progress its diversity ambition as measured through I&D targets. Main actions or initiatives aim to maximise positive impacts while mitigating risk to the Company and include the below: Network of enablers for I&D Diversity and inclusion On-going, deployed and accessible to Company-wide employees, embedded in Company’s usual operations. In order to drive the integration of I&D across the Company, a comprehensive network of Diversity Business Champions, composed of leaders across various functions and sites, supports the implementation of the Company-wide I&D strategy. Diversity Business Champions identify specific needs within their functions and implement actions and initiatives in line with the strategy and resources provided by the I&D team. This has resulted in a wider reach with regards to I&D awareness through workshops and other function specific communications. Furthermore a dedicated virtual space allowing for cross functional collaboration and best practice sharing has been created. Also a quarterly forum takes place bringing together all Diversity Business Champions. Additionally, there are Employee Resource Groups (“ERGs”) across different sites, focusing on various I&D topics such as Disability, Gender Balance, LGBT+, Neurodiversity, and Inter-Generation as examples. ERG networks are voluntarily created by employees to address common interests or causes related to I&D, offering initiatives such as awareness sessions, workshops, networking opportunities, and an internal community space for discussion. This initiative is rolled out globally and primarily targets internal employees. Through their volunteer work, these ERGs act as catalysts and enablers of the I&D policy, in particular in fostering inclusive workplaces. This year the annual ERG campaign was extended from one week to one month in October connecting all the ERGs Company-wide. Key figures Unit 2025 2024 Number of Diversity Business Champions No. 53 53 Number of Employee Resource Groups No. 14 14 Methodology: figure as of 31 Dec 2025 (number varies along the year as ERGs are opened and closed regularly) Training and development programmes Diversity and inclusion On-going, deployed and accessible to Company-wide employees, embedded in Company’s usual operations. The Company aims to accelerate female representation in leadership roles across the Company through a dedicated action plan. This plan includes slots in leadership programmes designed to develop leaders from various geographies and functions. This is supported by targeted external actions such as career fairs, communication, and partnerships, as well as internal initiatives like robust succession planning, mentoring, and leadership development. The MyWay women leadership programme dedicated to women leaders of tomorrow, launched locally in 2020 and Company-wide in 2021, is a strategic initiative aimed at building a robust female talent pipeline for future female leaders worldwide. This twelve-month programme is rolled-out Company-wide and addresses the first level of management. MyWay women leadership programme Unit 2025 2024 Annual number of participants Heads 201 100 Number of years of operation Years 6 5 Number of talented women trained to date, including the current cohort Heads 621 420 Since its inception, it has seen a steady increase in participants. The Company has implemented mentorship programmes through partnerships with external associations to promote gender and social diversity. Partner associations include Elles Bougent, Capital Filles, ISAE-SUPAERO (all France), Wings of Wonder (India) and Flying Women (Spain) for gender balance, and Nos Quartiers ont des Talents, Alliance pour l'éducation, Les entreprises pour la cité, and Article 1 for social diversity. These initiatives aim to mentor young girls, women, graduates, and non-graduates from underserved and rural areas, guiding them towards ambitious careers and inspiring them to pursue Science, Technology, Engineering and Mathematics (“STEM”) fields and are geographically focused on France, Spain, and India. So, the Company has been able to have regular cohorts of mentorships with several hundreds of young women taking part annually. The mentorship programmes are conducted over an academic year or longer, depending on individual cases, with Company’s employees serving as mentors. Additionally, personal development workshops are provided by Company coaches to support the mentees' growth. Airbus SE/ Report of the Board of Directors 2025 188 Training courses on I&D related matters are permanently available to all employees and promoted within the learning catalogue. The Inclusive Leadership initiative focuses on unconscious bias and is broadly deployed across the Company via its internal learning platform. The training aims to create awareness of unconscious bias and its potential impact on employees, particularly in areas such as hiring, development, promotion, and general wellbeing. Launched in 2021, it was part of the mandatory learning plan for all employees. This initiative is a key component of the Company´s strategy to foster a culture of inclusivity. Inclusive leadership and specific unconscious bias training exist in a number of modules in the eLearning catalogue which have been deployed across the Company and are available in different languages as applicable. Further, inclusive leadership and unconscious bias is embedded in our leadership training programs - or other in-person workshops such as the more recent Diversity Fresco. Key figures Unit 2025 2024 Modules on Inclusive Leadership and specific unconscious bias in the eLearning catalogue No. 21 21 Workshops on the Diversity Fresco in the year No. 36 54 A module offered in multiple languages is only counted once Staffing and recruitment process Diversity and inclusion On-going, deployed and applicable to Company-wide employees, embedded in Company’s usual operations. The Company has established a comprehensive merit-based method for staffing and recruitment, ensuring a consistent and transparent process across the Company, also taking into consideration how the Company values diversity including gender diversity and associated targets. This method outlines the rules for selecting candidates, ensuring a unified approach. 6.3.1.8.3 Targets and performance - Diversity [S1.5] Women in Executive management positions The Company is committed to fostering an inclusive and high-performing leadership by setting ambitious gender diversity targets and to enhancing gender diversity within its Executive management positions. Accordingly it has set annual targets, whose level of ambition shall be considered in view of the current gender gap in the aerospace industry (see table below), particularly in STEM and technical fields. Complementary information about target setting can be found in the appendix ➥ “– Reporting protocol – 6.5.4.6.4 About I&D target setting”. 25% target in 2025 Actuals 2024 22% 2025 23% Women external hire - white collars 33% target in 2025 Actuals 2024 30% 2025 32% Women external hire - blue collars 12% target in 2025 Actuals 2024 12% Estimated % of women in the aerospace industry around 20 2025 14% source: United Nations The Company’s initiatives to attract more women into blue-collar roles throughout 2025 have proven successful, ensuring the blue-collar recruitment targets were met. These efforts were driven by targeted outreach, such as Open Days held at final assembly lines and various manufacturing plants specifically for women seeking new career opportunities. While remaining slightly below target in the white collar and Executive perimeter, an increase was observed compared to the previous year, which confirms progressive improvement year-on-year and emphasises the need to continue setting ambitious, yet realistic targets going forward. 6.3.1.8.4 Metrics - Diversity [S1.9] Gender distribution at top management level Unit 2025 2024 Female Heads / % 236 23.3 220 21.9 Male Heads / % 779 76.7 783 78.1 Other Heads / % 0 0 0 0 Not disclosed Heads / % 0 0 0 0 Total Heads / % 1,015 100 1,003 100 Employee breakdown per age Unit 2025 2024 <30 years old Heads 29,254 27,934 30-50 years old Heads 101,047 98,948 >50 years old Heads 46,969 44,948 For methodological information and definitions, see appendix ➥ “– Reporting protocol – 6.5.4.6.5 About I&D metrics”. Airbus SE/ Report of the Board of Directors 2025 189 6.3.1.9 People development The Company invests in nurturing talent, ensuring its global workforce has access to continuous learning opportunities that help them grow professionally and personally. The continuous development of its employees is essential to deliver business success as industry needs evolve. Consequently, the Company focuses on upskilling and reskilling its workforce in line with these evolutions. 6.3.1.9.1 Policies - People development [S1.1] People development is fully integrated into the Human Resources Airbus Company Policy (➥ see “– 6.3.1.3 Own workforce policies” and appendix “– 6.5.3.2.3 Human Resources Airbus Company Policy - complementary information”), which includes a focus on skills development, professional development and career progression for all employees so as: ● To fulfill the company’s business strategy and individual development needs, preparing both employees and the Company for the future. ● To support employees in acquiring the necessary skills for their roles, address any skill gaps, promote continuous learning and encourage employees to be an actor in their career development. The policy is based on three main pillars: 1 A Competence Strategy on the short, mid, and long-terms aligned with the business strategy, aiming at: ● Evaluating internal and external changes and trends, and their impact on jobs and skills ● Providing visibility to internal and relevant external stakeholders (e.g. universities) on the Company's skills priorities for the coming years. ● Defining actions to support necessary transformations in jobs and skills (including training activities). 2 Processes and tools to support a continuous and ongoing dialogue between managers and employees, to: ● Frame regular development-related exchanges that enable adaptation to evolving business priorities throughout the year. There are several 'moments that matter' throughout the calendar year, including for instance development talks, competence assessments, individual objective setting, performance reviews. ● Ensure business critical knowledge is kept within the Company. 3 Learning activities to support the development of individual and collective competences and to distribute specific knowledge or awareness throughout the Company: ● Supported by a common and comprehensive training catalogue accessible to all employees across the Company. ● Delivering learning content to employees when they need it and in the most adapted and efficient learning formats (formal training, social learning and on-the-job experience). 6.3.1.9.2 Actions and resources - People development [S1.4] The Company’s approach supports the three main pillars of the Company's policy which aim to maximise positive impacts while mitigating risks to the Company. Competence strategy and development needs identification People development On-going, deployed and/or accessible to Company-wide employees embedded in Company’s usual operations Investments in training and learning are prioritised in relation to the competence strategy. In order to determine the specific measures needed, an analysis is performed on long-term competence needs like hydrogen, electrification/hybridisation, Generative AI and emerging jobs such as those related to cyber security and quantum computing. Airbus SE/ Report of the Board of Directors 2025 190 Additionally, a competence assessment can be performed by employees whenever necessary to identify potential skills and knowledge gaps in their current role or as a result of career mobility. Quality time focused on employees' development is secured in the Company’s annual talent management cycle that includes ”Development Talks”. This is an exchange between the employee and the manager intended to discuss the individual development plan and to align career aspirations with the Company’s needs. This allows the employee and the manager to formalise a ‘Development Plan’ which includes individualised learning solutions (see hereafter). Such exchanges also enable them to identify critical knowledge for the Company the employee may have, and ensure it is appropriately captured and shared. The Company also provides employees with a portfolio of digital self-awareness solutions and feedback collection tools that can be used by the employee to support its professional development at any time throughout the year. This includes a “360 feedback” platform whereby employees can collect feedback from relevant stakeholders - disregarding hierarchy levels - in a way that is structured around the Company's values and leadership model. Portfolio of development solutions People development On-going, deployed and/or accessible to Company-wide employees embedded in Company’s usual operations The company offers a wide range of internal learning, training, and career opportunities aimed at addressing employee needs formalised in its Development Plan. These options include: ● social learning (e.g communities of practice), pre-designed workshops and learning groups, co-development cohorts (esp. leadership skills) ● peer-to-peer development including tutoring, coaching and mentoring ● formal training (classroom or e-learnings) and on-the-job training, ● certification programs and diplomas, ● engagement with students in partner universities (project leader/assessor, mentorship, employer brand awareness), ● career mobility and “Expert” career paths Online and in-person training opportunities made available through the Company’s Learning tool are reviewed regularly to ensure relevance with evolving business needs and the Company's skills strategy. To support the Company’s skills foundation the Company has defined and shared mandatory and highly recommended learning plans to its employees and newcomers, covering topics related to Company priorities: ethics & compliance, export control, health and safety, aviation safety, cyber security, AI understanding, inclusion and diversity, environment & sustainability and quality. Developing leadership and soft skills, as well as accelerating the culture evolution of the Company are a priority. Through the Airbus Leadership University and its catalog, employees are offered opportunities to drive their development. Leadership programmes focus on developing self-awareness, leadership mindset, purposeful leadership and people management competences. For example, programmes such as “First Time Managers”, “First Line Manager Programme” or “Experienced Manager Programme” provide managers at each level with the skills to effectively manage performance within their team, develop people and drive positive change within their organisation. They equip the managers to better apprehend their daily challenges and develop strategic thinking. The Company has reinforced the importance of employee mobility as it helps with employee engagement, as well as skills and competences development. It also serves the business by bringing new ideas and broader perspectives to teams, while ensuring the Company has the right skills in the right place to secure the future. Recognising that employee knowledge is a key asset, the Company has implemented a proactive knowledge management framework. For example the Critical Knowledge Transfer (“CKT”) program is designed to map, capture, and transfer the expertise, experience, and best practices of subject matter experts. This program aims to address the risks posed by the scheduled or unforeseen departure of critical skills, as well as broader generational and demographic shifts within the workforce. The objective is to reduce the risk of operational disruption and the loss of essential institutional knowledge, ensuring the resilience and stability of our business functions. Airbus SE/ Report of the Board of Directors 2025 191 Partnerships for future skills People development Prevention, mitigation, ongoing, embedded in Company’s usual operations The Company engages in external collaboration and initiatives aimed at addressing the broader industry challenge of upskilling/reskilling and securing future talent pipelines. The Company is involved in many regional and European initiatives, such as Clean Aviation and Hydrogen Europe. It is working together with aerospace and defence industrial companies, public authorities, and education and training providers, to build common programmes and explore ways of working together on skill matters, such as through Compétence et métiers pour l’espace, EOLE CAMPUS and SUD AVENIR HELICO. To more specifically ensure the supply of emerging competencies of the future, adapt to industry changes and so remain competitive, the Company is partnering with strategic academic institutions (such as TU Delft, Cranfield, Ecole Polytechnique, ISAE-SUPAERO, McGill). Such partnerships enable enhancing the skills and competences of the Company’s employees. For instance, in 2025, a specific initiative has been launched with TU Delft to upskill designers in the area of hydrogen technology. A study has also been initiated to identify opportunities to strengthen security department employees in the fields of cybersecurity, data security and AI. Key figure 2025 Number of partnerships with academic institutions 16 To successfully deploy the three streams detailed above, the Company focuses on five strategic levers: ● Business alignment: maintaining a strong partnership with the business, committing to common talent development priorities and investment. This ensures that training meets the business needs in terms of current time-to-performance priorities and transformation needs (i.e. future skills). A primary goal is to reskill the workforce from disappearing to emerging jobs, ensuring alignment with strategic objectives. ● Learner experience: fostering a talent development culture that covers the end-to-end development of the Company’s employees and encourages a mindset of self-development. This is supported by continually improving the learner experience, utilising appealing and straightforward tools and processes that make development more desirable and accessible for all employees. ● Streamlined governance: building an adaptive and industrialised talent development and learning organisation to industrialise the learning operational system. This includes removing weaknesses in the governance, such as simplifying its structure, and ensuring a clear “single accountability” across the ecosystem. ● Enhanced efficiency: focusing on delivering a dynamic, modern, and fit-for-purpose talent development portfolio that provides valuable growth with the optimum use of resources. This commitment includes avoiding redundant spending, piloting and optimising the talent development supply chain and the technology used to develop and deliver training, strengthening budget controlling, delivering synergies, and ensuring cost optimisation to increase the overall cost-effectiveness of the portfolio. ● Innovation and technology: by using cutting-edge technology and introducing new tools, the Company is modernising skills development. These innovations aim to improve learning experiences by boosting learner engagement, enhancing assessment, and providing inspiration. 6.3.1.9.3 Targets and metrics - People development [S1.5] While the company has not set measurable outcome-oriented targets, it monitors progress on a number of metrics including the ones below: Trainings and development Unit 2025 Average training hours per employee Hours 15.4 Average training hours per employee - female Hours 14.1 Average training hours per employee - male Hours 15.7 Average training hours per employee - other 1 Hours 5.3 Average training hours per employee - not disclosed Hours 12.8 1 “Other” includes “Non binary” Note: 2024 comparative information is not disclosed hereabove as the topic is reported as material for the first time in 2025. For more information on the above metrics, see appendix ➥ “– Reporting protocol – 6.5.4.6.6 About People development metrics”. Airbus SE/ Report of the Board of Directors 2025 192 6.3.1.10 Social dialogue, freedom of association, collective bargaining 6.3.1.10.1 Policies - Social dialogue [S1.1] The Company has a long tradition of making employee relations and social dialogue a priority and, therefore, their continuous evolution and improvement are embedded in the Company’s Human Resources strategy, supporting the Company’s business challenges and the sustainability roadmap. Regular social dialogue is ensured at global, European and local levels, in line with ILO requirements and local legislation. Employee relations are underpinned by the Company commitments made in its policy documents which integrate the topics of collective bargaining and social dialogue, in particular the: ● Human Resources Airbus Company Policy ➥ see “– 6.3.1.3 Own workforce policies”; ● Airbus Company Human Rights Policy ➥ see appendix “– 6.5.3.2.1 Human Rights Policy and related policies”; ● International Framework Agreement ➥ see appendix “– 6.5.3.2.2 International Framework Agreement”; ● and Code of Conduct ➥ see “– 6.4.1.2 Business conduct policies and corporate culture”. 6.3.1.10.2 Actions and resources - Social dialogue [S1.4] The ambition of those involved in social dialogue and the objective of the actions detailed further below is to have a collaborative and constructive dialogue and thus build trustful relationships with social partners to enable smooth implementation of projects and avoid any material disruption which could result from an action of the social partners. It is also to provide opportunities to maximise the positive impacts of social dialogue on the Company’s workforce such as improved working and economic conditions in addition to well-being. The Company social dialogue includes discussions about the identification and mitigation of risks inherent to the Company’s activities with regards to human rights, environment and health & safety. In cases of restructuring or business relationship termination that would have a significant impact for the Company, the Company strives to limit as much as possible the negative impacts on its workforce and considers employment as a priority. During 2025, the Company continued its commitment to fostering social dialogue at both national and local levels. Meetings were held according to local requirements, facilitating exchanges between the management team and employee representatives. The dialogue was developed locally throughout the year in accordance with the agreed planning and the needs to ensure collaboration and good activity. Airbus SE Works Council (“SEWC”) Social dialogue Prevention, mitigation, ongoing and embedded in the Company’s usual operations Countries involved in this initiative include France, Germany, Spain, the UK, Poland, and Romania The Company has established a continuous social dialogue at the European level through the Airbus SEWC, in accordance with European regulation No. 2157/2001 and Directive 2001/86/EC, both dated 8 October 2001, which pertain to the statute of the European Company (SE) and the involvement of employees. This initiative aims to foster mutual understanding and collaboration of transnational solutions, which are subsequently reflected at the national level. In 2025, the main focus has been on preserving global social dialogue, supporting major employee representatives elections, addressing Company transformation projects as well as informing and consulting about employment, working conditions and sustainability. Some of the subjects discussed were the various divisional transformations, Company strategy, competence and resources management, artificial intelligence, and business updates. Key figures Unit 2025 2024 Number of meetings planned with the SE Works Council No. 4 4 Number of meetings conducted with the SE Works Council No. 6 6 Airbus SE/ Report of the Board of Directors 2025 193 Airbus Global Forum (“AGF”) Social dialogue Prevention, mitigation, ongoing and embedded in the Company’s usual operations The AGF includes selected members from the SEWC committee, along with representatives from regions such as Africa and Middle East, China, Latin America, Asia-Pacific, and North America The Company has established the AGF to enhance social dialogue beyond the European Economic Area (“EEA”). The objective of AGF is to establish and to foster exchange of information and dialogue between Airbus SE Management and employee representatives from the main countries where the Company significantly operates and which thus mirror its global footprint. The AGF is typically held annually, contingent on the prevailing political and economic conditions, with the most recent session conducted in 2025. The subjects discussed encompass the business updates outside the founding countries (France, Germany, Spain, United Kingdom) and the report on Airbus Foundation activities 2024/2025 . During 2025, the social dialogue continued in the regions based on local exchanges between the management team and employee representatives ultimately, fostering an environment that promotes open and constructive dialogue. This was essential to developing resilient and inclusive workplaces in an ever-evolving regulatory landscape. 6.3.1.10.3 Metrics and targets - Social dialogue [S1.5, S1.8] Key figure Unit 2025 2024 % of total employees covered by collective bargaining agreements % 91% 91% 2025 - Own workforce Collective bargain and social dialogue coverage rate Collective bargaining coverage Social Dialogue Employees EEA countries Employees non-EEA regions Workplace representation (EEA only) 0-19% China South Asia 20-39% Asia Pacific 40-59% North America 60-79% 80-100% France Germany Spain Europe non-EEA (incl. UK) Latin America Middle East & Africa France Germany Spain represents less than 10% of the employees Note: regional nomenclature and related scope evolved over 2025 vs. 2024 2024 - Own workforce Collective bargain and social dialogue coverage rate Collective bargaining coverage Social Dialogue Employees EEA countries Employees non-EEA regions Workplace representation (EEA only) 0-19% Asia Pacific India 20-39% 40-59% North America 60-79% 80-100% France Germany Spain Australia & New Zealand Europe non-EEA (incl. UK) Latin America Middle East & Africa France Germany Spain represents less than 10% of the employees Read more about metrics and targets, including methodological information in appendix ➥ “– Reporting protocol – 6.5.4.6.7 About Social dialogue targets and metrics”. Airbus SE/ Report of the Board of Directors 2025 194 6.3.2 Workers in the value chain [ESRS S2] 6.3.2.1 Workers in the value chain IROs While the Company’s products and services are sold all over the world, the majority of its supply chain is based in Europe and OECD countries (see ➥ “– 6.1.1.3.1 Strategy, business model and value chain”). The Company's value chain, which includes suppliers and sub-tier suppliers, operates in a diverse global context. Systemic issues of work-related rights may potentially exist, to the extent the Company’s sourcing footprint includes countries and regions with differing labour standards and potentially varying levels of labour law enforcement, as well as certain activities or commodities, such as the sourcing of raw materials. In addition, as certain industrial operations at some supplier sites tend to involve some higher-risk activities, such as working at heights, there is a structural risk of workers being impacted. Building on its DMA process, the following IROs were identified for workers in the value chain: Workers in the value chain - ESRS S2 Time horizon ST / MT / LT Location in the value chain Child labour Forced labour Potential The use of child labour in the upstream supply chain, including in sourcing raw materials, may result in harm for the physical and/or mental health of the concerned children. ▶ ▶ ▶ Potential The use of forced labour in the upstream supply chain, including in situ contractors, may result in harm for the physical and/or mental health of the concerned worker. ▶ ▶ ▶ incl. in situ contractors Health and safety Potential Unidentified weaknesses in due diligence and health and safety management measures could result in the use of suppliers that have inadequate occupational health and safety management measures potentially causing injury or ill-health from the work environment, processes or activities. ▶ ▶ ▶ incl. in situ contractors Complementary to the DMA process, the Company identifies and addresses its salient human rights issues, which include the material impacts mentioned above. This process includes ongoing monitoring of adverse impacts, including within its supply chain, taking into account the inputs from key internal and external stakeholders. Read more about IROs / salient issue identification in ➥ appendix “– 6.5.3.4.2 Processes to identify and assess material IROs and salient issues related to workers in the value chain”. How IROs are connected to the Company’s business model is further detailed in ➥ appendix “– 6.5.3.8 Additional information about how IROs are related to the Company’s strategy and business model”. 6.3.2.2 Interests and views of stakeholders [ESRS 2 SBM-2] For information about the consideration of interests and views of stakeholders, including workers in the value chain, please refer to section ➥ “– 6.1.1.3.2 Interests and views of stakeholders”. 6.3.2.3 Policies related to value chain workers [S2.-1] Below are the main policies covering material impacts on workers in the value chain: Human Rights Policy and IFA Airbus Company Human Rights Policy ➥ see “– 6.5.3.2.1 Human Rights Policy and related policies”; IFA ➥ see appendix “– 6.5.3.2.2 International Framework Agreement”. Supplier Code of Conduct The Company requires that all business shall be conducted by suppliers in compliance with applicable law and regulations as well as the principles of the Airbus Supplier Code of Conduct (“SCoC”), which is the document of reference for the Company’s responsible supplier management. The SCoC is based on the International Forum on Business Ethics (“IFBEC”) Model Code of Conduct and integrates company-wide values and principles, in line with internationally recognised standards and conventions such as UNGPs, OECD and the ILO. Airbus SE/ Report of the Board of Directors 2025 195 Supplier Code of Conduct (continued) All suppliers are asked to sign a confirmation of commitment with the principles of the SCoC (or to confirm that their own practices are aligned) and to cascade these principles throughout their own supply chains. It is a mandatory commitment for any supplier participating in a Company call for tender. The SCoC is endorsed by the Procurement Leadership team, including the Chief Procurement Officer for Airbus, the Head of Procurement, Supply Chain & Logistics for Airbus Defence and Space and the Strategic Procurement Executive Vice President for Airbus Helicopters and the Senior Vice President General Procurement. The SCoC is available on the Airbus website, including on the “Becoming an Airbus Supplier” section. As defined in the SCoC, suppliers are expected to establish an appropriate health and safety management system (e.g. ISO 45001 or equivalent). In addition, the Company maintains a zero-tolerance approach to forced and child labour and requires that suppliers comply with relevant international standards, including the ILO Conventions on Forced Labour and Child Labour. Suppliers are also expected to implement due diligence processes to detect, prevent, and address potential impacts including related to health and safety, forced and child labour and broader human rights and to apply remediation of any identified adverse impacts. Responsible mineral policy The SCoC also formally requires suppliers to comply with applicable laws and regulations on conflict minerals, including any 3TG (tin, tungsten, tantalum, gold) conflict minerals, and establish a policy and a management system to ensure responsible material sourcing, in line with the Company’s Responsible mineral policy published on its website. Indeed some minerals including 3TG are necessary for the proper functioning of components within its products; the Company directly imports minerals in extremely low volumes, however such minerals are found in certain products the Company procures. The Company monitors adherence to the commitments and expectations of the SCoC through ongoing due diligence to identify and mitigate or prevent any adverse impacts related to its activities including in relation to workers in the value chain. This approach is aligned with the OECD Due Diligence Guidance for Responsible Business Conduct and is further detailed in section ➥ “– 6.3.2.6 Taking action on material IROs”. The process for engaging with the Company´s value chain workers about material impacts is detailed below in ➥ “– 6.3.2.4 Processes for engaging with value chain workers about impacts”. Governance highlights. A Human Rights Core Team, made up of multi-divisional and multi-functional representatives from throughout the Company, drives the main actions of the Human Rights Roadmap. This includes actions related to its identified salient issues which address impacts across the value chain. Due to the transverse nature of human rights topics, various functions are responsible for managing compliance with the relevant commitments outlined within the Company Human Rights Policy. These functions are responsible for developing measures to support implementation, including the assignment of roles and responsibilities within their own organisation and provision of resources to conduct risk-based due diligence. In addition, the Company’s Sustainable Supply Chain Roadmap, led by the Procurement function, brings together actions on human rights, the environment and health & safety, focusing on workers in the value chain. Its actions are built around three key principles: supplier commitment, supplier assessment, and supplier engagement and development. This three step approach constitutes the foundation on which the Sustainable Supply Chain Roadmap activates transformation linked to material topics. (➥ See “– 6.3.2.6 Taking action on material IROs” for further details). 6.3.2.4 Processes for engaging with value chain workers about impacts [S2.2] Engaging with stakeholders and ensuring their interests, views and rights are taken into account, helps the Company make informed decisions based on an improved understanding of any impacts it may cause, contribute to or be directly linked with. For example, during 2025, the Company engaged with workers to seek their feedback through anonymous interviews as part of the Company's social assessments conducted by a third party social assurance provider. In addition, the Company worked with a civil society organisation to conduct a focus group with migrant workers in Southeast Asia with the aim of obtaining feedback on a number of planned preventive mechanisms related to mitigating the risk of forced labour on the Company's own sites through in situ contractors. ➥ Read more in appendix “– 6.5.3.7 Engaging with value chain workers about impacts”. Airbus SE/ Report of the Board of Directors 2025 196 6.3.2.5 Remediating negative impacts and channels to raise concerns [S2.3] The Company is committed to promoting open and trusting dialogue with workers in the value chain. The Airbus OpenLine is available to all stakeholders, including workers in the supply chain, to raise concerns, including related to human rights such as forced labour, child labour and health & safety. It is accessible via the Company’s external website. Read more about the Airbus OpenLine and non-retaliation policy in section ➥ “– 6.4.1.2 Business conduct policies and corporate culture”. If the Company identifies (including through investigations or other means), that it has caused or contributed to an actual adverse impact within its own operations, supply chain or other business relationship through its business activities, it will endeavour to address such impacts by providing for or cooperating in appropriate remediation. This includes seeking to restore the affected person or persons to the situation they would be in had the adverse impact not occurred (where possible) and enable remediation that is proportionate to the significance and scale of the adverse impact, including in cooperation with relevant stakeholders. The application of remedy is overseen by various functions, including the Procurement Sustainability Team for workers in the value chain. The Company engages with suppliers and contractors, including through third parties such as civil society organisations, to ensure effective remedy is applied. This includes satisfactory closure of findings via third party closure audits if required. It also uses a tracking system to monitor the handling and resolution of grievances and findings, including appropriate remediation and closure. It is committed to timely and appropriate action to address root causes and prevent recurrence as well as ensuring regular review of processes and outcomes to support continuous improvement. If required, any issues may be escalated to the Procurement Leadership Team and ultimately to the Corporate Third Party Compliance Committee, which includes representatives at Executive Committee level. 6.3.2.6 Taking action on material IROs [S2.4] The Company conducts due diligence in its supply chain, which is an ongoing, iterative and progressively in-depth process. During 2025, the Company continued to mature its risk-based human rights due diligence taking into account the OECD Due Diligence Guidance for Responsible Business Conduct. This due diligence supports Airbus in identifying, ceasing, preventing or mitigating and remediating human rights risks, including across its supply chain and own operations, including workers in the value chain 11 . The presentation of actions follows the six steps of Airbus due diligence process, as detailed ➥ in appendix “– 6.5.1 Sustainability Due Diligence”. The symbol  is added hereafter when some information contained in this appendix is deemed useful to get a full understanding. Actual and potential adverse impacts identification in Company’s supply chain Value chain workers On-going, covers the Company’s supply chain, embedded in Company’s usual operations Different processes and means are deployed in order to identify any actual or potential adverse impacts on supply chain workers. This depends on the nature of the contractual relationship with suppliers, as well as the sectors and locations they operate in (ie. those deemed to be more risky (). Specifically, the more in-depth means of assessment described below are primarily targeting Tier-1 suppliers of the Company’s three operating segments. The table below illustrates the percentage of the sourcing spend volume as well as the total number of the Company’s identified highest risk suppliers having undergone a third party evidence-based desktop Sustainability Maturity Assessment (“SMA”). This includes suppliers who had undertaken an SMA through a sectoral approach developed with the International Aerospace Environmental Group (“IAEG”) which the Company is part of (). The results of an SMA, or any sustainability alert, may also lead the Company to request an on-site assessment at a particular supplier site in a determined time frame. See table below for the number of assessments performed (➥ see below and “– 6.3.2.7 Targets and metrics related to workers in the value chain”). Key figures Unit 2025 2024 Sourcing volume having undergone an SMA % * 83 86 Number of highest risk suppliers having undergone an SMA ** No. 336 305 Number of on-site assessments conducted on supplier sites No. 47 50 * % of 2023 baseline, ** based on an analysis of geographical and activity risk using public indices 11 whilst all Company suppliers, including suppliers of the Company’s controlled affiliates, are part of its supply chain due diligence (onboarding, ad hoc and informal alert reporting), currently only Tier-1 suppliers of core entities are covered through the sustainability questionnaire, SMA and risk-based supplier analysis. Airbus SE/ Report of the Board of Directors 2025 197 Actions to cease, mitigate or prevent adverse impacts Value chain workers On-going, covers the Company’s supply chain, embedded in Company’s usual operations Actual impacts. The Company’s due diligence efforts undertaken during 2025 did not identify any findings related to child or forced labour and no major finding linked to health & safety. Potential impacts. During 2025, in line with its commitment to respect human rights, the Company continued to develop action plans relating to ceasing, mitigating or preventing actual or potential adverse impacts related to workers in the value chain. The Company will continue to progress actions during 2026. See details below: ● Mitigating the risk of forced labour. The Company has identified high-risk activities in particular for indicators of forced labour. Starting with activities such as providing physical security services, making workwear, and manufacturing solar panels, the Company will implement a strengthened human rights due diligence process for selecting new suppliers, integrating additional human rights requirements and leveraging, amongst other tools, onsite assessments conducted by a third party social assurance provider on concerned sites. This tailored approach will continue during 2026 onwards. To support these actions, the Company provides in-depth training to the Procurement community, focused on buyers and supply chain quality managers working in higher risk countries /activities. ● Mitigating human rights risks related to extraction of raw materials. During 2025, the Company continued to focus on identifying and addressing human rights risks linked to the extraction of raw materials used in the Company's products, including risks of child and forced labour, and to health & safety. This included the prioritisation of raw materials for focused action and a review of associated voluntary standards / chains of custody to reinforce responsible sourcing requirements with actions to continue in 2026. In addition, the Company joined the Fair Cobalt Alliance which brings together a number of stakeholders across the cobalt supply chain to strengthen and professionalise the artisanal cobalt mining sector to deliver progressive on-the-ground improvements to working conditions and child rights, and develop income diversification schemes that enable long-term resilience for artisanal mining communities. ● Mitigating health and safety risks For actions related to workers employed by in situ contractors, see “– 6.3.1.7.2 Actions and resources - Health and safety”. For actions related to workers in the supply chain: impact and risk assessments regularly take place within the framework of the Company’s due diligence efforts (see , Step 2: Identify actual and potential adverse impacts, Supply Chain). Health and safety findings are regularly identified and addressed with the supplier. Depending on the severity, the supplier could be asked to implement a corrective action plan. In such cases, the Company follows up closely, and until closure, to ensure the implementation of corresponding mitigation actions. Other actions Value chain workers On-going, covers the Company’s supply chain, embedded in Company’s usual operations ▶ Stakeholder engagement and collaboration Engaging with stakeholders helps the Company make informed decisions based on an improved understanding of the expectations of society. See . ▶ Tracking and assessing effectiveness of actions The Company considers that, as well as being good management practice, tracking and measuring the effectiveness of its engagement with workers in the value chain, including through the definition and setting of KPIs and targets, is a key success factor in helping to achieve its human rights and environmental ambitions. See . ▶ Providing and enabling remedy The Company puts in place a number of actions to ensure processes for remedying material negative impacts on value chain workers are available and effective in their implementation and outcome (➥ see “– 6.3.2.5 Remediating negative impacts and channels to raise concerns”). 6.3.2.7 Targets and metrics related to workers in the value chain [S2.5] Identified high risk suppliers sites covered by at least one dedicated action - number In 2025 the Company reached its target in regards to the number of identified high risk suppliers covered by at least one dedicated action such as SMAs and supplier on-site assessments. This demonstrates the Company’s commitment to strengthening risk identification and due diligence in its supply chain. For complementary information regarding this target, see ➥ appendix “– 6.5.4.7.1 About targets related to own workers / value chain workers” and . .300 in 2025 Actuals 2024 305 2025 336 Airbus SE/ Report of the Board of Directors 2025 198 6.3.3 Consumers and end-users, “Aviation safety”[ESRS S4] 6.3.3.1 Consumers and end-users IROs The Company has identified aircraft passengers and crew members as the main end-users of its products that may be materially impacted. The consideration of their interests in the frame of the IRO described below is included in the broader “Aviation Safety” topic. As per International Civil Aviation Organization (“ICAO”) Annex 19, aviation safety is defined as “the state in which risks associated with aviation activities, related to, or in direct support of the operation of aircraft, are reduced and controlled to an acceptable level.” [Source: ICAO Annex 19]. The following IROs were identified for consumers and end-users: We constantly strive to enhance safety together in our quest to reach zero accidents Company vision for aviation safety Consumers and end users (Aviation safety) - ESRS S4 Time horizon ST / MT / LT Location in the value chain Personal safety referred to as Aviation safety Potential An accident associated with the operation of an aircraft may result in fatal or serious injury for those on board the concerned flight (crew members, passengers). ▶ ▶ ▶ In addition to the impact described above, an aircraft accident may have a negative effect on the public’s or regulators’ perception of the safety of a given class of aircraft, a given airline, a form of design of aircraft or of air traffic management. This could damage its reputation and negatively affect the Company’s financial performance. / 6.3.3.2 Interests and views of stakeholders [ESRS 2 SBM-2] ➥ For information about the consideration of interests and views of stakeholders, please refer to section “– 6.1.1.3.2 Interests and views of stakeholders”. 6.3.3.3 IROs’ interaction with strategy and business model [ESRS 2 SBM-3] As a foundation of the Company’s business model, aviation safety across the Company aims at ensuring that each aircraft is safely designed and manufactured. Going beyond the Company's perimeter of responsibilities, the Company’s safety strategy also aims at influencing external stakeholders to further reinforce the safety of operations and at air transport system level. The Airbus Safety Management System (“SMS”), described in section ➥ “– 6.3.3.4 Policies related to consumers and end-users”, is a holistic approach, applicable to the Company’s Commercial Aircraft business and its two Divisions, which encompasses technical factors, human factors and organisational factors that contribute to overall aircraft accident prevention. Fatal accident rate (10-year moving average (per million flights) at industry wide level) 2025 2024 Fourth generation commercial aircraft 0.04 0.04 Methodology: 10-year moving average fatal accident rate (per million flights) per aircraft generation at industry wide level. All the Company’s fly-by-wire family aircraft (including A320, A330/A340, A380, A350, A220 fleets) correspond to the latest fourth-generation aircraft. This data is based on publicly available data from ICAO and Cirium. ➥ Read more about how these IROs are related to the Company’s strategy and business model in appendix “– 6.5.3.8 Additional information about how IROs are related to the Company’s strategy and business model”. Airbus SE/ Report of the Board of Directors 2025 199 6.3.3.4 Policies related to consumers and end-users [S4.1] To support the Company vision for aviation safety, the Aviation Safety Company Policy covers the entire product lifecycle (from early design, production to in-service operation). The Company’s aviation safety strategy aims to ensure that: ● appropriate programmes are implemented to continuously enhance the safety culture within the Company; ● means are provided so that any employee can report safety concerns and be listened to; ● aviation safety is a priority in decision making; and ● lessons learned and best practices are shared with internal and external stakeholders, and take action as appropriate also based on identified top safety threats or opportunities. The policy clearly sets the intended safety culture (core values and mission), mid-term vision, and associated top level initiatives/objectives. It ultimately provides the employees with aviation safety objectives. Airbus Safety Management System (“SMS”). Consistent with ICAO Annex 19, the Company’s Corporate SMS is based on the four ICAO pillars: safety policy and objectives, safety risk management, safety assurance, and safety promotion. The Company’s Corporate SMS principles also integrate the end-to-end approach to safety with the Company’s suppliers and operators. This is facilitated by an appointed Corporate SMS Officer and SMS Officers per function with support from a network of nominated SMS representatives throughout the Company. Their role is to ensure implementation and operation of the SMS in their relevant organisation. Accountability and governance. At Company level, the Head of Corporate Aviation Safety Governance for all business segments is accountable for ensuring the SMS consistency and coordination across the Company, notably through the common safety policy. He reports to the CEO. Operational safety accountability - in particular for products (e.g. helicopters) - is kept at business level (e.g. Airbus Helicopters). For the Commercial Aircraft business segment, the Head of Aviation Safety is accountable for the corporate SMS and aviation safety overall activities. He reports directly to the CEO of Commercial Aircraft, and chairs the Product Safety Board (“PSB”), which includes several Executive Committee members and senior executives. The PSB ensures proactive safety decision-making on corporate safety topics through multidisciplinary assessments at the highest decision level of the Company. Additionally, the Head of Aviation Safety performs biyearly safety reviews at Board of Directors’ level. Regulatory Compliance. Product certifications are granted by the competent aviation authorities including the main civil aviation authorities and specific military authorities. Within each business segment, and according to their respective functions, the Company works to ensure compliance through: ● design and certification of products under EASA Part 21 Subpart J Design Organisation Approvals (“DOA”); ECSS-Q ST-40-C (for space products) and Def-Stan 00-56 (for defence products); ● manufacturing under EASA Part 21 Subpart G Production Organisation Approvals (“POA”); ● monitoring of in-service safety through approved EASA Part-M Continuing Airworthiness Management and EASA Part-CAMO Continuing Airworthiness Management Organisations (“CAMO”); ● aircraft maintenance and retrofit operations conducted in line with civil and military under EASA Part 145 Maintenance Organisations Approvals (“MOA”); and ● training provided to flight crews, cabin crews and maintenance crews through EASA Part 147 Approved Training Organisations (“ATO”). The certified organisations within the Company where specific approvals are granted by the aviation authorities, are audited and monitored by these authorities and by the Internal Control to ensure compliance with regulatory requirements. Additional audits are conducted by third parties as part of the quality certifications appropriate to Airbus and the two Divisions, including EN9100, EN9001, EN9110, AQAP 2110, AQAP 2210 and AQAP 2310. Commitment to Just and Fair Culture for aviation safety and quality. This commitment ensures that the appropriate reporting channels are available and known to all employees to report product safety and quality-related matters in an atmosphere of trust and empowerment. It is documented and endorsed with the signature of the CEO, Executive Committee members and top management of Airbus and the two Divisions. These commitments are attached to the Airbus Aviation Safety Company Policy. ➥ Read more about Policies related to consumers and end-users in appendix “– 6.5.3.2.5 Aviation Safety Policy - complementary information”. Airbus SE/ Report of the Board of Directors 2025 200 6.3.3.5 Processes for engaging with consumers and end-users [S4.2] The Company engages with operators and airworthiness authorities, and other external stakeholders (e.g. suppliers, MRO, training centres) in a comprehensive manner to contribute to the safe operations of its products and services throughout the aircraft lifecycle. Sharing safety information is a key contributor to increasing the level of safety. The Head of Aviation Safety, reporting to the CEO of Commercial Aircraft, has operational responsibility for ensuring means are implemented to foster sharing of information. In addition, specific aviation safety-led activities contribute to the enhancement of safety for aircraft operations by continuing to share safety information with external stakeholders. This includes, for example, the Airbus annual flight safety conferences with Airbus customers, initiated in 1994, and the Company’s safety magazine (“Safety first”), which reaches over 1,600 aviation professionals daily via the website safetyfirst.airbus.com, are specific aviation safety-led activities which contribute to the enhancement of safety for aircraft operations by increasing knowledge and communication on safety-related topics. The Safety-first application D10X (short for Air Transport Safety, Destination 10X Together) is another collaborative initiative with airlines. The aim of D10X is to propose and share pragmatic solutions together with operators of Airbus aircraft for the key safety issues identified within this network. Airbus works closely with airworthiness authorities such as the EASA, in all aspects of the lifecycle of Airbus products, from design certification to production and in-service support, ensuring continuous safety of Airbus products. This collaborative approach ensures the full involvement of external stakeholders (airlines and airworthiness authorities) and helps incorporate feedback into the design process. To support safety in operations, the Company regularly shares safety-related information with airlines, airworthiness authorities and other relevant stakeholders. This includes technical updates, and operational advisories to inform stakeholders about potential issues and recommended actions. Airbus maintains a transparent incident reporting system that encourages airlines to report any safety-related events. This information is analysed to improve overall safety and shared with relevant authorities as appropriate. Airbus also offers ongoing technical support to airlines, helping them address any safety concerns. This support includes troubleshooting, maintenance advice, and regular updates on best practices. Airbus offers training programs for pilots, cabin and maintenance crews, aiming at ensuring they are qualified and have the appropriate skills to operate and maintain Airbus aircraft safely. Training includes simulator sessions, emergency procedures, and regular updates on new safety protocols. 6.3.3.6 Remediating negative impacts and channels to raise concerns [S4.3] With the sole objective to prevent reoccurence of accidents and incidents, Airbus supports ICAO Annex 13 investigations. Airbus acts as a technical advisor to the accredited representatives, in accordance with the ICAO Annex 13 to the Convention on International Civil Aviation International Standards & Recommended Practices. Airbus encourages operators, MROs, and its suppliers to not only report according to mandatory requirements to their own agency and/or national airworthiness authority, but also directly to Airbus for technical and operational feedback, and including non-mandatory safety-related incidents. The Airbus OpenLine is implemented as an additional reporting means to Company employees and any external stakeholder, who can raise concerns, including related to safety and consistently with the Airbus Commitment to Just & Fair Culture. ➥ See “– 6.4.1.2 Business conduct policies and corporate culture” for more details on the OpenLine and policies in place to protect individuals from retaliation. To close the loop, the Company shares lessons learned from accident and incident investigations with the wider aviation community to enhance overall industry safety. The safety risk management process is fully embedded into the SMS, which includes a monitoring of efficiency to ensure that potential safety-related issues are adequately assessed, managed and mitigated. The effectiveness of these communication channels is ensured by several means, including their availability 24/7 and the consideration of related feedback received from customers and operators. ➥ See “– 6.4.1.2 Business conduct policies and corporate culture” for more details on the OpenLine mechanism. Airbus SE/ Report of the Board of Directors 2025 201 6.3.3.7 Taking action - Aviation safety [S4.4] Actions identified to support aviation safety address both the impact and the risk linked to this topic. The action plan is on-going, permanent, and fully operational and supports the current safety level in the aviation sector. It includes prevention, mitigation and remediation actions that address negative material impacts on consumers and end-users, and is fully embedded in the Airbus SMS. It integrates an end-to-end approach to safety which encompasses the Company´s products, their documentation, and associated operations and services. The Airbus SMS exceeds SMS requirements for European Original Equipment Manufacturers (“OEM”) which apply to Approved Organisations (e.g. DOA, POA). In particular, the Company has also implemented and maintains a robust and mature SMS across its functions including Engineering, Customer Services, Operations, Manufacturing, Procurement, etc. SMS comprehensive action plan involves a large number of employees, for whom aviation safety is embedded in their respective tasks and duties, including for instance programmes, engineering teams, procurement teams, production lines, quality teams, customer support teams and aviation safety teams. Beyond this workforce dimension, action plan execution is also enabled by a number of means deployed in relation to activities described hereafter such as related IT systems, R&D activities, or industrial operations CapEx supporting quality. Key actions, all ongoing and embedded in the Company’s usual operations, include: Safety in design Aviation safety prevention / avoidance, Company-wide The Company incorporates safety principles from the earliest stages of product design. This includes the use of advanced engineering techniques, rigorous testing, and simulation to identify and mitigate potential safety risks. During the design phase, the Company conducts thorough risk assessments to identify potential hazards and implement design features that enhance safety. This includes structural integrity, redundant systems, and fail-safe mechanisms. Consideration of human factors is integral to design. The Company ensures that the cockpit, controls, and interfaces are designed to minimise pilot error and enhance situational awareness. The Company invests in research and innovation to develop new technologies and methods that enhance safety. This includes exploring advanced materials, automation, and artificial intelligence to improve aircraft safety and performance. Safety in production Aviation safety prevention / avoidance, Company-wide The Company employs stringent quality control processes during production to ensure that all components and systems meet safety standards. This includes regular inspections, testing, also in compliance with international aviation regulation requirements. This involves rigorous supplier audits and certifications. The Company also adopts a continuous improvement approach, using feedback from production to enhance manufacturing processes and product quality. Safety in supply chain Aviation safety prevention / avoidance, Company-wide The Company works closely with its suppliers to ensure that all materials and parts meet the required safety and quality standards. It is working with its supply chain to extend its safety enhancement principles to its suppliers. This includes specific SMS forums and initiatives with its suppliers, which reinforce the collaborative approach for optimising responses to in-service feedback and reports. To ensure the safety and quality of parts used in aircraft and spacecraft manufacturing guarantee that the final product will meet safety and quality standards, the Company cascades related requirements to all its direct suppliers through contractual terms and the Supplier Code of Conduct. These go beyond ISO EN9100 quality standards, with the requirement for suppliers to continuously train their employees on quality assurance and ensure they are appropriately skilled. The Company leads an annual audit campaign to verify all quality requirements are met, including performance and compliance. Priorities are defined based on risk ranking criteria that consider parts criticality, operational maturity and production capacity. Testing and certification Aviation safety prevention / avoidance, Company-wide The Company conducts extensive ground and flight testing of prototypes to validate the safety and performance of new aircraft models. This includes testing under various operational conditions and stress scenarios. Before any aircraft enters service, it must receive certification from aviation authorities such as the EASA, Transport Canada Civil Aviation (“TCCA”) and the Federal Aviation Administration (“FAA”). This certification process ensures that the aircraft complies with all safety regulations and standards. ➥ See section “– 6.3.3.4 Policies related to consumers and end-users” for more information. Airbus SE/ Report of the Board of Directors 2025 202 Operations and in-service support Aviation safety prevention / avoidance, Company-wide To support continuous airworthiness and safety, the Company develops detailed maintenance programmes for its aircraft, which include scheduled inspections, preventive maintenance, and necessary repairs. At airlines request, Airbus uses advanced data monitoring systems to track the performance of its aircraft in service, and support safety risk assessment and development of mitigation actions. Airbus also provides comprehensive training programmes for pilots, focusing on both normal and emergency procedures. This includes simulator training and ongoing education to ensure pilots are well-prepared to operate the aircraft safely. Incident and accident investigation Aviation safety prevention / avoidance, Company-wide ➥ See above “– 6.3.3.6 Remediating negative impacts and channels to raise concerns”. Continuous safety enhancements Aviation safety prevention / avoidance, Company-wide To further enhance the resilience of the Company’s products against abnormal conditions, and go beyond strict compliance with certification and airworthiness duties, the Company applies proactive risk management principles which drive the safety processes. The Company fosters a strong safety culture across the organisation, encouraging employees at all levels to prioritise safety and report potential hazards without fear of retribution. Employees receive safety and quality related training adapted to their working stations, and in line with regulatory requirements from EASA (see above, policy section). Aviation sector engagement Aviation safety prevention / avoidance, Company-wide The Company engages with a wide range of stakeholders, including operators, regulatory bodies, and industry groups, to share safety information and collaborate on safety initiatives. Airbus engages in collaborative research projects with airlines and regulatory bodies to develop new safety technologies and methodologies. This joint effort accelerates the adoption of innovations that enhance safety. Airbus works closely with Air Traffic Management (“ATM”) bodies such as EUROCONTROL to enhance the integration between aircraft and air traffic management systems and ensure that cockpit procedures and communication protocols align with ATM practices, especially enhancing safety during critical phases like takeoff, landing, and in congested airspace. This includes developing standardised operational manuals that promote clear, consistent communication between pilots and Air Traffic Control (“ATC”). Airbus engages with regulatory authorities and sectoral bodies on initiatives that promote a global approach to aviation safety through standardised procedures and regulations. Such third parties include EASA and FAA, ICAO, IATA, International Federation of Air Line Pilots' Associations (“IFALPA”) and the Aviation Supply Chain Integrity Coalition. The Company deeply regrets any fatalities associated with the operational use of its products. Across the Company’s civil products, some fatalities occurred in relation to a number of helicopter accidents during the reporting period. For more information on the approach with regards to provide for and cooperate in or support provision of remedy for those harmed by actual material impacts, ➥ refer to “– 6.3.3.6 Remediating negative impacts and channels to raise concerns” as well as appendix “– 6.5.1 Sustainability Due Diligence”, subsection “Step 6: Cooperating in appropriate remedy“. 6.3.3.8 Targets and performance - Aviation safety [S1.5] Nominated SMS officers Airbus has established a safety-related target that aims to ensure the continuous efficiency of the SMS. The SMS network coverage, and particularly the nomination and training of SMS officers in key business functions, was identified as a key safety performance indicator. This metric has been monitored since 2018 and the target formalised in 2021. Complementary information about target setting can be found in appendix ➥ “– Reporting protocol – 6.5.4.8.1 About aviation safety target setting”. 100% permanent all years Actuals 2024 100% 2025 100% Trained SMS officers 100% permanent all years Actuals 2024 100% 2025 100% Airbus SE/ Report of the Board of Directors 2025 203 6.3.4 Sovereignty and citizen protection [Company-specific] 6.3.4.1 Sovereignty and citizen protection IROs Sovereignty and citizen protection - Company specific Time horizon ST / MT / LT Location in the value chain Sovereignty and citizen protection Actual Operated in the frame of UN international conventions and traded in compliance with applicable export control regulations, the Company's defence products and services support the sovereignty and resilience of states and international alliances like NATO, and contribute to the protection of populations /citizens. ▶ ▶ ▶ Increased defence budgets in most NATO countries may lead to increased demand for the Company's defence products. / In line with its purpose to pioneer sustainable aerospace for a safe and united world, the Company offers a range of products and services that generate positive societal contributions while creating business opportunities. In the defence sector, Airbus Defence and Space and Airbus Helicopters provide solutions that enable states to defend their sovereignty and protect their citizens, while advancing global security. This includes military aircraft, secure military satellite systems, military helicopters, as well as Unmanned Aerial Systems (“UAS”). Read more about the Company’s defence-related business lines in sections ➥ “– 1.3 Airbus Helicopters”, “– 1.4 Airbus Defence and Space” and about main defense-related products hereafter, in section ➥ “– 6.3.4.3 Actions and Resources - Sovereignty and citizen protection”. These offerings also contribute to larger societal goals when used to support humanitarian missions or to ensure critical communications. Geopolitical context. In an increasingly volatile global landscape marked by escalating conflicts, the defence and space industry is vital to safeguarding national sovereignty and protecting citizens. Related tensions and various geopolitical shifts, such as greater emphasis on Europe's responsibility for its own defence, have led to a number of policy changes and initiatives such as NATO's 2022 Strategic Concept and the commitment of its members to invest 5% of GDP on defence annually by 2035. A similar trend is seen at EU level with initiatives such as the European Defence - Readiness 2030 plan (ReArm Europe), and the publication of the European Commission's 2024-2029 security and defence priorities which all underscore the urgent need for enhanced defence capabilities. These strategic frameworks emphasise the critical importance of robust defence and space assets, including aircraft for deterrence, helicopters and UAS for “lift, find, strike” needs, and other assets to secure access to space and cyberspace. The main aims are to build sufficient deterrence capacity, address critical capability gaps in areas like air and missile defence and emerging technologies, and enhance civil-military cooperation to ensure NATO security and European peace, democracy, and prosperity. As the Company's products are capable of answering a variety of related needs, the geopolitical context and related strategic initiatives could create greater business opportunities for the Company while generating positive societal contributions. 6.3.4.2 Policies - Sovereignty and citizen protection The Company is committed to conducting business ethically, based on its values and in compliance with all applicable laws and regulations, embedded in a number of policies described hereafter in ➥ “– 6.4.1.2 Business conduct policies and corporate culture”. As part of this commitment, the Company supports the principles of the UN Global Compact which includes respect for human rights. In addition, It constantly monitors changes to international law to ensure that all sales are in compliance with any applicable legal requirements with regard to transactions with countries under the UN, EU, UK and US sanctions. Requirements for adherence to national and international human rights regulations, including the Arms Trade Treaty and the Geneva Conventions, are part of certain Company’s contractual conditions of sale for defence products. To support such policies and in addition to the human rights checks embedded in the export licensing process, the Company has integrated a human rights due diligence (“HRDD”) process, upstream of its export compliance process, to assess the level of risk of potential misuse of its defence products in violation of human rights and International Humanitarian Law. This process includes an assessment of product and country risk, with enhanced HRDD based on the level of risk. Depending on the assessment, a decision may be required before progressing to the export control stage. Airbus SE/ Report of the Board of Directors 2025 204 6.3.4.3 Actions and resources - Sovereignty and citizen protection The following current and on-going portfolio of actions is managed by Airbus Defence and Space and Airbus Helicopters. Such actions, as part of both Division's core activities, require financial resources (including CapEx and OpEx). Combining both civil and military products and services, the overall CapEx and OpEx of Airbus Defence and Space and Airbus Helicopters are reported in the Company's Consolidated Financial Statements, Note 11 “Segment Information”. The Company's experience, expertise and industrial means make it well positioned to address current and anticipate future evolutions in customers' needs to help them protect their population and their sovereignty, while maximising business opportunities. Leveraging multi-purpose product platforms. The Company offers a number of multi-purpose platforms and underlying technologies that can serve both civilian and military purposes, which includes aircraft, helicopters and satellites. This represents a strategic advantage for the Company as the multi-purpose nature of these platforms supports the need for: ● simplified support and maintenance: larger and more mature maintenance and spare parts network, stemming from the often larger civilian market, ● interoperability and flexibility ● cost efficiency: reduced development and production costs by pooling research and development as well as production lines for a common aircraft base. Military mobility. Rapid response depends on the ability to move personnel and equipment quickly and efficiently. The Company’s aircraft, including the Eurofighter, A400M, A330 MRTT, and C295, as well as rotorcraft such as NH90, Tiger, H145M and H225M, form a crucial part of Europe's military mobility and deterrence capabilities. These platforms are central to enabling armed forces to secure NATO airspace and sustain operations over extended distances. The A400M, for example, is capable of landing on short, unprepared runways and carrying substantial payloads. The Company is also developing new capabilities for the A400M, such as acting as a mothership for drones, a communication hub and an electronic warfare platform. Integrated defence with Multi-Domain Operations. Modern threats are complex and require a coordinated response across multiple domains. Multi-Domain Operations (“MDO”) involve seamlessly integrating and communicating across air, land, sea, cyber, and space assets. This is critical for improving command, control, and overall effectiveness. As a partner of the Future Combat Air System (“FCAS”) program, and leader of European Next Generation Rotorcraft Technologies (“ENGRT”), the Company is currently developing a European MDO environment including cloud. This initiative aims to enable secure, real-time data connectivity, which is essential for managing the complex "system of systems". UAS and counter-drone systems. Uncrewed Aerial Systems (“UAS”) are a defining element of modern warfare. The Company provides a range of interoperable UAS and associated services to support missions from combat and reconnaissance to humanitarian aid delivery. The Company's ZephyrHigh Altitude Pseudo-Satellite (“HAPS”) can provide long-duration reconnaissance for military customers, while the Flexrotor, Aliaca and Capa-X vertical take-off and landing UAS are tailored for land and sea operations. In the coming years, the Company is planning for the entry into service of tactical UAS like SIRTAP and the development of the Eurodrone, a Medium Altitude Long Endurance (“MALE”) UAS, which will provide reconnaissance and surveillance capabilities for Spain, Germany, France, and Italy. Furthermore, the Company is developing crewed and uncrewed teaming capabilities, having already demonstrated the ability of the VSR700 UAS to fly alongside conventional crewed helicopters. Crewed helicopters are already performing counter-UAS missions, being integrated in the multi-layer defence system. Strategic enablers and critical infrastructure protection. The Company's military satellite communication solutions, ranging from Germany's SATCOMBw, France's Syracuse IV, Spain's SpainSat NG and the UK's Skynet programmes, guarantee secure communication to armed forces, while the Company’s Earth observation satellites such as Pléiades Neo provide real-time intelligence and protect critical infrastructure. Furthermore, ArianeGroup, a 50/50 Airbus-Safran joint venture, ensures independent access to space with the Ariane 6 launcher. AI, quantum, cyber and electronic warfare. The modern battlefield is increasingly digital, and staying ahead requires continuous innovation in artificial intelligence (“AI”), quantum computing, and cybersecurity. The Company is developing AI-supported mission systems and secure data networks through its Connected Intelligence portfolio. The Company provides cybersecurity solutions and advanced electronic warfare capabilities to protect critical systems and data such as integrated electronic warfare capabilities for the Eurofighter of the German Airforce. Airbus SE/ Report of the Board of Directors 2025 205 6.4 Governance information 6.4.1 Business conduct [ESRS G1] 6.4.1.1 Business conduct IROs The following business conduct-related IROs were identified: Business conduct - ESRS G1 Time horizon ST / MT / LT Location in the value chain Corporate culture Speak up (renamed from, and covers, Protection of whistleblowers) A dysfunctional and negative corporate culture in the Company may lead to a lack of shared values, decreased motivation, reduced productivity and a failure to meet agreed standards and applicable rules. This could negatively affect financial performance. / Not being able to maintain an effective speak up culture within the Company, including protection of whistleblowers, may delay the identification of certain risks or situations until they have been revealed in the public domain. This could negatively affect financial performance and damage its reputation. / Corruption & bribery Ethical misconduct or non-compliance with applicable anti-bribery laws and regulations by the Company, its employees or any third party acting on its behalf could expose it to liability. This could negatively affect financial performance and damage its reputation. / Management of relationships with suppliers Topic includes payment practices. The Company's numerous suppliers and subcontractors' financial health and ability to meet their contractual obligations may be negatively impacted by internal and external factors, which could lead to operational disruptions and delivery delays. This could negatively affect financial performance. / 6.4.1.2 Business conduct policies and corporate culture [G1.1] The Company supports the principles of the UN Global Compact and the Global Principles of Business Ethics from the International Forum on Business Ethical Conduct (“IFBEC”), which set a benchmark for high ethical standards globally. The Company’s Ethics & Compliance programme seeks to ensure that the Company’s business practices and corporate culture conform to applicable laws, regulations and ethical business principles while reinforcing a culture of integrity and speak-up. Topics covered by this programme include, but are not limited to: corporate culture, protection of whistleblowers, bribery and corruption, relationships with third parties, fraud, export control and sanctions, fair competition, conflicts of interest, insider trading, money laundering and tax evasion. To ensure the deployment of this programme and adapt to a constantly evolving regulatory landscape, each of these topics are supported by dedicated policies that are regularly updated. The Company is also coordinating a network of Ethics & Compliance Representatives (“ECRs”), spanning Airbus and the two Divisions, all functions and regions. Although the ECR network members are not compliance experts, they play an important role in promoting the Ethics & Compliance programme and culture and serve as points of contact for any employee who has questions about the Ethics & Compliance programme or wishes to raise an Ethics & Compliance concern, including but not limited to bribery or corruption. The Ethics & Compliance team animates the ECR network, providing continuous awareness and information to the ECRs. Any employee may also reach out to the Ethics & Compliance team for any ethics and compliance matter, amongst other channels to raise concerns. Airbus SE/ Report of the Board of Directors 2025 206 Specific policies, detailed below, have been adopted to address the Company’s Business conduct material IROs, including: Code of conduct By defining expectations and standards in regards to ethical behaviour and responsible business practices, the Airbus Code of Conduct guides employees and supports the prevention of unethical business conduct including corruption and bribery. It addresses a range of social, environmental and governance topics, including but not limited to corporate culture, protection of whistleblowers, bribery and corruption, and relationship with third parties. Code of Conduct on airbus.com The Code of Conduct was updated in 2025, driven by the successful closure of the Deferred Prosecution Agreement (including monitorships) and the integration of new employees. The new, digitally-focused Code adopts a more practical and inclusive approach. It is instrumental in making ethics and compliance a competitive advantage by incorporating emerging fields such as sanctions, fraud, prevention of harassment and discrimination, impact of non-compliance, quality and security. Airbus anti-corruption policy The Airbus Anti-Corruption Policy and the specific directives referenced in this policy, including requirements for anti money laundering, form the backbone of the Airbus Ethics & Compliance Programme. It provides a clear framework for the Company’s corporate culture and for the conduct of business, applying to all hierarchical levels, thus supporting the prevention of corruption and bribery across the Company. Requirements for ethics & compliance specific areas for employees A specific Company directive supports the prevention of unethical business conduct including corruption and bribery by defining the Company’s requirements for the prevention of corruption and business ethical conduct more broadly. The directive specifically identifies requirements of employee action and behaviour, roles and responsibilities related to: training, gifts and hospitality exchange, conflict of interest declaration, competitive intelligence gathering, speak-up and investigations. This directive is supplemented by several methods, which address each of these areas in detail. Requirements for ethics and compliance third party and transactions management The Company has an established directive to address ethics and compliance in third-party engagements and transactions, aimed at preventing, detecting, and remediating compliance risks, including but not limited to bribery and corruption, sanctions and export control. This directive outlines the methods for engaging sales intermediaries, lobbyists, special advisors (i.e. political or strategic advisors), channel partners (i.e. distributors and resellers) and suppliers as well as managing compliance in mergers, acquisitions, joint ventures, partnerships, and similar transactions. It also includes methods for preventing corruption in international cooperation and offset activities as well as in the context of commercial credits and customer due diligence. Requirements for sponsorships, donations and corporate memberships The Company’s comprehensive directive addresses the risks of bribery and corruption associated with Sponsorships, Corporate Donations, and Corporate Memberships (“SDM”). It is designed to frame, control, and monitor all SDM activities which must be duly declared and approved according to applicable thresholds, ensuring that only validated projects are executed. Requirements for Export Control In order to ensure its compliance with export control regulations and laws in the EU, UK, US and all the countries where or with whom it operates, the Company continues to strengthen its export control compliance programme to ensure it is fit for purpose. Where risks are identified, they are embedded and monitored in the Company’s ERM. Identified risks include potential unauthorised access to export-controlled data and hardware by third parties and non-compliance with any regulations including but not limited to the International Traffic in Arms Regulations (“ITAR”), Export Administration Regulations (“EAR”), European Union and national military and dual-use regulations. Airbus SE/ Report of the Board of Directors 2025 207 Requirements for Export Control (continued) The Company has initially cascaded Export Control requirements through nine Directives and Methods and launched an improvement project in 2025 to merge the nine existing Export Control directives into a single one and simplify the methods. In parallel, in 2025, the Company continued to deploy digital tools, developed through its Global Export Control Solutions (“GECS”) project in order to support the fulfilment of those requirements with regards to, notably, classification, record keeping, screening, accreditation, tangible and intangible transactions compliance or access control securitisation. Continuous efforts are ongoing to extend the scope of deployment in the Company’s Commercial Aircraft business and further deploy akin solutions within Airbus Helicopters and Airbus Defence and Space, core entities as well as subsidiaries and affiliates in the years to come. In addition, since 2022, the Company set up the Export Control Points of Contact (“EPoCs”) network, spanning both Divisions, functions, and regions (see figures below). EPoCs are not export control experts but serve as “first line of defence” and the “go-to” individuals for export control matters. By raising awareness among employees and acting as local focal points for queries on export control-related topics in their respective functions, EPoCs are key contributors to the Company's common objective: embed an export control compliance system and culture throughout Company’s businesses. The network is established and active within the Company. Key figure Unit 2025 2024 Number of EPoCs No. 690 648 Responsible lobbying charter The Company is committed to ensuring that any lobbying activity is undertaken in compliance with all applicable laws and its anti-corruption programme. In 2021, the Company published a Responsible Lobbying Charter aimed at anybody who engages with public officials in any capacity, including third party representatives retained by the Company. The Charter outlines the Company’s core principles for responsible lobbying and brings together the Company’s key codes and directives relevant to this topic. The principles are also reinforced by a training module available to all employees. Supplier Code of Conduct The Company requires that all business shall be conducted by suppliers in compliance with applicable law and regulations as well as the principles of the Airbus Supplier Code of Conduct (“SCoC”), which is the document of reference for the Company’s responsible supplier management. The SCoC is based on the IFBEC Model Code of Conduct and integrates Company-wide values and principles, in line with internationally recognised standards and conventions such as UNGPs, OECD and the ILO, ➥ see “– 6.3.2.3 Policies related to value chain workers”. Deployment of above policies continued in 2025 with integrity and compliance integrated in the Top Company Objectives. The Company continued to improve its Ethics & Compliance framework by further enhancing the digital solutions made available to employees in the fields of whistleblowing, gifts & hospitality or sponsorships & donation management, as well as conflicts of interests. To further promote the corporate culture, a number of initiatives were deployed such as marketplaces and communications campaigns to promote the updated Code of Conduct. In addition, as part of their annual goals and objectives, all computer-based Company employees are required to complete mandatory ethics and compliance training. Employees must also attend workshops delivered at least once a year by their direct manager, covering certain aspects of the Code of Conduct. ➥ Read more about Anti-bribery and Corruption training in section “– 6.4.1.3 Prevention and detection of corruption and bribery”. ➥ Read more about continuous improvement, scope of applicability, accountability and accessibility of the above policies in Appendix “– 6.5.3.3.1 Business conduct policies - complementary information”. Speak Up culture, non-retaliation policy and the OpenLine The Company recognises that policies alone cannot prevent every situation that may arise in the course of doing business and therefore also promotes a strong ‘Speak Up’ culture by encouraging employees and others to raise concerns, whether related to corruption and bribery or to other issues. The Company therefore enables employees and third parties – including but not limited to contractors, subcontractors, direct or indirect suppliers, customers, end-users and local communities around Company’s sites and those of its suppliers – to speak-up about concerns related to the Company. Concerns may be raised through various channels, including through the OpenLine (available to all at https://www.airbusopenline.com). The Airbus SE/ Report of the Board of Directors 2025 208 OpenLine enables people to submit an alert confidentially and the Company commits to acknowledging receipt within seven days. Alerts can be submitted anonymously in all locations where legally permissible. If preferred, employees may also report concerns to line managers, Human Resources Business Partners, a member of the Legal & Compliance team, Ethics & Compliance Representatives, Privacy Focal Points, or Export Control Points of Contact. As for the supply chain, apart from OpenLine and direct reports from workers, the Company may receive alerts from other sources including through media screening, NGO reports, or Supplier Compliance Review which is a screening ahead of supplier selection (for more details on supplier screening, ➥ see “– 6.5.1 Sustainability Due Diligence”, Step 2 / Supply Chain. ➥ Read more on OpenLine effectiveness in Appendix “– 6.5.3.3.1 Business conduct policies - complementary information”. Non-retaliation is a key principle of a speak-up culture and the Company commits not to retaliate against anyone who raises a concern in good faith, against those who assist in investigations, or against other legally protected classes in the jurisdictions where it operates. The Company’s Method for Investigation of Ethics & Compliance Allegations integrates principles of non-retaliation aligned with the transpositions of Directive (EU) 2019/1937 which aims to drive a “Speak Up” culture. The speak up channels and the non-retaliation principles are both included into various team talks, e-learnings, anti-bribery and corruption trainings, and otherwise communicated frequently. Matters requiring investigation, including those linked to corruption and bribery, are managed by dedicated members of the Ethics & Compliance team in accordance with the Method for Investigation of Ethics & Compliance Allegations. On a quarterly basis, the Company’s Chief Ethics & Compliance Officer reports updates on key investigations to the ECSC of the Board of Directors. ➥ Read more on investigation process in Appendix “– 6.5.3.3.1 Business conduct policies - complementary information”. Below can be found the total number of alerts or allegations received. Key figure Unit 2025 2024 Number of alerts or allegations received No. 1,999 1,730 6.4.1.3 Prevention and detection of corruption and bribery [G1.3] For a general introduction to how the Company drives the prevention of corruption and bribery, see section “– 6.4.1.2 Business conduct policies and corporate culture”. Anti-bribery and corruption training. Training remains an important lever of prevention which serves to drive an ethical business culture. Training sessions are delivered both via virtual and physical classrooms, which allows for the largest reach: company-wide, as well as external stakeholders, including higher-risk third parties such as sales intermediaries, lobbyists and special advisors. In-depth training is delivered across a number of functions to employees considered as highly exposed (see figures in tables below). These include but are not limited to all of the Company’s Executives (including members of the Executive Committee) as well as Senior Managers in identified teams within specific functions (Sales, Strategy, Customer Services, Finance, Procurement and Programmes), in addition to a number of identified job profiles at lower grades such as Event Managers or Sales Assistants. Key figure Unit 2025 2024 Percentage of functions-at-risk covered by training programmes % 100 100 In addition, members of the Company’s Board of Directors have been upskilled on topics connected to anti-corruption and bribery, notably through regular sessions, at least quarterly, taking place in the ECSC, while ECSC activities are consistently reported to the full Board of Directors (➥ see “– 6.1.1.2 Governance”). All Company employees excluding shop floor / production job profiles Highly Exposed (Executives + Non-Executives) 2025 2024 2025 2024 Number of in-scope employees 111,963 112,229 5,677 6,177 Number of in-scope employees trained 110,666 110,028 4,902 5,183 Training completion rate 98.8% 98.0% 86.3% 83.9% Topics covered (non-exhaustive) Code of Conduct, Anti-bribery and corruption, Conflicts of Interest Code of Conduct, Anti-bribery and corruption, Fraud Gifts & Hospitalities, 3rd party Due Diligence, Facilitation Payments, Conflict of Interest, Contractual credit, Antitrust, Competitor Information, Personal Liability, Speak up / Open Line etc. For more information regarding the above Anti-corruption and bribery training table ➥ see “– 6.5.4.8.3 About Anti-bribery and corruption table”. Airbus SE/ Report of the Board of Directors 2025 209 6.4.1.4 Incidents of corruption or bribery [G1.4] Bribery and corruption Unit 2025 2024 Number of convictions for violation of anti-corruption and anti- bribery laws No. 0 0 Amount of fines for violation of anti-corruption and anti- bribery laws EUR 0 0 The Company aims to prevent any breaches by continuously improving its anti-bribery and anti-corruption policies and their implementation, supported by Company-wide yearly audits, internal investigations or other types of verification or benchmarking. In 2025, the Company continued delivering its Company-wide training and awareness raising programme, which is a regular ongoing yearly activity. 6.4.1.5 Management of relationships with suppliers [G1.2] The Company strives to make environmental and social responsibility a core element of its procurement strategy. This includes managing the relationships with suppliers through the different phases of the procurement process: sourcing, strategy definition, supplier selection, contract management and supplier monitoring and development. It also includes ensuring timely payments to its suppliers, including small and medium enterprises (SMEs), conditions of which are formalised in the contracts between the Company and its suppliers (➥ see “– 6.4.1.6 Payment practices” below). The Company’s due diligence in its supply chain covers primarily the Company’s suppliers (i.e. those with which the Company contracts supply agreements, referred to as “Tier-1”); nonetheless, if an alert is raised in relation to a supplier in the upstream supply-chain, the Company will act on it as deemed appropriate (for further details on the Company’s approach to supplier due diligence, ➥ see section “– 6.5.1 Sustainability Due Diligence”). The Company’s procurement-related risks and opportunities are embedded into the Company’s ERM process. Risks and opportunities related to the deployment of the sustainability roadmap in the supply chain are managed according to the Procurement ERM plan. The Company also has procedures for its suppliers including SMEs facing financial difficulties, designed to help with the liquidity of the supply chain. 6.4.1.6 Payment practices [G1.6] The Company is committed to responsible business conduct. Timely payments to its suppliers, including small and medium enterprises (“SMEs”) are a priority. It is recognised that late payments can have an adverse effect especially on SMEs. Adhering to mutually agreed payment schedules and minimising delays support the financial health of the supply chain. The Company offers shorter payment terms to those SMEs who have adopted electronic invoicing. The Company has processes in place to prevent late payments to all suppliers, including SMEs. These processes include automated payment tracking systems alerting when payment deadlines are approaching. The Company’s payment terms are known and mutually agreed with all suppliers. The payment terms are designed to cater for unique needs of individual suppliers and ensure compliance with national laws and regulations. Standard payment terms for suppliers are end of month +60 days, due the 10th day of the next calendar month (subject to applicable law), while for the SMEs that have adopted electronic invoicing, the payment is due on or before the 25th day of the month following the month of the invoice. For SMEs without electronic invoicing the payment is due on the 30th day of the month following the invoice. See table below for metrics on payment practices. Payment practices Unit 2025 2024 Average number of days to pay invoice from date when contractual or statutory term of payment starts to be calculated Days 61 62 Percentage of payments aligned with standard payment terms % 92 91 Number of legal proceedings outstanding as of year end for late payments No. 0 0 Scope: Company-wide Assumptions: Payment practice KPIs are populated in a central reporting tool which covers more than 90% of total Company’s spend making this sample representative of the Company’s payment practices. The KPIs are calculated based on the number of invoices. Airbus SE/ Report of the Board of Directors 2025 210 6.4.2 Cybersecurity [Company-specific] 6.4.2.1 Cybersecurity IROs Building on the DMA process described under section ➥ “– 6.1.1.4.1 Description of the processes to identify and assess material IROs”, the following risk was identified related to cybersecurity, as an entity-specific topic: Cybersecurity - Company specific Time horizon Location in the value chain Cybersecurity The materialisation of a cybersecurity risk, including intrusion in systems leading to data leakage, attacks impacting the resilience of industrial systems and compromising the development, use or operation of products and services, could lead to severe damage, including but not limited to significant financial loss, need for additional investment, contractual or reputational performance degradation, loss of intellectual property, loss of business data and information, operational business degradation or disruptions, and product or services malfunctions. This could negatively affect financial performance and damage its reputation. / For further insights on Cybersecurity risks, ➥ see “– Risk Factors – 3.1.2 Business and operations-related risks”, paragraph “Business disruptions, including by cyber, physical or hybrid threats, could adversely affect the Company”. 6.4.2.2 Policies - Cybersecurity Security, composed of physical and cybersecurity, is considered as one of the Company pillars along with safety, compliance, integrity and quality. There are no signs globally that the threats of cyber attack will decrease; therefore, the Company maintains an advanced cybersecurity posture and anticipates future threats. Specific focus is placed on: ● ensuring continued compliance to international, national, and industry specific cybersecurity regulations; ● Company resilience; ensuring prevention and recovery from cyber skirmishes, and destructive ransomware attacks; ● extended enterprise and supply chain cybersecurity collaborations Corporate Security is accountable for security risk management and is in charge of defining cybersecurity strategy, organisation, roadmap and Company-wide initiatives in line with the Enterprise Risk Management Cycle. The Company has established a federated model of digital security encompassing accountable leaders in respective organisational structures such as Digital, Engineering and Operations. A dedicated team for security governance was established, reporting to the Company Chief Security Officer, responsible for the definition of cybersecurity directives and methods as well as audits. The Company Board of Directors is regularly updated on cybersecurity topics and the CEOs of Airbus and the two Divisions are briefed on security topics every two months. Cybersecurity governance encompasses both Divisions and global operations plus affiliates. The Company has initiated in 2021 the Group Cyber Risk Review, which is reported quarterly to the Risk & Opportunity Review Board. In addition, the Company has established the Group Cyber Review Board aiming to further maintain and improve digital security across the Company. This quarterly board is composed of the Chief Information Security Officers (“CISOs”) and Heads of Digital Cyber Security from the three business segments and chaired by the Corporate CISO. Its primary objective is to review and discuss the Company-wide digital security risk posture and agree on collaborative mitigating actions. It is also responsible for establishing the Company’s Cybersecurity strategy. This cross-divisional approach ensures that the Board considers a wide range of digital security risks affecting various parts of the organisation. The Board's responsibilities include overseeing IT and industrial assets. The Company has established a comprehensive security policy, which is aimed at protecting the Company’s assets, products and services, employees and key stakeholders. This Company-wide policy serves as a single top-level reference for all security-related activities within the Company, including cybersecurity. Cybersecurity is active in the four security bodies of the Company: Digital, Industrial, Products & Services, and People & Workplace. ➥ Read more in appendix “– 6.5.3.3.2 Security policy - complementary information”. Airbus SE/ Report of the Board of Directors 2025 211 The Company’s Management System for the Company Security is aligned with the ISO 2700x standards. The standards are translated into relevant processes and their implementation are monitored through various internal audits (Maturity assessment, Process adherence audits, Quality audits) as well as external audits. The three lines of defence principles always apply. First line (Process Review Meeting) occurs on a monthly basis. Additionally, risk mitigation measures follow the principle of people, process, and technology controls to reduce the likelihood and/or impact of cyber incidents. Security processes are fixed through security governance directives, business management processes, and operating models. Technical security controls are implemented and measured in accordance with above mentioned standards. Key technical security controls, aimed at reducing the likelihood and impact of cyber incidents, have been implemented. They include the rollout of endpoint protection and data loss prevention tools, the implementation of multi-factor authentication, and the adoption of enterprise security architecture approaches. To reduce impact from cyber events, it operates in-house security operations centres covering both commercial and national activities, plus a Computer Emergency Response Team analysing cybersecurity threat intelligence and rapidly investigating and containing cybersecurity incidents. 6.4.2.3 Actions and resources - Cybersecurity In terms of cybersecurity, risk management is the aggregation of continual risk reporting, cybersecurity validation processes embedded within security by design principles for projects, applications and infrastructures – in addition to the implementation of digital security controls aligned to the Company’s enterprise security architecture standards. A fully industrialised framework and toolkit has been deployed to ensure the standardised prescription, deployment and assessment of these controls across the Company. The Company has set a cybersecurity strategy that adapts to new threats and cyber risks posture, which aims to enhance capability development, improve protection measures, and reduce risks associated with cyber attacks. It translates into a number of actions including: Action plan Cybersecurity On-going, continuous, including and embedded in Company’s own operations ▶ Developing the International Security Operating Model (ISOM) In 2025, the Company completed the deployment - started in 2024 - of a governance framework designed to provide comprehensive guidance and support on security matters across all international and regional entities of the Company, including affiliates. Company- wide ▶ Enhancing cybersecurity awareness among employees Phishing campaign - Following last year’s successful launch, this initiative was continued throughout 2025, involving a persistent and immersive phishing simulation designed to educate employees on identifying and countering phishing attacks. Cyber month - Building off of this global initiative, the Company engaged employees through a variety of initiatives including serious games, a hacking challenge, awareness campaigns including via a short film, and interviews with top management shared via the intranet. All employees Company- wide ▶ Enhancing cybersecurity competencies through the certified Airbus Cyber Security Diploma and Master’s programmes. Launched in France in 2022, these programmes aim to reinforce and future-proof existing cybersecurity competency, in addition to building an appropriate pipeline for future skills and needs to future-proof the Company's cybersecurity capabilities. The Bachelor’s and Master’s degrees, validated by the French National Registry of Professional Certifications, comprise 762 hours and 993 hours of coursework respectively. The initiative targets students as its primary stakeholders. Focus in France, annual Key figures Unit 2025 2024 Students registered in the Bachelor's programme No. 18 18 Students enrolled in the Master's programme No. 39 38 6.4.2.4 Metrics and targets - Cybersecurity Key figure Unit 2025 2024 Number of data breaches reported to data authorities No. 0 0 The Company has defined an incident management process in line with regulatory requirements that ensures reporting any breach in due time (above information validated by ANSSI - Agence Nationale de la Sécurité des Systèmes d'Information). The Internal Security Operation Centre and a Computer Emergency Response Team are in charge of this process. Top Functional Objectives are set on a yearly basis that are not disclosed for security reasons. Airbus SE/ Report of the Board of Directors 2025 212 6.5 Appendices This section contains information that is complementary to the previous sections of the sustainability statement and is an integral part of the regulatory disclosure. 6.5.1 Sustainability Due Diligence The Company has established processes to conduct sustainability due diligence throughout its business, operations and supply chain to identify and address the adverse impacts (direct and indirect) of its business activities. This is an ongoing, iterative and progressively in-depth exercise, with the amount and depth of due diligence commensurate with the severity and likelihood of an adverse impact, where more significant ones (based on severity) are prioritised. The approach taken by the Company in this respect takes into account the United Nations Guiding Principles for Business and Human Rights and the OECD Due Diligence Guidance for Responsible Business Conduct, which covers six steps including: 1 Embedding responsible business conduct 2 Identifying and assessing potential and actual impacts 3 Acting to address, cease, prevent, mitigate or avoid adverse impacts 4 Tracking performance including use of appropriate KPIs and targets 5 Communicating and reporting on findings and performance 6 Cooperating in appropriate remedies 1 Step 1: Embed responsible business conduct into governance, policies and management systems The Company has in place commitments towards respecting human rights, the environment and health & safety through specific policies, directives and methods which are embedded into the Company business management systems and form an integral part of the Company’s risk management and decision making. For more on management systems and governance see: General governance overview – 6.1.1.2.1 The role of the administrative, management and supervisory bodies – 6.1.1.2.2 Involvement of administrative, management and supervisory bodies – 6.1.1.2.3 Integration of sustainability-related performance in incentive schemes Environment - policies, management systems and governance – 6.5.3.1 Environmental policy Health and Safety - policies, management systems and governance – 6.3.1.3 Own workforce policies – 6.3.1.7.1 Policies - Health and safety – 6.5.3.2 Social policies Human Rights - policies, management systems and governance – 6.5.3.2 Social Policies ERM and Internal Control – 6.5.2 Risk management and internal control over sustainability reporting – Risk Management and Internal Controls – 3.2 Enterprise Risk Management System, and – 3.4 Internal Control Key Company policies, including those shown below, have clear expectations towards its own operations (including controlled affiliates) and suppliers: Key policies Related to For more information, see E HS HR Airbus Code of Conduct ✔ ✔ ✔ – 6.4.1.2 Business conduct policies and corporate culture Airbus Company Human Rights Policy ✔ ✔ ✔ – 6.5.3.2 Social Policies International Framework Agreement ✔ ✔ ✔ – 6.5.3.2 Social Policies Airbus Environmental Policy ✔ – 6.5.3.1 Environmental policy Airbus Health and Safety Policy ✔ ✔ – 6.3.1.7.1 Policies - Health and safety Airbus Supplier Code of Conduct ✔ ✔ ✔ – 6.3.2.3 Policies related to value chain workers Airbus Company Human Resources Policy ✔ ✔ – 6.3.1.3 Own workforce policies E: Environment; HS: Health and safety; HR: Human rights Governance. As detailed in “– 6.1.1.2.2 Involvement of administrative, management and supervisory bodies”, oversight has been established at the Board of Directors level through the ECSC. The Company has developed specific roadmaps (multi-functional teams addressing cross-functional and cross-divisional sustainability topics amongst other things) which focus on the main areas where its activities could have potential human rights, health and safety or environmental impacts, including the Human Rights Roadmap, the Environmental Roadmap and the Sustainable Supply Chain Roadmap. Each roadmap considers its context, stakeholder needs and expectations, compliance obligations, relevant aspects and impacts, and related risks and opportunities to define a strategy and objectives within the framework of the company management system. Other networks within the Company that support implementation and compliance include for example, the Ethics & Compliance Representatives Network, the Privacy Network, the Sustainability National Representatives and Ambassadors Networks and the Airbus SE/ Report of the Board of Directors 2025 213 Inclusion and Diversity Network. Several functions contribute to the operational implementation of sustainability due diligence, including Human Resources, Procurement and Legal & Compliance. Identified and prioritised existing or potential impacts are recorded within the ERM exercise and governance follows a similar process as the one existing for the Company’s top company risks. Affiliates. All of the Company’s controlled affiliates are expected to deploy similar internal policies by applying the Company’s directives. Through a company-wide single digital handbook, the controlled affiliates access the applicable requirements they are expected to comply with, together with relevant supporting materials and methods designed to support them in their operational implementation. Its enforcement is supported by the Directors’ training programme, as well as on-boarding sessions performed for newly appointed managing directors of controlled affiliates. The handbook is built on the basis of Company-related internal policies including, but not limited to: the Company’s Code of Conduct, International Framework Agreement, Agreement on the European Works Council, Supplier Code of Conduct, Health & Safety Policy, Environmental Policy, the Company’s Anti-Corruption Policy and related methods. Awareness raising, training and capacity building. Training solutions are provided to all employees to promote awareness of human rights and the environment and to enable their integration into business processes and decision making. Employees identified as working in areas where human rights are considered high risk are being equipped to address human rights as appropriate to their role linked to competency requirements. For example, this includes buyers and supply chain quality managers working in high risk geographical locations / activities on human rights. In addition, the Company will endeavour to support suppliers to access topic-specific training as required if any risks are identified related to human rights or the environment. In addition, the Company’s overall training offering ranges from ethics and compliance to export control, health and safety, product safety, cyber security, internal control, inclusion and diversity, quality and customer centricity, and other sustainability matters, including general awareness. 2 Step 2 : Identify actual and potential adverse impacts The identification and assessment of actual and potential adverse impacts is explained in sections referenced below: Process and Methodology – 6.1.1.4.1 Description of the processes to identify and assess material IROs Material topic description – 6.1.1.3.3 Material IROs and their interaction with strategy and business model Stakeholder engagement – 6.1.1.3.2 Interests and views of stakeholders Supply chain Ensuring respect for human rights, including health and safety, protecting the environment and embedding ethical business conduct principles is integral to how the Company selects, onboards and contracts with its suppliers and is formalised in a dedicated manual. This includes different sustainability screening and checks at different stages of its engagement with suppliers: - Prior to being engaged, all the Company’s suppliers are screened for risks, including related to human rights, the environment and ethical business conduct, via a third party supplier screening tool. If a ‘red flag’ is highlighted for a supplier, an internal review will take place which may result in escalation depending on the severity of the alert. - During the call for tender stage, for certain large contracts above a minimum threshold, suppliers are required to complete a sustainability questionnaire to help the Company evaluate their sustainability maturity. - Company’s standard procurement contract templates have evolved to reinforce clauses related to human rights and the environment. This includes requirements for the Company's suppliers to comply with applicable laws and regulations in connection with human rights, labour and employment, environment and health & safety, to commit to apply (and cascade throughout their own supply chains) the principles of the Airbus Supplier Code of Conduct and to comply with other requirements such as to cooperate with a request for an evidence-based desktop Supplier Maturity Assessment (“SMA”) and/or on-site assessment conducted by a third party service provider. - Once a contractual relationship has been established, the Company identifies supplier sites with the highest human rights, environmental and business conduct risks through the application of a risk-based analysis of both the supplier’s geographical location and nature of their activity using publicly available indices. Following this analysis, suppliers identified as high risk are required to complete an evidence based SMA undertaken through a third party service provider. This assessment covers topics such as labour and human rights, health and safety, environment, ethics and sustainable procurement. Following completion of a SMA, if a ‘red flag’ is raised - i.e. the Company's sustainability expectations are not met -, and depending on the severity of the risk, the supplier will be requested to prepare an appropriate action plan to demonstrate how they will cease, mitigate or prevent the identified risk, or the supplier may be required to undertake an on-site assessment by a third party service provider. Actions may also involve coordination/collaboration with sector-specific or cross-sector initiatives as appropriate. If the Company does not consider that the action plan is sufficiently progressing, or if actions are insufficient to prevent or minimise the risk, then the contractual relationship with that supplier may be reviewed. The Company also monitors supplier risk on an ongoing basis through its OpenLine grievance mechanism (which is open to third parties including workers in its supply chain, see 'Grievance mechanism' section “– 6.4.1.2 Business conduct policies and corporate culture”) and informal channels such as external reports (media/NGO reports) as well as through visits to supplier sites. If the Company receives substantiated knowledge of a violation of a human rights or an environmental-related obligation, it will investigate, without undue delay, to understand the severity and scale of the violation as well as any required mitigation actions. This investigation will normally take place through engagement with the relevant supplier. After investigation, and depending on the severity, the supplier could be asked to propose follow-up actions as described above or the Company may require an on-site assessment. For any alerts identified associated with the supply chain of a supplier, the Company will, as a priority, require action to be taken via its supplier and will monitor for implementation of relevant actions. Airbus SE/ Report of the Board of Directors 2025 214 Own Operations Expectations related to workers in the Company’s own operations are set out in the Airbus Company Human Rights Policy (see “Step 1: Embed responsible business conduct into governance, policies and management systems”). The Company regularly checks adherence to international standards and principles, minimum legal obligations and its own commitments through on-site assessments, focused on labour and human rights, conducted on its own sites including the sites of its controlled affiliates. These assessments are conducted by a third party service provider, consistent with that used for its supply chain, and sites are prioritised based on the same analysis of risk including geographical location. The assessments include a documentation review (including those of any suppliers based on that site) as well as interviews with direct employees and in-situ contractors. For targets related to these assessments, see section “– 6.3.1.5.1 Target and performance - Social assessments”. Any findings raised are discussed with the site’s management team (or at the Company level if the finding relates to Company-wide actions) and action plans for addressing the findings are agreed, which includes any appropriate remediation and integration of feedback of lessons learned such as repeated findings which may require root cause analysis and systemic changes. Any findings identified in relation to the suppliers working on a Company site will also trigger an action plan. The Company aims to close all site findings without undue delay. In addition, all employees of the Company as well as onsite contractors are encouraged to report any alerts of concerns through the Company’s grievance mechanism (see 'Grievance mechanism', “– 6.4.1.2 Business conduct policies and corporate culture”). For Affiliates “– 6.5.2 Risk management and internal control over sustainability reporting”; “– Corporate Governance – 3.2 Enterprise Risk Management System”; and Downstream For information on the Company’s due diligence related to defence sales activities, see section “– 6.3.4.2 “Policies - Sovereignty and citizen protection”. Ad hoc due diligence. The Company is committed to conducting ad hoc due diligence when it expects a significantly changed or significantly expanded risk situation in its own business area or that of a Company’s supplier, including due to the introduction of significant new products, projects or business fields. Stakeholder dialogue The Company is committed to promoting open and trusting dialogue within its own operations, supply chain and with other third parties including through the following mechanisms. Details are available on the Company’s intranet (accessible by Company’s employees), the ‘contact us’ section of the Company website or on a separate external website. Details are also communicated to suppliers through the Airbus Supplier Code of Conduct. Key fundamentals supporting an efficient dialogue: A corporate culture including SpeakUp & ListenUp values – 6.4.1.2 Business conduct policies and corporate culture A non retaliation policy An efficient grievance mechanism, the “OpenLine” 3 Step 3: Prevent, cease or mitigate impacts The Company defines and implements measures to prevent, cease or mitigate adverse impacts based on the nature of the impact, the Company’s level of involvement in relation to the impact (i.e. whether the Company has caused, contributed or is directly linked to the adverse impact through the actions of another party - e.g. direct or indirect business relationships) and its ability to influence the business relationship causing the impact. Certain actions undertaken as a direct consequence of the identification of an existing or potential impact are described in the previous step, “Step 2 : Identify actual and potential adverse impacts”. This is embedded in the following approach: Tables. A number of preventive actions are widely deployed across topics (Env.: Environment; H&S: Health and safety; HuRi: Human Rights) The Company Training Whistleblowing system (see below) Code of Conduct Policies / directives Env. ✔ ✔ ✔ ✔ H&S ✔ ✔ ✔ ✔ HuRi ✔ ✔ ✔ ✔ Suppliers Contractual terms and conditions Whistleblowing system Supplier Code of Conduct Env. ✔ ✔ ✔ H&S ✔ ✔ ✔ HuRi ✔ ✔ ✔ Table. Procedures for regularly assessing the situation of relevant subsidiaries, contractors and suppliers can be summarised as follows. Specific relevant complementary information can be found in the respective topic sections. The Company ICSA (Self assessment) Internal assessment / audit External audits (e.g. ISO) Management system Env. ✔ ✔ ✔ ISO 14001 (1) ✔ H&S ✔ ✔ ✔ ISO 45001 (2) ✔ HuRi ✔ partially (1,2) Proportion of own workforce currently covered, (1) see “– 6.5.3.1 Environmental policy”, and (2) see “– 6.3.1.7.4 Metrics - Health and safety”. Suppliers Self assessment Company (or via 3rd party) assessment Env. ✔ ✔ H&S ✔ ✔ HR ✔ ✔ The details of specific action plans defined for each salient issue and material topics can be found in the ESRS they are related to: IROs / ESRS mapping – 6.1.1.3.3 Material IROs and their interaction with strategy and business mode” Related action plans ESRS E1, E2, E3, E5, S1, S2, S4; action-related sections Airbus SE/ Report of the Board of Directors 2025 215 4 Step 4: Track & measure effectiveness Tracking and measuring the effectiveness of its actions, including through the definition and setting of KPIs and targets, is a key element of the Company's due diligence process, including to support continuous improvement. It aims to assess the effectiveness of its actions, integrating feedback on lessons learnt to enhance due diligence practice, and accounting for how the Company addresses its impacts and the results of such actions to individuals or groups who may be impacted and other stakeholders including through reporting. Tracking and measuring effectiveness are included in, for example, the actions of the Company’s human rights and environment roadmaps, its training programmes, the assessments conducted in its supplier sites and own sites, with targets set for the closure of findings and the effectiveness of its grievance mechanism. Relevant targets and KPIs are a part of the Company’s internal reporting and are regularly monitored including by the relevant roadmaps and steering committees as well as at Executive Committee level. These, together with their associated policies, are integrated into relevant management systems and governance, as described above, and that ensure adequate reliability and topic management. Monitoring system. The table below shows an overview of the monitoring system in place. Moreover, effectiveness of actions is reviewed periodically in the respective topical governance bodies, as well as in the Sustainability Strategy Committee whose scope encompasses all four topics. Example of monitored KPIs Responsible management body Supervising committee Controls Environment > Operations > Use of Products CO 2 e Scope 1, 2, Water, Waste Delivered aircraft CO 2 efficiency metric Sustainability Organisation / Environmental Roadmap Environment Committee Sustainability Strategy Committee ERM, internal control Health and Safety Lost time injury frequency rate Health and Safety Organisation ERM, internal control Human Rights Nb of social assessments % of findings closed within 18 months Sustainability Organisation/ Human Rights Roadmap ERM, site social assessments and supply chain assessments Supply Chain Number of risky supplier sites covered by at least one dedicated action Procurement / Sustainable Supply Chain Roadmap ERM, external assessments, self assessments More detailed descriptions, as well as performance measures and analysis, can be found in the respective topic sections. IROs / ESRS mapping – 6.1.1.3.3 Material IROs and their interaction with strategy and business model Related metrics and targets ESRS E1, E2, E3, E5, S1, S2, S4; targets- and metrics-related sections 5 Step 5: Communicating and reporting on progress The Company reports on progress and performance through various communication channels, including through its Sustainability Statement. Stakeholder engagement and collaboration. The Company’s approach to stakeholder engagement on sustainability matters is described in “– 6.1.1.3.2 Interests and views of stakeholders”. Considered stakeholders include those who have been, or could be, adversely impacted through the Company’s business activities and/or their relevant proxies. Where appropriate, the Company will engage with a range of civil society, peers, specialists and other stakeholders, including those representing rightsholders and where possible with rightsholders directly, and including on human rights issues, and will seek feedback on performance. To support its actions in this respect, the Company is also a member of the Global Business Initiative for Human Rights. The Company is also an active member of industry trade associations which regularly hold focused discussions on managing human rights and environmental-related risks within the aerospace and defence industry. These include the IAEG (International Aerospace Environmental Group), BDLI (German Aerospace Industries Association), BDSV (German Industry Association for Security and Defence), ASD (the Aerospace and Defence Industries Association of Europe), GIFAS (French Aerospace Industries Association), ADS (UK Industry Association for Aerospace, Defence, Security and Space), TEDAE (Tecnológicas de Defensa, Seguridad, Aeronáutica y Espacio), GICAT (Groupement des industries françaises de défense et de sécurité terrestres et aéroterrestres) and TechUK (the UK’s technology trade association). The Company is a founding member of the IAEG, which is working on development and promotion of common aerospace industry standards and tools to help manage environmental obligations and deploy best practices. In 2022, and co-led by the Company, a contract was established between IAEG and its selected service provider to build a sectoral approach for supplier assessment which started to be deployed in 2023 and continued to be deployed in 2024. Taking part in this IAEG voluntary sectoral framework for Environment, Social and Governance (ESG) engagement strengthens business resilience and optimises resources and costs for suppliers. In addition, an update of the Company's sustainability approach (including environment, human rights and health and safety) is regularly presented to key internal stakeholder groups, including the Airbus SE Works Council (SE-WC) comprising social partners from across Company’s European sites, and provides dedicated time for open dialogue and exchange. For more on stakeholder engagement, see: Overall approach – 6.1.1.3.2 Interests and views of stakeholder” Grievance mechanism – 6.4.1.2 Business conduct policies and corporate culture 6 Step 6: Cooperating in appropriate remedy Remediation. If the Company identifies that it has caused or contributed to an actual adverse impact within its own operations, supply chain or other business relationship through its business activities, including through OpenLine or other means, it will endeavour to address such impacts by providing for or cooperating in appropriate remediation. This may include enabling remediation that is proportionate to the significance and scale of the adverse impact, including in cooperation with relevant stakeholders. Airbus SE/ Report of the Board of Directors 2025 216 6.5.2 Risk management and internal control over sustainability reporting [GOV-5] Risk management and internal control in relation to sustainability reporting are embedded in the broader Internal Control and ERM systems and processes described in section “– 3 Risk Management and Internal Control Systems”. The scope covers mainly the preparation of quantified information, including environmental, occupational health and safety, social data from sites and their consolidation as well as company wide calculation-based information such as Scope 3 estimates. Finance-related information is also covered by Internal Control through controls associated with the preparation of the financial statements. Furthermore, qualitative information is covered by a disclosure process from consistency reviews performed locally and centrally until the review and approval of the Company's Disclosure Committee. The Internal Control model is based on two lines of defence (the third line of defence being Corporate Audit). At first line, key controls are performed within the usual process at operational/function level to answer key systemic risks. Then, a second line testing activity is run in each accountable function on the key controls to measure their effectiveness (second line of defence). As it relates to the accuracy of quantitative environment and social information reported in the framework of the CSRD, the first line of defence mainly consists in the control of the local collection of information based on documented procedures and central consolidation including consistency verifications and comparison against targets. The second line testing is then performed by the Internal Control officers of the concerned Functions. The risk assessment approach as it relates to sustainability information is focusing on the following main systemic risks: the risk for the Company not to comply with the reporting directive scope (i.e. double materiality assessment and review) and the risk of disclosure misstatement (on quantitative and qualitative data points). The Internal Control framework and referential are currently under development on these topics, and prioritisation on the implementation is based on several criteria including the consideration of internal audits and external review findings, the results of the former Internal Control yearly campaigns where the data points were already covered, and the estimated importance for stakeholders - e.g. remuneration-linked information. Current risks identified include the alignment of metrics definition and preparation with CSRD various requirements, the timely collection and consolidation of sites related information due to the late availability of certain information and the integration of new sites into the reporting perimeter. Such challenges are being addressed through a number of mitigation actions including a proper and anticipated on-boarding of sites, a systematic review of internal metric definitions and the completed creation of “ID cards” covering all reported CSRD quantified information, the mapping of existing first line controls in functions and on-going digitalisation projects. Current risks identified include as well the consistency of the qualitative information covered by the disclosure process as described above. Findings as regards to the sustainability reporting process are consolidated by the Internal Control team via the yearly Internal Control campaign and followed up by the respective functional Internal Control teams to define and monitor necessary action plans and drive continuous improvement. The Internal Control Committee is in charge of reviewing the results of the yearly Internal Control campaign before reporting to the Company’s Executive Committee and the Board's Audit Committee. 6.5.3 Policies and processes 6.5.3.1 Environmental policy The Airbus Environmental Policy outlines the Company's guiding principles, vision, mission, and associated initiatives relating to environmental sustainability. This policy applies to the Company’s own operations, therefore including to affiliates where the Company owns more than half of the voting rights or has the right to appoint the majority of the Board directors. It also covers the Company’s employees and contractors while at its sites or at work under its responsibility. The policy acknowledges that our planet is facing substantial challenges such as climate change, water, soil and air pollution, resource scarcity and loss of biodiversity. It mandates the development of products and services that minimise environmental impacts, particularly addressing climate change, pollution, and resource use. To enable such an ambition, the Company has set a number of environmental targets, as presented in the respective ESRS. They relate both to the Company's own operations (e.g. GHG emissions, from both stationary sources and mobile sources - including flight test and logistics -, energy - including the use of energy sources -, water, waste management, VOC) and its value chain (e.g. GHG emissions of sold products) and cover material impacts. Climate change adaptation is not explicitly mentioned in the policy but is included in the Company’s EMS and business continuity activities. While the policy covers water withdrawal reduction, it does not explicitly mention water management, water sourcing, water treatment or the reduction of water usage in areas at water risk. These aspects are nevertheless included in the Company’s management of water related aspects for its own operations and controlled entities perimeter. It does not explicitly mention waste hierarchy nor cover the prioritisation of avoidance either. Compliance with applicable environmental regulations and maintaining the ISO 14001:2015 Certified Environmental Management System (“EMS”) are integral components of the Company's commitment to its environmental stewardship. The Company’s environmental strategy is implemented operationally by dedicated multifunctional teams at corporate and/or divisional level. These cover topics such as industrial and site impact, product operation, supply chain and substances. In addition, the Company’s ISO 14001 certified EMS notably applies the standard Airbus SE/ Report of the Board of Directors 2025 217 recommendations for pollution control audits, training, risk assessment and identification, implementation of risk prevention procedures (emergency plans, simulation exercises). For example, sites shall conduct an analysis of environmental aspects and impacts at least every three years, as well as each time a material change in operations occurs, also in connection with the Company’s ERM process. While the EMS sets requirements, actual deployment, concrete means and measures are managed at site level and adapted to the nature of a site’s industrial activities and to applicable regulations. For instance, in Toulouse and linked to flight test activities, concerned employees systematically follow dedicated training sessions, including on instructions for fuel handling or on procedures to follow in case of an incident. Also, each year, more than five spill-related emergency situations (e.g. a kerosene leak or a fire-fighting water spill) are conducted to test defined emergency plans. At least one emergency situation is performed in coordination with local authorities. EMS certification coverage Unit 2025 2024 % workforce covered by ISO 14001 certified EMS % 86.4 89.1 In addition, an increasing number of sites, including for instance sites in Spain, Marignane (France), Hamburg (Germany) and Broughton (UK) are certified ISO 50001:2018 for energy management and therefore apply embedded requirements such as running energy audits that enable the identification of improvements or the deployment of related training for concerned employees. The policy is based on principles including integrity, innovation, sustainability, and engaging stakeholders throughout the value chain that aim to inform all decisions, actions and practices in the scope of the Company’s environmental roadmap. The Company commits to complying with its obligations under environmental regulations and standards, minimising environmental impacts through responsible decision-making, leveraging advanced technologies for continual improvement, and integrating environmental, societal, and economic considerations into its business strategy. The policy places significant emphasis on stakeholder collaboration, engaging with suppliers and the aerospace sector to encourage sustainable practices and promote responsible environmental management within the supply chain. A lifecycle perspective is adopted, considering environmental impacts - including GHG and air emissions, pollution, water, circularity, and other dimensions - from product design to end-of-life. The Company invests in life-cycle assessments (“LCA”) for environmental impact accounting associated with a specific product, in accordance with the requirements specified in the ISO 14040 standard. LCA studies have been finalised for all commercial aircraft products delivered in 2025. In addition, the Company is deploying frameworks enabling design choices to reduce the footprint of operations, projects and products and optimise aspects such as product end-of-life management and critical raw materials usage. For instance, environmental assessments are being used to assist the research and technology decision-making processes related to commercial aircraft activities. The Defence and Space Division also uses LCA as part of the development of the Sentinel satellites that are built for the European Space Agency. The monitoring process within Airbus Environmental Policy involves several key components: - compliance monitoring of the Company’s adherence to its obligations under environmental laws, regulations, and standards; - performance evaluation committed to the continuous improvement of environmental reporting and performance evaluation processes; - stakeholder engagement to strengthen cooperation and communication with both internal and external stakeholders, for instance with suppliers, customers, industry bodies, - and risk management to anticipate legislative changes and effectively manage compliance risks to maintain robust environmental standards. Employees’ awareness, training and competence management is another key dimension supporting the proper deployment of the policy throughout the organisation and embedded in the Company’s business management system. Under the oversight of the Human Resource function, competence gaps are identified and addressed through dedicated training schemes. The Chief Sustainability Officer is accountable for the policy. The policy development followed the related requirements of the ISO 14001:2015 Standard. It is available to all employees, and a policy statement signed by the CEO is available on the Company’s public website. Environmental operations are led by the Sustainability organisation, whose role is to guide the business on environmental matters and to set the policy and deploy, drive and improve the EMS throughout the Company. 6.5.3.2 Social policies To manage social IROs the Company set social policies which aim to prevent, mitigate or remediate impacts on rightsholders. The Airbus Company Human Rights Policy and the International Framework agreement, detailed below, cut across several parts of the value chain. They are complemented by policies which are more specifically focused on material topics linked to the Company’s own workforce, workers in the value chain and end-users and consumers as detailed in the ESRS S1, S2, and S4 sections and related appendices respectively. Policies are embedded into the Company business management system through specific Directives (see “– 6.5.1 Sustainability Due Diligence”) 6.5.3.2.1 Airbus Company Human Rights Policy and related policies The Company’s human rights ambition is to “embed and advance respect for human rights throughout its business, operations and supply chain”. As such, the Company is committed to upholding fundamental human rights taking into account the following international standards and principles: ● International Bill of Human Rights, consisting of the Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights ● UNGPs on Business and Human Rights ● ILO Declaration on Fundamental Principles and Rights at Work ● OECD Guidelines for Multinational Enterprises on Responsible Business Conduct ● OECD Due Diligence Guidance for Responsible Business Conduct ● Ten Principles of the UN Global Compact, of which Airbus has been a signatory since 2003. Airbus SE/ Report of the Board of Directors 2025 218 The Airbus Company Human Rights Policy outlines the Company's expectations towards respecting human rights and preventing adverse human rights impacts including through governance, undertaking ongoing human rights due diligence, stakeholder engagement, access to grievance mechanisms, and regular monitoring including by top management. The Company’s policy commitments are being embedded throughout the Company through a Sustainability Due Diligence and Human Rights Directive which defines and establishes a set of Company business requirements. These business requirements are integrated into the Company’s business management system and supported by methods, processes and guidance. Internal capacity building, including training and awareness raising, will also support adherence. The policy covers various aspects such as forced labour, including modern slavery and human trafficking, child labour, migrant workers, social dialogue and freedom of association including collective bargaining, remuneration, working time, occupational health and safety, inclusive workplaces, harassment, data privacy, community impacts, products and services including product safety, and supplier engagement. It applies to all Company employees worldwide, including in divisions and controlled affiliates, and encourages non-controlled affiliates to adopt similar standards. It also covers contractors whilst on premises of the Company or at work under the responsibility of the Company. The Chief Sustainability Officer, an Executive Committee member, holds top-level accountability for human rights. Signatories of the Airbus Company Human Rights Policy as released in May 2022 also includes the CEOs of Airbus Defence and Space and Airbus Helicopters, as well as the Chief Human Resources & Workplace Officer, the General Counsel, the Chief Procurement Officer, and the Chief Operating Officer. In addition to the third party social assessment process (see “– 6.5.1 Sustainability Due Diligence”, step 2), implementation of the policy is primarily monitored through mechanisms being established in the Company’s business management system, such as the process to Manage Company Performance, including the definition of objectives, regular performance reviews and execution of corrective actions in case of deviations from target. The policy was developed with input from internal and external stakeholders, including divisional and functional representatives of the Human Rights Core Team and Steering Committee, members of the Legal & Compliance team, human rights experts, academics, and civil society. It was also discussed at the Airbus Global Forum and the Societas Europaea Works Council, which represents the Company’s European social partners. The Airbus Human Rights Policy statement is publicly available on the Company website. In cases where the Company identifies that it has caused or contributed to an adverse impact, it will seek to address such impacts through appropriate remediation, aiming to restore affected persons to their original situation where possible. Remediation efforts will be proportionate to the significance and scale of the adverse impact and may involve cooperation with relevant stakeholders. 6.5.3.2.2 International Framework Agreement The International Framework Agreement (“IFA”) reaffirms the Company’s willingness to respect the regulations regarding fundamental human rights, equal opportunities, free choice of employment, as well as prohibition of forced and child labour and respect for the conditions for social dialogue. It also prioritises Health and Safety through a proactive occupational health and safety and risk prevention system. The Company prohibits any type or threat of physical and/or psychological abuse in the workplace and strives to contribute to workers’ social welfare, medical care, and long-term disability coverage. The Company intends, via its agreements, to respect the disposition of the following ILO Conventions: ● Discrimination – employee and occupation (No. 111) ● Equal remuneration (No. 100) ● Workers’ representatives (No. 135) ● Forced labour (No. 29) ● Abolition of forced labour (No. 105) ● Child labour (No. 182) ● Minimum age (No. 138) ● Freedom of association and protection of the right to organise (No. 87) ● Right to organise and collective bargaining (No. 98) The commitments under this agreement have been integrated into the formalisation of Company-wide policies such as the Airbus Company Human Rights Policy and the Human Resources Airbus Company Policy which are providing guiding principles for business conduct at the Company. The implementation of these company policies is monitored through mechanisms established in the Company’s business management system and implemented in all functions, such as the process to Manage Company Performance. The scope of the IFA is Company-wide, with accountability resting with the Chief Human Resources & Workplace Officer. As well as respecting the principles defined in the Universal Declaration of Human Rights, the agreement builds on international standards and principles including the ILO Core Conventions, the OECD Guidelines for Multinational Enterprises and the UN Global Compact. The IFA was developed and agreed through multistakeholder collaboration between the Company, the European Works Council, European Metalworkers' Federation, and International Metalworkers' Federation and is publicly available on the IndustriAll global union website. 6.5.3.2.3 Human Resources Airbus Company Policy - complementary information The policy is applicable to all Company’s employees worldwide, including in its controlled affiliates. The Chief Human Resources & Workplace Officer is accountable for implementing the commitments under this policy. HR teams work together across the Company and geographical boundaries to support regional activities and adapt to business needs. The policy builds on several third-party standards and initiatives, including the ILO Convention C111 on discrimination, the UN Women's Empowerment Principles, the LGBT+ Charter with L'Autre Cercle Association, and the Women in Aviation and Aerospace Charter. The policy is available in the dedicated tool of the Company’s business management system and publicly available for all employees worldwide on the Company’s intranet. The implementation of the policy is monitored through mechanisms established also in the Company business management system and implemented in all functions, such as the process to Manage Company Performance, Airbus SE/ Report of the Board of Directors 2025 219 including the definition of objectives, regular performance reviews and execution of corrective actions in case of deviations from target. Guided by this policy, the Company’s workforce is managed by the Human Resources (“HR”) function. Their activities and missions notably include social dialogue, health and safety, inclusion and diversity, strategic workforce planning, people development, performance management and competence assessment, training and mobility management, and compensation and benefits amongst others. The process for engaging with Company’s own workforce is detailed under section “– 6.3.1.4 Engaging with own workers and their representatives about impacts”. 6.5.3.2.4 Occupational Health and Safety Policy - complementary information The Occupational Health and Safety Policy is signed by the CEO and is accessible to the Company´s own workforce via the Company intranet. Company Executives and managers receive a copy during health and safety leadership training, including the Executive EHS Masterclass. The commitment to health and safety is reinforced in the Company’s Code of Conduct, endorsed by the Company CEO, and is available on the Company’s external website. The Occupational Health and Safety Policy is applicable to the Company's own workforce, including controlled affiliates, as well as contractors on Company-managed worksites. The policy was developed considering the views of the EHS leadership team, who anticipate the needs of internal interested parties by utilising feedback from performance reviews and initiatives such as People Safety @ Work, We Care and Safe Together. Policy oversight is led by the CHRO, supported by the Company Head of EHS & FMRE, who has day-to-day accountability for performance and compliance. The policy is enhanced by a Company directive, “Requirements for the Health and Safety Management System”, and topic-specific method and “governance support” (guidance) documents. The Company health and safety directive lists high level requirements for the whole management system that echo the requirements of ISO 45001. These requirements are allocated to the relevant business areas, which respond with documented evidence that they have put in place appropriate means for fulfilling a particular element of the management system (e.g., risk assessment, accident management, and contractors working on Company premises). Their aim is a harmonised approach that ensures consistently high standards, but with sufficient flexibility to allow for local compliance needs. This approach is designed to identify and evaluate risks and impacts, including those particular to vulnerable populations such as expectant mothers, and to develop appropriate mitigation plans. It also requires consideration of the necessary organisation, resources, information, training, systems, and equipment, with a particular focus on employee competence for high hazard activities. This preventative approach reduces the risk of accidents and non-conformities. There have been no significant changes to the policy in 2025, as its commitments and principles are considered fundamental to good health and safety management. 6.5.3.2.5 Aviation Safety Policy - complementary information This policy is applicable to all employees across the Company’s Commercial Aircraft business and its two divisions (Airbus Defence and Space and Airbus Helicopters) and targets the safety of all populations referenced in the ICAO Annex 13, therefore including passengers and crew members. Further reinforcing the Company’s commitment to safety, the Airbus Company Human Rights Policy includes a commitment to do its utmost to ensure that aviation safety is never compromised. For further information about the policy and the international standards and principles it takes into account, see section “– 6.5.3.2.1 Human Rights Policy”. Consideration of passengers as end-users is facilitated through proxies such as airlines and airworthiness authorities, with which the Company is in constant dialogue, see section “– 6.3.3.5 Processes for engaging with consumers and end-users”. for more information. The Aviation Safety Company Policy is accessible to all employees of the Company via the dedicated tool of the Company’s business management system. The policy was defined in order to continuously reinforce prevention of aircraft incidents and accidents, as per the aviation safety vision to reach zero accidents. In addition, this policy is also compliant with applicable aviation safety regulatory requirements, including EASA requirements for SMS, that aim to set global safety standards for aviation and therefore consider end-users’ health and safety interests as a priority focus. For more information on the approach with regards to measures to provide and/or enable remedy for human rights impacts, refer to section “– 6.3.3.6 Remediating negative impacts and channels to raise concerns”. 6.5.3.2.6 Supplier Code of Conduct - complementary information The SCoC is endorsed by the Procurement Leadership team, including the Chief Procurement Officer for Airbus, the Head of Procurement, Supply Chain & Logistics for Airbus Defence and Space and the Strategic Procurement Executive Vice President for Airbus Helicopters and the Head of Group General Procurement. The SCoC is available on the Airbus website, including on the “Becoming an Airbus Supplier” section. 6.5.3.3 Governance policies - additional information 6.5.3.3.1 Business conduct policies - complementary information The Ethics & Compliance organisation is tasked with oversight and monitoring of all the policies described in section “– 6.4.1.2 Business conduct policies and corporate culture”, to evaluate them, and ensure that they are being implemented effectively. Periodic controls on key processes are performed and reports provided to the Company’s Executive Committee and the ECSC, including recommendations to Airbus SE/ Report of the Board of Directors 2025 220 strengthen the Ethics & Compliance programme where necessary. In addition, the Corporate Audit & Forensic Department conducts periodic, independent audits of the Company’s compliance processes to assess the effectiveness of internal controls and procedures and allow the Company to develop action plans for strengthening such controls. Improving the Ethics & Compliance programme remains a constant and ongoing process, in cooperation with other functions within the Company. Going forward, the Company will continue to assess its risks and monitor and test the implementation of mitigation measures at all levels: corporate level, Divisions, regions and local entities. When misconduct reveals a gap in compliance policies, procedures or tools, the Company undertakes revisions to its Ethics & Compliance programme commensurate with the wrongdoing and in light of lessons learned. Name Scope of applicability Accountability Availability Airbus Code of Conduct Company’s global workforce, including all divisions and controlled subsidiaries Company CEO On Company’s external website and its intranet Airbus Anti-Corruption Policy Company’s global workforce, including all divisions and controlled subsidiaries. Company General Counsel On Company’s external website and its intranet Requirements for ethics & compliance specific areas for employees Company’s global workforce, including all divisions and controlled subsidiaries. Company Chief Ethics and Compliance Officer On Company’s intranet Requirements for Ethics & Compliance Third Party and Transactions Management Company’s global workforce, including all divisions and controlled subsidiaries. Company Chief Ethics and Compliance Officer On Company’s intranet Requirements for sponsorships, donations and corporate memberships Company worldwide,including all divisions and controlled subsidiaries. The Company Chief Sustainability Officer and Chief Ethics and Compliance Officer On Company’s intranet Requirements for Export Control Company’s global workforce, including all divisions and controlled subsidiaries. Company Chief Ethics and Compliance Officer On Company’s intranet Responsible lobbying charter Aimed at anybody who engages with public officials in any capacity, including third party representatives retained by the Company Company General Counsel who is accountable for it as the Head of Public Affairs On Company’s external website and its intranet Complementary information about the Airbus OpenLine The Company’s employees are made aware of speak-up channels as part of mandatory annual training, company-wide communications on the Company’s intranet, poster campaigns in work sites, annual team talks, and other periodic communications. Access to OpenLine is also an essential component of the widely distributed Airbus Code of Conduct and of the Supplier Code of Conduct. Employees' knowledge of and trust in the Company’s treatment of ‘Speak Up’ is assessed during the periodic ‘My Working Environment' survey offering insights on its effectiveness (for more information regarding the survey, see section “– 6.3.2.4 Processes for engaging with value chain workers about impacts”). As for value chain workers, the Company does not have a dedicated process to determine whether workers are aware of and trust such structures and processes. Complementary information about the investigation process Matters requiring investigation, including those linked to corruption and bribery, are managed by dedicated members of the Ethics & Compliance team in accordance with the Method for Investigation of Ethics & Compliance Allegations. Alerts related to other topics can be managed in collaboration with subject matter experts depending on the cases. The Ethics & Compliance team provides updates to the pool of internal investigators on internal policies, recent developments in the regulatory framework and investigation best practices to ensure the consistent and objective deployment of compliance investigations across the entire Company. Based on the conclusion of such investigations, corrective or disciplinary actions may be taken. After an alert is submitted, trained members of the Ethics and Compliance team perform a process to ensure each matter is appropriately addressed and feedback is provided to the reporter. Ethics and compliance alerts are tracked in an access-limited database to ensure appropriate investigation and follow up is performed. Key steps are detailed below: ● initial review to determine if an investigation is needed; ● detailed analysis of the allegation including collection of evidence; ● assessment of information and documentation collected during the investigation, summary of the findings and proposal of remedial actions necessary to reasonably respond to and prevent the recurrence of the conduct, if any; ● closing the investigation and reporting; ● monitoring of the implementation of remedial actions. Alert handling is overseen by cross-functional management teams at corporate level and across Airbus and the two Divisions, who periodically review the progress of investigations, promote cross-functional collaboration, and seek to identify trends in alerts across the Company. In determining the composition of an investigation team, the Company considers the availability of suitably competent and independent investigation resources. Accordingly, any individual who is potentially conflicted by the Ethics & Compliance allegation is removed from the investigation team to limit any actual or perceived conflict of interest. In the case of alerts related to a member of the Company´s Board of Directors, Executive Committee or of the E&C Investigation teams, the alert will be transferred to the Company´s Chief Ethics & Compliance Officer, who has an independent reporting line to the Company´s Board of Directors 6.5.3.3.2 Security policy - complementary information The Security policy scope encompasses the Company’s employees, contractors, visitors, and others while on the Company´s sites or working under the Company's responsibility. This policy is available on the Company’s intranet to all employees and external stakeholders, such as relevant subcontractors, with an active intranet access. The accountability for the policy is assigned to the Head of Corporate Security, and the highest governance bodies involved are the Corporate Security Council and the Digital Security Team. Airbus SE/ Report of the Board of Directors 2025 221 6.5.3.4 Processes to identify and assess material IROs - complementary information In 2024, the Company updated its double-materiality assessment and refined its methodology to align it with CSRD requirements. As recommended in the non-binding Implementation Guidelines for Materiality Assessment, the Company intends to confirm or review (and update) its material matters once a year by taking into account: whether or not material changes in the Company's organisational and operational structure occurred, whether or not external factors occurred in the reporting year, and/or whether or not substantial new information was obtained as the Company progresses in its understanding of topics and their impacts, risks and opportunities. Considering the significance of these events and developments, the Company would review (and update) the existing DMA to ensure the material sustainability matters are properly reported. The 2025 review process built on the 2024 materiality assessment and included a benchmark analysis derived from first CSRD reports from other European companies. In 2025, the Company identified positive impacts related to the two new material topics: People development, and Sovereignty and citizen protection as well as to the existing topics Diversity and Social dialogue. The Company also assessed as material a new risk related to People development and a new opportunity linked to Sovereignty and citizen protection. . Complementary disclosure requirements for specific topical ESRS on the description of the processes to identify and assess material impacts, risks and opportunities: E1 Climate change The Company performed an advanced climate impact and risk assessment. This included the consideration of an analysis of GHG emissions from own operations, a screening of all Scope 3 categories, that identified the usage of Airbus products (i.e. Scope 3 Category 11 - Use of Sold Products) as representing a significant proportion of total emissions. Share of Scope 3 Category 11 - Use of Sold Products emission in total emissions >90% The Company also identified climate related risks following a TCFD-aligned approach, that included a screening of its sites and assets potential vulnerabilities to climate hazards (see “– 6.2.1.3 Identifying and assessing material climate-related IROs” and “– 6.1.1.3.3 Material IROs and their interaction with strategy and business model”. Such analyses considered time horizons, assumptions and scenarios (see “– 6.2.1.2 Transition plan for climate change mitigation”). See “– 6.2.1 Climate Change” chapter for full description. E2 Pollution IRO identification processes considered all business operations and Company sites and a number of items specific to the topic, including those mentioned hereafter. The Company has screened the annual declarations made by its sites to local authorities in the context of the European Pollutant Release and Transfer Register (E-PRTR) regulation. Number of facilities exceeding the 100 tonnes threshold for VOC emissions listed in the E-PRTR regulation Annex II in 2025 (2024). 2 (1) Impacts in the upstream and downstream value chain have been assessed using the LCA approach, such as the one in relation with kerosene production. For SOC/SOVHC, risks and opportunities have also been assessed using the register of the Company’s top company risks, according to the ERM process. This risk notably applies to aircraft manufacturing and is therefore connected to all sites with such industrial operations and handling chemicals. The materiality assessment did not involve direct consultations with affected communities. Halon. In the context of the Company's operations, halon emissions may occur associated with specific permitted use for aerospace (e.g. certain fire suppression systems onboard the aircraft, test instruments calibration) in the execution of standard processes or incidents (e.g., release resulting from incorrect halon bottle manipulation). Such emissions occur principally at the Company's FALs. Volumes are reported by concerned entities as per applicable regulation (e.g. E-PRTR). Overall the impact is deemed not to exceed the double materiality threshold in the current ozone depletion global context. In addition, substitution solutions are currently being developed, as part of the substitution process described in section “– 6.2.2.2 Substances of concern”. E3 Water and marine resources IRO identification processes considered all business activities and Company sites from which environmental data is collected (see “– 6.2.3.5 Metrics - Water”) and a number of items specific to the topic, including those mentioned hereafter. The Company analysed current and projected local water stress levels to understand where the Company’s activities have the greatest impact on water resources and where risks of business disruption linked to restrictions on the use of water are the most significant. This analysis is based inter alia on the World Resources Institute’s Aqueduct Water Risk Atlas; this analysis was last updated with the August 2023 update of the Aqueduct Water Risk Atlas (version 4.0), using the “baseline” data as well as the 2030 scenarios. This analysis allowed to identify that the Company operates facilities located in high or extremely high water stress areas in Chile, China, France, Germany, India, Italy, Mexico, Morocco, Portugal, Saudi Arabia, South Africa, Spain, Thailand, Tunisia, UK, US. It includes sites from Commercial Aircraft, Airbus Helicopters and Airbus Defence and Space. As for ESRS E2, impacts in the upstream and downstream value chain have been assessed using the LCA approach. The materiality assessment did not involve consultations with affected communities. E4 Biodiversity The Company is still progressing its understanding of the impact of its activities and those of its value chain on biodiversity. IRO identification was informed by the IPBES report's findings that there are five significant drivers of biodiversity loss: changing use of sea and lands, direct exploitation of organisms, climate change, pollution, and invasive non-native species. Using these five drivers is also prescribed as a framework for analysis by ESRS E4 and was used by the Company to compile an inventory of potential impacts. It considered a number of sources of information, amongst which the aircraft LCA - that notably quantifies impacts related to land use change, soil, water pollution across the value chain. The indirect impact of climate change appeared as a salient effect on biodiversity as well the indirect impact of aviation fuel production. The Company has considered the proximity of its sites relative to biodiversity-sensitive areas and the nature of operations in the value chain, including existing or potential pollution impacts. To date, the Company has identified limited dependencies on biodiversity and ecosystems within its value chain, including by screening its resource inflows and considering its business model, and primarily due to the fact that manufacturing processes Airbus SE/ Report of the Board of Directors 2025 222 mostly rely on mineral or fossil resources.This limited dependency on ecosystem services as identified to date has not led to the identification of biodiversity-related material transition, physical or systemic risks to the Company’s own operations. The Company is reviewing its assessments on an ongoing basis. Going forward, specific attention will be given to the development of SAF production, particularly those pathways that use crops as feedstock and therefore rely on ecosystem services, striving to get a permanent understanding of SAF production development and perspectives, including by engaging on that matter with relevant players in the SAF value chain and industry bodies. Beyond answering to applicable biodiversity related regulatory requirements that may imply to assess and report to authorities deemed to represent communities’ interests, the Company did not specifically engage with any community on biodiversity in the frame of its DMA. The nature of impacts identified, essentially linked to indirect effects of the use of its product on climate change and of the production of kerosene on the water resource, has not permitted identifying specific communities that would be materially affected. Consequently no affected communities has been involved in the materiality assessment nor any priority actions for the avoidance of impacts on ecosystem services relevant to affected communities has been identified. The Company has identified some sites as being located near biodiversity-sensitive areas based on whether they were subject to specific biodiversity-related obligations as per local / national applicable regulations, or otherwise located in or directly adjacent to biodiversity-sensitive areas, including some with manufacturing and flight test activities. Number of sites located near biodiversity-sensitive areas 20. None of these activities have been associated with a material negative impact on local biodiversity. As a result, measures undertaken in the frame of addressing negative impacts on climate change were deemed to be equally relevant for biodiversity mitigation. E5 Resource use and circular economy IRO identification processes considered all business activities, Company sites and products over their life cycle and a number of items specific to the topic, including those mentioned hereafter. For resource use- and circular economy-related matters, the Company used the results of LCA studies conducted on its commercial aircraft products and considered its procurement volumes per nature of materials covering its overall product portfolio compared with the global resources and specificities related to their sourcing, as well as related airworthiness constraints and certification requirements. It also ran a detailed analysis of waste generated by the Company, including per nature and per site views, as well as in the perspective of its manufacturing processes and of their improvements. The assessment was supported by a number of stakeholders, including a third party expert organisation with experience of identifying and addressing actual or potential impacts and engaging with potentially impacted rightsholders. G1 Business conduct IRO identification processes considered all business activities and Company sites and a number of items specific to the topic, including those mentioned hereafter. Specifically on corruption and bribery, the Company annually conducts a thorough business conduct risk assessment across the Company (based on legal entities), taking into consideration, among others, the Corruption Perception Index published by Transparency International, the size, the activity or the interaction with third parties of the entity. It also considered relevant statistics derived from its grievance mechanism and from the outcomes of associated investigations. On other subtopics, the Company notably considered the amount of lobbying expenses, the amounts spent to its suppliers, related payment terms, as well as the structure of its supply chain. 6.5.3.4.1 Processes to identify and assess material climate-related IROs The Company uses Shared Socio-economic Pathways (“SSPs”) that were developed for the latest Assessment Report (“AR6”) of the IPCC. SSPs are standard scenarios in climate science that describe coherent and internally consistent socio-economic futures based on drivers like population, economic growth, and technological advancement. Physical risks The Company has conducted an analysis of climate-related physical risks, considering all 28 physical climate risks or hazards indicated by the European Taxonomy for sustainable activities and the CSRD (ESRS E1). Some climate-related hazards are deemed low priority considering the sector or the geographical coverage of the Company's activities and are therefore excluded from the analysis. Nevertheless, the Company is continuously reviewing its exposure to these hazards and their prioritisation. The analysis takes into account the Company's assets and business activities over the previously described medium-term and long-term time horizons as the most relevant for this assessment, comparing projected evolutions compared to a baseline defined as the average of values between 1985 and 2014. The short term time horizon was considered not relevant for this assessment as short term climate related hazards are typically covered through business continuity plans on site level (mostly EHS related) and insurance policies. The most relevant scenario for these projections is the "Disorderly mitigation – Warming exceeding 3°C", based on IPCC Scenarios AR6 SSP3-7.0 / SSP5-8.5 and ensures that physical climate risk analysis results align with the latest state of climate science. This scenario represents the highest emissions among all SSPs and, according to the best estimate of the IPCC, leads to global warming of 4.4°C by the end of the century. The physical risks in this scenario are the most pronounced, making it a "worst-case" scenario for physical hazards. It assumes current levels of CO 2 emissions and greenhouse gases will almost double by 2050. The world economy grows rapidly, but this growth is driven by fossil fuel exploitation and very energy-intensive lifestyles. The SSP5-8.5 scenario describes a future characterised by continued industrialisation and economic growth, with global markets becoming increasingly integrated and global mobility increasing. The total final energy demand rises steeply, and no additional climate policy measures are assumed. The scenario particularly explores the limits to adaptation and the climate physical risks that may impact the Company’s operations and its value chain. Projections of relevant climate parameters, such as temperature, wind speed, and precipitation are used to identify climate hazards. Each hazard is clearly defined within the risk analysis and supplemented with climate parameters used to identify the hazard. Some hazards, such as “changing wind patterns” and cyclones, are assessed based on areas where they are known to occur (local identification) rather than climate projections as no scientific consensus has been reached regarding their evolution in terms of frequency and geography. Scientifically-based thresholds are defined for all hazards to Airbus SE/ Report of the Board of Directors 2025 223 determine the point at which they are severe or frequent enough to cause material damage. The assessment results indicate that a majority of the Company's locations may be subject to high or very high risks by 2050, particularly regarding "heat stress" and "water stress". The Company has implemented a comprehensive approach to analysing climate change-related physical risks and consists of two main parts. Firstly, a desktop analysis has been conducted for 355 locations of the Company and a preliminary vulnerability assessment for about 30,000 supplier locations. This involves a location-specific analysis based on geo-coordinates and information about the economic activities at each location to generate site-specific climate projections. These projections are then compared with predefined, scientifically-based thresholds for each hazard. Depending on the hazard, the magnitude, duration, likelihood, or extent is used to assess exposure, as described under ESRS E1 AR 11 (a). The biggest limitation in the scenario analysis is the current generation of climate models' inability to simulate all 28 hazards. Consequently, the analysis for certain hazards, including solifluction, land subsidence, thawing of permafrost, glacial lake outburst, saltwater intrusion, landslide, and coastal erosion, relies on historical data rather than climate projections. Secondly, the desktop analysis is complemented by an on-site analysis to further refine the identified risk factors. This involves assessing the vulnerability of the Company’s business activities, existing assets and industrial set up at each location to each hazard and determining whether the occurrence of each hazard would negatively and significantly impact business operations. A physical gross risk for a location is identified if it is both exposed to a site-specific hazard and the business activity is vulnerable to this hazard. Transition risks The transition events were examined for their impact on the scenario and their business relevance for the Company. If both factors were present, these events were subjected to further analysis to determine their short-, medium-, and long-term impacts. The three time horizons described at the beginning of this section are applied to the identification of transition risks. The climate-related transition risks and opportunities identification process involves defining transition events according to categories such as Environment, Technology, Social, Political, and Economic based on specific scenarios and time horizons. The transition risks and opportunities are identified based on the transition events’ severity on business activities with function representatives, and quantified according to likelihood, magnitude and duration of the transition events. The results of this analysis show that transition events are expected to primarily impact business activities rather than the Company’s assets, as detailed in the risk table in the Resilience Analysis in section “– 6.2.1.3 Identifying and assessing material climate-related IROs”. As mentioned above, the scenarios chosen by the Company were carefully aligned with current scientific findings to ensure their relevance and accuracy in representing possible climate-related outcomes. The analysis of climate change-related transition risks and opportunities relied on the Net Zero Emissions scenario of the IEA, as described in the latest World Energy Outlook (WEO) of 2023 and the associated data tables. Additional insights were drawn from previous IEA special reports on this scenario. The scenario selected is the “Aggressive mitigation - Limiting warming to 1.5°C”, based on the IPCC Assessment Report 6 (AR6) Scenario Shared Socioeconomic Pathway (“SSP”) 1-1.9 and the Net Zero Emissions by 2050 Scenario (“NZE”) by the IEA. This scenario reflects the ambition of the Paris Agreement to the United Nations Framework Convention on Climate Change (Paris Agreement) and is a very ambitious scenario that limits global warming to 1.5 °C by the end of the century. In this scenario the global energy sector achieves net-zero CO 2 emissions by 2050 and the world reaches the objective of the Paris Agreement. Developed countries (e.g. including those within the European Union) accelerate in decarbonisation. Societies adopt practices to enable the required levels of reduction of emissions, including increasing investment in and development of technologies that could reduce emissions of the transport sector in developed countries and limit emissions growth in developing countries. Policies to decarbonise are introduced immediately (2020s), with these policies diverging across sectors and regions and differing in both the timing of their deployment and their reach. Mitigation strategies implemented worldwide and across sectors include: ● improvements in energy efficiency are implemented (however additional mitigation technologies for aviation are required); ● transitioning from fossil-based energy to very low or zero-carbon sources including hydrogen and high density biofuels for aviation; ● carbon capture utilisation and storage is used in remaining fossil-fuels facilities; ● both nature- and technology-based Carbon Dioxide Removals (“CDR”) are deployed to the levels required to neutralise global remaining GHG emissions; and ● countries implement measures towards restricting demand for transport services while supporting the shift to more energy efficient and low carbon intensive products and transport modes. Severe weather events are more frequent, but the world has avoided the worst consequences of climate change. The 1.5°C scenario used during this analysis was analysed using sector-specific data alongside comprehensive macroeconomic variables and price metrics to support the identification of transition events and exposure assessment. Furthermore, the long term time horizon (2050) aligns with the climate-related policy stated objective of achieving climate neutrality by 2050, as well as with the time horizon of relevant technical scenarios used, such as IEA scenarios described below. This detailed information enabled a thorough and insightful scenario analysis which resulted in the identification of projected risks on the Company's business. This analysis informed the double materiality assessment process described under “– 6.1.1.4 Impact, risk and opportunity management”. In 2025, the Company used a climate scenario analysis to predict and prepare for future conditions. This analysis includes several assumptions such as the transition to a lower-carbon economy, which is expected to influence macroeconomic trends, energy consumption patterns, and the adoption of new technologies. The 1.5°C scenario from the IEA's WEO includes critical assumptions about global energy demand, carbon pricing, and the pace of technological innovations required to achieve net-zero emissions by 2050. Key assumptions are described in more detail in the scenario description above. The global energy and climate model used by the Company integrates innovative and emerging technologies, tracking their maturity and expected market introduction. Transition risks and opportunities are primarily linked to the air transport sector. Efficiency improvements, such as optimised aircraft designs, mass reduction, and propulsion system improvements, offer some mitigation potential. However, additional CO 2 emissions mitigation technologies, including high energy density biofuels, low-emission hydrogen, and synthetic fuels, will be required for aviation. Primary emission sources were reviewed to identify risk areas. A critical analysis of the sector was conducted, focusing on technological advancements and other relevant factors to identify all assets and business activities requiring significant effort to be compatible with a transition to a climate-neutral economy. As a result, it has become evident that business activities such as the design and manufacturing of commercial aircraft are heavily reliant on the development of technological levers and alternative energy pathways to achieve this compatibility. Airbus SE/ Report of the Board of Directors 2025 224 CDR is used to accelerate decarbonisation but is kept to a minimum in the scenarios as it is only applicable to remaining emissions and is broadly in line with sustainable levels of bioenergy production for nature-based solutions.Technology-based CDR solutions are not yet mature enough to be used and deployed at scale. As such, the use of CDR in the scenarios is based on relevant global databases including IEA World Energy outlook, IEA Net Zero 2050, ATAG “Fly Net Zero 2050” and Behavioural change NZE AR6 WG3. 6.5.3.4.2 Processes to identify and assess material IROs and salient issues related to workers in the value chain Ensuring respect for human rights in the Company’s upstream activities is primarily supported by the Procurement Sustainability team which drives key actions in the frame of the Sustainable Supply Chain Roadmap. Identifying material IROs and salient issues, including those related to workers in the value chain, is a critical process step, reiterated on a regular basis, also to capture evolving internal and external influence. This includes an annual review to identify any new issues that may need prioritisation, a comprehensive and more in depth review conducted every three years and ad hoc assessments as required. The methodology used by the Company for identifying its salient issues is based on the UNGPs and includes an assessment of actual or potential adverse impacts in terms of severity (scope, scale, irremediability), likelihood, relationship and level of influence to inform prioritisation. The results of this analysis are reviewed by both internal and external stakeholders, prior to final validation at Executive Committee level. All identified salient issues, including their associated potential adverse impacts, are recorded through the ERM system and governance follows a similar process as the one existing for the Company’s top company risks. For example, sponsorship of each salient issue is at Executive Committee level with nominated salient issue owners who have responsibility to develop and implement action plans as well as setting measures of effectiveness. Reporting on the progress of actions to the Executive Committee is conducted at least once per year, including during the ERM presentation of top company risks as well as through relevant steering committees and other Risk & Opportunity Boards at functional and divisional level. For further information on current and anticipated effects of workers in the value chain-related impacts, risks and opportunities on the Company’s business model, value chain, strategy and decision-making, and the actions to address them, refer to section “– 6.3.2.6 Taking action on material IROs”. For the current financial effects on financial positions, refer to section “– 6.1.1.3.3 Material IROs and their interaction with strategy and business model”. Through the salient issue identification process, the Company has developed an understanding of how workers with particular characteristics, those working in particular contexts, or those undertaking particular activities may be at higher risk of harm. This analysis took into account publicly available indices supporting the identification of geographies or commodities or nature of activities where there may be higher risk, including related to health and safety and/or child/forced labour. From that analysis, dimensions and characteristics that appeared relevant for the Company as differentiating factors for workers in the value chain to be potentially more impacted are identified as follows: ● Forced labour: supply chain workers, including in situ contractors, particularly migrant workers (both foreign and domestic). Security and cleaning services as commodities, are considered particularly at risk of forced labour. ● Child labour: supply chain workers, particularly those engaged in the sourcing of raw materials. ● Health and safety: supply chain workers, including in situ contractors. No other dimensions or characteristics have been identified as salient by the Company, included related to workers in downstream value chain or in the operations of joint ventures. For each of these potential adverse impacts, the Company prioritises high risk countries and activities through the application of a risk-based analysis of both the supplier’s geographical location and nature of their activity using publicly available indices. For more details, see section “– 6.3.2.6 Taking action on material IROs”. 6.5.3.5 Additional information related to stakeholders’ views Stakeholders' views are contributing elements into several steps of the Company due diligence process, including for the impact identification / materiality assessment, as described for instance in the section “– 6.1.1.4.1 Description of the processes to identify and assess material IROs”, the definition of topical ambition and/or action plans, or through alerts received through the grievance mechanism that trigger systematic consideration. The Company's strategy and business model is largely informed by stakeholders interests through, for example: the design of products that meet customers' expectations, including in terms of fuel consumption / CO 2 performance as well as meet certification authorities requirements in terms of product safety; the consideration of supply chain capabilities in defining its operating model, through the numerous partnerships engaged including to support its decarbonisation roadmap (see “– 6.2.1.5 Actions and resources - Climate change”)' or the constant social dialogue that fosters working conditions that satisfy its workforce. When the views of key stakeholders, including on sustainability matters, have an influence on evolving the Company business or operating model, relevant information is shared through respective supervisory boards described in section “– 6.1.1.2.2 Involvement of administrative, management and supervisory bodies” and supports decision-making. For instance, this may take the form of sharing information related to the materiality assessment or including in topical presentations contextual information about related relevant stakeholders’ expectations (e.g. customer feedback, supply chain perspectives, applicable regulatory frameworks). Complementary requirements in topical ESRS - that need to be taken into account when reporting against the Disclosure Requirements in ESRS 2 - on interests, views, and rights of stakeholders specific to certain ESRS are: Airbus SE/ Report of the Board of Directors 2025 225 S1 Own workforce The Company considers the interests, views, and rights of people in its own workforce, including respect for their human rights. Its workforce is a key stakeholder group, as well as social partners. Interests, views and rights of the Company’s own workforce, including respect for their human rights, inform the Company’s strategy and business model by being integrated into the overall due diligence process detailed in “– 6.5.1 Sustainability Due Diligence”, and particularly in the human rights salient issue identification process and related action plans (see section “– 6.1.1.3.3 Material IROs and their interaction with strategy and business model”) as well as the stakeholder engagement process detailed in “– 6.3.1.4 Engaging with own workers and their representatives about impacts”. They were also considered in the creation of the Airbus Company Human Rights Policy. S2 Workers in value chain Interests, views and rights of the Company's upstream value chain workers and in-situ contractors, including respect for their human rights, inform the Company's strategy and business model by being integrated into the human rights salient issue identification process and related action plans (see section “– 6.1.1.3.3 Material IROs and their interaction with strategy and business model”), the stakeholder engagement process detailed in section “– 6.3.2.4 Processes for engaging with value chain workers about impacts” and overall due diligence process detailed in sections “– 6.5.1 Sustainability Due Diligence” and “– 6.3.2.6 Taking action on material IROs”. S4 Consumers and end-users Delivering safe products and supporting their safe operations throughout their lifetimes is a constant priority for the Company and an expectation of its customers and end-users. The Company is in constant dialogue with its customers and with airworthiness authorities, also representing end-users’ interests, on aviation safety matters in formalised frameworks. In addition, the Airbus OpenLine (see “– 6.4.1.2 Business conduct policies and corporate culture”) is accessible to any customer or end-user who would like to raise a safety-related concern. This dialogue informs many strategic dimensions including and not limited to product design, manufacturing, quality and procurement activities. 6.5.3.6 Engaging with own workers and their representatives - complementary information Key figures Unit 2023 2021 2019 Number of recipients who participated in survey Heads 96,807 89,270 86,573 % of recipients that participated in survey % 62 66 64 * Survey was sent to the Active Workforce as well as trainees, apprentices and working students. Employee panels representing the entire workforce interpret the survey results, which are then shared with the Executive Committee, Board of Directors, and social partners through established governance bodies like the European Works Council. These stakeholders collaborate to define top-level priorities and action plans. Senior leaders in different business areas receive insights into feedback specific to their domains and are encouraged to develop tailored action plans. Regular communication about the survey results and subsequent actions is disseminated to all employees, highlighting both positive aspects and areas needing improvement. The evolution of survey results is monitored over time to track progress and identify trends. A dedicated team within the Human Resources function oversees the process, with the Chief HR & Workplace Officer (“CHRO”) responsible for implementing the action plans. 6.5.3.7 Engaging with value chain workers about impacts The Company’s current engagement with value chain workers is primarily conducted based on identified potential or actual impacts, through ‘credible proxies’, or through third-party assessments conducted on its supplier sites or on its own sites (including in situ contractors), which systematically includes worker interviews (see section “– 6.3.2.4 Processes for engaging with value chain workers about impacts” and section “– 6.3.2.7 Targets and metrics related to workers in the value chain” for further details). Topics reviewed during the assessments align with the Company’s human rights commitments (which take into account international standards and principles) and the expectations defined in the Airbus Supplier Code of Conduct, as well as applicable law. They include checks related to indicators of forced labour and child labour, including paid recruitment fees, retained id, worker age, working hours, remuneration, and safe working environment. The Company is directly informed of any findings in order to take the appropriate action with the supplier as well as, where appropriate, an analysis of any trends and how such findings may inform its business strategy going forward. Workers in the value chain can also raise concerns via the Airbus OpenLine. In terms of operational responsibility for ensuring that this engagement happens, targets for the Company´s supplier assessments are included in the 2025 objectives of the Company's Chief Procurement Officer and cascaded through the Procurement Organisation. In addition, sponsored by the CSO and CHRO, the Company undertakes assessments on its own sites and has related targets (see section “– 6.3.2.7 Targets and metrics related to workers in the value chain”). This assessment includes in situ contractors. The Company's risk-based approach for due diligence and exchanges with third party experts on these matters enable the Company to get insightful perspectives on potentially more vulnerable workers as well as on the relevance of its overall due diligence process, including about ways of engaging with value chain workers. Airbus SE/ Report of the Board of Directors 2025 226 6.5.3.8 Additional information about how IROs are related to the Company’s strategy and business model Health and safety The Company is primarily engaged in industrial activities, such as the production of aircraft, which may involve some higher-risk activities such as working at heights that can have the potential to cause injury or ill-health to the Company’s workforce. If not managed properly, this also creates the risk to the Company as described in the table above. Consequently, the Company has made occupational health and safety a strategic priority and is determined to continuously drive towards Zero-Harm. The Company’s Zero-Harm aspiration is to enable an environment that is safe and healthy for all, which in turn promotes employee wellbeing and a conscientious risk-aware culture. Health and safety was part of the Company’s 2025 Top Company Objectives and the Lost Time Injury frequency rate forms part of the variable pay calculation for the CEO, Executives and Senior Managers. It has not been deemed necessary to change the fundamental business model of the Company as health and safety impacts can be mitigated through a strong health and safety management system. Building on the above information, people in the Company’s own workforce considered to be potentially materially impacted by health and safety related topics fall into two broad categories; those in tertiary occupations and those in industrial occupations. Those in industrial occupations tend to be potentially exposed to acute hazards that can, for example, include work at height, manual handling and physical agents such as substances. Whereas those in tertiary roles tend to be potentially exposed to more chronic hazards such as sedentary working and display screen equipment ergonomics. For more detail on characteristics of employees and non-employees please refer to section “– 6.3.1.6 Characteristics of the undertaking’s employees”. As mentioned above, industrial operations tend to involve some activities that have a higher-risk of injury, which leads to a structural risk of workers being impacted in individual incidents. The risks faced by those in tertiary roles are less systemic. Work activity risk assessments are carried out that identify those at risk, including any particularly vulnerable populations due to the nature of their occupation as explained above. Diversity and inclusion The Company’s commitment to workforce diversity and inclusion is directly aligned with its strategic goals of fostering an inclusive work environment that reflects global company values. Despite significant efforts, there is a risk that some diversity initiatives may not meet Company, evolving societal and employee expectations. This potential gap between the Company’s strategic ambitions and its execution could result in a disengaged workforce and hinder recruitment, particularly in today's markets where diversity is a critical factor for employer attractiveness. This could impact business models, as a less engaged workforce may negatively affect productivity and innovation, crucial to maintaining the Company’s competitive advantage. As part of the Company’s strategic response, targeted inclusion initiatives are designed to support underrepresented groups ensuring their concerns are integrated into broader risk management efforts. The identified diversity-related material risk primarily relates to underrepresented groups as a whole, including women, ethnic minorities, LGBT+ individuals, older employees, and workers with disabilities. These groups may face increased risks of disengagement, limited career progression, or exclusion from leadership roles if diversity and inclusion efforts are not adequately prioritised. People development The Company’s people development strategy is fully integrated with its strategic priorities such as Innovation and Sustainability. The transition to more sustainable aircraft or ramping up digital manufacturing creates a material dependency on skilled and specialized human capital. This results in a risk of critical skills gaps. The Company’s training and development programs directly address this dependency, informing and enabling the pace of strategic transformation. Such programs, described in section “– 6.3.1.9.2 Actions and resources - People development”, applicable to all of the Company’s employees, generate material positive impacts by delivering training and development opportunities in a broad range of areas, including future-critical ones, directly enhancing employee future employability and career longevity. Social Dialogue The Company’s success relies on effective social dialogue, freedom of association, and collective bargaining. Poor management of these areas can lead to employee disengagement, production disruptions, and negatively impact financial performance. By addressing this risk, the Company can enhance employee loyalty and morale, reduce the likelihood of industrial actions, and ensure smoother transitions during periods of operational or organisational change, all of which are crucial to maintaining its business model’s effectiveness and continuity. For social dialogue-related risk, all employees within the Company’s own workforce are concerned. The scope of this disclosure includes the Company’s own workforce. End users - Aviation Safety Aviation-safety related IROs are related to the use of the Company's products see section “– 6.1.1.3.3 Material IROs and their interaction with strategy and business model”. Taking into account stakeholders’ expectations, including those from stringent related applicable regulations and from the constant dialogue with airworthiness authorities (see hereafter) and customers - that are all three considered credible proxies to represent end-users' views, interests and rights -, aviation safety is a critical consideration in any concerned business decisions across many business dimensions, ranging for instance from product design to support to manufacturing or aircraft in-operations. As such, aviation safety related IROs are fully embedded into the Company’s business model. Aviation Safety is continuously reinforced as everyone’s business, in particular through the core safety values promoted in the Airbus Code of Conduct. Potential negative material impacts on end-users are related to potential incidents or accidents in the use phase of its products, which would impact any person on board (e.g. passenger, crew member) of the concerned flight in a similar manner. As such, there are no material risks and opportunities arising from impacts and dependencies on consumers and end-users linked to specific groups. As described in the IROs, the Company established a strong correlation between aviation safety-related impact and risk, both triggered by the same potential events. Airbus SE/ Report of the Board of Directors 2025 227 6.5.4 Reporting protocol 6.5.4.1 Revision of figures (including restatements) A number of previous year (2024) and target baseline year (2015) figures have been revised during the reporting period for various reasons. Those include variations inherent to methodology (update of last year figures due to the post-closing availability of certain information, move from estimated to measured data, or improvements - e.g. emission factors consideration -, changes in reporting perimeter (e.g. entity addition), or correction of prior period errors (“restatement”). This resulted in changes in concerned previous year data. When such revisions result in variations of more than 5% (3% for energy data), comparable figures are presented in the tables hereafter, together with relevant contextual information. 6.5.4.1.1 Environmental metrics Key explanatory factors: ● Energy (A): late availability of information including some invoices, the volume of electricity covered by Energy Attribute Certificates purchased by the Company’s sites. In addition, the schedule of ETS reporting means that data reported in the Company’s statement was estimated and has been adjusted to reflect the actual declarations made to the authorities. ● Offsets (B, restatement): the amount of carbon credits cancelled as reported for the year 2024 in last year’s Sustainability Statement was overstated due to a misinterpretation of the CSRD-related metric definition. This led to the reporting of carbon credits invoiced in 2024 but cancelled in December 2023. Only the carbon credits cancelled during the reporting period should have been reported. ● Water (C): a technical issue in the metering system of the ground water withdrawal equipment in the Company’s site in Donauworth (Germany) has led to an under-measurement of the withdrawn volume. “Total water withdrawal [...] estimated” was affected by post closing availability of invoices. ● Waste (D): late availability of final waste treatment code or data linked to construction and demolition waste including large volumes of excavated soil (exceptional non-recurring waste not linked to the Company’s industrial flows). The Company is currently reviewing the process it uses to collect volumes of excavated material in construction projects in order to improve the accuracy of future reporting. ENVIRONMENT Unit 2024 (Revised) 2024 previously reported Inherent to methodology perimeter change Prior period error Related note Energy Fuel consumption from crude oil and petroleum products MWh 982,369 940,425 ✓ A Energy Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources MWh 401,130 415,270 ✓ A Energy Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources MWh 799,198 772,825 ✓ A Energy Percentage of regular energy contracts covered by unbundled EACs % 7.4 8.7 ✓ A Energy Percentage of physical direct-wire PPAs % 0.2 0.3 ✓ A Energy Percentage of sleeved PPAs % 5 4.6 ✓ A Energy Percentage of other renewable contracts % 5 5.3 ✓ A Energy Percentage of contractual instruments used for sale and purchase of unbundled energy attribute claims in relation to Scope 2 GHG emissions % 7.4 6.2 ✓ A Energy Percentage of Scope 1 GHG emissions from regulated emission trading schemes % 41 37 ✓ A Energy Mobile sources of emissions - Scope 1 ktCO2eq 256 245 ✓ A Offset Total carbon credits cancelled in the reporting year tCO2eq 48,491 130,560 ✓ B Offset Share from removal projects % 5.1 0.45 ✓ B Offset Share from reduction projects % 94.9 99.55 ✓ B Offset Share from projects within the EU % 5.1 0.45 ✓ B Water Total water consumption m3 656,859 595,418 ✓ C Water Water intensity m3/M€ 9.5 8.6 ✓ C Water Total water withdrawal for which data is estimated % 4 7 ✓ C Waste Total amount of waste generated in Company’s own operations tonnes 362,562 229,389 ✓ D Waste Total amount of waste diverted from disposal by recovery operations tonnes 243,975 207,469 ✓ D Waste Total amount of non hazardous waste diverted from disposal by recovery operations tonnes 228,647 192,233 ✓ D Waste Of which, amount going to recycling tonnes 198,156 161,907 ✓ D Waste Of which, amount going to energy recovery tonnes 11,591 10,921 ✓ D Waste Total amount of waste directed to disposal tonnes 118,588 21,920 ✓ D Waste Of which, amount going to landfilling tonnes 1,058 992 ✓ D Waste Total amount of non hazardous waste directed to disposal tonnes 107,486 10,994 ✓ D Waste Of which, amount going to landfilling tonnes 18,582 5,955 ✓ D Waste Of which, amount going to any other disposal operation - (pre-treatment / temporary status) tonnes 88,715 4,856 ✓ D Waste Total amount of non-recycled waste tonnes 157,605 60,653 ✓ D Waste % of non-recycled waste % 43.5 26.4 ✓ D Waste % of general waste % 7.4 11.6 ✓ D Waste % of metallic waste % 7.7 12 ✓ D Waste % of chemical waste % 5.8 9 ✓ D Waste % of packaging waste % 3.6 5.6 ✓ D Waste % of construction and demolition waste % 75 60.8 ✓ D Waste % of other waste categories % 0.6 0.9 ✓ D Waste Total amount of waste generated - own operations and operationally controlled entities tonnes 363,399 230,225 ✓ D Waste Of which, exceptional waste tonnes 273,386 140,837 ✓ D Waste Total amount of waste directed to disposal tonnes 118,606 21,938 ✓ D Waste % waste directed to disposal % 32.6 9.5 ✓ D 6.5.4.1.2 Social and governance metrics Key explanatory factors: Anti-bribery & corruption (“ABC”) training (A): The scope in 2025 was limited to consolidated entities whereas in 2024 it also included a number of non-consolidated ones. Metric scope has now been aligned with the formal CSRD perimeter. GOVERNANCE Unit 2024 (Revised) 2024 as previously reported Inherent to methodology Perimeter change Prior period error Related note ABC Number of in-scope employees - Highly exposed (excl. Executives) No. 5346 5,893 ✓ ✓ A ABC Number of in-scope employees - Executives No. 831 866 ✓ ✓ A ABC Number of in-scope employees trained in 2024 - Highly exposed (excl. Executives) No. 4483 4,866 ✓ A ABC Number of in-scope employees trained in 2024 - Executives No. 700 719 ✓ A Airbus SE/ Report of the Board of Directors 2025 228 6.5.4.2 Information related to ESRS E1 6.5.4.2.1 About climate targets Scopes 1 & 2 target The target is set on the aggregate of Scope 1 and Scope 2 market-based. While the plan defined to reach this target includes actions differentiated for Scope 1 and Scope 2, no additional sub-targets were formalised for Scope 1 and Scope 2 separately. The Scopes 1 and 2 target is validated by SBTi as being science-based and aligned with a 1.5°C scenario. The 2015 baseline has been set Company-wide as per SBTi requirements. The Company is considering future developments and their impacts on its Scopes 1 and 2 target, in line with requirements of applicable SBTi guidance and as outlined in the Transition Plan (see section “– 6.2.1.2 Transition plan for climate change mitigation”). The SBTI Guidance 4.2 methodology was used to set the target and the Company sets-out to update the target at least every five years, in accordance with applicable SBTi guidance. A 2050 target has not yet been defined. This Company-wide target covers the Company’s own operations and operationally controlled entities Scope 1 and Scope 2 emissions (market-based for Scope 2) and target boundaries were defined in accordance with SBTi guidance 4.2. To operationalise the 2030 target, it is broken down in annual reduction targets and reductions are allocated across sites: they refer to a material sub-perimeter of its operations, referred to as Top Company Objectives (“TCO”) scope, on which the Company can have a more direct control and influence, and used by the Company to steer its annual progress (see “Scope of reporting and methodology” in “– 6.5.4.2.3 About GHG emissions”). The target is a combined target for Scopes 1 and 2 which has been defined along guidelines set-out by SBTi guidance 4.2, including its baseline value. No intensity target has been set. For Scope 2 emissions, the target is based on the market-based GHG accounting method. The Company involved a wide range of internal stakeholders, incl. Facility Management, Industrial Operations, Finance, and Procurement, as well as the Board, during the target-setting process. No changes were made to the target during the reporting period. Target achievement is monitored through the Company’s environmental reporting process, which includes yearly and monthly reporting. The target is aligned with the vision set out in the Environmental Policy to continually improve manufacturing and site operations to reduce emissions in line with the ambition of the Paris Agreement. Scope 3 target The target is validated by SBTi as being science-based and aligned with a “well below 2°C” scenario, which is in line with the required level of ambition for a Scope 3 target according to SBTi’s “Corporate near-term criteria version 5.2”. Compatibility of the target with 1.5°C is detailed in section “– 6.2.1.6 Targets and performance - Climate change”. The Company is considering future developments and their impacts on its Scope 3 target, in line with requirements of applicable SBTi guidance and as outlined in the Transition Plan (see section “– 6.2.1.2 Transition plan for climate change mitigation”). The SBTi Guidance 4.2 methodology was used to set the target and the Company sets-out to update the target at least every five years, in accordance with applicable SBTi guidance. The target is aligned with the vision set out in the Environmental Policy to develop products and services that enable a reduction of emissions in line with the ambition of the Paris Agreement. A 2050 target has not yet been defined. The set target covers the use of sold products of all commercial aircraft sold (for more information on scope 3 coverage see “– 6.5.4.2.3 About GHG emissions”). The target boundaries and baseline value are defined in accordance with SBTi guidance 4.2. The 2015 baseline has been set based on Scope 3 “use of sold product” for commercial aircraft deliveries in 2015, as per SBTi guidance. The Company involved a wide range of internal stakeholders, including Strategy, Engineering, Finance, Programmes and Services, as well as the Board, during the target-setting process. The Company's progress on the target is monitored through the Company’s environmental reporting process, which includes yearly reporting. Currently, the performance is in line with projections. No changes were made to the target during the reporting period. An absolute target has not been defined for Scope 3. The setting of 2028 interim targets is based on a number of current assumptions, including perimeter considerations that may evolve. These may be adjusted in the future, subject to appropriate transparency on any such deviation or modification. Energy target The Company aims to reduce purchased grid electricity and other energies (gas and other stationary fuels) for stationary sources across the whole Company reporting scope. This target is aligned with the Scopes 1 & 2 target as the resulting energy consumption reduction is an enabler of the Scopes 1 and 2 target. The Company involved a wide range of internal stakeholders, including Facility Management, Industrial Operations, Finance, and Procurement, as well as the Board, during the target-setting process. Target achievement is monitored through the Company’s environmental reporting process, which includes yearly and monthly reporting. Currently, the performance is in line with expectations. The target is aligned with the vision set out in the Environmental Policy to continually improve manufacturing and site operations to reduce emissions in line with the ambition of reducing resource consumption and associated emissions. No changes were made to the target during the reporting period. Please refer to the section “– 6.2.1.2 Transition plan for climate change mitigation” for information on decarbonisation levers, plans to adopt new technologies as well as progress against GHG targets. Climate adaptation The Company has not set targets for climate adaptation, as this topic is currently managed through the existing risk management process. 6.5.4.2.2 About energy consumption and mix Scope of reporting: Reported data covers Company’s own operations and operationally controlled entities. Most data was reported by entities (see table below): while generally measured or communicated by energy suppliers, certain specific information from sites may be estimated based on past performance when not available. Information related to the rest of the consolidation perimeter was estimated, following a documented methodology, which is based on modelling adapted to each metrics. This can be employee-based, surface-based, activity-based extrapolation as deemed relevant for the concerned metric. By exception to the consolidation perimeter described above, some small non-controlled entities have been included in the reported figures due to their co-location with consolidated entities. Energy consumption from nuclear sources was primarily derived from contractual information. When such information is not available, Airbus SE/ Report of the Board of Directors 2025 229 national nuclear percentages defined by the International Atomic Energy Agency (“IAEA”) have been used. Reporting scope Unit 2025 2024 Data reported by entities % Company’s employees * 97 97 Data estimated 3 3 Non-controlled entities included in the reported figures due to their co-location 0.5 0.6 * includes Active Workforce only (for definition see section “– 6.3.1.6 Characteristics of the undertaking’s employees”) High climate impact sectors used to determine the energy intensity correspond to the categories C Manufacture C30.3.0 - Manufacture of air and spacecraft and related machinery, and C33.1.6 - Repair and maintenance of aircraft and spacecraft amongst those listed in NACE Sections A to H and Section L as defined in Commission Delegated Regulation (EU) 2022/1288. As a result, the Company’s total turnover as disclosed in the financial statements is deemed to correspond to the net revenue amount from activities in high climate impact sectors. 6.5.4.2.3 About GHG emissions Scope of reporting and methodology Reported data covers Company’s own operations and operationally controlled entities. Most data was reported by entities (see table below). While generally calculated based on measured quantities (energy consumed, refrigerant leakages), certain specific information from sites may be estimated based on past performance when not available. Information related to the rest of the consolidation perimeter was estimated, following a documented methodology, which is based on modelling adapted to each metrics. This can be employed-based, surface-based, activity-based extrapolation as deemed relevant for the concerned metric. By exception to the consolidation perimeter described above, some small non-controlled entities have been included in the reported figures due to their co-location with consolidated entities (see table below). In order to report on performance against its target, the Company also reports its total emissions Scopes 1 and 2 on a sub perimeter called “TCO scope” (see below). Top Company Objectives (“TCO”) Scope: TCO scope is material sub-perimeter of its own operations and operationally controlled entities (see cover rate in the table below) used for the short-term targets setting and performance monitoring, composed of sites deemed relevant to monitor the deployment of the Company’s Scopes 1 & 2 decarbonisation plan, as prioritised, and therefore also including the largest contributors to the concerned metrics. Reporting scope Unit 2025 2024 Data reported by entities % of the Company’s employees * 97 97 Data estimated 3 3 Non-controlled entities included in the reported figures due to their co-location 0.5 0.6 TCO scope, related to Scopes 1&2 target % of the Company’s 2024 Scope 1 + Scope 2 GHG Emissions 85 84 * includes Active Workforce only (for definition see section “– 6.3.1.6 Characteristics of the undertaking’s employees”) Scope 1. Calculation includes contractual instruments (Biomethane Guarantees of Origines) as part of Scope 1 emissions, calculated based on biomethane emission factors instead of natural gas. This approach will be refined as further related guidance is issued by the GHG protocol. Emissions factors used are based on national references for the Companies’ core countries (France, Germany, Spain, UK) and on international references such as the IPCC for other countries. Key figure Unit 2025 2024 Scope 1 Savings related to contractual instruments (Biomethane GoO) ktCO 2 eq 5 17 Scope 2. Contractual instruments used to calculate Scope 2 market based GHG emissions are -1- Power Purchase Agreements (direct wire or sleeved PPAs), -2- energy attributes certificates (e.g. REC, GoO, IREC, ETC), -3- other renewable electricity contracts. The share energy bundled with attributes or unbundled has been taken into account for all contractual instruments. All three above categories are used by the Company. So far energy attributes certificates have been the vast majority. Their respective shares in total use vary over time. Emission factors were determined following the hierarchy recommended by the GHG protocol, prioritising contractual instruments or supplier emission factors when available over national or residual emission factors (from IEA and AIB databases). Scopes 1 & 2 Biogenic emission factor. Scope 1 biogenic emissions have been calculated based on biogenic emissions factors available or estimated based on the available information. While the Company could estimate that overall Scope 2 biogenic emissions are non-significant - and reported as such (“NS”) in the table (see section “– 6.2.1.8 GHG Emissions”) - missing emission factors from suppliers did not enable to produce an accurate figure for 2025. Scope 3. The Company has performed a screening of all Scope 3 categories and concluded that category 11 “Use of Sold Product” is the only significant category to be disclosed. Energy efficiency and Renewable and low carbon energy: Evolution from 2024 is attributed to increased ambition levels on energy efficiency, as well as a revised methodology now allocating renewable energy generation projects to “energy efficiency” as the data currently does not differentiate from energy efficiency projects. Only procured renewable and low carbon energy is now reported in “Renewable and low carbon energy”. Scope 3 significant categories Unit Estimated share of Scope 3 category 11 “Use of Sold Product” in the Company’s total emissions % >95 Estimated share of non significant Scope 3 categories in the Company’s total emissions excluded from reporting % <5 Estimated share of “commercial aircraft family of products” in the Company’s Scope 3 category 11 emissions % >90 All other categories have been deemed non significant and are as such excluded from the Company’s disclosure. Scope 3 - Use of sold products. The main contribution of the Company’s value chain on climate change comes from the use of sold products and the Company reports in-use emissions of the products it delivers (Scope 3 – Use of sold products). As of the reporting year, this disclosure includes the following families of products: commercial aircraft, helicopters, military aircraft, satellites. The Company will continue to progressively extend the scope of reporting to other families of products, for which the calculation methodologies are still under development. Nevertheless, current results and advanced estimations have shown that the vast majority of the Scope 3 - Use of Sold Product impact of the Company’s products is due to the commercial aircraft family of products, and that this situation is unlikely to change once all the product families will have been assessed. Additional methodology information: Airbus SE/ Report of the Board of Directors 2025 230 ● The Company’s emission calculation methodology was developed by a team consisting of key personnel from the engineering and environment departments to be aligned with the guidance provided by the Greenhouse Gas Protocol. ● The Company has used a number of assumptions based on internal and external information including assumptions based on publicly-available data. ● Scope 3 emissions are calculated based on product specific methodologies. As a result no part of the resulting emissions are calculated based on primary data obtained from suppliers or other value chain partners For all products: ● The estimation includes CO 2 emissions only. Emissions related to CH 4 and N 2 O were excluded given the very low levels produced by modern aircraft engines. Emissions related to NOx were estimated and excluded given the uncertainty related to the NOx emission factors and the relatively low contribution of this emission stream. ● CO 2 emission factors for kerosene are the ICAO internationally recognised lifecycle emission factor to be used for baseline fossil jet fuels (see table below). This factor represents a “well to wake” life cycle analysis to assess the overall greenhouse gas (GHG) impacts of a fuel including each stage of its production and use. Assumptions Unit CO 2 emission factors for kerosene for fossil Jet-A /Jet-A1 kg CO 2 e per kg of fuel 3.846 Aircraft load factor % 82.5 For commercial aircraft: assumptions include the aircraft load factor, aircraft operational usage and average in-service lifetime. Primary data collected within the Company was also used, such as aircraft performance and configuration parameters. Emissions related to commercial aircraft engine start and taxiing have been included, however, emissions from the Auxiliary Power Units (APU) and ground handling equipment have been excluded. For the purpose of this calculation, the Company integrated into commercial aircraft Scope 3 the likely usage of SAF over the product lifetime, as per the IEA-SDS assumptions. Other operating conditions of the aircraft were considered to be static over the whole service life. In addition, the Company reports for reference an indicative figure based on a zero SAF usage. A330-200 deliveries destined to A330-MRTT conversion were excluded from the commercial aircraft perimeter and included in the military aircraft perimeter as part of the “other products” category. Total Gross indirect (Scope 3) GHG emissions and Total GHG Emissions are based on Scope 3 - Use of Sold Products IEA-SDS SAF uptake scenario for commercial aircraft. For other products: ● Helicopters: assumptions include activity data from Company’s customer services of helicopter operations such as flight hours per year and region where the helicopter is operated. Direct emissions and indirect emissions from jet fuel production are included over the product’s entire service life. The impact of SAF is not considered. ● Military aircraft: flight hours and mission profiles vary significantly depending on conflicts and humanitarian crises. The estimation assumes the largest number of flight hours each aircraft has been designed for in its lifetime. The impact of SAF is not considered. ● Satellites: The estimation includes satellites delivered to external customers in 2024 and accounts for emissions linked to the production of the satellites’ propellant as well as emissions associated with the launch into space (launcher's propellant production and combustion). Emissions linked to the use of the satellites’ propellant are not included as they occur outside of the atmosphere and therefore do not contribute to global warming. Emissions linked to the reception, processing and usage of satellite data on the ground are not included. Scope 3 GHG efficiency for delivered commercial aircraft (as per SBTi-validated target) includes the emissions related to the upstream fuel production and considers the likely usage of SAF over the product lifetime, as per the IEA-SDS assumption. The deployment of SAF is an important aspect of the decarbonisation of the air transport sector, and is therefore an important aspect of the achievement of the Company’s near term target. There are a variety of SAF deployment scenarios and assumptions (e.g. IEA’s global energy and climate scenarios, Refuel EU’s mandate, ATAG “Waypoint 2050”) that may lead to different results in terms of decarbonisation. As a result, the Company is currently researching ways to track the actual uptake of SAF in the fleet (see section “– 6.2.1.2 Transition plan for climate change mitigation”). Scope 3 - Biogenic emission factors. Emissions of biogenic carbon are calculated based on the CO 2 emissions arising from the combustion of bio-derived SAF included in the “IEA-SDS SAF uptake” scope 3 metric below. The CO 2 emission factor for the combustion of SAF is assumed to be identical as that of the combustion of fossil kerosene. GHG intensity. Net revenue used for calculation of GHG emissions intensity equals the Company’s total revenues as displayed in the financial statements. 6.5.4.3 Information related to ESRS E2 6.5.4.3.1 About VOC target setting The methodologies and assumptions for setting this target are based on internal analysis of actionable levers (see section “– 6.2.2.3.2 Actions and resources - VOC”) and also take into account production ramp-up planning. While regulatory thresholds were taken into account in establishing this target, no specific additional direct relation to scientific evidence or stakeholder involvement was considered. The metrics for this target have not changed since its inception. 6.5.4.3.2 About VOC metrics Scope of reporting and methodology: Only the Company’s sites in Hamburg (Germany) and Montoir de Bretagne (France) exceeded the threshold specified in ESRS E2 for VOC reporting (as per Annex II of Regulation (EC) No 166/2006) in 2025. In addition and to the extent the Company related target applies to its own operations and operationally controlled entities, it reports a second figure on this extended perimeter (VOC on Target perimeter). On this perimeter, most data was reported by entities (see table below); however, certain specific information from sites may be estimated based on past performance when not available. Information related to the rest of the Airbus SE/ Report of the Board of Directors 2025 231 consolidation perimeter was estimated, following a documented methodology, which is based on modelling activity-based extrapolation modeling. By exception to the consolidation perimeter described above, some small non-controlled entities have been included in the reported figures due to their co-location with consolidated entities (see table below). The main VOC emissions sources derive from surface treatment, cleaning, painting and coating operations through the use of the following materials: Solvents: halogenated (TCE, MC), non-halogenated and Ozone Depleting Substance (“ODS”) solvents (HFCF 141b) excluding paints and coatings; Solvated paints and coatings: primers, wash primers, topcoats and specific coating (for structural & non-structural parts). When VOC emissions are not measured by the concerned entity, a computation is performed by the concerned entities and is mainly based on a mass-balance approach, therefore taking into account the quantity of VOC in above-mentioned consumed materials (excluding wasted products). Direct measurement has been prioritised on certain sites where measured data is regulatory required, while associated cost benefit ratio was deemed insufficient for other sites. Reporting scope Unit 2025 2024 Data reported by entities % of the Company’s employees 97% 97% Data estimated 3% 3% Non-controlled entities included in the reported figures due to their co-location % of the Company’s employees 0.5% 0.6% The term “employee” in this table includes Active Workforce only (see section “– 6.3.1.6 Characteristics of the undertaking’s employees”). 6.5.4.4 Information related to ESRS E3 6.5.4.4.1 About Water target setting The Company water-related target is a voluntary target that aligns with the vision of the Company's Environmental Policy to continually improve manufacturing processes and site infrastructures to reduce water withdrawal. The target was defined in collaboration with impacted functions such as Facility Management, Environment, Health and Safety and Industrial Operations and was validated by the Airbus Industrial Environmental Roadmap cross-divisional Steering Committee. The target is informed by projected local water stress levels according to the World Resources Institute Aqueduct Water Risk Atlas, version 4.0 (dated August 2023), using the Aqueduct 2030 "pessimistic" scenario (aligned with the Company scenario "Disorderly mitigation – Warming exceeding 3°C" which includes the data from IPCC SSP5 RCP8.5). To achieve this Company-wide target, the Company has cascaded site-specific targets, acknowledging that the criticality of water challenges is heavily influenced by local factors. These site-specific targets have been determined with relevant stakeholders at each site, based on local context including local water stress levels. Performance against target is monitored monthly, with a review and analysis of trends or significant changes in performance towards achieving the 2030 target on Company level. The previous target focused on purchased water only; the target scope has now been expanded to the scope described above. The inclusion of new entities due to the scope extension has led to an update of the baseline value. The primary focus of this target is the reduction of water withdrawal, which supports the reduction of water consumption. The setting of the 2026 interim target is based on a number of current assumptions that may evolve and be adjusted in the future, subject to appropriate transparency on any such modification. 6.5.4.4.2 About Water metrics Scope of reporting and methodology: Reported data covers Company’s own operations. In addition and to the extent the Company related target applies to its own operations and operationally controlled entities, it reports a second figure on this extended perimeter. Most data was reported by entities (see table below): while generally measured or communicated by water suppliers, certain specific information from sites may be estimated based on past performance when not available. Information related to the rest of the consolidation perimeter was estimated, following a documented methodology, which is based on modelling: employed-based, activity-based extrapolation as deemed relevant for the concerned metrics. By exception to the consolidation perimeter described above, some small non-controlled entities have been included in the reported figures due to their co-location with consolidated entities (see table below). Water consumption is defined as the difference between water withdrawal volumes and water discharge volumes. All volumes of water withdrawal per source and volumes of water discharges by destination are reported by each entity. They can be either obtained from direct measurements (metering or invoice) or estimated (see table below). When water discharge is not measured or partially measured, the discharge volumes can be estimated from the withdrawal volumes depending on the type of usage on site (industrial process, cooling, fire protection, sanitary use…). Water risk and water stress indicators are obtained for each site based on the site’s geographical location, using the Aqueduct Water Risk Atlas 4.0 “baseline” data, World Resources Institute as follows. Entities with less than 100 employees were considered at country level. ● Areas of high water stress: the Aqueduct “Water stress” indicator is used; sites in "high" and "extremely high" water stress locations are considered; ● Areas at water risk: the Aqueduct “Overall water risk” indicator is used; sites in "high" and "extremely high" water risk locations are considered. Reporting scope Unit 2025 2024 Data reported by entities % of the Company’s employees * 97% 97% Data estimated 3% 3% Non-controlled entities included in the reported figures due to their co-location % of the Company’s employees * 0.5% 0.6% The term “employee” in this table includes Active Workforce only (see section “– 6.3.1.6 Characteristics of the undertaking’s employees”). Airbus SE/ Report of the Board of Directors 2025 232 Source of data Unit 2025 2024 Total water withdrawal for which data is measured % 90% 96% Total water withdrawal for which data is estimated % 10% 4% In addition to CRSD defined metrics, the Company reports an additional subtotal corresponding to its water related target and referred to as “water withdrawal-related KPI” (see definition in section “– 6.2.3.4 Targets and performance - Water”). 6.5.4.5 Information related to ESRS E5 6.5.4.5.1 About Waste target setting The Company has set a voluntary objective of reducing these overall waste amounts. The target relates to all the layers of the waste hierarchy indicated by the ESRS: prevention, preparing for re-use, recycling, other recovery (e.g. energy recovery) and disposal. These targets align with the Company's broader objective to become a recognised leader in environmental engagement and drive eco-efficiency to sustain its business and growth. The targets are measured relative to the 2015 baseline, and span from 2015 to 2030. The scope of these targets is limited to the Company's own operations and operationally controlled entities and defined methodologies and assumptions are used to measure progress. Waste figures are based on actual data measured. The target was developed on the basis of internal waste reduction perspectives and industry benchmark rather than conclusive scientific evidence. The target was defined in collaboration with impacted Company functions such as Facility Management, Environment, Health and Safety and Industrial Operations and was validated by the Airbus Industrial Environmental Roadmap cross-divisional Steering Committee. Performance monitoring is a component of the Company's waste management strategy. The Company relies on waste slips forwarded electronically by waste suppliers in large proportions, while the remaining is estimated based on past waste volumes. This dual approach aims to provide a comprehensive view. The Company waste reduction target (-20% by 2030) includes all waste generated except "exceptional waste”, as defined below. As a result, relevant information is disclosed in the waste data table. 6.5.4.5.2 About Waste metrics Scope of reporting and methodology: Reported data covers the Company’s own operations. In addition and to the extent the Company related target applies to its own operations and operationally controlled entities, it reports a second figure on this extended perimeter. Most data was reported by entities (see table below): while generally measured or communicated by waste contractors, certain specific information from sites may be estimated based on past performance when not available. Information related to the rest of the consolidation perimeter was estimated, following a documented methodology, which is based on modelling: employed-based, activity-based extrapolation as deemed relevant for the concerned metrics. By exception to the consolidation perimeter described above, some small non-controlled entities have been included in the reported figures due to their co-location with consolidated entities (see table below). The Company waste target includes all waste generated except "exceptional waste”, as defined below. As a result, relevant information is disclosed in the waste data table. The quantity of waste of a site is the compilation of all types of hazardous and non-hazardous waste on site. This includes in particular waste created by production processes on a regular basis and treated internally and externally. If the internal treatment leads to cessation of the "waste" status, then the amount concerned is not reported (e.g. reuse on site, regulatory “end of waste” status, “by-products”). Reporting scope Unit 2025 2024 Data reported by entities % of the Company’s employees * 97% 97% Data estimated 3% 3% Non-controlled entities included in the reported figures due to their co-location % of the Company’s employees * 0.5% 0.6% Estimated share of final waste treatment information pending waste collector information % of total waste volume 30% 32% The term “employee” hereabove refers to Active Workforce (see definition in “– 6.3.1.6 Characteristics of the undertaking’s employees”). Notes related to categories and treatments: Exceptional waste: Waste from the construction/deconstruction of buildings, dismantling of installations, and incidents caused by external factors beyond the Company’s control (e.g. fire, weather events). Recycling: backfilling operations are included in the recycling volumes as per the European Waste Framework Directive reporting guidelines. 6.5.4.6 Information related to ESRS S1 6.5.4.6.1 About Characteristics of the undertaking’s employees Attrition rate: The attrition rate as per CSRD definition takes into account all employees whose contract has been terminated, regardless if they are being replaced or not. The contract termination reasons can be voluntary resignation, involuntary leave (lay offs), retirement, other (like death in service) as well as the end of temporary contract, trainee contract and apprentice contract. This rate is calculated with the total number of leavers as described above for a given period divided by the average total employee headcount for the same period. The average total employee headcount for a year is using the end of each month actuals i.e. average of 12 numbers for a year. Employees who have started a passive phase of the pre-retirement (specific to France, Germany and Spain) are included in the non-active workforce as they are still in the employment relationship with the Company. These employees are accounted for in Airbus SE/ Report of the Board of Directors 2025 233 the denominator as for the rest of the non-active workforce, i.e. the annual turnover rate is calculated:            ℎ     × 100 The attrition rate as per Company definition, includes the Active Workforce with permanent and temporary (limited) contracts including partial retirements. It excludes employees on trainee and apprentice contracts. This attrition rate is therefore comparable to the one disclosed in previous years within the Non Financial Statements. 6.5.4.6.2 About Health and safety target setting To reflect its commitment to continually improving health and safety standards in the Company OHS Policy, section “– 6.3.1.7.1 Policies - Health and safety” and elsewhere, the Company has set itself an internal key performance indicator (“KPI”) based on the number of Lost Time Injury (“LTI”) accidents of its own workforce. This is the rate of LTI’s per one million hours worked, and is called the Lost Time Injury Frequency Rate 1 (“FR1”). Each year annual targets are set for this KPI in Airbus and the two divisions, which are monitored and reported. Annual FR1 targets and the applicable scope, which can include non-consolidated entities and exclude some consolidated ones, are proposed by the Company Head of EHS & FMRE and validated by members of the Executive Committee. In some instances, the baseline for establishing the following year targets is different from the performance reported in the Sustainability Statement due to the late availability of some accident investigation conclusions and / or change of perimeter used for target setting. Regarding the FR1 target for Airbus Defence and Space, it was only defined and communicated in absolute value for 2025, explaining why no figure is given in percentage of change vs. a baseline. The performance against target is tracked and reported by the H&S Performance & Improvement team. Performance trends are then monitored and discussed during OHS Governance Board meetings as well as various Executive level ones. Sites and functions also review performance within their respective perimeters. Employees are informed of the FR1 performance via the management communication cascade. Local rates are communicated by the People Safety @ Work teams, who also engage employees as they support the various business areas in reviewing and responding to the safety issues that influence their performance, (see “– 6.3.1.7.2 Actions and resources - Health and safety”, point “c”). The Company Incident Review Panel ensures the accuracy and completeness of accident data for this KPI by checking all lost time injury reports each month. While workers representatives were not directly involved in the setting of the target, stakeholder involvement is achieved by informing the SEWC of the targets and communicating performance as part of the company information cascades via the management hierarchy. The methodologies for the metrics used in 2025 are the same as those used in 2024. 6.5.4.6.3 About Health and safety metrics The Company Incident Review Panel (“CIRP”) monitors data quality and adherence to the definitions found in the Company method for incident management. Top level oversight is provided by the Company Occupational Health and Safety Governance Board. In order to efficiently facilitate the capture of complex safety and environmental data, enable analysis, reporting and communication, and provide a harmonising management system platform, the Company has implemented a common software tool called FISH. The global deployment of this management platform continues. The Company measures safety performance using a Company specific indicator for the frequency rate of Lost Time Injuries, called the Airbus FR1. It is important to note that this indicator is obtained from data sets that are produced by collecting a common set of data points from each of the Company’s in-scope entities. The data are derived by applying the same KPI definitions in all entities, which enables the Company to compare performance over time, and between business segments. However this data equivalency means that the harmonised definitions exclude some categories of accident that are reported to the local authorities in some jurisdictions but not in others. The CIRP considers such exclusions in its discussions. Commuting accidents, for example, are legally reportable in some countries but not in others, so they are not included in the FR1 calculation. The FR1 calculation produces a figure for the number of own workforce lost-time injuries per one million (1,000,000) worked hours. ● The Commercial Aircraft FR1 perimeter covers: ○ all Commercial Aircraft sites in France, Germany, Spain, UK, Portugal, Canada, USA, UAE ; ○ the Commercial Aircraft Final Assembly Line in Tianjin, China. ● The Airbus Helicopters FR1 perimeter covers ○ All helicopters sites in France, Germany, Spain, UK, ○ the consolidated data from the Airbus Helicopters sites in USA, Romania, Mexico, Canada; ○ sites across the Company´s three operating segments in Brazil, Japan, Australia, Ireland, Italy, Poland, China, Chile, Hungary, Saudi Arabia, South Africa , APAC and Kazakhstan. ● The Airbus Defense and Space FR1 perimeter covers ○ All Airbus Defense and Space sites in France, Germany, UK, Spain and Poland ● The Airbus Company FR1 Perimeter covers the: ○ Commercial, Helicopters and Defense and Space FR1 perimeter as detailed above ○ consolidated data from the Airbus Atlantic sites in Canada, Morocco, Portugal and Tunisia. ○ consolidated data of Airbus Aerostructures for all german sites ○ Overall, the Company FR1 perimeter was expanded in 2025 to include for Airbus Helicopters: 1 entity in Kazakhstan; for Airbus Commercial: 1 in Canada, 2 in the USA, 1 in Portugal and 1 in the UAE. Working hours are calculated using time and headcount data from HR systems and direct reports by the major affiliated entities. The validity of the FR1 calculation is tested by the Company’s EHS Compliance Assurance team using formal processes such as Internal Controls and, in those areas of the Company certified to ISO 45001, by the external audits of the certification bodies. This testing will be extended to other metrics as the EHS compliance assurance systems mature. In entities that are ISO 45001 certified, the management systems, including those parts that monitor performance and selected FR1 data, are tested by certification auditors. The Company will continue to report its own FR1 indicator. In addition it also publishes the recordable accident frequency rate. For the purposes of this CSRD report, recordable work-related injuries have been defined as all those that have been recognised by a health professional or the local labour authorities, excluding First Aid injuries. Unlike for the FR1, this definition captures conditions that are categorised as work-related injury in one country but not in others, such as commuting accidents, and also includes non lost-time injuries, restricted workday and medical treatment cases. Airbus SE/ Report of the Board of Directors 2025 234 Consequently there is a considerable difference in scope between the Company’s FR1 and CSRD frequency rate indicators that renders them non-comparable. This also makes it non-comparable from one organisation to another depending on the country each operates in. The Company does not report cases or other information related to open investigations or ongoing proceedings. In addition, the hours worked for calculating the rate of recordable work-related accidents has been estimated for approximately 20 % of in-scope employees in entities where measured information is not available. Estimates are based on rates where measured information is available. Additional information related to specific metrics: - for “Employees covered by certified management system (ISO 45001 or similar)” and for “employees covered by a formal OHSMS management system”: based on data centrally collected by a data collection tool for which there was a 99% response rate. Lack of response was treated as a negative response. - Employees included into FR1 reporting: FR1 scope includes some non-consolidated entities and is limited to Company Active Workforce plus non-employees employed via “temp agencies” (NACE code N78). - The number and rate of work related recordable accidents relates to employees only. 6.5.4.6.4 About I&D target setting An annual process is led by the Company Performance Management team to define, in collaboration with all functions and involving the divisional Performance Management teams, the Company’s Top Company Objectives and specific targets for a given year, validated by the CEO and the Company’s Executive Committee. With regards to People, to address the material impact of Inclusion & Diversity at company level, a specific Top Company Objective has been set for gender diversity with regards to external hirings for the past few years, which continued to be in place for 2025. Starting in 2024, the Company has differentiated the target along white- and blue-collars, which was not the case in the past (ie: in 2023 one single target of 33% for the combined population). 2025 targets were set as shown in the table in section “– 6.3.1.8.3 Targets and performance - Diversity” and aim to increase the number of women within the Active Workforce. These Company-wide targets are applicable worldwide and encompass all consolidated entities where permitted by law. The target setting for gender diversity has been presented to and validated by all heads of HR through the Executive Human Resource Committee (EHRC). The objectives take into consideration the 2024 end-of-year results, with a year-on-year improvement target in light of the labour market situation outlined above. Performance against these targets is monitored via a monthly review with the CHRO. The time period for these targets is annual and recurring. The Company has set a target to increase representation of women in these roles by 2025 (see table in section “– 6.3.1.8.3 Targets and performance - Diversity”). This target was established based on the baseline data from 2021 and aims for an ambitious year-on-year increase, focusing on both external hiring and the development of the internal pipeline. The target setting for gender diversity was presented to and validated by all heads of HR through the EHRC. Performance towards this target is monitored via a monthly review with the CHRO. The own workforce’s representatives are not engaged directly in setting and tracking performance against the targets nor in identifying lessons or improvements as a result of the Company’s performance, but they are appropriately informed through the different committees at national and international level. 6.5.4.6.5 About I&D metrics The metric illustrates the distribution of employees across the organisation by gender and age. The data is sourced from the digital HR database, which contains information on all employees of the Company. This data is utilised to analyse trends and distributions by gender and age over time and to compare them with established objectives. In this section, data is disclosed for both active employees and those who are non-active due to leave of absence, such as sickness, parental leave, or early retirement. However, targets are established solely for the Active Workforce. The Company defines top management as Executives which mean up to three levels below from CEO, internally defined as “band III” and above. 6.5.4.6.6 About People development metrics The average training hours per employee broken down by gender are limited to formal training included in the Company’s training catalog (classroom and e-learning as well as certification programs and diplomas) for which attendance is registered in the HR tools. It does not include a number of other development opportunities mentioned in section “– 6.3.1.9.2 Actions and resources - People development” such as on-the-job training, social learning (e.g., communities of practice), co-development cohorts or peer-to-or peer development. 6.5.4.6.7 About Social dialogue targets and metrics The Company has not set any measurable outcome-oriented targets for the specified actions. However, the Company tracks the effectiveness of its policies and actions in relation to material sustainability-related impacts, risks, and opportunities for social dialogue by ensuring the dialogue continuity through respectful, open and timely forums. The metric demonstrates the percentage of employees that are covered by collective bargaining agreements within the EEA and out of the EEA as well as the percentage of employees covered by Social Dialogue within the EEA (for countries with more than 50 employees and representing more than 10% of the total employees). The data reflects actual figures (not estimated or extrapolated in relation to information within the European Economic Area (EEA). This data is obtained by cross-referencing the number of employees within each entity in every country/region with their respective coverage status concerning collective bargaining agreements and worker representation. For the Collective Bargaining coverage in the regions (outside France, Germany, Spain and the United Kingdom), the data provided represents actual figures for more than 99% of employees. The less than 1% remaining were estimated with the conservative assumption that they are not covered by collective bargaining agreements. The Company has the following agreements in place: “Agreement on the Airbus SE-Works Council and its derived Divisions European Committees reached between Airbus SE and the European Negotiating Group” and the “International Framework Agreement” between the Company and the European Works Council. Airbus SE/ Report of the Board of Directors 2025 235 6.5.4.7 Information related to ESRS S1 and S2 6.5.4.7.1 About targets related to own workforce / value chain workers Social assessments conducted on the Company's own sites, including value chain workers. The scope of this target includes the Company’s own sites and in situ contractors. The baseline for these social assessments is based on 2020 data. Apart from a change in the reporting “unit”, from site to entity, there have been no changes in the target and corresponding metrics or underlying measurement methodologies, significant assumptions, limitations, sources and adopted processes to collect data versus 2024. The sites were selected based on an analysis of country risk using publicly available indices (including child labour, forced labour and labour rights), the type of activity (prioritising production facilities) and the number of employees. It also considered any alerts relating to human rights coming from other sources, including the Internal Controls Self Assessment (“ICSA”) process. Relevant legislation was also taken into account. While there is a target to be reached in 2026, the Company has decided not to establish a formal annual target on the number of social assessments to be performed in 2025. Number of identified high risk suppliers sites, covered by at least one dedicated action. The Company has set a target to ensure that its most risky supplier sites are covered by at least one dedicated action. This can include undertaking a Sustainability Maturity Assessment conducted by a third party service provider, an on-site assessment or other targeted action. This target is part of the Company's broader efforts to assess the maturity of its suppliers, particularly in respect to human rights. The scope of this target is based on the most risky suppliers identified using risk-based analysis of both the supplier’s geographical location and nature of their activity using publicly available indices. This inherent risk mapping is performed on Tier-1 suppliers, excluding those of affiliates and subsidiaries. This risk assessment started in 2022 although the baseline and methodology have been reviewed and upgraded in 2023. No stakeholders (including value chain workers) were involved in setting any of the above mentioned targets. There is no direct engagement with workers in the value chain, their legitimate representatives, or with credible proxies to track the Company’s performance against the set targets nor to identify lessons learned or improvements as a result of the Company’s performance. 6.5.4.8 Information related to other S and G topics 6.5.4.8.1 About Aviation safety target setting Proper SMS Officer staffing and training contribute to reducing impacts on customers and end-users as well as reducing the risk. This target was set by the Company, with no specific consultation of stakeholders, on a voluntary basis, and was approved and is monitored as per the SMS governance described in section “– 6.3.3.4 Policies related to consumers and end-users”. End-users and customers are not involved in tracking the performance against the target. The target covers the SMS officers nominated in the functions within the Commercial Aircraft business segment. SMS officers are considered trained when they have completed a comprehensive training dedicated to SMS officers provided by qualified trainers on SMS. 6.5.4.8.2 About Sovereignty and citizen protection metrics and target setting The Company has not set any outcome-oriented targets nor is it monitoring any specific metrics related formally to this topic. 6.5.4.8.3 About Anti bribery and corruption training table For the “Highly-exposed population”, the number of in-scope employees is determined as of 31 December of the applicable year and the number trained corresponds to the number, out of that in-scope population, which performed the required training over the course of the applicable year. Regarding the “Highly-exposed population”, in-scope employees are required to follow a minimum learning path over a three year cycle (to be renewed every three years if the employee is still in scope). As of 2025, Executives and non-Executives are required to attend a two hour physical or virtual classroom training followed by a 30 min e-learning refresher course the year after the main training has been performed. Regarding “All Company employees excluding shop floor / production job profiles” in 2025, in-scope employees were required to perform a minimum of three related e-learning items. 6.5.4.9 General information about targets For certain topics the Company has not deemed it necessary to set targets. In such cases, it monitors the evolution of related metrics and/or the progress of action plans described in the respective ESRSs, overseen in governance bodies presented in ESRS 2 and/or in respective ESRSs, including the ERM for risks, with the aim to reduce negative impacts and risks and maximise positive impacts and opportunities. Airbus SE/ Report of the Board of Directors 2025 236 6.5.5 Additional information 6.5.5.1 Incorporation by reference. The table below includes a list of disclosure requirements that have been incorporated by reference to another section of the Board of Directors report entirely when such complementary information is deemed to be necessary to meet disclosure requirements. ESRS Disclosure requirements Paragraph Supporting sections from Airbus SE Report of the Board of Directors 2025 2 GOV-1: The role of the administrative, management and supervisory bodies 21, 23 21, 23 22a 22c, 22d – Corporate Governance – 2.1.1 Composition of the Board of Directors – Corporate Governance – 2.2.1 Nomination and Composition of the Executive Committee – Corporate Governance – 2.1.4 Board Committees – Risk Management and Internal Controls – 3.2 Enterprise Risk Management System 2 GOV-2: Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 26a – Corporate Governance – 2.1.4 Board Committees 2 GOV-3: Integration of sustainability-related performance in incentive schemes 29 – Corporate Governance – 2.3 Remuneration Report – Corporate Governance – 2.3.2 Implementation of the Remuneration Policy in 2025: CEO 2 GOV-4: Statement on due diligence 32 – Risk Management and Internal Controls – 3.2 Enterprise Risk Management System 2 GOV-5: Risk management and internal control over sustainability reporting 36a – Risk Management and Internal Controls – 3.2 Enterprise Risk Management System – Risk Management and Internal Controls – 3.4 Internal Control 2 SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model 48d, 48e, 48f – “Notes to the IFRS Consolidated Financial Statements - Note 3. Climate-related Impacts” 2 IRO-1: Description of the processes to identify and assess material IROs 53c, 53e, 53f, 53g – Risk Management and Internal Controls – 3.2 Enterprise Risk Management System 6.5.5.2 List of the Disclosure Requirements vs. paragraphs where the related disclosures are located in the sustainability statement Table. List of the Disclosure Requirements vs. paragraphs where the related disclosures are located in the sustainability statement. DISCLOSURE REQUIREMENTS Related disclosure(s) ESRS 2 General Disclosures BASIS FOR PREPARATION BP-1: General basis for preparation of the sustainability statement – 6.1.1.1.1 General basis for preparation of the sustainability statement BP-2: Disclosures in relation to specific circumstances – 6.1.1.1.2 Disclosures in relation to specific circumstances GOVERNANCE GOV-1: The role of the administrative, management and supervisory bodies (AM&SB) – 6.1.1.2.1 The role of the administrative, management and supervisory bodies GOV-2: Information provided to and sustainability matters addressed by the undertaking’s AM&SB – 6.1.1.2.2 Involvement of administrative, management and supervisory bodies GOV-3: Integration of sustainability-related performance in incentive schemes – 6.1.1.2.3 Integration of sustainability-related performance in incentive schemes GOV-4: Statement on sustainability due diligence – 6.1.1.2.4 Statement on due diligence; – 6.5.1 Sustainability Due Diligence GOV-5: Risk management and internal control over sustainability reporting – 6.1.1.2.5 Risk management and internal control over sustainability reporting STRATEGY SBM-1: Strategy, business model and value chain – 6.1.1.3.1 Strategy, business model and value chain SBM-2: Interests and views of stakeholders – 6.1.1.3.2 Interests and views of stakeholders SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model(s) – 6.1.1.3.3 Material IROs and their interaction with strategy and business model; – 6.2.1.1 Climate Change IROs; – 6.2.2.1 Pollution IROs; – 6.2.3.1 Water IROs; – 6.2.4.1 Biodiversity and ecosystems IROs; – 6.2.5.1 Resource Use and Circular Economy IROs; – 6.3.1.1 Own workforce IROs; – 6.3.2.1 Workers in the value chain IROs; – 6.3.3.1 Consumers and end-users IROs; – 6.3.4.1 Sovereignty and citizen protection IROs; – 6.4.1.1 Business Conduct IROs; – 6.4.2.1 Cybersecurity IROs DISCLOSURE ON THE MATERIALITY ASSESSMENT PROCESS IRO-1: Description of processes to identify and assess material IROs – 6.1.1.4.1 Description of the processes to identify and assess material IROs; – 6.2.1.3 Identifying and assessing material climate-related IROs IRO-2: Disclosure requirements in ESRS covered by the undertaking’s sustainability statement – 6.1.1.4.2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement MINIMUM DISCLOSURE REQUIREMENTS ON POLICIES AND ACTIONS MDR-P: Policies adopted to manage material sustainability matters – 6.5.3.1 Environmental policy; – 6.2.1.4 Policies - Climate change; – 6.2.2.2.1 Policies - Substances of Concern; – 6.2.2.3.1 Policies - VOC – 6.2.3.2 Policies - Water; – 6.2.4.4 Policies - Biodiversity; – 6.2.5.2 Policies - Resource use and circular economy; – 6.3.1.3 Own workforce policies; – 6.3.1.7.1 Policies - Health and safety; – 6.3.1.8.1 Policies - Diversity; – 6.3.1.9.1 Policies - People development; – 6.3.1.10.1 Policies - Social dialogue; – 6.5.3.2 Social policies; – 6.3.2.3 Policies related to value chain workers; – 6.3.3.4 Policies related to consumers and end-users; – 6.3.4.2 Policies - Sovereignty and citizen protection; – 6.4.1.2 Business conduct policies and corporate culture; – 6.5.3.3.1 Business conduct policies - complementary information; – 6.4.2.2 Policies - Cybersecurity; – 6.5.3.3.2 Security policy - complementary information MDR-A: Actions and resources in relation to material sustainability matters – 6.2.1.5 Actions and resources - Climate change; – 6.2.2.2.2 Actions and resources - Substances of Concern; – 6.2.2.3.2 Actions and resources - VOC; – 6.2.3.3 Actions and resources - Water; – 6.2.4.5 Actions and resources - Biodiversity; – 6.2.5.3.1 Actions and resources - Resource inflows; – 6.2.5.4.1 Actions and resources - Waste; – 6.3.1.7.2 Actions and resources - Health and safety; – 6.3.1.8.2 Actions and resources - Diversity; – 6.3.1.9.2 Actions and resources - People development; – 6.3.1.10.2 Actions and resources - Social dialogue; – 6.3.2.6 Taking action on material IROs; – 6.3.3.7 Taking action - Aviation safety; – 6.3.4.3 Actions and resources - Sovereignty and citizen protection; – 6.4.1.2 Business conduct policies and corporate culture; – 6.4.1.5 Management of relationships with suppliers; – 6.4.1.3 Prevention and detection of corruption and bribery; – 6.4.2.3 Actions and resources - Cybersecurity MINIMUM DISCLOSURES REQUIREMENTS ON METRICS AND TARGETS Airbus SE/ Report of the Board of Directors 2025 237 MDR-M: Metrics in relation to material sustainability matters – 6.2.1.7 Energy consumption and mix; – 6.5.4.2.2 About energy consumption and mix; – 6.2.1.8 GHG Emissions; – 6.5.4.2.3 About GHG emissions; – 6.2.1.9 GHG removals and carbon credits; – 6.2.2.2.4 Metrics - Substances of Concern; – 6.2.2.3.4 Metrics - VOC; – 6.5.4.3.2 About VOC metrics; – 6.2.3.5 Metrics - Water; – 6.5.4.4.2 About Water metrics; – 6.2.4.6 Targets and metrics - Biodiversity; – 6.2.5.4.3 Metrics - Waste; – 6.5.4.5.2 About Waste metrics; – 6.3.1.6 Characteristics of the undertaking’s employees; – 6.3.1.7.4 Metrics - Health and safety; – 6.5.4.6.3 About Health and safety metrics; – 6.3.1.8.4 Metrics - Diversity; – 6.5.4.6.5 About I&D metrics; – 6.3.1.9.3 Targets and metrics - People development; – 6.3.1.10.3 Metrics and targets - Social dialogue; – 6.3.2.7 Targets and metrics related to workers in the value chain; – 6.3.3.8 Targets and performance - Aviation safety; – 6.4.1.3 Prevention and detection of corruption and bribery; – 6.4.1.4 Incidents of corruption or bribery; – 6.4.1.6 Payment practices; – 6.4.2.4 Metrics and targets - Cybersecurity; – 6.5.4.1 Revision of figures (including restatements) MDR-T: Tracking effectiveness of policies and actions through targets – 6.2.1.6 Targets and performance - Climate change; – 6.5.4.2.1 About climate targets; – 6.2.2.2.3 Targets - Substances of Concern; – 6.2.2.3.3 Targets and performance - VOC; – 6.5.4.3.1 About VOC target setting; – 6.2.3.4 Targets and performance - Water; – 6.5.4.4.1 About Water target setting; – 6.2.4.6 Targets and metrics - Biodiversity; – 6.2.5.3.2 Targets - Resource inflows; – 6.2.5.4.2 Targets and performance - Waste; – 6.5.4.5.1 About Waste target setting; – 6.3.1.5.1 Targets and performance - Social assessments – 6.3.1.7.3 Targets and performance - Health and safety; – 6.5.4.6.2 About Health and safety target setting; – 6.3.1.8.3 Targets and performance - Diversity; – 6.5.4.6.4 About I&D target setting; – 6.3.1.9.3 Targets and metrics - People development; – 6.3.1.10.3 Metrics and targets - Social dialogue; – 6.3.2.7 Targets and metrics related to workers in the value chain; – 6.5.4.7.1 About targets related to own workers / value chain workers; – 6.3.3.8 Targets and performance - Aviation safety; – 6.5.4.8.1 About aviation safety target setting; – 6.4.2.4 Metrics and targets - Cybersecurity ESRS 1 - CLIMATE CHANGE ESRS 2 General disclosures See above Governance o Disclosure requirement related to ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes – 6.1.1.2.3 Integration of sustainability-related performance in incentive schemes Strategy o Disclosure Requirement E1.1 – Transition plan for climate change mitigation – 6.2.1.2 Transition plan for climate change mitigation o Disclosure Requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model – 6.1.1.3.3 Material IROs and their interaction with strategy and business model; – 6.2.1.3 Identifying and assessing material climate-related IROs Impact, risk and opportunity management o Disclosure requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities – 6.1.1.4.1 Description of the processes to identify and assess material IROs; – 6.2.1.3 Identifying and assessing material climate-related IROs o Disclosure Requirement E1.2 – Policies related to climate change mitigation and adaptation – 6.5.3.1 Environmental policy; – 6.2.1.4 Policies - Climate change o Disclosure Requirement E1.3 – Actions and resources in relation to climate change policies – 6.2.1.5 Actions and resources - Climate change Metrics and targets o Disclosure Requirement E1.4 – Targets related to climate change mitigation and adaptation – 6.2.1.6 Targets and performance - Climate change; – 6.5.4.2.1 About climate targets o Disclosure Requirement E1.5 – Energy consumption and mix – 6.2.1.7 Energy consumption and mix; – 6.5.4.2.2 About energy consumption and mix; – 6.5.4.1.1 Environmental metrics o Disclosure Requirement E1.6 – Gross Scopes 1, 2, 3 and Total GHG emissions – 6.2.1.8 GHG Emissions; – 6.5.4.2.3 About GHG emissions; – 6.5.4.1.1 Environmental metrics o Disclosure Requirement E1.7 – GHG removals and GHG mitigation projects financed through carbon credits – 6.2.1.9 GHG removals and carbon credits o Disclosure Requirement E1.8 – Internal carbon pricing – 6.2.1.10 Internal carbon pricing ESRS E2 - POLLUTION ESRS 2 General disclosures See above Impact, risk and opportunity management o Disclosure Requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material pollution-related impacts, risks and opportunities – 6.1.1.4.1 Description of the processes to identify and assess material IROs o Disclosure Requirement E2.1 – Policies related to pollution – 6.5.3.1 Environmental policy; – 6.2.2.2.1 Policies - Substances of Concern; – 6.2.2.3.1 Policies - VOC o Disclosure Requirement E2.2 – Actions and resources related to pollution – 6.2.2.2.2 Actions and resources - Substances of Concern; – 6.2.2.3.2 Actions and resources - VOC Metrics and targets o Disclosure Requirement E2.3 – Targets related to pollution – 6.2.2.2.3 Targets - Substances of Concern; – 6.2.2.3.3 Targets and performance - VOC; – 6.5.4.3.1 About VOC target setting o Disclosure Requirement E2.4 – Pollution of air, water and soil – 6.2.2.2.4 Metrics - Substances of Concern; – 6.2.2.3.4 Metrics - VOC – 6.5.4.3.2 About VOC metrics; – 6.5.4.1.1 Environmental metrics ESRS E3 - WATER AND MARINE RESOURCES ESRS 2 General disclosures See above Impact, risk and opportunity management o Disclosure Requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities – 6.1.1.4.1 Description of the processes to identify and assess material IROs o Disclosure Requirement E3.1 – Policies related to water and marine resources – 6.5.3.1 Environmental policy; – 6.2.3.2 Policies - Water o Disclosure Requirement E3.2 – Actions and resources related to water and marine resources – 6.2.3.3 Actions and resources - Water Metrics and targets o Disclosure Requirement E3.3 – Targets related to water and marine resources – 6.2.3.4 Targets and performance - Water; – 6.5.4.4.1 About Water target setting o Disclosure Requirement E3.4 – Water consumption – 6.2.3.5 Metrics - Water; – 6.5.4.4.2 About Water metrics; – 6.5.4.1.1 Environmental metrics ESRS E4 - BIODIVERSITY AND ECOSYSTEMS ESRS 2 General disclosures See above Strategy o Disclosure Requirement E4.1 – Transition plan and consideration of biodiversity and ecosystems in strategy and business model – 6.2.4.2 Transition plan Airbus SE/ Report of the Board of Directors 2025 238 o Disclosure Requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Impact, risk and opportunity management – 6.1.1.3.3 Material IROs and their interaction with strategy and business model; – 6.2.4.3 Material IROs o Disclosure Requirement related to ESRS 2 IRO-1 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities – 6.1.1.4.1 Description of the processes to identify and assess material IROs o Disclosure Requirement E4.2 – Policies related to biodiversity and ecosystems – 6.5.3.1 Environmental policy; – 6.2.4.4 Policies - Biodiversity o Disclosure Requirement E4.3 – Actions and resources related to biodiversity and ecosystems – 6.2.4.5 Actions and resources - Biodiversity Metrics and targets o Disclosure Requirement E4.4 – Targets related to biodiversity and ecosystems – 6.2.4.6 Targets and metrics - Biodiversity o Disclosure Requirement E4.5 – Impact metrics related to biodiversity and ecosystems change – 6.2.4.6 Targets and metrics - Biodiversity; – 6.5.4.1.1 Environmental metrics ESRS E5 - RESOURCE USE AND CIRCULAR ECONOMY ESRS 2 General disclosures See above Impact, risk and opportunity management o Disclosure Requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities – 6.1.1.4.1 Description of the processes to identify and assess material IROs o Disclosure Requirement E5.1 – Policies related to resource use and circular economy – 6.5.3.1 Environmental policy; – 6.2.5.2 Policies - Resource use and circular economy o Disclosure Requirement E5.2 – Actions and resources related to resource use and circular economy – 6.2.5.3.1 Actions and resources - Resource inflows; – 6.2.5.4.1 Actions and resources - Waste Metrics and targets o Disclosure Requirement E5.3 – Targets related to resource use and circular economy – 6.2.5.3.2 Targets - Resource inflows; – 6.2.5.4.2 Targets and performance - Waste; – 6.5.4.5.1 About Waste target setting o Disclosure Requirement E5.5 – Resource outflows – 6.2.5.4.3 Metrics - Waste; – 6.5.4.5.2 About Waste metrics; – 6.5.4.1.1 Environmental metrics ESRS S1 - OWN WORKFORCE ESRS 2 General disclosures See above Strategy o Disclosure Requirement related to ESRS 2 SBM-2 – Interests and views of stakeholders – 6.1.1.3.2 Interests and views of stakeholders o Disclosure Requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Impacts, risks and opportunities management – 6.1.1.3.3 Material IROs and their interaction with strategy and business model o Disclosure Requirement S1.1 – Policies related to own workforce – 6.3.1.3 Own workforce policies; – 6.3.1.7.1 Policies - Health and safety; – 6.3.1.8.1 Policies - Diversity; – 6.3.1.9.1 Policies - People development; – 6.3.1.10.1 Policies - Social dialogue; – 6.5.3.2 Social policies o Disclosure Requirement S1.2 – Processes for engaging with own workers and workers’ representatives about impacts – 6.3.1.4 Engaging with own workers and their representatives about impacts o Disclosure Requirement S1.3 – Processes to remediate negative impacts and channels for own workers to raise concerns – 6.3.1.5 Remediate negative impacts and channels to raise concerns o Disclosure Requirement S1.4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions – 6.3.1.7.2 Actions and resources - Health and safety; – 6.3.1.8.2 Actions and resources - Diversity; – 6.3.1.9.2 Actions and resources - People development – 6.3.1.10.2 Actions and resources - Social dialogue Metrics and targets o Disclosure Requirement S1.5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities – 6.3.1.7.3 Targets and performance - Health and safety; – 6.5.4.6.2 About Health and safety target setting; – 6.3.1.8.3 Targets and performance - Diversity; – 6.5.4.6.4 About I&D target setting; – 6.3.1.9.3 Targets and metrics - People development; – 6.3.1.10.3 Metrics and targets - Social dialogue o Disclosure Requirement S1.6 – Characteristics of the undertaking’s employees – 6.3.1.6 Characteristics of the undertaking’s employees o Disclosure Requirement S1.8 – Collective bargaining coverage and social dialogue – 6.3.1.10.3 Metrics and targets - Social dialogue o Disclosure Requirement S1.9 – Diversity metrics – 6.3.1.8.4 Metrics - Diversity; – 6.5.4.6.5 About I&D metrics o Disclosure Requirement S1.13 – Training and skills development metrics – 6.3.1.9.3 Targets and metrics - People development o Disclosure Requirement S1.14 – Health and safety metrics – 6.3.1.7.4 Metrics - Health and safety; – 6.5.4.6.3 About Health and safety metrics ESRS S2 - WORKERS IN THE VALUE CHAIN ESRS 2 General disclosures See above Strategy o Disclosure Requirement related to ESRS 2 SBM-2 Interests and views of stakeholders – 6.1.1.3.2 Interests and views of stakeholders; – 6.3.2.2 Interests and views of stakeholders o Disclosure Requirement related to ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Impact, risk and opportunity management – 6.1.1.3.3 Material IROs and their interaction with strategy and business model – 6.3.2.1 Workers in the value chain IROs o Disclosure Requirement S2.1 – Policies related to value chain workers – 6.5.3.2 Social policies; – 6.3.2.3 Policies related to value chain workers o Disclosure Requirement S2.2 – Processes for engaging with value chain workers about impacts – 6.3.2.4 Processes for engaging with value chain workers about impacts; – 6.5.3.4.2 Processes to identify and assess material IROs and salient issues related to workers in the value chain o Disclosure Requirement S2.3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns – 6.3.2.5 Remediating negative impacts and channels to raise concerns o Disclosure Requirement S2.4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions – 6.3.2.6 Taking action on material IROs Metrics and targets o Disclosure Requirement S2.5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities – 6.3.2.7 Targets and metrics related to workers in the value chain; – 6.5.4.7.1 About targets related to own workers / value chain workers ESRS S4 - CONSUMERS AND END-USERS ESRS 2 General Disclosures See above Strategy o Disclosure Requirement related to ESRS 2 SBM-2 – Interests and views of stakeholders – 6.1.1.3.2 Interests and views of stakeholders; – 6.3.3.2 Interests and views of stakeholders o Disclosure Requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model – 6.1.1.3.3 Material IROs and their interaction with strategy and business model; – 6.3.3.4 Policies related to consumers and end-users; – 6.3.3.3 IROs’ interaction with strategy and business model Impact, risk and opportunity management Airbus SE/ Report of the Board of Directors 2025 239 o Disclosure Requirement S4.1 – Policies related to consumers and end-users – 6.5.3.2 Social policies; – 6.3.3.4 Policies related to consumers and end-users o Disclosure Requirement S4.2 – Processes for engaging with consumers and end users about impacts – 6.3.3.5 Processes for engaging with consumers and end-users o Disclosure Requirement S4.3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns – 6.3.3.6 Remediating negative impacts and channels to raise concerns o Disclosure Requirement S4.4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions – 6.3.3.7 Taking action - Aviation safety Metrics and targets o Disclosure Requirement S4.5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities – 6.3.3.8 Targets and performance - Aviation safety COMPANY SPECIFIC - SOVEREIGNTY AND CITIZEN PROTECTION ESRS 2 General disclosures See above Strategy o Disclosure Requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Impacts, risks and opportunities management – 6.1.1.3.3 Material IROs and their interaction with strategy and business model; – 6.3.4.1 Sovereignty and citizen protection IROs o Policies – 6.3.4.2 Policies - Sovereignty and citizen protection o Taking action, and effectiveness of those actions – 6.3.4.3 Actions and resources - Sovereignty and citizen protection ESRS G1 - BUSINESS CONDUCT ESRS 2 General disclosures See above Governance o Disclosure Requirement related to ESRS 2 GOV-1 – The role of the administrative, supervisory and management bodies Impact, risk and opportunity management – 6.1.1.2.1 The role of the administrative, management and supervisory bodies o Disclosure Requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities – 6.1.1.4.1 Description of the processes to identify and assess material IROs o Disclosure Requirement G1.1– Corporate culture and business conduct policies and corporate culture – 6.4.1.2 Business conduct policies and corporate culture; – 6.5.3.3.1 Business conduct policies - complementary information o Disclosure Requirement G1.2 – Management of relationships with suppliers – 6.4.1.5 Management of relationships with suppliers o Disclosure Requirement G1.3 – Prevention and detection of corruption and bribery – 6.4.1.3 Prevention and detection of corruption and bribery Metrics and targets o Disclosure Requirement G1.4 – Confirmed incidents of corruption or bribery – 6.4.1.4 Incidents of corruption or bribery o Disclosure Requirement G1.6 – Payment practices – 6.4.1.6 Payment practices COMPANY SPECIFIC - CYBERSECURITY ESRS 2 General disclosures See above Strategy o Disclosure Requirement related to ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model Impacts, risks and opportunities management – 6.1.1.3.3 Material IROs and their interaction with strategy and business model; – 6.4.2.1 Cybersecurity IROs o Policies – 6.4.2.2 Policies - Cybersecurity; – 6.5.3.3.2 Security policy - complementary information o Taking action, and effectiveness of those actions – 6.4.2.3 Actions and resources - Cybersecurity Metrics and targets o Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities – 6.4.2.4 Metrics and targets - Cybersecurity o Metrics – 6.4.2.4 Metrics and targets - Cybersecurity 6.5.5.3 Datapoints that derive from other EU legislations Table. Datapoints that derive from other EU legislations Disclosure Requirement and related datapoint SFDR (1) reference Pillar 3 (2) reference Benchmark Regulation (3) reference EU Climate Law (4) reference Sustainability Statement ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d) Indicator number 13 of Table #1 of Annex 1 Commission Delegated Regulation (EU) 2020/1816 (5), Annex II – 6.1.1.2.1 The role of the administrative, management and supervisory bodies ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) Delegated Regulation (EU) 2020/1816, Annex II – 6.1.1.2.1 The role of the administrative, management and supervisory bodies ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3 of Annex 1 – 6.1.1.2.4 Statement on due diligence; – 6.5.1 Sustainability Due Diligence ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i Indicators number 4 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 (6) Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii Indicator number 9 Table #2 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Not material Airbus SE/ Report of the Board of Directors 2025 240 ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii Indicator number 14 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1818 (7), Article 2(1) Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS E1.1 Transition plan to reach climate neutrality by 2050 paragraph 14 Regulation (EU) 2021/1119, Article 2(1) – 6.2.1.2 Transition plan for climate change mitigation ESRS E1.1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g) Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 12.1 (d) to (g), and Article 12.2 – 6.2.1.2 Transition plan for climate change mitigation ESRS E1.4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 6 – 6.2.1.6 Targets and performance - Climate change ESRS E1.5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 – 6.2.1.7 Energy consumption and mix ESRS E1.5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of Annex 1 – 6.2.1.7 Energy consumption and mix ESRS E1.5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 Indicator number 6 Table #1 of Annex 1 – 6.2.1.7 Energy consumption and mix ESRS E1.6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 Indicators number 1 and 2 Table #1 of Annex 1 Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) – 6.2.1.8 GHG Emissions ESRS E1.6 Gross GHG emissions intensity paragraphs 53 to 55 Indicators number 3 Table #1 of Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 8(1) – 6.2.1.8 GHG Emissions ESRS E1.7 GHG removals and carbon credits paragraph 56 Regulation (EU) 2021/1119, Article 2(1) – 6.2.1.9 GHG removals and carbon credits ESRS E1.9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II Phased-in ESRS E1.9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1.9 Location of significant assets at material physical risk paragraph 66 (c). Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk. Phased-in ESRS E1.9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c). Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral Phased-in ESRS E1.9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69 Delegated Regulation (EU) 2020/1818, Annex II Phased-in Airbus SE/ Report of the Board of Directors 2025 241 ESRS E2.4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 – 6.2.2.3.4 Metrics - VOC (Air pollution - VOC) ESRS E3.1 Water and marine resources paragraph 9 Indicator number 7 Table #2 of Annex 1 – 6.2.3.2 Policies - Water ESRS E3.1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of Annex 1 – 6.2.3.2 Policies - Water ESRS E3.1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2 of Annex 1 Not material ESRS E3.4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 Table #2 of Annex 1 – 6.2.3.5 Metrics - Water ESRS E3.4 Total water consumption in m3 per net revenue on own operations paragraph 29 Indicator number 6.1 Table #2 of Annex 1 – 6.2.3.5 Metrics - Water ESRS 2- SBM-3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 – 6.1.1.3.3 Material IROs and their interaction with strategy and business model – 6.2.4.3 Material IROs ESRS 2- SBM-3 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 – 6.1.1.3.3 Material IROs and their interaction with strategy and business model – 6.2.4.3 Material IROs ESRS 2- SBM-3 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 – 6.1.1.3.3 Material IROs and their interaction with strategy and business model – 6.2.4.3 Material IROs ESRS E4.2 Sustainable land / agriculture practices or policies paragraph 24(b) Indicator number 11 Table #2 of Annex 1 Not material ESRS E4.2 Sustainable oceans / seas practices or policies paragraph 24 (c) Indicator number 12 Table #2 of Annex 1 Not material ESRS E4.2 Policies to address deforestation paragraph 24 (d) Indicator number 15 Table #2 of Annex 1 Not material ESRS E5.5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2 of Annex 1 – 6.2.5.4.3 Metrics - Waste ESRS E5.5 Hazardous waste and radioactive waste paragraph 39 Indicator number 9 Table #1 of Annex 1 – 6.2.5.4.3 Metrics - Waste (Radioactive waste - Not material) ESRS 2- SBM-3 - S1 Risk of incidents of forced labour paragraph 14 (f) Indicator number 13 Table #3 of Annex I Not material ESRS 2- SBM-3 - S1 Risk of incidents of child labour paragraph 14 (g) Indicator number 12 Table #3 of Annex I Not material ESRS S1.1 Human rights policy commitments paragraph 20 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I – 6.5.3.2 Social policies – 6.3.1.3 Own workforce policies ESRS S1.1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 Delegated Regulation (EU) 2020/1816, Annex II – 6.1.1.2.4 Statement on due diligence; – 6.5.1 Sustainability Due Diligence – 6.5.3.2 Social policies ESRS S1.1 processes and measures for preventing trafficking in human beings paragraph 22 Indicator number 11 Table #3 of Annex I Not material ESRS S1.1 workplace accident prevention policy or management system paragraph 23 Indicator number 1 Table #3 of Annex I – 6.5.3.2 Social policies – 6.3.1.3 Own workforce policies – 6.3.1.7.1 Policies - Health and safety ESRS S1.3 grievance/complaints handling mechanisms paragraph 32 (c) Indicator number 5 Table #3 of Annex I – 6.3.1.5 Remediate negative impacts and channels to raise concerns – 6.4.1.2 Business conduct policies and corporate culture ESRS S1.14 Number of fatalities and number and rate of work- related accidents paragraph 88 (b) and (c) Indicator number 2 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II – 6.3.1.7.4 Metrics - Health and safety ESRS S1.14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) Indicator number 3 Table #3 of Annex I – 6.3.1.7.4 Metrics - Health and safety ESRS S1.16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS S1.16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3 of Annex I Not material Airbus SE/ Report of the Board of Directors 2025 242 ESRS S1.17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3 of Annex I Not material ESRS S1.17 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a) Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) Not material ESRS 2- SBM-3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) Indicators number 12 and n. 13 Table #3 of Annex I – 6.1.1.3.3 Material IROs and their interaction with strategy and business model – 6.3.2.1 Workers in the value chain IROs ESRS S2.1 Human rights policy commitments paragraph 17 Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 – 6.5.3.2 Social policies – 6.3.2.3 Policies related to value chain workers ESRS S2.1 Policies related to value chain workers paragraph 18 Indicator number 11 and n. 4 Table #3 of Annex 1 – 6.5.3.2 Social policies – 6.3.2.3 Policies related to value chain workers ESRS S2.1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) – 6.1.1.2.4 Statement on due diligence; – 6.5.1 Sustainability Due Diligence – 6.5.3.2 Social policies ESRS S2.1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8,paragraph 19 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) – 6.1.1.2.4 Statement on due diligence; – 6.5.1 Sustainability Due Diligence – 6.5.3.2 Social policies ESRS S2.4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 Indicator number 14 Table #3 of Annex 1 – 6.3.2.6 Taking action on material IROs ESRS S3-1 Human rights policy commitments paragraph 16 Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 Not material ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines paragraph 17 Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) Not material ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 Table #3 of Annex 1 Not material ESRS S4.1 Policies related to consumers and end-users paragraph 16 Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1 – 6.5.3.2 Social policies – 6.3.3.4 Policies related to consumers and end-users ESRS S4.1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) – 6.5.3.2 Social policies – 6.3.3.4 Policies related to consumers and end-users ESRS S4.4 Human rights issues and incidents paragraph 35 Indicator number 14 Table #3 of Annex 1 – 6.3.3.7 Taking action - Aviation safety ESRS G1.1 United Nations Convention against Corruption paragraph 10 (b) Indicator number 15 Table #3 of Annex 1 – 6.4.1.2 Business conduct policies and corporate culture ESRS G1.1 Protection of whistle- blowers paragraph 10 (d) Indicator number 6 Table #3 of Annex 1 – 6.4.1.2 Business conduct policies and corporate culture ESRS G1.4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) Indicator number 17 Table #3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II) – 6.4.1.4 Incidents of corruption or bribery ESRS G1.4 Standards of anti- corruption and anti- bribery paragraph 24 (b) Indicator number 16 Table #3 of Annex 1 – 6.4.1.4 Incidents of corruption or bribery (1) Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1). (2) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176,27.6.2013, p. 1). (3) Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1). (4) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1). (5) Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1). (6) Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p.1.). (7) Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17). Airbus SE/ Report of the Board of Directors 2025 243 6.6 EU Taxonomy - Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (“EU Taxonomy”) 6.6.1 Foreword In November 2023, the European Commission officially published a delegated act for the EU Taxonomy 12 including a set of criteria for aviation related activities. The manufacturing of aircraft is recognised as an eligible activity, supported by the decarbonisation potential brought by the latest generation of commercial aircraft through the replacement of the current fleet and the importance of an ambitious SAF ramp up, as well as by “zero direct tailpipe CO 2 emissions” technologies, which are key components of the Company’s transition plan. Given the Company’s product portfolio, the vast majority (see details in “- Regulatory disclosure” section below) of Revenue, Capital Expenditures (CapEx) and Operating Expenses (OpEx) reported under the EU Taxonomy are related to the “Manufacturing of aircraft”. The Company has screened and assessed the published technical screening criteria related to activity “3.21 Manufacturing of aircraft” under the environmental objective of climate change mitigation. The Frequently Asked Questions (“FAQs”) published by the EU Commission on March 5, 2025 "on the interpretation and implementation of certain legal provisions of the EU Taxonomy Environmental Delegated Act, the EU Taxonomy Climate Delegated Act and the EU Taxonomy Disclosures Delegated Act" as well as other FAQs published by the EU Commission were also taken into consideration by the Company in preparing its disclosures in accordance with the EU Taxonomy Regulation for fiscal year 2025, as well as the reporting requirements as amended by the Omnibus Delegated Act 13, published in January 2026. An alternative performance measure which includes the fulfilment of all applicable taxonomy requirements except those of appendix C is presented in section “– 6.6.3 - Alignment assessment - Apart from DNSH Pollution Prevention and Control - Appendix C”. 6.6.2 Regulatory disclosure The EU Taxonomy is a classification system establishing a list of environmentally sustainable economic activities defined by the EU Taxonomy regulation. The EU Taxonomy regulation focuses on six environmental objectives: (1) “climate change mitigation”, (2) “climate change adaptation”, (3) “sustainable use and protection of water and marine resources”, (4) “transition to a circular economy”, (5) “pollution prevention and control”, and (6) “protection and restoration of biodiversity and ecosystems”. An economic activity is considered a Taxonomy-eligible economic activity if it is described in one of the delegated acts supplementing the EU Taxonomy regulation. An economic activity is considered Taxonomy-aligned and thus considered environmentally sustainable under the EU Taxonomy, if it fulfils the technical screening criteria (“TSC”) and thereby substantially contributes to one or more of the environmental objectives while doing no significant harm (“DNSH”) to any of the other environmental objectives and complying with the Minimum Safeguards (“MS”). The EU Taxonomy aims to direct investments towards sustainable projects and activities in order to meet the EU’s climate and energy targets and reach the objectives of the European Green Deal. The TSC have been progressively defined against the six environmental objectives, firstly under the Climate Delegated Act 14 which became applicable as of 1 January 2022 and the Complementary Climate Delegated Act 15 which became applicable as of 1 January 2023. In 2023, the Environmental Delegated Act 16 - including economic activities relating to the other four environmental objectives - and the amendments to the Climate Delegated Act 17 - adding additional climate related economic activities and criteria, including aviation-related ones - were adopted, being applicable from 1 January 2024. EU Taxonomy assessment for FY 2025 The Company performed an analysis of its business activities against the taxonomy-eligible activities referenced in the applicable Delegated Acts and has assessed compliance with the relevant TSC as well as the MS. The process and results of this assessment have been included in the following sections. 6.6.2.1 Identification of Taxonomy-eligible activities The Company examined all of its business activities, including the recently acquired activities from Spirit AeroSystems, to identify the Taxonomy-eligible activities in accordance with the Annexes to the Climate Delegated Act (“CDA”), the Environmental Delegated Act (“EDA”) and the Complementary Delegated Act on Gas and Nuclear Activities. The majority of the Company’s revenue, CapEx and OpEx (e.g. manufacturing of 17 Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 amending Delegated Regulation (EU) 2021/2139 (Link) 16 Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council and amending Commission Delegated Regulation (EU) 2021/2178 (Link) 15 Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022 amending Delegated Regulation (EU) 2021/2139 and Delegated Regulation (EU) 2021/2178 (Link) 14 Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council (Link) 13 Commission Delegated Regulation (EU) 2026/73 of 4 July 2025 amending Delegated Regulation (EU) 2021/2178 as regards the simplification of the content and presentation of information to be disclosed concerning environmentally sustainable activities and Delegated Regulations (EU) 2021/2139 and (EU) 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm to environmental objectives (Link) 12 Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (Link) Airbus SE/ Report of the Board of Directors 2025 244 commercial aircraft, military aircraft and helicopters) fall under the activity “3.21 Manufacturing of aircraft” relating to the environmental objective of climate change mitigation (“CCM”). There were no material changes to the identified eligible activities in financial year 2025 compared to financial year 2024. Beyond activity “3.21 Manufacturing of aircraft” no further material Taxonomy-eligible activities were identified across all six environmental objectives. As this activity is only eligible under the environmental objective of climate change mitigation, the supplementary table to be filled in when a company contributes to multiple objectives was thus not relevant and excluded from the report. 6.6.2.2 Alignment assessment for the identified Taxonomy-eligible activities To evaluate whether the identified Taxonomy-eligible activity “3.21 Manufacturing of aircraft” is Taxonomy-aligned and thus sustainable according to the EU Taxonomy, the TSC (including DNSH criteria) and MS were assessed. The assessment of the criteria for making a substantial contribution to climate change mitigation was carried out at activity and aircraft level. The assessment of the DNSH criteria was performed at a site level for Appendix A (climate risk assessment), Appendix B (generic criteria for DNSH to sustainable use and protection of water and marine resources) and Appendix D (generic criteria for DNSH to protection and restoration of biodiversity and ecosystems) of the CDA and at activity level for Appendix C (generic criteria for DNSH to pollution prevention and control regarding use and presence of chemicals) and the specific DNSH for Pollution prevention and control. The compliance with the MS was assessed at company level. Activities acquired by the Company from Spirit AeroSystems in December 2025 were not included in this assessment and are therefore considered as not aligned. 6.6.2.2.1 Substantial contribution To determine if an economic activity is Taxonomy-aligned, it must substantially contribute to one or more of the environmental objectives. For Airbus commercial aircraft related activities only the latest generation aircraft that are not produced for private or commercial business aviation fulfil the substantial contribution criteria 18 : A220 family, A320neo family, A330neo family, A350XWB family. Therefore the following are considered only as eligible and not-aligned: “ceo" variants of A330 and Single Aisle programmes, Aircraft sold as part of Airbus Corporate Jets (“ACJ”) business. Some project aircraft also fulfil the criteria for aircraft with zero direct CO 2 emissions. Associated financial amounts being confidential, the corresponding aligned amounts are included into the amounts categorised in «transitional activities», which corresponds to the substantial contribution criteria described above. Aircraft produced by Airbus Helicopters and Airbus Defence and Space cannot fulfil the substantial contribution criteria as it is based on a technical certification standard that is only applicable to commercial aircraft. By applying the global replacement ratio 19 for its aircraft meeting the alignment criteria, the Company can determine the share of concerned KPIs as aligned. Key figure Unit Global replacement ratio % 46.1 6.6.2.2.2 DNSH In order to report activity “3.21 Manufacturing of Aircraft” as aligned, besides making a substantial contribution to climate change mitigation, the Company further needs to ensure that it does no significant harm to the other environmental objectives. The assessment for each of the respective DNSH criteria is outlined in detail below. DNSH Climate change adaptation. As described in section “– 6.2.1.3 Identifying and assessing material climate-related IROs” the Company performed a climate risk and vulnerability assessment to identify physical climate risks affecting the production sites related to its core activity “3.21 Manufacturing of aircraft”. The physical climate risks the Company identified were assessed based on the lifetime of the relevant assets. The Company’s’ physical climate risk assessment is based on the Representative Concentration Pathway (RCP8.5) and the Shared Socioeconomic Pathway (SSP5-8.5) scenario to the year 2050 and thus assumes the highest concentration of CO 2 according to the Intergovernmental Panel on Climate Change (“IPCC”). The relevance of the identified climate risks was assessed for each site and, if appropriate, the measures needed to mitigate risks material to the activity “3.21 Manufacturing of aircraft” were developed and a corresponding adaptation plan formulated which is going to be implemented within five years. As part of the formulation and implementation of this adaptation plan, the Company is in the process of conducting site visits of each of its relevant production sites. DNSH Sustainable use and protection of water and marine resources. The Company evaluated its economic activities with respect to the sustainable use and protection of water and marine resources considering the three following criteria: preserving water quality, avoiding water stress and preserving the good environmental status of marine waters and fulfilling the requirements of all three criteria. In addition, for sites located in areas of high-water stress, water reduction targets have been set. For Company sites located near marine waters, it was ensured that the Company’s activities do not hamper the achievement of good environmental status of marine waters. 19 Extract from the draft Frequently asked questions (FAQs) published by the EU Commission on November 29, 2024 “The global replacement ratio is calculated based on the proportion of aircraft permanently withdrawn from use to aircraft delivered at the global level averaged over the preceding 10 years as evidenced by verified data available from independent data providers”. “The ratio is recalculated for each reporting year, as the GRR is dynamic and the underlying data will change each year”. “The details of the GRR calculation are available at the EASA website at: https://www.easa.europa.eu/en/eutaxonomy-sustainable-activities”. 18 As per described in the CDA, substantial contribution point (b) under the activity “3.21 Manufacturing of aircraft” cover the aircrafts: (i) having maximum take-off mass greater than 5,7 tonnes and less than or equal to 60 tonnes and a certified metric value of CO 2 emissions of at least 11 % less than the New Type limit of the International Civil Aviation Organization (ICAO) standard; (ii) having a maximum take-off mass greater than 60 tonnes and less than or equal to 150 tonnes and a certified metric value of CO 2 emissions of at least 2 % less than the New Type limit of the ICAO standard; (iii) having a maximum take-off mass greater than 150 tonnes and a certified metric value of CO 2 emissions of at least 1,5 % less than the New Type limit of the ICAO standard.” Airbus SE/ Report of the Board of Directors 2025 245 DNSH Transition to a circular economy. The Company assessed the possibility and actual use of secondary raw materials, the recyclability and durability of the product, and the traceability of substances of concern were assessed. Where feasible the Company does use secondary raw materials and has implemented internal policies and guidelines regarding material use. All Airbus aircraft are manufactured to be highly durable to meet demanding airworthiness certification criteria that aim to ensure their safety while being used in harsh atmospheric conditions. Measures are in place to manage and recycle waste at the end-of-life. Measures are in place to manage waste in a way that maximises recycling and reuse in accordance with the waste hierarchy (for more information on waste management see section “– 6.2.5.4 Waste”). DNSH Pollution prevention and control. As parts of the Appendix C criteria of Annex I to the Climate Delegated Act go beyond the requirements of regulations mentioned within it, and even as amended as part of the Commission's Omnibus review, an application of Appendix C criteria that effectively bans use of substances referred to in it de facto renders any alignment excessively burdensome and unjustifiably complex in 2025 for a manufacturing activity subject to Appendix C. The Company is not in a position to evidence that it meets all EU Taxonomy substance-related requirements and as such has not evaluated the fulfilment of Appendix C criteria in 2025. Details on the Company’s approach to managing chemical substances can be found in section “– 6.2.2.2 - Substances of Concern and of Very High Concern”. An alternative performance measure which includes the fulfilment of all applicable Taxonomy requirements, except those of Appendix C, is presented in section “– 6.6.3 - Alignment assessment - Apart from DNSH Pollution Prevention and Control - Appendix C”. The Company’s aircraft that fulfil Significant Contribution Criteria point (b) comply with the relevant requirements referred to in Article 9(2) of Regulation (EU) 2018/1139 and fulfill the respective amendments of the Chicago Convention mentioned under the DNSH Pollution prevention and control. DNSH Protection and restoration of biodiversity and ecosystems. Compliance with the DNSH criteria on biodiversity and ecosystems was assessed by checking that, for Airbus’ sites for which an environmental impact assessment - including the implementation of respective measures - was required, such assessment was actually conducted. For all other sites, it was assessed whether the site is in or near a biodiversity-sensitive area, and, if so, it was checked whether a nature conservation assessment has been performed and whether nature conservation measures have been defined and subsequently implemented. 6.6.2.2.3 Minimum Safeguards As the final step of its alignment assessment, the Company assessed its compliance with the MS. The MS include all procedures implemented to ensure that economic activities are carried out in compliance with: • the OECD Guidelines for Multinational Enterprises published in 2023; • the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organization on Fundamental Principles and Rights at Work; and • the International Bill of Human Rights. In Airbus Code of Conduct, the Company has, among other points, committed to comply with the ILO Conventions and the OECD Guidelines for Multinational Enterprises. The Company furthermore has established due diligence processes (see sections “– 6.1.1.2.4 Statement on due diligence” and “– 6.5.1 Sustainability Due Diligence”) related to human rights and anti-corruption and bribery and is complying with competition laws and tax regulations in all jurisdictions in which the Company is active (see section “– 6.4.1.2 Business conduct policies and corporate culture”). 6.6.2.3 EU Taxonomy KPIs accompanying information 6.6.2.3.1 Accounting policy The Company's EU Taxonomy disclosure covers the following scope: EU Taxonomy share of revenue, CapEx and OpEx of the Company’s consolidated financial statements. For information regarding accounting treatment of the applicable financial KPIs, please refer to the “– Notes to the IFRS Consolidated Financial Statements” (Note 4: Material Accounting Policies). Revenue, CapEx and OpEx were determined and allocated to the numerator by performing a mapping between the description of activities in the EU Taxonomy and the Company’s portfolio of sources of revenues, investments and expenses. The only source for financial data for EU Taxonomy is FACTS, the consolidated accounting information system used by the Company to publish its financial statements. The Company has been allocated one taxonomy activity and one environmental objective, avoiding the risk of double counting. 6.6.2.3.2 Contextual information The Company's EU Taxonomy disclosure covering financial year 2025 herein have been prepared in accordance with the reporting requirements as amended by the Omnibus Delegated Act 20 . EU Taxonomy KPIs for financial year 2024 were prepared in accordance with the prevailing reporting requirements; these figures are comparable without recalculation. For the assessment of “Manufacturing of aircraft” activity in relation with its product portfolio, "aircraft" covers the Company's commercial aircraft, military aircraft and helicopters. According to the published TSC related to “Manufacturing of Aircraft”, the substantial contribution criteria to the climate change mitigation objective can be assessed (1) for “zero direct tailpipe CO 2 emission” aircraft, or (2) for aircraft meeting performance criteria based on the ICAO CO 2 standard. For those aircraft that meet the performance criteria based on the ICAO CO 2 standard, the Company has applied the global replacement ratio published by the EASA (see figure in table above). 20 Commission Delegated Regulation (EU) 2026/73 of 4 July 2025 amending Delegated Regulation (EU) 2021/2178 as regards the simplification of the content and presentation of information to be disclosed concerning environmentally sustainable activities and Delegated Regulations (EU) 2021/2139 and (EU) 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm to environmental objectives (Link) Airbus SE/ Report of the Board of Directors 2025 246 The global replacement ratio acts as a proxy for identifying the aircraft not increasing the worldwide fleet number as required by the TSC, i.e. that have been permanently withdrawn from use to aircraft delivered at the global level averaged over the preceding 10 years and it is currently provided by the EASA. The Company’s consolidated financial information system categorises revenues, CapEx and OpEx by “financial product”), which shall be used in order to identify the ratio and percentage of alignment. The methodology for categorisation will depend on the activities performed at each “financial product” in accordance with the EU Taxonomy criteria. Some of Airbus activities are not allocated to any particular programme for that reason a specific grouping called “multi programme” is created which regroups all revenues/costs. It is possible that some of the activities included fail the Technical Screening Criteria. In order to not account for it as aligned, the Delivery Adjustment Factor is implemented. The calculation is as follows: .  &  /   /  Contextual information about Revenue KPI The eligibility of revenue includes aircraft and revenue corresponding to activity “3.21 Manufacturing of Aircraft” and includes manufacturing, maintenance, repair and overhaul activities. Revenue related to other activities has been assessed and no revenues have been identified that match any other economic activities. For more information about Airbus consolidated revenues, please see “– 1. Airbus SE IFRS Consolidated Financial Statements” in the 2025 Financial Statements. The acquisition by the Company of certain activities from Spirit AeroSystems, Inc. has no impact on consolidated revenue. See “– Note 8. Acquisitions and Disposals, Spirit acquisition” in the 2025 Financial Statements. Contextual information about CapEx KPI The CapEx KPI includes additions to property, plant, and equipment and intangible assets (for more information about Airbus consolidated capital expenditures, please see “– Note 11. Segment Information, Segment capital expenditures” in the 2025 Financial Statements), following the EU taxonomy guidance, the right-of-use assets from leases and business combinations have been added. In 2025, CapEx include the additions to property, plant, and equipment and intangible assets resulting from Spirit AeroSystems acquisition for an amount of € 326 million see – Note 8. Acquisitions and Disposals, Spirit acquisition” in the 2025 Financial Statements. The only eligible CapEx is related to the activity “3.21 Manufacturing of aircraft” in the climate change mitigation objective. The capital expenditures disclosed under the CapEx KPI are not part of a CapEx Plan meeting the conditions specified under the EU Taxonomy Regulation. Contextual information about the OpEx KPI In the context of the EU Taxonomy reporting, the Company’s OpEx KPI considers research and development costs, and is therefore related to “Manufacturing of aircraft” activity. Building renovation measures, short-term lease, maintenance and repair cost and other expenses were not included, as they are non-significant (see – Note 13. Research and Development Expenses” in the 2025 Financial Statements). The acquisition by the Company of certain activities from Spirit AeroSystems, Inc. has no impact on consolidated R&D expenses. 6.6.2.3.3 Future developments The Company will continue to report under the EU Taxonomy with regard to its Taxonomy‐eligible economic activities as well as its Taxonomy‐aligned economic activities. This entails a further and continuous review of the economic activities. Future guidance on the EU Taxonomy could result in updated definitions and other decision making in meeting reporting obligations that may come into force. The Company expects that its reporting will evolve over time as more insights will be gained on how best to comply with the EU Taxonomy. Activities from the Company’s two Divisions (Airbus Helicopters and Airbus Defence and Space) may be covered to some extent in future developments of the EU Taxonomy, as some of the Company’s activities are not yet included in the Taxonomy. 6.6.2.4 EU Taxonomy reporting tables Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (summary KPIs) 2025 KPI (1) Total (2) Proportion of Taxonomy eligible activities (3) Taxonomy aligned activities (4) Proportion of Taxonomy aligned activities (5) Breakdown by environmental objectives of Taxonomy aligned activities Proportion of enabling activities (12) Proportion of transitional activities (13) Not assessed activities considered non-material (14) Taxonomy aligned activities in previous financial year 2024 (15) Proportion of Taxonomy aligned activities in previous financial year 2024 (16) Climate change Mitigation (6) Climate Change Adaptation (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Turnover 73,420 92% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0% CapEx 5,199 86% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0% OpEx 3,153 93% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0% Airbus SE/ Report of the Board of Directors 2025 247 Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities Disclosure covering year 2025 (activity breakdown) Reported KPI (Turnover) 2025 Economic Activities (1) Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3) Taxonomy aligned KPI (monetary value of Turnover) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover) (5) Environmental objectives of Taxonomy aligned activities Enabling activity (12) Transitional activity (13) Proportion of Taxonomy aligned activities in Taxonomy eligible(14) Climate change Mitigation (6) Climate Change Adaptation (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Manufacturing of aircraft CCM 3.21 92% 0 0% 0% 0% 0% 0% 0% 0% T 0% Sum of alignment per objective 0% 0% 0% 0% 0% 0% Total KPI (Turnover) 92% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities Disclosure covering year 2025 (activity breakdown) Reported KPI (CapEx) 2025 Economic Activities (1) Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (3) Taxonomy aligned KPI (monetary value of CapEx) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx) (5) Environmental objectives of Taxonomy aligned activities Enabling activity (12) Transitional activity (13) Proportion of Taxonomy aligned activities in Taxonomy eligible(14) Climate change Mitigation (6) Climate Change Adaptation (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Manufacturing of aircraft CCM 3.21 86% 0 0% 0% 0% 0% 0% 0% 0% T 0% Sum of alignment per objective 0% 0% 0% 0% 0% 0% Total KPI (CapEx) 86% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – Disclosure covering year 2025 (activity breakdown) Reported KPI (OpEx) 2025 Economic Activities (1) Code (2) Taxonomy eligible KPI (Proportion of Taxonomy eligible OpEx) (3) Taxonomy aligned KPI (monetary value of OpEx) (4) Taxonomy aligned KPI (Proportion of Taxonomy aligned OpEx) (5) Environmental objectives of Taxonomy aligned activities Enabling activity (12) Transitional activity (13) Proportion of Taxonomy aligned activities in Taxonomy eligible(14) Climate change Mitigation (6) Climate Change Adaptation (7) Water (8) Circular Economy (9) Pollution (10) Biodiversity (11) Manufacturing of aircraft CCM 3.21 93% 0 0% 0% 0% 0% 0% 0% 0% T 0% Sum of alignment per objective 0% 0% 0% 0% 0% 0% Total KPI (OpEx) 93% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 6.6.3 Alignment assessment - Apart from DNSH Pollution Prevention and Control - Appendix C In the absence of implementation guidance by the EU Commission or the Netherlands on the DNSH pollution criteria (EU Taxonomy - Appendix C), the Company reports in addition, as an alternative performance measure, a set of information considering the fulfilment of all applicable Taxonomy requirements except those of Appendix C for the alignment of the Company's "Manufacturing of Aircraft" activity. 2025 2024 Key figures Eligible (M€) Eligible (%) Aligned (M€) Aligned (%) Eligible (M€) Eligible (%) Aligned (M€) Aligned (%) Apart from DNSH Pollution Prevention and Control - Appendix C (cf above section 6.6.2.2) Revenue 67,655 92% 20,753 28% 64,116 93% 20,944 30% CapEx 4,446 86% 1,695 33% 3,641 80% 1,472 32% OpEx 2,940 93% 1,150 36% 3,054 94% 1,440 44% Including DNSH Pollution Prevention and Control - Appendix C (cf above section 6.6.2.2) Revenue 67,655 92% 0 0% 64,116 93% 0 0% CapEx 4,446 86% 0 0% 3,641 80% 0 0% OpEx 2,940 93% 0 0% 3,054 94% 0 0% Airbus SE/ Report of the Board of Directors 2025 248 7 Vigilance plan Airbus has prepared this plan pursuant to Loi n°2017-399 du 27 mars 2017 relative au devoir de vigilance des sociétés mères et des entreprises donneuses d'ordre -- French law No. 2017-399 of 27 March 2017 on the duty of vigilance of parent companies and ordering companies ("the Vigilance Law"). It covers Airbus SAS and its subsidiaries which fall within the scope of the Vigilance Law (together, "the in-scope companies"). The vigilance plan includes measures to identify environment, health and safety and human rights risks and measures to prevent severe impacts resulting from the in-scope companies’ own operations and from the activities of their suppliers and subcontractors with which they have an established commercial relationship, when these activities are linked to this relationship. The vigilance plan incorporates information and actions already embedded in the group’s ambitions and policies, which form the basis of its sustainable development approach and reflected in the sections of the 2025 Sustainability Statement indicated below. It represents the in- scope companies’ risk mapping; process for regular assessments of relevant affiliates, sub-contractors and suppliers; appropriate prevention and mitigation actions; the alert mechanism and the monitoring and assessment of effectiveness of the mitigating measures; and stakeholders’ engagement. The plan is updated every year. The following indicates where each complementary element of the vigilance plan can be found within the Sustainability Statement: 1. Integrating vigilance into the Company’s governance The Company has established processes to conduct due diligence throughout the in-scope companies' business, operations and supply chain to identify and address the adverse impacts of their business activities and from the activities of their suppliers and other contractors (including subcontractors) with which they have an established commercial relationship, when these activities are linked to this relationship. ○ 6.1.1.2 "Governance" ○ 6.1.1.2.4 "Statement on due diligence" ■ Detailed information in 6.5.1 “Sustainability Due Diligence” - “Step 1 - Embedding responsible business conduct into governance, policies and management systems” ○ 6.5.3 “Policies and processes” The Company is dedicated to continuously improving its stakeholder engagement processes to ensure any stakeholder dialogue remains relevant and effective. Stakeholders' views are contributing elements into several steps of the Company's due diligence process, including for the impact identification / materiality assessment. ○ 6.1.1.3.2 "Interests and views of stakeholders” ○ 6.5.1 “Sustainability Due Diligence” - Step 5 “Communicating and reporting on progress” - “Stakeholder engagement and collaboration” ○ 6.5.3.5 “Additional information related to stakeholders’ views” on the Company’s engagement with stakeholders and additional information, including about interest, views and rights of the stakeholders related to topics as Own Workers, Workers in value chain and Consumer and end-user 2. Risk mapping (cartographie des risques) The in-scope companies’ risk mapping is composed of various means which support the risk identification, assessment of severity, and identification of factors used to select and prioritise them including the Enterprise Risk Management (ERM) system, the risk identification and related Double Materiality Assessment (DMA) as per the EU Corporate Sustainability Reporting Directive (CSRD) requirements and the process to identify the salient issues as described below, all forming part of what is taken into consideration for the vigilance plan risk mapping. ○ Hierarchy of risks ■ See "Identified Salient Issues" below ○ For additional details, refer to the following sections: ■ 6.1.1.2.4 "Statement on due diligence" Airbus SE/ Report of the Board of Directors 2025 249 ● Detailed information in 6.5.1 “ Sustainability Due Diligence” - Step 2 “Identify actual and potential adverse impacts” ■ 6.1.1.4.1 “Description of the processes to identify and assess material IROs” ■ Own operations: ● 6.2.2.1 "Pollution IROs" ● 6.3.1.1 "Own Workforce IROs" ■ Suppliers/subcontractors with whom an established commercial relationship is maintained, where such activities are related to that relationship: ● 6.5.3.4.2 "Processes to identify and assess material IROs and salient issues related to workers in the value chain" Identified Salient Issues A saliency analysis was performed to identify and prioritise serious adverse impacts the Company may be involved in, directly or indirectly, across its business, operations and supply chain. This is supporting the Company in focusing its efforts on addressing serious (salient) impacts, aligned with international frameworks, emphasising the risk to the business and people. This analysis is based on UN Guiding Principles for Business and Human Rights (UNGPs) methodology with the support of external stakeholders and is used to complement the ‘impact materiality’ of the DMA. The Company is committed to identifying and addressing its salient issues through ongoing monitoring of internal and external risks, including within its supply chain, and engagement with key internal and external stakeholders. Taking into account that salient issues may change over time due to internal and external influences, the Company is committed to reviewing them on a regular basis. This includes an annual review to identify any new issues that may need prioritisation, a comprehensive more in depth review conducted every three years and ad hoc assessments as required. The methodology used by the Company for identifying its salient issues is based on the UNGPs and includes an assessment of impacts in terms of severity (scope, scale, irremediability), likelihood, relationship and level of influence to inform prioritisation. The results of this analysis are reviewed by both internal and external stakeholders, prior to final validation at Executive Committee (EC) level. All identified salient issues are recorded as risks through the ERM system and governance follows a similar process as the one existing for the company’s top company risks. For example, sponsorship of each salient issue is at EC level with nominated salient issue owners who have responsibility to develop and implement action plans as well as setting measures of effectiveness. Reporting of the progress of actions to the EC is conducted at least once per year including during the ERM presentation of top company risks as well as through relevant steering committees and other Risk & Opportunity Boards at functional and divisional level. SALIENT ISSUES (2025) IN THE SCOPE OF in-scope companies (and its workforce) supply chain (and its workers) SALIENT ISSUES Risk of forced labour ☑ Impacts related to sourcing of raw materials ☑ Impacts related to health & safety ☑ ☑ Impacts related to diverse and inclusive workplaces ☑ * Includes in situ contractors The actions taken during 2025 to mitigate the risks identified through its saliency analysis (with impacted rightsholders in parenthesis) include: ● Risk of forced labour (supply chain workers): Airbus SE/ Report of the Board of Directors 2025 250 In addition to the actions on human rights due diligence within the Company’s supply chain, the Company has focused action on suppliers identified as high risk for forced labour through further analysis of high risk countries and activities. Starting with activities such as providing physical security services, making workwear, and manufacturing solar panels, the Company will implement a strengthened due diligence process for selecting new suppliers, integrating additional human rights requirements and leveraging, amongst other tools, onsite assessment conducted by a third party social assurance provider on concerned sites. In addition, all existing identified high risk suppliers in such categories will be required to progressively undertake an onsite assessment conducted by a third party social assurance provider. This tailored approach will continue during 2026 onwards. To support these actions, the Company has a ‘Forced Labour Toolkit’ for buyers in Procurement and other exposed functions, as well as specific activity-based guidance which will be progressively introduced for high risk activities. The Company worked with a civil society organisation to conduct a focus group with migrant workers in Southeast Asia with the aim of obtaining feedback on a number of planned preventive mechanisms related to mitigating the risk of forced labour on the Company's own sites through in situ contractors. In addition, the Company provides in-depth training to the Procurement community, focused on buyers and supply chain quality managers working in higher risk countries /activities. ● Impacts related to the sourcing of raw materials (supply chain workers): During 2025, the Company continued to focus on identifying and addressing human rights risks linked to the extraction of raw materials used in the Company’s products, including risks of worker exploitation (including child and forced labour), and to health and safety, land rights and environmental pollution. This included the prioritisation of raw materials for focused action, and a review of associated voluntary standards / chains of custody to reinforce responsible sourcing requirements with actions to continue in 2026. In addition, the Company became a member of the Fair Cobalt Alliance, which brings together a number of stakeholders across the cobalt supply chain to strengthen and professionalise the artisanal cobalt mining sector to deliver progressive on-the-ground improvements to working conditions and child rights, and develop income diversification schemes that enable long-term resilience for artisanal mining communities. ● Impacts related to health and safety (own workforce and supply chain workers): In 2025, Airbus significantly advanced its health and safety framework by intensifying its focus on risk mitigation, digital integration, and cultural ownership through its more than 250 technical experts. Key governance actions included the rollout of a global training program for in situ contractor management, the prioritisation of occupational health software replacements in France and the UK, and the initiation of a new health and safety competence strategy that updated executive and manager training modules. The company strengthened its compliance assurance by performing targeted internal control tests on psychosocial risks and contractor safety, while also reforming the EHS internal audit framework to close over half of the prior year's recommendations. Operationally, the "People Safety @ Work" initiative expanded its "safe return to work" program and launched quarterly "Red Team Reviews" for underperforming units, contributing to a year-end Lost Time Injury Frequency Rate (FR1) of 1.39 for Commercial Aircraft, 1.25 for Helicopters and 0.66 for Defence and Space, as the company moved toward its goal of covering 97% of employees under a formal management system. ● Impacts related to diverse and inclusive workplaces (own workforce): During 2025, the Company continued to accelerate actions to progress this salient issue including through its Inclusion and Diversity (I&D) strategy across three strategic pillars: fostering an inclusive workplace aligned with ILO Convention C111, maintaining a merit-based workforce, and driving community impact. Supported by an I&D Advisory Council and 53 Diversity Business Champions, the Company doubled the capacity of its MyWay women leadership programme to 201 annual participants and expanded its network to 14 Employee Resource Groups. While striving toward its "25 by 25" ambition for female executive representation (reaching 23.5% in 2025), the Company successfully met its blue-collar hiring targets through targeted recruitment open days. These efforts were reinforced by a global harassment prevention framework, 21 inclusive leadership training modules, and increased resources for internal investigations to ensure a safe, equitable environment for all forms of diversity. In addition, the Company has established a comprehensive merit-based method for staffing and recruitment, ensuring a consistent and transparent process. Airbus SE/ Report of the Board of Directors 2025 251 During 2025, the Company continued its integration of human rights due diligence into other key processes. This included: ● Mergers and acquisitions (M&A): Integration of human rights due diligence into the Company’s M&A processes with an initial focus on buy-side activities. This included integration of human rights considerations into existing M&A checks related to, for example, Ethics & Compliance, Human Resources, Procurement, supported by guidance, and a process for escalation as required. ● Sustainable aviation fuel (SAF): Integration of human rights considerations to identify, assess, and mitigate human rights risks linked to the potential SAF partners and supply chains required to support increased availability and take-up of SAF. This included strengthening checks, for example, from initial feasibility studies of potential partners to formalised memoranda of understanding. This also led to the launch of a new ‘Partner Expectations’ document (aligned with the Airbus Code of Conduct) which defines the expectations partners can expect of Airbus, and what Airbus expects of its partners related to responsible business conduct, including respect of human rights. ● Carbon offset: Integration of human rights considerations into carbon offset projects, including the existence of ongoing stakeholder engagement and the active involvement of local and indigenous communities under the Free, Prior and Informed Consent principle (FPIC). Other elements such as the prevention of worker exploitation, including indicators of forced and child labour, are taken into account during the project review and selection. 3. Regular assessment procedures (procédures d’évaluation régulière) The Company has in place systems for monitoring the measures implemented for its own activities and those of its suppliers and subcontractors, and for evaluating their effectiveness including on site assessments which also cover sites of its affiliates. ○ 6.1.1.2.4 "Statement on due diligence" ■ Detailed information in 6.5.1 “Sustainability Due Diligence” - Step 2 “Identify actual and potential adverse impacts” including Supply chain ○ 6.1.1.3.1 Strategy, business model and value chaim > “Focus on supply chain engagement” ○ 6.3.1.5 “Remediate negative impacts and channels to raise concerns” in “Own Workforce” section ○ 6.5.3.1 "Environmental Policy" ○ 6.2.2.2.2 "Actions and resources - Substances of Concern" (sub-section entitled ”Impact assessment”) ○ 6.3.1.7.1 “Actions and resources - Health and safety” (sub-section entitled ”Compliance Assurance”) 4. Prevention and mitigation actions (actions d’atténuation ou de prévention) The Company put in place prevention and mitigation measures in relation to the salient issues identified, which include various measures such as substitution, reducing use, developing suitable alternative; awareness and training programs; harmonised processes, including deployment of the updated Airbus Code of Conduct, the Supplier Code of Conduct and policies/directives, modifications of contractual terms and conditions. ○ See "Identified Salient Issues" above ○ Complemented by: ■ Own operations: ● 6.2.2.2 “Pollution - Substances of Concern and of Very High Concern” ○ 6.2.2.2.1 "Policies - Substances of Concern" ○ 6.2.2.2.2 "Actions and resources - Substances of Concern" ● 6.2.2.3.1 "Pollution of Air - Policies - VOC" ● 6.2.2.3.2 "Pollution of Air - Actions and resources - VOC" ● 6.3.1.7.1 "Own Workforce - Policies - Health and safety" ● 6.3.1.7.2 "Own Workforce - Actions and resources - Health and safety" ● 6.3.1.8.1 "Own Workforce - Policies - Diversity" ● 6.3.1.8.2 "Own Workforce - Actions and resources - Diversity" ● 6.1.1.2.4 "Statement on due diligence" ○ Detailed information in 6.5.1 “Sustainability Due Diligence” - Step 3 “Prevent, cease or mitigate impacts” ● 6.5.3.2 “Social policies” Airbus SE/ Report of the Board of Directors 2025 252 ○ including Airbus Company Human Rights Policy and related policies, International Framework Agreement, Human Resources Airbus Company Policy, Occupational Health and Safety Policy, Supplier Code of Conduct, Governance policies ○ 6.3.1.5 "Remediate negative impacts and channels to raise concerns" ■ Suppliers/sub-contractors with whom an established commercial relationship is maintained, where such activities are related to that relationship: ● 6.3.2 "Workers in the value chain": ○ 6.3.2.3 "Policies related to value chain workers" ○ 6.3.2.4 "Processes for engaging with value chain workers about impacts” ○ 6.3.2.5 “Remediating negative impacts and channels to raise concerns” ○ 6.3.2.6 “Taking action on material IROs” ○ 6.5.3.7 “Engaging with value chain workers about impacts” ● 6.1.1.2.4 "Statement on due diligence" ○ Detailed information in 6.5.1 “Sustainability Due Diligence” - Step 3 “Prevent, cease or mitigate impacts” 5. Alert & reporting mechanism (mécanisme d’alerte) The Company has a group wide alert mechanism to collect and process alerts, including on potential violations of human rights, the health and safety of individuals and the environment. Such an alert mechanism was constructed in collaboration with unions and works councils, together with any up-dated process such as the inclusion of the Airbus OpenLine mechanism in the Airbus SAS Internal Rules. The OpenLine is part of the Company Speak-up culture and referred to in the AIrbus Code of Conduct. The OpenLine is also open to third parties including but not limited to suppliers, subcontractors, workers in the supply chain. ○ Airbus OpenLine: ■ 6.4.1.2 "Business conduct policies and corporate culture" ■ 6.5.3.3.1 “Business conduct policies - Complementary information" - Complementary information about the Airbus OpenLine ○ Other alerts ■ 6.5.4.8.1 “About targets related to own workforce / value chain workers” 6. Internal monitoring system and effectiveness (suivi et évaluation des mesures) Tracking and measuring the effectiveness of its actions, including through the definition and settings of key performance indicators (KPIs) is a key element of the Company’s due diligence process, including to support the continuous improvement. Effectiveness of actions is reviewed periodically in the respective topical governance bodies as well as the Sustainability Strategy Committee. ○ 6.1.1.2.4 "Statement on due diligence" ■ Detailed information in 6.5.1 “Sustainability Due Diligence” - Step 4 “Track & measure effectiveness” ○ 6.5.2 “Risk Management and internal control over sustainability reporting" ○ Own operations: ■ 6.2.2.2.3 "Targets - Substances of Concern" ■ 6.2.2.2.4 “Metrics - Substances of Concern” ■ 6.2.2.3.3 "Pollution of Air - Targets and performance - VOC" ■ 6.2.3.3.4 "Pollution of Air - Metrics - VOC" ■ 6.3.1.7.3 "Targets and performance - Health and safety" ● 6.5.4.6.2 “About Health and safety target setting” ■ 6.3.1.7.4 “Metrics - Health and safety” ● 6.5.4.6.3 About Health and safety metrics” ■ 6.3.1.8.3 "Targets and performance - Diversity ● 6.5.4.6.4 “About I&D target setting” ■ 6.3.1.8.4 “Metrics - Diversity” ● 6.5.4.6.5 “About I&D metrics” Airbus SE/ Report of the Board of Directors 2025 253 ○ Suppliers/sub-contractors with whom an established commercial relationship is maintained, where such activities are related to that relationship: ■ 6.3.2 Workers in the value chain: ● 6.3.2.4 "Processes for engaging with value chain workers about impacts” ● 6.3.2.5 Workers in the value chain “Remediating negative impacts and channels to raise concerns” ● 6.3.2.7 “Targets and metrics related to workers in the value chain” ■ 6.5.4.7.1 “About targets related to own workforce / value chain workers” Airbus SE/ Report of the Board of Directors 2025 254 Financial Statements I 2025 I Financial Statements Contents 1. Airbus SE IFRS Consolidated Financial Statements........................................................................................................................... 3 Airbus SE – IFRS Consolidated Income Statement for the years ended 31 December 2025 and 2024.............................................. 3 Airbus SE – IFRS Consolidated Statement of Comprehensive Income for the years ended 31 December 2025 and 2024.............. 4 Airbus SE – IFRS Consolidated Statement of Financial Position for the years ended 31 December 2025 and 2024........................5 Airbus SE – IFRS Consolidated Statement of Cash Flows for the years ended 31 December 2025 and 2024.................................. 7 Airbus SE – IFRS Consolidated Statement of Changes in Equity for the years ended 31 December 2025 and 2024....................... 9 2. Notes to the Airbus SE IFRS Consolidated Financial Statements................................................................................................... 10 2.1. Basis of Preparation.......................................................................................................................................................................... 10 1. The Company.................................................................................................................................................................................. 10 2. Geopolitical and Macroeconomic Environment............................................................................................................................... 10 3. Climate-related Impacts.................................................................................................................................................................. 10 4. Material Accounting Policies........................................................................................................................................................... 11 5. Key Estimates and Judgements......................................................................................................................................................13 6. Change in Accounting Policies and Disclosures............................................................................................................................. 14 2.2. Airbus Structure................................................................................................................................................................................. 15 7. Scope of Consolidation................................................................................................................................................................... 15 8. Acquisitions and Disposals............................................................................................................................................................. 15 9. Investments Accounted for under the Equity Method..................................................................................................................... 17 10. Related Party Transactions........................................................................................................................................................... 20 2.3. Segment Information......................................................................................................................................................................... 20 11. Segment Information..................................................................................................................................................................... 20 2.4. Airbus Performance........................................................................................................................................................................... 23 12. Revenue and Gross Margin.......................................................................................................................................................... 23 13. Research and Development Expenses......................................................................................................................................... 24 14. Other Income and Other Expenses...............................................................................................................................................24 15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments......................... 24 16. Total Financial Result.................................................................................................................................................................... 25 17. Income Taxes................................................................................................................................................................................ 25 18. Earnings per share........................................................................................................................................................................ 28 2.5. Operational Assets and Liabilities....................................................................................................................................................28 19. Intangible Assets........................................................................................................................................................................... 28 20. Property, Plant and Equipment..................................................................................................................................................... 31 21. Other Investments and Other Long-Term Financial Assets.......................................................................................................... 33 22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities...................................................................... 33 23. Inventories..................................................................................................................................................................................... 34 24. Provisions, Contingent Assets and Contingent Liabilities............................................................................................................. 35 25. Other Financial Assets and Other Financial Liabilities.................................................................................................................. 36 26. Other Assets and Other Liabilities.................................................................................................................................................37 27. Sales Financing Transactions....................................................................................................................................................... 37 2.6. Employees Costs and Benefits......................................................................................................................................................... 40 28. Number of Employees................................................................................................................................................................... 40 29. Personnel expenses......................................................................................................................................................................40 30. Personnel-Related Provisions....................................................................................................................................................... 40 31. Post-Employment Benefits............................................................................................................................................................ 40 32. Share-based Payment.................................................................................................................................................................. 46 33. Remuneration................................................................................................................................................................................ 48 2.7. Capital Structure and Financial Instruments................................................................................................................................... 51 34. Total Equity.................................................................................................................................................................................... 51 35. Capital management..................................................................................................................................................................... 52 36. Net Cash....................................................................................................................................................................................... 53 37. Financial Instruments.................................................................................................................................................................... 56 AIRBUS - FINANCIAL STATEMENTS 2025 - 1 2.8. Other Notes......................................................................................................................................................................................... 69 38. Litigation and Claims..................................................................................................................................................................... 69 39. Auditors Fees................................................................................................................................................................................ 70 40. Events after the Reporting Date.................................................................................................................................................... 71 2.9. Appendix “Simplified Airbus Structure”.......................................................................................................................................... 71 AIRBUS - FINANCIAL STATEMENTS 2025 - 2 1. Airbus SE IFRS Consolidated Financial Statements Airbus SE – IFRS Consolidated Income Statement for the years ended 31 December 2025 and 2024 (in € million) Note 2025 2024 Revenue 12 73,420 69,230 Cost of sales (62,453) (58,555) Gross margin 12 10,967 10,675 Selling expenses (856) (877) Administrative expenses (1,722) (1,744) Research and development expenses 13 (3,153) (3,250) Other income 14 979 303 Other expenses 14 (488) (197) Share of profit from investments accounted for under the equity method 15 305 350 Other income from investments 15 50 44 Profit before financial result and income taxes 6,082 5,304 Interest income 16 710 802 Interest expense 16 (770) (900) Other financial result 16 328 219 Total financial result 16 268 121 Income taxes 17 (1,390) (1,347) Profit for the period 4,960 4,078 Attributable to: Equity owners of the parent (Net Income) 5,221 4,232 Non-controlling interests (261) (154) Earnings per share € € Basic 18 6.61 5.36 Diluted 18 6.60 5.35 The accompanying notes are an integral part of these Consolidated Financial Statements (IFRS). AIRBUS - FINANCIAL STATEMENTS 2025 - 3 Airbus SE – IFRS Consolidated Statement of Comprehensive Income for the years ended 31 December 2025 and 2024 (in € million) Note 2025 2024 Profit for the period 4,960 4,078 Other comprehensive income Items that will not be reclassified to profit or loss: Re-measurement of the defined benefit pension plans 31 460 801 Income tax relating to re-measurement of the defined benefit pension plans 17 168 (136) Change in fair value of financial assets 65 (129) Income tax relating to change in fair value of financial assets 17 (8) 16 Share of change from investments accounted for under the equity method 5 12 Items that may be reclassified to profit or loss: Foreign currency translation differences for foreign operations (555) 180 Change in fair value of cash flow hedges 37 5,362 (1,766) Income tax relating to change in fair value of cash flow hedges 17 (1,512) 470 Change in fair value of financial assets 91 157 Income tax relating to change in fair value of financial assets 17 (1) (1) Share of change from investments accounted for under the equity method (33) 55 Other comprehensive income, net of tax 4,042 (341) Total comprehensive income for the period 9,002 3,737 Attributable to Equity owners of the parent 9,063 3,923 Non-controlling interests (61) (186) The accompanying notes are an integral part of these Consolidated Financial Statements (IFRS). AIRBUS - FINANCIAL STATEMENTS 2025 - 4 Airbus SE – IFRS Consolidated Statement of Financial Position for the years ended 31 December 2025 and 2024 (in € million) Note 2025 2024 Assets Non-current assets Intangible assets 19 16,847 17,179 Property, plant and equipment 20 20,893 19,112 Investment property 68 35 Investments accounted for under the equity method 9 2,360 2,433 Other investments and other long-term financial assets 21 5,470 5,077 Non-current contract assets 22 17 61 Non-current other financial assets 25 1,070 697 Non-current other assets 26 2,762 2,650 Deferred tax assets 17 1,808 3,505 Non-current securities 36 9,997 9,032 Total non-current assets 61,292 59,781 Current assets Inventories 23 41,676 37,745 Trade receivables 22 5,454 5,293 Current portion of other long-term financial assets 21 734 897 Current contract assets 22 1,639 1,474 Current other financial assets 25 2,557 2,004 Current other assets 26 3,760 3,463 Current tax assets 543 663 Current securities 36 3,093 2,829 Cash and cash equivalents 36 14,128 15,003 Total current assets 73,584 69,371 Assets and disposal group of assets classified as held for sale 8 63 61 Total assets 134,939 129,213 AIRBUS - FINANCIAL STATEMENTS 2025 - 5 (in € million) Note 2025 2024 Equity and liabilities Equity attributable to owners of the parent Capital stock 793 793 Share premium 4,002 4,002 Retained earnings 22,334 18,687 Other components of equity (70) (3,286) Treasury shares (955) (590) Total equity attributable to owners of the parent 26,104 19,606 Non-controlling interests 80 90 Total equity 34 26,184 19,696 Liabilities Non-current liabilities Non-current provisions 24 3,976 4,630 Long-term financing liabilities 36 9,063 10,355 Non-current contract liabilities 22 26,484 25,572 Non-current other financial liabilities 25 4,809 7,576 Non-current other liabilities 26 477 463 Deferred tax liabilities 17 428 271 Non-current deferred income 7 27 Total non-current liabilities 45,244 48,894 Current liabilities Current provisions 24 4,369 4,307 Short-term financing liabilities 36 5,186 3,924 Trade liabilities 22 15,878 13,791 Current contract liabilities 22 32,112 30,136 Current other financial liabilities 25 1,000 3,050 Current other liabilities 26 4,223 4,022 Current tax liabilities 133 593 Current deferred income 528 725 Total current liabilities 63,429 60,548 Disposal group of liabilities classified as held for sale 8 82 75 Total liabilities 108,755 109,517 Total equity and liabilities 134,939 129,213 The accompanying notes are an integral part of these Consolidated Financial Statements (IFRS). AIRBUS - FINANCIAL STATEMENTS 2025 - 6 Airbus SE – IFRS Consolidated Statement of Cash Flows for the years ended 31 December 2025 and 2024 (in € million) Note 2025 2024 Operating activities Profit for the period attributable to equity owners of the parent (Net income) 5,221 4,232 Loss for the period attributable to non-controlling interests (261) (154) Adjustments to reconcile profit for the period to cash provided by operating activities: Interest income 16 (710) (802) Interest expense 16 770 900 Interest received 607 681 Interest paid (651) (786) Income tax expense 17 1,390 1,347 Income tax paid (965) (947) Depreciation and amortisation 11, 19 3,133 2,853 Valuation adjustments (393) (640) Results on disposals of non-current assets 17 70 Results of investments accounted for under the equity method 15 (305) (350) Change in current and non-current provisions 24 314 166 Contribution to plan assets 31 (272) (505) Change in other operating assets and liabilities 100 1,337 Inventories 23, 36 (3,989) (3,522) Trade receivables 22 (707) (105) Contract assets and liabilities 22 3,250 7,135 Trade liabilities 22, 36 2,791 (1,182) Other assets and liabilities 25, 26 (1,245) (989) Cash provided by operating activities 36 7,995 7,402 Investing activities Purchases of intangible assets, property, plant and equipment, investment property 20 (3,964) (3,669) Proceeds from disposals of intangible assets, property, plant and equipment and investment property 20 69 98 Acquisitions of subsidiaries and businesses (net of cash acquired) and joint ventures 8 122 (246) Proceeds from disposals of subsidiaries (net of cash) 27 0 Payments for investments accounted for under the equity method, other investments and other long-term financial assets (879) (871) Proceeds from disposals of investments accounted for under the equity method, other investments and other long-term financial assets 1,083 530 Dividends paid by companies accounted for under the equity method 9 387 196 Disposals of non-current assets and disposal groups classified as assets held for sale and liabilities directly associated 8 0 0 Payments for investments in securities 36 (5,205) (4,460) Proceeds from disposals of securities 36 3,678 1,769 Cash (used for) investing activities 36 (4,682) (6,653) AIRBUS - FINANCIAL STATEMENTS 2025 - 7 Financing activities Increase in financing liabilities 36 244 851 Repayment of financing liabilities 36 (858) (1,283) Cash distribution to Airbus SE shareholders 36 (2,372) (2,215) Dividends paid to non-controlling interests (2) (1) Changes in capital and non-controlling interests 34 82 354 Change in treasury shares 34 (565) (276) Cash (used for) financing activities 36 (3,471) (2,570) Effect of foreign exchange rate changes on cash and cash equivalents (712) 358 Net (decrease) in cash and cash equivalents 36 (870) (1,463) Cash and cash equivalents at beginning of period 36 15,010 16,473 Cash and cash equivalents at end of period 36 14,140 15,010 thereof presented as cash and cash equivalents 36 14,128 15,003 thereof presented as part of disposal groups classified as held for sale 8 12 7 The accompanying notes are an integral part of these Consolidated Financial Statements (IFRS). AIRBUS - FINANCIAL STATEMENTS 2025 - 8 Airbus SE – IFRS Consolidated Statement of Changes in Equity for the years ended 31 December 2025 and 2024 Equity attributable to equity holders of the parent Other components of equity (in € million) Note Capital stock Share premium Retained earnings Financial assets at fair value Cash flow hedges Foreign currency translation adjustments Treasury shares Total Non- controllin g interests Total equity Balance at 1 January 2024 791 3,983 15,616 (296) (3,298) 1,289 (390) 17,695 35 17,730 Profit for the period 0 0 4,232 0 0 0 0 4,232 (154) 4,078 Other comprehensive income 0 0 672 43 (1,255) 231 0 (309) (32) (341) Total comprehensive income for the period 0 0 4,904 43 (1,255) 231 0 3,923 (186) 3,737 Capital increase 34 2 19 0 0 0 0 0 21 0 21 Share-based payment (IFRS 2) 32 0 0 310 0 0 0 0 310 0 310 Cash distribution to Airbus SE Shareholders / Dividends paid to non-controlling interests 34 0 0 (2,215) 0 0 0 0 (2,215) 0 (2,215) Equity transaction 0 0 72 0 0 0 0 72 241 313 Change in treasury shares 34 0 0 0 0 0 0 (200) (200) 0 (200) Balance at 31 December 2024 793 4,002 18,687 (253) (4,553) 1,520 (590) 19,606 90 19,696 Profit for the period 0 0 5,221 0 0 0 0 5,221 (261) 4,960 Other comprehensive income 0 0 626 147 3,846 (777) 0 3,842 200 4,042 Total comprehensive income for the period 0 0 5,847 147 3,846 (777) 0 9,063 (61) 9,002 Capital increase 34 0 0 0 0 0 0 0 0 0 0 Share-based payment (IFRS 2) 32 0 0 335 0 0 0 0 335 0 335 Cash distribution to Airbus SE Shareholders / Dividends paid to non-controlling interests 34 0 0 (2,372) 0 0 0 0 (2,372) (2) (2,374) Equity transaction 0 0 37 0 0 0 0 37 53 90 Change in treasury shares 34 0 0 (200) 0 0 0 (365) (565) 0 (565) Balance at 31 December 2025 793 4,002 22,334 (106) (707) 743 (955) 26,104 80 26,184 AIRBUS - FINANCIAL STATEMENTS 2025 - 9 2. Notes to the Airbus SE IFRS Consolidated Financial Statements 2.1. Basis of Preparation 1. The Company The accompanying 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 11: Segment Information”). The Company is listed on the European stock exchanges in Paris, Frankfurt am Main, Madrid, Barcelona, Valencia and Bilbao. The IFRS Consolidated Financial Statements were authorised for issue by the Company’s Board of Directors on 18 February 2026. 2. 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. While the unstable geopolitical environment remains an area of continuous vigilance, the Company welcomed the United States (“US”) and the EU trade agreement which restored a tariff-free environment for trade in aircraft and parts on 1 September 2025. For the year ended 31 December 2025, the Company recorded charges of € -0.1 billion mainly related to the US tariffs pre-agreement period. The A220 production ramp-up is ongoing and still paced by the integration of Spirit AeroSystems work packages and the balance between supply and demand. As the Company continues to make tactical adjustments on this ramp-up trajectory, it is now targeting a rate of 13 aircraft a month for the A220 programme in 2028. On the A320 Family, the ramp-up towards a monthly production rate of 75 aircraft is ongoing. Due to continued tensions with one engine supplier, the Company expects to reach a rate of between 70 and 75 aircraft a month by the end of 2027, with the objective to stabilise at rate 75 thereafter.The Company continues to target rate 5 for the A330 programme in 2029 and rate 12 for the A350 in 2028. With respect to Russia, the Company maintains strict controls to comply with all applicable regulations. Concerning specific supply chain risks associated with Russian-sourced titanium, the Company has developed multiple sourcing solutions and rebalanced the supply of titanium. 3. Climate-related Impacts This section contains information incorporated by reference to address CSRD requirements related to Disclosure Requirement “SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model”, paragraphs 48d, 48e, 48f. Climate change may have a major impact on both the Company’s industrial operations and its upstream and downstream value chain. To address these impacts, the Company follows the recommendations of the Task Force on Climate‐related Financial Disclosures (“TCFD”) and conducted an analysis to identify climate-related impacts, risks and opportunities - both physical and transitional. For more information, see section 6.2.1.3 Identifying and assessing material climate-related IROs and their interaction with strategy and business model, in the Sustainability Statement. As climate-related risks could negatively affect the Company’s financial performance, management has taken them into account while preparing the Consolidated Financial Statements as well as the Company’s operative planning. In response, the Company has established and continues to develop climate adaptation-related actions and a transition plan of climate change mitigation actions. The plan is structured into decarbonisation levers, which cover innovation in the Company’s product and service portfolio, its own operations, and in the Company’s value chain. For more information about the decarbonisation levers, see section 6.2.1.2 Transition plan for climate change mitigation, in the Sustainability Statement. Research and development AIRBUS - FINANCIAL STATEMENTS 2025 - 10 The transition plan outlines that a large part of the Company’s overall research and development expenditures are spent on improving the Company’s current product portfolio to stay competitive. This includes improvement in fuel and CO2 efficiency (beyond 50% sustainable aviation fuel “SAF” compatibility), seeking to enable performance of products under future atmospheric conditions, and investments in the development of breakthrough technologies (e.g. hydrogen based systems, electric machines, energy storage and distribution). In 2025, the Company invested a total of € 3,509 million in Research and Development (thereof € 3,153 million R&D expenses and € 356 million capitalised development costs, see “– Note 13: Research and Development Expenses” and “– Note 19: Intangible Assets”). The share attributable to its transition plan according to EU Taxonomy criteria is disclosed in section 6.2.1.2 Transition plan for climate change mitigation, in the Sustainability Statement . The Company estimates that there is no impact on the useful life of capitalised development costs resulting from its identified climate-related risks (see section 6.2.1.3 Identifying and assessing material climate-related IROs and their interaction with strategy and business model, in the Sustainability Statement) as the majority of its capitalised development costs is made of the latest generation commercial aircraft programmes which will play a pivotal role in achieving near term decarbonisation targets. This is expected to be supported by the fleet renewal with latest generation aircraft which deliver significant CO2 emissions savings when compared to previous generation aircraft. For more information about emissions savings, please refer to 6.2.1.5 Actions and resources - Climate change, in the Sustainability Statement. The Company’s goal of obtaining certification for operating with up to 100% SAF for all current aircraft programmes before the end of the decade will further substantiate their useful life. The net orders in 2025 further demonstrate demand for fuel efficient aircraft and their role in supporting the sector’s decarbonisation ambitions. Capitalised development costs also include helicopter and satellite programmes supporting climate change monitoring and adaptation (e.g. earth observation satellites, search and rescue and firefighting helicopters as well as wildlife or environmental monitoring). Useful life of property, plant and equipment The Company estimates that there is no impact on the useful life of its property, plant and equipment resulting from its identified climate-related risks as the largest share of the assets will fully depreciate before 2050; the likelihood of the physical acute and chronic risks to materialise is deemed to remain low until the long-term time horizon (around 2050). For more information about physical risks, please refer to 6.2.1.3 Identifying and assessing material climate-related IROs and their interaction with strategy and business model, in the Sustainability Statement. Carbon offsets and emission trading schemes The Company has entered into regulated and voluntary carbon pricing programmes, related to the EU emission trading schemes and carbon offsets, respectively. There are no associated significant impacts on its Financial Statements as of 31 December 2025, while carbon offsets contribute to the Company’s decarbonisation journey. For more information, see section 6.2.1.9 GHG removals and carbon credits, in the Sustainability Statement. Remuneration The Company has included a climate-linked component in the collective variable remuneration of the CEO, all Executives and Senior Managers, see “– Note 33: Remuneration" and section 6.1.1.2.3 Integration of sustainability-related performance in incentive schemes, in the Sustainability Statement. Investments in companies and partnerships The Company has invested in companies and partnerships (e.g. Hy24, Lanzajet, Australian Sustainable Aviation Fuel Partnership, SAFFA fund, ZeroAvia) in order to foster the hydrogen and SAF ecosystem readiness (see “– Note 15: Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments” and “– Note 21: Other Investments and Other Long-Term Financial Assets"). As of 31 December 2025, the carrying amount of these investments was € 56 million. 4. Material Accounting Policies Basis of preparation — The Company’s Consolidated Financial Statements 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”) and Part 9 of Book 2 of the Netherlands Civil Code. When reference is made to IFRS, this intends to be EU-IFRS. The Consolidated Financial Statements have been prepared on a historical cost basis, unless otherwise indicated. 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. The Company describes the accounting policies applied in each of the individual notes to the Financial Statements and avoids repeating the text of the standard, unless this is considered relevant to the understanding of the note’s content. The Company’s accounting policies and methods are unchanged compared to 31 December 2024. The implementation of new or amended standards had no material impact on the Company’s Consolidated Financial Statements as of 31 December 2025 (see “– Note 6: Changes in Accounting Policies and Disclosures”). The material accounting policies are described below. Revenue recognition — Revenue is recognised when the Company transfers control of the promised goods or services to the customer. The Company measures revenue, for the consideration to which the Company is expected to be entitled in exchange for transferring promised goods or services. Variable considerations are included in the transaction price when it is highly probable that there will be no significant reversal of the revenue in the future. The Company identifies the various performance obligations of the AIRBUS - FINANCIAL STATEMENTS 2025 - 11 contract and allocates the transaction price to these performance obligations. Advances and pre-delivery payments (contract liabilities) are received in the normal course of business and are not considered to be a significant financing component as they are intended to protect the Company from the customer failing to complete its contractual obligations. Revenue from the sale of commercial aircraft is recognised at a point in time (i.e. at delivery of the aircraft). The Company estimates the amount of price concession granted by the Company’s engine suppliers to their customers as a reduction of both revenue and cost of sales. An aircraft can remain in storage under a bill-and-hold arrangement. In such cases, revenue is recognised when the requirements for the transfer of control under a bill-and-hold arrangement are fulfilled. Revenue from the sale of military aircraft, space systems and services — When control of produced goods or rendered services is transferred over time to the customer, revenue is generally recognised under the percentage of completion method (“PoC” method). The Company transfers control over time when: - it produces a good with no alternative use and the Company has an irrevocable right to payment (including a reasonable margin) for the work completed to date, in the event of contract termination at the convenience of customers (e.g. Tiger contract); or - it creates a good which is controlled by the customer as the good is created or enhanced (e.g. Eurofighter contracts, some border security contracts, A400M development); or - the customer simultaneously receives and consumes the benefits provided by the Company (e.g. maintenance contracts). For the application of the over time method (PoC method), the measurement of progress towards complete satisfaction of a performance obligation is generally based on inputs (i.e. cost incurred). When none of the criteria stated above have been met, revenue is recognised at a point in time. For instance, revenue is recognised at the delivery of aircraft under IFRS 15 from the sale of military transport aircraft, from the A400M launch contract and most of NH90 serial helicopters’ contracts. Provisions for onerous contracts — The Company records provisions for onerous contracts when it becomes probable that the total contract costs will exceed total contract revenue. Before a provision for onerous contracts is recorded, the related assets under construction are tested for impairment and if below the book value, it is reduced to their net realisable value. Onerous contracts are identified by monitoring the progress of the contract together with the underlying programme status. An estimate of the related contract costs is made, which requires significant and complex assumptions, judgements and estimates related to achieving certain performance standards (see “– Note 5: Key Estimates and Judgements”, “– Note 12: Revenue and Gross Margin” and “– Note 24: Provisions, Contingent Assets and Contingent Liabilities”). Research and development expenses — The costs for internally generated research are expensed when incurred. The costs for internally generated development are capitalised when: - the product or process is technically feasible and clearly defined (i.e. the critical design review is finalised); - adequate resources are available to successfully complete the development; - the benefits from the assets are demonstrated (a market exists or the internal usefulness is demonstrated) and the costs attributable to the projects are reliably measured; - the Company intends to produce and market or use the developed product or process and can demonstrate its profitability. Income tax credits granted for research and development activities are deducted from corresponding expenses or from capitalised amounts when earned. Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (“jigs and tools”), or involve the design, construction and testing of prototypes and models, as property, plant and equipment. Capitalised development costs are amortised over the useful life of the internally generated intangible asset, with amortisation generally based on the number of units produced when this can be estimated reliably. (see “– Note 19: Intangible Assets”). Amortisation of capitalised development costs is recognised in cost of sales. In testing long-life assets such as jigs and tools and capitalised development costs for impairment, the Company makes estimates on the number and timing of aircraft units to be delivered in the future, the margin of these aircraft, and the discount rate associated with the aircraft programme. Inventories are measured at the lower of acquisition cost (generally the average cost) or manufacturing cost and net realisable value. Manufacturing costs comprise all costs that are directly attributable to the manufacturing process, such as direct material and labour, and production related overheads (based on normal operating capacity and normal consumption of material, labour and other production costs), including depreciation charges. Net realisable value is the estimated selling price in the ordinary course of the business less the estimated costs to complete the sale. For aircraft that may need to be remarketed, the impairment of working progress and finished aircraft is assessed based on an estimation of the future selling price and associated remarketing costs. Transactions in foreign currency, i.e. transactions in currencies other than the functional currency of an entity of the Company, are translated into the functional currency at the foreign exchange rate prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are remeasured into the functional currency at the exchange rate in effect at that date. Except when deferred in equity as qualifying cash flow hedges (see “– Note 37: Financial Instruments”), these foreign exchange remeasurement gains and losses are recognised, in line with the underlying item: - in profit before financial result and income taxes if the substance of the transaction is commercial (including sales financing transactions); and - in financial result for financial transactions. AIRBUS - FINANCIAL STATEMENTS 2025 - 12 Non-monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated into functional currency at the foreign exchange rate in effect at the date of the transaction. Translation differences on non-monetary financial assets and liabilities that are measured at fair value are reported as part of the fair value gain or loss. However, translation differences of non-monetary financial assets measured at fair value and designated as fair value through other comprehensive income (“OCI”) (equity instruments) are recognised in OCI and accumulated in equity (other components of equity). Hedge accounting — Most of the Company’s revenue is denominated in US dollar (“US$”), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/€ exchange rates. Furthermore, the Company is exposed, though to a much lesser extent, to foreign exchange risk arising from costs incurred in currencies other than the euro and to other market risks such as interest rate risk, commodity price and equity price risk. In order to manage and mitigate those risks, the Company enters into derivative contracts. The Company applies hedge accounting to its derivative contracts whenever the relevant IFRS criteria can be met. Hedge accounting ensures that derivative gains or losses are recognised in profit or loss (mainly in revenue) in the same period that the hedged items or transactions affect profit or loss. The major portion of the Company’s derivative contracts is accounted for under the cash flow hedge model. The fair value hedge model is used only for certain interest rate derivatives. Derivative contracts which do not qualify for hedge accounting are accounted for at fair value through profit or loss; any related gains or losses being recognised in financial result. The Company’s hedging strategies and hedge accounting policies are described in more detail in “– Note 37: Financial Instruments”. Leases – The Company assesses whether a contract is, or contains, a lease, at inception of the contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases and leases of low value assets. The Company recognises right-of-use assets at the commencement date of the lease, when the underlying asset is available for use. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The Company presents right-of-use assets within “Property, plant and equipment” and lease liabilities within “Financing liabilities” and classifies the principal portion of lease payments within financing activities and the interest portion within operating activities. When the Company is the lessor, assets under operating leases are also included in “Property, plant and equipment”. Lease income from operating leases is recognised on a straight-line basis over the term of the lease (see “– Note 20: Property, Plant and Equipment” “– Note 36.3: Financing Liabilities”). 5. Key Estimates and Judgements The preparation of the Company’s Consolidated Financial Statements requires the use of estimates and assumptions. In preparing these Financial Statements, management exercises its best judgement based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Key estimates and judgements that have a significant influence on the amounts recognised in the Company’s Consolidated Financial Statements are mentioned below: Revenue recognition for performance obligations transferred over time — The PoC method is used to recognise revenue for performance obligations transferred over time. This method places considerable importance on accurate estimates at completion as well as on the extent of progress towards completion. For the determination of the progress of the performance obligations, significant estimates include total contract costs, remaining costs to completion, total contract revenue, contract risks and other judgements. The Company and its customer may agree to modify the scope or price of long-term contracts. Once the revised rights and obligations are agreed and enforceable, the Company estimates the change in the transaction price. The management of the segments continually review all estimates involved in such performance obligations and adjusts them as necessary (see “– Note 22: Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities”). Provisions — The evaluation of provisions, such as onerous contracts, program-related provisions and restructuring measures are based on best estimates. Onerous contracts are identified by monitoring the progress of the contract and the underlying programme performance. The associated estimates of the relevant contract costs require significant judgement related to performance achievements. Depending on the size and nature of the Company’s contracts and related programmes, the extent of assumptions, judgements and estimates in these monitoring processes differs. In particular, the introduction of commercial or military aircraft programmes (e.g. A400M) or major derivative aircraft programmes involves an increased level of estimates and judgements associated with the expected development, production and certification schedules and expected cost components (see “– Note 24: Provisions, Contingent Assets and Contingent Liabilities”). In view of overall commercial relationships, contract adjustments may occur, and must be considered on a case-by-case basis. Estimates and judgements are subject to change based on new information as contracts and related programmes progress. Furthermore, the complex design and manufacturing processes of the Company’s industry require challenging integration and coordination along the supply chain including an ongoing assessment of suppliers’ assertions which may additionally impact the outcome of these monitoring processes. AIRBUS - FINANCIAL STATEMENTS 2025 - 13 A restructuring provision is recognised when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision is at the best estimate of the anticipated costs and includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the Company. Financial instruments fair value measurement using Level 3 inputs – The Company uses its judgement to select a valuation methodology and make assumptions in order to determine the fair value of financial instruments that are not traded in an active market and for which no inputs other than quoted prices are observable. Valuation techniques (including Discounted Cash Flow model) rely on market conditions available at the reporting period together with estimates derived from the Company's own data. Changes in assumptions may result in a significant change in the reported fair value measurement of these financial instruments (See “– Note 37.2: Carrying Amounts and Fair Values of Financial Instruments”). Non-current assets — Non-current other assets include payments to be made to Airbus by suppliers after aircraft delivery and are recorded as a reduction of cost of goods sold at the time of aircraft delivery. This valuation involves the use of judgement and is based on the best available estimate of the future aircraft operations, the pattern of future maintenance activity and escalation of costs of long-term contractual arrangement with suppliers. The climate-related impacts are also considered when making these estimates. These future payments are discounted to reflect specific contractual terms and repayment profile. In making such estimates, Airbus relies on both management experience and industry regulations, however, these estimates can be subject to revision (see – "Note 26: Other Assets and Other Liabilities"). Hedge accounting — The hedge portfolio covers a large portion of the Company’s highly probable forecasted transactions derived from its commercial activities. The Company makes estimates and judgement in assessing the highly probable criteria of the forecasted transactions, in order to anticipate future events, as risk of future cancellations of orders (see “– Note 37: Financial Instruments”). Employee benefits — The Company accounts for pension and other post-retirement benefits in accordance with actuarial valuations. These valuations rely on statistical and other factors in order to anticipate future events. The actuarial assumptions may differ materially from actual developments mainly due to changing market and economic conditions and therefore result in a significant change in post-retirement employee benefit obligations and the related future expenses (see “– Note 31: Post-Employment Benefits”). Legal contingencies — The Company is party to litigations related to a number of matters as described in “– Note 38: Litigation and Claims”. The outcome of these matters may have a material effect on the financial position, results of operations or cash flows of the Company. Management regularly analyses current information concerning these matters and provides provisions for probable cash outflows, including the estimate of legal expenses to resolve the matters. Internal and external lawyers are used for these assessments. In making the decision regarding the need for provisions, management considers the degree of probability of an unfavourable outcome and the ability to make a sufficiently reliable estimate of the amount of loss. The filing of a suit or formal assertion of a claim against the Airbus companies or the disclosure of any such suit or assertion, does not automatically indicate that a provision may be appropriate. Income taxes — The Company operates and earns income in numerous countries and is subject to changing tax laws in multiple jurisdictions within these countries. Significant judgements are necessary in determining the worldwide income tax liabilities. Although management believes that it has made reasonable estimates about the final outcome of tax uncertainties, no assurance can be given that the final tax outcome of these matters will be consistent with what is reflected in the historical income tax provisions. At each end of the reporting period, the Company assesses whether the realisation of future tax benefits is probable to recognise deferred tax assets. This assessment requires the exercise of judgement on the part of management with respect to, among other things, benefits that could be realised from available tax strategies and future taxable income, as well as other positive and negative factors. The recorded amount of total deferred tax assets could be reduced, through valuation allowances recognition, if estimates of projected future taxable income and benefits from available tax strategies are lowered, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company’s ability to utilise future tax benefits. The basis for the recoverability test of deferred tax assets is the same as the Company’s latest operative planning also taking into account certain qualitative aspects regarding the nature of the temporary differences. Qualitative factors include but are not limited to an entity’s history of planning accuracy, performance records, business model, backlog, existence of long-term contracts as well as the nature of temporary differences (see “– Note 17: Income Taxes”). Other subjects that involve significant assumptions and estimates are further described in the respective notes (see “– Note 8: Acquisitions and Disposals” in particular related to the acquisition of certain Spirit AeroSystems, Inc. businesses, “– Note 19: Intangible Assets” notably impairment tests and “– Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities”). 6. Change in Accounting Policies and Disclosures The accounting policies applied by the Company in preparation of its 2025 year-end Consolidated Financial Statements are the same as applied for the previous year. Amendments, improvements to and interpretations of standards effective from 1 January 2025 have no material impact on the Consolidated Financial Statements except for the ones mentioned below. New, Revised or Amended IFRSs Issued but not yet Applied A number of new or revised standards, amendments and improvements to standards as well as interpretations are not yet effective for the year ended 31 December 2025 and have not been applied in preparing these Consolidated Financial Statements and early adoption is not planned: AIRBUS - FINANCIAL STATEMENTS 2025 - 14 Standards and related amendments IASB effective date for annual reporting periods beginning on or after Endorsement status Annual Improvements Volume 11 1 January 2026 Endorsed Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments 1 January 2026 Endorsed Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity 1 January 2026 Endorsed IFRS 18: Presentation and Disclosure in Financial Statements 1 January 2027 Not yet endorsed IFRS 19: Subsidiaries without Public Accountability : Disclosures 1 January 2027 Not yet endorsed Amendments to IAS 21: The Effects of Change in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency 1 January 2027 Not yet endorsed In April 2024, the IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, effective for annual periods beginning on or after 1 January 2027. The Company is currently analysing the potential impacts of this new standard on its IFRS Consolidated Financial Statements. 2.2. Airbus Structure 7. Scope of Consolidation Consolidation — The Company’s Consolidated Financial Statements include the Financial Statements of Airbus SE and all material subsidiaries controlled by the Company. The Company’s subsidiaries prepare their Financial Statements at the same reporting date as the Company’s Consolidated Financial Statements (see “– 2.9 Appendix “Simplified Airbus Structure” chart”). Subsidiaries are entities controlled by the Company including so-called structured entities, which are created to accomplish a narrow and well-defined objective. They are fully consolidated from the date control commences to the date control ceases. The assessment of control of a structured entity is performed in three steps. In a first step, the Company identifies the relevant activities of the structured entities (which may include managing lease receivables, managing the sale or re-lease at the end of the lease and managing the sale or re-lease on default) and in a second step, the Company assesses which activity is expected to have the most significant impact on the structured entities’ return. Finally, the Company determines which party or parties control this activity. The Company’s interests in equity-accounted investees comprise investments in associates and joint ventures. Such investments are accounted for under the equity method and are initially recognised at cost. The Financial Statements of the Company’s investments in associates and joint ventures are generally prepared for the same reporting period as for the parent company. Adjustments are made where necessary to bring the accounting policies and accounting periods in line with those of the Company. PERIMETER OF CONSOLIDATION 31 December (Number of companies) 2025 2024 Fully consolidated entities 181 183 Investments accounted for under the equity method in joint ventures 66 59 in associates 23 22 Total 270 264 8. Acquisitions and Disposals Business combinations are accounted for using the acquisition method, as at the acquisition date, which is the date on which control is transferred to the Company. The determination of the fair value of the acquired assets and the assumed liabilities which are the basis for the measurement of goodwill requires key estimates. Land, buildings and equipment are usually independently appraised while marketable securities are valued at market prices. If intangible assets are identified, depending on the type of intangible asset and the complexity of determining its fair value, the Company either consults with an independent external valuation expert or develops the fair value internally, using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows. These evaluations are linked closely to the assumptions made by management regarding the future performance of the assets concerned and the discount rate applied. Loss of control, loss of joint control, loss of significant influence — Upon loss of control of a subsidiary, the assets and liabilities related to the subsidiary and the carrying amount of the subsidiary’s non-controlling interest are derecognised. Any gain or loss arising AIRBUS - FINANCIAL STATEMENTS 2025 - 15 from the loss of control is recognised within other income or other expenses in the Consolidated Income Statement. If the Company retains any interest in the previous subsidiary, such interest is measured at fair value at the date the control is lost. Any gain or loss arising from the disposal of investment accounted for under the equity method is recognised within share of profit from investments. Assets and liabilities of a material subsidiary for which a loss of control is highly probable and the Company has received sufficient evidence that the loss of control will occur in the 12 months after the classification are classified as assets and liabilities held for sale. These assets and liabilities are presented after elimination of intercompany transactions. When the loss of significant influence or the loss of joint control of an investment accounted for under the equity method is highly probable and is expected to occur in the coming 12 months, this associate or joint venture is classified as an asset held for sale. Acquisition 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”). Through this transaction, Airbus has taken full ownership of the following assets and operations, which constitute a business, under IFRS 3 : the site of Kinston, North Carolina, U.S. (A350 fuselage sections); the site of St. Nazaire, France (A350 fuselage sections); the site of Casablanca, Morocco (A321 and A220 components); the production of A220 pylons in Wichita, Kansas, U.S.; the production of A220 wings in Belfast, Northern Ireland; and the production of the A220 mid-fuselage in Belfast, Northern Ireland. Airbus also acquired the production of wing components for A320 and A350 in Prestwick, Scotland. With this operation, Airbus aims to ensure stability of supply for its commercial aircraft programmes through a more sustainable way forward, both operationally and financially, for key Airbus work packages. Settlement of pre-existing relationship The transaction resulted in the deemed termination of the pre-existing manufacturing agreements between the Company and the Spirit Acquired Businesses. The Company recognised a non-cash gain of US$ 856 million (€ 738 million) in other income. This gain represents the fair value of the pre-existing relationship, calculated as the net present value of favourable contractual conditions (relative to current market terms) that were effectively extinguished through the acquisition. The fair value of the pre-existing relationship has been measured by an independent expert. Business combination The following table summarises the allocation of the preliminary purchase price to the acquired assets and the assumed liabilities at the acquisition date: Total in € million Total in US$ million Intangible assets (1) 74 87 Property, plant and equipment (2) 252 292 Inventories (3) 477 553 Trade receivables 135 157 Other assets 80 93 Cash and cash equivalents (4) 417 484 Total assets acquired 1,435 1,666 Trade liabilities 383 445 Other financial liabilities 17 20 Other liabilities 109 126 Total liabilities assumed 509 591 Net assets assumed 926 1,075 Consideration transferred (5) 1,129 1,311 Goodwill/Preliminary gain on acquisition 203 236 (1) Intangible assets mainly include the acquired technology which has been valued by an independent expert (2) Property, plant & equipment mainly includes land, buildings, technical equipment and machinery (3) Inventories mainly include work in progress and raw materials related to the A350 and A220 shipsets/programmes (4) Cash and cash equivalents include the contribution of US$ 439 million from Spirit Aerosystems, Inc. according to the definitive agreement the Company entered into on 28 April 2025. (5) The total consideration is subject to adjustments and comprises (i) lines of credit (US$ 382 million of which US$ 300 million granted in 2025) and financial support previously granted (US$ 72 million of which US$ 35 million granted in 2025), (ii) cash consideration (US$ 1) and (iii) effective settlement of the pre-existing favourable relationship (US$ 856 million non-cash gain). AIRBUS - FINANCIAL STATEMENTS 2025 - 16 The purchase price allocation has not been completed by the date the Company’s IFRS Consolidated Financial Statements have been approved for issuance. None of the goodwill recognised is expected to be deductible for income tax purposes. 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. Transaction costs amounting to € 122 million were recorded in other expenses. The acquisition has no impact on consolidated revenue due to the elimination of intercompany sales, and the contribution to net profit since acquisition was not material. Estimating pro-forma profit or loss is impracticable due to the fundamental shift in cost structure from 'buy' to 'make', which implies a negative impact on production costs that cannot be reliably modelled retrospectively. In the fourth quarter of 2025, the acquisition triggered a revision of the projected cost structures for several Airbus programmes. The shift from contractual pricing ('buy') to the underlying internal production costs of the acquired operations ('make') resulted in an increase in the projected costs for these programmes. As a result of this reassessment, the Company recognised a total charge of € 749 million in cost of sales, comprising: - An impairment of € 500 million related to existing A220 programme intangible assets (see “Note 19: Intangible Assets”); and - An addition of € 249 million to provisions for onerous contracts, reflecting revised margins on future aircraft delivery contracts across the affected programmes. Other subjects related to Spirit Acquired Businesses are described in the respective notes (see “– Note 31: Post-Employment Benefits”) Other Acquisition and Disposal 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. It aims to unite and enhance capabilities in space by combining the three respective activities in satellite and space systems manufacturing and space services. The Company will contribute with its Space Systems and Space Digital businesses, coming from Airbus Defence and Space. The project is expected to generate significant synergies, foster innovation, and deliver added value to customers, shareholders and employees. 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 December 2025, 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 expected to be finalised in the first half-year 2026. Assets and Disposal Groups Classified as Held for Sale As of 31 December 2025, 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 € -19 million as of 31 December 2025. The transaction is expected to be closed in 2026. 9. Investments Accounted for under the Equity Method (In € million) 2025 2024 Investments in joint ventures 1,907 1,979 Investments in associates 453 454 Total 2,360 2,433 Investments accounted for under the equity method decreased by € -73 million to € 2,360 million (2024: € 2,433 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE. 9.1. Investments in Joint Ventures The joint ventures in which the Company holds an interest are structured in separate incorporated companies. Under joint arrangement agreements, unanimous consent is required from all parties to the agreement for all relevant activities. The Company and its partners have rights to the net assets of these entities through the terms of the contractual agreements. AIRBUS - FINANCIAL STATEMENTS 2025 - 17 The Company’s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table: (In € million) 2025 2024 Carrying amount of the investments at 1 January 1,979 1,830 New joint ventures 20 0 Share of result from continuing operations 250 293 Share of other comprehensive income (23) 43 Dividends received during the year (337) (168) Capital increase (decrease) 23 9 Change in consolidation 0 (19) Others (5) (9) Carrying amount of the investments at 31 December 1,907 1,979 The Company’s individually material joint ventures are ArianeGroup, Les Mureaux (France), MBDA Holding S.A.S., Paris (France), and ATR GIE, Blagnac (France), as parent companies of their respective groups. These joint venture companies are not publicly listed. ArianeGroup is a 50% joint venture between the Company and Safran. ArianeGroup inherits a rich portfolio of products and services, enabling it to deliver innovative and competitive solutions to numerous customers around the world. The Company holds a 37.5% stake in MBDA which is a joint venture between the Company, BAE Systems and Leonardo. MBDA offers missile systems capabilities that cover the whole range of solutions for air dominance, ground-based air defence and maritime superiority, as well as advanced technological solutions for battlefield engagement. ATR GIE manufactures advanced turboprop aircraft. It is a 50% joint venture between Leonardo and the Company. Both Leonardo and the Company provide airframes which are assembled by ATR GIE in France. The members of ATR GIE are legally entitled exclusively to the benefits and are liable for the commitments of the joint venture. ATR GIE is obliged to transfer its cash to each member of the joint venture. The following table summarises financial information for ArianeGroup, MBDA and ATR GIE based on their Consolidated Financial Statements prepared in accordance with IFRS: ArianeGroup MBDA ATR GIE (In € million) 2025 2024 2025 2024 2025 2024 Revenue 2,561 2,475 5,777 4,913 1,077 1,101 Depreciation and amortisation (33) (143) (241) (193) (3) (7) Interest income 38 35 214 266 0 0 Interest expense (10) (13) (8) (31) 0 0 Income tax result (20) (14) (249) (183) (10) (4) Profit (loss) from continuing operations 6 3 578 588 0 (23) Other comprehensive income 10 1 (31) 46 0 0 Total comprehensive income (100%) 16 4 547 634 0 (23) Non-current assets 6,030 6,055 4,369 3,621 146 197 Current assets 6,411 7,153 14,898 12,766 676 742 thereof cash and cash equivalents 1,453 1,523 7,379 6,125 17 30 Non-current liabilities 1,117 1,289 664 88 116 84 thereof non-current financial liabilities (excluding trade and other payables and provisions) 413 324 8 7 0 0 Current liabilities 7,106 7,715 17,029 14,434 549 670 thereof current financial liabilities (excluding trade and other payables and provisions) 167 76 979 741 0 0 Total equity (100%) 4,218 4,205 1,574 1,865 158 185 Equity attributable to equity owners of the parent 4,211 4,220 1,574 1,865 158 185 Non-controlling interests 6 (15) 0 0 0 0 AIRBUS - FINANCIAL STATEMENTS 2025 - 18 ArianeGroup MBDA ATR GIE (In € million) 2025 2024 2025 2024 2025 2024 The Company's interest in equity on investee 2,106 2,109 590 699 79 93 Goodwill 244 244 282 282 0 0 PPA adjustments, net of tax (1,519) (1,728) 0 0 0 0 Contingent liability release adjustment (218) (36) 0 0 0 0 Fair value adjustments and modifications for differences in accounting policies (36) (81) (8) (8) 0 0 Elimination of downstream inventory (64) 2 0 0 0 0 Other 2 0 0 0 0 0 Carrying amount of the investments at 31 December 514 510 864 973 79 93 The development of these investments is as follows: ArianeGroup MBDA ATR GIE (In € million) 2025 2024 2025 2024 2025 2024 Carrying amount of the investments at 1 January 510 513 973 888 93 91 Share of results from continuing operations (1) (3) 217 221 0 (12) Share of other comprehensive income 5 0 (12) 17 (10) 24 Dividends received during the year 0 0 (314) (153) 0 0 Capital increase/decrease 0 0 0 0 0 0 Changes in consolidation 0 0 0 0 0 0 Others 0 0 0 0 (4) (10) Carrying amount of the investments at 31 December 514 510 864 973 79 93 The Company’s share of contingent liabilities and other commitments as of 31 December 2025 relating to MBDA is € 577million (2024: € 525 million). 9.2. Investments in Associates The Company’s interests in associates, accounted for under the equity method, are stated in aggregate in the following table: (In € million) 2025 2024 Carrying amount of the investments at 1 January 454 398 New associates 0 17 Share of result from continuing operations 55 57 Share of other comprehensive income (5) 24 Dividends received during the year (53) (28) Capital increase (decrease) 4 0 Others (2) (14) Carrying amount of the investments at 31 December 453 454 AIRBUS - FINANCIAL STATEMENTS 2025 - 19 10. Related Party Transactions in € million) Sales of goods and services and other income Purchase of goods and services and other expense Receivables due at 31 December Liabilities due at 31 December Loans granted/ Other receivables due at 31 December Loans received/ Other liabilities due at 31 December 2025 Total transactions with associates 167 222 95 39 87 - Total transactions with joint ventures 3,166 505 1,438 1,389 0 3,059 2024 Total transactions with associates 183 172 16 37 69 - Total transactions with joint ventures 3,023 360 1,172 1,672 0 2,840 Transactions with unconsolidated subsidiaries are immaterial to the Company’s Consolidated Financial Statements. As of 31 December 2025, the Company granted guarantees of € 35 million to NHI Industries in France (2024: € 104 million). For information regarding the funding of the Company’s pension plans, which are considered as related parties, see “– Note 31: Post-Employment Benefits”. The information relative to compensation and benefits granted to Members of the Executive Committee and Board of Directors is disclosed in “– Note 33: Remuneration”. 2.3. Segment Information The Company operates in three reportable segments which reflect the internal organisational and management structure according to the nature of the products and services provided. - Airbus — Development, manufacturing, marketing and sale of commercial jet passenger aircraft of more than 100 seats, freighter aircraft and regional turboprop aircraft and aircraft components; aircraft conversion and related services. It also includes the holding function of the Company and its bank activities. - Airbus Helicopters — Development, manufacturing, marketing and sale of civil and military helicopters, uncrewed aerial systems and their related services. - Airbus Defence and Space — Air Power design, development, delivery and support of crewed and uncrewed military air systems and their associated services. Space Systems design, development, delivery, and support of a broad range of civil and defence space systems for telecommunications, earth observations, navigation, science and orbital systems. Connected Intelligence provision of services around data processing from platforms, secure communication and cyber security. In addition, the main joint ventures design, develop, deliver, and support missile systems and space launcher systems. 11. 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. AIRBUS - FINANCIAL STATEMENTS 2025 - 20 Business segment information for the year ended 31 December 2025 is as follows: (In € million) Airbus Airbus Helicopters Airbus Defence and Space Eliminations Airbus Consolidated Total revenue 52,577 8,972 13,405 0 74,954 Inter-segment revenue (1,111) (353) (70) 0 (1,534) Revenue 51,466 8,619 13,335 0 73,420 thereof: sales of goods at a point in time 46,016 4,170 3,561 0 53,747 sales of goods overtime 1 742 5,465 0 6,208 services, including sale of spare parts 5,449 3,707 4,309 0 13,465 Profit before financial result and income taxes (EBIT) 4,555 953 639 (65) 6,082 thereof: depreciation and amortisation (2,443) (251) (481) 42 (3,133) research and development expenses (2,537) (346) (269) (1) (3,153) share of profit from investments accounted for under the equity method 24 1 280 0 305 additions to other provisions (1) (939) (324) (1,029) (2) (2,294) Interest result (60) Other financial result 328 Income taxes (1,390) Profit for the period 4,960 (1) See “– Note 24: Provisions, Contingent Assets and Contingent Liabilities”. Business segment information for the year ended 31 December 2024 is as follows: (In € million) Airbus Airbus Helicopters Airbus Defence and Space Eliminations Airbus Consolidated Total revenue 50,646 7,941 12,082 0 70,669 Inter-segment revenue (1,007) (345) (87) 0 (1,439) Revenue 49,639 7,596 11,995 0 69,230 thereof: sales of goods at a point in time 44,630 3,452 3,866 0 51,948 sales of goods overtime 2 648 4,113 0 4,763 services, including sale of spare parts 5,007 3,496 4,016 0 12,519 Profit before financial result and income taxes (EBIT) 5,133 818 (656) 9 5,304 thereof: depreciation and amortisation (1,640) (215) (998) 0 (2,853) research and development expenses (2,676) (338) (276) 40 (3,250) share of profit from investments accounted for under the equity method 65 5 280 0 350 additions to other provisions (1) (807) (586) (1,708) 10 (3,091) Interest result (98) Other financial result 219 Income taxes (1,347) Profit / Loss for the period 4,078 (1) See “– Note 24: Provisions, Contingent Assets and Contingent Liabilities”. AIRBUS - FINANCIAL STATEMENTS 2025 - 21 - Airbus EBIT decreased by € -578 million to € 4,555 million (2024: € 5,133 million). In 2025, this is reflecting higher deliveries of 793 aircraft (2024: 766 deliveries) as well as growth in services businesses and lower R&D expenses partly offset by negative foreign exchange impacts. It also includes a negative impact related to the acquisition of certain Spirit Aerosystems, Inc. businesses with an impairment of € -500 million of existing A220 programme assets, € -249 million reflecting the provisions for onerous contracts and € -122 million due to transaction costs partly offset by € +738 million related to the settlement of pre-existing relationship (see “Note 8 – Acquisitions and Disposals”). - Airbus Helicopters EBIT increased by € +135 million to € 953 million (2024: € 818 million). This is mainly due to higher deliveries and growth in services businesses. - Airbus Defence & Space EBIT increased by € +1,295 million to € 639 million (2024: € -656 million). In 2024, it was negatively impacted by a charge of € -1.3 billion related to the estimates at completion (“EAC”) update of certain telecommunications, navigation and observation programmes. In 2025, it benefitted from higher volume and improved profitability partly offset by a charge of € -0.1 billion related to the associated costs of the adaptation plan announced in 2024. In 2025, the Company delivered seven A400M in line with contractual commitment. A contract amendment was signed with OCCAR in the fourth quarter 2025 to advance seven deliveries for France and Spain and to further increase the visibility the Company has on the programme’s production. In light of uncertainties regarding the level of aircraft orders, Airbus continues to assess the potential impact on the programme's manufacturing activities. Risks on the qualification of technical capabilities and associated costs remain stable. Segment capital expenditure 31 December (In € million) 2025 2024 Airbus 3,037 2,737 Airbus Helicopters 297 269 Airbus Defence and Space 630 663 Eliminations 0 0 Total capital expenditure (1) 3,964 3,669 (1) Excluding expenditure leased assets Segment assets 31 December (In € million) 2025 2024 Airbus 82,218 76,641 Airbus Helicopters 14,404 13,733 Airbus Defence and Space 23,507 22,582 Eliminations (14,822) (14,836) Total segment assets 105,307 98,120 Unallocated Deferred and current tax assets 2,351 4,168 Securities 13,090 11,861 Cash and cash equivalents 14,128 15,003 Assets classified as held for sale 63 61 Total assets 134,939 129,213 Revenue by geographical areas is disclosed in “– Note 12: Revenue and Gross Margin”. Property, plant and equipment by geographical areas is disclosed in “– Note 20: Property, Plant and Equipment”. AIRBUS - FINANCIAL STATEMENTS 2025 - 22 Segment order backlog 31 December 2025 2024 (In € million) (in %) (In € million) (in %) Airbus 539,693 86 558,925 89 Airbus Helicopters 29,028 5 24,064 4 Airbus Defence and Space 50,771 8 46,803 7 Eliminations (668) 0 (875) 0 Total 618,824 100 628,917 100 As of 31 December 2025, the total backlog represents the aggregate amount of the transaction price allocated to the unsatisfied and partially unsatisfied performance obligations to the Company’s customers. Backlog commitments are relative to the Company’s enforceable contracts with its customers where it is probable that the consideration will be collected. As a result, contractual rebates, engine concessions, and variable considerations are taken into consideration for measurement. Contracts stipulated in a currency different from the presentation currency are translated to euro using the spot rate as of 31 December 2025 and 2024 respectively. Adjustments to the value of the backlog could result from changes in the transaction price. Order backlog evolution 31 December (In € million) 2025 2024 Opening order backlog of the period 628,917 553,893 Net order intake 123,261 103,509 Revenues (73,420) (69,230) Others (1) (59,934) 40,745 Total 618,824 628,917 (1) Others are mainly reflecting adjustments related to FX revaluation. It also includes assessment of the recoverability and price adjustments. Order backlog valued at € 619 billion at the end of 2025 (2024: € 629 billion) with a net order intake amounting to € 123.3 billion (2024: € 103.5 billion), a revenue of € 73.4 billion (2024: € 69.2 billion) and adjustments mainly reflecting foreign exchange revaluation amounting to € -59.9 billion (2024: € 40.7 billion). The decrease mainly reflects the weakening of the US dollar at a spot rate of 1.18 US$/€ (2024: 1.04 US$/€) partly offset by a book to bill above one. In Airbus, total gross commercial aircraft orders amount to 1000 units (2024: 878 units) with net orders of 889 aircraft after cancellations (2024: 826 aircraft) and total deliveries amount to 793 units (2024: 766 units) as of 31 December 2025. The backlog will mainly be released into revenue over a period of eight years with approximately 10% of the Airbus backlog in units expected to be converted into revenues in 2026. 2.4. Airbus Performance 12. Revenue and Gross Margin Revenue increased by € +4,190 million to € 73,420 million (2024: € 69,230 million). The increase is mainly driven by higher aircraft deliveries of 793 aircraft (2024: 766 deliveries) and higher helicopter deliveries of 392 helicopters (2024: 361 helicopters). It also reflects higher volume in Airbus Defence and Space businesses as well as growth in services across the Company’s businesses. Revenue by geographical areas based on the location of the customer is as follows: (In € million) 2025 2024 Europe 29,960 27,804 Asia-Pacific 20,534 17,769 North America 12,956 16,430 Middle East 6,637 3,101 Latin America 1,998 1,723 Other countries 1,335 2,403 Total 73,420 69,230 AIRBUS - FINANCIAL STATEMENTS 2025 - 23 The gross margin increased by € +292 million to € 10,967 million (2024: € 10,675 million) with the gross margin rate decreasing to 14.9% (2024: 15.4%). In 2024, the gross margin was negatively impacted by a charge related to the estimates at completion (“EAC”) update of certain telecommunications, navigation and observation programmes. In 2025, the impact is mainly driven by higher volumes across the Company’s businesses partly offset by negative foreign exchange impacts as well as the acquisition of certain Spirit Aerosystems, Inc. businesses with an impairment of € -500 million related to existing A220 programme and an addition of € -249 million to provisions for onerous contracts (see “Note 8 – Acquisitions and Disposals”). 13. Research and Development Expenses Research and development expenses decreased by € -97 million to € 3,153 million compared to € 3,250 million in 2024. It is notably due to the improvement programme launched in commercial aircraft businesses in the second half-year 2024 and continued in 2025, designed to focus on priorities. Research and development expenses mainly reflect the development of latest generation commercial aircraft programmes and activities to prepare technologies of the future. 14. Other Income and Other Expenses Other income increased by € +676 million to € 979 million compared to € 303 million in 2024 mainly due to the settlement of the pre-existing manufacturing agreements between the Company and Spirit Acquired Businesses of € +738 million (see “Note 8 – Acquisitions and Disposals”). In 2024, other income was positively impacted by a gain of € +51 million related to the step-up of the previously held equity interest at fair value in Airbus OneWeb Satellites. Other expenses increased by € 291 million to € -488 million compared to € -197 million in 2024 mainly due to the restructuring provision related to the Airbus Defence and Space adaptation plan announced in 2024 and recorded in 2025 as well as transaction costs of € -122 million related to the Spirit Acquired Businesses (see “Note 8 – Acquisitions and Disposals”). 15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In € million) 2025 2024 Share of profit from investments in joint ventures 250 293 Share of profit from investments in associates 55 57 Share of profit from investments accounted for under the equity method 305 350 Other income from investments 50 44 Share of profit from investments under the equity method and other income from investments decreased by € -39 million to € 355 million compared to € 394 million in 2024, mainly linked to lower share of result from the Company’s joint ventures (see “Note 9.1 – Investments in Joint Ventures”). AIRBUS - FINANCIAL STATEMENTS 2025 - 24 16. Total Financial Result Interest income derived from the Company’s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In € million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments’ refundable advances (140) (172) Total interest result (60) (98) Change in fair value measurement of financial instruments 235 (190) Foreign exchange translations on monetary items (646) 272 Unwinding of discounted provisions 22 1 Others (1) 717 136 Total other financial result 328 219 Total 268 121 (1) “Others” mainly include gains (losses) from the remeasurement of equity investments largely due to Dassault Aviation investment amounting to € 634 million (2024: € 149 million) (see “– Note 21: Other Investments and Other Long‑Term Financial Assets”). Total financial result increased by € +147 million to € 268 million compared to € 121 million in 2024. The financial result mainly reflects gains from the remeasurement of equity investments and from other financial instruments, partly offset by negative foreign exchange effects on U.S. dollar cash balances. 17. Income Taxes The expense for income taxes is comprised of the following: (In € million) 2025 2024 Current tax expense (1,001) (1,081) thereof global minimum top-up tax (1) (1) Deferred tax expense (389) (266) Total (1,390) (1,347) The Company is subject to the global minimum top-up tax under Pillar Two tax legislation. It recognised a current tax expense of € 1 million related to the top-up tax (2024: € 1 million) which is levied on the Company. The Company has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. Main income tax rates and main changes impacting the Company: (Rate in %) 2024 2025 2026 > 2027 Netherlands 25.80 25.80 25.80 25.80 France (1) 25.83 25.83 25.83 25.83 Germany (2) 30.00 30.00 30.00 30.00 Spain 25.00 25.00 25.00 25.00 UK 25.00 25.00 25.00 25.00 (1) France's 2025 finance bill included an exceptional surtax on corporate income tax for companies with a turnover greater than € 3 billion for the fiscal year ending on 31 December 2025. France’s 2026 finance bill has been enacted in February 2026 also includes an exceptional surtax on corporate income tax for companies with a turnover greater than € 1.5 billion for the fiscal year ending on 31 December 2026. (2) Germany has implemented a linear decrease in income tax rate, based on a pattern of 1 point decrease per year, from 29% in 2028 down to 25% in 2032. AIRBUS - FINANCIAL STATEMENTS 2025 - 25 The following table shows a reconciliation from the theoretical income tax (expense) using the Dutch corporate tax rate to the reported income tax (expense): (In € million) 2025 2024 Profit before income taxes 6,350 5,425 Corporate income tax rate 25.80% 25.80% Expected (expense) for income taxes (1,638) (1,400) Effects from tax rate differentials / Change of tax rate (34) (81) Capital gains and losses on disposals / mergers 31 (5) Income from investment and associates 54 104 Tax credit 33 38 Change in valuation allowances 75 (8) Tax contingencies 51 (138) Other 38 143 Reported tax (expense) (1,390) (1,347) The income tax expense amounts to € -1,390 million (2024: € -1,347 million) and corresponds to an effective income tax rate of 21.9%. It reflects positive impacts from the revaluation of certain equity investments and from the pre-existing relationship with Spirit Aerosystems Inc. not subject to income tax, partially offset by the negative effects of the French surtax and the deferred tax assets impairments. As of 31 December 2025, the French surtax expense amounted to € 0.2 billion. As the Company controls the timing of the reversal of temporary differences associated with its subsidiaries (usually referred to as “outside basis differences”) arising from yet undistributed profits and changes in foreign exchange rates, it does not recognise a deferred tax liability. For temporary differences arising from investments in associates the Company recognises deferred tax liabilities. The rate used reflects the assumptions that these differences will be recovered from dividend distribution unless a management resolution for the divestment of the investment exists at the closing date. For joint ventures, the Company assesses its ability to control the distribution of dividends based on existing shareholder agreements and recognises deferred tax liabilities accordingly. As of 31 December 2025, the aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements, for which deferred tax liabilities have not been recognised, amounts to € 274 million (2024: € 244 million). Deferred taxes on net operating losses (“NOLs”), trade tax loss carry forwards and tax credit carry forwards are: (In € million) France Germany Spain UK Other countries 31 December 2025 31 December 2024 NOL 101 1,832 107 1,408 5,248 8,696 8,602 Tax credit carry forwards 0 0 264 0 14 278 322 Tax effect 26 675 291 353 1,341 2,686 2,525 Valuation allowances (25) (2) (190) (83) (1,277) (1,577) (1,945) Deferred tax assets on NOLs and tax credit carry forwards 1 673 101 270 64 1,109 580 NOLs, capital losses and trade tax loss carry forwards are indefinitely usable under certain restrictions in France, Germany, the UK and Spain. They are usable for 20 years in Canada. In Spain, R&D tax credit carry forwards will expire after 18 years. Roll forward of deferred tax: (In € million) 2025 2024 Net deferred tax assets at 1 January 3,234 3,087 Deferred tax expense in income statement (389) (266) Deferred tax recognised directly in OCI (1,519) 485 Deferred tax on remeasurement of the net defined benefit pension plans 168 (136) Others (114) 64 Net deferred tax assets at 31 December 1,380 3,234 AIRBUS - FINANCIAL STATEMENTS 2025 - 26 Details of deferred tax recognised cumulatively in other comprehensive income are as follows: (In € million) 2025 2024 Financial assets at fair value through OCI (29) (20) Cash flow hedges 234 1,746 Deferred tax on remeasurement of the net defined benefit pension plans 1,598 1,430 Total 1,803 3,156 Deferred income taxes as of 31 December 2025 are related to the following assets and liabilities: (In € million) 1 January 2025 Other movements Movement through income statement 31 December 2025 Deferred tax assets (liabilities) OCI / IAS 19 Others (1) R&D tax credits Deferred tax benefit (expense) Deferred tax assets (liabilities) Intangible assets (412) 0 1,260 0 (318) 530 Property, plant and equipment (240) 0 307 0 31 98 Investments and other long-term financial assets 1,843 (1) (495) 0 (485) 862 Inventories 2,871 0 (63) 0 (259) 2,549 Receivables and other assets (3,641) (22) 1,041 0 (844) (3,466) Prepaid expenses (3) 0 (7) 0 7 (3) Provisions for retirement plans (592) 190 (121) 0 (162) (685) Other provisions 234 0 613 0 300 1,147 Liabilities 2,741 (1,425) (1,512) 0 55 (141) Deferred income (186) 0 (31) 0 (19) (236) NOLs and tax credit carry forwards 2,525 0 (1,613) 136 1,636 2,684 Deferred tax assets (liabilities) before offsetting 5,140 (1,258) (621) 136 (58) 3,339 Valuation allowances on deferred tax assets (1,906) (51) 511 (182) (331) (1,959) Net deferred tax assets (liabilities) 3,234 (1,309) (110) (46) (389) 1,380 (1) “Others” mainly comprises changes in the consolidation scope and foreign exchange rate effects. Deferred income taxes as of 31 December 2024 are related to the following assets and liabilities: (In € million) 1 January 2024 Other movements Movement through income statement 31 December 2024 Deferred tax assets (liabilities) OCI / IAS 19 Others (1) R&D tax credits Deferred tax benefit (expense) Deferred tax assets (liabilities) Intangible assets (437) 0 (32) 0 57 (412) Property, plant and equipment (104) 0 8 0 (144) (240) Investments and other long-term financial assets 1,697 0 33 0 113 1,843 Inventories 3,185 0 3 0 (317) 2,871 Receivables and other assets (1,665) (24) 111 0 (2,063) (3,641) Prepaid expenses (1) 0 0 0 (2) (3) Provisions for retirement plans (364) (186) (5) 0 (37) (592) Other provisions 116 0 111 0 7 234 Liabilities 167 469 (134) 0 2,239 2,741 Deferred income (184) 0 0 0 (2) (186) NOLs and tax credit carry forwards 2,548 0 107 (19) (111) 2,525 Deferred tax assets (liabilities) before offsetting 4,958 259 200 (19) (258) 5,140 Valuation allowances on deferred tax assets (1,871) 90 (126) 9 (8) (1,906) Net deferred tax assets (liabilities) 3,087 349 74 (10) (266) 3,234 (1) “Others” mainly comprises changes in the consolidation scope and foreign exchange rate effects. AIRBUS - FINANCIAL STATEMENTS 2025 - 27 18. Earnings per share 2025 2024 Profit for the period attributable to equity owners of the parent (Net income) € 5,221 million € 4,232 million Weighted average number of ordinary shares 789,573,213 789,961,671 Basic earnings per share € 6.61 € 5.36 Diluted earnings per share – The Company’s dilutive potential ordinary shares are equity-settled Performance Shares relating to Long-Term Incentive “LTI” plans. In 2025, a total of 1,318,915 equity-settled Performance Shares was considered in the calculation of diluted earnings per share. LTI 2025 plan has been excluded from the calculation because of its antidilutive effect. 2025 2024 Profit for the period attributable to equity owners of the parent (Net income), adjusted for diluted calculation € 5,221 million € 4,232 million Weighted average number of ordinary shares (diluted) 790,892,128 790,991,077 Diluted earnings per share € 6.60 € 5.35 2.5. Operational Assets and Liabilities 19. Intangible Assets Intangible assets comprise (i) goodwill (see “– Note 7: Scope of Consolidation”, see “– Note 8: Acquisitions and Disposals”), (ii) capitalised development costs (see “– Note 4: Material Accounting Policies”) and (iii) other intangible assets, e.g. internally developed software and acquired intangible assets. Intangible assets with finite useful lives are generally amortised on a straight-line basis over their respective estimated useful lives (three to ten years) to their estimated residual values. Intangible assets as of 31 December 2025 and 2024 comprise the following: 31 December 2025 31 December 2024 (In € million) Gross amount Amortisation / Impairment Net book value Gross amount Amortisation / Impairment Net book value Goodwill 14,598 (1,042) 13,556 14,494 (1,045) 13,449 Capitalised development costs 3,927 (2,137) 1,790 3,631 (2,000) 1,631 Other intangible assets 5,508 (4,007) 1,501 5,630 (3,531) 2,099 Total 24,033 (7,186) 16,847 23,755 (6,576) 17,179 Net Book Value (In € million) Balance at 1 January 2025 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2025 Goodwill 13,449 (31) 0 203 (53) (12) 0 13,556 Capitalised development costs 1,631 (19) 356 0 (10) 0 (168) 1,790 Other intangible assets 2,099 (169) 189 65 97 (7) (773) 1,501 Total 17,179 (219) 545 268 34 (19) (941) 16,847 AIRBUS - FINANCIAL STATEMENTS 2025 - 28 (In € million) Balance at 1 January 2024 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Amortisation / Impairment Balance at 31 December 2024 Goodwill 13,141 26 199 83 0 0 0 13,449 Capitalised development costs 1,706 21 450 0 11 (1) (556) 1,631 Other intangible assets 2,082 89 190 70 9 (18) (323) 2,099 Total 16,929 136 839 153 20 (19) (879) 17,179 Intangible assets decreased by € -332 million to € 16,847 million (2024: € 17,179 million). Intangible assets mainly relate to goodwill of € 13,556 million (2024: € 13,449 million). Based on management’s best estimate, there is no impact on the useful life of capitalised development costs resulting from the Company’s journey towards sustainable aerospace (see “– Note 3: Climate-related Impacts”). Capitalised Development Costs The Company has capitalised development costs in the amount of € 1,790 million as of 31 December 2025 (2024: € 1,631 million), for Airbus programmes (€ 1,266 million), Airbus Defence and Space (€ 265 million) and Airbus Helicopters (€ 259 million). Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (“CGU”) to which the asset belongs may be impaired. In addition, intangible assets with an indefinite useful life, intangible assets not yet available for use and goodwill are tested for impairment annually, irrespective of whether there is any indication for impairment. An impairment loss is recognised in the amount by which the asset’s carrying amount exceeds its recoverable amount. For the purpose of impairment testing, any goodwill is allocated to the CGU or group of CGUs in a way that reflects the way goodwill is monitored for internal management purposes. The discounted cash flow method is used to determine the recoverable amount of a CGU or the group of CGUs to which goodwill is allocated. The discounted cash flow method is particularly sensitive to the selected discount rates and estimates of future cash flows by management. Discount rates are based on the weighted average cost of capital (“WACC”) for a CGU or the groups of CGUs. The discount rates are calculated based on a risk-free rate of interest and a market risk premium. In addition, the discount rates reflect the current market assessment of the risks specific to each group of CGUs by taking into account specific peer group information on beta factors, leverage and cost of debt. Consequently, slight changes to these elements can materially affect the resulting valuation and therefore the amount of a potential impairment charge. These estimates are influenced by several assumptions including the growth rate of CGUs used in the computation of the terminal value, the increase of deliveries in the coming years, the availability and composition of future defence and institutional budgets, and foreign exchange fluctuations or implications arising from the volatility of capital markets. Cash flow projections take into account past experience and represent management’s best estimate of future developments which align with the Company’s climate-related ambitions. The Company tested the intangible assets for which an indicator of impairment was identified. In particular, the Company tested the intangible assets associated with space programmes and no material impairment was recorded. With regard to certain aircraft programmes, as of 31 December 2025, the Company recognised an impairment charge of € -500 million related to the existing A220 programme assets (acquired technology). The impairment was primarily triggered by significant updates to the programme's long-term business case. The recoverable amount of the tested assets was determined using a value in use methodology. Cash flow projections used for the impairment testing are mainly impacted by the acquisition of certain Spirit Aerosystems businesses with a revision on the projected costs of production (see “Note 8 – Acquisitions and Disposals”) and the A220 updated production rate trajectory. The valuation is sensitive to unit cost escalations, trade tariffs, and market capture (e.g. a 1% variation of the unit costs or of the WACC would result in approximately € 0.1 billion impact on the recoverable amount). Cash flows are discounted using a pre-tax WACC of 11.2%. A shift toward a low market outlook, e.g. potentially driven by challenges in engine durability enhancement or by regional demand shifts, would result in further material impairment. Conversely, achieving an optimistic market outlook could lead to a partial or full reversal of the impairment. Such a recovery is contingent upon successfully capturing emerging markets, securing political support, and achieving performance enablers. As of 31 December 2025 and 2024, goodwill was allocated to CGUs or group of CGUs and is summarised in the following schedule: (In € million) Airbus Airbus Helicopters Airbus Defence and Space Eliminations Consolidated Airbus Goodwill as of 31 December 2025 11,002 242 2,312 0 13,556 Goodwill as of 31 December 2024 10,824 307 2,318 0 13,449 The goodwill mainly relates to the creation of the Company in 2000 and the Airbus Combination in 2001. The annual impairment tests performed in 2025 led to no impairment charge. AIRBUS - FINANCIAL STATEMENTS 2025 - 29 The Company performed sensitivity tests in order to confirm the recoverability of its long-lived assets, and no reasonably possible changes in the main assumptions used would cause the value in use of the goodwill to fall below its carrying value. General Assumptions Applied in the Planning Process The basis for determining the recoverable amount is the value in use of the CGUs. Cash flow projections used for the impairment testing are based on both the operative planning and management’s best estimates over the long-term horizon, including climate-related considerations. It incorporates the decarbonisation levers in its assumptions. For more information about the transition plan and the decarbonisation levers, please refer to section 6.2.1.2 Transition plan for climate change mitigation (E1.1) in the Sustainability Statement The operative planning, is based on the following key assumptions which are relevant for all CGUs: - increase of expected future labour expenses of 3.5% for 2026 including an inflation rate of 3.5%; - future interest rates projected per geographical market, for the European Monetary Union, the UK and the US; - future exchange rate of 1.20 US$/€ for 2026 to convert in euro the portion of future US dollar which is not hedged (see “– Note 37: Financial Instruments”). General economic data derived from external macroeconomic and financial studies have been used to derive the general key assumptions. In addition to these general planning assumptions, the following additional CGU specific assumptions, which represent management’s current best assessment as of the date of these Consolidated Financial Statements, have been applied. Airbus - The planning takes into account both the current market conditions and Airbus’ production rate, and includes management’s best estimates of the progressive increase in aircraft deliveries over the operative planning period; - The period beyond the operative plan horizon was considered through 10 years long-term projections and a terminal value with a perpetual growth rate of 2.6% (2024: 2.6%). - Cash flows are discounted using a euro weighted pre-tax WACC of 11.9% (2024: 12.6%). Airbus Helicopters - The planning takes into account the evolution of programmes based upon the current backlog and an assessment of order intake for platforms and services; - Long-term commercial assumptions in respect of market share, deliveries and market value are based on the latest helicopter market forecast. According to market forecasts, around 7,650 Civil and Parapublic helicopters and approximately 6,000 Military helicopters are expected to be delivered globally over the next 10 years; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value with a perpetual growth rate of 1.0% (2024: 1.0%); - Cash flows are discounted using a euro weighted pre-tax WACC of 9.8% (2024: 11.3%). Airbus Defence and Space - Overall the defence and space markets are expected to have growth during the period of the operative planning horizon; - Business growth is underpinned by growing defence and space opportunities. Underlying performance is improved by focusing on project delivery, cost control and efficiency; - In the absence of long-term financial reference, expected cash flows generated beyond the planning horizon are considered through a terminal value, with a perpetual growth rate of 1.0% (2024: 1.0%); - Cash flows are discounted using a euro weighted pre-tax WACC of 9.1% (2024: 10.3%). AIRBUS - FINANCIAL STATEMENTS 2025 - 30 20. Property, Plant and Equipment Property, plant and equipment is valued at acquisition or manufacturing costs less accumulated depreciation and impairment losses. Items of property, plant and equipment are generally depreciated on a straight-line basis. The following useful lives are assumed: Buildings 10 to 50 years Site improvements 6 to 30 years Technical equipment and machinery 2 to 20 years Jigs and tools (1) 5 years Other equipment, factory and office equipment 2 to 10 years (1) If more appropriate, jigs and tools are depreciated using the number of production or similar units expected to be obtained from the tools (sum-of-the-units method). Property, plant and equipment as of 31 December 2025 and 2024 comprises the following: 31 December 2025 31 December 2024 (In € million) Gross amount Depreciation / Impairment Net book value Gross amount Depreciation / Impairment Net book value Land, leasehold improvements and buildings, including buildings on land owned by others 11,774 (6,222) 5,552 11,222 (5,822) 5,400 Technical equipment and machinery 25,109 (17,592) 7,517 23,599 (16,488) 7,111 Other equipment, factory and office equipment (1) 4,158 (3,202) 956 4,038 (3,103) 935 Construction in progress 4,316 - 4,316 3,646 0 3,646 Right-of-use assets (2) 3,725 (1,173) 2,552 3,037 (1,017) 2,020 Total 49,082 (28,189) 20,893 45,542 (26,430) 19,112 (1) Includes the net book value of aircraft under operating lease (see “– Note 27: Sales Financing Transactions”). (2) The net book value of Land and Buildings under Right-of-use assets amounts to € 2,410 million. Net Book Value (In € million) Balance at 1 January 2025 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2025 Land, leasehold improvements and buildings, including buildings on land owned by others 5,400 (74) 82 89 442 (42) (345) 5,552 Technical equipment and machinery 7,111 (142) 531 163 1,159 (38) (1,267) 7,517 Other equipment, factory and office equipment 935 (21) 200 (3) 129 (66) (218) 956 Construction in progress 3,646 (76) 2,625 6 (1,843) (42) 0 4,316 Right-of-use assets 2,020 (128) 942 19 (18) (29) (254) 2,552 Total 19,112 (441) 4,380 274 (131) (217) (2,084) 20,893 AIRBUS - FINANCIAL STATEMENTS 2025 - 31 (In € million) Balance at 1 January 2024 Exchange differences Additions Changes in consolidation scope Reclassi- fication Disposals Depreciation / Impairment Balance at 31 December 2024 Land, leasehold improvements and buildings, including buildings on land owned by others 5,165 42 338 63 139 (6) (341) 5,400 Technical equipment and machinery 6,829 79 462 (2) 1,048 (47) (1,258) 7,111 Other equipment, factory and office equipment 847 12 220 23 105 (71) (201) 935 Construction in progress 2,720 34 2,206 15 (1,305) (24) 0 3,646 Right-of-use assets 1,641 52 438 45 191 (117) (230) 2,020 Total 17,201 219 3,664 144 178 (265) (2,030) 19,112 Property, plant and equipment increased by € +1,781 million to € 20,893 million (2024: € 19,112 million). Property, plant and equipment include right-of-use assets for an amount of € 2,552 million as of 31 December 2025 (2024: € 2,020 million). For details on assets related to lease arrangements on sales financing, see “– Note 27: Sales Financing Transactions”. Property, Plant and Equipment by Geographical Areas 31 December (In € million) 2025 2024 France 8,673 8,654 Germany 5,621 4,700 UK 1,778 1,692 Spain 1,384 1,337 United States 1,968 1,370 Canada 466 504 Other countries 1,003 855 Total 20,893 19,112 The Company as lessee The Company leases mainly real estate assets, cars and equipment (such as land, warehouses, storage facilities and offices). Short-term leases and leases of low-value assets refer mainly to IT equipment (e.g. printers, laptops and mobile phones) and other equipment. The Company incurred interest expense on lease liabilities of € 80 million. The expense in relation to short-term and low-value assets is insignificant. There are no significant variable lease payments included in the Company’s lease arrangements. The discount rate used to determine the right-of-use asset and the lease liability for each country and leased asset is calculated based on the incremental borrowing rate at inception of the lease. The Company calculated the rate applicable to each lease contract on the basis of the lease duration. The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is shown in “– Note 37.1: Financial Risk Management”. Real estate leases The Company leases land and buildings mainly for its operational business warehouses including logistic facilities, offices, production halls and laboratories. The major leases are located in France, Germany, the US, Canada and China. As lease contracts are negotiated on an individual basis, lease terms contain a wide range of different terms and conditions. Leases are typically made for a fixed period of 3-25 years and may include extension, termination and other options, which provide operational flexibility to the Company. Vehicle leases The Company leases cars for management and other functions. Vehicle leases typically run for an average period of three years and do not provide renewal options. AIRBUS - FINANCIAL STATEMENTS 2025 - 32 Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset portfolio. Off-Balance Sheet Commitments Commitments related to property, plant and equipment comprise contractual commitments for future capital expenditure and contractual commitments for purchases of “Land, leasehold improvements and buildings including buildings on land owned by others” (€ 1,825 million as of 31 December 2025, 2024: € 1,722 million). 21. Other Investments and Other Long-Term Financial Assets 31 December (In € million) 2025 2024 Other investments 3,499 2,888 Other long-term financial assets 1,971 2,189 Total non-current other investments and other long-term financial assets 5,470 5,077 Current portion of other long-term financial assets 734 897 Total 6,204 5,974 Other investments mainly comprise the Company’s participations and include the investment in Dassault Aviation (10.56%, 2024: 10.53%) amounting to € 2,266 million as of 31 December 2025 (2024: € 1,632 million). Other long-term financial assets and the current portion of other long-term financial assets include other loans in the amount of € 2,613 million as of 31 December 2025 (2024: € 2,955 million), and the sales financing activities in the form of finance lease receivables and loans from aircraft financing. The decrease is mainly reflecting lower loans in Airbus bank. 22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities Contract assets represent the Company’s right to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditioned by something other than the passage of time (e.g. revenue recognised from the application of the PoC method before the Company has a right to invoice). Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration, or for which an amount of consideration is due from the customer (e.g. advance payments received). Net contract assets and contract liabilities are determined for each contract separately. For serial contracts, contract liabilities are presented in current contract liabilities, if revenues are expected within the next twelve months or material expenses for the manufacturing process have already occurred. For long-term production contracts (e.g. governmental contracts such as A400M, Tiger, NH90), contract liabilities are classified as current when the relating inventories or receivables are expected to be recognised within the normal operating cycle of the long-term contract. Trade receivables arise when the Company provides goods or services directly to a customer with no intention of trading the receivable. Trade receivables include claims arising from revenue recognition that are not yet settled by the debtor. Trade receivables are initially recognised at their transaction prices and are subsequently measured at amortised cost less any allowances for impairment. Gains and losses are recognised in the Consolidated Income Statement when the receivables are derecognised and impaired. Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in “– Note 37: Financial Instruments”. Contract Assets, Contract Liabilities and Trade Receivables AIRBUS - FINANCIAL STATEMENTS 2025 - 33 Significant changes in contract assets and contract liabilities during the period are as follows: 2025 2024 (In € million) Contract assets Contract liabilities Contract assets Contract liabilities Revenue recognised that was included in the contract liability balance at 1 January - 30,350 - (23,843) Increases due to cash received, excluding amounts recognised as revenue (1) - (33,526) - 31,094 Transfers from contract assets recognised at 1 January (3,046) - (3,860) - Increase as a result of changes in the measure of progress 2,174 - 3,654 - (1) Including final payments received from customers and others parties in anticipation. As of 31 December 2025, trade receivables amounting to € 188 million (2024: € 160 million) will mature after more than one year. The respective movement in the allowance for expected credit losses in respect of trade receivables and contract assets during the period was as follows: (In € million) 2025 2024 Allowance balance at 1 January (371) (359) Utilisations / disposals and business combinations 63 26 Additions (117) (38) Allowance balance at 31 December (425) (371) Trade Liabilities Trade liabilities of € 15,878 million (2024: € 13,791 million) increased by € -2,087 million. As of 31 December 2025, trade liabilities amounting to € 36 million (2024: € 18 million) will mature after more than one year. Similar to previous years, the Company has supported its suppliers through Supply Chain Financing Arrangements with the aim to increase the stability of the supply chain. The main programme is managed by a finance provider with funding provided by several banks. Through a dedicated platform, suppliers have flexibility to elect individual invoices for early payment. The costs associated with the early payment are incurred by the supplier, and correspond to market interest rate, plus a rate agreed between the financing third-party and the suppliers. Early payments are processed by the finance provider, and the Company settles the original invoice amount with the latter at the initial maturity date. During the year 2025, the main program has contributed to support the supply chain for approximately € 9 billion. The payables subject to supplier financing arrangements continue to meet the definition of trade payables and are not reclassified to borrowings. The Company presents payments made to the finance provider as an operating cash flow. Trade liabilities as part of a supplier finance arrangements, for which payments have already been received by the suppliers from the finance provider, amounts to € 0.9 billion as of 31 December 2025. The range of payment due dates is not impacted by the supplier finance arrangements and continues to be comparable with trade payables that are not part of those arrangements. 23. Inventories 31 December 2025 31 December 2024 (In € million) Gross amount Write-down Net book value Gross amount Write-down Net book value Raw materials and manufacturing supplies 6,487 (772) 5,715 5,785 (718) 5,067 Work in progress 25,049 (1,106) 23,943 21,972 (1,047) 20,925 Finished goods and parts for resale 6,152 (919) 5,233 6,102 (1,048) 5,054 Advance payments to suppliers 6,822 (37) 6,785 6,768 (69) 6,699 Total 44,510 (2,834) 41,676 40,627 (2,882) 37,745 Inventories of € 41,676 million (2024: € 37,745 million) increased by € +3,931 million. This is mostly driven by work in progress and raw materials in order to support the ramp-up across the Company businesses and to a minor extent, it is reflecting the recent supplier quality issue on fuselage panels impacting its A320 Family programme delivery flow. AIRBUS - FINANCIAL STATEMENTS 2025 - 34 In 2025, write-downs of inventories in the amount of € -656 million (2024: € -473 million) are recognised in cost of sales, whereas reversal of write-downs amounts to € 99 million (2024: € 81 million). As of 31 December 2025, € 23,443 million of work in progress and € 5,227 million of finished goods and parts for resale were carried at net realisable value. Inventories recognised as an expense during the period amount to € 44,440 million (2024: € 41,669 million). 24. Provisions, Contingent Assets and Contingent Liabilities Provisions — The determination of provisions, e.g. for onerous contracts, program-related provisions, warranty costs, restructuring measures and legal proceedings is based on best estimates. In general, in the aerospace sector, the contractual and technical parameters considered for provision calculations are complex. Hence uncertainty exists with regard to the timing and amounts of expenses to be taken into account. 31 December (In € million) 2025 2024 Provisions for pensions (1) 1,255 1,821 Other provisions 7,090 7,116 Total provisions 8,345 8,937 Non-current provisions 3,976 4,630 Current provisions 4,369 4,307 (1) See “– Note 31 Post-Employment Benefits”. As of 31 December 2025, provisions for pensions decreased by € -0.5 billion to € 1.3 billion (2024: € 1.8 billion). It mainly reflects the actuarial gains on pension obligations from financial assumptions driven by the increase in the discount rates as well as the decrease in the inflation and pension indexation assumptions. As of 31 December 2025, a non-current asset of € 0.8 billion (2024: € 0.7 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 26: Other Assets and Other Liabilities”). Other provisions remained stable mainly due to provisions utilisation and release partly offset by the provision related to the Spirit Acquired Businesses (see “Note 8 – Acquisitions and Disposals”). Movements in other provisions during the year were as follows: (In € million) Balance at 1 January 2025 Exchange differences Increase from passage of time Additions Reclassification/ Change in consolidated group Used Released Balance at 31 December 2025 Onerous contracts 1,701 (70) 0 403 (5) (334) (82) 1,613 Outstanding costs 1,394 (5) 0 576 18 (341) (141) 1,501 Aircraft financing risks (1) 0 0 0 0 0 0 0 0 Obligation from services and maintenance agreements 256 (1) 5 16 0 (68) (18) 190 Warranties 467 (13) 2 126 (23) (54) (69) 436 Personnel-related provisions (2) 564 (4) 5 413 (6) (240) (34) 698 Litigation and claims 86 (1) 0 41 3 (30) (16) 83 Asset retirement 171 0 6 8 0 0 (12) 173 Others risks and charges 2,477 (6) 24 711 (81) (467) (262) 2,396 Total 7,116 (100) 42 2,294 (94) (1,534) (634) 7,090 (1) See “– Note 27: Sales Financing Transactions”. (2) See “– Note 30: Personnel-Related Provisions”. Provisions for onerous contracts in 2025 mainly reflect the addition to provisions for onerous contracts due to revised margins on future aircraft delivery contracts across the affected programmes related to the Spirit Acquired Businesses (see “Note 8 – Acquisitions and Disposals”). It is partly offset by the utilisation in the A400M programme. Personnel-related provisions include restructuring provisions and other personnel charges. For more details, see “– Note 30: Personnel-Related Provisions”. AIRBUS - FINANCIAL STATEMENTS 2025 - 35 Others risks and charges in 2025 mainly include actual or probable charges arising from the Company’s operations and commercial activities. Contingent assets and contingent liabilities — The Company is exposed to technical and commercial contingent obligations due to the nature of its businesses. To mitigate this exposure, the Company has subscribed to a Global Aviation Insurance Programme (“GAP”). Information required under IAS 37 “Provisions, Contingent Assets and Contingent Liabilities” is not disclosed if the Company concludes that disclosure can be expected to prejudice seriously its position in a dispute with other parties. For other contingent liabilities, see “– Note 38: Litigation and Claims” and “– Note 12: Revenue and Gross Margin” (mainly A400M programme). Other commitments include contractual guarantees and performance bonds to certain customers as well as commitments for future capital expenditure and amounts which may be payable to commercial intermediaries if future sales materialise. 25. Other Financial Assets and Other Financial Liabilities Other Financial Assets 31 December (In € million) 2025 2024 Positive fair values of derivative financial instruments (1) 1,050 670 Others 20 27 Total non-current other financial assets 1,070 697 Receivables from related companies 1,426 1,159 Positive fair values of derivative financial instruments (1) 771 395 Others 360 450 Total current other financial assets 2,557 2,004 Total 3,627 2,701 (1) See “– Note 37: Financial Instruments”. Other Financial Liabilities 31 December (In € million) 2025 2024 Liabilities for derivative financial instruments (1) 1,107 3,715 European Governments' refundable advances (2) 3,620 3,698 Others 82 163 Total non-current other financial liabilities 4,809 7,576 Liabilities for derivative financial instruments (1) 414 2,466 European Governments' refundable advances (2) 202 161 Liabilities to related companies 80 82 Others 304 341 Total current other financial liabilities 1,000 3,050 Total 5,809 10,626 (1) See “– Note 37: Financial Instruments”. (2) 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 turned positive into € +300 million (2024: € -5,116 million) as a result of the weakening of the US dollar spot rate versus the average hedge rate of the Company portfolio in 2025. In 2025, the European Governments’ refundable advances decreased by € -37 million to € 3,822 million (2024: € 3,859 million). The allocation of European Governments’ refundable advances between non-current and current presented in the Consolidated Financial Statements ended 31 December 2025 is based on the applicable contractual repayment dates. AIRBUS - FINANCIAL STATEMENTS 2025 - 36 26. Other Assets and Other Liabilities Other Assets 31 December (In € million) 2025 2024 Cost to fulfil a contract 715 657 Prepaid expenses 46 80 Others 2,001 1,913 Total non-current other assets 2,762 2,650 Value added tax claims 1,924 1,823 Cost to fulfil a contract 683 623 Prepaid expenses 766 621 Others 387 396 Total current other assets 3,760 3,463 Total 6,522 6,113 As of 31 December 2025, others included into other assets comprise € 1,319 million of payments to be made to Airbus by suppliers after aircraft delivery (2024: € 1,267 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 December 2025, a non-current asset of € 781 million (2024: € 677 million) is accounted for in others 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 24: Provisions”). Other Liabilities 31 December (In € million) 2025 2024 Others 477 463 Total non-current other liabilities 477 463 Tax liabilities (excluding income tax) 871 806 Others (1) 3,352 3,216 Total current other liabilities 4,223 4,022 Total 4,700 4,485 (1) “Others” mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel restructuring). 27. Sales Financing Transactions Sales financing — With a view to facilitating aircraft sales for Airbus, Airbus Helicopters and Airbus Defence and Space, the Company may enter into either on-balance sheet or off-balance sheet sales financing transactions. On-balance sheet transactions where the Company is lessor are classified as operating leases, finance leases and loans, inventories and to a minor extent, equity investments: (i) operating leases – Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see “– Note 20: Property, Plant and Equipment”). Rental income from operating leases is recorded as revenue on a straight-line basis over the term of the lease; (ii) finance leases and loans – When, pursuant to a financing transaction, substantially all the risks and rewards of ownership of the financed aircraft reside with a third party, the transaction is characterised as either a finance lease or a loan. In such instances, revenues from the sale of the aircraft are recorded upon delivery, while financial interest is recorded over time as financial income. The outstanding balance of principal is recorded on the Statement of Financial Position (on-balance sheet) in long-term financial assets, net of any accumulated impairments; AIRBUS - FINANCIAL STATEMENTS 2025 - 37 (iii) inventories – Second-hand aircraft acquired as part of a commercial buyback transaction, returned to Airbus after a payment default or at the end of a lease agreement are classified as inventories held for resale if there is no subsequent lease agreement in force (see “– Note 23: Inventories”). Off-balance sheet commitments — Financing commitments are provided to the customer either as backstop commitments before delivery, asset value guarantees at delivery or counter guarantees: (i) backstop commitments are guarantees by Airbus, made when a customer-order is placed, to provide financing to the customer in the event that the customer fails to secure sufficient funding when payment becomes due under the order. Such commitments are not considered to be part of Gross Customer Financing Exposure as (i) the financing is not in place, (ii) commitments may be transferred in full or part to third parties prior to delivery, (iii) past experience suggests it is unlikely that all such proposed financings actually will be implemented and, (iv) Airbus retains the asset until the aircraft is delivered and does not incur an unusual risk in relation thereto. In order to mitigate customer credit risks for Airbus, such commitments typically contain financial conditions, such as condition precedents, which guaranteed parties must satisfy in order to benefit therefrom; (ii) asset value guarantees are guarantees whereby Airbus guarantees a portion of the value of an aircraft at a specific date after its delivery. Airbus considers the financial risks associated with such guarantees to be acceptable, because (i) the guarantee only covers a tranche of the estimated future value of the aircraft, and its level is considered prudent in comparison to the estimated future value of each aircraft, and (ii) the exercise dates of outstanding asset value guarantees are distributed through 2031. As of 31 December 2025, the nominal value of asset value guarantees considered as variable considerations under IFRS 15 provided to beneficiaries amounts to € 98 million (2024: € 145 million), excluding € 9 million (2024: € 10 million) where the risk is considered to be remote. The present value of the risk inherent in asset value guarantees where a settlement is being considered probable is fully provided for and included in the total of contract liabilities for an amount of € 93 million (2024: € 127 million) (see “– Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities”). Exposure — In terms of risk management, the Company manages its gross exposure arising from its sales financing activities (“Gross Customer Financing Exposure”) separately for (i) customer’s credit risk and (ii) asset value risk. Gross Customer Financing Exposure is the sum of (i) the book value of operating leases before impairment, (ii) the outstanding principal amount of finance leases or loans due before impairment, (iii) the guaranteed amounts under financial guarantees (iv) the book value of second-hand aircraft for resale before impairment, and (v) the outstanding value of any other investment in sales financing structured entities before impairment. This Gross Customer Financing Exposure may differ from the value of related assets on the Company’s Statement of Financial Position and related off-balance sheet contingent commitments, mainly because (i) assets are recorded in compliance with IFRS, but may relate to transactions that are financed on a limited recourse basis and (ii) the carrying amount of the assets on the Consolidated Statement of Financial Position may have been adjusted for impairment losses. Gross Customer Financing Exposure amounts to US$ 0.3 billion (€ 0.2 billion) (2024: US$ 0.4 billion (€ 0.4 billion)). Net exposure is the difference between Gross Customer Financing Exposure and the collateral value. Collateral value is assessed using a dynamic model based on the net present value of expected future receivables, expected proceeds from resale and potential cost of default. This valuation model yields results that are typically lower than residual value estimates by independent sources in order to allow for what management believes is its conservative assessment of market conditions and for repossession and transformation costs. The net exposure is provided for by way of impairment losses and other provisions. Impairment losses and provisions — For the purpose of measuring an impairment loss, each transaction is tested individually. Impairment losses relating to aircraft under operating lease and second-hand aircraft for resale (included in inventory) are recognised for any excess of the aircraft’s carrying amount over the higher of the aircraft’s value in use and its fair value less cost to sell. Finance leases and loans are measured at fair value, based on the present value of estimated future cash flows (including cash flows expected to be derived from a sale of the aircraft). Under its provisioning policy for sales financing risk, Airbus and Airbus Helicopters record provisions as liabilities for estimated risk relating to off-balance sheet commitments. Security — Sales financing transactions, including those that are structured through structured entities, are generally collateralised by the underlying aircraft. Additionally, the Company benefits from protective covenants and from security packages tailored according to the perceived risk and the legal environment. The Company endeavours to limit its sales financing exposure by sharing its risk with third parties usually involving the creation of a structured entity. Apart from investor interest protection, interposing a structured entity offers advantages such as flexibility, bankruptcy remoteness, liability containment and facilitating sell-downs of the aircraft financed. An aircraft financing structured entity is typically funded on a non-recourse basis by a senior lender and one or more providers of subordinated financing. When the Company acts as a lender to such structured entities, it may take the role of the senior lender or the provider of subordinated loans. The Company consolidates an aircraft financing structured entity if it is exposed to the structured entity’s variable returns and has the ability to direct the relevant remarketing activities. Otherwise, it recognises only its loan to the structured entity under other long-term financial assets. As of 31 December 2025 the carrying amount of its loans from aircraft financing amounts to € 70 million (2024: € 97 million). This amount also represents the Company’s maximum exposure to loss from its interest in unconsolidated aircraft financing structured entities. On-Balance Sheet Operating and Finance Leases The future minimum operating lease payments (undiscounted) due from customers to be included in revenue, and the future minimum lease payments (undiscounted) from investments in finance leases to be received in settlement of the outstanding receivable as of 31 December 2025 and 31 December 2024 are as follows: AIRBUS - FINANCIAL STATEMENTS 2025 - 38 (In € million) Aircraft under operating lease Finance lease receivables Not later than one year 0 3 Later than one year and not later than five years 0 19 Later than five years 0 6 31 December 2025 0 28 (In € million) Aircraft under operating lease Finance lease receivables Not later than one year 5 4 Later than one year and not later than five years 14 25 Later than five years 37 11 31 December 2024 56 40 Customer Financing Cash Flows Direct customer financing cash flows amount to € 179 million in 2025 (2024: € -2 million). Customer Financing Exposure The on-balance sheet assets relating to sales financing, the off-balance sheet commitments and the related financing exposure (not including asset value guarantees) as of 31 December 2025 and 2024 are as follows: 31 December 2025 31 December 2024 (3) (In € million) Airbus Airbus Helicopters Airbus Defence and Space Total Airbus Airbus Helicopters Airbus Defence and Space Total Operating leases (1) 78 4 0 82 140 4 0 144 Finance leases and loans 100 2 21 123 130 11 26 167 Inventories 6 0 0 6 24 0 0 24 Other investments 8 0 0 8 13 0 0 13 On-balance sheet customer financing 192 6 21 219 307 15 26 348 Off-balance sheet customer financing 0 0 0 0 2 2 0 4 Gross Customer Financing Exposure 192 6 21 219 309 17 26 352 Collateral values (157) (6) (15) (178) (263) (17) (18) (298) Net exposure 35 0 6 41 46 0 8 54 Operating leases 0 0 0 0 0 0 0 0 Finance leases and loans (35) 0 0 (35) (46) 0 0 (46) On-balance sheet commitments - inventories 0 0 0 0 0 0 0 0 Off-balance sheet commitments - provisions (2) 0 0 (6) (6) 0 0 (8) (8) Asset impairments, fair value adjustments and provisions (35) 0 (6) (41) (47) 0 (8) (55) (1) For 2025 and 2024, depreciation amounts to € 12 million and € 10 million respectively and related accumulated depreciation is € 28 million and € 22 million respectively. (2) See “– Note 24: Provisions, Contingent Assets and Contingent Liabilities”. (3) 2024 figures have been restated for Airbus Defence and Space. AIRBUS - FINANCIAL STATEMENTS 2025 - 39 2.6. Employees Costs and Benefits 28. Number of Employees Airbus Airbus Helicopters Airbus Defence and Space Consolidated Airbus 31 December 2025 105,128 23,922 36,244 165,294 31 December 2024 97,433 23,141 36,347 156,921 As of 31 December 2025, the total number of employees amounts to 165,294 (2024: 156,921). The increase mainly reflects the ramp-up activities and perimeter changes (mainly related to the Spirit Acquired Businesses). 29. Personnel expenses (In € million) 2025 2024 Wages, salaries and social contributions 18,384 17,433 Net periodic pension cost (1) 355 434 Total 18,739 17,867 (1) See “– Note 31: Post-Employment Benefits”. 30. Personnel-Related Provisions (In € million) Balance at 1 January 2025 Exchange differences Increase from passage of time Additions Reclassification / Change in consolidated group Used Released Balance at 31 December 2025 Restructuring measures / pre-retirement part-time work 68 2 2 149 0 (38) 0 183 Other personnel charges 496 (6) 3 264 (6) (202) (34) 515 Total 564 (4) 5 413 (6) (240) (34) 698 Other personnel charges of € 515 million (2024: € 496 million) are mainly related to short-term employee benefit. 31. Post-Employment Benefits 31 December (In € million) 2025 2024 Provisions for retirement plans 1,255 1,762 Provisions for deferred compensation 0 59 Retirement plans and similar obligations 1,255 1,821 In addition, a non-current asset of € 781 million 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 26: Other Assets and Other Liabilities”). Plans description When Company employees retire, they receive indemnities as stipulated in retirement agreements, in accordance with regulations and practices of the countries in which it operates. Provision for deferred compensation represents obligations that arise if employees elect to convert part of their remuneration or bonus into an equivalent commitment for deferred compensation which is treated as a defined benefit post-employment plan. AIRBUS - FINANCIAL STATEMENTS 2025 - 40 France — The French pension system is operated on a “pay as you go” basis. Besides the basic pension from the French social security system, each employee is entitled to receive a complementary pension from defined contribution schemes AGIRC-ARRCO (Association pour le régime de retraite complémentaire des salariés and Association générale des institutions de retraite des cadres). Moreover, French law stipulates that employees are paid retirement indemnities in the form of lump sums on the basis of the length of service, which are considered as defined benefit obligations. In 2023 the Company implemented a new funding vehicle in the form of an insurance contract to partially fund the retirement indemnities obligations. Germany — The Company has a pension plan (P3) for executive and non-executive employees in place. Under this plan, the employer provides contributions for the services rendered by the employees, which are dependent on their salaries in the respective service period. These contributions are converted into components which become part of the accrued pension liability at the end of the year. Total benefits are calculated as a career average over the entire period of service. Certain employees that are not covered by this plan receive retirement indemnities based on salary earned in the last year or on an average of the last three years of employment. For some executive employees, benefits are dependent on the final salary of the respective individual at the date of retirement and the time period served as an executive. In 2018, Airbus introduced the new Airbus Pensions Plan (“APP”) with security-linked benefits in Germany, which all new entrants after 1 January 2018 will join. Accordingly, the existing pension plan has been closed for new entrants. As of 1 January 2019, deferred compensation, which is financed by the employees, is offered exclusively in APP for all employees. In 2020 the Company transferred about half of the active population of the P3 plan into APP. With effect as of 1 January 2020 these employees will accrue future benefits under APP but not in P3 anymore. Benefits related to past service are not affected by this transfer. Parts of the pension obligation in Germany are funded by assets invested in specific funding vehicles. Besides a relief fund (“Unterstützungskasse”), the Company has implemented a Contractual Trust Arrangement. The Contractual Trust Arrangement structure is that of a bilateral trust arrangement. Assets that are transferred to the relief fund and the Contractual Trust Arrangement qualify as plan assets under IAS 19. In the trust arrangements between the trust and the participating companies a minimum funding requirement is stipulated for the portion of the obligation for deferred compensation, which is not protected by the pension guarantee association or Pensions-Sicherungs Verein in case of an insolvency of the subsidiaries concerned. Some portions of the obligation must be covered with securities in the same amount, while other portions must be covered by 115%. United Kingdom — The Company UK Pension Scheme (“the Scheme”) was implemented by Airbus Defence and Space Ltd., Stevenage (UK) as the principal employer. This plan comprises all eligible employees of Airbus Defence and Space Ltd. as well as all personnel, who were recruited by one of the Company subsidiaries located in the UK and participating in the scheme. The major part of the obligation is funded by scheme assets due to contributions of the participating companies. The Scheme is a registered pension scheme under the Finance Act 2004. The trustee’s only formal funding objective is the statutory funding objective under the Pensions Act part 3 2004, which is to have sufficient and appropriate assets to cover the Scheme’s obligations. Since 1 November 2013, this plan is generally closed for joiners, who participate in a separate defined contribution plan. Moreover, the Company participates in the UK in several funded trustee-administered pension plans for both executive and non-executive employees with BAE Systems being the principal employer. The Company’s most significant investments in terms of employees participating in these BAE Systems UK pension plans is Airbus Operations Ltd. Participating Airbus Operations Ltd. employees have continued to remain members in the BAE Systems UK pension plans due to the UK pension agreement between the Company and BAE Systems and a change in the UK pensions legislation enacted in April 2006. For the most significant of these BAE Systems Pension Schemes, the Main Scheme, BAE Systems, the Company and the scheme Trustees agreed on a sectionalisation, which was implemented on 1 April 2016. Although BAE Systems remains the only principal employer of the Scheme, the Company has obtained powers in relation to its section which are the same as if it were the principal employer. Based on the funding situation of the respective pension schemes, the pension plan trustees determine the contribution rates to be paid by the participating employers to adequately fund the schemes. The latest funding valuation for the Main Scheme has been conducted in 2023 and the Main Scheme is currently in a surplus situation. In the event that an employer who participates in the BAE Systems pension schemes fails or cannot be compelled to fulfil its obligations as a participating employer, the remaining participating employers are obliged to collectively take on its obligations. The Company considers the likelihood of this event as remote. However, for the Main Scheme the Company considers that its obligation is in principle limited to that related to its section. In addition, the Company has two guarantees to cover its obligation towards the Scheme and the BAE Systems pension schemes. To mitigate its exposure, the first guarantee covers an amount up to GBP 1.25 billion for an unlimited period of time while the second one covers an uncapped amount terminating in 2046, respectively for the Scheme and the BAE Systems Pension Schemes. In connection with the Spirit Acquired businesses (see “Note 8 – Acquisitions and Disposals”), two schemes were transferred to the Company: - members of the Short Brothers Pension Scheme were transferred to a newly created Scheme (Airbus Northern Ireland Pension Scheme), by way of a bulk transfer, expected to be implemented mid 2026; and - the Company has also become responsible for the Spirit AeroSystems (Europe) Limited Pension Scheme. Canada — Airbus Canada Limited Partnership sponsors defined benefit plans for its salaried, hourly and executive employees. In 2020, Airbus acquired Stelia Aeronautics Saint-Laurent Inc. which sponsors a defined benefit plan for its salaried and hourly employees. The Defined Benefit Obligation (“DBO”) exposes the Company to actuarial risks, including mainly the following ones: AIRBUS - FINANCIAL STATEMENTS 2025 - 41 Market price risk — The return on plan assets is assumed to be the discount rate derived from AA-rated corporate bonds. If the actual return rate of plan assets is lower than the applied discount rate, the net liability increases accordingly. Moreover, the market values of the plan assets are subject to volatility, which also impacts the net liability. Interest rate risk — The level of the DBO is significantly impacted by the applied discount rate. The low interest rates in recent years, particular in the euro-denominated market environment, lead to a relatively high net pension liability. If there is again a decline in returns of corporate bonds, the DBO will increase in future periods, which might only be offset partially by the positive development of market values of those corporate bonds included in plan assets. Generally, the pension obligation is sensitive to movements in the interest rate leading to volatile results in the valuation. Inflation risk — The pension liabilities can be sensitive to movements in the inflation rate, whereby a higher inflation rate could lead to an increasing liability. Since some pension plans are directly related to salaries, increases in compensations could result in increasing pension obligations. For the deferred compensation plan P3, which is financed by the employees a fixed interest rate has been agreed. Longevity risk — The pension liabilities are sensitive to the life expectancy of its members. Rising life expectancies lead to an increase in the valuation of the DBO. Main average assumptions The weighted average assumptions used in calculating the actuarial values of the most significant retirement plans as of 31 December 2025 are as follows: Pension plans in Germany France UK Participation in BAE Systems Pension Scheme in the UK Canada (Rate in %) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Discount rate 4.1 3.5 4.0 3.5 5.7 5.6 5.6 5.5 5.1 4.7 Rate of compensation increase 3.0 3.1 2.7 2.7 3.2 3.3 3.0 3.3 3.0 3.0 Rate of pension increase 2.0 2.1 1.7 1.8 2.8 3.0 2.8 3.0 2.0 2.0 Inflation rate 2.0 2.1 1.7 1.8 2.9 3.1 2.9 3.2 2.0 2.0 Discount rate — For Germany and France, the Company derives the discount rate used to determine the DBO from yields on high quality corporate bonds with an AA rating. The determination of the discount rate is based on the iBoxx € Corporates AA bond data and uses the granularity of single bond data in order to receive more market information from the given bond index. The discount rate for the estimated duration of the respective pension plan is then extrapolated along the yield curve. In the UK, it is determined with reference to the full yield curve of AA-rated sterling-denominated corporate bonds of varying maturities. In Canada the discount rate is determined based on the yield of corporate bonds with AA rating. The salary increase rates are based on long-term expectations of the respective employers, derived from the assumed inflation rate and adjusted by promotional or productivity scales. Rate of pension increase — Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates — Inflation rate for German and French plans corresponds to the expected long-term increase in cost of living. In the UK, the inflation assumptions are derived by reference to the difference between the yields on index-linked and fixed-interest long-term government bonds. Mortality tables — For the calculation of the German pension obligation, the “2018 G” mortality tables (generation tables) as developed by Professor Dr. Klaus Heubeck are applied, while the disability rates of the Heubeck Tables have been reduced to 30%, to align with actual observation. For the UK schemes, the Self-Administered Pensions S2 mortality tables based on year of birth (as published by the Institute of Actuaries) is used in conjunction with the results of an investigation into the actual mortality experience of scheme members. In France, Institute for French Statistics (“INSEE”) tables are applied. AIRBUS - FINANCIAL STATEMENTS 2025 - 42 Funded status for retirement and deferred compensation plans The development of the funded status for retirement and deferred compensation plans is set out below: DBO Plan assets (In € million) Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Pension plans of the Company Participation in BAE Systems Pension Scheme in the UK Total Total Funded status Balance at 1 January 2024 13,413 3,177 16,590 (10,986) (3,262) (14,248) 2,342 Service cost (including past service cost) 319 42 361 0 0 0 361 Interest cost and income 435 145 580 (360) (147) (507) 73 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions (20) (5) (25) 0 0 0 (25) changes in financial assumptions (554) (391) (945) 0 0 0 (945) changes in experience adjustments 188 (47) 141 0 0 0 141 plan assets (215) 262 47 47 Changes in consolidation, transfers and others (80) 0 (80) (14) 0 (14) (94) Benefits paid (469) (125) (594) 163 125 288 (306) Contributions by employer and other plan participants 86 1 87 (456) (56) (512) (425) Foreign currency translation adjustments 43 146 189 (61) (153) (214) (25) Balance at 31 December 2024 13,361 2,943 16,304 (11,929) (3,231) (15,160) 1,144 Service cost (including past service cost) 297 34 331 0 0 0 331 Interest cost and income 438 152 590 (401) (165) (566) 24 Remeasurements: actuarial (gains) and losses arising from changes in demographic assumptions 7 13 20 0 0 0 20 changes in financial assumptions (856) (56) (912) 0 0 0 (912) changes in experience adjustments 265 (67) 198 0 0 0 198 plan assets 0 0 0 219 55 274 274 Changes in consolidation, transfers and others 91 0 91 (169) 0 (169) (78) Benefits paid (495) (131) (626) 124 131 255 (371) Contributions by employer and other plan participants 91 1 92 (226) (53) (279) (187) Foreign currency translation adjustments (98) (146) (244) 112 162 274 30 Balance at 31 December 2025 13,101 2,743 15,844 (12,270) (3,101) (15,371) 473 The figures shown in the table include the surplus in two pension funds in the UK, one in Canada and the German deferred compensation, resulting from a defined benefit obligation and assets of € 5,865 million and € 6,647 million that have been accounted as a non-current asset (2024: € 4,137 million and € 4,814 million respectively). AIRBUS - FINANCIAL STATEMENTS 2025 - 43 In the figures shown in the table, amounts of € 1,945 million and € 1,953 million are included for the defined benefit obligation and plan assets for deferred compensation plans in Germany (2024: € 1,949 million and € 1,890 million respectively). The past service cost included in the service cost amounts to € 10 million and € 2 million as of 31 December 2025 and 2024, respectively. The employer contributions amount to € 272 million and € 7 million for other plan participants during 2025 (2024: € 505 million and € 7 million respectively). Additionally, the Company considers liabilities for lump sum payments (one-off payment or lump sum instalments) under the German P3 pension arrangement in the total amount of € 221 million and € 210 million as of 31 December 2025 and 2024, respectively. The funding of the plans is as follows: 31 December 2025 2024 (In € million) DBO Plan assets DBO Plan assets Unfunded pension plans 188 0 374 0 Funded pension plans (partial) 15,656 (15,371) 15,930 (15,160) Total 15,844 (15,371) 16,304 (15,160) As of 31 December 2025, provisions for pensions decreased by € -566 million. It mainly reflects the actuarial gains on pension obligations from financial assumptions of € 691 million driven by the increase in the discount rates as well as the decrease in the inflation and pension indexation assumptions. In 2025, employer contributions for retirement and deferred compensation plans amount to € 272 million. This consists of: • payments made to the pension and deferred compensation plans of the Company in Germany, UK and Canada of € 262 million (2024: € 449 million), mainly relating to a Contractual Trust Arrangement in Germany of € 200 million (2024: € 333 million), the relief fund in Germany of € 0 million (2024: € 52 million) and the Company UK schemes of € 48 million (2024: € 50 million); • withdrawals from the Contractual Trust Arrangement in Germany of € -228 million (2024: € 0 million); • payments made of € 186 million (2024: € 1 million) to partially fund the retirement indemnities provisions in France; • payments made to the participation in BAE Systems Pension Scheme in the UK of € 52 million (2024: € 55 million). Contributions, before withdrawals,of approximately € 500 million are expected to be made in 2026. The weighted average duration of the DBO for retirement plans and deferred compensation is 13 years at 31 December 2025 (31 December 2024: 14 years). Pension obligations by countries and type of beneficiaries The split of the DBO for retirement plans and deferred compensation between active, deferred and pensioner members for the most significant plans is as follows: Active Deferred Pensioner Germany 44% 9% 47% France 99% 0% 1% UK 45% 29% 26% Participation in BAE System Pension Scheme (Main Scheme) 34% 13% 53% Canada 67% 2% 31% Pension obligations and plan assets by countries and type of plans The split of the pension obligations and plan assets for retirement plans and deferred compensation for the most significant plans is as follows: Present value of DBO Plan assets Retirement plans Deferred Compensation plans Retirement plans Deferred Compensation plans Germany 80% 20% 80% 20% France 100% 0% 100% 0% UK 100% 0% 100% 0% Participation in BAE System Pension Scheme (Main Scheme) 100% 0% 100% 0% Canada 100% 0% 100% 0% AIRBUS - FINANCIAL STATEMENTS 2025 - 44 Pension obligations sensitivity to main assumptions The following table shows how the present value of the DBO of retirement plans and deferred compensation would have been influenced by changes in the actuarial assumptions as set out for 31 December 2025: Change in actuarial assumptions Impact on DBO Change at 31 December 2025 2024 Present value of the DBO 15,844 16,304 Discount rate Increase by 0.5%-point (862) (1,037) Decrease by 0.5%-point 959 1,157 Rate of compensation increase Increase by 0.25%-point 69 76 Decrease by 0.25%-point (65) (74) Rate of pension increase Increase by 0.25%-point 201 226 Decrease by 0.25%-point (194) (219) Life expectancy Increase by one year 327 367 Sensitivities are calculated based on the same method (present value of the DBO calculated with the projected unit credit method) as applied when calculating the post-employment benefit obligations. The sensitivity analyses are based on a change of one assumption while holding all other assumptions constant. This is unlikely to occur in practice and changes of more than one assumption may be correlated leading to different impacts on the DBO than disclosed above. If the assumptions change at a different level, the effect on the DBO is not necessarily in a linear relation. Plan assets allocation The fair value of the plan assets for retirement plans and deferred compensation can be allocated to the following classes: 2025 2024 (In € million) Quoted prices Unquoted prices Total Quoted prices Unquoted prices Total Equity securities Europe 633 0 633 546 0 546 Rest of the world 264 0 264 178 0 178 Emerging markets 216 0 216 216 0 216 Global 1,490 1,487 2,977 1,319 1,269 2,588 Bonds Corporates 4,193 1,462 5,655 3,780 1,055 4,835 Governments 3,321 0 3,321 3,717 0 3,717 Pooled investments vehicles 774 0 774 719 0 719 Commodities 0 0 0 0 0 0 Hedge funds 0 0 0 0 0 0 Derivatives 0 (341) (341) 0 (35) (35) Property 0 948 948 0 974 974 Cash and money market funds 15 2 17 187 112 299 Others 0 907 907 0 1,123 1,123 Balance at 31 December 10,906 4,465 15,371 10,662 4,498 15,160 The majority of funded plans apply broadly an asset-liability matching framework. The strategic asset allocation of the plans takes into account the characteristics of the underlying obligations. Investments are widely diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. A large portion of assets in 2025 consists of fixed income and equity instruments, although the Company also invests in property, private markets and other alternatives. The Company reassesses the characteristics of the pension obligations from time to time or as required by the applicable regulation or governance framework. This typically triggers a subsequent review of the strategic asset allocation. AIRBUS - FINANCIAL STATEMENTS 2025 - 45 Funded status by countries The funded status for retirement and deferred compensation plans can be allocated to the countries as follows: (In € million) Germany France UK Canada Participation in BAE Systems Pension Scheme in the UK Total DBO 9,925 1,401 1,270 505 2,743 15,844 Plan assets 9,606 524 1,680 460 3,101 15,371 Balance at 31 December 2025 319 877 (410) 45 (358) 473 DBO 10,310 1,378 1,128 545 2,943 16,304 Plan assets 9,607 344 1,516 462 3,231 15,160 Balance at 31 December 2024 703 1,034 (388) 83 (288) 1,144 Contributions to defined contribution plans Employer’s contribution to state and private pension plans, mainly in Germany and France, are to be considered as defined contribution plans. Contributions in 2025 amounted to € 1,067 million (2024: € 843 million). 32. Share-based Payment Until 2020, the Company operated both equity-settled and cash-settled Long Term Incentive (“LTI”) plans. Since 2021, LTI plans have consisted solely of Performance Shares Plans qualified as equity-settled share-based payment plans under IFRS2. The Company also operated exceptional grants validated by specific resolutions from the Board of Directors under “Equity Pool” which can consist of the grant of performance or restricted equity-settled (shares) or cash-settled (units) awards. Besides the equity-settled plans described above, the Employee Share Ownership Plan (“ESOP”) is an additional equity-settled share-based payment plan. Under this plan, the Company offers its employees Airbus SE shares at fair value matched with a number of free shares based on a determining ratio. The fair value of shares provided is reflected as personnel expenses in the Company’s Consolidated Income Statement with a corresponding increase in equity. 32.1. LTI plan Equity-settled plans For equity-settled plans, compensation expense is measured at the grant date at the fair value by multiplying the number of shares expected to vest by the fair value of one share taking into account the extent to which the employees have rendered service to date. The compensation expense is accounted for over the vesting period of each LTI equity-settled plan. The fair value of each LTI share is determined using a forward pricing model and is based on publicly available risk-free rate, volatility and dividend rate. In 2025, compensation expenses for LTI plans (incl. Equity Pool) amounted to € 106 million for equity-settled plans (2024: € 66 million). The current LTI plans consist of granting performance shares which will vest if the participant is still employed by an entity of the Company at vesting date. The number of shares delivered depends on the achievement level of performance conditions measured over 3 financial years between the grant date and the vesting date. The principal characteristics of LTI plans are summarised in the table below: Plan LTI 2021 LTI 2022 LTI 2023 LTI 2024 LTI 2025 Grant date (1) 15 December 2021 14 December 2022 14 December 2023 12 December 2024 17 December 2025 Number of shares granted 508,749 635,258 546,436 536,016 373,311 Fair value at grant date (per share) € 89.83 € 110.85 € 141.80 € 156.94 € 186.75 Number of shares granted through Equity Pool (2) 19,693 23,156 5,260 2,088 0 Number of accelerated vested 495 549 577 471 0 AIRBUS - FINANCIAL STATEMENTS 2025 - 46 shares (3) Total number of eligible beneficiaries 1,784 1,578 1,583 1,611 1,629 Vesting date 7 May 2025 May 2026 May 2027 May 2028 May 2029 Performance achievement (4) 96% 122% Not yet known Assumed 100% Not yet known Assumed 100% Not yet known Assumed 100% Number of vested shares (5) 470,038 0 0 0 0 Number of outstanding shares 0 761,743 537,207 532,190 373 311 (1) Date of the approval of the plan by the Board of Directors (2) Mirroring the respective plan rules and regulations, but granted at a different date based on specific Board of Directors’ resolutions. (3) Accelerated vesting according to the rules of the plans (eg in case of death of a participant) (4) For almost all participants, a minimum of 50% of performance shares will vest, 100% in case of on-target performance achievement; up to a maximum of 150% in case of overachievement of performance criteria. In case of absolute negative results (cumulative EBIT of the Company) during the performance period, the Board of Directors can decide to review the vesting of the Performance Units including the 50% portion which is not subject to performance conditions (additional vesting condition). From 2025, for few top managers, the performance achievement is measured between 0% (no shares delivered if targets are below a given threshold) and 200% (maximum performance if targets are achieved above a given stretch). (5) In few countries and for a limited number of shares, the local regulation implies to pay a cash amount instead of delivering shares The figures in the above table have been restated: the performance shares granted to the CEO are no longer presented in the note 32 but are disclosed in the note 33.2 below. In addition to the above, the Board of Directors approved exceptional grants of restricted equity-settled shares under the Equity Pool. Main characteristics are as follows: Financial year 2025 2024 Number of shares granted 16,704 12,664 Average fair value at grant date € 172.78 € 122.53 Total number of shares vested 26,900 28,253 Number of units/shares outstanding 34,450 46,001 Cash-settled plans For cash-settled plans, provisions for associated services received are measured at fair value by multiplying the number of units expected to vest with the fair value of one unit at the end of each reporting period, taking into account the extent to which the employees have rendered service to date. Changes of the fair value are recognised as personnel expenses of the period, leading to a re-measurement of the provision. The fair value of Performance Units is re-measured at each closing date as far as they are not paid. In 2025, the last cash-settled units granted by the Board of Directors in 2020 have vested: 200,168 units have been paid in cash according to the rules of the LTI plan granted in 2020. There is no longer a significant provision accounted for as of 31 December 2025 related to cash-settled units (2024: € 38 million). Indeed, cash-settled units are currently granted for limited cases, for instance in case the delivery of shares in a given country is not compliant or efficient under the local regulation. Outstanding cash-settled units granted under Equity pool at the end of 2025 are 1,197 (2024: 1,671). 32.2. ESOP Similar to 2024, the Board of Directors approved a new ESOP scheme in 2025. Eligible employees were able to purchase a fixed number of shares at fair market value (3, 6, 9, 18, 30, 42, 54, 72, 99 shares in 2025 and 5, 10, 15, 30, 60 or 100 shares in 2024). The Company matched each fixed number of shares with a number of the Company free shares based on a determined ratio (2, 4, 6, 12, 20, 28, 36, 48, 66 free shares in 2025 and 5, 9, 12, 20, 35, 55 free shares in 2024, before reduction in case of oversubscription). During a custody period of at least three years, employees are restricted from selling or transferring the shares, but have the right to receive all dividends paid. Employees who directly purchased the Airbus SE shares have, in addition, the ability to vote at the Annual Shareholder Meetings. The subscription price was equal to the closing price at the Paris stock exchange on 31 March 2025 (2024: 14 February 2024) and amounted to € 162.78 (2024: € 150.26). Investing through a mutual fund led to a price which corresponds to the average price at the Paris stock exchange during the 20 trading days immediately preceding 19 February 2025 (2024: 14 February 2024), resulting in a price of € 167.62 (2024: € 149.20). AIRBUS - FINANCIAL STATEMENTS 2025 - 47 In 2025, the company sold 2,090,466 ordinary shares (2024: 2,096,115) with a nominal value of € 1.00 each (so called subscribed shares): all sourced through share buyback (2024: 1,434,006). In 2025, the Company distributed 1,393,644 matching ordinary shares (2024: 1,403,857) with a nominal value of € 1.00 each: all sourced through share buyback (2024: 241,717). Compensation expense (including social security contributions) of € 253 million (2024: € 273 million) was recognised in connection with ESOP in 2025. 33. Remuneration 33.1. Remuneration - Executive Committee The Company’s key management personnel consists of Members of the Executive Committee and Non-Executive Board Members. The Chief Executive Officer (“CEO”), who chairs the Executive Committee, is the sole Executive Board Member. The annual remuneration and related compensation costs of the key management personnel as expensed in the respective year can be summarised as follows: (In € million) 2025 2024 Executive Committee, including Executive Board Member Salaries and other short-term benefits (including bonuses) 18.9 19.8 Post-employment benefit costs 5.3 5.5 Share-based remuneration ("LTI", including associated hedge result) 13.0 11.0 Termination benefits 9.7 1.9 Other benefits 0.2 0.4 Social charges (1) 6.1 6.9 Non-Executive Board Members Short-term benefits (including social charges) 3.5 3.2 Total expense recognised 56.7 48.7 (1) Costs of benefits provided through applicable mandatory collective and social security plans are accounted for among social charges. Salaries and Other Short-Term Benefits (Including Bonuses) The amount of bonuses is based on estimated performance achievement as at the balance sheet date and difference between previous year estimation and actual pay-out in the current year. Outstanding short-term benefits (bonuses) at year-end 2025 for Executive Committee Members based on estimated performance achievement at year-end was € 10.6 million (2024: € 10.0 million). In order to support the Company’s target of reducing its Scope 1 and 2 carbon emissions by 63% by 2030, the Board of Directors decided to translate this ambition into a concrete objective and include the CO2 reduction target in the collective variable remuneration of the CEO, all Executives and Senior Managers. From 2026, the CO2 reduction will be replaced by a criteria on water consumption for short-term benefits. Reduction of CO2 emissions has been introduced as a criteria of the LTI plan granted in 2025. Post-Employment and Other Long-Term Benefits The post-employment and other long-term benefits defined obligation for the Executive Committee, including the CEO, amounted to € 18.2 million as of 31 December 2025 (2024: € 19.6 million). The disclosed post-employment and other long-term benefits reflect the total outstanding balance for all Executive Committee Members in charge at the end of the respective balance sheet date. Share-Based Remuneration (“LTI”) The share-based payment expenses result from not yet forfeited performance shares granted to the Executive Committee Members under the Company’s LTI plan which are measured at fair value according to the methodology described in “– Note 32: Share-based Payment”. For 2025, the Members of the Executive Committee were granted 39,831 Performance shares (2024: 58,728). The respective fair value of these Shares at grant date was € 7.6 million (2024: € 10.2 million). As of 31 December 2025, there are no outstanding cash-settled units and no provision related to LTI plan has been accounted for (2024: € 4.6 million). The total number of outstanding Performance Shares granted to the current Members of the Executive Committee amounted to 211,478 as of 31 December 2025 (2024: 33,455 Performance units and 270,246 Performance shares). AIRBUS - FINANCIAL STATEMENTS 2025 - 48 Termination Benefits The following benefits apply to Executive Committee Members, except the CEO. In the case of contract termination, the Executive Committee Members are entitled to an indemnity equal to 1.5 times the Total Target Remuneration (defined as Base Salary and target Annual Variable Remuneration) with respect to applicable local legal requirements, if any. This will not apply if the Executive Committee mandate is terminated for cause, in case of dismissal, if the Executive Committee Member resigns or has reached retirement age. The Executive Committee Members’ contract includes a non-compete clause which applies for a minimum of one year and can be extended at the Company’s initiative for a further year. The Board of Directors has the discretion to waive or invoke the extension of the non-compete clause when legally or contractually possible. The compensation for each year that the non-compete clause applies is equal to 50% of the last Total Annual Remuneration (defined as Base Salary and Annual Variable Remuneration most recently paid) with respect to applicable local legal requirements, if any. Past LTI awards may be maintained in full or prorated, in such cases as in case of retirement or if a mandate is not renewed by the Company without cause, pro rata being based on the presence in the Company during performance periods. The vesting of past LTIP awards follows the plans’ rules and regulations and is not accelerated in any case. LTI awards are forfeited for Executives who leave the Company on their own initiative, but this is subject to review by the Board of Directors. The termination benefits include assumptions about all effective, known or planned terminations to date. Other Benefits Other benefits include expenses for Executive Committee Members’ medical, death and disability coverage, company car and other usual facilities as applicable. 33.2. Remuneration – CEO The annual remuneration and related compensation costs of the CEO as expensed in the respective year can be summarised as follows: (In €) 2025 2024 Base salary 1,560,000 1,485,000 Annual variable pay 2,737,800 1,692,900 Post-employment benefit costs 1,077,017 1,121,057 Share-based remuneration ("LTI") (1) 3,152,192 2,117,379 Termination benefits 0 0 Other benefits 33,968 35,292 Social charges (2) 1,561,453 1,539,606 (1) Expense related to share-based payment plans as recognised in the annual period (service period) (see “– Note 32: Share-Based Payment”). (2) Social charges depend on the applicable regulation to the CEO. In France, social charges comprise benefits accrued through mandatory collective and state plans such as pension, death and disability or medical coverage. Annual Variable Pay The annual variable pay is based on estimated performance achievement as at the balance sheet date and difference between the previous year’s estimation and actual pay-out in the current year. The evolution of the Annual variable pay in 2025 compared to 2024 is the consequence of the application of the Remuneration Policy approved by the AGM in April 2025. Post-Employment Benefit Costs Post-employment benefit costs relate to the aggregated amount of current service and interest costs for defined benefit plan and company cost for contributions base plans. Following the Board decision approved in the AGM 2020, the CEO pension rights are accrued through a defined contributions plan from 1 January 2020, which coexists with the former defined benefit pension plan. The accrued pension rights under the former defined benefit plan have been frozen at the end of 2019 and remain unvested until the retirement date of the CEO. The pension rights arising from the Company's defined contribution plan are deducted from the frozen defined pension rights. As of 31 December 2025, the defined benefit obligation related to the frozen defined benefit commitment amounts to € 3,814,659 (2024: € 4,172,786). This obligation has been accrued in the 2025 Consolidated Financial Statements and will be updated annually up to the retirement date of the CEO considering additional service cost and future changes on economic assumptions or other factors, e.g. salary increase. AIRBUS - FINANCIAL STATEMENTS 2025 - 49 For the fiscal year 2025, the cost related to the CEO’s pension rights accrued under Company’s plans during the year represented an expense of € 1,077,017 (2024: € 1,121,057). The annual cost of pension rights accrued under applicable mandatory collective and state pension plans are accounted for among social charges. Share-based Remuneration The table below gives an overview of the interests of the CEO, under the various LTI plans of the Company: Plan LTI 2021 LTI 2022 LTI 2023 LTI 2024 LTI 2025 Grant date December 2021 December 2022 December 2023 December 2024 April 2025 Number of shares granted 12,121 14,115 11,619 10,839 14,404 Fair value at grant date (per share) € 89.83 € 110.85 € 141.80 € 156.94 € 147.14 Performance achievement 96% 122% Not yet known Assumed 100% Not yet known Assumed 100% Not yet known Assumed 100% Performance shares revalued 11,636 17,220 11,619 10,839 14,404 Vesting date 7 May 2025 May 2026 May 2027 May 2028 May 2029 Number of vested shares 11,636 0 0 0 0 Number of outstanding shares 0 17,220 11,619 10,839 14,404 Vesting of all performance shares granted to the CEO is subject to performance conditions. For more information, please refer to the Company’s Remuneration policy and the Remuneration section of the Report of the Board of Directors. In addition to the vesting of performance shares, the pay-out from the last vested cash-settled units granted through the LTI 2020 plan was € 843,696 in 2025 (2024: € 1,065,916) excluding social charges. As of 31 December 2025, there are no unvested cash-settled units. No provision related to LTI plan has then been accounted for (2024: € 1,067,651). Termination Benefits The termination benefit applicable to the CEO is described in the Company’s Remuneration policy. Other Benefits As stipulated in the Company’s Remuneration Policy, the benefits offered to the CEO are similar to the benefits granted to other executives of the Company and comprise, among other matters, medical, death and disability coverage (both through the French social security system and mandatory collective Company’s plans), a company car and usual facilities. Costs of benefits provided through applicable mandatory collective and social security plans are accounted for among social charges. The monetary value of other benefits provided to the CEO in 2025 amounted to € 33,968 (2024: € 35,292). The Company has not provided any loans to, advances to and guarantees on behalf of the CEO. AIRBUS - FINANCIAL STATEMENTS 2025 - 50 Remuneration – Board of Directors The remuneration of the Non-Executive Members of the Board of Directors was as follows: 2025 2024 (In €) Fixum (1) Attendance Fees (2) Total Fixum (1) Attendance Fees (2) Total Non-Executive Board Members René Obermann 500,000 162,500 662,500 500,000 120,000 620,000 Victor Chu 150,000 78,000 228,000 150,000 66,500 216,500 Jean-Pierre Clamadieu 210,000 127,000 337,000 210,000 82,000 292,000 Mark Dunkerley 180,000 136,000 316,000 180,000 110,000 290,000 Stephan Gemkow (3) 192,845 119,000 311,845 150,000 81,000 231,000 Catherine Guillouard (4) 188,784 121,000 309,784 210,000 86,000 296,000 Dr. Doris Höpke (5) 128,287 88,000 216,287 - - - Amparo Moraleda 210,000 121,000 331,000 210,000 82,000 292,000 Claudia Nemat (6) 43,509 10,000 53,509 150,000 67,500 217,500 Irene Rummelhoff 150,000 79,500 229,500 150,000 78,000 228,000 Antony Wood (7) 150,000 119,000 269,000 150,000 86,000 236,000 Dr Fei Yu Xu (8) 128,702 75,000 203,702 108,791 60,000 168,791 Former Non-Executive Board Members Ralph D. Crosby, Jr. (9) - - - 75,000 15,000 90,000 Total 2,232,127 1,236,000 3,468,127 2,243,791 934,000 3,177,791 (1) Fixum includes a base fee for Board membership and the relevant Committee membership as the case may be (Audit Committee “AC”, Remuneration, Nomination and Governance Committee ("RNGC") and Ethics, Compliance and Sustainability Committee ("ECSC"). The fixum for the year 2025 was paid 50% in January 2025 and 50% in July 2025. The fixum for the year 2024 was paid 50% in January 2024 and 50% in July 2024. (2) 2025 attendance fees include the Board attendance fees and the fees in relation to the relevant Committee (Ad Hoc, AC, RNGC and ECSC) meetings. The Board attendance fees related to the first semester 2025 were paid in July 2025, those related to the second semester 2025 were paid in January 2026. The Committees’ attendance fees related to the full year 2025 were paid in January 2026. (3) Chair of the AC and member of the ECSC since 15 April 2025. (4) Chair of the AC until 15 April 2025. (5) Member of the Board of Directors, AC and RNGC since 15 April 2025. (6) Member of the Board and RNGC until 15 April 2025. (7) Member of the AC since 19 April 2023. (8) Member of the Audit Committee until 15 April 2025. (9) Member of the Board and ECSC until 10 April 2024. 2.7. Capital Structure and Financial Instruments 34. Total Equity 34.1. Equity Attributable to Owners of the Parent 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 December 2025 31 December 2024 Issued as at 1 January 792,283,683 790,459,434 Issued for ESOP 0 1,824,249 Issued as at end of the period 792,283,683 792,283,683 Treasury shares (5,055,938) (4,327,432) Outstanding as at end of the period 787,227,745 787,956,251 AIRBUS - FINANCIAL STATEMENTS 2025 - 51 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 € 26,104 million (2024: €  19,606 million) representing an increase of € +6,498 million. This is mainly due to the net income for the period of € +5,221 million and the mark to market revaluation of the hedge portfolio of € +3,846 million as well as a change in actuarial gains and losses of € +626 million partly offset by the dividend for € -2,372 million. It also reflects the 2025 employee share ownership plan (“ESOP”) campaign with share-based payment of € +227 million. In 2025, the Company performed share buyback to support ESOP activities and equity-based compensation plans of € -916 million thereof € -102 million mainly related to 2025 campaigns and € -814 million for future campaigns. Capital stock comprises the nominal amount of shares outstanding. In 2025, there is no addition to capital stock related to the implemented ESOPs (2024: € 1,824,249). Share premium mainly results from contributions in kind in the course of the creation of the Company, cash contributions from the Company’s initial public offering, capital increases and reductions due to the issuance and cancellation of shares. Retained earnings include mainly the profit for the period and the changes in other comprehensive income from remeasurements of the defined benefit pension plans net of tax which amounts to € +626 million in 2025 (2024: € +672 million). On 15 April 2025, the AGM decided to distribute a gross amount of € 2.00 per share and a special dividend of € 1.00 per share, which was paid in the first half-year 2025. For the fiscal year 2025, the Board of Directors will propose the payment of a dividend of € 3.20 per share to the 2025 Annual General Meeting taking place on 15 April 2026. The proposed payment date is 23 April 2026. Treasury shares represent the amount paid or payable for own shares held in treasury. During 2025, the number of treasury stock held by the Company increased to 5,055,938 compared to 4,327,432 as of 31 December 2024, mainly due to the share buybacks partly offset by delivery of shares under ESOP in 2025 and vested shares under the 2021 LTI plan (see “– Note 32: Share-based Payment”). No shares were sold back to the market nor cancelled (2024: 0 shares). On 15 April 2025, the AGM of the Company authorised the Board of Directors, for a period expiring at the AGM to be held in 2026, to issue shares and to grant rights to subscribe for shares in the Company’s share capital for the purpose of: - ESOPs and share-related to LTI plans , provided that such powers shall be limited to an aggregate of 0.18% of the Company’s authorised share capital (see “– Note 32: Share-based Payment”); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company’s authorised share capital (see “– Note 36.3: Financing Liabilities”). For each operation, such powers shall not extend to issuing shares or granting rights to subscribe for shares if there is no preferential subscription right and for an aggregate issue price in excess of € 500 million per share issuance. On 15 April 2025, the AGM authorised the Board of Directors for an 18-month period to repurchase up to 10% of the Company’s issued share capital at a price per share not less than the nominal value and not more than the higher of the price of the last independent trade and the highest current independent bid on the trading venues of the regulated market of the country in which the purchase is carried out. Furthermore, the AGM authorised the Board of Directors to determine on a case-by-case basis the share repurchase programmes to be implemented by the Company, if any. 34.2. Non-Controlling Interests The non-controlling interests (“NCI”) from non-wholly owned subsidiaries decreased to € 80 million as of 31 December 2025 (2024: € 90 million). These NCI do not have a material interest in the Company’s activities and cash flows. 35. Capital management The Company seeks to maintain a strong financial profile to safeguard its going concern, financial flexibility as well as shareholders’, credit rating agencies’, credit investors’ and other stakeholders’ confidence in the Company. Consequently, operating liquidity is of great importance. As part of its capital management, it is one of the Company’s objectives to maintain a strong credit rating by institutional rating agencies. This enables the Company to contain its cost of capital which positively impacts its stakeholder value (entity value). Next to other non-financial parameters, the credit rating is based on financial indicators such as cash flow, profitability, leverage ratios and liquidity ratios. The Company monitors these ratios to keep them in a range compatible with a strong rating. Rating agency Long-term rating Outlook Short-term rating Standard and Poor's A Positive A-1 Moody's Investors Services A1 Stable P-1 Fitch Ratings (unsolicited) A Stable F1 The stand-alone rating reflects the Company’s strong backlog providing revenue visibility, dominant market position in the single-aisle market, operating performance and overall its strong positioning to benefit from the recovery in air travel demand. It also reflects Airbus’ AIRBUS - FINANCIAL STATEMENTS 2025 - 52 exceptional liquidity, solid balance sheet as well as its prudent financial policy. Finally, it reflects the management’s focus on programme execution, profitability and cash generation improvement. In accordance with the Company’s conservative financial policy, a strong rating is key to maintain a wide array of funding sources at competitive conditions, to have broad access to long-term hedging and to strengthen the Company’s position as a financially sound counterparty for its customers and suppliers. Every year, the Company constructs a five-year plan used to assess its financial flexibility at current ratings and a value creation ambition. It is composed of (i) EBIT and (ii) Free Cash Flow, which is defined as Cash provided by operating activities and Cash used for investing activities less Change of securities, Contribution to plan assets for pensions, realised Treasury swaps and bank activities. The Company uses the WACC to determine the Net Present Value (“NPV”), which is used for any investment decision. The Company also monitors the level of dividends paid to its shareholders. The Company generally satisfies its obligations arising from ESOPs and Share Incentive Plans (“SIPs”) by issuing new shares. In order to avoid any dilution of its current shareholders out of ESOP, Share Incentive Plans (“SIPs”) and LTI plans, the Company performs share buybacks to meet its obligations to its employees, following the decisions of the Board of Directors and approval of the AGM. Apart from this purpose, the Company generally does not trade with treasury shares. The Company complies with the capital requirements under applicable law and its Articles of Association. 36. Net Cash The net cash is comprised of the following elements: 31 December (In € million) 2025 2024 Cash and cash equivalents 14,128 15,003 Current securities 3,093 2,829 Non-current securities 9,997 9,032 Gross cash position 27,218 26,864 Short-term financing liabilities (5,186) (3,924) Long-term financing liabilities (9,063) (10,355) Interest rate contracts (798) (832) Total 12,171 11,753 The net cash position on 31 December 2025 amounted to € 12,171 million (2024: € 11,753 million), with a gross cash position of € 27,218 million (2024: € 26,864 million). Derivative instruments recognised on the Company’s Statement of Financial Position consist of (i) instruments that are entered into as hedges of the Company’s operating activities or interest result, and (ii) embedded foreign currency derivatives that arise from separating the foreign currency component from certain operating contracts. Cash flows resulting from the settlement of these derivatives are therefore recorded as part of cash flow from operations. Similarly, financial assets and liabilities arising from customer financing activities and refundable advances from European Governments are considered part of operating activities and related cash flows are hence recognised as cash flows from operating activities. 36.1. Cash and Cash Equivalents Cash and cash equivalents are composed of the following elements: 31 December (In € million) 2025 2024 Bank account and petty cash 7,387 4,219 Short-term securities (at fair value through profit or loss) 5,004 10,042 Short-term securities (at fair value through OCI) 1,737 742 Total cash and cash equivalents 14,128 15,003 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. AIRBUS - FINANCIAL STATEMENTS 2025 - 53 Cash and cash equivalents have decreased by € -0.9 billion from € 15.0 billion as of 31 December 2024 to € 14.1 billion as of 31 December 2025. They include payments made in anticipation to suppliers and to a lesser extent payments received in advance from certain customers. The main variations are as follows: Cash provided by operating activities amounts to € +8.0 billion in 2025 mainly driven by a profit translated into cash as well as higher advanced payments received and a favourable phasing of payments partly offset by the planned inventory build-up to support the Company ramp-up across its businesses. Cash used for investing activities amounts to € -4.7 billion, mainly reflecting capital expenditure and investments in securities. Cash used for financing activities amounts to € -3.5 billion. It mainly includes the cash distribution to Airbus SE shareholders of € -2.4 billion. 36.2. Securities The majority of the Company’s securities consists of debt securities and are classified at fair value through OCI (see “– Note 37.2: Carrying Amounts and Fair Values of Financial Instruments”). The Company’s securities portfolio amounts to € 13,090 million and € 11,861 million as of 31 December 2025 and 2024, respectively. The security portfolio contains a non-current portion of € 9,997 million (2024: € 9,032 million), and a current portion of € 3,093 million (2024: € 2,829 million). Included in the securities portfolio as of 31 December 2025 and 2024, respectively, are corporate and government bonds bearing either fixed rate coupons (€ 13,116 million nominal value; 2024: € 12,059 million) or floating rate coupons (€ 10 million nominal value; 2024: € 10 million). When the Company enters into securities lending or other financing activities that involve the pledging of securities as collateral, the securities pledged continue to be recognised on the balance sheet. As of 31 December 2025 and 2024, they were no securities pledged as collateral for borrowings from banks. 36.3. Financing Liabilities Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, deposits made by customers of Airbus Bank, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. Financing liabilities to financial institutions may include liabilities from securities lending transactions. In securities lending transactions, the Company receives cash from its counterparty and transfers the securities subject to the lending transaction as collateral. The counterparty typically has the right to sell or repledge the securities pledged. The amount of cash received is recognised as a financing liability. The securities pledged are not derecognised, but remain on the Company’s Statement of Financial Position. 31 December (In € million) 2025 2024 Bonds and commercial papers 6,286 7,986 Liabilities to financial institutions 329 382 Loans 395 291 Lease liabilities 2,053 1,696 Total long term financing liabilities 9,063 10,355 Bonds and commercial papers 1,479 556 Liabilities to financial institutions 25 26 Loans 129 85 Lease liabilities 327 253 Others (1) 3,226 3,004 Total short term financing liabilities 5,186 3,924 Total 14,249 14,279 (1) Included in “others” are financing liabilities to joint ventures. AIRBUS - FINANCIAL STATEMENTS 2025 - 54 Long-term financing liabilities, mainly comprising bonds and lease liabilities, decreased by € -1,292 million to € 9,063 million (2024: € 10,355 million) largely due to bonds reclassification to short-term liabilities maturing in 2026 (EMTN 10 years maturing in May 2026 and EMTN 6 years maturing in June 2026). Short-term financing liabilities increased by € +1,262 million to € 5,186 million (2024: € 3,924 million) mainly due to the EMTN 10 years maturing in May 2026 and the EMTN 6 years maturing in June 2026 reclassification in short-term financing liabilities partly offset by the EMTN 5 years bond repayment in April 2025. 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 December 2025, the project has entered into service for a corresponding amount of US$ 939 million (of which US$ 694 million in 2025) of lease liability. 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 will be recognised in financing cash flows for the principal portion and in operating cash flows for the interest portion. The terms and repayment schedules of these bonds and loans are as follows: Principal amount Carrying amount Issuance date Coupon or interest rate Effective interest rate Maturity date Additional features (In € million) 31 December (In million) 2025 2024 EMTN 5 years €561 0 556 Mar 2020 1.63% 1,80% April 2025 Interest rate swapped into 3M Euribor +2.01% EMTN 10 years €461 457 448 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 6 years €894 885 861 June 2020 1,38% 1,47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% EMTN 8 years €611 578 565 Mar 2020 2.00% 2.10% April 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 15 years €500 479 478 Oct 2014 2.12% 2.21% Oct 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years €1,250 1,117 1,103 June 2020 1.63% 1,74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% EMTN 15 years €900 814 813 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 12 years €1,000 851 849 Mar 2020 2,38% 2.49% April 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years €1,000 683 734 June 2020 2.38% 2,44% Jun. 2040 Interest rate swapped into 3M Euribor +1.93% US$ Bond 10 years US$ 750 629 693 Apr 2017 3.15% 3.20% Apr 2027 Interest rate swapped into 1D SOFR US$ Bond 30 years US$ 750 566 643 Apr 2017 3.95% 4.02% Apr 2047 Interest rate swapped into 1D SOFR +0.31% ACLP Private placement US$ 830 706 799 July 2020, Dec 2020 1.98% - 2.54% 2.77% - 3.09% July 2026 to July 2029 Bonds 7,765 8,542 European Investment Bank €165 143 154 Dec 2023 3M Euribor +0.498% 3M Euribor +0.498% Dec. 2038 KfW Development Bank €150 112 136 July 2023 3M Euribor +0.59% 3M Euribor +0.59% Jul. 2029 Others 99 118 Liabilities to financial institutions 354 408 Total 8,119 8,950 Thereof non-current financing liabilities 6,615 8,368 Thereof current financing liabilities 1,504 582 AIRBUS - FINANCIAL STATEMENTS 2025 - 55 Reconciliation of liabilities arising from financing liabilities as of 31 December 2025 is as follows: (In € million) Balance at 1 January 2025 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2025 Bonds and commercial papers 8,542 (559) 0 (260) 42 7,765 Liabilities to financial institutions 408 (44) 0 (10) 0 354 Loans 376 35 0 40 73 524 Finance lease liabilities 1,949 (300) 0 (126) 857 2,380 Others 3,004 254 18 (47) (3) 3,226 Total 14,279 (614) 18 (403) 969 14,249 Reconciliation of liabilities arising from financing liabilities as of 31 December 2024 is as follows: Non-cash movements (In € million) Balance at 1 January 2024 Cash flows Changes in scope Foreign exchange movements Others Balance at 31 December 2024 Bonds and commercial papers 9,067 (818) 0 129 164 8,542 Liabilities to financial institutions 324 80 0 4 0 408 Loans 314 (66) 0 2 126 376 Finance lease liabilities 1,617 (324) 0 48 608 1,949 Others 2,269 696 0 39 0 3,004 Total 13,591 (432) 0 222 898 14,279 37. Financial Instruments 37.1. Financial Risk Management By the nature of its activities, the Company is exposed to a variety of financial risks: (i) market risks, in particular foreign exchange risk, but also interest rate risk, equity price risk and commodity price risk, (ii) liquidity risk and (iii) credit risk. The Company’s overall financial risk management activities focus on mitigating unpredictable financial market risks and their potential adverse effects on the Company’s operational and financial performance. The financial risk management of the Company is generally carried out by the Treasury department of the Company under policies approved by the Board of Directors or by the Chief Financial Officer. The identification, evaluation and hedging of the financial risks is in the joint responsibility of several established specific committees such as the Foreign Exchange Committee and the Asset Liability Management Committee, including the Company business segments. The Company uses financial derivatives solely for risk mitigating purposes (“hedging”) and applies hedge accounting for a significant portion of its hedging portfolio. Market Risk Foreign exchange risk — Foreign exchange risk arises when future commercial transactions or firm commitments, recognised monetary assets and liabilities and net investments in foreign operations are denominated in a currency that is not the entity’s functional currency. The Company manages a long-term hedge portfolio with maturities of several years covering its net exposure to US dollar sales, mainly from the commercial activities of Airbus. This hedge portfolio covers a large portion of the Company’s firm commitments and highly probable forecasted transactions. For Airbus, the highly probable criteria of the underlying foreign currency exposure of cash flow hedges is assessed based on the IFRS15 backlog value analysis. This consists in reducing the contractual firm backlog by all deliveries which cannot be considered as highly probable due to the existence of either cancellation rights, risk of bankruptcy or other risk of order restructuring. The latter assessment is taking into account customers’ situation and commercial aspects. The resulting backlog is further adjusted to the foreign exchange management hedging horizon. The highly probable underlying foreign currency exposure is then capped to the production plan when applicable. Most of the Company’s revenue is denominated in US dollars, while a major portion of its costs is incurred in euro and to a lesser extent in other foreign currencies. Consequently, to the extent that the Company does not use financial instruments to hedge its exposure resulting from this currency mismatch, its profits will be affected by changes in the €/US$ exchange rate. As the Company intends to AIRBUS - FINANCIAL STATEMENTS 2025 - 56 generate profits primarily from its operations rather than through speculation on exchange rate movements, it uses hedging strategies to manage and minimise the impact of exchange rate fluctuations on these profits. Since 30 June 2018, the Company adapted its hedge strategy to hedge its net exposure (US dollar revenue less US dollar cost) resulting from commercial aircraft deliveries of specific aircraft types. The strategy more closely aligns hedge accounting with risk management activities. Under this strategy the foreign exchange derivatives used as hedging instruments are designated as a hedge of a portion of the cash flows received for each of a number of deliveries of a specific aircraft type that are expected to occur in a given month and hence will allow the hedge result to move along with the hedged deliveries in the event of a shift in deliveries. If such a shift in hedged deliveries occurs, hedge ineffectiveness will arise to the extent that the maturities of the hedging instrument and the expected timing of the hedged cash flows are no longer perfectly aligned. In order to minimise such ineffectiveness, the Company will close the timing gap by rolling over hedges to new maturities, using foreign exchange swap contracts. In addition, the Company will designate the risk of changes in the spot element as the hedged risk in order to eliminate the ineffectiveness resulting from changes in forward points between different maturities. The forward element will be accounted for as a cost of hedging similar to the time value of options. As a result of prospective application, the hedging instruments designated under this strategy had a non-zero fair value at hedge inception, which might create some small ineffectiveness. In addition, starting from the second half-year 2025, the Company hedge firmly committed sales in US dollar using a “first flow approach”. Under that approach, the foreign currency derivatives the Company entered into, are designated as a hedge of the first US dollar inflows received from the customer at aircraft delivery in a given month. The strategy implies that only a portion of the expected monthly customer payments made at aircraft delivery are hedged and that a reduction of monthly cash inflows as a result of postponements or order cancellations have no impact on the effectiveness of the hedge as long as the actual gross US dollar cash inflows received at aircraft delivery in a particular month exceed the portion designated as being hedged in that month. Another source of ineffectiveness is the counterparty credit risk inherent in the hedge portfolio. As such, credit risk is absent from the hedged cash flows. However, since netting arrangements are in place with all the hedge counterparties and the Company has a policy of trading with investment grade counterparties only, the credit risk arising from its hedging instruments, and associated changes in credit risk, have historically been negligible and are expected to remain so. The Company also hedges its expected foreign currency exposure arising from US dollar or pound sterling cash outflows in the commercial aircraft business on a first outflow basis, though to a much lesser extent than US dollar cash inflows. In military aircraft and non-aircraft businesses, the Company hedges inflows and outflows in foreign currencies from firmly committed or highly probable forecast sales and purchase contracts. Here, foreign currency derivatives are typically contracted in lower volumes; they may be accounted for using a first flow approach or are designated as hedges of specific agreed milestone payments. The amount of the expected flows to be hedged can cover up to 100% of the equivalent of the net US dollar exposure at inception. The coverage ratio considers the variability in the range of potential outcomes taking into account macroeconomic movements affecting spot rates and interest rates as well as the robustness of the commercial cycle. In situations where the payment dates for hedged firmly committed cash flows are not fixed and subject to potentially significant delays, the Company may use rollover strategies, usually involving foreign exchange swaps. For all foreign currency hedges of future cash flows which qualify for hedge accounting under IFRS 9, the Company uses the cash flow hedge model, which requires (i) recognising the effective portion of the fair value changes of the hedging derivatives in equity (within OCI) and (ii) recognising the effect of the hedge in profit or loss when the hedged cash flows affect profit or loss. In addition, the Company hedges currency risk arising from financial assets or liabilities denominated in currencies other than the euro, including foreign currency receivable and payable accounts, as well as foreign currency denominated funding transactions or securities. The Company applies hedge accounting if a mismatch in terms of profit or loss recognition of the hedging instrument and hedged item would otherwise occur. Frequently, however, the currency-induced gains or losses of the hedging instrument and the hedged item match in terms of profit or loss recognition (“natural hedge”), so no hedge accounting is required. Sometimes such gains or losses may end up in different sections of the income statement (such as operating profit for the hedged item and financial result for the hedging instrument). If so, the Company may choose to present the gains or losses of both the hedging instrument and the hedged item in the same income statement line item if certain formal requirements are met. As hedging instruments, the Company primarily uses foreign currency forwards, foreign currency options and to a minor extent non-derivative financial instruments. A hedge ratio of 1:1 is applied by the Company. The Company also has foreign currency derivative instruments which are embedded in certain purchase contracts denominated in a currency other than the functional currency of any substantial party to the contract, principally in US dollar and pound sterling. If such embedded derivatives are required to be accounted for separately from the host purchase contract, related gains or losses are generally recognised in other financial result. However, if the embedded derivatives qualify for hedge accounting, the Company might choose to designate them as a hedging instrument in a hedge of foreign currency risk, in which case they are accounted for under the cash flow hedge model as described above. Interest rate risk — The Company uses an asset-liability management approach with the objective to limit its interest rate risk. It undertakes to match the risk profile of its interest-bearing assets with those of its interest-bearing liabilities. The remaining net interest rate exposure is managed through several types of interest rate derivatives, such as interest rate swaps and interest rate futures contracts, in order to minimise risks and financial impacts. The vast majority of related interest rate hedges qualify for hedge accounting, and most of them are accounted for under the fair value hedge model. As a result, both the fair value changes of these derivatives and the portion of the hedged items’ fair value change that is attributable to the hedged interest rate risk are recognised in profit or loss, where they offset to the extent the hedge is effective. AIRBUS - FINANCIAL STATEMENTS 2025 - 57 The Company has applied the relief introduced by the amendments made to IFRS 9 in September 2019 on hedge accounting, having the effect that the IBOR reform should not cause hedge accounting to terminate. The Company invests in financial instruments such as overnight deposits, certificates of deposits, commercial papers, other money market instruments and short-term as well as medium-term bonds. For its financial instruments portfolio, the Company has an Asset Liability Management Committee in place that meets regularly and aims to limit the interest rate risk on a fair value basis through a value-at-risk approach, from which results a hedge ratio that is however not actively steered. Commodity price risk — The Company is exposed to risk relating to fluctuations in the prices of commodities used in the supply chain. It manages these risks in the procurement process and to a certain extent uses derivative instruments in order to mitigate the risks associated with the purchase of raw materials. To the extent that the gains or losses of the derivative and those of the hedged item or transaction do not match in terms of profit or loss, the Company applies cash flow hedge accounting to the derivative instruments, with a hedge ratio of 1:1. Equity price risk — The Company is to a small extent invested in equity securities mainly for operational reasons. Its exposure to equity price risk is hence limited. Furthermore, it is exposed under its LTI plan to the risk of the Company share price increases. The Company limits these risks through the use of equity derivatives that qualify for hedge accounting and have been designated as hedging instruments in cash flow hedges, with a hedge ratio of 1:1. Sensitivities of market risks — The approach used to measure and control market risk exposure of the Company’s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (“VaR”). The VaR of a portfolio is the estimated potential loss that will not be exceeded over a specified period of time (holding period) from an adverse market movement with a specified confidence level. The VaR used by the Company is based upon a 95% confidence level and assumes a five-day holding period. The VaR model used is mainly based on the so-called “Monte-Carlo-Simulation” method. The model generates a wide range of potential future scenarios for market price movements by deriving the relevant statistical behaviour of markets for the portfolio of market data from the previous two years and observed interdependencies between different markets and prices. The Company’s VaR computation includes the Company’s financial debt, short-term and long-term investments, foreign currency forwards, swaps and options, commodity contracts, finance lease receivables and liabilities, foreign currency trade liabilities and receivables and contract assets. Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise to some limitations, including the following: - a five-day holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe market illiquidity for a prolonged period. - a 95% confidence level does not reflect losses that may occur beyond this level. Even within the model used there is a 5% statistical probability that losses could exceed the calculated VaR. - the use of historical data as a basis for estimating the statistical behaviour of the relevant markets and finally determining the possible range of future outcomes out of this statistical behaviour may not always cover all possible scenarios, especially those of an exceptional nature. The Company uses VaR amongst other key figures in order to determine the riskiness of its financial instrument portfolio and in order to optimise the risk-return ratio of its financial asset portfolio. Further, its investment policy defines a VaR limit for the total portfolio of cash, cash equivalents and securities. The total VaR as well as the different risk-factor specific VaR figures of this portfolio are measured and serve amongst other measures as a basis for the decisions of the Company’s Asset Liability Management Committee. AIRBUS - FINANCIAL STATEMENTS 2025 - 58 A summary of the VaR position of the Company financial instruments portfolio as of 31 December 2025 and 2024 is as follows: (In € million) Total VaR Equity price VaR Currency VaR Commodity price VaR Interest rate VaR 31 December 2025 Foreign exchange hedges for forecast transactions or firm commitments 562 0 590 0 65 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 310 174 287 0 60 Finance lease receivables and liabilities, foreign currency trade payables and receivables 49 0 33 0 33 Commodity contracts 4 0 1 4 0 Equity swaps 0 0 0 0 0 Diversification effect (556) 0 (579) 0 (100) All financial instruments 369 174 332 4 58 31 December 2024 Foreign exchange hedges for forecast transactions or firm commitments 766 0 854 0 128 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 233 94 121 0 142 Finance lease receivables and liabilities, foreign currency trade payables and receivables 66 0 36 0 49 Commodity contracts 6 0 1 6 0 Equity swaps 0 0 0 0 0 Diversification effect (439) 0 (199) 0 (80) All financial instruments 632 94 813 6 239 As of 31 December 2025, the total VaR amounts to € 369 million (2024: € 632 million). The decrease is mainly attributable to the diminution of the Company foreign exchange hedges portfolio and a lower interest rates volatility. The Company uses its derivative instruments entirely for hedging purposes. As a result, the respective market risks of these hedging instruments are – depending on the hedges’ actual effectiveness – offset by corresponding opposite market risks of the underlying forecast transactions, assets or liabilities. Under IFRS 7, the underlying forecast transactions do not qualify as financial instruments and are therefore not included in the tables shown above. Accordingly, the VaR of the foreign exchange hedging portfolio in the amount of € 590 million (2024: € 854 million) cannot be considered as a risk indicator for the Company in the economic sense. Liquidity Risk The Company’s policy is to maintain sufficient cash and cash equivalents at any time to meet its present and future commitments as they fall due. It manages its liquidity by holding adequate volumes of liquid assets and maintains a committed revolving credit facility, in addition to the cash inflow generated by its operating business. The Company continues to keep the focus on low counterparty risk within its asset portfolio. In addition, it maintains a set of other funding sources, and accordingly may raise loans from commercial banks and Development Finance Institutions and issue bonds, notes and commercial papers or enter into security lending agreements. Adverse changes in the capital markets could increase its funding costs and limit its financial flexibility. In particular, Airbus signed on 5 July 2022 a € 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its € 6 billion existing facility signed in 2020. Management considers the Company has sufficient resources to continue operating for at least 12 months and that there are no material uncertainties about the Company’s ability to continue as a going concern. AIRBUS - FINANCIAL STATEMENTS 2025 - 59 Further, the management of the vast majority of the Company’s liquidity exposure is centralised by a daily cash concentration process. This process enables it to manage its liquidity surplus as well as its liquidity requirements according to the actual needs of its subsidiaries. In addition, management monitors the Company’s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company’s financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In € million) Carrying amount Contractual cash flows < 1 year 1 year - 2 years 2 years - 3 years 3 years - 4 years 4 years - 5 years > 5 years 31 December 2025 Non-derivative financial liabilities (30,593) (33,001) (21,412) (1,499) (1,287) (1,224) (1,519) (6,059) Derivative financial liabilities (1,521) (1,766) (426) (366) (144) (11) (119) (700) Total (32,114) (34,767) (21,838) (1,865) (1,431) (1,235) (1,638) (6,759) 31 December 2024 Non-derivative financial liabilities (28,661) (31,050) (18,225) (2,192) (1,338) (1,225) (1,169) (6,901) Derivative financial liabilities (6,181) (7,568) (2,548) (2,054) (1,691) (570) (30) (675) Total (34,842) (38,618) (20,773) (4,246) (3,029) (1,795) (1,199) (7,576) Non-derivative financial liabilities included in the table above comprise financing liabilities as presented in “– Note 37.2: Carrying Amounts and Fair Values of Financial Instruments”. Due to their specific nature, namely their risk-sharing features and uncertainty about the repayment dates, the European Governments’ refundable advances, which amount to € -3,822 million as of 31 December 2025 are not included (2024: € -3,859 million). Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In € million) 31 December 2025 2024 Not later than one year (327) (252) Later than one year and not later than five years (1,216) (969) Later than five years (1,660) (1,226) Total undiscounted lease liabilities (3,203) (2,447) Lease liabilities included in the statement of financial position (2,380) (1,949) Current (327) (253) Non-current (2,053) (1,696) Credit Risk The Company is exposed to credit risk to the extent of non-performance by either its customers (e.g. airlines) or its counterparts with regard to financial instruments or issuers of financial instruments for gross cash investments. However, it has policies in place to avoid concentrations of credit risk and to ensure that credit risk is limited. As far as central treasury activities are concerned, credit risk resulting from financial instruments is managed by the Company. In order to ensure sufficient diversification, a credit limit system is used. The Company monitors the performance of the individual financial instruments and the impact of market developments on their performance and takes appropriate action on foreseeable adverse development based on pre-defined procedures and escalation levels. Sales of products and services are made to customers after having conducted appropriate internal credit risk assessment. In order to support sales, primarily at Airbus, Airbus Helicopters and ATR, the Company may agree to participate in customer financing, on a case-by-case basis either directly or through guarantees provided to third parties. In determining the amount and terms of the financing transaction, the Company takes into account the airline’s credit rating and economic factors reflecting the relevant financial market conditions, together with appropriate assumptions as to the anticipated future value of the financed asset. The booked amount of financial assets represents the maximum credit exposure. The credit quality of financial assets can be assessed by reference to external credit rating (if available) or internal assessment of customers’ creditworthiness e.g. airlines by way of internal risk pricing methods. For further information relating to gross credit risk and impairment see “– Note 37.7: Impairment Losses”. AIRBUS - FINANCIAL STATEMENTS 2025 - 60 37.2. Carrying Amounts and Fair Values of Financial Instruments Financial instruments — The Company’s financial assets mainly consist of cash, short to medium-term deposits and securities. Its financial liabilities include trade liabilities, obligations towards financial institutions, issued bonds and refundable advances from European Governments. All purchases and sales of financial assets are recognised on the settlement date according to market conventions. Financial assets at amortised cost — This category comprises assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. It includes trade receivables. Financial assets at fair value through OCI — This category comprises: (i) equity investments that are not held for trading. With the exception of dividends received, the associated gains and losses (including any related foreign exchange component) are recognised in OCI. Amounts presented in OCI are not subsequently transferred to profit or loss on derecognition of the equity investment nor in the event of an impairment; (ii) debt instruments where contractual cash flows are solely payments of principal and interest, and that are held both for sales and collecting contractual cash flows. Changes in their fair value other than impairment losses and foreign exchange gains and losses on monetary items are recognised directly in OCI and accumulated in equity (other components of equity). Upon disposal of such financial assets, the cumulative gain or loss previously recognised in OCI is recorded as part of other income (other expenses) from investments in the Consolidated Income Statement for the period. Interests earned on the investment are presented as interest income in the Consolidated Income Statement using the effective interest method. Dividends earned on investment were recognised as other income (other expenses) from investments in the Consolidated Income Statement when the right to the payment had been established. Financial assets at fair value through profit or loss — This category comprises all other financial assets (e.g. derivative instruments) that are to be measured at fair value (including equity investments for which the Company did not elect to present changes in fair value in OCI). The Company assigns its financial instruments into classes based on their balance sheet category. AIRBUS - FINANCIAL STATEMENTS 2025 - 61 The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2025: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In € million) Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 2,884 615 0 3,499 3,499 Customer financing 92 0 0 92 92 Other loans (2) 0 0 2,613 2,613 2,613 Trade receivables 0 0 5,454 5,454 5,454 Contract assets 0 0 1,656 1,656 1,656 Other financial assets Derivative instruments 1,821 0 0 1,821 1,821 Non-derivative instruments 0 0 1,807 1,807 1,807 Securities 0 13,090 0 13,090 13,090 Cash and cash equivalents 5,004 1,737 7,387 14,128 14,128 Total 9,801 15,442 18,917 44,160 44,160 Liabilities Financing liabilities Bonds and commercial papers 0 0 (7,765) (7,765) (8,113) Liabilities to financial institutions and others 0 0 (4,104) (4,104) (4,104) Finance lease liabilities (2) 0 0 (2,380) (2,380) (2,380) Other financial liabilities Derivative instruments (1,521) 0 0 (1,521) (1,521) European Governments' refundable advances (3) 0 0 (3,822) (3,822) (3,822) Others 0 0 (466) (466) (466) Trade liabilities 0 0 (15,878) (15,878) (15,878) Total (1,521) 0 (34,415) (35,936) (36,284) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments’ refundable advances of € -3,822 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production. AIRBUS - FINANCIAL STATEMENTS 2025 - 62 The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December 2024: Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Financial instruments total (In € million) Book value Fair value Assets Other investments and other long-term financial assets Equity investments (1) 1,800 1,088 0 2,888 2,888 Customer financing 132 0 0 132 132 Other loans (2) 0 0 2,955 2,955 2,955 Trade receivables 0 0 5,293 5,293 5,293 Contract assets 0 0 1,534 1,534 1,534 Other financial assets Derivative instruments 1,065 0 0 1,065 1,065 Non-derivative instruments 0 0 1,636 1,636 1,636 Securities 0 11,861 0 11,861 11,861 Cash and cash equivalents 10,042 742 4,219 15,003 15,003 Total 13,039 13,690 15,637 42,367 42,367 Liabilities Financing liabilities Bonds and commercial papers 0 0 (8,542) (8,542) (8,823) Liabilities to financial institutions and others 0 0 (3,788) (3,788) (3,788) Finance lease liabilities (2) 0 0 (1,949) (1,949) (1,949) Other financial liabilities Derivative instruments (6,181) 0 0 (6,181) (6,181) European Governments' refundable advances (3) 0 0 (3,859) (3,859) (3,859) Others 0 (18) (567) (585) (585) Trade liabilities 0 0 (13,791) (13,791) (13,791) Total (6,181) (18) (32,496) (38,695) (38,976) (1) Other than those accounted for under the equity method. (2) The carrying amounts are used as reasonable fair value approximations. (3) The European Governments’ refundable advances of € -3,859 million are measured at amortised cost. Fair values cannot be reliably measured because their risk sharing nature and the uncertainty of the repayment dates give rise to a broad range of reasonable fair value estimates and make it impossible to reasonably assess the probabilities of the various estimates within the range. This may change and reliable fair value measures become available as the related programmes approach the end of production. Fair Value Hierarchy Fair value of financial instruments — The fair value of quoted investments is based on current market prices. If the market for financial assets is not active, or in the case of unlisted financial instruments, the Company determines fair values by using generally accepted valuation techniques on the basis of market information available at the end of the reporting period. Derivative instruments are generally managed on the basis of the Company’s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company’s key management personnel on that basis. For these derivative instruments, the fair value is measured based on the price that would be received to sell a net long position, or transfer a net short position, for a particular credit risk exposure as further described below. 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. AIRBUS - FINANCIAL STATEMENTS 2025 - 63 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 for the three levels of the fair value hierarchy as of 31 December 2025 and 2024, respectively: 31 December 2025 31 December 2024 (In € million) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Equity instruments 2,645 0 854 3,499 2,146 0 742 2,888 Derivative instruments 0 1,821 0 1,821 0 1,065 0 1,065 Securities 13,090 0 0 13,090 11,861 0 0 11,861 Customer financing 0 0 92 92 0 0 131 131 Cash equivalents 5,004 1,737 0 6,741 10,042 742 0 10,784 Total 20,739 3,558 946 25,243 24,049 1,807 873 26,729 Financial liabilities measured at fair value Derivative instruments 0 (1,521) 0 (1,521) 0 (6,181) 0 (6,181) Other liabilities 0 0 0 0 0 0 (18) (18) Total 0 (1,521) 0 (1,521) 0 (6,181) (18) (6,199) The development of financial instruments of Level 3 is as follows: (In € million) Derivatives Participations Customer financing Total Written put options on NCI interests Commodity swap agreements Total Balance at 1 January 2024 0 714 116 830 (86) 0 (86) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 15 15 0 0 0 Equity 0 28 0 28 68 0 68 Settlements 0 0 0 0 0 0 0 Balance at 31 December 2024 0 742 131 873 (18) 0 (18) Business combination 0 0 0 0 0 0 0 Profit or loss 0 0 (39) (39) 0 0 0 Equity 0 112 0 112 18 0 18 Settlements 0 0 0 0 0 0 0 Others 0 0 0 0 0 0 0 Balance at 31 December 2025 0 854 92 946 0 0 0 As of 31 December 2025, the fair value of the written put options on non-controlling interests (“NCI puts”) relating to ACLP amounts to € 0 million (2024: € 18 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 (2024: 8.81%). Financial Assets Designated at Fair Value through Profit or Loss As of 31 December 2025, the financial assets held and designated at fair value through profit or loss are money market funds (accumulating). As of 31 December 2025, nominal amount at initial recognition was € 5,004 million (2024: € 10,042 million). Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments — The fair values of listed equity instruments reflect quoted market prices. For non-listed equity investments for which quoted market prices are not available, the Company determines the fair values using valuation methods such as net asset values, discounted cash flow method or a comparable valuation technique. AIRBUS - FINANCIAL STATEMENTS 2025 - 64 Customer financing assets and other loans — The carrying amounts reflected in the annual accounts are used as a proxy for fair value. Contract assets, trade receivables and other receivables — The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the receivables’ origination and their maturity. Securities — The fair values of securities reflect their quoted market price at the end of the reporting period. Cash and cash equivalents — include cash in hand, cash in banks, checks, fixed deposits as well as commercial papers and money market funds. The carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of the instrument and its maturity or due date. The fair value of commercial papers is determined based on Level 2 input by discounting future cash flows using appropriate interest rates. The fair values of money market funds are determined by reference to their quoted market price. Derivatives — The fair values of derivative instruments reflect quoted market prices, where available, but in most cases are determined using recognised valuation techniques such as option-pricing models (e.g. Black & Scholes model) and discounted cash flow models. The valuation is based on observable market data such as currency rates, currency forward rates, interest rates and yield curves, commodity forward prices as well as price and rate volatilities obtained from recognised vendors of market data. Furthermore, to the extent that these instruments are subject to master netting arrangements and similar agreements and managed on the basis of net credit exposure, their fair values reflect credit and debit value adjustments based on the net long or net short position that the Company has with each counterparty. Except for certain short-term commodity contracts and derivatives presented in the Level 3 section above, derivative fair values are measured based on Level 2 input. Financing liabilities — The fair values disclosed for financing liabilities, other than those of issued bonds and commercial papers, are determined based on Level 2 input by discounting scheduled or expected cash flows using appropriate market interest rates. The fair values disclosed for the issued EMTN and US dollar bonds reflect public price quotations that qualify as Level 1 input. For issued commercial papers, the carrying amounts reflected in the annual accounts are used as reasonable estimates of fair value because of the relatively short period between the origination of these instruments and their maturity. Trade liabilities and current other financial liabilities — For the same reason as trade receivables, carrying amounts are used as reasonable fair value approximations for trade liabilities and current other financial liabilities. The following interest rate curves are used in the determination of the fair value in respect of the derivative financial instruments as of 31 December 2025 and 2024: 31 December 2025 2024 2025 2024 2025 2024 (Rate in %) € US$ £ 6 months 1.94 2.36 3.55 4.25 3.73 4.57 1 year 1.93 2.07 3.37 4.1 3.60 4.42 5 years 2.28 2.03 3.38 3.92 3.67 3.92 10 years 2.58 2.17 3.74 3.97 3.97 3.92 37.3. Potential Effect of Set-Off Rights on Recognised Financial Assets and Liabilities The Company reports all its financial assets and financial liabilities on a gross basis. With each derivative counterparty there are master netting agreements in place providing for the immediate close-out of all outstanding derivative transactions and payment of the net termination amount in the event a party to the agreement defaults or another defined termination event occurs. Furthermore, securities lending transactions are accounted for as collateralised borrowings. As a result, the securities pledged as collateral continue to be recognised on the balance sheet and the amount of cash received at the outset of the transaction is separately recognised as a financial liability. The following tables set out, on a counterparty specific basis, the potential effect of master netting agreements and collateralised borrowings on the Company’s Financial Position, separately for financial assets and financial liabilities that were subject to such agreements as of 31 December 2025 and 2024, respectively: Gross amounts recognised Gross amounts recognised set off in the Financial Statements Net amounts presented in the Financial Statements Related amounts not set off in Statement of Financial Position Net amount (In € million) Financial instruments Cash collateral received 31 December 2025 Financial assets 1,773 0 1,733 (1,097) 0 676 Financial liabilities 1,507 0 1,507 (1,097) 0 410 31 December 2024 Financial assets 1,061 0 1,061 (1,061) 0 0 Financial liabilities 6,057 0 6,057 (1,061) 0 4,996 AIRBUS - FINANCIAL STATEMENTS 2025 - 65 37.4. Notional Amounts of Derivative Financial Instruments The contract or notional amounts of derivative financial instruments shown below do not necessarily represent amounts exchanged by the parties and, thus, are not necessarily a measure for the exposure of the Company through its use of derivatives. The notional amounts of foreign exchange derivative financial instruments are as follows, specified by year of expected maturity: Remaining period (In € million) 1 year 2 years 3 years 4 years 5 years > 5 years Total 31 December 2025 Net forward and swap contracts 14,866 12,967 8,861 (577) (446) (304) 35,367 Foreign exchange options (1) 426 170 638 1,191 851 0 3,277 31 December 2024 Net forward and swap contracts 18,133 14,863 10,014 8,567 (235) (133) 51,209 Foreign exchange options 0 0 0 0 0 0 0 (1) Foreign exchange options only include Collars. The following table sets out the notional amount of foreign exchange hedges in place as of 31 December 2025, and the average euro converted rates applicable to corresponding EBIT. (In US$ million) 2026 2027 2028 2029 2030+ Total Total hedges 22,341 16,812 12,325 1,690 1,027 54,194 Forward rates (1) €/US$ 1.20 1.24 1.24 1.27 1.29 1.22 (1) The forward rates reflect the EBIT impact of hedge rates of the US$ portfolio including Collars at least favourable rates In 2025 new hedge contracts of US$ 11.9 billion (2024: US$ 14.2 billion) were added at an average rate of 1.16 US$/€ (2024: 1.11 US$/€). As of 31 December 2025, the total hedge portfolio with maturities up to 2030 amounts to US$ 54.2 billion (2024: US$ 59.9 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 1.22 US$/€ (2024: 1.22 US$/€). (In £ million) 2026 2027 2028 2029 2030+ Total Total hedges 1,516 1,066 921 776 684 4,964 Forward rates €/£ 0.89 0.90 0.91 0.91 0.94 0.91 Since 2021, €/£ hedges were implemented in order to cover the GBP exposure of the Company. The notional amounts of interest rate contracts are as follows: Remaining period (In € million) 1 year 2 years 3 years 4 years 5 years 6 years 7 years > 7 years Total 31 December 2025 Interest rate contracts 1,355 1,277 611 500 1,250 900 1,000 1,638 8,531 31 December 2024 Interest rate contracts 561 1,355 1,444 611 500 1,250 900 2,722 9,343 The notional amounts of commodity contracts are as follows: Remaining period (In € million) 1 year 2 years 3 years 4 years > 4 years Total 31 December 2025 107 64 23 0 0 194 31 December 2024 123 76 38 0 0 237 AIRBUS - FINANCIAL STATEMENTS 2025 - 66 The notional amounts of equity swaps are as follows: Remaining period (In € million) 1 year 2 years 3 years 4 years > 4 years Total 31 December 2025 0 0 0 0 0 0 31 December 2024 34 0 0 0 0 34 37.5. Derivative Financial Instruments and Hedge Accounting Disclosure The following table presents the reconciliation of the cash flow hedge reserve within AOCI, net of tax, as of 31 December 2025 and 31 December 2024: 31 December 2025 2024 (In € million) Hedge reserve Opening balance 4,553 3,298 Foreign exchange contracts (4,456) 3,620 Others (43) 18 Changes in fair values (4,499) 3,638 Foreign exchange contracts (965) (1,970) Others (2) (8) Amount reclassified to profit or loss (matured hedges) (967) (1,978) Foreign exchange contracts 110 65 Others 0 0 Amount classified to profit or loss (inefficiency) 110 65 Tax impact 1,510 (470) Closing balance 707 4,553 The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash-flow hedges as of 31 December 2025: Carrying values OCI (In € million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 1,710 (686) (5,662) 1,228 110 (965) Foreign exchange options 7 (4) (22) 0 0 0 Embedded Derivatives 0 (12) (22) 0 0 (2) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 24 0 (23) 0 0 0 Equity swap risk 1 0 2 0 0 0 Total 1,742 (702) (5,727) 1,228 110 (967) AIRBUS - FINANCIAL STATEMENTS 2025 - 67 The following table presents the amounts relating to items designated as hedging instruments and hedge ineffectiveness for cash-flow hedges as of 31 December 2024: Carrying values OCI (In € million) Asset Liability Changes in values of the hedging instrument Other changes in value of the hedge reserve Hedge inefficiency recorded in financial result Amounts reclassified from hedge reserve to profit or loss Foreign currency risk Net forward sales contracts 928 (5,109) 3,323 297 65 (1,970) Foreign exchange options 0 0 0 0 0 0 Embedded Derivatives 0 (42) 19 0 0 (8) Interest rate risk 0 0 0 0 0 0 Commodity swap risk 6 (4) (1) 0 0 0 Equity swap risk 9 0 0 0 0 0 Total 943 (5,155) 3,341 297 65 (1,978) 37.6. Net Gains or Net Losses The Company’s net gains or net losses recognised in profit or loss in 2025 and 2024, respectively, are as follows: (In € million) 2025 2024 Financial assets or financial liabilities at fair value through profit or loss Held for trading 868 94 Designated on initial recognition (503) 235 Financial assets at amortised cost (1,090) 427 Financial assets at fair value through OCI (previously available-for-sale) (426) 172 Financial liabilities measured at amortised cost 1,357 (695) Net gains of € +156 million (2024: € +28 million) are recognised directly in equity relating to financial assets at fair value. Interest income from financial assets or financial liabilities through profit or loss is included in net gains or losses. 37.7. Impairment Losses Loss allowances — For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables and contract assets generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables and contract assets on a lifetime basis from initial recognition. Investment grade instruments — The Company considers a significant increase in credit risk to have occurred, if there is a downgrade by four notches such that the instrument moves into a high yield bucket as a direct result of the downgrade. With respect to instruments that were high yield at initial recognition, a downgrade by four notches is considered as a significant increase in credit risk. Stage 1 Stage 2 Stage 3 (In € million) 12-month ECL Life-time ECL Credit impaired ECL Total At 1 January 2025 17 11 50 78 Change in financial assets (3) 1 21 19 Change in risk parameters (2) 1 11 10 At 31 December 2025 12 13 82 107 AIRBUS - FINANCIAL STATEMENTS 2025 - 68 Stage 1 Stage 2 Stage 3 (In € million) 12-month ECL Life-time ECL Credit impaired ECL Total At 1 January 2024 8 23 50 81 Change in financial assets 1 0 (21) (20) Change in risk parameters 8 (12) 20 16 At 31 December 2024 17 11 50 78 The following table breaks down the gross carrying amount of loans and receivables as of 31 December 2025 and 2024, separately showing those that are impaired, renegotiated or past due: (In € million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due ≤ 3 months Past due > 3 and ≤ 6 months Past due > 6 and ≤ 9 months Past due > 9 and ≤ 12 months Past due > 12 months Impairment Total 31 December 2025 Trade receivables 3,787 0 377 790 397 220 51 256 (424) 5,454 Contract assets 1,656 0 0 0 0 0 0 0 (1) 1,655 Others 2,832 2 165 345 142 56 41 767 (185) 4,165 Total 8,275 2 542 1,135 539 276 92 1,023 (610) 11,274 (In € million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due ≤ 3 months Past due > 3 and ≤ 6 months Past due > 6 and ≤ 9 months Past due > 9 and ≤ 12 months Past due > 12 months Impairment Total 31 December 2024 Trade receivables 3,946 0 262 584 145 148 48 367 (356) 5,144 Contract assets 1,536 0 0 0 0 0 0 0 (1) 1,535 Others 3,300 2 142 346 113 23 52 744 (138) 4,584 Total 8,782 2 404 930 258 171 100 1,111 (495) 11,263 The management believes that the unimpaired amounts that are past due are still collectible in full, based on historic payment behaviour and analysis of customer credit risk, including underlying customers’ credit ratings if they are available. The following impairment losses on financial assets are recognised in profit or loss in 2025 and 2024, respectively: (In € million) 2025 2024 Trade receivables (83) (20) Contract assets 0 0 Total (83) (20) 2.8. Other Notes 38. Litigation and Claims Litigation and claims — Various legal actions, governmental investigations, proceedings and other claims are pending or may be instituted or asserted in the future against the Company. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with certainty. Provisions have been accounted for in accordance with IFRS criteria. It is reasonably possible that the final resolution of some of these matters may require the Company to make expenditures, in excess of established provisions over an extended period of time and in a range of amounts that cannot be reasonably estimated. The term “reasonably possible” is used herein to mean that the chance of a future transaction or event occurring is more than remote but less than likely. 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 AIRBUS - FINANCIAL STATEMENTS 2025 - 69 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, certain of the Company's current and former directors and officers, and the Company's current and former auditors. 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, which the plaintiff may appeal within three months of such date. 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. Norway NH90 In a notice of termination dated 9 June 2022, the Norwegian Defence Materiel Agency (“NDMA”) notified NHIndustries SAS ("NHI") of the Norwegian Ministry of Defence's decision to terminate its contract for the supply of 14 NH90 helicopters. In a press release dated 10 June 2022, NHI noted it "is extremely disappointed by the decision taken by the Norwegian Ministry of Defence and refutes the allegations being made against the NH90 as well as against [NHI]. The parties filed their respective claims before the Oslo City Court in 2024. During the fourth quarter of 2025 the parties reached an amicable settlement, pursuant to which NHI agreed to take back the delivered aircraft (along with associated spare parts, tools and mission-specific equipment), and make a cash payment of € 305 million (in addition to an approximately € 70 million previously paid pursuant to bank guarantees). This settlement resolved all disputes between the parties relating to the Norwegian NH90 programme. 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. 39. Auditors Fees With reference to Section 2:382a (1) and (2) of the Netherlands Civil Code, the following fees for the financial year 2025 and 2024 have been charged by EY to the Company, its subsidiaries and other consolidated entities: AIRBUS - FINANCIAL STATEMENTS 2025 - 70 (In € thousand) 2025 2024 Audit of the Financial Statements 14,424 13,385 Other audit engagements (including CSRD fees) 1,519 1,589 Tax services 111 266 Other non-audit services 1,899 4,498 Total 17,953 19,738 Other audit firms have audit fees related to audit process, certification and examination of individual and consolidated accounts of € 9 million in 2025 (2024: € 9 million). 40. Events after the Reporting Date There are no subsequent events after the reporting date. 2.9. Appendix “Simplified Airbus Structure” The Company simplified principal investments structure for the year ended 31 December 2025 is as follows (for further information, please refer to the Company’s website): 2025 (1) % Company (2) Countries / Regions F - Airbus SE Netherlands F 100.00 Airbus Aerostructures GmbH Germany F 100.00 Airbus Americas, Inc. USA F 100.00 Airbus Atlantic SAS France F 75.00 Airbus Canada Limited Partnership Canada F 100.00 Airbus Defence and Space GmbH Germany F 100.00 Airbus Defence and Space Holding France SAS France F 100.00 Airbus Defence and Space Limited United Kingdom F 100.00 Airbus Defence and Space SAS France F 100.00 Airbus Defence and Space, S.A. Spain F 100.00 Airbus Helicopters Deutschland GmbH Germany F 100.00 Airbus Helicopters España, SA Spain F 100.00 Airbus Helicopters SAS France F 100.00 Airbus Helicopters UK Limited United Kingdom F 100.00 Airbus Operations GmbH Germany F 100.00 Airbus Operations Limited United Kingdom F 100.00 Airbus Operations SAS France F 100.00 Airbus Operations SL Spain F 100.00 Airbus SAS France E 50.00 ArianeGroup SAS France E 50.00 ATR GIE France F 100.00 Computadoras, Redes e Ingeniería, SA Spain E 45.00 Elbe Flugzeugwerke GmbH Germany E 37.50 MBDA SAS France (1) F: Fully consolidated and E: At equity consolidated (2) The stated percentage of ownership is related to Airbus SE. Legal forms are indicated for information purposes and are not always part of the legal name of the company. AIRBUS - FINANCIAL STATEMENTS 2025 - 71 IFRS Company Financial Statements l l AIRBUS FINANCIAL STATEMENTS - 1 2025 2025 3 Airbus SE IFRS Company Financial Statements IFRS Company Income Statement for the years ended 31 December and (In € million) Note 2025 2024 (1) Operating income 62 69 Operating expenses (68) (73) Dividend received 2,841 4,290 Gain (Loss) on disposals of investments 7, 10 13 3 Total operating result 7 2,848 4,289 Interest income 991 1,176 Interest expenses (1,211) (1,667) Other financial result 621 146 Total financial result 8 401 (345) Profit (Loss) before income taxes 3,249 3,944 Income taxes 9 67 (80) Profit (Loss) for the period 3,316 3,864 (1) 2024 figures have been restated to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. IFRS Company Statement of Comprehensive Income for the years ended 31 December and (In € million) 2025 2024 (1) Profit (Loss) for the period 3,316 3,864 Other comprehensive income Items that may be reclassified to profit or loss: Change in fair value of financial assets 86 153 Other comprehensive income, net of tax 86 153 Total comprehensive income of the period 3,402 4,017 (1) 2024 figures have been restated to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. AIRBUS - FINANCIAL STATEMENTS - 2 2025 2024 2025 2024 2025 IFRS Company Statement of Financial Position for the years ended 31 December and (In € million) Note 2025 2024 (1) Assets Non-current assets Investments in Subsidiaries, Associates and Participations 10 21,768 21,214 Long-term financial assets 11 3,916 4,525 Non-current other financial assets 11 1,191 3,085 Non-current other assets 10 13 Non-current securities 15 9,199 8,354 Total non-current assets 36,084 37,191 Current assets Trade receivables 18 20 Short-term financial assets 11 53 43 Current other financial assets 11 970 2,551 Current accounts Airbus companies 11 9,522 6,544 Current other assets 303 257 Current securities 15 2,965 2,710 Cash and cash equivalents 15 8,745 12,290 Total current assets 22,576 24,415 Total assets 58,660 61,606 Equity and liabilities Stockholders' equity 14 Capital stock 793 793 Share premium 4,003 4,003 Retained earnings 9,402 7,778 Legal reserves (115) (201) Treasury shares (955) (590) Result of the year 3,316 3,864 Total equity 16,444 15,647 Non-current liabilities Long-term financing liabilities 15 5,976 7,482 Non-current financial liabilities 11 1,979 3,917 Total non-current liabilities 7,955 11,399 Current liabilities Short-term financing liabilities 15 4,400 3,395 Current accounts Airbus companies 11 28,720 28,379 Current financial liabilities 11 981 2,556 Current tax liabilities 16 80 Current other liabilities 144 150 Total current liabilities 34,261 34,560 Total equity and liabilities 58,660 61,606 AIRBUS - FINANCIAL STATEMENTS - 3 2025 2024 2025 (1) 2024 figures have been restated to reflect changes in the presentation of short-term financing liabilities with associated companies and to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. AIRBUS - FINANCIAL STATEMENTS - 4 2025 IFRS Company Statement of Cash Flows for the years ended 31 December and (In € million) Note 2025 2024 (1) Operating Activities Profit (Loss) for the period (Net income) 3,316 3,864 Adjustments to reconcile profit for the period to cash provided by operating activities: Interest income (990) (1,176) Interest expense 1,211 1,667 Interest received 923 1,092 Interest paid (1,232) (1,689) Tax expense (income) (64) 80 Valuation adjustments (625) (128) Dividends income 7 (2,841) (4,290) Change in current and non-current provisions 7 1 Change in other operating assets and liabilities (8) (51) Trade receivables (2) (7) Trade liabilities 2 (5) Other assets and liabilities and others (8) (39) Cash provided by (used for) operating activities (303) (630) Investing activities Acquisitions of subsidiaries and businesses (net of cash acquired) and joint ventures 10 (30) (770) Proceeds from disposals of subsidiaries (net of cash acquired) 10 185 3 Dividends received 2,835 4,290 Payments for long-term financial assets (1,953) (1,282) Proceeds from long-term financial assets 2,353 1,390 Payments for investments in securities (4,726) (4,091) Proceeds from disposals of securities 3,349 1,515 Others 4 252 189 Cash provided by (used for) investing activities 2,265 1,243 Financing activities Increase in financing liabilities 15 257 762 Repayment of financing liabilities 15 (597) (848) Change in current accounts Airbus companies (2) (1,595) (794) Cash distribution to Airbus SE shareholders (2,372) (2,215) Changes in capital 0 97 Change in treasury shares 14 (565) (276) Cash provided by (used for) financing activities (4,872) (3,274) Effect of foreign exchange rate changes on cash and cash equivalents (635) 333 Net increase in cash and cash equivalents (3,545) (2,328) Cash and cash equivalents at beginning of period 12,290 14,618 Cash and cash equivalents at end of period 15 8,745 12,290 AIRBUS - FINANCIAL STATEMENTS - 5 2025 2024 2025 (1) 2024 figures have been restated to reflect changes in the presentation of short-term financing liabilities with associated companies and to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. (2) Airbus SE maintains current accounts with group entities. Total assets and total liabilities in this regard are presented in the balance sheet. The changes in these current accounts are presented in net in the Company statement of Cash Flows as reflecting the changes in net cash-pool position for the company. AIRBUS - FINANCIAL STATEMENTS - 6 2025 IFRS Company Statement of Changes in Equity for the years ended 31 December and Legal reserves (1) Accumulated other comprehensive income (In € million) Capital stock Share premium Retained earnings Financial assets at fair Value Cash flow hedges Treasury shares Total equity Balance at 1 January 2024 791 3,983 9,682 (354) 0 (390) 13,712 Profit (Loss) for the period 0 0 3,864 0 0 0 3,864 Other comprehensive income 0 0 0 153 0 0 153 Total comprehensive income of the period 0 0 3,864 153 0 0 4,017 Capital increase 2 20 0 0 0 0 22 Share-based payment (IFRS 2) 0 0 311 0 0 0 311 Cash distribution to Airbus SE shareholders 0 0 (2,215) 0 0 0 (2,215) Change in treasury shares 0 0 0 0 0 (200) (200) Balance at 31 December 2024 (2) 793 4,003 11,642 (201) 0 (590) 15,647 Profit (Loss) for the period 0 0 3,316 0 0 0 3,316 Other comprehensive income 0 0 0 86 0 0 86 Total comprehensive income of the period 0 0 3,316 86 0 0 3,402 Capital increase 0 0 0 0 0 0 0 Share-based payment (IFRS 2) 0 0 333 0 0 0 333 Cash distribution to Airbus SE shareholders 0 0 (2,372) 0 0 0 (2,372) Change in treasury shares 0 0 (201) 0 0 (365) (566) Balance at 31 December 2025 793 4,003 12,718 (115) 0 (955) 16,444 (1) The distribution of Legal Reserves, when positive, is restricted by Dutch law (2) 2024 figures have been restated to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. AIRBUS - FINANCIAL STATEMENTS - 7 2025 2024 2025 Notes to the IFRS Company Financial Statements l l Contents 4.1 Basis of Preparation 9 1. The Company 9 2. Geopolitical and Macroeconomic Environment 9 3. Climate-related impacts 9 4. Material Accounting Policies 9 5. Key Estimates and Judgements 10 6. Related Party Transactions 11 4.2 Company Performance 12 7. Total Operating Result 12 8. Total Financial Result 12 9. Income Taxes 13 4.3 Operational Assets and Liabilities 15 10. Investments in Subsidiaries, Associates and Participations 15 11. Financial Assets and Financial Liabilities 16 12. Commitments and Contingencies 17 4.4 Employees 18 13. Number of Employees 18 4.5 Capital Structure and Financial Instruments 18 14. Total Equity 18 15. Cash, Securities and Financing Liabilities 20 15.1 Net Cash 20 15.2 Cash and Cash Equivalents 20 15.3 Securities 21 15.4 Financing Liabilities 22 16. Information about Financial Instruments 24 16.1 Financial Risk Management 24 16.2 Carrying Amounts and Fair Values of Financial Instruments 26 16.3 Potential Effect of Set-Off Rights on Recognised Financial Assets and Liabilities 29 16.4 Notional Amounts of Derivative Financial Instruments 29 16.5 Derivative Financial Instruments and Hedge Accounting Disclosure 30 16.6 Net Gains or Net Losses 30 16.7 Impairment Losses 30 4.6 Other Notes 32 17. Auditor Fees 32 18. Events after the Reporting Date 32 AIRBUS - FINANCIAL STATEMENTS - 8 2025 2025 Notes to the IFRS Company Financial Statements 4.1 Basis of Preparation 1. The Company The Company’s principal activity is acting as a holding and management company for the subsidiaries of Airbus SE, 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 is listed on the European stock exchanges in Paris, Frankfurt am Main, Madrid, Barcelona, Valencia and Bilbao. The IFRS Company Financial Statements were authorised for issue by the Company’s Board of Directors on 18 February 2026. 2. Geopolitical and Macroeconomic Environment Regarding the impact of changes in the macroeconomic environment, please refer to “- Note 2: Geopolitical and Macroeconomic Environment ” of the Consolidated Financial Statements. 3. Climate-related impacts Regarding the Climate impacts please refer to “- Note 3: Climate-related impacts” of the Consolidated Financial Statements. 4. Material Accounting Policies Basis of preparation — The Company’s Financial Statements 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”) and with Part 9 of Book 2 of the Netherlands Civil Code. 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. The accounting policies applied in the preparation of the consolidated financial statements have been consistently applied across all years presented, as detailed in the Notes to the Consolidated Financial Statements. In accordance with IAS 8, the entity has made a change in accounting policy regarding the treatment of the Employee Stock Option Plan (ESOP) and Long-Term Incentive Plan (LTI plan) recharges related to subsidiaries. Previously, these recharges were recognized in the income statement (line Operating income). Effective from 1 January 2025, the recharges are now recognized as part of the investments in subsidiaries (line Investments in Subsidiaries, Associates and Participations) with adjustment of the comparative figures; restatement of € 189 million in 2024 and € 252 million in 2025. In the Company Financial Statements, the investments in subsidiaries and associates are recorded at acquisition cost. In the Company Income Statement, dividends received from investments are recorded as dividend income. Due to this application, the Company equity and net result are not equal to the consolidated equity and net result. A reconciliation of the total shareholders’ equity and profit for the period is presented in “-Note 14: Total Equity” of the Company Financial Statements. The Company Financial Statements have been prepared on a historical cost basis, except for the equity instruments, securities and derivative instruments that have been measured at fair value. Regarding the application of new, revised or amended IFRS issued and applying from 1 January and issued but not yet applied please refer to ”- Note 6: Change in Accounting Policies and Disclosures” of the Consolidated Financial Statements. AIRBUS - FINANCIAL STATEMENTS - 9 2025 2025 A number of new or revised standards, amendments and improvements to standards as well as interpretations are not yet effective for the year ended 31 December and have not been applied in preparing these Consolidated Financial Statements and early adoption is not planned: Standards and related amendments IASB effective date for annual reporting periods beginning on or after Endorsement status Annual Improvements Volume 11 1 January 2026 Endorsed Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments 1 January 2026 Endorsed Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity 1 January 2026 Endorsed IFRS 18: Presentation and Disclosure in Financial Statements 1 January 2027 Not yet endorsed IFRS 19: Subsidiaries without Public Accountability: Disclosures 1 January 2027 Not yet endorsed Amendments to IAS 21: The Effects of Change in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency 1 January 2027 Not yet endorsed In April 2024, the IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, effective for annual periods beginning on or after 1 January 2027. The Company is currently analysing the potential impacts of this new standard on its IFRS Company Financial Statements. The information with regard to Capital Management is disclosed in “- Note 35: Capital Management”, further information about Litigation and Claims refers to “- Note 38: Litigation and Claims” and Events after the Reporting Date are disclosed in “- Note 40: Events after the Reporting Date” of the Consolidated Financial Statements. Further information about Share-based payment and Employee Stock Ownership Plans (ESOP) is presented in “- Note 32: Share-based Payment” and “- Note 33: Remuneration” of the Consolidated Financial Statements. Unless reference is made to the accounting policies described in the Consolidated Financial Statements, the main accounting policies applied in the preparation of these Company Financial Statements are described in each accounting area. These accounting policies have been consistently applied to all financial years presented, unless otherwise stated. 5. Key Estimates and Judgements The preparation of the Company Financial Statements requires the use of estimates and assumptions. In preparing these Financial Statements, management exercises its best judgment based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. The details regarding the use of estimates and judgements are described in “- Note 5: Key Estimates and Judgements” of the Consolidated Financial Statements. Key accounting estimates and judgements affecting the assessment and measurement of impairment are included in “- Note 10: Investments in Subsidiaries, Associates and Participations” of the IFRS Company Financial Statements. AIRBUS - FINANCIAL STATEMENTS - 10 2025 2025 6. Related Party Transactions Key Management Personnel The details regarding the compensation of key management personnel are described in “- Note 33: Remuneration” of the Consolidated Financial Statements. Related Party Transactions A comprehensive exchange of internal services between the subsidiaries of a multinational corporation like Airbus SE is common practice. In its responsibility as holding company to manage its subsidiaries and associates; and to assist the business activities conducted by Airbus companies and its subsidiaries, the Company applies transfer prices for its business activities in conformity with market levels and in accordance with national and international tax requirements (arm’s length principle). The following table discloses the related party intercompany transactions in and : 2025 2024 (2) (In € million) Total transactions with subsidiaries Total transactions with associates Total transactions with subsidiaries Total transactions with associates Sales of goods and services and other income (1) 3,194 57 4,760 35 Purchases of goods and services and other expenses (797) (79) (1,089) (93) Receivables at 31 December 9,541 0 6,562 1 Liabilities at 31 December (28,720) (2) (28,379) 0 Loans granted / Other receivables due at 31 December 3,861 78 4,486 82 Loans received / Other liabilities due at 31 December 0 (3,057) 0 (2,837) Hedge relationships receivables at 31 December 539 0 4,912 0 Hedge relationships payables at 31 December 1,609 0 719 0 (1) mainly including dividends received for € 2,787 million in ( : €4,264 million). 2) 2024 figures have been restated to reflect changes in the presentation of short-term financing liabilities with associated companies and to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. For further information about granted guarantees to subsidiaries please refer to “- Note 12: Commitments and Contingencies” of the IFRS Company Financial Statements. For further information about the impairment and the expected credit losses on receivables, please refer to “- Note 16.7: Impairment Losses” of the IFRS Company Financial Statements. AIRBUS - FINANCIAL STATEMENTS - 11 2025 2024 2025 2024 2025 4.2 Company Performance 7. Total Operating Result (In € million) Note 2025 2024 (1) Operating income 62 69 Corporate services rendered to Airbus companies 62 69 Operating expenses (68) (73) Service fees charged by Airbus companies (17) (30) Administrative expenses (51) (43) Income from investments 2,854 4,293 Dividends received 2,841 4,290 Gain on disposal of investments 13 3 Expense from investments 0 0 Impairment 10 0 0 Total operating result 2,848 4,289 (1) 2024 figures have been restated to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. Corporate services rendered to Airbus companies decreased by € 7 million to € 62 million ( : € 69 million). In , Airbus SE received a dividend from Airbus SAS of € 2,090 million ( : € 3,653 million). 8. Total Financial Result (In € million) Note 2025 2024 Interest result (220) (491) Interest income from securities measured at fair value through OCI 337 274 Interest income (expenses) from securities measured at fair value through P&L 213 368 Interest income on financial assets measured at amortised cost 441 534 Interest expense on financial liabilities measured at amortised cost (1,211) (1,667) Other financial result 621 146 Change in fair value measurement of financial instruments 10 615 177 Impairment and Expected Credit Loss 16 1 (2) Others (1) 5 (29) Total financial result 401 (345) (1) Other includes various amounts such as foreign exchange result, bank fees and guarantee fees. The Company is acting as a financial market agent on behalf of its subsidiaries, therefore the fair value changes of derivatives are reported on a net basis. AIRBUS - FINANCIAL STATEMENTS - 12 2024 2025 2024 2025 9. Income Taxes The Company is tax registered in the Netherlands. The Company is heading a fiscal unity, which also includes Airbus Netherlands B.V. Therefore the Company is severally and jointly liable for income tax liabilities of the fiscal unity as a whole. Income taxes — The tax expense for the year comprises deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised directly in Other Comprehensive Income. The amount of income tax included in the Income Statement is determined in accordance with the rules established by the tax authorities in the Netherlands, based on which income taxes are payable or recoverable. Deferred tax assets and/or liabilities, arising from temporary differences between the carrying amounts of assets and liabilities and the tax base of assets and liabilities, are calculated using the substantively enacted tax rates expected to apply when they are realised or settled. Deferred tax assets are recognised if it is probable that they will be realised. The expense for income taxes is comprised of the following: (In € million) 2025 2024 Current tax income (expense) 67 (80) thereof global minimum top-up tax (1) (1) Deferred tax income (expense) 0 0 Total 67 (80) The Group is subject to the global minimum top-up tax under Pillar Two tax legislation. The Group recognised a current tax expense of € 1 million related to the top-up tax (2024: € 1 million) which is levied on the Company. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. The following table shows reconciliation from the theoretical income tax (expense) using the Dutch corporate tax rate to the reported income tax (expense): (In € million) 2025 2024 (1) Profit (loss) before income taxes 3,249 3,944 Corporate income tax rate 25.8% 25.8% Expected income (expense) for income taxes (838) (1,018) Non-taxable income from investment and associates 901 1,105 Income from other companies within the fiscal unity (1) (1) Other non-deductible expenses and tax-free income (0) 49 Changes in valuation allowances (2) (62) (136) Tax contingencies 67 (79) Reported income (expense) for income taxes 67 (80) (1) 2024 figures have been restated to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. (2) Reassessment of recoverability of deferred tax assets based on future taxable profits. AIRBUS - FINANCIAL STATEMENTS - 13 2025 Deferred income taxes as of 31 December are related to the following assets and liabilities: 1 January 2025 Other movements Movement through income statement 31 December 2025 (In € million) Deferred tax assets Deferred tax liabilities OCI Others Deferred tax benefit (expense) Deferred tax assets Deferred tax liabilities Securities 52 0 (22) 0 0 30 0 Financial instruments 427 (6) 0 0 50 474 (3) Net operating loss and tax loss carry forwards 77 0 0 0 13 90 0 Deferred tax assets (liabilities) before offsetting 556 (6) (22) 0 63 594 (3) Valuation allowances on deferred tax assets (550) 0 22 0 (63) (591) 0 Set-off (6) 6 0 0 0 (3) 3 Net deferred tax assets (liabilities) 0 0 0 0 (0) 0 0 Deferred income taxes as of 31 December are related to the following assets and liabilities: 1 January 2024 Other movements Movement through income statement 31 December 2024 (In € million) Deferred tax assets Deferred tax liabilities OCI Others Deferred tax benefit (expense) Deferred tax assets Deferred tax liabilities Securities 91 0 (39) 0 0 52 0 Financial instruments 307 (13) 0 0 127 427 (6) Net operating loss and tax loss carry forwards 68 0 0 0 9 77 0 Deferred tax assets (liabilities) before offsetting 466 (13) (39) 0 136 556 (6) Valuation allowances on deferred tax assets (453) 0 39 0 (136) (550) 0 Set-off (13) 13 0 0 0 (6) 6 Net deferred tax assets (liabilities) (0) 0 0 0 0 0 0 Deferred taxes on net operating losses (“NOLs”), trade tax loss carry forwards and tax credit carry forwards are: (In € million) 2025 2024 NOLs 349 299 Tax credit carry forwards 0 0 Tax effect 90 77 Valuation allowances (90) (77) Deferred tax assets on NOLs and tax credit carry forwards 0 0 As of 1 January , tax losses can be carried forward indefinitely but profits in one year which exceed EUR 1 million will only be offsetable for up to 50 percent of that higher taxable profit against losses, minus an amount of EUR 1 million. AIRBUS - FINANCIAL STATEMENTS - 14 2025 2024 2025 2025 4.3 Operational Assets and Liabilities 10. Investments in Subsidiaries, Associates and Participations (In € million) Subsidiaries Associates Participations Total Balance at 31 December 2023 18,487 49 1,609 20,145 Additions 770 0 0 770 Disposals 0 0 0 0 Impairment 0 0 0 0 Share-based payments (IFRS 2) (1) 122 0 0 122 Fair value changes through Profit or Loss 0 0 177 177 Balance at 31 December 2024 (2) 19,379 49 1,786 21,214 Additions 30 0 0 30 Disposals (43) 0 (130) (173) Impairment 0 0 0 0 Share-based payments (IFRS 2) (1) 81 0 0 81 Fair value changes through Profit or Loss (3) 0 0 615 615 Balance at 31 December 2025 19,448 49 2,271 21,768 (1) Net presentation of Retained earnings on share-based payments (IFRS 2) “- Note: IFRS Company Statement of Changes in Equity for the years ended 31 December and ” and ESOP/LTI plan cost recharged to Airbus subsidiaries “- Note 4: Material Accounting Policies”. (2) 2024 figures have been restated to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. (3) For more details please refer to “- Note 21: Other Investments and Other Long-Term Financial Assets” of the Consolidated Financial Statements. Investments in Subsidiaries, Associated Companies and Participations Investments in subsidiaries and associated companies are stated at cost, less impairment. Dividend income from the Company’s subsidiaries and associated companies is recognised when the right to receive payment is established. The participations are stated at fair value with mainly changes in fair value recognised in Profit and Loss. For the purpose of impairment testing all consolidated subsidiaries are allocated to cash generating units (“CGU”) in a way they are monitored for internal management purposes. At each balance sheet date, the Company reviews whether there is an indication that a CGU to which its investments in subsidiaries and associated companies belong to are impaired. An indication for impairment of the investments in subsidiaries and associated companies may include, respectively, management’s downward adjustment of the strategic plan, a significant decrease in the share price of a publicly listed company or a significant decrease in future sales. Further indications for impairment of its investments may include other areas where observable data indicates that there is a measurable decrease in the estimated future cash flows. These determinations require significant judgement. In making this judgement, management evaluates, among other factors, the financial performance of and business outlook for its investments, including factors such as industry and sector performance, changes in technology and operational and financing cash flow. If any indication for impairment exists, the recoverable amount of the investments is estimated in order to determine the amount, if any, of the impairment loss. An investment is impaired if its recoverable amount is lower than its carrying value. The recoverable amount is defined as the higher of an investment’s fair value less costs of disposal and its value in use. The determination of the investment’s value in use is based on calculations using pre-tax cash flow projections. The discounted cash flow method is used to determine the recoverable amount of a CGU to which its investments in subsidiaries and associated companies belong. Refer to “- Note 19 : Intangible Assets” of the Consolidated Financial Statements for more details on key assumptions used. If the recoverable amount of an investment is estimated to be less than its carrying amount, the carrying amount of the investment is reduced to its recoverable amount. Any impairment loss is recognised immediately in the Income Statement. Impairment losses recognised in prior periods shall be reversed only if there has been a change in the estimates or external market information used to determine the investment’s recoverable amount since the last impairment loss was recognised. The AIRBUS - FINANCIAL STATEMENTS - 15 2025 2024 2025 recoverable amount shall not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years. Change of Investments in Subsidiaries, Associated Companies and Participations During the year , Airbus SE disinvested from AviChina € (130) million and made other capital increases and contributions to participations and subsidiaries for a total amount of € 30 million ( : € 23 million) Principal investments of the Company 2025 2024 % Company Head office 100.00 100.00 Airbus Defence and Space Ltd. Stevenage (UK) 100.00 100.00 Aero Ré S.A. Bertrange (Luxembourg) 100.00 100.00 Airbus Netherlands B.V. Leiden (Netherlands) 100.00 100.00 Airbus Defence and Space S.A. Madrid (Spain) 100.00 100.00 Airbus Bank GmbH Munich (Germany) 61.47 61.47 Airbus Defence and Space GmbH Taufkirchen (Germany) 94.73 94.73 Airbus S.A.S. Toulouse (France) 10.56 10.53 Dassault Aviation S.A. Paris (France) 5.33 5.33 Airbus GmbH Hamburg (Germany) Percentages represent shares held directly by Airbus SE. 11. Financial Assets and Financial Liabilities Financial assets at 31 December and : 31 December (In € million) 2025 2024 Long-term loans Airbus companies (1) 3,916 4,525 Positive fair values of derivative financial instruments 1,191 3,085 Non-current financial assets 5,107 7,610 Positive fair values of derivative financial instruments 970 2,551 Current portion long-term loans Airbus companies 53 43 Current accounts Airbus companies (1) 9,522 6,544 Current financial assets 10,545 9,138 Total 15,652 16,748 (1) The receivables from subsidiaries include mainly transactions in connection with the cash pooling in the Company. Terms and conditions are in agreement with the prevailing market environment. AIRBUS - FINANCIAL STATEMENTS - 16 2025 2024 2025 2024 2025 Financial liabilities at 31 December and : 31 December (In € million) 2025 2024 (1) Negative fair values of derivative financial instruments 1,979 3,917 Non-current financial liabilities 1,979 3,917 Negative fair values of derivative financial instruments 981 2,556 Current accounts Airbus companies (2) 28,720 28,379 Current financial liabilities 29,701 30,935 Total 31,680 34,852 (1) 2024 figures have been restated to reflect changes in the presentation of short-term financing liabilities with associated companies. (2) The liabilities to subsidiaries include mainly transactions in connection with the cash pooling in Airbus SE. Terms and conditions are in agreement with the prevailing market environment. 12. Commitments and Contingencies Off-Balance Sheet Commitments Airbus SE issued guarantees on behalf of Airbus companies in the amount of € 11,603 million ( : € 11,571 million). The commitments of these companies to third parties mainly relate to their operating business as described in “- Note 20: Property, Plant and Equipment”, “- Note 27: Sales Financing Transactions”, “- Note 37: Financial Instruments” and “- Note 36.3: Financing Liabilities” of the Consolidated Financial Statements. On 8 December 2015, Airbus SE entered into a partnership agreement to establish a corporate venture capital fund, dubbed Airbus Group Ventures Fund II, L.P., with a total commitment amount of US$ 150 million. The remaining commitment is US$ 2 million at 31 December . On 1 April 2019, Airbus SE entered into a partnership agreement with effective date 1 July 2019 to establish a venture capital fund, dubbed Airbus Ventures Fund III, L.P., with a total commitment amount of US$ 100 million. The remaining commitment is US$ 5 million at 31 December . On 22 October 2022, Airbus SE entered into a partnership agreement to establish a venture capital fund, dubbed Airbus Ventures Fund IV, L.P., with a total commitment amount of US$ 75 million. The remaining commitment is US$ 19 million at 31 December . In addition, the Company has two guarantees to cover its obligation towards the Scheme and the BAE Systems pension schemes. To mitigate its exposure, the first guarantee covers an amount up to GBP 1.25 billion for an unlimited period of time while the second one covers an uncapped amount terminating in 2046, respectively for the Scheme and the BAE Systems Pension Schemes. AIRBUS - FINANCIAL STATEMENTS - 17 2025 2024 2024 2025 2025 2025 2025 4.4 Employees 13. Number of Employees The average number of the persons employed by the Company in the Netherlands in was 23 ( : 21). The number of the persons employed by the Company in the Netherlands as of 31 December was 22 ( : 21). 4.5 Capital Structure and Financial Instruments 14. Total Equity Airbus SE’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) 2025 2024 Issued as at 1 January 792,283,683 790,459,434 Issued for ESOP 0 1,824,249 Issued as at 31 December 792,283,683 792,283,683 Treasury shares (5,055,938) (4,327,432) Outstanding at 31 December 787,227,745 787,956,251 Authorised shares 3,000,000,000 3,000,000,000 Holders of ordinary shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. Capital stock comprises the nominal amount of shares outstanding. In 2025, there is no addition to capital stock related to the implemented ESOPs (2024: € 1,824,249). Share premium mainly results from contributions in kind in the course of the creation of the Company, cash contributions from the Company’s Initial Public Offering, capital increases and reductions due to the issuance and cancellation of shares. Retained earnings include mainly the profit of the period and cash dividend payments to Airbus SE shareholders. On 15 April 2025, the Annual General Meeting (“AGM”) decided to distribute a gross amount of € 2.00 per share and a special dividend of € 1.00 per share, which was paid on 24 April 2025. For the fiscal year 2025, the Board of Directors will propose the payment of a dividend of € 3,20 per share to the 2025 Annual General Meeting taking place on 15 April 2026. The proposed payment date is 23 April 2025. Legal reserves include: - change from financial assets at fair value (see “– Note 16.2: Carrying Amounts and Fair Values of Financial Instruments” of the IFRS Company Financial Statements); - change in fair value of derivatives designated as cash flow hedges (see “– Note 16: Information about Financial Instruments” of the IFRS Company Financial Statements). According to Dutch law, Legal reserves cannot be distributed for dividend purposes when positive. Treasury shares represent the amount paid or payable for own shares held in treasury. During , the number of treasury stock held by the Company increased to 5,055,938 compared to 4,327,432 as of 31 December , mainly due to the share buybacks partly offset by delivery of shares under ESOP in 2025 and vested shares in under LTI plan 2020 (see “– Note 32: Share-based Payment” of the Consolidated Financial Statements). No shares were sold back to the market nor cancelled in ( : 0 shares). In 2025, the Company performed share buyback to support ESOP activities and LTI plan of € (916) million, thereof € (102) million mainly related to 2025 campaigns and € (814) million for future campaigns. AIRBUS - FINANCIAL STATEMENTS - 18 2025 2024 2025 2024 2025 2024 2025 2025 2024 2025 Authorisations Granted by the Annual’ General Meeting of Airbus SE Held on 15 April 2025 On 15 April 2025, the AGM of the Company authorised the Board of Directors, for a period expiring at the AGM to be held in 2026, to issue shares and to grant rights to subscribe for shares in the Company’s share capital for the purpose of: - ESOPs and share-related LTI plans, provided that such powers shall be limited to an aggregate of 0.18% of the Company’s authorised share capital (see “– Note 32: Share‑based Payment” of the Consolidated Financial Statements); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company’s authorised share capital (see “– Note 36.3: Financing Liabilities” of the Consolidated Financial Statements). For each operation, such powers shall not extend to issuing shares or granting rights to subscribe for shares if there is no preferential subscription right and for an aggregate issue price in excess of € 500 million per share issuance. On 15 April 2025, the AGM authorised the Board of Directors for an 18 months period to repurchase up to 10% of the Company’s issued share capital at a price per share not less than the nominal value and not more than the higher of the price of the last independent trade and the highest current independent bid on the trading venues of the regulated market of the country in which the purchase is carried out. Furthermore, the AGM authorised the Board of Directors to determine on a case by case basis the share repurchase programmes to be implemented by the Company, if any. Reconciliation Consolidated to Company Equity and Net Income The difference between the total shareholders’ equity according to the Consolidated Financial Statements and Company’s Financial Statements as at 31 December and is as follows: (In € million) 2025 2024 Consolidated Equity attributable to equity holders of the parent 26,104 19,606 OCI - Restatement of investments from Consolidated to Company Financial Statements (45) 3,085 Retained Earnings - Restatement of investments from Consolidated to Company Financial Statements (10,287) (7,715) Retained Earnings - Valuation investments at historical cost 1,488 1,487 Retained Earnings - Impairment of financial assets (816) (816) Company's Equity 16,444 15,647 The difference between the net income according to the Consolidated Financial Statements and Company’s Financial Statements for the year ended 31 December and is as follows: (In € million) 2025 2024 (1) Consolidated net income attributable to equity owners of the parent 5,221 4,232 Income from investments according to Consolidated Financial Statements (4,705) (4,443) Income from investments according to Company Financial Statements 2,800 4,075 Company’s net income (Profit or loss for the period) 3,316 3,864 (1) 2024 figures have been restated to reflect changes in the accounting policy of ESOP/LTI plan cost recharge to Airbus subsidiaries. AIRBUS - FINANCIAL STATEMENTS - 19 2025 2024 2025 2024 2025 15. Cash, Securities and Financing Liabilities 15.1 Net Cash 31 December (In € million) 2025 2024 (1) Cash and Cash equivalents 8,745 12,290 Current securities 2,965 2,710 Non-current securities 9,199 8,354 Gross cash position 20,909 23,354 Short-term financing liabilities (2) (4,400) (3,395) Long-term financing liabilities (2) (5,976) (7,482) Interest rate swap (799) (832) Total 9,734 11,645 (1) 2024 figures have been restated to reflect changes in the presentation of short-term financing liabilities with associated companies. (2) Including € 5 million of lease liabilities ( : € 7 million). The net cash position on 31 December amounted to € 9,734 million ( : € 11,645 million), with a gross cash position of € 20,909 million ( : € 23,354 million). 15.2 Cash and Cash Equivalents Cash and cash equivalents are composed of the following elements: 31 December (In € million) 2025 2024 Bank accounts and petty cash 2,004 1,506 Short-term securities (at fair value through profit or loss) 5,004 10,042 Short-term securities (at fair value through OCI) 1,737 742 Total cash and cash equivalents 8,745 12,290 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. The main variations are as follows: Cash provided by operating activities amounted to € (303) million in . Cash used for investing activities amounted to € 2,265 million, mainly reflecting dividends received of € 2,835 million and net contributions in subsidiaries for an amount of € (407) million partly offset by net investment in securities for € (1,377) million. Cash used for financing activities amounted to € (4,872) million and mainly reflects the dividend payment € (2,372) million and the decrease in financing liabilities € (597) million (see “- Note: IFRS Company Statement of Cash Flows for the years ended 31 December and ”). AIRBUS - FINANCIAL STATEMENTS - 20 2024 2025 2024 2024 2025 2025 2024 2025 15.3 Securities 31 December (In € million) 2025 2024 Current securities (at fair value through OCI) 2,965 2,710 Non-current securities (at fair value through OCI) 9,199 8,354 Total securities 12,164 11,064 The majority of the Company’s securities consists of debt securities and are classified at fair value through OCI (see “– Note 37.2: Carrying Amounts and Fair Values of Financial Instruments” of the Consolidated Financial Statements). Included in the securities portfolio as of 31 December 2025 and 2024, respectively, are corporate and government bonds all bearing fixed rate coupons (€ 12,283 million nominal value; 2024: € 11,284 million). When the Company enters into securities lending or other financing activities that involve the pledging of securities as collateral, the securities pledged continue to be recognised on the balance sheet. As of 31 December and , there were no securities pledged as collateral for borrowings from banks. AIRBUS - FINANCIAL STATEMENTS - 21 2025 2024 2025 15.4 Financing Liabilities Financing liabilities include debt obligations towards financial institutions, issued corporate bonds, borrowings received from joint ventures and other parties as well as finance lease liabilities. Financing liabilities are recorded initially at the fair value of the proceeds received, net of transaction costs incurred. Subsequently, financing liabilities are measured at amortised cost, using the effective interest rate method with any difference between proceeds (net of transaction costs) and redemption amount being recognised in total finance income (cost) over the period of the financing liability. Financing liabilities to financial institutions may include liabilities from securities lending transactions. In securities lending transactions, the Company receives cash from its counterparty and transfers the securities subject to the lending transaction as collateral. The counterparty typically has the right to sell or repledge the securities pledged. The amount of cash received is recognised as a financing liability. The securities pledged are not derecognised, but remain on the Company’s Statement of Financial Position. Current and non-current classification – A financial liability is classified as current if it is due to be settled within 12 months after the reporting date or if the Company does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. Otherwise the Company classifies the financial liability as non-current. 31 December (In € million) 2025 2024 (1) Bonds and commercial papers 5,717 7,187 Liabilities to financial institutions 255 290 Lease liabilities 4 6 Total long term financing liabilities 5,976 7,483 Bonds and commercial papers 1,342 556 Liabilities to associated companies 3,057 2,837 Lease liabilities 1 1 Total short term financing liabilities 4,400 3,394 Total 10,376 10,877 (1) 2024 figures have been restated to reflect changes in the presentation of short-term financing liabilities with associated companies. Long-term financing liabilities, mainly comprising bonds and liabilities to financial institutions, decreased by € (1,507) million to € 5,976 million (2024: € 7,483 million), mainly due bonds reclassification to short-term in 2026 (EMTN 10 years maturing in May 2026 and 6 years maturing in June 2026), and the decrease in values of bonds linked to lower interest rates (see “– Note 16: Information about Financial Instruments” of the IFRS Company Financial Statements). Short-term financing liabilities increased by € +1,006 million to € 4,400 million (2024: €  3,394 million), mainly due to the EMTN 10 years maturing in May 2026 and the EMTN 6 years maturing in June 2026 reclassification in short-term financing liabilities partially offset by the EMTN 5 years repayment in April 2025. The Company can issue commercial papers under its € 11 billion Negotiable European Commercial Paper (“NEuCP”) programme, its € 4 billion Euro Commercial Paper (“ECP”) programme and its US$ 3 billion US Commercial Paper programme. As of 31 December , there were no outstanding amounts under any of its Commercial Paper Programme. The terms and repayment schedules of these bonds and loans are as follows: AIRBUS - FINANCIAL STATEMENTS - 22 Principal amount (In million) Carrying amount (In € million) Issuance date Coupon or interest rate Effective interest rate Maturity Additional features 31 December 2025 2024 EMTN 5 years €561 €0 556 Mar. 2020 1.63% 1.80% Apr. 2025 Interest rate swapped into 3M Euribor +2,01% EMTN 10 years €461 €458 448 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 6 years €894 €885 861 Jun. 2020 1.38% 1.47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% 2025 Non-cash movements (In € million) Balance at 1 January 2025 Cash flows Fair value through profit or loss Foreign exchange movements Others Balance at 31 December 2025 Bonds and commercial papers 7,743 (562) 35 (167) 9 7,059 Liabilities to financial institutions 290 (35) 0 0 0 255 Liabilities to associated companies 2,837 257 0 0 (38) 3,057 Total 10,870 (339) 35 (167) (28) 10,371 Non-cash movements (In € million) Balance at 1 January 2024 (1) Cash flows Fair value through profit or loss Foreign exchange movements Others Balance at 31 December 2024 (1) Bonds and commercial papers 8,315 (825) 155 81 17 7,743 Liabilities to financial institutions 213 77 0 0 0 290 Liabilities to associated companies 2,150 662 0 25 0 2,837 Total 10,678 (86) 155 106 17 10,870 (1) 2024 figures have been restated to reflect changes in the presentation of short-term financing liabilities with associated companies. AIRBUS - FINANCIAL STATEMENTS - 23 EMTN 8 years €611 €578 565 Mar. 2020 2.00% 2.10% Apr. 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 15 years €500 €479 478 Oct. 2014 2.12% 2.21% Oct. 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years €1,250 €1,117 1,103 Jun. 2020 1.63% 1.74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% EMTN 15 years €900 €814 813 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 12 years €1,000 €851 849 Mar. 2020 2.38% 2.49% Apr. 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years €1,000 €683 734 Jun. 2020 2.38% 2.44% Jun. 2040 Interest rate swapped into 3M Euribor +1,93% US$ Bond 10 Years US$ 750 €629 693 Apr. 2017 3.15% 3.20% Apr. 2027 Interest rate swapped into 1D SOFR US$ Bond 30 Years US$ 750 €566 €643 Apr. 2017 3.95% 4.02% Apr. 2047 Interest rate swapped into 1D SOFR + 0.31% Bonds 7,060 7,743 European investment Bank €165 €143 €154 Dec. 2023 3M Euribor +0.498 % 3M Euribor +0.498% Dec. 2038 KfW Development Bank €150 €112 €136 Jul. 2023 3M Euribor +0.59% 3M Euribor +0.59% Jul. 2029 Liabilities to financial institutions 255 290 Total 7,315 8,033 Thereof long-term financing liabilities 5,973 7,477 Thereof short-term financing liabilities 1,342 556 2025 16. Information about Financial Instruments 16.1 Financial Risk Management The Company acts as an intermediary for its subsidiaries when they wish to enter into derivative contracts to hedge against foreign exchange risk or other market risks such as interest rate risk, commodity price risk or equity price risk. The Company’s practice is to set up a derivative contract with a subsidiary and at the same time enter into a back-to-back derivative transaction with a bank. Contracts with subsidiaries being thus mirrored (on a one-to-one basis) by contracts with banks, the Company’s net exposure is virtually zero. There are, however, a few derivative contracts the Company holds in order to hedge its own market risk exposure. As the Company’s back-to-back hedge contracts are entered into with different counterparties, their fair values are reflected separately in the statement of Financial Position and recognised as other financial assets and financial liabilities as disclosed in “- Note 11: Financial Assets and Financial Liabilities” of the IFRS Company Financial Statements. In the Income Statement, the results of the back-to-back hedge transactions, both realised and unrealised, are presented on a net basis as the Company acts as an agent for its subsidiaries. The Company’s overall financial risk management activities and their objectives are described in detail in “- Note 37.1: Financial Risk Management” of the Consolidated Financial Statements. Market Risk Foreign exchange risk — The Company manages a long‒term hedge portfolio with maturities of several years for its subsidiaries, mainly Airbus, and to a small extent for its joint ventures or associates. This hedge portfolio covers a large portion of Airbus’ firm commitments and highly probable forecast transactions. As explained above, owing to the Company’s back-to-back approach, its own exposure to foreign exchange risk is very limited. Interest rate risk — The Company uses an asset-liability management approach, performed at Group level, with the objective to limit its interest rate risk. It undertakes to match the Group risk profile of its interest-bearing assets with those of its interest-bearing liabilities. Group asset-liability management is mainly driven by the company's external assets and liabilities. The remaining net interest rate exposure is managed through several types of interest rate derivatives, such as interest rate swaps and interest rate futures contracts, in order to minimize risks and financial impacts. The vast majority of related interest rate hedges qualify for hedge accounting, and most of them are accounted for under the fair value hedge model. As a result, both the fair value changes of these derivatives and the portion of the hedged items’ fair value change that is attributable to the hedged interest rate risk are recognised in Profit and Loss, where they offset to the extent the hedge is effective. The Company invests in financial instruments such as overnight deposits, certificates of deposits, commercial papers, other money market instruments and short-term as well as medium-term bonds. For its financial instruments portfolio, the Company has an Asset Liability Management Committee in place that meets regularly and aims to limit the interest rate risk on a fair value basis through a value-at-risk approach, from which results a hedge ratio that is however not actively steered. Commodity price risk — The Company manages a hedge portfolio for its subsidiaries. Owing to the Company’s back-to-back approach, its own exposure to commodity exchange risk is very limited. Equity price risk — The Company is to a small extent invested in equity securities mainly for operational reasons. Its exposure to equity price risk is hence limited. Furthermore, it is exposed under its LTI plans to the risk of the Company share price increases. Sensitivities of market risks — The approach used to measure and control market risk exposure within the Company’s financial instrument portfolio is amongst other key indicators the value‒at‒risk (“VaR”). For information about VaR and the approach used by the Company to assess and monitor sensitivities of market risks please refer to “- Note 37.1: Financial Risk Management” of the Consolidated Financial Statements. The Company is part of the Group risk management process, which is more fully described in “- Note 37.1: Financial Risk Management” of the Consolidated Financial Statements. A summary of the VaR position of the Company’s financial instruments portfolio at 31 December and 31 December is as follows: (In € million) Total VaR Equity price VaR Currency VaR Interest rate VaR 31 December 2025 Foreign exchange hedges 26 0 26 0 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 179 174 12 63 Diversification effect (30) 0 (23) 0 All financial instruments 175 174 15 63 AIRBUS - FINANCIAL STATEMENTS - 24 2025 2024 2025 31 December 2024 Foreign exchange hedges 9 0 9 0 Financing liabilities, financial assets (including cash, cash equivalents, securities and related hedges) 131 96 32 83 Diversification effect (11) (0) (17) (0) All financial instruments 129 96 24 83 The increase in the total VaR of € 46 million to € 175 million ( : € 129 million) is mainly attributable to a slightly higher position in FX derivatives (used to manage the liquidity) and a higher volatility in the equity market in 2025, partially offset by lower volatility in interest rates. The derivative instruments entered into with external counterparties are passed on a 1:1 basis to Airbus entities. As a result, the respective market risks of the external derivative instruments are offset by corresponding opposite market risks of intragroup transactions. Liquidity Risk The Company’s policy is to maintain sufficient cash and cash equivalents at any time to meet its present and future commitments as they fall due. It manages its liquidity by holding adequate volumes of liquid assets and maintains a committed revolving credit facility, in addition to the cash inflow generated by its operating business. The Company continues to keep within its asset portfolio the focus on low counterparty risk. In addition, it maintains a set of other funding sources, and accordingly may raise loans from commercial banks and Development Finance Institutions and issue bonds, notes and commercial papers or enter into security lending agreements . Adverse changes in the capital markets could increase its funding costs and limit its financial flexibility. For further information relating to Commercial Paper Programme (see “– Note 15.4: Financing Liabilities” of the IFRS Company Financial Statements). In particular, Airbus signed on 5 July 2022 a € 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its € 6 billion existing facility signed in 2020. Further, the management of the vast majority of the Company’s liquidity exposure is centralised by a daily cash concentration process. This process enables it to manage its liquidity surplus as well as its liquidity requirements according to the actual needs of its subsidiaries. In addition, management monitors the Company’s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In € million) Carrying amount Contractual cash flows < 1 year 1 year 2 years 3 years 4 years More than 5 years -2 years -3 years -4 years -5 years 31 December 2025 Non-derivative financial liabilities (1) (39,096) (41,057) (33,296) (787) (739) (616) (1,355) (4,264) Derivative financial liabilities (2,960) (3,342) (1,177) (934) (499) 41 (59) (714) Total (42,056) (44,399) (34,473) (1,721) (1,238) (575) (1,414) (4,978) 31 December 2024 Non-derivative financial liabilities (1) (39,256) (41,483) (31,957) (1,526) (876) (742) (619) (5,763) Derivative financial liabilities (6,473) (8,400) (2,783) (2,213) (2,091) (517) (55) (741) Total (45,729) (49,883) (34,740) (3,739) (2,967) (1,259) (674) (6,504) (1) Current accounts Group companies are included in “Non-derivative financial liabilities” and have a maturity less than 1 year. Credit Risk The Company is exposed to credit risk to the extent of non-performance by its counterparts with regard to financial instruments or issuers of financial instruments for gross cash investments. However, it has policies in place to avoid concentrations of credit risk and to ensure that credit risk is limited. As far as central treasury activities are concerned, credit risk resulting from financial instruments is managed by the Company. In order to ensure sufficient diversification, a credit limit system is used. AIRBUS - FINANCIAL STATEMENTS - 25 2024 2025 The Company monitors the performance of the individual financial instruments and the impact of market developments on their performance and takes appropriate action on foreseeable adverse development based on pre-defined procedures and escalation levels. Sales of products and services are made to customers after having conducted appropriate internal credit risk assessment. The booked amount of financial assets represents the maximum credit exposure. The credit quality of financial assets can be assessed by reference to external credit rating (if available) or internal assessment of customers’ creditworthiness by way of internal risk pricing methods. In , the trade receivables, not past due, amount to € 18 million (in : € 20 million). The Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition, as described in “- Note 37.7: Impairment Losses” of the Consolidated Financial Statements. In , an amount of € 1 million of impairment loss on financial assets is recognised in Profit and Loss ( : € 2 million). 16.2 Carrying Amounts and Fair Values of Financial Instruments Financial instruments – The Company’s financial assets mainly consist of cash, short to medium-term deposits, securities and derivatives. The Company’s financial liabilities include intragroup liabilities, obligations towards financial institutions, issued bonds and derivatives. The Company has the same classification and accounting policies as in the Consolidated Financial Statements. Please refer to “- Note 37.1: Financial Risk Management” of the Consolidated Financial Statements for more information. The Company classifies its financial assets in one of the following categories: (i) at fair value through OCI, (ii) at fair value through profit and loss and (iii) at amortised cost. Classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows. The Company assigns its financial instruments (excluding its at-cost investments, which are outside the scope of IFRS 9 “Financial Instruments”) into classes based on their category in the Statement of Financial Position. AIRBUS - FINANCIAL STATEMENTS - 26 2025 2024 2025 2024 2025 The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December : Financial instruments total (In € million) Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Book value Fair value Assets Other investments and long-term financial assets Equity investments 2,271 0 0 2,271 2,271 Loans 0 0 3,969 3,969 4,110 Trade receivables 0 0 18 18 18 Other financial assets Derivative instruments 2,161 0 0 2,161 2,161 Current account Airbus companies 0 0 9,522 9,522 9,522 Securities 0 12,164 0 12,164 12,164 Cash and cash equivalents 5,004 1,737 2,004 8,745 8,745 Total 9,436 13,901 15,513 38,850 38,991 Liabilities Financing liabilities Bonds and commercial papers 0 0 7,059 7,059 7,421 Liabilities to financial institutions 0 0 255 255 262 Liabilities to associated companies 0 0 3,057 3,057 3,057 Other financial liabilities Derivative instruments 2,960 0 0 2,960 2,960 Current account Airbus companies 0 0 28,720 28,720 28,720 Trade liabilities 0 0 4 4 4 Total 2,960 0 39,095 42,055 42,424 AIRBUS - FINANCIAL STATEMENTS - 27 2025 2025 The following table presents the carrying amounts and fair values of financial instruments by class and by IFRS 9 measurement category as of 31 December : Financial instruments total (In € million) Fair value through profit or loss Fair value through OCI Financial assets and liabilities at amortised cost Book value Fair value Assets Other investments and long-term financial assets Equity investments 1,786 0 0 1,786 1,786 Loans 0 0 4,568 4,568 4,761 Trade receivables 0 0 20 20 20 Other financial assets Derivative instruments 5,636 0 0 5,636 5,636 Current account Airbus companies 0 0 6,544 6,544 6,544 Securities 0 11,064 0 11,064 11,064 Cash and cash equivalents 10,042 742 1,506 12,290 12,290 Total 17,464 11,806 12,638 41,908 42,101 Liabilities Financing liabilities Bonds and commercial papers 0 0 7,743 7,743 8,074 Liabilities to financial institutions 0 0 290 290 298 Liabilities to associated companies 0 0 2,837 2,837 2,837 Other financial liabilities Derivative instruments 6,473 0 0 6,473 6,473 Current account Airbus companies 0 0 28,379 28,379 28,379 Trade liabilities 0 0 4 4 4 Total 6,473 0 39,253 45,726 46,065 Fair Value Hierarchy For further details please refer to “- Note 37.2: Carrying Amounts and Fair Values of Financial Instruments” of the Consolidated Financial Statements. The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 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 as of 31 December and , respectively: (In € million) 31 December 2025 31 December 2024 Level 1 Level 2 Total Level 1 Level 2 Total Financial assets measured at fair value Equity instruments 2,271 0 2,271 1,786 0 1,786 Derivative instruments 0 2,161 2,161 0 5,636 5,636 Securities 12,164 0 12,164 11,064 0 11,064 Cash equivalents 5,004 1,737 6,741 10,042 742 10,784 Total 19,439 3,898 23,337 22,892 6,378 29,270 AIRBUS - FINANCIAL STATEMENTS - 28 2024 2025 2024 2025 Derivative instruments 0 2,960 2,960 0 6,473 6,473 Total 0 2,960 2,960 0 6,473 6,473 Financial Assets Designated at Fair Value through Profit or Loss The financial assets held at 31 December and designated at fair value through profit or loss are Money market funds (accumulating). Nominal amount at initial recognition at 31 December is € 12,164 million (in : € 11,064 million) The Company manages these assets and measures their performance on a fair value basis. 16.3 Potential Effect of Set-Off Rights on Recognised Financial Assets and Liabilities The Company reports all its financial assets and financial liabilities on a gross basis. With each derivative counterparty there are master netting agreements in place providing for the immediate close-out of all outstanding derivative transactions and payment of the net termination amount in the event a party to the agreement defaults or another defined termination event occurs. The following tables set out, on a counterparty specific basis, the potential effect of master netting agreements on the Company’s financial position, separately for financial assets and financial liabilities that were subject to such agreements as of 31 December and 31 December , respectively: Gross amounts recognised Gross amounts recognised set off in the Financial Statements Net amounts presented in the Financial Statements Related amounts not set off in the Statement of Financial Position Net amount Derivative instruments (In € million) Financial instruments Cash collateral received 31 December 2025 Financial assets 2,161 0 2,161 (1,448) 0 713 Financial liabilities 2,960 0 2,960 (1,448) 0 1,512 31 December 2024 Financial assets 5,636 0 5,636 (1,418) 0 4,218 Financial liabilities 6,473 0 6,473 (1,418) 0 5,055 16.4 Notional Amounts of Derivative Financial Instruments The notional amount of interest rate contracts are as follows, specified by year of expected maturity: Remaining period (In € million) 1 year 2 years 3 years 4 years 5 years 6 years 7 years > 7 years Total 31 December 2025 1,359 1,391 661 614 1,250 920 1,000 1,638 8,833 31 December 2024 619 1,359 1,470 621 636 1,250 930 2,728 9,613 The notional amounts of equity swaps are as follows: Remaining period (In € million) 1 year 2 years 3 years 4 years > 4 years Total 31 December 2025 0 0 0 0 0 0 31 December 2024 34 0 0 0 0 34 AIRBUS - FINANCIAL STATEMENTS - 29 2025 2025 2024 2025 2024 2025 16.5 Derivative Financial Instruments and Hedge Accounting Disclosure The following table presents the amounts relating to items designated as hedging instruments: 31 December 2025 2024 Carrying values Carrying values (In € million) Asset Liability Asset Liability Foreign currency risk 0 0 0 0 Interest rate risk 0 799 0 832 Commodity swap risk 0 0 0 0 Equity swap risk 0 0 0 0 Total 0 799 0 832 16.6 Net Gains or Net Losses The Company’s net gains or net losses recognised in profit or loss in and , respectively are as follows: 31 December (In € million) 2025 2024 Financial assets or financial liabilities at fair value through profit or loss: Held for trading 164 (73) Designated on initial recognition (632) 358 Financial assets at amortised cost (1) (302) 191 Financial assets at fair value through OCI (426) 172 Financial assets at fair value through profit or loss 615 177 Financial liabilities measured at amortised cost 1,342 (719) (1) Including impairment and Expected Credit Losses on Financial assets at amortised cost. 16.7 Impairment Losses Loss allowances — For its portfolio of debt instruments including bonds, term deposits and commercial papers, the Company measures loss allowances at an amount that represents credit losses resulting from default events that are possible within the next 12 months, unless the credit risk on a financial instrument has increased significantly since initial recognition. In the event of such significant increase in credit risk the Company measures loss allowances for that financial instrument at an amount equal to its life-time expected losses, i.e. at an amount equal to the expected credit losses that result from all possible default events over the expected life of that financial instrument. The Company applies the low credit risk exemption allowing the Company to assume that there is no significant increase in credit risk since initial recognition of a financial instrument, if the instrument is determined to have low credit risk at the reporting date. Similarly, the Company has determined that its trade receivables generally have low credit risk. The Company applies the simplified approach permitted by IFRS 9 of measuring expected credit losses of trade receivables on a lifetime basis from initial recognition. Investment grade instruments — The Company considers a significant increase in credit risk to have occurred, if there is a downgrade by four notches such that the instrument moves into a high yield bucket as a direct result of the downgrade. With respect to instruments that were high yield at initial recognition, a downgrade by four notches is considered as a significant increase in credit risk. AIRBUS - FINANCIAL STATEMENTS - 30 2025 2024 2025 Stage 1 Stage 2 Stage 3 (In € million) 12-month ECL Life-time ECL Credit impaired ECL Total At 1 January 2025 8 0 0 8 Change in financial assets and risk parameters 0 0 0 0 At 31 December 2025 8 0 0 8 Stage 1 Stage 2 Stage 3 (In € million) 12-month ECL Life-time ECL Credit impaired ECL Total At 1 January 2024 7 0 0 7 Change in financial assets and risk parameters 1 0 0 1 At 31 December 2024 8 0 0 8 There are no significant impairment on Financial Assets recognized in Profit and Loss in and respectively. AIRBUS - FINANCIAL STATEMENTS - 31 2025 2024 2025 4.6 Other Notes 17. Auditor Fees Fees related to audit and other assurance services rendered by the Company’s auditor, EY Accountants B.V., for the fiscal year were € 0.8 million (2024: € 0.9 million), of which € 0.1 million relates to CSRD Limited Assurance (2024: € 0.1 million). Fees related to audit and other assurance services rendered other EY member firms € 3.0 million (2024: € 3.0 million) of which € 1.1 million relates to CSRD Limited Assurance (2024: € 1.3 million). 18. Events after the Reporting Date Regarding the events after the Reporting Date, please refer to “- Note 40: Events after the Reporting Date” of the Consolidated Financial Statements. AIRBUS - FINANCIAL STATEMENTS - 32 2025 5. Other Supplementary Information Appropriation of Result Articles 30 and 31 of the Articles of Association provide that the Board of Directors shall determine which part of the result shall be attributed to the reserves. The General Meeting of Shareholders may dispose of a reserve only upon a proposal of the Board of Directors and to the extent it is permitted by law and the Articles of Association. Dividends may only be paid after adoption of the annual accounts from which it appears that the shareholders’ equity of the Company is more than the amount of the issued and paid-in part of the capital increased by the reserves that must be maintained by law. AIRBUS - FINANCIAL STATEMENTS - 33 2025 Independent auditor’s report To: the shareholders and the board of directors of Airbus SE Report on the audit of the financial statements 2025 included in the annual report Our opinion We have audited the accompanying financial statements 2025 of Airbus SE (the Company) based in Amsterdam, the Netherlands. In our opinion, the financial statements give a true and fair view of the financial position of Airbus SE as at 31 December 2025 and of its result and its cash flows for 2025 in accordance with International Financial Reporting Standards as adopted in the European Union (EU-IFRSs) and with Part 9 of Book 2 of the Dutch Civil Code. The financial statements comprise: ▪ The IFRS consolidated and IFRS company statement of financial position as at 31 December 2025 ▪ The following statements for the year ended 31 December 2025: the IFRS consolidated and IFRS company income statement, the IFRS consolidated and IFRS company statements of comprehensive income, changes in equity and cash flows ▪ The notes comprising material accounting policy information and other explanatory information Basis for our opinion We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the Our responsibilities for the audit of the financial statements section of our report. We are independent of Airbus SE in accordance with the EU Regulation on specific requirements regarding statutory audit of public-interest entities, the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), the Verordening inzake de onafhankelijkheid van accountants bij assurance- opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for Professional Accountants). We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Information in support of our opinion We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinion thereon. The following information in support of our opinion and any findings were addressed in this context, and we do not provide a separate opinion or conclusion on these matters. Our understanding of the business The Company is globally active in developing, producing and delivering aeronautics and aerospace products and related services. The Company is structured in three business segments, and we tailored our group audit approach accordingly. We paid specific attention in our audit to a number of areas driven by the operations of the group and our risk assessment. We determined materiality and identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error in order to design audit procedures responsive to those risks and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Materiality Materiality €300 million (2024: €265 million) Benchmark applied 5% of EBIT for the year ended 31 December 2025 (2024: 5% of EBIT) Explanation We consider EBIT as the most appropriate benchmark as it best aligns with the financial performance expectations of those charged with governance at Airbus SE and in our assessment the financial information needs of users of the Company’s financial statements. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users of the financial statements for qualitative reasons. We agreed with the board of directors that any misstatements in excess of €15 million (5% of materiality mentioned above), which are identified during the audit, would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds. Scope of the group audit Airbus SE is at the head of a group of entities. The financial information of the group is included in the financial statements. We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the financial statements. We are also responsible for the direction, supervision, review and evaluation of the audit work performed for purposes of the group audit. We bear the full responsibility for the auditor’s report. Based on our understanding of the group and its environment, the applicable financial framework and the group’s system of internal control, we identified and assessed risks of material misstatement of the financial statements and the significant accounts and disclosures. Based on this risk assessment, we determined the nature, timing and extent of audit work performed, including the entities or business units within the group (components) at which to perform audit work. For this determination we considered the nature of the relevant events and conditions underlying the identified risks of material misstatements for the financial statements, the association of these risks to components and the materiality or financial size of the components relative to the group. We communicated the audit work to be performed and identified risks through instructions for division and component auditors as well as requesting the auditors to communicate matters related to the financial information of the component that is relevant to identifying and assessing risks. In our instructions, we also included targeted audit procedures regarding the risks of material misstatement associated with the key programs as well as targeted audit procedures regarding the risk of material misstatement due to non-compliance with laws and regulations. The components are grouped by the Company into three business segments (divisions): Airbus, Airbus Helicopters and Airbus Defence and Space. The audit of the three segments is performed jointly by EY and KPMG. The audits of the components in scope are performed in the countries these components are located in, either by EY or KPMG network firms or by both. In total the scope of our audit procedures covered 96% of consolidated revenue, 91% of consolidated total assets and 96% of consolidated EBIT. For the remaining components we performed, amongst others, analytical procedures to corroborate that our risk assessment and scoping remained appropriate throughout the audit. We performed site visits to meet with division management and division teams, observe the division operations, discuss the group risk assessment and the risks of material misstatements. We reviewed and evaluated the adequacy of the deliverables from component auditors and reviewed key working papers for selected comp onents to address the risks of material misstatement. We held planning meetings, key meetings required based on circumstances and we attended closing meetings with division management and division teams. During these meetings and calls, amongst others, the planning, procedures performed based on risk assessments, findings and observations were discussed and any further work deemed necessary by the primary or division or component team was then performed. By performing the audit work mentioned above at the components or divisions within the group, together with additional work at group level, we have been able to obtain sufficient and appropriate audit evidence about the group’s financial information to provide an opinion on the financial statements. Teaming and use of specialists We ensured that the audit teams at group level, division level and at in-scope component level included the appropriate skills and competences which are needed for the audit of the financial statements of this listed company in the aerospace industry. We involved several EY specialists to assist the audit team, including specialists from our tax, actuarial, treasury, business valuation and forensic departments. Our focus on climate risks and the energy transition Climate change and energy transition are high on the public agenda. Issues such as CO 2 reduction impact financial reporting, as these issues entail risks for the business operation, the valuation of assets (stranded assets) and provisions or the sustainability of the business model and access to financial markets of companies with a larger CO 2 footprint. The Company reported in Section 3.1.4 of the report of the board of directors how it addressed the climate-related and environmental risks. In Section 6.2.1. of the report of the board of directors, the Company discloses its assessment, implementation plans and ambitions in connection to climate-related risks and the effects of energy transition. Note 3 of the financial statements describes the climate impacts on the financial performance. As part of our audit of the financial statements, we evaluated the extent to which climate-related risks and the effects of the energy transition and the Company’s implementation plans and ambitions in this regard, are taken into account in estimates and significant assumptions, as well as in the design of controls related to relevant estimates and assumptions. Furthermore, we read the report of the board of directors and considered whether there is any material inconsistency between the non-financial information and the financial statements. Our audit procedures to address the assessed climate risks and the effects of the energy transition did not result in a key audit matter. However, we describe the audit procedures responsive to the assessed risks such as the valuation of long-lived assets in the description of our audit approach for the key audit matter Recoverability of key program assets - long-lived assets. Our focus on fraud and non-compliance with laws and regulations Our responsibility Although we are not responsible for preventing fraud or non-compliance and we cannot be expected to detect all fraud or non-compliance with all laws and regulations, it is our responsibility to obtain reasonable assurance that the financial statements, taken as a whole, are free from material misstatement, whether caused by fraud or error. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. Our audit response related to fraud risks We identified and assessed the risks of material misstatements of the financial statements due to fraud. During our audit, we obtained an understanding of the Company and its environment and the components of the system of internal control, including the risk assessment process and the board of directors’ process for responding to the risks of fraud and monitoring the system of internal control, as well as the outcomes. We also considered how the audit committee and the Ethics, Compliance and Sustainability Committee exercise oversight on behalf of the board of directors. We refer to Section 3.1 of the report of the board of directors for the (fraud) risk assessment including the assessment of risk of fraud that might result in non-compliance with anti-corruption laws and regulation. We evaluated the design and relevant aspects of the system of internal control and in particular the fraud risk assessment, as well as the code of conduct, whistleblower procedures and incident registration. We evaluated the design and the implementation and, where considered appropriate in the context of our audit of the financial statements, tested the operating effectiveness of controls designed to mitigate fraud risks. As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial reporting fraud, misappropriation of assets and bribery and corruption in close co-operation with our forensic and legal specialists. We evaluated whether these factors indicate that a risk of material misstatement due to fraud or non-compliance with laws and regulations is present. For our audit response related to the risk of non-compliance with laws and regulations, including bribery and corruption, we refer to the next section. We incorporated elements of unpredictability in our audit. We also considered the outcome of our other audit procedures and evaluated whether any findings were indicative of fraud or non-compliance. We addressed the risks related to management override of controls, as this risk is present in all organizations. For these risks we have, among other things, performed procedures to evaluate whether the selection and application of accounting policies by the company, particularly those relating to subjective measurements and complex transactions, as disclosed in Note 5 Key Estimates and Judgements to the consolidated financial statements, may be indicative to fraudulent financial reporting. We have also used data analytics to identify and address high -risk journal entries and other adjustments made in the financial reporting process. We evaluated the business rationale (or the lack thereof) of any significant extraordinary transactions, including those with related parties. In addition, we identified the following fraud risks: Presumed risks of fraud in revenue recognition Fraud risk We presumed that there are risks of fraud in revenue recognition. We evaluated that the risk arises particular in the following areas: ▪ Accounting analysis of new contracts and amendments to existing contracts ▪ Recording of revenue for point-in-time contracts in the correct financial year (cut-off) ▪ The estimations related to revenues and costs at completion for material over-time contracts and onerous contracts with customers These areas involve significant management judgment, which increases the opportunity to manipulate reported revenue. Our audit approach We describe the audit procedures responsive to the risks of fraud in revenue recognition in the description of our audit approach for the key audit matter Revenue recognition. We considered available information and made enquiries of relevant executives, directors (including internal audit, legal, compliance, human resources and division directors) and the board of directors. The fraud risks we identified, enquiries and other available information did not lead to specific indications of fraud or suspected fraud potentially materially impacting the view of the financial statements. Our audit response related to risks of non-compliance with laws and regulations We performed appropriate audit procedures regarding compliance with the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. Furthermore, we assessed factors related to the risks of non-compliance with laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general industry experience, through discussions with the board of directors, reading minutes, inspection of internal audit and compliance reports, and performing substantive tests of details of classes of transactions, account balances or disclosures. Specifically, we have evaluated that the disclosures in Note 38 of the consolidated financial statements reflect the current status of the most significant investigations regarding suspected breaches of law and regulations. We also evaluated the appropriateness of the contingent liability disclosure (Note 24) in the consolidated financial statements. We identified the following risk of non-compliance and performed the following specific procedures: Risk of non-compliance with anti-bribery and anti-corruption legislation Risk A part of the Company’s business is characterized by competition for contracts with customers in high-risk countries and which are often directly or indirectly associated with governments. In obtaining these contracts, the Company engages commercial intermediaries in specific territories. In identifying and assessing risks, taking into account the amounts paid, we identified the risks of non-compliance with anti-bribery and anti-corruption legislation — particularly related to contracts with customers in high-risk countries and through the use of commercial intermediaries —, to be an inherent risk. We refer to the discussion of legal risks in Section 3.1.3 of the report of the board of directors. Our audit approach We performed amongst others the following audit procedures, directed specifically to this risk and designed and performed in conjunction with our in-house forensic specialists: ▪ We evaluated the tone set by management and the board of directors as well as the Company’s approach in managing this risk. ▪ We evaluated the overall control environment and evaluated the Company’s policies and anti- bribery and anti-corruption procedures. ▪ We made inquiries of the audit committee of the board of directors, as well as the Company’s internal and external legal advisors as to the areas of potential or suspected breaches of law and regulations relating to anti-bribery and anti-corruption, including the status of ongoing investigations. To consider the relevance and reliability of those inquiries, we corroborated information received with other available evidence, third parties and we reviewed related documentation. ▪ We tested the engagement process of commercial intermediaries, related contractual arrangements and payments to intermediaries. ▪ We tested journal entries and other transactions with unusual characteristics using amongst other data-analytics tools. ▪ We evaluated the activities and assessed the incident reporting system of Airbus and follow-up on the most relevant incidents. ▪ We maintained a high level of vigilance to possible indications of bribery and corruption whilst carrying out our other audit procedures. We also inspected lawyers’ letters and correspondence with regulatory authorities and remained alert to any indication of (suspected) non-compliance throughout the audit. Finally, we obtained written representations that all known instances of non-compliance with laws and regulations have been disclosed to us. Our audit response related to going concern As disclosed in Note 35 Capital Management and Note 37 Financial Instruments to the consolidated financial statements, when preparing the financial statements, the board of directors made a specific assessment of the company’s ability to continue as a going concern and to continue its operations for at least the next twelve months. As stated in the Board declaration (section 3.6 of the Report of the Board of Directors), the financial statements have been prepared on a going concern basis. We discussed and evaluated the specific assessment with the board of directors exercising professional judgment and maintaining professional skepticism. We considered whether the board of directors’ going concern assessment, based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, contains all relevant events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Based on our procedures performed, we did not identify material uncertainties about going concern for the next twelve months or the board of directors’ use of the going concern basis of accounting. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company to cease to continue as a going concern. Our key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements. We have communicated the key audit matters to the board of directors. The key audit matters are not a comprehensive reflection of all matters discussed. In comparison with previous year, the nature of our key audit matters remain unchanged. However, last year’s key audit matter on “Estimations related to revenues and costs at completion for the accounting of onerous contracts and material over time contracts” has now been incorporated into the key audit matter “Revenue recognition”. Revenue recognition (Reference is made to the disclosures on Note 4 Material Accounting Policies, Note 5 Key Estimates and Judgements, Note 11 Segment Information, Note 12 Revenues and Gross Margin and Note 24 Provisions, Contingent Assets and Contingent Liabilities of the consolidated financial statements) Risk The Group revenue recognition is complex due to its wide range of activities (including the sale of commercial and military aircraft and helicopters, sale of space systems, and services), its various types of contracts including non-standard clauses and the duration of some contracts including long-term development activities. When identifying and assessing fraud risks, we presume that there are risks of fraud in revenue recognition relating to cut-off risk on deliveries related to point in time contracts. Furthermore, recognition of revenue includes significant management judgments and estimates including whether the contracts contain multiple performance obligations which should be accounted for separately and the determination of the most appropriate method for revenue recognition of these performance obligations. Recognition of revenues comprises the identification of potential variable considerations reducing the consideration received, allocation of these considerations to the different performance obligations and assessing if the performance obligations are satisfied over time or at a point in time. Revenue recognition (Reference is made to the disclosures on Note 4 Material Accounting Policies, Note 5 Key Estimates and Judgements, Note 11 Segment Information, Note 12 Revenues and Gross Margin and Note 24 Provisions, Contingent Assets and Contingent Liabilities of the consolidated financial statements) In particular, the amount of revenue and profit recognized in a year for performance obligations satisfied at a point in time, is dependent on the transfer of control. For performance obligations satisfied over time, revenue recognition depends on the assessment of the stage of completion of performance obligations, as well as estimated total revenues and costs. The revenue recognition for such contracts, as well as the identification of onerous contracts and determination of related provisions require significant management judgment. These judgements include assumptions regarding revenues and costs at completion, achievement of technical milestones, production schedules, performance guarantees and other key contract risks such as expected outcome of ongoing negotiations with customers and potential penalties for delays or technical non-compliance. Inappropriate accounting analyses of contracts and changes in assumptions can have a material impact on reported revenue and results. We also considered the potential risk of management override of controls or other inappropriate influence over the financial reporting process. Our audit approach Our audit procedures included, amongst others, evaluating the appropriateness of the Company’s accounting policies related to revenue recognition according to IFRS15 “Revenue from contracts with customers” and whether the accounting policies have been applied consistently or whether changes, if any, are appropriate in the circumstances. We evaluated the design and implementation and, where considered appropriate in the context of our audit, tested the operating effectiveness of controls related to revenue recognition, cost cut-off and the identification of onerous contracts. We selected individual revenue transactions to assess proper identification of the performance obligations in the contracts and allocation of the consideration amongst the performance obligation, the completeness and valuation of the variable considerations included in the transaction price and the timing of transfer of control. In order to evaluate the significant judgments and estimates made by management, we read supporting contractual agreements, met with sales representatives and program teams to understand and validate the nature of the various obligations to be rendered under the contract and identify and discuss specific clauses that could prevent transfer of control (mostly for the sales of commercial aircraft), obtained evidence of transfer of control such as proof of delivery, tested the costs incurred, examined computation of costs progression and assessed the reasonableness of the estimated cost to complete included in the cost-to-come method for performance obligation recognized over time. We performed inquiries with the program teams and Heads of Programs in order to confirm our understanding of the program status and associated risks which may affect total estimated costs at completion. Revenue recognition (Reference is made to the disclosures on Note 4 Material Accounting Policies, Note 5 Key Estimates and Judgements, Note 11 Segment Information, Note 12 Revenues and Gross Margin and Note 24 Provisions, Contingent Assets and Contingent Liabilities of the consolidated financial statements) Furthermore, we paid specific attention to technical and market developments including inflation risks and ongoing litigations, contractual obligations and negotiations with customers. We also evaluated the potential impact of the uncertain geopolitical environment, and the Company’s assessment thereof. We challenged management’s key assumptions, considered the accuracy or appropriateness, and consistency of similar estimates made in previous years and corroborated the key assumptions with the latest contractual information. Regarding revenue recognition related to point in time contracts, we gave significant attention to the timing of the transfer of control (at delivery of the aircraft). Finally, we determined that appropriate disclosures were made in the financial statements. Recoverability of key program assets - long-lived assets (Reference is made to the disclosures on Note 4 Material Accounting Policies, Note 19 Intangible Assets and Note 20 Property, Plant and Equipment of the consolidated financial statements) Risk The Group holds significant long-lived assets, such as capitalized development costs, other intangible assets, and jigs and tools related to material and early-stage programs. The recoverability of capitalized program development costs, other intangible assets and jigs and tools must be assessed whenever indicators of impairment or the reversal thereof are present. The main estimates to determine if an impairment of long-lived assets has to be recognized are the future cash flows and the appropriate discount rates. Due to the inherent uncertainty involved in forecasting future revenues and costs and interpreting contractual and commercial positions in determining impairments especially for material early-stage/multi-year programs, this is a key audit matter. Inherent uncertainties also include that new or amended climate change related laws and regulations, political decisions and/or social context may result in the need to revise existing estimates. Our audit approach Our audit procedures included, amongst others, evaluating the appropriateness of the Company’s accounting policies related to estimations for recoverability of assets according to IAS 36 “Impairment of assets” and IAS 38 “Intangible assets” and evaluating whether the accounting policies have been applied consistently or whether changes, if any, are appropriate in the circumstances. Recoverability of key program assets - long-lived assets (Reference is made to the disclosures on Note 4 Material Accounting Policies, Note 19 Intangible Assets and Note 20 Property, Plant and Equipment of the consolidated financial statements) We evaluated the design and implementation and, if considered appropriate in the context of our audit of the financial statements, tested the operating effectiveness of controls for identifying and recording impairments of long-lived assets. We evaluated the analysis performed by management regarding indicators of impairment, considering notably future expected orders and deliveries. If an indicator of impairment was identified, we evaluated the integrity of management’s impairment model. As part of our audit, specific attention was given to the impact of the Spirit acquisition on the key programs, especially the recoverability of the A220 program assets. For long-lived assets tested for impairment, we evaluated management’s assumptions for the discount rate applied, the forecasted revenue (including the timing of expected deliveries or services and estimated selling price), cost to be incurred (including any contractual penalties or inflation impact) and the expected gross margin. We performed sensitivity analysis to evaluate the impact of changing some assumptions such as the discount rate, and key business parameters (such as price and growth rate), and for the assumptions related to useful life of the program in the context of climate change. We also performed inquiries of the Program Controller and Head of Programs to confirm our understanding of the status of the program. Finally, we determined that appropriate disclosures, in particular to the impact of the acquisition of Spirit, were made in the financial statements. Accounting for derivative financial instruments and hedge ineffectiveness (Reference is made to Note 37 Financial Instruments of the consolidated financial statements) Risk The Company operates in a business environment that is exposed to currency volatility. A significant portion of the Company’s revenue is denominated in US dollars, while a major part of its costs is incurred in Euros and, to a lesser extent, in Pound Sterling. In response to these currency risks the Company uses financial instruments (currency forwards) to hedge against changes in currency rates. The Company applies cash-flow hedge accounting. The accounting policy allows the Company to re-position the foreign currency hedges and avoid hedge disqualification when a hedged aircraft is postponed. This is conditioned by the Company’s ability to demonstrate the absence of a reduction in the number of hedged aircraft over the foreign currency exchange management hedging horizon. The magnitude of the Company’s hedge portfolio entails a “mark to market” valuation risk. Furthermore, potential changes in the delivery assumptions such as aircraft order cancellations, customer defaults and postponements of aircraft deliveries beyond the foreign currency exchange management hedging horizon could result in the disqualification of the associated cash-flow hedges and incorrect accounting. Accounting for derivative financial instruments and hedge ineffectiveness (Reference is made to Note 37 Financial Instruments of the consolidated financial statements) Our audit approach Our audit procedures included, amongst others, evaluating the appropriateness of the Company’s accounting policies related to valuation of financial instruments and hedge accounting according to IFRS 9 “Financial Instruments” and IFRS 13 “Fair Value Measurement” and whether the accounting policies have been applied consistently or whether changes, if any, are appropriate in the circumstances. With support of our Treasury specialists, we evaluated the design and implementation and if considered appropriate in the context of our audit of the financial statements, tested the operating effectiveness of controls around the Company’s central treasury system. We independently recalculated the valuation of the treasury portfolio and evaluated the application of the cash flow hedge accounting rules. We obtained on a sample basis counterparty confirmation of the outstanding financial instruments to verify the existence and ownership of the hedge portfolio. Based on a sample of financial derivative instruments we evaluated whether the fair value of the financial instruments was correctly determined in line with market valuations. We verified the documentation of the hedged items supported by both the recoverable backlog and forecasted production rates over the foreign currency exchange management hedging horizon. We tested the highly probable assessment of future aircraft delivery as performed by the Company and challenged key management assumptions pertaining to order cancellation, airline default and aircraft rescheduling risks. Finally, we determined that appropriate disclosures were made in the financial statements. Report on other information included in the annual report The annual report contains other information in addition to the financial statements and our auditor’s report thereon. Based on the following procedures performed, we conclude that the other information: ▪ Is consistent with the financial statements and does not contain material misstatements ▪ Contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report (excluding the sustainability statement) and the other information as required by Part 9 of Book 2 of the Dutch Civil Code and as required by Sections 2:135b and 2:145 sub-Section 2 of the Dutch Civil Code for the remuneration report We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements. By performing these procedures, we comply with the requirements of Part 9 of Book 2 and Section 2:135b sub-Section 7 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the financial statements. The board of directors is responsible for the preparation of the other information, including the management report in accordance with Part 9 of Book 2 of the Dutch Civil Code and other information as required by Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the board of directors is responsible for ensuring that the remuneration report is drawn up and published in accordance with Sections 2:135b and 2:145 sub-Section 2 of the Dutch Civil Code. Description of responsibilities regarding the financial statements Responsibilities of the board of directors and the audit committee for the financial statements The board of directors is responsible for the preparation and fair presentation of the financial statements in accordance with EU-IFRSs and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the board of directors is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. As part of the preparation of the financial statements, the board of directors is responsible for assessing the Company’s ability to continue as a going concern. Based on the financial reporting framework mentioned, the board of directors should prepare the financial statements using the going concern basis of accounting unless the board of directors either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so. The board of directors should disclose events and circumstances that may cast significant doubt on the Company’s ability to continue as a going concern in the financial statements. The audit committee of the board of directors is responsible for overseeing the Company’s financial reporting process. Our responsibilities for the audit of the financial statements Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion. Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material misstatements, whether due to fraud or error during our audit. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion. We have exercised professional judgment and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence require ments. The Information in support of our opinion section above includes an informative summary of our responsibilities and the work performed as the basis for our opinion. Our audit further included amongst others: ▪ Performing audit procedures responsive to the risks identified, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion ▪ Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control ▪ Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors ▪ Evaluating the overall presentation, structure and content of the financial statements, including the disclosures ▪ Evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation Communication We communicate with the audit committee of the board of directors regarding, amongst other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit. In this respect we also submit an additional report to the audit committee of the board of directors in accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audit of public-interest entities. The information included in this additional report is consistent with our audit opinion in this auditor’s report. We provide the audit committee of the board of directors with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the board of directors, we determine the key audit matters as those matters that were of most significance in the audit of the financial statements. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, not communicating the matter is in the public interest. Report on other legal and regulatory requirements and ESEF Engagement We were engaged by the general meeting as auditor of Airbus SE on 28 April 2016, as of the audit for the year 2016 and have operated as statutory auditor ever since that date. No prohibited non-audit services We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific requirements regarding statutory audit of public-interest entities. European Single Electronic Reporting Format (ESEF) Airbus SE has prepared the annual report in ESEF. The requirements for this are set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF). In our opinion, the annual report, prepared in the XHTML format, including the partially marked-up consolidated financial statements, as included in the reporting package by Airbus SE, complies in all material respects with the RTS on ESEF. The board of directors is responsible for preparing the annual report, including the financial statements, in accordance with the RTS on ESEF, whereby the board of directors combines the various components into a single reporting package. Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies with the RTS on ESEF. We performed our examination in accordance with Dutch law, including Dutch Standard 3950N “Assurance- opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument” (assurance engagements relating to compliance with criteria for digital reporting). Our examination included amongst others: ▪ Obtaining an understanding of the Company’s financial reporting process, including the preparation of the reporting package ▪ Identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and designing and performing further assurance procedures responsive to those risks to provide a basis for our opinion, including: ▪ Obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline XBRL instance document and the XBRL extension taxonomy files, has been prepared in accordance with the technical specifications as included in the RTS on ESEF ▪ Examining the information related to the consolidated financial statements in the reporting package to determine whether all required mark-ups have been applied and whether these are in accordance with the RTS on ESEF Amsterdam, 18 February 2026 EY Accountants B.V. signed by J.J. Vernooij Limited assurance report of the independent auditor on the Sustainability Statement To: the shareholders and the board of directors of Airbus SE Our conclusion We have performed a limited assurance engagement on the consolidated Sustainability Statement for 2025 of Airbus SE based in Amsterdam (hereinafter: the company) in section 6. Non-Financial Information: Sustainability Statement of the accompanying report of the board of directors including the information incorporated in the Sustainability Statement by reference (hereinafter: the Sustainability Statement). Based on our procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not, in all material respects: ▪ Prepared in accordance with the European Sustainability Reporting Standards (ESRS) as adopted by the European Commission and compliant with the double materiality assessment process carried out by the company to identify the information reported pursuant to the ESRS ▪ Compliant with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) Our conclusion has been formed on the basis of the matters outlined in this limited assurance report . Basis for our conclusion We have performed our limited assurance engagement on the Sustainability Statement in accordance with Dutch law, including Dutch Standard 3810N, “Assurance-opdrachten inzake duurzaamheidsverslaggeving” (Assurance engagements relating to sustainability reporting), which is a specified Dutch standard that is based on the International Standard on Assurance Engagements (ISAE) 3000 (Revised), “Assurance engagements other than audits or reviews of historical financial information”. Our assurance engagement was aimed to obtain a limited level of assurance that the Sustainability Statement is free from material misstatements. The procedures vary in nature and timing from, and are less in extent, than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our responsibilities in this regard are further described in the section “Our responsibilities for the limited assurance engagement on the Sustainability Statement” of our report. We are independent of Airbus SE in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. This includes that we do not perform any activities that could result in a conflict of interest with our independent assurance engagement and we are not involved in the preparation of the Sustainability Statement, as doing so may compromise our independence. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for Professional Accountants). The ViO and VGBA are at least as demanding as the International code of ethics for professional accountants (including International independence standards) of the International Ethics Standards Board for Accountants (the IESBA Code) as relevant to limited assurance engagements on Sustainability Statements of public interest entities in the European Union. We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Inherent limitations associated with measurement or evaluation of sustainability information Significant uncertainties affecting the quantitative metrics and monetary amounts Section 6.1.1.1.2 “BP-2 Disclosures in relation to specific circumstances” in the Sustainability Statement identifies the quantitative metrics and monetary amounts that are subject to a high level of measurement uncertainty and discloses information about the sources of measurement uncertainty and the assumptions, approximations and judgements the company has made in measuring these in compliance with the ESRS. Comparability may be limited for entity-specific sustainability information The company provides additional entity-specific sustainability information in Sections 6.2.3 Sovereignty and citizen protection, and 6.4.2 Cybersecurity. The comparability of entity-specific sustainability information between entities and over time may be affected by the absence of a uniform practice or availability of external information sources to measure or evaluate this information that can support comparability. This allows for the application of different, but acceptable, measurement techniques. Inherent limitations of a double materiality assessment process The Sustainability Statement may not include every impact, risk and opportunity or additional entity-specific disclosure that each individual stakeholder (group) may consider important in its own particular assessment. Inherent limitations of forward-looking information In reporting forward-looking information in accordance with the ESRS, the board of directors describes the underlying assumptions and methods of producing the information, as well as other factors that provide evidence that it reflects the actual plans or decisions made by the company (actions). Forward-looking information relates to events and actions that have not yet occurred and may never occur. The actual outcome is likely to be different since anticipated events frequently do not occur as expected. Responsibilities of the board of directors for the Sustainability Statement The board of directors is responsible for the preparation of the Sustainability Statement in accordance with the ESRS, including the double materiality assessment process carried out by the company as the basis for the Sustainability Statement and disclosure of material impacts, risks and opportunities in accordance with the ESRS. As part of the preparation of the Sustainability Statement, the board of directors is responsible for compliance with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation). The board of directors is also responsible for selecting and applying additional entity-specific disclosures to enable users to understand the company’s sustainability-related impacts, risks or opportunities and for determining that these additional entity-specific disclosures are suitable in the circumstances and in accordance with the ESRS. Furthermore, the board of directors is responsible for such internal control as it determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error. The ethics, compliance & sustainability committee and audit committee are responsible for overseeing the sustainability reporting process including the double materiality assessment process carried out by the company. Our responsibilities for the limited assurance engagement on the Sustainability Statement Our responsibility is to plan and perform the limited assurance engagement in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion. We apply the applicable quality management requirements pursuant to the Nadere voorschriften kwaliteitsmanagement (NVKM, regulations for quality management) and the International Standard on Quality Management (ISQM) 1 and accordingly maintain a comprehensive system of quality management including documented policies and procedures regarding compliance with ethical requirements, professional standards and other relevant legal and regulatory requirements. Our limited assurance engagement included amongst others: ▪ Performing inquiries and an analysis of the external environment and obtaining an understanding of relevant sustainability themes and issues, the characteristics of the company, its activities and the value chain and its key intangible resources in order to assess the double materiality assessment process carried out by the company as the basis for the Sustainability Statement and disclosure of all material sustainability-related impacts, risks and opportunities in accordance with the ESRS ▪ Obtaining through inquiries a general understanding of the internal control environment, the company’s processes for gathering and reporting entity-related and value chain information, the information systems and the company’s risk assessment process relevant to the preparation of the Sustainability Statement and for identifying the company’s activities, determining eligible and aligned economic activities and prepare the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), without obtaining assurance information about the implementation or testing the operating effectiveness of controls ▪ Assessing the double materiality assessment process carried out by the company and identifying and assessing areas of the Sustainability Statement, including the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), where misleading or unbalanced information or material misstatements, whether due to fraud or error, are likely to arise (selected disclosures). Designing and performing further assurance procedures aimed at assessing that the Sustainability Statement is free from material misstatements responsive to this risk analysis ▪ Considering whether the description of the double materiality assessment process in the Sustainability Statement made by the board of directors appears consistent with the process carried out by the company ▪ Determining the nature and extent of the procedures to be performed for the group components and locations. For this, the nature, extent and/or risk profile of these components are decisive ▪ Performing analytical review procedures on quantitative information in the Sustainability Statement, including consideration of data and trends ▪ Assessing whether the company’s methods for developing estimates are appropriate and have been consistently applied for selected disclosures. We considered data and trends, however our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate the board of directors estimates ▪ Analysing, on a limited sample basis, relevant internal and external documentation available to the company (including publicly available information or information from actors throughout its value chain) for selected disclosures ▪ Reading the other information in the annual report to identify material inconsistencies, if any, with the Sustainability Statement ▪ Considering whether the disclosures provided to address the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) for each of the environmental objectives, reconcile with the underlying records of the company and are consistent or coherent with the Sustainability Statement, appear reasonable, in particular whether the eligible economic activities meet the cumulative conditions to qualify as aligned and whether the technical screening criteria are met, and whether the key performance indicators disclosures have been defined and calculated in accordance with the Taxonomy delegated acts, and comply with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), including the format in which the activities are presented ▪ Considering the overall presentation, structure and fundamental qualitative characteristics of information (relevance and faithful representation: complete, neutral and accurate) reported in the Sustainability Statement, including the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) ▪ Considering, based on our limited assurance procedures and evaluation of the evidence obtained, whether th e Sustainability Statement as a whole, is free from material misstatements and prepared in accordance with the ESRS Communication We communicate with the board of directors regarding, among other matters, the planned scope and timing of the assurance engagement and significant findings that we identify during our assurance engagement. Amsterdam, 18 February 2026 EY Accountants B.V. Signed by J.J. Vernooij