{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-7bd845ab8841", "slug": "33a0c0c3fecb", "title": "Airbus SE (AIR)", "subtitle": "Christopher Hohn · 2023-02", "author": "Christopher Hohn", "date": "2023-02-20 00:00:00", "pageCount": 6, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Airbus SE", "targetTicker": "AIR", "document": { "id": "019dd923-622b-71dc-a6dc-7bd845ab8841", "slug": "33a0c0c3fecb", "title": "Airbus SE (AIR)", "rawTitle": "20th February 2023", "authorId": "20_TCI_Fund", "authorName": "Christopher Hohn", "authorDisplay": "Christopher Hohn", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2023-02-20th-February-2023.pdf", "sourceUrl": null, "sourceDate": "2023-02-20 00:00:00", "presentationDate": "2023-02-20 00:00:00", "ingestedAt": "2026-04-22 17:47:39+00", "status": "ready", "pageCount": 6, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Airbus SE", "targetTicker": "AIR", "metadata": { "local_root": "/tmp/legacy-images/33a0c0c3fecb", "activist_firm": "TCI Fund Management", "origin_corpus": "contrarian", "extraction_seconds": 76.00787091255188 } }, "coverage": { "pageCount": 6, "pagesIndexed": 6, "pagesWithImages": 6, "pagesWithMetadata": 6, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 36, "chartCount": 0, "metricSlides": 0, "toolMatches": 8, "documentToolMatches": 2, "frameworkMatches": 1, "arcMatches": 0, "beatMatches": 0, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [], "beats": [], "loops": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f092e2c4-e9a6-421f-a442-96d281e31dca", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2ce811a1-1d2b-4900-9424-e989b2ac81d9", "evidence": "Guillaume Faury (CEO) and the Airbus Board of Directors", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e5ec66a1-52f8-4dd1-86a4-f61ccf5467c5", "evidence": "This slide presents a concise overview of the key concerns and recommendations regarding the proposed transaction between Airbus and Atos, making it an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:55:11.344692+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6c1c42bb-4ab1-4c7f-88b4-2808fa4d857f", "evidence": "The slide presents a clear argument against the Atos transaction, suggesting a thesis archetype.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:55:11.385173+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "269a15e1-d777-4e19-91a3-2f60b8b97a58", "evidence": "This slide presents a clear call to action, urging the audience to address concerns about the transaction, making it a closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:55:11.466553+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "6eaa6171-006d-4de4-8471-06675f9cd1b1", "evidence": "This slide appears to be part of an activist defense presentation, as it addresses questions and concerns from a shareholder's perspective.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:27:13.731219+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "69e284f1-1b99-4ce2-adac-0e575fab2d46", "evidence": "This slide continues to address questions and concerns from a shareholder's perspective, indicating an activist defense strategy.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:27:13.810157+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "7bf379e3-13c0-4736-a875-2cc856a7e327", "evidence": "The slide includes a call to action and a closing statement, indicating a closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:27:13.888214+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e4136406-b53b-4b2e-b4c2-fb58ef1a9429", "evidence": "Critique of board decision-making and fiduciary duty regarding the Atos transaction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:58:38.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "governance" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Two-letter bundle: (i) 20 Feb 2023 public letter from Christopher Hohn to CEO Faury opposing the proposed Airbus acquisition of a 29.9% stake in Evidian (cybersecurity carve-out of Atos); (ii) attached 17 Feb 2023 letter filing a 16-question AGM motion for the 19 April 2023 meeting. The 'CEO quote contradiction' is the cited Atos press release framing the deal as 'ensuring technological sovereignty in France', which TCI uses to argue political — not economic — motivation and a breach of fiduciary duty. Document is plain-text TCI-letterhead correspondence, not a slide deck — narrative power is high but visual craft is minimal. Litigation threat (personal director liability) escalates the adversarial tone.", "kpisCited": [ { "detail": "Over 3% of shares outstanding, valued at over €4bn", "metric": "TCI stake in Airbus" }, { "detail": "29.9% minority stake — illiquid, distressed, stranded capital", "metric": "Proposed Evidian stake size" }, { "detail": "60,000 employees in an extremely competitive market", "metric": "Evidian headcount" }, { "detail": "One of the lowest aircraft delivery months in the last 10 years", "metric": "Airbus delivery performance" }, { "detail": "Over USD 40 billion managed across asset classes", "metric": "TCI AUM" }, { "detail": "Trades at a discount to aerospace peers and to fair value due to governance and capital allocation risk", "metric": "Airbus valuation discount" } ], "closingAsk": "Immediately terminate negotiations with Atos over the purchase of a minority stake in Evidian and instead return capital to shareholders via dividend or buyback.", "extraction": { "at": "2026-04-22 17:47:39+00", "model": "unknown-legacy", "runId": null, "seconds": 76.00787, "promptVersion": null }, "scqaReward": "Removes a value-destructive distraction shareholders would mark to zero, eliminates open-ended Atos funding liabilities, closes Airbus' governance-driven discount to aerospace peers, and redirects rising cashflow into accretive shareholder returns.", "thesisTypes": [ "governance_board", "capital_return", "strategic_pivot" ], "top3Reasons": [ "Evidian is a low-quality, levered, illiquid 60,000-employee asset shareholders will value at zero", "Airbus management must focus on fixing missed aircraft delivery targets, not a French political deal", "Deal looks like a politically-motivated bailout of debt-burdened Atos, breaching fiduciary duty" ], "scqaSituation": "Airbus is the world's leading commercial aircraft manufacturer with dominant market position, ramping production into a fast-growing aerospace cycle, and TCI is a long-term holder of more than 3% of the shares.", "thesisSummary": "TCI, a >3% holder of Airbus worth over €4bn, demands the board immediately terminate negotiations to buy a 29.9% minority stake in Evidian, the cybersecurity arm being carved out of debt-laden Atos. Christopher Hohn argues Evidian is a low-quality, highly levered, illiquid 60,000-employee asset that would dilute Airbus' premium aerospace franchise, expose it to open-ended funding calls, and be ascribed zero value by investors. Worse, Airbus has just posted one of its weakest delivery months in a decade and management must focus on the production ramp, not on a transaction Atos itself frames as 'ensuring technological sovereignty in France' — a political rationale that breaches fiduciary duty. TCI proposes Airbus instead increase its dividend or buy back its undervalued stock, and has filed a 16-question motion for the 19 April 2023 AGM.", "primaryDemands": [ "Immediately terminate negotiations with Atos to acquire a 29.9% minority stake in Evidian", "Refocus management on fixing supply chain and aircraft delivery shortfalls", "Return prodigious cashflow to shareholders via increased dividend or buyback of undervalued stock", "Disclose at the April 2023 AGM the rationale, valuation, peer comparables and any French government involvement in the transaction", "Hold directors personally liable if the deal breaches fiduciary duty" ], "scqaResolution": "Immediately terminate the Evidian negotiations, refocus management on the delivery ramp, and instead deploy cashflow into a higher dividend or buyback of Airbus' undervalued stock; AGM motion filed to force board accountability.", "thesisOneLiner": "TCI urges Airbus to abandon the 29.9% Evidian stake — a value-destructive, politically-motivated bailout of Atos that distracts management from fixing aircraft delivery shortfalls.", "precedentsCited": [], "scqaComplication": "The board is negotiating to buy a 29.9% stake in Evidian — a low-quality, levered cybersecurity carve-out of debt-burdened Atos — apparently to support French 'technological sovereignty', while Airbus is simultaneously missing its own aircraft delivery targets.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 4 ], "peerCompaniesCited": [ "Atos", "Evidian" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a formal shareholder letter from TCI Fund Management to Airbus.", "function": "state_demand", "imagePath": "https://imgproxy.kitesheet.com/rIiO_1djIVC6fWYpIvP3_l9r5_vY3iYlk6BjAm27Xbg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5wbmc", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 646, "nDataPoints": 3, "notes": "This is a formal shareholder letter from TCI Fund Management to Airbus.", "elementsJson": [ "logo_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:37.177+00", "seconds": 2.039, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/1", "deck": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are writing to urge you to immediately terminate negotiations with Atos over the purchase of a minority stake in ‘Evidian’.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd77-4b3ea68ed92a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.08, "y": 0.04 }, "kind": "image", "text": "TCI Fund Management Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:37.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fedb578-6a1f-472d-a298-80ef352386a7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.51 }, "kind": "paragraph", "text": "Evidian is a low-quality, highly levered company, with 60,000 employees, operating in an extremely competitive market. A minority 29.9% stake in Evidian would be an illiquid and distressed asset.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:37.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53612585-e047-4b6a-843f-b228bd5c7e7d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "TCI has been a long-term shareholder of Airbus and currently owns over 3% of the shares outstanding, valued at over €4bn.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:37.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b824cc98-e7de-4cc8-b4db-011f836d433f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "We are writing to urge you to immediately terminate negotiations with Atos over the purchase of a minority stake in ‘Evidian’.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:37.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8afdcea-2788-4d1e-bfa9-b8100b3341a6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.11, "y": 0.47 }, "kind": "title", "text": "An investment in Evidian would be value destructive", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:37.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb722112-2f20-4e9b-83fd-221499517959", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/xHU2pynJB24PxSqMYwWVfmvUJMsOwb5NarIQHZieRSY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/qa9QFwXHO8qavcSGM1uBoGi5997mu0UkwHaEkxGuFgo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/js_gQVBQgR-FyIfldD12k3EhKVAK5nyQEpTA9ATBQFg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zM2EwYzBjM2ZlY2IvcDAwMS5qcGc" }, { "page": 2, "type": "analysis", "title": "This is a shareholder letter from TCI Fund Management to Airbus.", "function": "diagnose_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 7, "textChars": 811, "nDataPoints": 0, "notes": "This is a shareholder letter from TCI Fund Management to Airbus.", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:38.202+00", "seconds": 2.746, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/2", "deck": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The proposed transaction with Atos raises serious questions about Airbus' corporate governance", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd77-e1ac8eacf9ca", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.88 }, "kind": "other", "text": "7 Clifford Street, London, W1S 2FT Telephone: +44 (0) 20 7440 2330", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:38.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afb3fa41-958c-415a-85df-ef2de1b681fb", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.8, "x": 0.1, "y": 0.52 }, "kind": "paragraph", "text": "We are also concerned that the Airbus board has permitted this potential transaction to proceed... A much better use of Airbus' prodigious and rising cashflow would be to increase the dividend or to buy back the company's stock.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:38.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "388d68cf-2497-4537-9983-6b1733ad356b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.18 }, "kind": "paragraph", "text": "In contrast to Evidian, Airbus is one of the highest quality businesses in the world... The barriers to entry are huge and shareholders rightly value Airbus' dominant market position...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:38.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb9ecf27-5019-4075-86b9-408a9877cdd0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“technological sovereignty in France” — Atos press release (16 February 2023)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd77-e470de95d05d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "title", "text": "Airbus is a great business that demands management's full attention", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:38.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cba676f-98ef-46b7-91ea-80f79eef881b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.48 }, "kind": "title", "text": "The proposed transaction with Atos raises serious questions about Airbus' corporate governance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:38.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5469074-b95a-4d1a-a2c5-780a63314231", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e5ec66a1-52f8-4dd1-86a4-f61ccf5467c5", "evidence": "This slide presents a concise overview of the key concerns and recommendations regarding the proposed transaction between Airbus and Atos, making it an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:55:11.344692+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6c1c42bb-4ab1-4c7f-88b4-2808fa4d857f", "evidence": "The slide presents a clear argument against the Atos transaction, suggesting a thesis archetype.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:55:11.385173+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [ { "matchId": "e4136406-b53b-4b2e-b4c2-fb58ef1a9429", "evidence": "Critique of board decision-making and fiduciary duty regarding the Atos transaction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:58:38.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "governance" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "This is the final page of a shareholder letter from TCI Fund Management to Airbus.", "function": "state_demand", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 1581, "nDataPoints": 0, "notes": "This is the final page of a shareholder letter from TCI Fund Management to Airbus.", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:44.36+00", "seconds": 7.869, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/3", "deck": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We urge you to address this by immediately terminating negotiations with Atos over the purchase of a minority stake in Evidian.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd77-fbd31685d643", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "disclaimer", "text": "7 Clifford Street, London, W1S 2FT Telephone: +44 (0) 20 7440 2330\nTCI Fund Management Limited is a private limited company incorporated and existing under the laws of England and Wales with registered number 08898250\nAuthorised and regulated by the Financial Conduct Authority", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:44.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba2cd3e0-8e9b-4655-9481-4a3c4959483b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.39, "x": 0.07, "y": 0.04 }, "kind": "image", "text": "TCI Fund Management Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:44.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ef9be80-7621-4e72-9c1a-5837f3e1973c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "We look forward to discussing this matter with you at the earliest opportunity. Yours sincerely,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:44.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b810c7d-7127-4c15-bd68-87e6f109c478", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "Christopher Hohn\nTCI Fund Management Limited\nFor an on behalf of The Children's Investment Master Fund", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:44.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4146f9b6-8be2-4b09-b523-114a71e04057", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "If such a transaction with Evidian is consummated and there is evidence that it is, in part, a politically motivated and justified transaction, then all directors may be in breach of their fiduciary duty and we reserve our rights to litigate for shareholder damages and hold the directors personally liable for these damages.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:44.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "468665f5-255d-4c26-8ddd-64f0a0b62d05", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "Governance issues and the risk of poor capital allocation are the main reasons why Airbus stock trades at a discount to its aerospace peers and to its fair value. We urge you to address this by immediately terminating negotiations with Atos over the purchase of a minority stake in Evidian.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:44.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "766de9ee-eae2-4f2f-9e23-58890052b2ab", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.3 }, "kind": "paragraph", "text": "In light of our numerous and significant concerns about this transaction, on 17 February 2023 TCI filed a motion to be added to the agenda of Airbus' AGM in April requesting the disclosure and discussion of certain important issues regarding the potential purchase of the stake in Evidian. We have attached the AGM motion to this letter.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:44.36+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a066440a-7d12-458b-89fb-58004cd49769", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "269a15e1-d777-4e19-91a3-2f60b8b97a58", "evidence": "This slide presents a clear call to action, urging the audience to address concerns about the transaction, making it a closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:55:11.466553+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "This is a formal shareholder activist letter.", "function": "state_demand", "rawType": "demand_list", "block": null, "metadata": { "slideType": "demand_list", "slideTypeCanon": { "name": "Demand list", "slug": "demand_list", "status": "active", "canonId": "019de52d-110e-76af-8c96-2017430183b1", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 5, "textChars": 1029, "nDataPoints": 2, "notes": "This is a formal shareholder activist letter.", "elementsJson": [ "paragraph", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:43.052+00", "seconds": 6.504, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/4", "deck": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "To that end TCI Fund would like to propose adding the following topics to the agenda of the AGM, scheduled to be held on 19 April 2023, as discussion points:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd78-24c9f7954d46", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.766, "x": 0.117, "y": 0.671 }, "kind": "list", "text": "1. How did the board of Airbus and its executives conclude that it was in Airbus' best interest to enter into a long-term strategic and technological agreement with Evidian? 2. Why is this transaction necessary and relevant to Airbus' existing business? 3. Why is it also necessary to acquire a minority stake of 29.9% in Evidian and what is the economic rationale?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:43.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed65631f-b108-489d-a0f2-80d360d1426b", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.418 }, "kind": "paragraph", "text": "TCI Fund Management Limited (\"TCI\") is the discretionary investment manager of The Children's Investment Master Fund (\"TCI Fund\"). TCI Fund is one of Airbus' largest private investors. TCI manages over USD 40 billion across a range of asset classes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:43.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02e22482-8253-4323-903e-e19981d65216", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.766, "x": 0.117, "y": 0.488 }, "kind": "paragraph", "text": "As of today, 17 February 2023, TCI Fund holds more than 3% of the shares in Airbus. As such, TCI Fund is able to propose topics to add to the agenda of the Annual General Meeting (\"AGM\").", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:43.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec19cbc1-352c-4638-b366-ef12cdcdfd9e", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.638, "x": 0.117, "y": 0.378 }, "kind": "title", "text": "Strategic partnership with and acquisition of minority stake in Evidian", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:43.052+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97275ccc-9a40-4914-aa4c-61de24b97ca1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "6eaa6171-006d-4de4-8471-06675f9cd1b1", "evidence": "This slide appears to be part of an activist defense presentation, as it addresses questions and concerns from a shareholder's perspective.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:27:13.731219+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "This is a continuation of a list (starts at item 4).", "function": "state_demand", "rawType": "demand_list", "block": null, "metadata": { "slideType": "demand_list", "slideTypeCanon": { "name": "Demand list", "slug": "demand_list", "status": "active", "canonId": "019de52d-110e-76af-8c96-2017430183b1", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 5, "textChars": 2455, "nDataPoints": 0, "notes": "This is a continuation of a list (starts at item 4).", "elementsJson": [ "numbered_list", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:39.952+00", "seconds": 3.262, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/5", "deck": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If this transaction has been partly motivated by political considerations, explain why the Airbus board directors are not in breach of their fiduciary duty to act in the best interests of Airbus and its shareholders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd78-56165b2a2b3e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.08, "y": 0.04 }, "kind": "image", "text": "TCI Fund Management Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:39.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "354da083-6b4b-4244-a827-861e36b7a851", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.7, "x": 0.15, "y": 0.14 }, "kind": "list", "text": "4. What valuation metrics were used to establish the value for the minority stake in Evidian? What were the peer companies used as comparisons to value Evidian?\n5. Why is Evidian the best partner with whom to enter into a long-term strategic and technological agreement?\n6. Did Airbus consider, approach and have discussions with any other companies for such a technological partnership?\n7. Explain the comment “ensuring technological sovereignty in France” in the Atos press release of 16 February 2022? How important was this factor to Airbus in negotiating the agreement with Atos?\n8. Why are considerations of French technological sovereignty in the best interests of Airbus and its shareholders?\n9. Disclose whether there have been any discussions with the French government, it’s representatives or advisors regarding this transaction.\n10. Disclose which Airbus board members and executives have been involved in any discussions with the French government, it’s representatives or advisors.\n11. Provide full details of all conversations that Airbus board members, executives and advisors have had with the French government its representatives or advisors.\n12. If this transaction has been partly motivated by political considerations, explain and justify why it is in the best interests of Airbus and its shareholders?\n13. If this transaction has been partly motivated by political considerations, explain why the Airbus board directors are not in breach of their fiduciary duty to act in the best interests of Airbus and it’s shareholders.\n14. If the Airbus board directors are in breach of their fiduciary duty, should the board members be held personally liable for any losses suffered in the future as a result of this transaction?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:39.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5904fd47-bd73-4e27-888f-d8a24609fb39", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.88 }, "kind": "paragraph", "text": "7 Clifford Street, London, W1S 2FT Telephone: +44 (0) 20 7440 2330\nTCI Fund Management Limited is a private limited company incorporated and existing under the laws of England and Wales with registered number 08898250\nAuthorised and regulated by the Financial Conduct Authority", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:39.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d917c7e-ab37-40d8-861c-c01c9aa3e5a3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Explain the comment “ensuring technological sovereignty in France” in the Atos press release of 16 February 2022? How important was this factor to Airbus in negotiating the agreement with Atos?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd78-5a2d4c39604b", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "69e284f1-1b99-4ce2-adac-0e575fab2d46", "evidence": "This slide continues to address questions and concerns from a shareholder's perspective, indicating an activist defense strategy.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:27:13.810157+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "This is the final page of a formal letter, including signature and contact footer.", "function": "state_demand", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 5, "textChars": 1011, "nDataPoints": 0, "notes": "This is the final page of a formal letter, including signature and contact footer.", "elementsJson": [ "logo_grid", "numbered_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:58:42.45+00", "seconds": 5.48, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/6", "deck": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We look forward to discussing these points with the Board of Directors as well as the other shareholders at the next AGM.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd78-0da4be4554d1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.88 }, "kind": "disclaimer", "text": "7 Clifford Street, London, W1S 2FT Telephone: +44 (0) 20 7440 2330 TCI Fund Management Limited is a private limited company incorporated and registered under the laws of England and Wales with registered number 08898250 Authorised and regulated by the Financial Conduct Authority", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:42.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b74c23a9-183c-418d-84fd-44ba907ccb81", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.07, "y": 0.04 }, "kind": "image", "text": "TCI Fund Management Limited", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:42.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d306e7ba-83cb-4cbe-b6a6-d0ce08c7a877", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.14 }, "kind": "list", "text": "15. Why should this transaction not be interpreted as a bail out of Atos, a company that is burdened by unsustainable levels of debt and other liabilities? 16. Will any of the money invested by Airbus in Evidian be used to pay off the debts and other liabilities of Atos and why is this in the best interests of Airbus and it's shareholders?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:42.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afde0a8d-546d-45bd-9e7e-de40c93ee7e5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.27 }, "kind": "paragraph", "text": "We look forward to discussing these points with the Board of Directors as well as the other shareholders at the next AGM. Sincerely yours, Christopher Hohn, TCI Fund Management Limited, For an on behalf of The Children's Investment Master Fund", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:42.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e94fe5ba-51b0-46e0-aa86-cd05307a5731", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "7bf379e3-13c0-4736-a875-2cc856a7e327", "evidence": "The slide includes a call to action and a closing statement, indicating a closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:27:13.888214+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [], "loops": [] }