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"value": "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 \u201cthe Company\u201d), 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\u2019s reportable segments are Airbus, Airbus Helicopters and Airbus Defence and Space (see \u201c\u2013 Note 11: Segment Information\u201d). 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\u2019s Board of Directors on 18 February 2026.
4. Material Accounting Policies
The Consolidated Financial Statements have been prepared on a historical cost basis, unless otherwise indicated. They are prepared and reported in euro (\u201c\u20ac\u201d) 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.
7. Scope of Consolidation
1. The Company
The IFRS Consolidated Financial Statements were authorised for issue by the Company\u2019s Board of Directors on 18 February 2026.
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"value": "4. Material Accounting Policies
The Consolidated Financial Statements have been prepared on a historical cost basis, unless otherwise indicated. They are prepared and reported in euro (\u201c\u20ac\u201d) 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\u2019s content. The Company\u2019s 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\u2019s Consolidated Financial Statements as of 31 December 2025 (see \u201c\u2013 Note 6: Changes in Accounting Policies and Disclosures\u201d). The material accounting policies are described below. 4. Material Accounting Policies
4. Material Accounting Policies
Research and development expenses \u2014 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 (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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.
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d, see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) 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 \u20ac 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 \u20ac 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
(In \u20ac 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
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
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\u2019s 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$/\u20ac for 2026 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d). 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\u2019s 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\u2019 production rate, and includes management\u2019s 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%).
4. Material Accounting Policies
Leases \u2013 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 \u201cProperty, plant and equipment\u201d and lease liabilities within \u201cFinancing liabilities\u201d 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 \u201cProperty, plant and equipment\u201d. Lease income from operating leases is recognised on a straight-line basis over the term of the lease (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d \u201c\u2013 Note 36.3: Financing Liabilities\u201d).
20. Property, Plant and EquipmentProperty, plant and equipment as of 31 December 2025 and 2024 comprises the following: 31 December 2025 31 December 2024 (In \u20ac 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 \u201c\u2013 Note 27: Sales Financing Transactions\u201d). (2) The net book value of Land and Buildings under Right-of-use assets amounts to \u20ac 2,410 million. Net Book Value (In \u20ac 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
(In \u20ac 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
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 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.
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.
Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset
portfolio. 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 \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). 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 \u2013 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;
(iii) inventories \u2013 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 \u201c\u2013 Note 23: Inventories\u201d).
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:
(In \u20ac 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 \u20ac 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 \u20ac 179 million in 2025 (2024: \u20ac\u2009-2 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 \u20ac 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 \u20ac 12 million and \u20ac\u200910 million respectively and related accumulated depreciation is \u20ac 28 million and \u20ac\u200922 million respectively. (2) See \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d. (3) 2024 figures have been restated for Airbus Defence and Space.
37.1. Financial Risk Management
Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac 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)
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"value": "4. Material Accounting Policies
Research and development expenses \u2014 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 (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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.
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d, see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) 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 \u20ac 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 \u20ac 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
(In \u20ac 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
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
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\u2019s 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$/\u20ac for 2026 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d). 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\u2019s 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\u2019 production rate, and includes management\u2019s 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%).
4. Material Accounting Policies
Provisions for onerous contracts \u2014 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 \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
24. Provisions, Contingent Assets and Contingent Liabilities
Others risks and charges in 2025 mainly include actual or probable charges arising from the Company\u2019s operations and commercial activities.
30. Personnel-Related Provisions (In \u20ac 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 \u20ac 515 million (2024: \u20ac 496 million) are mainly related to short-term employee benefit. 31. Post-Employment Benefits
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.
France \u2014 The French pension system is operated on a \u201cpay as you go\u201d 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 r\u00e9gime de retraite compl\u00e9mentaire des salari\u00e9s and Association g\u00e9n\u00e9rale 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 \u2014 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 (\u201cAPP\u201d) 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 (\u201cUnterst\u00fctzungskasse\u201d), 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 \u2014 The Company UK Pension Scheme (\u201cthe Scheme\u201d) 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\u2019s 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\u2019s 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\u2019s 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 \u201cNote 8 \u2013 Acquisitions and Disposals\u201d), 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 \u2014 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 (\u201cDBO\u201d) exposes the Company to actuarial risks, including mainly the following ones:
Market price risk \u2014 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 \u2014 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 \u2014 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 \u2014 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 \u2014 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 \u20ac 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 \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 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 \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d 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 (\u201cINSEE\u201d) tables are applied.
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 \u20ac 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 \u20ac 5,865 million and \u20ac 6,647 million that have been accounted as a non-current asset (2024: \u20ac 4,137 million and \u20ac 4,814 million respectively).
In the figures shown in the table, amounts of \u20ac 1,945 million and \u20ac 1,953 million are included for the defined benefit obligation and plan assets for deferred compensation plans in Germany (2024: \u20ac 1,949 million and \u20ac 1,890 million respectively). The past service cost included in the service cost amounts to \u20ac 10 million and \u20ac 2 million as of 31 December 2025 and 2024, respectively. The employer contributions amount to \u20ac 272 million and \u20ac 7 million for other plan participants during 2025 (2024: \u20ac 505 million and \u20ac 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 \u20ac 221 million and \u20ac 210 million as of 31 December 2025 and 2024, respectively. The funding of the plans is as follows: 31 December 2025 2024 (In \u20ac 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 \u20ac -566 million. It mainly reflects the actuarial gains on pension obligations from financial assumptions of \u20ac 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 \u20ac 272 million. This consists of: \u2022 payments made to the pension and deferred compensation plans of the Company in Germany, UK and Canada of \u20ac 262 million (2024: \u20ac\u2009449 million), mainly relating to a Contractual Trust Arrangement in Germany of \u20ac 200 million (2024: \u20ac\u2009333 million), the relief fund in Germany of \u20ac 0 million (2024: \u20ac 52 million) and the Company UK schemes of \u20ac 48 million (2024: \u20ac 50 million); \u2022 withdrawals from the Contractual Trust Arrangement in Germany of \u20ac -228 million (2024: \u20ac 0 million); \u2022 payments made of \u20ac 186 million (2024: \u20ac 1 million) to partially fund the retirement indemnities provisions in France; \u2022 payments made to the participation in BAE Systems Pension Scheme in the UK of \u20ac 52 million (2024: \u20ac\u200955 million). Contributions, before withdrawals,of approximately \u20ac 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%
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.
Funded status by countries The funded status for retirement and deferred compensation plans can be allocated to the countries as follows: (In \u20ac 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
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"reg-ix-483": {
"value": "4. Material Accounting Policies
Revenue recognition \u2014 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
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\u2019s 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 \u2014 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 (\u201cPoC\u201d 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\u2019 contracts.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract assets represent the Company\u2019s 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\u2019s 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.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac 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\u2019s 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\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
4. Material Accounting Policies
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 \u201c\u2013 Note 37: Financial Instruments\u201d), 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.
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 (\u201cOCI\u201d) (equity instruments) are recognised in OCI and accumulated in equity (other components of equity).
",
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"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"reg-ix-480": {
"value": "4. Material Accounting Policies
Research and development expenses \u2014 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 (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac 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\u2019s 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\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments\u2019 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
21. Other Investments and Other Long-Term Financial Assets 31 December (In \u20ac 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\u2019s participations and include the investment in Dassault Aviation (10.56%, 2024: 10.53%) amounting to \u20ac 2,266 million as of 31 December 2025 (2024: \u20ac 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 \u20ac 2,613 million as of 31 December 2025 (2024: \u20ac\u20092,955 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
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 \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
As of 31 December 2025, trade receivables amounting to \u20ac 188 million (2024: \u20ac 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 \u20ac 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 \u20ac 15,878 million (2024: \u20ac\u200913,791 million) increased by \u20ac -2,087 million. As of 31 December 2025, trade liabilities amounting to \u20ac 36 million (2024: \u20ac\u200918 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 \u20ac 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 \u20ac 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.
25. Other Financial Assets and Other Financial Liabilities Other Financial Assets 31 December (In \u20ac 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 \u201c\u2013 Note 37: Financial Instruments\u201d. Other Financial Liabilities 31 December (In \u20ac 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 \u201c\u2013 Note 37: Financial Instruments\u201d. (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 \u20ac +300 million (2024: \u20ac\u2009-5,116 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\u2019 refundable advances decreased by \u20ac -37 million to \u20ac 3,822 million (2024: \u20ac\u20093,859 million). The allocation of European Governments\u2019 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. 36. Net Cash The net cash is comprised of the following elements: 31 December (In \u20ac 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 \u20ac 12,171 million (2024: \u20ac 11,753 million), with a gross cash position of \u20ac 27,218 million (2024: \u20ac 26,864 million). Derivative instruments recognised on the Company\u2019s Statement of Financial Position consist of (i) instruments that are entered into as hedges of the Company\u2019s 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
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents.
Cash and cash equivalents have decreased by \u20ac -0.9 billion from \u20ac 15.0 billion as of 31 December 2024 to \u20ac 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 \u20ac +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 \u20ac -4.7 billion, mainly reflecting capital expenditure and investments in securities. Cash used for financing activities amounts to \u20ac -3.5 billion. It mainly includes the cash distribution to Airbus SE shareholders of \u20ac -2.4 billion.
36.2. Securities The majority of the Company\u2019s securities consists of debt securities and are classified at fair value through OCI (see \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). The Company\u2019s securities portfolio amounts to \u20ac 13,090 million and \u20ac 11,861 million as of 31 December 2025 and 2024, respectively. The security portfolio contains a non-current portion of \u20ac 9,997 million (2024: \u20ac 9,032 million), and a current portion of \u20ac 3,093 million (2024: \u20ac 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 (\u20ac 13,116 million nominal value; 2024: \u20ac\u200912,059 million) or floating rate coupons (\u20ac 10 million nominal value; 2024: \u20ac 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\u2019s Statement of Financial Position. Long-term financing liabilities, mainly comprising bonds and lease liabilities, decreased by \u20ac -1,292 million to \u20ac 9,063 million (2024: \u20ac 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 \u20ac +1,262 million to \u20ac 5,186 million (2024: \u20ac 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 (\u201cMAA\u201d) 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\u2019s accounting policies for the classification of interests\u2019 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 \u20ac million) 31 December (In million) 2025 2024 EMTN 5 years \u20ac561 0 556 Mar 2020 1.63% 1,80% April 2025 Interest rate swapped into 3M Euribor +2.01% EMTN 10 years \u20ac461 457 448 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 6 years \u20ac894 885 861 June 2020 1,38% 1,47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% EMTN 8 years \u20ac611 578 565 Mar 2020 2.00% 2.10% April 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 15 years \u20ac500 479 478 Oct 2014 2.12% 2.21% Oct 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years \u20ac1,250 1,117 1,103 June 2020 1.63% 1,74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% EMTN 15 years \u20ac900 814 813 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 12 years \u20ac1,000 851 849 Mar 2020 2,38% 2.49% April 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years \u20ac1,000 683 734 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 \u20ac165 143 154 Dec 2023 3M Euribor +0.498% 3M Euribor +0.498% Dec. 2038 KfW Development Bank \u20ac150 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
Reconciliation of liabilities arising from financing liabilities as of 31 December 2025 is as follows: (In \u20ac 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 \u20ac 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
37.1. Financial Risk Management
Market Risk Foreign exchange risk \u2014 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\u2019s 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\u2019s 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\u2019 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\u2019s 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 \u20ac/US$ exchange rate. As the Company intends to
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 \u201cfirst flow approach\u201d. 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 (\u201cnatural hedge\u201d), 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 \u2014 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\u2019 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.
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 \u2014 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 \u2014 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 \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). 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 \u201cMonte-Carlo-Simulation\u201d 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\u2019s VaR computation includes the Company\u2019s 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\u2019s Asset Liability Management Committee.
A summary of the VaR position of the Company financial instruments portfolio as of 31 December 2025 and 2024 is as follows: (In \u20ac 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 \u20ac 369 million (2024: \u20ac 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 \u2013 depending on the hedges\u2019 actual effectiveness \u2013 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 \u20ac 590 million (2024: \u20ac\u2009854 million) cannot be considered as a risk indicator for the Company in the economic sense.
Liquidity Risk The Company\u2019s 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 \u20ac 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its \u20ac 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\u2019s ability to continue as a going concern.
Further, the management of the vast majority of the Company\u2019s 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\u2019s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company\u2019s financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In \u20ac 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 \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d. Due to their specific nature, namely their risk-sharing features and uncertainty about the repayment dates, the European Governments\u2019 refundable advances, which amount to \u20ac -3,822 million as of 31 December 2025 are not included (2024: \u20ac\u2009-3,859 million). Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac 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\u2019s 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\u2019 creditworthiness e.g. airlines by way of internal risk pricing methods. For further information relating to gross credit risk and impairment see \u201c\u2013 Note 37.7: Impairment Losses\u201d.
37.2. Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 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.
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,822 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.
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,859 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 \u2014 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\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s 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 \u2013 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 \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations.
The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
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 \u20ac 5,004 million (2024: \u20ac 10,042 million).
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
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 \u20ac 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) \u20ac/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$/\u20ac\u2009(2024: 1.11 US$/\u20ac). 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$/\u20ac hedge rate of the US$/\u20ac hedge portfolio until 2030 amounts to 1.22 US$/\u20ac\u2009(2024: 1.22 US$/\u20ac). (In \u00a3 million) 2026 2027 2028 2029 2030+ Total Total hedges 1,516 1,066 921 776 684 4,964 Forward rates \u20ac/\u00a3 0.89 0.90 0.91 0.91 0.94 0.91 Since 2021, \u20ac/\u00a3 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 \u20ac 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 \u20ac 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
The notional amounts of equity swaps are as follows: Remaining period (In \u20ac 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 \u20ac 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 \u20ac 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)
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 \u20ac 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\u2019s net gains or net losses recognised in profit or loss in 2025 and 2024, respectively, are as follows: (In \u20ac 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 \u20ac +156 million (2024: \u20ac +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 \u2014 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 \u2014 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 \u20ac 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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\u2019 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 \u20ac million) 2025 2024 Trade receivables (83) (20) Contract assets 0 0 Total (83) (20)
",
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},
"reg-ix-478": {
"value": "4. Material Accounting Policies
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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.
20. Property, Plant and Equipment
4. Material Accounting Policies
Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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.
20. Property, Plant and Equipment
Property, plant and equipment as of 31 December 2025 and 2024 comprises the following: 31 December 2025 31 December 2024 (In \u20ac 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 \u201c\u2013 Note 27: Sales Financing Transactions\u201d). (2) The net book value of Land and Buildings under Right-of-use assets amounts to \u20ac 2,410 million. Net Book Value (In \u20ac 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
(In \u20ac 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
Off-Balance Sheet Commitments Commitments related to property, plant and equipment comprise contractual commitments for future capital expenditure and contractual commitments for purchases of \u201cLand, leasehold improvements and buildings including buildings on land owned by others\u201d (\u20ac 1,825 million as of 31 December 2025, 2024: \u20ac\u20091,722 million).
",
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"reg-ix-476": {
"value": "4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac 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\u2019s 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\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
4. Material Accounting Policies
Revenue recognition \u2014 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
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\u2019s 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 \u2014 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 (\u201cPoC\u201d 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\u2019 contracts.
12. Revenue and Gross Margin
Revenue by geographical areas based on the location of the customer is as follows: (In \u20ac 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
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract assets represent the Company\u2019s 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\u2019s 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.
Significant changes in contract assets and contract liabilities during the period are as follows: 2025 2024 (In \u20ac 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 \u20ac 188 million (2024: \u20ac 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 \u20ac 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)
4. Material Accounting Policies
Revenue recognition \u2014 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
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\u2019s 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 \u2014 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 (\u201cPoC\u201d 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\u2019 contracts.
12. Revenue and Gross Margin
Revenue by geographical areas based on the location of the customer is as follows: (In \u20ac 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
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract assets represent the Company\u2019s 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\u2019s 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.
Contract Assets, Contract Liabilities and Trade ReceivablesSignificant changes in contract assets and contract liabilities during the period are as follows: 2025 2024 (In \u20ac 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 \u20ac 188 million (2024: \u20ac 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 \u20ac 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)
4. Material Accounting Policies
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.
4. Material Accounting Policies
Research and development expenses \u2014 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.
13. Research and Development Expenses Research and development expenses decreased by \u20ac -97 million to \u20ac\u20093,153 million compared to \u20ac\u20093,250 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.
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"reg-ix-471": {
"value": "4. Material Accounting Policies
Research and development expenses \u2014 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 (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
4. Material Accounting Policies
Research and development expenses \u2014 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.
4. Material Accounting Policies
Revenue recognition \u2014 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
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\u2019s 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 \u2014 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 (\u201cPoC\u201d 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\u2019 contracts.
Provisions for onerous contracts \u2014 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 \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
Research and development expenses \u2014 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 (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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 \u201c\u2013 Note 37: Financial Instruments\u201d), 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.
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 (\u201cOCI\u201d) (equity instruments) are recognised in OCI and accumulated in equity (other components of equity).
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac 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\u2019s 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\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
Leases \u2013 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 \u201cProperty, plant and equipment\u201d and lease liabilities within \u201cFinancing liabilities\u201d 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 \u201cProperty, plant and equipment\u201d. Lease income from operating leases is recognised on a straight-line basis over the term of the lease (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d \u201c\u2013 Note 36.3: Financing Liabilities\u201d).
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\u2019 return. Finally, the Company determines which party or parties control this activity.
The Company\u2019s 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.
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 \u2014 Upon loss of control of a subsidiary, the assets and liabilities related to the subsidiary and the carrying amount of the subsidiary\u2019s non-controlling interest are derecognised. Any gain or loss arising
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. 19. Intangible Assets
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
20. Property, Plant and Equipment
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 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.
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.
Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset
portfolio22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract assets represent the Company\u2019s 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\u2019s 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 \u201c\u2013 Note 37: Financial Instruments\u201d.
24. Provisions, Contingent Assets and Contingent Liabilities
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 \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). 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 \u2013 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;
(iii) inventories \u2013 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 \u201c\u2013 Note 23: Inventories\u201d).
Impairment losses and provisions \u2014 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\u2019s carrying amount over the higher of the aircraft\u2019s 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.
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.
32. Share-based Payment Until 2020, the Company operated both equity-settled and cash-settled Long Term Incentive (\u201cLTI\u201d) 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 \u201cEquity Pool\u201d 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 (\u201cESOP\u201d) 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\u2019s 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.
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.
36.1. Cash and Cash Equivalents
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.
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\u2019s Statement of Financial Position. 37.2. Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 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.
Fair Value Hierarchy Fair value of financial instruments \u2014 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\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s 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 \u2013 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 \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations.
The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
37.7. Impairment Losses
Loss allowances \u2014 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 \u2014 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.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac 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\u2019s 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\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
25. Other Financial Assets and Other Financial Liabilities Other Financial Assets 31 December (In \u20ac 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 \u201c\u2013 Note 37: Financial Instruments\u201d. Other Financial Liabilities 31 December (In \u20ac 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 \u201c\u2013 Note 37: Financial Instruments\u201d. (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 \u20ac +300 million (2024: \u20ac\u2009-5,116 million) as a result of the weakening of the US dollar spot rate versus the average hedge rate of the Company portfolio in 2025.
37.1. Financial Risk Management
Market Risk Foreign exchange risk \u2014 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\u2019s 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\u2019s 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\u2019 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\u2019s 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 \u20ac/US$ exchange rate. As the Company intends to
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 \u201cfirst flow approach\u201d. 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 (\u201cnatural hedge\u201d), 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 \u2014 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\u2019 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.
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 \u2014 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 \u2014 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 \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). 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 \u201cMonte-Carlo-Simulation\u201d 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.
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 \u20ac 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) \u20ac/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$/\u20ac\u2009(2024: 1.11 US$/\u20ac). 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$/\u20ac hedge rate of the US$/\u20ac hedge portfolio until 2030 amounts to 1.22 US$/\u20ac\u2009(2024: 1.22 US$/\u20ac). (In \u00a3 million) 2026 2027 2028 2029 2030+ Total Total hedges 1,516 1,066 921 776 684 4,964 Forward rates \u20ac/\u00a3 0.89 0.90 0.91 0.91 0.94 0.91 Since 2021, \u20ac/\u00a3 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 \u20ac 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 \u20ac 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
The notional amounts of equity swaps are as follows: Remaining period (In \u20ac 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 \u20ac 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 \u20ac 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)
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 \u20ac 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)
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"reg-ix-467": {
"value": "4. Material Accounting Policies
Leases \u2013 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 \u201cProperty, plant and equipment\u201d and lease liabilities within \u201cFinancing liabilities\u201d 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 \u201cProperty, plant and equipment\u201d. Lease income from operating leases is recognised on a straight-line basis over the term of the lease (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d \u201c\u2013 Note 36.3: Financing Liabilities\u201d).
20. Property, Plant and Equipment
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 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.
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.
Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset
portfolio. 27. 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 \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). 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 \u2013 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;
(iii) inventories \u2013 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 \u201c\u2013 Note 23: Inventories\u201d).
4. Material Accounting Policies
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.
23. Inventories 31 December 2025 31 December 2024 (In \u20ac 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 \u20ac 41,676 million (2024: \u20ac\u200937,745 million) increased by \u20ac\u2009+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.
In 2025, write-downs of inventories in the amount of \u20ac -656 million (2024: \u20ac\u2009-473 million) are recognised in cost of sales, whereas reversal of write-downs amounts to \u20ac 99 million (2024: \u20ac\u200981 million). As of 31 December 2025, \u20ac 23,443 million of work in progress and \u20ac 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 \u20ac 44,440 million (2024: \u20ac\u200941,669 million).
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"reg-ix-489": {
"value": "4. Material Accounting Policies
Provisions for onerous contracts \u2014 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 \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
24. Provisions, Contingent Assets and Contingent Liabilities
Others risks and charges in 2025 mainly include actual or probable charges arising from the Company\u2019s operations and commercial activities.
Contingent assets and contingent liabilities \u2014 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 (\u201cGAP\u201d). Information required under IAS 37 \u201cProvisions, Contingent Assets and Contingent Liabilities\u201d 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 \u201c\u2013 Note 38: Litigation and Claims\u201d and \u201c\u2013 Note 12: Revenue and Gross Margin\u201d (mainly A400M programme).
38. Litigation and Claims Litigation and claims \u2014 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 \u201creasonably possible\u201d 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\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Securities Litigation
In August 2021 the Company received notification of two separate claims, and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) were made in relation to the previously reported criminal investigations that led to the Company\u2019s agreements with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), the US Department of Justice (\u201cDoJ\u201d) and the US Department of State (\u201cDoS\u201d), 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\u2019s share price, by failing to adequately inform investors and providing false or misleading information about the criminal investigations, the Company\u2019s 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\u2019s 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\u2019s 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\u2019s 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'Enqu\u00eates 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\u2019s 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 (\u201cNDMA\u201d) 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 \u20ac 305 million (in addition to an approximately \u20ac 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.
4. Material Accounting Policies
Provisions for onerous contracts \u2014 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 \u201c\u2013 Note 5: Key Estimates and Judgements\u201d, \u201c\u2013 Note 12: Revenue and Gross Margin\u201d and \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d).
24. Provisions, Contingent Assets and Contingent Liabilities
31. Post-Employment Benefits
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.
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Capitalised development costs, are recognised either as intangible assets or, when the related development activities lead to the construction of specialised tooling for production (\u201cjigs and tools\u201d), 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 \u201c\u2013 Note 19: Intangible Assets\u201d). 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.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac 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\u2019s 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\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
4. Material Accounting Policies
Hedge accounting \u2014 Most of the Company\u2019s revenue is denominated in US dollar (\u201cUS$\u201d), while a major portion of its costs are incurred in euro. The Company is significantly exposed to the risk of currency changes, mainly resulting from US$/\u20ac 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\u2019s 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\u2019s hedging strategies and hedge accounting policies are described in more detail in \u201c\u2013 Note 37: Financial Instruments\u201d.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
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 \u201c\u2013 Note 37: Financial Instruments\u201d.
36.1. Cash and Cash Equivalents
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.
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\u2019s Statement of Financial Position. 37.2. Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 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.
Fair Value Hierarchy Fair value of financial instruments \u2014 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\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s 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 \u2013 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 \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
37.7. Impairment Losses
Loss allowances \u2014 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 \u2014 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.
5. Key Estimates and Judgements The preparation of the Company\u2019s 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 in\ufb02uence on the amounts recognised in the Company\u2019s Consolidated Financial Statements are mentioned below: Revenue recognition for performance obligations transferred over time \u2014 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 \u201c\u2013 Note 22: Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities\u201d). Provisions \u2014 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\u2019s 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 \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d). 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\u2019s industry require challenging integration and coordination along the supply chain including an ongoing assessment of suppliers\u2019 assertions which may additionally impact the outcome of these monitoring processes.
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 \u2013 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 \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). Non-current assets \u2014 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 \u2013 \"Note 26: Other Assets and Other Liabilities\"). Hedge accounting \u2014 The hedge portfolio covers a large portion of the Company\u2019s 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 \u201c\u2013 Note 37: Financial Instruments\u201d). Employee benefits \u2014 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 \u201c\u2013 Note 31: Post-Employment Benefits\u201d). Legal contingencies \u2014 The Company is party to litigations related to a number of matters as described in \u201c\u2013 Note 38: Litigation and Claims\u201d. 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 \u2014 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\u2019s ability to utilise future tax benefits. The basis for the recoverability test of deferred tax assets is the same as the Company\u2019s 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\u2019s history of planning accuracy, performance records, business model, backlog, existence of long-term contracts as well as the nature of temporary differences (see \u201c\u2013 Note 17: Income Taxes\u201d). Other subjects that involve significant assumptions and estimates are further described in the respective notes (see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d in particular related to the acquisition of certain Spirit AeroSystems, Inc. businesses, \u201c\u2013 Note 19: Intangible Assets\u201d notably impairment tests and \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
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\u2019s 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$/\u20ac for 2026 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d). 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\u2019s 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\u2019 production rate, and includes management\u2019s 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%).
31. Post-Employment Benefits
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 \u2014 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 \u20ac 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 \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 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 \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d 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 (\u201cINSEE\u201d) tables are applied.
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.
37.1. Financial Risk Management
Sensitivities of market risks \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). 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 \u201cMonte-Carlo-Simulation\u201d 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\u2019s VaR computation includes the Company\u2019s 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\u2019s Asset Liability Management Committee.
A summary of the VaR position of the Company financial instruments portfolio as of 31 December 2025 and 2024 is as follows: (In \u20ac 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 \u20ac 369 million (2024: \u20ac 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 \u2013 depending on the hedges\u2019 actual effectiveness \u2013 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 \u20ac 590 million (2024: \u20ac\u2009854 million) cannot be considered as a risk indicator for the Company in the economic sense.
37.2. Carrying Amounts and Fair Values of Financial Instruments
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
38. Litigation and Claims Litigation and claims \u2014 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 \u201creasonably possible\u201d 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\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Securities Litigation
In August 2021 the Company received notification of two separate claims, and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) were made in relation to the previously reported criminal investigations that led to the Company\u2019s agreements with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), the US Department of Justice (\u201cDoJ\u201d) and the US Department of State (\u201cDoS\u201d), 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\u2019s share price, by failing to adequately inform investors and providing false or misleading information about the criminal investigations, the Company\u2019s 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\u2019s 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\u2019s 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\u2019s 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'Enqu\u00eates 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\u2019s 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 (\u201cNDMA\u201d) 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 \u20ac 305 million (in addition to an approximately \u20ac 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.
5. Key Estimates and Judgements The preparation of the Company\u2019s 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 in\ufb02uence on the amounts recognised in the Company\u2019s Consolidated Financial Statements are mentioned below: Revenue recognition for performance obligations transferred over time \u2014 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 \u201c\u2013 Note 22: Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities\u201d). Provisions \u2014 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\u2019s 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 \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d). 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\u2019s industry require challenging integration and coordination along the supply chain including an ongoing assessment of suppliers\u2019 assertions which may additionally impact the outcome of these monitoring processes.
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 \u2013 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 \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). Non-current assets \u2014 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 \u2013 \"Note 26: Other Assets and Other Liabilities\"). Hedge accounting \u2014 The hedge portfolio covers a large portion of the Company\u2019s 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 \u201c\u2013 Note 37: Financial Instruments\u201d). Employee benefits \u2014 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 \u201c\u2013 Note 31: Post-Employment Benefits\u201d). Legal contingencies \u2014 The Company is party to litigations related to a number of matters as described in \u201c\u2013 Note 38: Litigation and Claims\u201d. 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 \u2014 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\u2019s ability to utilise future tax benefits. The basis for the recoverability test of deferred tax assets is the same as the Company\u2019s 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\u2019s history of planning accuracy, performance records, business model, backlog, existence of long-term contracts as well as the nature of temporary differences (see \u201c\u2013 Note 17: Income Taxes\u201d). Other subjects that involve significant assumptions and estimates are further described in the respective notes (see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d in particular related to the acquisition of certain Spirit AeroSystems, Inc. businesses, \u201c\u2013 Note 19: Intangible Assets\u201d notably impairment tests and \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
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\u2019s 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$/\u20ac for 2026 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d). 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\u2019s 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\u2019 production rate, and includes management\u2019s 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%).
31. Post-Employment Benefits
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 \u2014 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 \u20ac 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 \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 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 \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d 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 (\u201cINSEE\u201d) tables are applied.
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.
37.1. Financial Risk Management
Equity price risk \u2014 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 \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). 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 \u201cMonte-Carlo-Simulation\u201d 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\u2019s VaR computation includes the Company\u2019s 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\u2019s Asset Liability Management Committee.
A summary of the VaR position of the Company financial instruments portfolio as of 31 December 2025 and 2024 is as follows: (In \u20ac 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 \u20ac 369 million (2024: \u20ac 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 \u2013 depending on the hedges\u2019 actual effectiveness \u2013 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 \u20ac 590 million (2024: \u20ac\u2009854 million) cannot be considered as a risk indicator for the Company in the economic sense.
37.2. Carrying Amounts and Fair Values of Financial Instruments
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
38. Litigation and Claims Litigation and claims \u2014 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 \u201creasonably possible\u201d 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\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Securities Litigation
In August 2021 the Company received notification of two separate claims, and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) were made in relation to the previously reported criminal investigations that led to the Company\u2019s agreements with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), the US Department of Justice (\u201cDoJ\u201d) and the US Department of State (\u201cDoS\u201d), 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\u2019s share price, by failing to adequately inform investors and providing false or misleading information about the criminal investigations, the Company\u2019s 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\u2019s 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\u2019s 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\u2019s 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'Enqu\u00eates 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\u2019s 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 (\u201cNDMA\u201d) 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 \u20ac 305 million (in addition to an approximately \u20ac 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.
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"value": "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:
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 \u2018Presentation and Disclosure in Financial Statements\u2019, 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.
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:
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 \u2018Presentation and Disclosure in Financial Statements\u2019, 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.
",
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"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-498": {
"value": "7. Scope of Consolidation
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\u2019 return. Finally, the Company determines which party or parties control this activity.
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
2.9. Appendix \u201cSimplified Airbus Structure\u201d The Company simplified principal investments structure for the year ended 31 December 2025 is as follows (for further information, please refer to the Company\u2019s 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 Espa\u00f1a, 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 Ingenier\u00eda, 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.
7. Scope of Consolidation
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\u2019 return. Finally, the Company determines which party or parties control this activity.
8. Acquisitions and Disposals
Loss of control, loss of joint control, loss of significant influence \u2014 Upon loss of control of a subsidiary, the assets and liabilities related to the subsidiary and the carrying amount of the subsidiary\u2019s non-controlling interest are derecognised. Any gain or loss arising
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.
34.2. Non-Controlling Interests The non-controlling interests (\u201cNCI\u201d) from non-wholly owned subsidiaries decreased to \u20ac 80 million as of 31 December 2025 (2024: \u20ac\u200990 million). These NCI do not have a material interest in the Company\u2019s activities and cash flows.
2.9. Appendix \u201cSimplified Airbus Structure\u201d The Company simplified principal investments structure for the year ended 31 December 2025 is as follows (for further information, please refer to the Company\u2019s 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 Espa\u00f1a, 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 Ingenier\u00eda, 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.
7. Scope of Consolidation
The Company\u2019s 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\u2019s 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. 7. Scope of Consolidation
The Company\u2019s 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\u2019s 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. 9. Investments Accounted for under the Equity Method (In \u20ac 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 \u20ac\u2009-73 million to \u20ac 2,360 million (2024: \u20ac\u20092,433 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. The Company\u2019s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table: (In \u20ac 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\u2019s 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 \u20ac 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
ArianeGroup MBDA ATR GIE (In \u20ac 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 \u20ac 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\u2019s share of contingent liabilities and other commitments as of 31 December 2025 relating to MBDA is \u20ac 577million (2024: \u20ac\u2009525 million).
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac 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 \u20ac\u2009-39 million to \u20ac\u2009355 million compared to \u20ac\u2009394 million in 2024, mainly linked to lower share of result from the Company\u2019s joint ventures (see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
7. Scope of Consolidation
The Company\u2019s 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\u2019s 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. 9. Investments Accounted for under the Equity Method (In \u20ac 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 \u20ac\u2009-73 million to \u20ac 2,360 million (2024: \u20ac\u20092,433 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. The Company\u2019s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table: (In \u20ac 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\u2019s 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 \u20ac 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
ArianeGroup MBDA ATR GIE (In \u20ac 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 \u20ac 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\u2019s share of contingent liabilities and other commitments as of 31 December 2025 relating to MBDA is \u20ac 577million (2024: \u20ac\u2009525 million).
9.2. Investments in Associates The Company\u2019s interests in associates, accounted for under the equity method, are stated in aggregate in the following table: (In \u20ac 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
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac 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 \u20ac\u2009-39 million to \u20ac\u2009355 million compared to \u20ac\u2009394 million in 2024, mainly linked to lower share of result from the Company\u2019s joint ventures (see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
",
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"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-502": {
"value": "7. Scope of Consolidation
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\u2019 return. Finally, the Company determines which party or parties control this activity.
The Company\u2019s 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\u2019s 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
Loss of control, loss of joint control, loss of significant influence \u2014 Upon loss of control of a subsidiary, the assets and liabilities related to the subsidiary and the carrying amount of the subsidiary\u2019s non-controlling interest are derecognised. Any gain or loss arising
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. 9. Investments Accounted for under the Equity Method (In \u20ac 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 \u20ac\u2009-73 million to \u20ac 2,360 million (2024: \u20ac\u20092,433 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. The Company\u2019s interest in its joint ventures, accounted for under the equity method, is stated in aggregate in the following table: (In \u20ac 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\u2019s 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 \u20ac 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
ArianeGroup MBDA ATR GIE (In \u20ac 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 \u20ac 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\u2019s share of contingent liabilities and other commitments as of 31 December 2025 relating to MBDA is \u20ac 577million (2024: \u20ac\u2009525 million).
9.2. Investments in Associates The Company\u2019s interests in associates, accounted for under the equity method, are stated in aggregate in the following table: (In \u20ac 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
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac 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 \u20ac\u2009-39 million to \u20ac\u2009355 million compared to \u20ac\u2009394 million in 2024, mainly linked to lower share of result from the Company\u2019s joint ventures (see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
21. Other Investments and Other Long-Term Financial Assets 31 December (In \u20ac 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\u2019s participations and include the investment in Dassault Aviation (10.56%, 2024: 10.53%) amounting to \u20ac 2,266 million as of 31 December 2025 (2024: \u20ac 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 \u20ac 2,613 million as of 31 December 2025 (2024: \u20ac\u20092,955 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. 34.2. Non-Controlling Interests The non-controlling interests (\u201cNCI\u201d) from non-wholly owned subsidiaries decreased to \u20ac 80 million as of 31 December 2025 (2024: \u20ac\u200990 million). These NCI do not have a material interest in the Company\u2019s activities and cash flows.
2.9. Appendix \u201cSimplified Airbus Structure\u201d The Company simplified principal investments structure for the year ended 31 December 2025 is as follows (for further information, please refer to the Company\u2019s 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 Espa\u00f1a, 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 Ingenier\u00eda, 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.
7. Scope of Consolidation
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\u2019 return. Finally, the Company determines which party or parties control this activity.
8. Acquisitions and Disposals
Loss of control, loss of joint control, loss of significant influence \u2014 Upon loss of control of a subsidiary, the assets and liabilities related to the subsidiary and the carrying amount of the subsidiary\u2019s non-controlling interest are derecognised. Any gain or loss arising
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. 7. Scope of Consolidation
The Company\u2019s 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\u2019s 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. 7. Scope of Consolidation
The Company\u2019s 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\u2019s 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. The Company\u2019s 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\u2019s 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. 9. Investments Accounted for under the Equity Method (In \u20ac 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 \u20ac\u2009-73 million to \u20ac 2,360 million (2024: \u20ac\u20092,433 million). They mainly include the equity investments in ArianeGroup, MBDA and ATR GIE.
9.2. Investments in Associates The Company\u2019s interests in associates, accounted for under the equity method, are stated in aggregate in the following table: (In \u20ac 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
15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac 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 \u20ac\u2009-39 million to \u20ac\u2009355 million compared to \u20ac\u2009394 million in 2024, mainly linked to lower share of result from the Company\u2019s joint ventures (see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
8. Acquisitions and Disposals
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 \u20ac -19 million as of 31 December 2025. The transaction is expected to be closed in 2026.
8. Acquisitions and Disposals
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 \u20ac -19 million as of 31 December 2025. The transaction is expected to be closed in 2026.
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"reg-ix-510": {
"value": "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.
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 \u201cSpirit Acquired Businesses\u201d). 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 (\u20ac 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 \u20ac 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).
The purchase price allocation has not been completed by the date the Company\u2019s 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 \u20ac 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 \u20ac 749 million in cost of sales, comprising: - An impairment of \u20ac 500 million related to existing A220 programme intangible assets (see \u201cNote 19: Intangible Assets\u201d); and - An addition of \u20ac 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 \u201c\u2013 Note 31: Post-Employment Benefits\u201d) 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. (\u201cUnical\u201d), a global aircraft parts and components supplier of Used Serviceable Material (\u201cUSM\u201d) 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.
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"reg-ix-509": {
"value": "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.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
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.
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"reg-ix-513": {
"value": "10. Related Party Transactions in \u20ac 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\u2019s Consolidated Financial Statements. As of 31 December 2025, the Company granted guarantees of \u20ac 35 million to NHI Industries in France (2024: \u20ac\u2009104 million). For information regarding the funding of the Company\u2019s pension plans, which are considered as related parties, see \u201c\u2013 Note 31: Post-Employment Benefits\u201d. The information relative to compensation and benefits granted to Members of the Executive Committee and Board of Directors is disclosed in \u201c\u2013 Note 33: Remuneration\u201d.
33. Remuneration 33.1. Remuneration - Executive Committee The Company\u2019s key management personnel consists of Members of the Executive Committee and Non-Executive Board Members. The Chief Executive Officer (\u201cCEO\u201d), 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 \u20ac 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 \u20ac 10.6 million (2024: \u20ac\u200910.0 million). In order to support the Company\u2019s 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 \u20ac 18.2 million as of 31 December 2025 (2024: \u20ac\u200919.6 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 (\u201cLTI\u201d) The share-based payment expenses result from not yet forfeited performance shares granted to the Executive Committee Members under the Company\u2019s LTI plan which are measured at fair value according to the methodology described in \u201c\u2013 Note 32: Share-based Payment\u201d. 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 \u20ac 7.6 million (2024: \u20ac\u200910.2 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: \u20ac\u20094.6 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).
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\u2019 contract includes a non-compete clause which applies for a minimum of one year and can be extended at the Company\u2019s 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\u2019 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\u2019 medical, death and disability coverage, company car and other usual facilities as applicable. 33.2. Remuneration \u2013 CEO The annual remuneration and related compensation costs of the CEO as expensed in the respective year can be summarised as follows: (In \u20ac) 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 \u201c\u2013 Note 32: Share-Based Payment\u201d). (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\u2019s 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 \u20ac 3,814,659 (2024: \u20ac\u20094,172,786). 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.
For the fiscal year 2025, the cost related to the CEO\u2019s pension rights accrued under Company\u2019s plans during the year represented an expense of \u20ac 1,077,017 (2024: \u20ac 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) \u20ac 89.83 \u20ac 110.85 \u20ac 141.80 \u20ac 156.94 \u20ac 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\u2019s 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 \u20ac 843,696 in 2025 (2024: \u20ac 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: \u20ac\u20091,067,651). Termination Benefits The termination benefit applicable to the CEO is described in the Company\u2019s Remuneration policy. Other Benefits As stipulated in the Company\u2019s 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\u2019s 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 \u20ac 33,968 (2024: \u20ac 35,292). The Company has not provided any loans to, advances to and guarantees on behalf of the CEO.
Remuneration \u2013 Board of Directors The remuneration of the Non-Executive Members of the Board of Directors was as follows: 2025 2024 (In \u20ac) Fixum (1) Attendance Fees (2) Total Fixum (1) Attendance Fees (2) Total Non-Executive Board Members Ren\u00e9 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 H\u00f6pke (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 \u201cAC\u201d, 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\u2019 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.
2.9. Appendix \u201cSimplified Airbus Structure\u201d The Company simplified principal investments structure for the year ended 31 December 2025 is as follows (for further information, please refer to the Company\u2019s 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 Espa\u00f1a, 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 Ingenier\u00eda, 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.
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"reg-ix-514": {
"value": "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 \u2014 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 \u2014 Development, manufacturing, marketing and sale of civil and military helicopters, uncrewed aerial systems and their related services. - Airbus Defence and Space \u2014 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\u2019s business segments. As a rule, inter-segment transfers are carried out on an arm\u2019s 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 \u201cEliminations\u201d. The Company uses EBIT as a key indicator of its economic performance.
Business segment information for the year ended 31 December 2025 is as follows: (In \u20ac 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 \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d. Business segment information for the year ended 31 December 2024 is as follows: (In \u20ac 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 \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d.
- Airbus EBIT decreased by \u20ac -578 million to \u20ac 4,555 million (2024: \u20ac 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 \u20ac -500 million of existing A220 programme assets, \u20ac -249 million reflecting the provisions for onerous contracts and \u20ac -122 million due to transaction costs partly offset by \u20ac +738 million related to the settlement of pre-existing relationship (see \u201cNote 8 \u2013 Acquisitions and Disposals\u201d). - Airbus Helicopters EBIT increased by \u20ac +135 million to \u20ac 953 million (2024: \u20ac 818 million). This is mainly due to higher deliveries and growth in services businesses. - Airbus Defence & Space EBIT increased by \u20ac +1,295 million to \u20ac 639 million (2024: \u20ac -656 million). In 2024, it was negatively impacted by a charge of \u20ac -1.3 billion related to the estimates at completion (\u201cEAC\u201d) update of certain telecommunications, navigation and observation programmes. In 2025, it benefitted from higher volume and improved profitability partly offset by a charge of \u20ac -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\u2019s 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 \u20ac 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 \u20ac 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 \u201c\u2013 Note 12: Revenue and Gross Margin\u201d. Property, plant and equipment by geographical areas is disclosed in \u201c\u2013 Note 20: Property, Plant and Equipment\u201d.
Segment order backlog 31 December 2025 2024 (In \u20ac million) (in %) (In \u20ac 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\u2019s customers. Backlog commitments are relative to the Company\u2019s 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 \u20ac 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 \u20ac 619 billion at the end of 2025 (2024: \u20ac 629 billion) with a net order intake amounting to \u20ac 123.3 billion (2024: \u20ac 103.5 billion), a revenue of \u20ac 73.4 billion (2024: \u20ac 69.2 billion) and adjustments mainly reflecting foreign exchange revaluation amounting to \u20ac -59.9 billion (2024: \u20ac 40.7 billion). The decrease mainly reflects the weakening of the US dollar at a spot rate of 1.18 US$/\u20ac\u2009(2024: 1.04 US$/\u20ac) 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.
12. Revenue and Gross Margin
Revenue by geographical areas based on the location of the customer is as follows: (In \u20ac 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
",
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"reg-ix-515": {
"value": "12. Revenue and Gross Margin
The gross margin increased by \u20ac +292 million to \u20ac 10,967 million (2024: \u20ac 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 (\u201cEAC\u201d) update of certain telecommunications, navigation and observation programmes. In 2025, the impact is mainly driven by higher volumes across the Company\u2019s businesses partly offset by negative foreign exchange impacts as well as the acquisition of certain Spirit Aerosystems, Inc. businesses with an impairment of \u20ac -500 million related to existing A220 programme and an addition of \u20ac -249 million to provisions for onerous contracts (see \u201cNote 8 \u2013 Acquisitions and Disposals\u201d).
",
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"reg-ix-516": {
"value": "13. Research and Development Expenses Research and development expenses decreased by \u20ac -97 million to \u20ac\u20093,153 million compared to \u20ac\u20093,250 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 expenses increased by \u20ac 291 million to \u20ac -488 million compared to \u20ac\u2009-197 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 \u20ac -122 million related to the Spirit Acquired Businesses (see \u201cNote 8 \u2013 Acquisitions and Disposals\u201d).
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d, see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) 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. Net Book Value (In \u20ac 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
(In \u20ac 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
20. Property, Plant and Equipment
Net Book Value (In \u20ac 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
(In \u20ac 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
29. Personnel expenses (In \u20ac 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 \u201c\u2013 Note 31: Post-Employment Benefits\u201d.
13. Research and Development Expenses Research and development expenses decreased by \u20ac -97 million to \u20ac\u20093,153 million compared to \u20ac\u20093,250 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.
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d, see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) 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. Net Book Value (In \u20ac 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
(In \u20ac 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
20. Property, Plant and Equipment
Net Book Value (In \u20ac 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
(In \u20ac 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
29. Personnel expenses (In \u20ac 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 \u201c\u2013 Note 31: Post-Employment Benefits\u201d.
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"reg-ix-519": {
"value": "14. Other Income and Other Expenses
Other income increased by \u20ac\u2009+676 million to \u20ac\u2009979 million compared to \u20ac 303 million in 2024 mainly due to the settlement of the pre-existing manufacturing agreements between the Company and Spirit Acquired Businesses of \u20ac +738 million (see \u201cNote 8 \u2013 Acquisitions and Disposals\u201d). In 2024, other income was positively impacted by a gain of \u20ac +51 million related to the step-up of the previously held equity interest at fair value in Airbus OneWeb Satellites.
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"reg-ix-518": {
"value": "14. Other Income and Other Expenses
Other income increased by \u20ac\u2009+676 million to \u20ac\u2009979 million compared to \u20ac 303 million in 2024 mainly due to the settlement of the pre-existing manufacturing agreements between the Company and Spirit Acquired Businesses of \u20ac +738 million (see \u201cNote 8 \u2013 Acquisitions and Disposals\u201d). In 2024, other income was positively impacted by a gain of \u20ac +51 million related to the step-up of the previously held equity interest at fair value in Airbus OneWeb Satellites.
Other expenses increased by \u20ac 291 million to \u20ac -488 million compared to \u20ac\u2009-197 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 \u20ac -122 million related to the Spirit Acquired Businesses (see \u201cNote 8 \u2013 Acquisitions and Disposals\u201d).
Other expenses increased by \u20ac 291 million to \u20ac -488 million compared to \u20ac\u2009-197 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 \u20ac -122 million related to the Spirit Acquired Businesses (see \u201cNote 8 \u2013 Acquisitions and Disposals\u201d).
",
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"reg-ix-521": {
"value": "15. Share of Profit from Investments Accounted for under the Equity Method and Other Income from Investments (In \u20ac 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 \u20ac\u2009-39 million to \u20ac\u2009355 million compared to \u20ac\u2009394 million in 2024, mainly linked to lower share of result from the Company\u2019s joint ventures (see \u201cNote 9.1 \u2013 Investments in Joint Ventures\u201d).
21. Other Investments and Other Long-Term Financial Assets 31 December (In \u20ac 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\u2019s participations and include the investment in Dassault Aviation (10.56%, 2024: 10.53%) amounting to \u20ac 2,266 million as of 31 December 2025 (2024: \u20ac 1,632 million).
",
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"reg-ix-522": {
"value": "16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments\u2019 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
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments\u2019 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
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments\u2019 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
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments\u2019 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
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments\u2019 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
16. Total Financial Result Interest income derived from the Company\u2019s asset management and lending activities is recognised as interest accrues, using the effective interest rate method. (In \u20ac million) 2025 2024 Interest income 710 802 Interest expense (770) (900) thereof Interests on European Governments\u2019 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
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"reg-ix-528": {
"value": "17. Income Taxes The expense for income taxes is comprised of the following: (In \u20ac 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 \u20ac 1 million related to the top-up tax (2024: \u20ac 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 \u20ac 3 billion for the fiscal year ending on 31 December 2025. France\u2019s 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 \u20ac 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. 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 \u20ac 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 \u20ac\u2009-1,390 million (2024: \u20ac\u2009-1,347 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 \u20ac 0.2 billion. As the Company controls the timing of the reversal of temporary differences associated with its subsidiaries (usually referred to as \u201coutside basis differences\u201d) 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 \u20ac 274 million (2024: \u20ac\u2009244 million). Deferred taxes on net operating losses (\u201cNOLs\u201d), trade tax loss carry forwards and tax credit carry forwards are: (In \u20ac 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 \u20ac 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
Details of deferred tax recognised cumulatively in other comprehensive income are as follows: (In \u20ac 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 \u20ac 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) \u201cOthers\u201d 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 \u20ac 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) \u201cOthers\u201d mainly comprises changes in the consolidation scope and foreign exchange rate effects.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-529": {
"value": "17. Income Taxes The expense for income taxes is comprised of the following: (In \u20ac 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 \u20ac 1 million related to the top-up tax (2024: \u20ac 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.
As the Company controls the timing of the reversal of temporary differences associated with its subsidiaries (usually referred to as \u201coutside basis differences\u201d) 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 \u20ac 274 million (2024: \u20ac\u2009244 million). Deferred taxes on net operating losses (\u201cNOLs\u201d), trade tax loss carry forwards and tax credit carry forwards are: (In \u20ac 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 \u20ac 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
Details of deferred tax recognised cumulatively in other comprehensive income are as follows: (In \u20ac 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 \u20ac 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) \u201cOthers\u201d 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 \u20ac 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) \u201cOthers\u201d mainly comprises changes in the consolidation scope and foreign exchange rate effects.
18. Earnings per share 2025 2024 Profit for the period attributable to equity owners of the parent (Net income) \u20ac 5,221 million \u20ac 4,232 million Weighted average number of ordinary shares 789,573,213 789,961,671 Basic earnings per share \u20ac 6.61 \u20ac 5.36 Diluted earnings per share \u2013 The Company\u2019s dilutive potential ordinary shares are equity-settled Performance Shares relating to Long-Term Incentive \u201cLTI\u201d 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 \u20ac 5,221 million \u20ac 4,232 million Weighted average number of ordinary shares (diluted) 790,892,128 790,991,077 Diluted earnings per share \u20ac 6.60 \u20ac 5.35
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-531": {
"value": "Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d, see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) 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 \u20ac 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 \u20ac 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
(In \u20ac 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
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
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\u2019s 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$/\u20ac for 2026 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d). 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\u2019s 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\u2019 production rate, and includes management\u2019s 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%).
Intangible assets comprise (i) goodwill (see \u201c\u2013 Note 7: Scope of Consolidation\u201d, see \u201c\u2013 Note 8: Acquisitions and Disposals\u201d), (ii) capitalised development costs (see \u201c\u2013 Note 4: Material Accounting Policies\u201d) 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. Net Book Value (In \u20ac 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
(In \u20ac 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
20. Property, Plant and Equipment
Net Book Value (In \u20ac 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
(In \u20ac 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
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
27. Sales Financing TransactionsImpairment losses and provisions \u2014 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\u2019s carrying amount over the higher of the aircraft\u2019s 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.
37.7. Impairment Losses
Loss allowances \u2014 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. Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
Impairment losses and provisions \u2014 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\u2019s carrying amount over the higher of the aircraft\u2019s 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.
37.7. Impairment Losses
Investment grade instruments \u2014 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.
",
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"value": "19. Intangible AssetsIntangible assets as of 31 December 2025 and 2024 comprise the following: 31 December 2025 31 December 2024 (In \u20ac 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 \u20ac 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
(In \u20ac 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
Impairment Tests Each year the Company assesses whether there is an indication that a non-financial asset or a cash generating unit (\u201cCGU\u201d) 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\u2019s 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 (\u201cWACC\u201d) 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\u2019s best estimate of future developments which align with the Company\u2019s climate-related ambitions.
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\u2019s 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$/\u20ac for 2026 to convert in euro the portion of future US dollar which is not hedged (see \u201c\u2013 Note 37: Financial Instruments\u201d). 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\u2019s 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\u2019 production rate, and includes management\u2019s 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%).
20. Property, Plant and Equipment
Property, plant and equipment as of 31 December 2025 and 2024 comprises the following: 31 December 2025 31 December 2024 (In \u20ac 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 \u201c\u2013 Note 27: Sales Financing Transactions\u201d). (2) The net book value of Land and Buildings under Right-of-use assets amounts to \u20ac 2,410 million. Net Book Value (In \u20ac 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
(In \u20ac 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
Impairment losses and provisions \u2014 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\u2019s carrying amount over the higher of the aircraft\u2019s 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.
20. Property, Plant and Equipment
20. Property, Plant and Equipment
Off-Balance Sheet Commitments Commitments related to property, plant and equipment comprise contractual commitments for future capital expenditure and contractual commitments for purchases of \u201cLand, leasehold improvements and buildings including buildings on land owned by others\u201d (\u20ac 1,825 million as of 31 December 2025, 2024: \u20ac\u20091,722 million).
24. Provisions, Contingent Assets and Contingent Liabilities
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.
27. Sales Financing Transactions
Off-balance sheet commitments \u2014 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 \u20ac 98 million (2024: \u20ac\u2009145 million), excluding \u20ac 9 million (2024: \u20ac\u200910 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 \u20ac 93 million (2024: \u20ac\u2009127 million) (see \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
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"reg-ix-539": {
"value": "20. Property, Plant and Equipment
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 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.
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.
Other leases The Company also leases IT equipment, machinery and other equipment that combined are insignificant to the total leased asset
portfolio. 20. Property, Plant and Equipment
Off-Balance Sheet Commitments Commitments related to property, plant and equipment comprise contractual commitments for future capital expenditure and contractual commitments for purchases of \u201cLand, leasehold improvements and buildings including buildings on land owned by others\u201d (\u20ac 1,825 million as of 31 December 2025, 2024: \u20ac\u20091,722 million).
24. Provisions, Contingent Assets and Contingent Liabilities
Contingent assets and contingent liabilities \u2014 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 (\u201cGAP\u201d). Information required under IAS 37 \u201cProvisions, Contingent Assets and Contingent Liabilities\u201d 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 \u201c\u2013 Note 38: Litigation and Claims\u201d and \u201c\u2013 Note 12: Revenue and Gross Margin\u201d (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.
27. Sales Financing Transactions
Off-balance sheet commitments \u2014 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 \u20ac 98 million (2024: \u20ac\u2009145 million), excluding \u20ac 9 million (2024: \u20ac\u200910 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 \u20ac 93 million (2024: \u20ac\u2009127 million) (see \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
38. Litigation and Claims Litigation and claims \u2014 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 \u201creasonably possible\u201d 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\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Securities Litigation
In August 2021 the Company received notification of two separate claims, and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) were made in relation to the previously reported criminal investigations that led to the Company\u2019s agreements with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), the US Department of Justice (\u201cDoJ\u201d) and the US Department of State (\u201cDoS\u201d), 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\u2019s share price, by failing to adequately inform investors and providing false or misleading information about the criminal investigations, the Company\u2019s 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\u2019s 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\u2019s 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\u2019s 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'Enqu\u00eates 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\u2019s 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 (\u201cNDMA\u201d) 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 \u20ac 305 million (in addition to an approximately \u20ac 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.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
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 \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
As of 31 December 2025, trade receivables amounting to \u20ac 188 million (2024: \u20ac 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 \u20ac 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)
37.7. Impairment Losses
Loss allowances \u2014 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. 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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\u2019 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 \u20ac million) 2025 2024 Trade receivables (83) (20) Contract assets 0 0 Total (83) (20)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-547": {
"value": "22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Trade Liabilities Trade liabilities of \u20ac 15,878 million (2024: \u20ac\u200913,791 million) increased by \u20ac -2,087 million. As of 31 December 2025, trade liabilities amounting to \u20ac 36 million (2024: \u20ac\u200918 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 \u20ac 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 \u20ac 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.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Contract liabilities represent the Company\u2019s 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.
Contract Assets, Contract Liabilities and Trade Receivables
Significant changes in contract assets and contract liabilities during the period are as follows: 2025 2024 (In \u20ac 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
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"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-545": {
"value": "22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
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 \u20ac 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)
37.1. Financial Risk Management
Market Risk Foreign exchange risk \u2014 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\u2019s 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\u2019s 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\u2019 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\u2019s 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 \u20ac/US$ exchange rate. As the Company intends to
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 \u201cfirst flow approach\u201d. 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 (\u201cnatural hedge\u201d), 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 \u2014 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\u2019 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.
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 \u2014 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 \u2014 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 \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). 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 \u201cMonte-Carlo-Simulation\u201d 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\u2019s VaR computation includes the Company\u2019s 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\u2019s Asset Liability Management Committee.
A summary of the VaR position of the Company financial instruments portfolio as of 31 December 2025 and 2024 is as follows: (In \u20ac 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 \u20ac 369 million (2024: \u20ac 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 \u2013 depending on the hedges\u2019 actual effectiveness \u2013 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 \u20ac 590 million (2024: \u20ac\u2009854 million) cannot be considered as a risk indicator for the Company in the economic sense.
Liquidity Risk The Company\u2019s 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 \u20ac 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its \u20ac 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\u2019s ability to continue as a going concern.
Further, the management of the vast majority of the Company\u2019s 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\u2019s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company\u2019s financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In \u20ac 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 \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d. Due to their specific nature, namely their risk-sharing features and uncertainty about the repayment dates, the European Governments\u2019 refundable advances, which amount to \u20ac -3,822 million as of 31 December 2025 are not included (2024: \u20ac\u2009-3,859 million). Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac 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\u2019s 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\u2019 creditworthiness e.g. airlines by way of internal risk pricing methods. For further information relating to gross credit risk and impairment see \u201c\u2013 Note 37.7: Impairment Losses\u201d.
37.7. Impairment Losses
Loss allowances \u2014 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 \u2014 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 \u20ac 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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\u2019 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 \u20ac million) 2025 2024 Trade receivables (83) (20) Contract assets 0 0 Total (83) (20)
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
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 \u20ac 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)
37.1. Financial Risk Management
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\u2019s 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\u2019 creditworthiness e.g. airlines by way of internal risk pricing methods. For further information relating to gross credit risk and impairment see \u201c\u2013 Note 37.7: Impairment Losses\u201d.
37.7. Impairment Losses
Loss allowances \u2014 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 \u2014 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 \u20ac 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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\u2019 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 \u20ac million) 2025 2024 Trade receivables (83) (20) Contract assets 0 0 Total (83) (20)
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
37.7. Impairment Losses
Loss allowances \u2014 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 \u2014 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.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
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 \u201c\u2013 Note 37: Financial Instruments\u201d.
37.7. Impairment Losses
Loss allowances \u2014 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. 22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
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 \u201c\u2013 Note 37: Financial Instruments\u201d.
36.1. Cash and Cash Equivalents
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.
37.2. Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 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.
37.7. Impairment Losses
Loss allowances \u2014 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 \u2014 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.
22. Contract Assets and Contract Liabilities, Trade Receivables and Trade Liabilities
Impairment and allowances of trade receivables and contract assets are measured at an amount equal to the life-time expected loss as described in \u201c\u2013 Note 37: Financial Instruments\u201d.
Contract Assets, Contract Liabilities and Trade Receivables
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 \u20ac 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)
37.7. Impairment Losses
Loss allowances \u2014 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 \u2014 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 \u20ac 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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 \u20ac million) Not past due Renegotiated/ not past due/ not impaired Gross impaired Past due \u2264 3 months Past due > 3 and \u2264 6 months Past due > 6 and \u2264 9 months Past due > 9 and \u2264 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\u2019 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 \u20ac million) 2025 2024 Trade receivables (83) (20) Contract assets 0 0 Total (83) (20)
24. Provisions, Contingent Assets and Contingent Liabilities
Contingent assets and contingent liabilities \u2014 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 (\u201cGAP\u201d). Information required under IAS 37 \u201cProvisions, Contingent Assets and Contingent Liabilities\u201d 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 \u201c\u2013 Note 38: Litigation and Claims\u201d and \u201c\u2013 Note 12: Revenue and Gross Margin\u201d (mainly A400M programme).
38. Litigation and Claims Litigation and claims \u2014 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 \u201creasonably possible\u201d 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\u2019s or the Company\u2019s Financial Position or profitability. If the Company concludes that the disclosures relative to contingent liabilities can be expected to prejudice seriously its position in a dispute with other parties, the Company limits its disclosures to the nature of the dispute. Securities Litigation
In August 2021 the Company received notification of two separate claims, and in March 2022 of a third claim, each filed in the Netherlands purportedly on behalf of Airbus investors. These claims (the \u201cDutch claims\u201d) were made in relation to the previously reported criminal investigations that led to the Company\u2019s agreements with the French Parquet National Financier (\u201cPNF\u201d), the UK Serious Fraud Office (\u201cSFO\u201d), the US Department of Justice (\u201cDoJ\u201d) and the US Department of State (\u201cDoS\u201d), 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\u2019s share price, by failing to adequately inform investors and providing false or misleading information about the criminal investigations, the Company\u2019s 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\u2019s 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\u2019s 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\u2019s 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'Enqu\u00eates 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\u2019s 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 (\u201cNDMA\u201d) 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 \u20ac 305 million (in addition to an approximately \u20ac 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.
26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
26. Other Assets and Other Liabilities
Other Liabilities 31 December (In \u20ac 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) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel restructuring).
26. Other Assets and Other Liabilities
Other Liabilities 31 December (In \u20ac 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) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel restructuring).
26. Other Assets and Other Liabilities
Other Liabilities 31 December (In \u20ac 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) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel restructuring).
Other Liabilities 31 December (In \u20ac 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) \u201cOthers\u201d mainly comprises tax (excluding income tax) and personnel liabilities (e.g. Salaries, Social insurance contribution, Liabilities from personnel restructuring).
",
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"value": "27. 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 \u2013 Aircraft leased out under operating leases are included in property, plant and equipment at cost less accumulated depreciation (see \u201c\u2013 Note 20: Property, Plant and Equipment\u201d). 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 \u2013 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;
(iii) inventories \u2013 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 \u201c\u2013 Note 23: Inventories\u201d).
Off-balance sheet commitments \u2014 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 \u20ac 98 million (2024: \u20ac\u2009145 million), excluding \u20ac 9 million (2024: \u20ac\u200910 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 \u20ac 93 million (2024: \u20ac\u2009127 million) (see \u201c\u2013 Note 22: Contract Assets, Contract Liabilities and Trade Receivables, and Trade Liabilities\u201d).
Impairment losses and provisions \u2014 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\u2019s carrying amount over the higher of the aircraft\u2019s 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.
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:
(In \u20ac 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 \u20ac 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 \u20ac 179 million in 2025 (2024: \u20ac\u2009-2 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 \u20ac 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 \u20ac 12 million and \u20ac\u200910 million respectively and related accumulated depreciation is \u20ac 28 million and \u20ac\u200922 million respectively. (2) See \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d. (3) 2024 figures have been restated for Airbus Defence and Space.
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"value": "27. Sales Financing Transactions
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:
(In \u20ac 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 \u20ac 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 \u20ac 179 million in 2025 (2024: \u20ac\u2009-2 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 \u20ac 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 \u20ac 12 million and \u20ac\u200910 million respectively and related accumulated depreciation is \u20ac 28 million and \u20ac\u200922 million respectively. (2) See \u201c\u2013 Note 24: Provisions, Contingent Assets and Contingent Liabilities\u201d. (3) 2024 figures have been restated for Airbus Defence and Space.
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).
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},
"reg-ix-562": {
"value": "29. Personnel expenses (In \u20ac 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 \u201c\u2013 Note 31: Post-Employment Benefits\u201d.
30. Personnel-Related Provisions (In \u20ac 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 \u20ac 515 million (2024: \u20ac 496 million) are mainly related to short-term employee benefit. 31. Post-Employment Benefits
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.
France \u2014 The French pension system is operated on a \u201cpay as you go\u201d 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 r\u00e9gime de retraite compl\u00e9mentaire des salari\u00e9s and Association g\u00e9n\u00e9rale 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 \u2014 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 (\u201cAPP\u201d) 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 (\u201cUnterst\u00fctzungskasse\u201d), 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 \u2014 The Company UK Pension Scheme (\u201cthe Scheme\u201d) 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\u2019s 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\u2019s 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\u2019s 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 \u201cNote 8 \u2013 Acquisitions and Disposals\u201d), 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 \u2014 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 (\u201cDBO\u201d) exposes the Company to actuarial risks, including mainly the following ones:
Market price risk \u2014 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 \u2014 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 \u2014 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 \u2014 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 \u2014 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 \u20ac 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 \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 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 \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d 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 (\u201cINSEE\u201d) tables are applied.
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 \u20ac 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 \u20ac 5,865 million and \u20ac 6,647 million that have been accounted as a non-current asset (2024: \u20ac 4,137 million and \u20ac 4,814 million respectively).
In the figures shown in the table, amounts of \u20ac 1,945 million and \u20ac 1,953 million are included for the defined benefit obligation and plan assets for deferred compensation plans in Germany (2024: \u20ac 1,949 million and \u20ac 1,890 million respectively). The past service cost included in the service cost amounts to \u20ac 10 million and \u20ac 2 million as of 31 December 2025 and 2024, respectively. The employer contributions amount to \u20ac 272 million and \u20ac 7 million for other plan participants during 2025 (2024: \u20ac 505 million and \u20ac 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 \u20ac 221 million and \u20ac 210 million as of 31 December 2025 and 2024, respectively. The funding of the plans is as follows: 31 December 2025 2024 (In \u20ac 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 \u20ac -566 million. It mainly reflects the actuarial gains on pension obligations from financial assumptions of \u20ac 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 \u20ac 272 million. This consists of: \u2022 payments made to the pension and deferred compensation plans of the Company in Germany, UK and Canada of \u20ac 262 million (2024: \u20ac\u2009449 million), mainly relating to a Contractual Trust Arrangement in Germany of \u20ac 200 million (2024: \u20ac\u2009333 million), the relief fund in Germany of \u20ac 0 million (2024: \u20ac 52 million) and the Company UK schemes of \u20ac 48 million (2024: \u20ac 50 million); \u2022 withdrawals from the Contractual Trust Arrangement in Germany of \u20ac -228 million (2024: \u20ac 0 million); \u2022 payments made of \u20ac 186 million (2024: \u20ac 1 million) to partially fund the retirement indemnities provisions in France; \u2022 payments made to the participation in BAE Systems Pension Scheme in the UK of \u20ac 52 million (2024: \u20ac\u200955 million). Contributions, before withdrawals,of approximately \u20ac 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%
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.
Funded status by countries The funded status for retirement and deferred compensation plans can be allocated to the countries as follows: (In \u20ac 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\u2019s 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 \u20ac\u20091,067 million (2024: \u20ac\u2009843 million).
31. Post-Employment Benefits
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.
France \u2014 The French pension system is operated on a \u201cpay as you go\u201d 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 r\u00e9gime de retraite compl\u00e9mentaire des salari\u00e9s and Association g\u00e9n\u00e9rale 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 \u2014 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 (\u201cAPP\u201d) 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 (\u201cUnterst\u00fctzungskasse\u201d), 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 \u2014 The Company UK Pension Scheme (\u201cthe Scheme\u201d) 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\u2019s 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\u2019s 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\u2019s 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 \u201cNote 8 \u2013 Acquisitions and Disposals\u201d), 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 \u2014 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 (\u201cDBO\u201d) exposes the Company to actuarial risks, including mainly the following ones:
Market price risk \u2014 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 \u2014 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 \u2014 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 \u2014 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 \u2014 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 \u20ac 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 \u2014 Rates for pension payment increases are derived from the respective inflation rate for the plan. Inflation rates \u2014 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 \u2014 For the calculation of the German pension obligation, the \u201c2018 G\u201d 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 (\u201cINSEE\u201d) tables are applied.
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 \u20ac 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 \u20ac 5,865 million and \u20ac 6,647 million that have been accounted as a non-current asset (2024: \u20ac 4,137 million and \u20ac 4,814 million respectively).
In the figures shown in the table, amounts of \u20ac 1,945 million and \u20ac 1,953 million are included for the defined benefit obligation and plan assets for deferred compensation plans in Germany (2024: \u20ac 1,949 million and \u20ac 1,890 million respectively). The past service cost included in the service cost amounts to \u20ac 10 million and \u20ac 2 million as of 31 December 2025 and 2024, respectively. The employer contributions amount to \u20ac 272 million and \u20ac 7 million for other plan participants during 2025 (2024: \u20ac 505 million and \u20ac 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 \u20ac 221 million and \u20ac 210 million as of 31 December 2025 and 2024, respectively. The funding of the plans is as follows: 31 December 2025 2024 (In \u20ac 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 \u20ac -566 million. It mainly reflects the actuarial gains on pension obligations from financial assumptions of \u20ac 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 \u20ac 272 million. This consists of: \u2022 payments made to the pension and deferred compensation plans of the Company in Germany, UK and Canada of \u20ac 262 million (2024: \u20ac\u2009449 million), mainly relating to a Contractual Trust Arrangement in Germany of \u20ac 200 million (2024: \u20ac\u2009333 million), the relief fund in Germany of \u20ac 0 million (2024: \u20ac 52 million) and the Company UK schemes of \u20ac 48 million (2024: \u20ac 50 million); \u2022 withdrawals from the Contractual Trust Arrangement in Germany of \u20ac -228 million (2024: \u20ac 0 million); \u2022 payments made of \u20ac 186 million (2024: \u20ac 1 million) to partially fund the retirement indemnities provisions in France; \u2022 payments made to the participation in BAE Systems Pension Scheme in the UK of \u20ac 52 million (2024: \u20ac\u200955 million). Contributions, before withdrawals,of approximately \u20ac 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%
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.
Funded status by countries The funded status for retirement and deferred compensation plans can be allocated to the countries as follows: (In \u20ac 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
31. Post-Employment Benefits
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.
Contributions to defined contribution plans Employer\u2019s 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 \u20ac\u20091,067 million (2024: \u20ac\u2009843 million).
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"value": "31. Post-Employment BenefitsPlans 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.
32. Share-based Payment Until 2020, the Company operated both equity-settled and cash-settled Long Term Incentive (\u201cLTI\u201d) 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 \u201cEquity Pool\u201d 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 (\u201cESOP\u201d) 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\u2019s 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.
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.
32. Share-based Payment Until 2020, the Company operated both equity-settled and cash-settled Long Term Incentive (\u201cLTI\u201d) 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 \u201cEquity Pool\u201d 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 (\u201cESOP\u201d) 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\u2019s 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.
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\u2019 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 \u20ac 172.78 \u20ac 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 company sold 2,090,466 ordinary shares (2024: 2,096,115) with a nominal value of \u20ac 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 \u20ac\u20091.00 each: all sourced through share buyback (2024: 241,717). Compensation expense (including social security contributions) of \u20ac 253 million (2024: \u20ac\u2009273 million) was recognised in connection with ESOP in 2025.
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"value": "32. Share-based Payment Until 2020, the Company operated both equity-settled and cash-settled Long Term Incentive (\u201cLTI\u201d) 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 \u201cEquity Pool\u201d 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 (\u201cESOP\u201d) 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\u2019s 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.
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.
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"value": "33. Remuneration 33.1. Remuneration - Executive Committee The Company\u2019s key management personnel consists of Members of the Executive Committee and Non-Executive Board Members. The Chief Executive Officer (\u201cCEO\u201d), 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 \u20ac 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 \u20ac 10.6 million (2024: \u20ac\u200910.0 million). In order to support the Company\u2019s 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 \u20ac 18.2 million as of 31 December 2025 (2024: \u20ac\u200919.6 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 (\u201cLTI\u201d) The share-based payment expenses result from not yet forfeited performance shares granted to the Executive Committee Members under the Company\u2019s LTI plan which are measured at fair value according to the methodology described in \u201c\u2013 Note 32: Share-based Payment\u201d. 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 \u20ac 7.6 million (2024: \u20ac\u200910.2 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: \u20ac\u20094.6 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).
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\u2019 contract includes a non-compete clause which applies for a minimum of one year and can be extended at the Company\u2019s 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\u2019 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\u2019 medical, death and disability coverage, company car and other usual facilities as applicable. 33.2. Remuneration \u2013 CEO The annual remuneration and related compensation costs of the CEO as expensed in the respective year can be summarised as follows: (In \u20ac) 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 \u201c\u2013 Note 32: Share-Based Payment\u201d). (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\u2019s 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 \u20ac 3,814,659 (2024: \u20ac\u20094,172,786). 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.
For the fiscal year 2025, the cost related to the CEO\u2019s pension rights accrued under Company\u2019s plans during the year represented an expense of \u20ac 1,077,017 (2024: \u20ac 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) \u20ac 89.83 \u20ac 110.85 \u20ac 141.80 \u20ac 156.94 \u20ac 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\u2019s 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 \u20ac 843,696 in 2025 (2024: \u20ac 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: \u20ac\u20091,067,651). Termination Benefits The termination benefit applicable to the CEO is described in the Company\u2019s Remuneration policy. Other Benefits As stipulated in the Company\u2019s 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\u2019s 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 \u20ac 33,968 (2024: \u20ac 35,292). The Company has not provided any loans to, advances to and guarantees on behalf of the CEO.
Remuneration \u2013 Board of Directors The remuneration of the Non-Executive Members of the Board of Directors was as follows: 2025 2024 (In \u20ac) Fixum (1) Attendance Fees (2) Total Fixum (1) Attendance Fees (2) Total Non-Executive Board Members Ren\u00e9 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 H\u00f6pke (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 \u201cAC\u201d, 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\u2019 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.
",
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"reg-ix-570": {
"value": "34. Total Equity 34.1. Equity Attributable to Owners of the Parent
The Company\u2019s shares are exclusively ordinary shares with a par value of \u20ac\u20091.00. 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 \u20ac\u200926,104 million (2024: \u20ac\u2009\u200919,606 million) representing an increase of \u20ac\u2009+6,498 million. This is mainly due to the net income for the period of \u20ac\u2009+5,221 million and the mark to market revaluation of the hedge portfolio of \u20ac +3,846 million as well as a change in actuarial gains and losses of \u20ac +626 million partly offset by the dividend for \u20ac -2,372 million. It also reflects the 2025 employee share ownership plan (\u201cESOP\u201d) campaign with share-based payment of \u20ac +227 million. In 2025, the Company performed share buyback to support ESOP activities and equity-based compensation plans of \u20ac -916 million thereof \u20ac -102 million mainly related to 2025 campaigns and \u20ac -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: \u20ac\u20091,824,249). On 15 April 2025, the AGM decided to distribute a gross amount of \u20ac 2.00 per share and a special dividend of \u20ac 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 \u20ac 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 \u201c\u2013 Note 32: Share-based Payment\u201d). 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\u2019s 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\u2019s authorised share capital (see \u201c\u2013 Note 32: Share-based Payment\u201d); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 36.3: Financing Liabilities\u201d). 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 \u20ac\u2009500 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\u2019s 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.
34.1. Equity Attributable to Owners of the Parent
The Company\u2019s shares are exclusively ordinary shares with a par value of \u20ac\u20091.00. 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 \u20ac\u200926,104 million (2024: \u20ac\u2009\u200919,606 million) representing an increase of \u20ac\u2009+6,498 million. This is mainly due to the net income for the period of \u20ac\u2009+5,221 million and the mark to market revaluation of the hedge portfolio of \u20ac +3,846 million as well as a change in actuarial gains and losses of \u20ac +626 million partly offset by the dividend for \u20ac -2,372 million. It also reflects the 2025 employee share ownership plan (\u201cESOP\u201d) campaign with share-based payment of \u20ac +227 million. In 2025, the Company performed share buyback to support ESOP activities and equity-based compensation plans of \u20ac -916 million thereof \u20ac -102 million mainly related to 2025 campaigns and \u20ac -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: \u20ac\u20091,824,249). 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\u2019s 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\u2019s authorised share capital (see \u201c\u2013 Note 32: Share-based Payment\u201d); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 36.3: Financing Liabilities\u201d). 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 \u20ac\u2009500 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\u2019s 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.
",
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},
"reg-ix-571": {
"value": "34.1. Equity Attributable to Owners of the Parent
The Company\u2019s shares are exclusively ordinary shares with a par value of \u20ac\u20091.00. 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 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 \u201c\u2013 Note 32: Share-based Payment\u201d). 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\u2019s 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\u2019s authorised share capital (see \u201c\u2013 Note 32: Share-based Payment\u201d); - funding the Company and its subsidiaries, provided that such powers shall be limited to an aggregate of 0.3% of the Company\u2019s authorised share capital (see \u201c\u2013 Note 36.3: Financing Liabilities\u201d). 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 \u20ac\u2009500 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\u2019s 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.
",
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"reg-ix-573": {
"value": "34.1. Equity Attributable to Owners of the Parent
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 \u20ac\u200926,104 million (2024: \u20ac\u2009\u200919,606 million) representing an increase of \u20ac\u2009+6,498 million. This is mainly due to the net income for the period of \u20ac\u2009+5,221 million and the mark to market revaluation of the hedge portfolio of \u20ac +3,846 million as well as a change in actuarial gains and losses of \u20ac +626 million partly offset by the dividend for \u20ac -2,372 million. It also reflects the 2025 employee share ownership plan (\u201cESOP\u201d) campaign with share-based payment of \u20ac +227 million. In 2025, the Company performed share buyback to support ESOP activities and equity-based compensation plans of \u20ac -916 million thereof \u20ac -102 million mainly related to 2025 campaigns and \u20ac -814 million for future campaigns.
On 15 April 2025, the AGM decided to distribute a gross amount of \u20ac 2.00 per share and a special dividend of \u20ac 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 \u20ac 3.20 per share to the 2025 Annual General Meeting taking place on 15 April 2026. The proposed payment date is 23 April 2026.
",
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"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-574": {
"value": "3.2",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
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},
"reg-ix-575": {
"value": "34.2. Non-Controlling Interests The non-controlling interests (\u201cNCI\u201d) from non-wholly owned subsidiaries decreased to \u20ac 80 million as of 31 December 2025 (2024: \u20ac\u200990 million). These NCI do not have a material interest in the Company\u2019s 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\u2019, credit rating agencies\u2019, credit investors\u2019 and other stakeholders\u2019 confidence in the Company. Consequently, operating liquidity is of great importance. As part of its capital management, it is one of the Company\u2019s 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\u2019s 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\u2019
exceptional liquidity, solid balance sheet as well as its prudent financial policy. Finally, it reflects the management\u2019s focus on programme execution, profitability and cash generation improvement. In accordance with the Company\u2019s 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\u2019s position as a financially sound
counterparty for its customers and suppliersEvery 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 (\u201cNPV\u201d), 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 (\u201cSIPs\u201d) by issuing new shares. In order to avoid any dilution of its current shareholders out of ESOP, Share Incentive Plans (\u201cSIPs\u201d) 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.
",
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"reg-ix-578": {
"value": "36.1. Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents.
Cash and cash equivalents have decreased by \u20ac -0.9 billion from \u20ac 15.0 billion as of 31 December 2024 to \u20ac 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 \u20ac +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 \u20ac -4.7 billion, mainly reflecting capital expenditure and investments in securities. Cash used for financing activities amounts to \u20ac -3.5 billion. It mainly includes the cash distribution to Airbus SE shareholders of \u20ac -2.4 billion.
36.3. Financing Liabilities
Reconciliation of liabilities arising from financing liabilities as of 31 December 2025 is as follows: (In \u20ac 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 \u20ac 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
36.1. Cash and Cash Equivalents
Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, are recognised in cash equivalents.
Cash and cash equivalents have decreased by \u20ac -0.9 billion from \u20ac 15.0 billion as of 31 December 2024 to \u20ac 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 \u20ac +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 \u20ac -4.7 billion, mainly reflecting capital expenditure and investments in securities. Cash used for financing activities amounts to \u20ac -3.5 billion. It mainly includes the cash distribution to Airbus SE shareholders of \u20ac -2.4 billion.
36.1. Cash and Cash Equivalents
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.
",
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"reg-ix-580": {
"value": "36.2. Securities The majority of the Company\u2019s securities consists of debt securities and are classified at fair value through OCI (see \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d). The Company\u2019s securities portfolio amounts to \u20ac 13,090 million and \u20ac 11,861 million as of 31 December 2025 and 2024, respectively. The security portfolio contains a non-current portion of \u20ac 9,997 million (2024: \u20ac 9,032 million), and a current portion of \u20ac 3,093 million (2024: \u20ac 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 (\u20ac 13,116 million nominal value; 2024: \u20ac\u200912,059 million) or floating rate coupons (\u20ac 10 million nominal value; 2024: \u20ac 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\u2019s Statement of Financial Position. Long-term financing liabilities, mainly comprising bonds and lease liabilities, decreased by \u20ac -1,292 million to \u20ac 9,063 million (2024: \u20ac 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 \u20ac +1,262 million to \u20ac 5,186 million (2024: \u20ac 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 (\u201cMAA\u201d) 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\u2019s accounting policies for the classification of interests\u2019 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 \u20ac million) 31 December (In million) 2025 2024 EMTN 5 years \u20ac561 0 556 Mar 2020 1.63% 1,80% April 2025 Interest rate swapped into 3M Euribor +2.01% EMTN 10 years \u20ac461 457 448 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 6 years \u20ac894 885 861 June 2020 1,38% 1,47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% EMTN 8 years \u20ac611 578 565 Mar 2020 2.00% 2.10% April 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 15 years \u20ac500 479 478 Oct 2014 2.12% 2.21% Oct 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years \u20ac1,250 1,117 1,103 June 2020 1.63% 1,74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% EMTN 15 years \u20ac900 814 813 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 12 years \u20ac1,000 851 849 Mar 2020 2,38% 2.49% April 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years \u20ac1,000 683 734 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 \u20ac165 143 154 Dec 2023 3M Euribor +0.498% 3M Euribor +0.498% Dec. 2038 KfW Development Bank \u20ac150 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
Reconciliation of liabilities arising from financing liabilities as of 31 December 2025 is as follows: (In \u20ac 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 \u20ac 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
",
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}
},
"reg-ix-581": {
"value": "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\u2019s Statement of Financial Position. Long-term financing liabilities, mainly comprising bonds and lease liabilities, decreased by \u20ac -1,292 million to \u20ac 9,063 million (2024: \u20ac 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 \u20ac +1,262 million to \u20ac 5,186 million (2024: \u20ac 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 (\u201cMAA\u201d) 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\u2019s accounting policies for the classification of interests\u2019 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 \u20ac million) 31 December (In million) 2025 2024 EMTN 5 years \u20ac561 0 556 Mar 2020 1.63% 1,80% April 2025 Interest rate swapped into 3M Euribor +2.01% EMTN 10 years \u20ac461 457 448 May 2016 0.88% 0.98% May 2026 Interest rate swapped into 3M Euribor +0.50% EMTN 6 years \u20ac894 885 861 June 2020 1,38% 1,47% Jun. 2026 Interest rate swapped into 3M Euribor +1.66% EMTN 8 years \u20ac611 578 565 Mar 2020 2.00% 2.10% April 2028 Interest rate swapped into 3M Euribor +2.15% EMTN 15 years \u20ac500 479 478 Oct 2014 2.12% 2.21% Oct 2029 Interest rate swapped into 3M Euribor +0.84% EMTN 10 years \u20ac1,250 1,117 1,103 June 2020 1.63% 1,74% Jun. 2030 Interest rate swapped into 3M Euribor +1.61% EMTN 15 years \u20ac900 814 813 May 2016 1.38% 1.50% May 2031 Interest rate swapped into 3M Euribor +0.66% EMTN 12 years \u20ac1,000 851 849 Mar 2020 2,38% 2.49% April 2032 Interest rate swapped into 3M Euribor +2.24% EMTN 20 years \u20ac1,000 683 734 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 \u20ac165 143 154 Dec 2023 3M Euribor +0.498% 3M Euribor +0.498% Dec. 2038 KfW Development Bank \u20ac150 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
Reconciliation of liabilities arising from financing liabilities as of 31 December 2025 is as follows: (In \u20ac 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 \u20ac 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
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\u2019s Statement of Financial Position. 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\u2019s Statement of Financial Position. 37.1. Financial Risk Management
Market Risk Foreign exchange risk \u2014 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\u2019s 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\u2019s 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\u2019 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\u2019s 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 \u20ac/US$ exchange rate. As the Company intends to
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 \u201cfirst flow approach\u201d. 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 (\u201cnatural hedge\u201d), 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 \u2014 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\u2019 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.
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 \u2014 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 \u2014 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 \u2014 The approach used to measure and control market risk exposure of the Company\u2019s financial instrument portfolio is, amongst other key indicators, the value-at-risk model (\u201cVaR\u201d). 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 \u201cMonte-Carlo-Simulation\u201d 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\u2019s VaR computation includes the Company\u2019s 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\u2019s Asset Liability Management Committee.
A summary of the VaR position of the Company financial instruments portfolio as of 31 December 2025 and 2024 is as follows: (In \u20ac 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 \u20ac 369 million (2024: \u20ac 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 \u2013 depending on the hedges\u2019 actual effectiveness \u2013 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 \u20ac 590 million (2024: \u20ac\u2009854 million) cannot be considered as a risk indicator for the Company in the economic sense.
",
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"reg-ix-585": {
"value": "37.1. Financial Risk Management
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\u2019s ability to continue as a going concern.
",
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"reg-ix-584": {
"value": "37.1. Financial Risk Management
Liquidity Risk The Company\u2019s 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 \u20ac 8 billion Sustainability Linked Revolving Syndicated Credit Facility in order to refinance its \u20ac 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\u2019s ability to continue as a going concern.
Further, the management of the vast majority of the Company\u2019s 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\u2019s liquidity reserve as well as the expected cash flows from its operations. The contractual maturities of the Company\u2019s financial liabilities, based on undiscounted cash flows and including interest payments, if applicable, are as follows: (In \u20ac 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 \u201c\u2013 Note 37.2: Carrying Amounts and Fair Values of Financial Instruments\u201d. Due to their specific nature, namely their risk-sharing features and uncertainty about the repayment dates, the European Governments\u2019 refundable advances, which amount to \u20ac -3,822 million as of 31 December 2025 are not included (2024: \u20ac\u2009-3,859 million). Lease liabilities The maturity analysis of lease liabilities, based on contractual undiscounted cash flows is as follows: (In \u20ac 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)
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-587": {
"value": "37.2. Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 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.
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,822 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.
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,859 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 \u2014 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\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s 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 \u2013 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 \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations.
The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
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 \u20ac 5,004 million (2024: \u20ac 10,042 million).
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
37.2. Carrying Amounts and Fair Values of Financial Instruments
Fair Value Hierarchy Fair value of financial instruments \u2014 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\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s 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 \u2013 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 \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations.
The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
37.2. Carrying Amounts and Fair Values of Financial Instruments
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,822 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.
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,859 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 \u2014 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\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s 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 \u2013 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 \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations.
The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
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 \u20ac 5,004 million (2024: \u20ac 10,042 million).
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
37.6. Net Gains or Net Losses The Company\u2019s net gains or net losses recognised in profit or loss in 2025 and 2024, respectively, are as follows: (In \u20ac 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 \u20ac +156 million (2024: \u20ac +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.
",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-590": {
"value": "37.2. Carrying Amounts and Fair Values of Financial Instruments
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 \u20ac 5,004 million (2024: \u20ac 10,042 million).
",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-589": {
"value": "37.2. Carrying Amounts and Fair Values of Financial Instruments
Financial assets at fair value through profit or loss \u2014 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.
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 \u20ac 5,004 million (2024: \u20ac 10,042 million).
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
37.2. Carrying Amounts and Fair Values of Financial Instruments
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,822 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.
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 \u20ac 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\u2019 refundable advances of \u20ac\u2009-3,859 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 \u2014 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\u2019s net exposure to the credit risk of each particular counterparty and fair value information is provided to the Company\u2019s 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 \u2013 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 \u2013 fair values measured based on Level 3 input rely to a significant extent on estimates derived from the Company\u2019s own data and may require the use of assumptions that are inherently judgemental and involve various limitations.
The fair values disclosed for financial instruments accounted for at amortised cost reflect Level 2 input. Otherwise, the Company determines mostly fair values based on Level 1 and Level 2 inputs and to a lesser extent on Level 3 input.
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 \u20ac 5,004 million (2024: \u20ac 10,042 million).
Fair Value Measurement Method The Company uses the following methods to measure fair values: Equity instruments \u2014 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.
Customer financing assets and other loans \u2014 The carrying amounts reflected in the annual accounts are used as a proxy for fair value.
Cash and cash equivalents \u2014 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 \u2014 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.
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:
(In \u20ac 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 \u20ac 9 million in 2025 (2024: \u20ac\u20099 million).
",
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"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-594": {
"value": "40. Events after the Reporting Date There are no subsequent events after the reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:MINO79WLOO247M1IL051",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}