Airbus // Universal Registration Document 2023

2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

2.1 Operating and Financial Review

ORDER BACKLOG

31 December

2023

2022

2021

2

(In € billion) (In percentage) (1)

(In € billion) (In percentage) (1)

(In € billion) (In percentage) (1)

Airbus

490.8

88.5% 390.5

86.9% 345.1

86.4%

Airbus Helicopters

21.5

3.9% 20.8

4.6% 18.0

4.5%

Airbus Defence and Space

42.2

7.6% 38.4

8.5% 36.1

9.1%

Subtotal segmental order backlog

554.5

100% 449.7

100% 399.2

100%

Eliminations

(0.6)

(0.4)

(0.8)

Total

553.9

449.2

398.4

(1) Before “Eliminations”.

2023 compared to 2022. The € 104.7 billion increase in order backlog mainly reflected the Company-wide book-to-bill of well above one, partly offset by the weakening of the US dollar. Airbus’ backlog increased by € 100.3 billion to € 490.8 billion, corresponding to a book-to-bill ratio in units of well above one (calculated using units of new net orders, i.e. new net orders in units divided by deliveries in units) partly offset by the weakening of the US dollar. Total order backlog at Airbus amounted to 8,598 aircraft at the end of 2023 (as compared to 7,239 aircraft at the end of 2022). Order intake consisted of 2,094 net orders in 2023 (as compared to 820 in 2022), comprising 1,675 net firm orders of the A320 Family, 141 A220s, 281 A350s partly offset by higher cancellations than orders on the A330s. Airbus Helicopters’ backlog increased by € 0.7 billion to € 21.5 billion, achieving a book-to-bill ratio above one both in units and value. Total order backlog amounted to 804 helicopters at the end of 2023 (as compared to 757 helicopters at the end of 2022). Airbus Helicopters received 393 net orders in 2023 (as compared to 362 in 2022). Helicopter orders were well spread across programmes. Airbus Defence and Space’s backlog increased by €3.8 billion to € 42.2 billion and the book-to-bill ratio in value amounted to around 1.4 with new net orders of €15.7 billion. Fourth quarter orders included 16 C295 aircraft for Spain.

2022 compared to 2021. The € 50.8 billion increase in order backlog to € 449.2 billion (2021: € 398.4 billion) mainly reflected the book-to-bill above one and the strengthening of the US dollar. Airbus’ backlog increased by € 45.3 billion to € 390.4 billion, corresponding to a book-to-bill ratio in units significantly above one (calculated using units of new net orders, i.e. new net orders in units divided by deliveries in units) and the strengthening of the US dollar. Total order backlog at Airbus amounted to 7,239 aircraft at the end of 2022 (as compared to 7,082 aircraft at the end of 2021). Order intake consisted of 820 net orders in 2022 (as compared to 507 in 2021), comprising 770 net firm orders of the A320 Family, 105 A220s, 10 A350s partly offset by higher cancellations than orders on the A330s. Airbus Helicopters’ backlog increased by € 2.8 billion to € 20.8 billion, achieving a book-to-bill ratio above one both in units and value. Total order backlog amounted to 757 helicopters at the end of 2022 (as compared to 739 helicopters at the end of 2021). Airbus Helicopters received 362 net orders in 2022 (as compared to 414 in 2021). Helicopter orders were well spread across programmes and included 12 H160s. Airbus Defence and Space’s backlog increased by €2.3 billion to € 38.4 billion and the book-to-bill ratio in value amounted to around 1.2 with new net orders of € 13.7 billion, including key orders in Demonstrator Phase 1B of the Future Combat Air System, the Eurodrone unmanned aerial system and 20 latest generation Eurofighters for the Spanish Air Force.

The following table illustrates the proportion of civil and defence backlog at the end of each of the past three years.

31 December

2023

2022

2021

(In € billion) (In percentage) (1)

(In € billion) (In percentage) (1)

(In € billion) (In percentage) (1)

Civil sector

501.6

91% 402.0 9% 47.2 100% 449.2

89% 355.3 11% 43.1 100% 398.4

89%

Defence sector

52.3

11%

Total

553.9

100%

(1) Including “Eliminations”.

175 Airbus Annual Report

Universal Registration Document 2023