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ANNUAL REPORT Spiritaero.Com SPIRIT AEROSYSTEMS ANNUAL REPORT and 1O-K

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ANNUAL REPORT Spiritaero.Com SPIRIT AEROSYSTEMS ANNUAL REPORT and 1O-K ANNUAL REPORT spiritaero.com SPIRIT AEROSYSTEMS ANNUAL REPORT AND 1O-K 2020 Spirit AeroSystems 2 LETTER TO STOCKHOLDERS 2020 was a transformational year for Spirit supply to our customers, including critical national AeroSystems as we dealt with unparalleled challenges security programs. To address the health and safety to our business, and to the aviation industry as a concerns for our workforce, Spirit put in place whole, with dual crises resulting from the grounding protocols across our global operations to help of the 737 MAX and the sudden drop in air travel due protect our team. These measures included requiring to the global pandemic. In short, it was a year unlike the use of masks; installation of thermal scanners; any other in the Company’s history. As we navigated testing; air purification; and procedures for the dual crises impacting Spirit, we focused on driving symptomatic employees or those who tested action in five key areas – protecting our team; positive. These measures allowed us to continue adjusting costs to lower production levels; operating and meeting our commitments, while strengthening our liquidity; enhancing the taking steps to keep our employees safe. productivity and efficiency of our operations; and diversifying our business. I am proud to share with Adjusting Costs to Lower Levels of Production you what the Spirit team accomplished. 2020 began with production on the MAX program suspended by our customer. Ultimately, after several Protecting Our Team rate changes, we would build just 71 MAX ship sets – As a manufacturing company, the spread of an 88 percent reduction compared to 2019 COVID-19 presented a significant challenge for the deliveries. Along with the continued grounding that health and safety of our team. While we quickly resulted in rate reductions on the 737, the downturn adopted a work-from-home policy for employees in air travel caused by the global pandemic impacted who could do their jobs remotely, the majority of our Spirit’s entire commercial aviation business with lower employees perform work that is directly related to the production rates across all of our airplane programs production of the structures and components we due to the fall in demand for new airplanes. 3 Spirit AeroSystems The sudden drop in volume and the associated drop money in the capital markets – once in April, raising in revenue made it necessary for Spirit to align the $1.2 billion in senior secured second lien debt, and in Company’s cost structure to this lower demand. With the second half of the year, raising $900 million in senior lower production rates, which had previously been at secured first lien debt. In addition, we negotiated a historic highs on some airplane programs, we had to $225 million discount on the acquisition of select assets reduce employment in our commercial business by from Bombardier and mutually agreed to terminate 8,000 people in 2020. We also aggressively another planned acquisition. With decreased cash eliminated other costs by reducing expenditures on usage in the second half of the year, Spirit finished 2020 purchased services and consolidating operations with with around $1.9 billion cash on hand, providing us a an intent to close two of our sites. Overall, the Spirit strong foundation in a very difficult market. team eliminated about $1 billion in annualized costs in the business – a 40 percent reduction from our 'PJCPEKPI2TQFWEVKXKV['HƂEKGPE[3WCNKV[CPF5CHGV[ 2019 non-material cost base. With an eye toward recovery of the aviation market, Spirit continued to invest in improvements to make our Strengthening Liquidity operations safer, more agile, and environmentally With the drop in revenue from lower production friendly. We drove increased use of automation and volumes, we quickly took a number of steps to digitization across our production system to better utilize strengthen our liquidity. Our first steps included factory floor space, improve quality, and improve factory reducing our quarterly cash dividend to a penny, flow. Along with this emphasis on improving efficiency, suspending share repurchases, and deferring around we have renewed our focus on quality in support of our $120 million in capital expenditures. Spirit twice raised customers across Spirit’s global operations. *Non-GAAP measure. Please see page 11 for reconciliation and explanation. Earlier in 2020, we stood up Spirit’s new Global Digital At our Belfast facility, which has one of the largest Logistics Center (GDLC), consolidating 500,000 square roof mounted solar arrays in the region, 70 percent feet of warehouse space into a single, seven-story of the operation’s electricity came from clean energy 150,000 square foot building that houses two million in 2020. parts. Now fully operational, the GDLC is making significant improvements to overall production system Diversifying our Business health and product quality. We expect these benefits Despite the headwinds to our business, we to increase as production rates rise. continued to find growth opportunities for our workforce as we made progress with the strategic In our Wichita facility where we build the 737, we transformation to diversify Spirit’s portfolio. One began implementing an automated assembly line for opportunity that arose as a result of the pandemic floor beams, which we expect to improve quality and was Spirit’s partnership with Vyaire Medical to our ability to manage the hundreds of different produce critical care ventilators. In a span of about configurations for various models of the MAX. Also, six weeks, Spirit stood up a facility to fully produce we made improvements to our A320 production with these ventilators. Applying our considerable the application of new, state-of-the-art resin transfer industrial expertise, Spirit employees built and molding technology to the build process for A320 delivered nearly 20,000 ventilators to help combat spoilers performed by our team in Prestwick. the global pandemic. We made improvements to the sustainability of our global operations as part of our effort to use more Our defense business continued its expansion as renewable energy sources as well. In 2020, we began well in 2020, growing by 20 percent for the year. a journey to power Spirit’s largest operations in With the downturn in commercial aviation, we were Wichita by harnessing the wind. When this project is able to shift people from our commercial airplane complete later in 2021, our 12.8 million square foot programs to support the growing statement of work Wichita facility will be 100 percent powered by wind. with our defense customers. Also, we are using the 5 Spirit AeroSystems open capacity that resulted from the commercial particular, the new Airbus content on the A220 built aviation downturn to pursue more defense work and in Belfast includes the entire integrated composite move us closer to our goal of achieving $1 billion in wing for the aircraft. This type of expertise will be revenue from our defense business by the critical for the future of next-generation aircraft. mid-2020s. Along with expanded Airbus work content, this acquisition increased Spirit’s work statement in the Through strategic acquisitions, Spirit added new business jet market by roughly four times and capabilities and customers in 2020. With the essentially doubled Spirit’s aftermarket business. acquisition of Fiber Materials Inc., Spirit now offers expertise in technology for high temperature Innovation also played a role in Spirit’s efforts to materials and composites to defense customers. diversify. Leveraging our deep knowledge in design Combined with our industrial expertise, it’s a and manufacturing of structures, we won new powerful combination that positions Spirit well in business with Virgin Hyperloop and Aerion burgeoning areas of the defense market such as Supersonic. These companies are bringing innovative hypersonic weapon systems. solutions to the transportation market and Spirit will be there with them to make these breakthrough We also made great strides diversifying Spirit’s technologies a reality. commercial business with our acquisition of select assets of Bombardier’s aerostructures and We expect our efforts to diversify Spirit’s business to aftermarket business. The transaction included show in our revenue numbers as well. In 2021, we facilities in Belfast, Casablanca, and Dallas. In anticipate revenue from our Boeing work to account Spirit AeroSystems 6 for 44 percent, Airbus to account for 23 percent, The Spirit team has entered 2021 with a clear path defense to account for 18 percent, business/regional forward as a more diversified, global, and balanced jets to bring in 8 percent and aftermarket 7 percent. company. Moving ahead our focus is to continue This is a significant change compared to our 2019 diversifying Spirit’s portfolio; begin to de-lever over revenue spread across these customers and markets. the next two to three years; and drive improvement in our segment margins to previous targets. With our Emerging Stronger efforts to strategically transform our Company, we are We ended the year with regulators in the United confident Spirit has emerged stronger from the States clearing the way for the 737 MAX to return to challenges of 2020. service, putting an end to the 20-month grounding of the airplane. Other global regulators soon followed. This puts Spirit on a gradual path to begin increasing production as we support our customer’s efforts to ramp up MAX production to 31 airplanes per month Thomas C. Gentile III, President
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