Deutsche Lufthansa Ag · XETR:LHA
Deutsche Lufthansa — Investor Day (September 2025)
121 slides from Deutsche Lufthansa's investor day presentation, Sep 29, 2025
Slide 1: Lufthansa Group Capital Markets Day
Lufthansa Group Capital Markets Day One Group: Transforming Today, Outperforming Tomorrow. September 29, 2025
Slide 2: Today's agenda
Today's agenda Investor presentation 11:00-15:15 Strategy & value creation C. Spohr, J. Bischof, A. Bhat, H. Gloy Market, positioning & growth C. Spohr One Group Network Airline Commercial offer D. Vranckx Fleet modernization & productivity A. Feuersänger, S. Kreuzpaintner Digital & technology G. Vi
Slide 3: Overview of speakers
Overview of speakers Carsten Spohr Till Streichert Dieter Vranckx Grazia Vittadini CEO CFO CCO CTO Lufthansa Group Lufthansa Group Lufthansa Group Lufthansa Group Jens Bischof Ashwin Bhat Harald Gloy Jörg Beißel Alexander Feuersänger Stefan Kreuzpaintner CEO CEO COO CFO SVP Fleet SVP Commercial Euro
Slide 4: Strategy & value creation
Strategy & value creation Carsten Spohr CEO Lufthansa Group Capital Markets Day 2025 29.09.2025 Page 4
Slide 5: 70+ year track record of pioneering progress and overcoming challenges
70+ year track record of pioneering progress and overcoming challenges Looking back, Lufthansa Group has… … transitioned from being a national flag carrier to Europe's leading multi-hub airline network … successfully integrated multiple carriers and formed strong alliances and partnerships across th
Slide 6: Lufthansa Group is the #1 Airline Group in Europe today
Lufthansa Group is the #1 Airline Group in Europe today €38bn 131m #1 MRO Passengers in 2024, Airline brand in all Global production Group revenue 2024 ~360,000 per day home markets footprint with €7.4bn #1 730+ A/C +70% Revenue 2024 +230 on order and Airline Group in Europe Customer Satisfaction +1
Slide 7: Strong recovery compared to 2019 with significant margin upside remaining
Strong recovery compared to 2019 with significant margin upside remaining by resolving operational challenges Production (ASK) Adj. Adj. Return on Adj. Free Adj. Net Debt/ Liquidity Development EBIT margin Capital Employed Cash Flow Adj. EBITDA in €bn in bn in % in % in €m ratio 326 4.4% 9.6% 840 2.
Slide 8: Plan to recover profitability with Adj. EBIT margin target of 8-10%
Plan to recover profitability with Adj. EBIT margin target of 8-10% by '28-'30 Adj. EBIT margin Mitigation and easing of recent headwinds %, Lufthansa Group doubling of Adj. EBIT Transformation programs mitigating non-fuel 8% 8% 8% margin 8-10% cost increases (e.g., location costs) 6% 6% 6% 5% 4% 20
Slide 9: Comprehensive strategic framework in place to create shareholder value
Comprehensive strategic framework in place to create shareholder value ▪ Multi-brand, -hub and -AOC passenger airlines Leading airline ▪ Leading European cargo and MRO group ▪ Globally leading MRO ▪ Cross-hub integrated network and Point-to-Point offer Sustainably connecting ▪ Differentiated partner
Slide 10: Value creation based on four strategic pillars
Value creation based on four strategic pillars further optimized by One Group transformation Customers Shareholders Providing premium travel experiences Delivering returns to our to customers shareholders One Group Maximize group-level synergies through an integrated operating model, while different
Slide 11: From a group of airlines to ONE Airline Group
From a group of airlines to ONE Airline Group: Streamlined and synergetic operating model Cornerstones of Lufthansa Group's operating model Corporate Functions Clear ownership Airline Group Functions Group focused on customer, airlines focused on passenger Empowered decision making Faster decision-m
Slide 12: People base well positioned for industry-wide labor challenges
People base well positioned for industry-wide labor challenges Industry-wide labor challenges Strong Lufthansa Group people base 100k+ employees from 160 countries Ageing workforce & retirements >50% of global civil aviation workforce1 is expected to retire in next 10 years Resilient backbone Shorta
Slide 13: Value creation based on four strategic pillars
Value creation based on four strategic pillars further optimized by One Group transformation Customers Shareholders Providing premium travel experiences Delivering returns to our to customers shareholders One Group Maximize group-level synergies through an integrated operating model, while different
Slide 14: Transformation programs and fleet modernization will boost profitability
Transformation programs and fleet modernization will boost profitability Lufthansa Airlines Turnaround Other Airline Efficiency Programs Fleet Modernization Lufthansa Airlines Turnaround Other airline efficiency programs Fleet modernization providing incl. ops & commercial excellence incl. commercia
Slide 15: Lufthansa Group passenger fleet will be further simplified and harmonized
Lufthansa Group passenger fleet will be further simplified and harmonized Widebody fleet simplification (incl. ITA) Fleet modernization (incl. ITA) 747-8 814 777-9 777-300 A350-1000 6-9 A/C 782 by 2030 Operative asset A350-900 13 787-9 A330-900 types 2030 fleet 2025 58% passenger A/C types A330-300
Slide 16: Value creation based on four strategic pillars
Value creation based on four strategic pillars further optimized by One Group transformation Customers Shareholders Providing premium travel experiences Delivering returns to our to customers shareholders One Group Maximize group-level synergies through an integrated operating model, while different
Slide 17: Eurowings is an award-winning and leading European P2P value airline
Eurowings is an award-winning and leading European P2P value airline Business description Market leader positions in %, seat capacity share Leading and award-winning Point-to-Point (P2P) Stuttgart: ~40% Cologne: >35% value airline maximizing Lufthansa Group value Düsseldorf: >35% Hamburg: ~30% Marke
Slide 18: Proven transformation to deliver sustainable profitability
Proven transformation to deliver sustainable profitability 2011-2018 2019-2024 Mid-term ambition Strong (inorganic) growth, yet Rigid turnaround program with Three strategic initiatives to overly complex & inefficient drastic simplification and further grow business business model (e.g., long-haul)
Slide 19: Fleet modernization, product innovation, and leisure expansion will fuel growth
Fleet modernization, product innovation, and leisure expansion will fuel growth New fleet Value proposition Leisure expansion Modernizing fleet with 40 new Product innovation Expansion into asset-light Boeing 737 MAX1 Example: "Premium BIZ seats” leisure market Open new markets: More comfort and spa
Slide 20: Value creation based on four strategic pillars
Value creation based on four strategic pillars further optimized by One Group transformation Customers Shareholders Providing premium travel experiences Delivering returns to our to customers shareholders One Group Maximize group-level synergies through an integrated operating model, while different
Slide 21: Lufthansa Cargo is highly synergetic with Lufthansa Group
Lufthansa Cargo is highly synergetic with Lufthansa Group Business description Lufthansa Cargo ranking1 2020 2022 2024 Today Worldwide transportation of goods using both belly space of Lufthansa Group's passenger A/C and fleet of 22 dedicated freighters #8 #6 #6 #4 Lufthansa Cargo can serve as a bal
Slide 22: Lufthansa Cargo enables global business in growing market
Lufthansa Cargo enables global business in growing market Attractive Air Cargo market Lufthansa Cargo with strong catchment position FRA catchment area based on trucking time & addressable GDP (in $bn, rounded) ~4,000 100% ~1,800 62% ~1,000 100% ~800 100% LON (1.8) 4 AMS (1.5) ~600 29% 5 +3.2% BRU (
Slide 23: Clear ambition to profitably grow to become #3 carrier globally by 2030
Clear ambition to profitably grow to become #3 carrier globally by 2030 Competitive core Profitable growth Customer & quality leadership Expand into key segments ▪ Modernized cargo center ▪ High-margin verticals, in FRA e.g., pharma and semicon Ambition to claim ▪ Digital sales excellence ▪ Growth m
Slide 24: Value creation based on four strategic pillars
Value creation based on four strategic pillars further optimized by One Group transformation Customers Shareholders Providing premium travel experiences Delivering returns to our to customers shareholders One Group Maximize group-level synergies through an integrated operating model, while different
Slide 25: Lufthansa Technik is global #1 in Maintenance, Repair, and Overhaul
Lufthansa Technik is global #1 in Maintenance, Repair, and Overhaul Business description MRO specialists ranking Based on MRO aftermarket rev. in '24 Leading provider of MRO services with global market focus #1 #2 Covers all MRO market segments from nose to tail #3 Revenue mainly generated via long-
Slide 26: Lufthansa Technik will achieve Ambition 2030 by focusing on three strategic pillars
Lufthansa Technik will achieve Ambition 2030 by focusing on three strategic pillars Ambition 20301 Strengthening global footprint in three pillars >€10bn Revenue LEADING Drive performance of services & broaden GLOBAL MRO footprint via dedicated strategic investments >10% Adj. EBIT margin INDUSTRY TR
Slide 27: Strategic investments will accelerate global MRO leadership
Strategic investments will accelerate global MRO leadership Expand mobile engine Strengthen position in Ramp up repair production Grow global widebody Initiative service offer Closed Loop business business Location Calgary, CA Tulsa, US Santa Maria da Feira, PT Clark, PH New LEAP mobile engine Compo
Slide 28: New products in growing defense market enable growth beyond the core
New products in growing defense market enable growth beyond the core Defense growth accelerates Lufthansa Technik became recognized defense player German Air ▪ World's first modification of A350 with self-defense system Force A350 ▪ In-service-support for German Air Force Rise of defense budgets and
Slide 29: Market, positioning & growth
Market, positioning & growth Carsten Spohr CEO Lufthansa Group Capital Markets Day 2025 29.09.2025 Page 29
Slide 30: Market shows resilient demand set against constrained supply
Market shows resilient demand set against constrained supply Resilient demand Constrained supply Travel is integral to consumer lifestyle: Amounts Aircraft delivery delays I to >26% of consumer spend, +3%p since '191 "Airbus warns airlines about another three years of delivery delays while Boeing tr
Slide 31: European passenger market remains challenging and keeps consolidating
European passenger market remains challenging and keeps consolidating 2.3% ▪▪ Rising location costs, especially air traffic tax Resource scarcity, e.g., at ATC & Ground Ops EU ▪ Stricter regulation, especially emissions related 2.7% Sector consolidation NA 5.3% continuing in Europe AP 2.9% 3.7% SA A
Slide 32: Lufthansa Group is the #1 airline group in Europe and #4 in the world
Lufthansa Group is the #1 airline group in Europe and #4 in the world #1 in Europe #4 in the world European Ranking of Airlines, ASK 2025 in bn Global Ranking of Airlines, ASK 2025 in bn 3841 Core Lufthansa Group JV partner 537 362 490 342 486 278 3841 272 373 138 362 122 342 1. Lufthansa Group incl
Slide 33: Premium, multi-hub model creates value for shareholders
Premium, multi-hub model creates value for shareholders Local brand strength & leadership Unmatched connectivity Consistent premium experience BRU FRA NYC ZRH VIE GVA MUC FCO ATH Fully capitalizing on local high- Best option for many Europe- Top-notch customer satisfaction value demand: High yields
Slide 34: Lufthansa Group is leading operator in Europe's most affluent markets
Local brand strength & hub leadership Lufthansa Group is leading operator in Europe’s most affluent markets Lufthansa Group ranking Affluency of home markets vs. peers by seat departures real GDP / capita in groups' home markets in €k for 20243 #2 #3 #2 #2 #2 46.4 #2 #2 Home Markets: DE, BE, AT, CH
Slide 35: Lufthansa Group airlines hold stronger positions in most home markets than peers
Local brand strength & hub leadership Lufthansa Group airlines hold stronger positions in most of their home markets than peers Departing seats and share of airline groups by city1, 2024 M seats 53% 52% 35% 26 20 40 20 20 34 39 66 38 20 105 70% 68% 65% 54% 59% 48% 47% 32% 29% 36% 31% MUC ZRH FRA VIE
Slide 36: Lufthansa Group brands are powerful in their home markets
Local brand strength & hub leadership Lufthansa Group brands are powerful in their home markets Brand Power Lufthansa Group as 1st choice of #1 #2 #3 #4 Tracking '251 air travel Share of respondents Q2 '252 Germany Emirates Condor 47% Singapore Switzerland Airlines Emirates 52% Austria Emirates 67%
Slide 37: 14 daily connections between Athens and New York
Unmatched connectivity Multi-hub ensures highest customer convenience via variety of connections Case study: Connections between Athens and New York 18,930 O&Ds in Lufthansa Group's multi-hub system1 NYC BRU FRA Tertiary markets ZRH VIE well connected by multi hub MUC GVA system, e.g., 6x daily TIA-
Slide 38: Unmatched connectivity for customers in Europe through scale
Unmatched connectivity Unmatched connectivity for customers in Europe through scale Destinations and daily flights from European hubs Network depth & breadth vs. peers2 Avg. weekly connections per connecting market 10 North America Intra Europe Asia 31 210 19 8 Network depth 130 2,764 64 6 South Ame
Slide 39: Leveraging further connectivity via strong JVs and codeshare partners
Unmatched connectivity Leveraging further connectivity via strong JVs and codeshare partners Passenger market share per traffic stream 2024, EU to... North America 32% JV partners North America 32 partnerships managed Asia 13% centrally in Group 5 JV partners solidifying Europe 10% South America 7%
Slide 40: Lufthansa Group passenger airlines with three dedicated fields of growth
Lufthansa Group passenger airlines with three dedicated fields of growth Production development (ASK) Differentiated traffic growth bases Bn ASK, Lufthansa Group passenger airlines Growth in line with market, additional growth via ITA acquisition Growth in intercontinental flights via strong hub pos
Slide 41: Growth pathways defined per region with clear focus on profitability
Growth pathways defined per region with clear focus on profitability Status Quo (2024) Strategic Direction Revenue1 Margin1 Hubs Description North Strengthen All ▪ Protect most profitable market together with A++ partners high America profit core hubs ▪ Selectively expand into attractive secondary U
Slide 42: Lufthansa Group well positioned to capture growing leisure market
Lufthansa Group well positioned to capture growing leisure market In 10 years, In 10 years, Strong margin Lufthansa Group has Lufthansa contribution Group has across tripled its share of tripled all threeits share of airlines touristic offer touristic offer EW Holidays leveraging asset-light leisure
Slide 43: One Group Network Airline
One Group Network Airline Dieter Vranckx CCO Lufthansa Group Capital Markets Day 2025 29.09.2025 Page 43
Slide 44: Airline value creation through strong group synergies and local excellence
Airline value creation through strong group synergies and local excellence One Group Local champions Leveraging group power Tailored product & delivery Scale through group-led processes – Perfect fit to local markets, excellent do it once and excellent for everyone delivery and operations Largest In
Slide 45: Strong group-level synergy realization vs. European peers
Strong group-level synergy realization vs. European peers European network Lufthansa Group Lufthansa Group American network airline peers Today Future airline peers Local Aligned Unified Group Setup unique for each airline to fit Setup aligned with groupwide criteria, One standardized solution by gr
Slide 46: Ongoing transition to world's best-in-class group-centric setup
Ongoing transition to world's best-in-class group-centric setup Selected examples Local Aligned Unified Group Portfolio management & asset allocation 1 Airline steering Fleet and engine management Network management & partnerships 2 Commercial Offer & revenue management and sales & distribution Loya
Slide 47: ITA integration based on attractive fundamentals
ITA integration based on attractive fundamentals Strong Italian home market – A perfect addition to the Group 4th largest Attractive 5-star hub in Rome FCO Economy in Europe (GDP) Geographic advantage to Southern Hemisphere 3rd largest Airline market in Europe1 All-Airbus fleet with all Next Gen wid
Slide 48: ITA integration well on track due to extensive past integration experience
ITA integration well on track due to extensive past integration experience ATI and minority share restrictions ! under review ATI filing J+ SkyTeam exit LCAG-ITA cargo handover1 M&M-Volare partnership Enhanced loyalty benefits ATI filing A++ JAN '05 '09 '17 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DE
Slide 49: 20-30% of ITA synergies will be captured by end of 2025
20-30% of ITA synergies will be captured by end of 2025 Step 2: After full consolidation Majority shareholding after option exercise 100% of synergies Central A/C ownership Technical fleet Financing management & MRO equaling 10-15% of '24 ITA rev. Step 1: 2026 - 2027 Call options Minority available
Slide 50: Commercial offer
One Group Network Airline Commercial offer Capital Markets Day 2025 29.09.2025 Page 50
Slide 51: Lufthansa Group customers at a glance
Lufthansa Group customers at a glance ~5% 70% 800k more avg. spend of servicing requests enter peak daily users on per transaction in via digital channels the Lufthansa app digital channels vs. - rated 4.6 stars in previous year1 Apple App Store >50% 161% of customers fly with increase in monthly mo
Slide 52: Strong commercial performance is grounded in four building blocks
Strong commercial performance is grounded in four building blocks Group-wide Strong umbrella Strong loyalty Premium customer commercial steering brand program offering ONE organization Aligned steering across Strong group umbrella Attractive Miles & More Premium ground and network, sales & brand con
Slide 53: Group-wide commercial steering: Premium commercial performance through excellence and alignment
Group-wide commercial steering Group-wide commercial steering: Premium commercial performance through excellence and alignment One group-wide commercial unit for network airlines Upgrades to commercial performance Customer choice: Cross-hub aligned schedules to 210 European destinations - more than
Slide 54: Network reconfigured to ensure profitable passenger flows
Group-wide commercial steering Network reconfigured to ensure profitable passenger flows Growth in Intercont Reconfiguring Cont network High-value summer pax EU seasonality (monthly % of total demand) +5% x 1.7 Mid-term Intercont growth rate JAN DEC Over-proportional growth rate Today Future compare
Slide 55: One Sales & Distribution organization ensures value creation across the group
Group-wide commercial steering One Sales & Distribution organization ensures value creation across the group One organization Cost of sales Distribution channel strategy Continuously optimized Sales Joint team with strong track Going forward, further value organization serves B2B & B2C record of val
Slide 56: Harmonized Offer and ONE Order to future proof business
Group-wide commercial steering Harmonized Offer and ONE Order to future proof Lufthansa Group's business Harmonized Offer ONE Order Harmonized Offer for network Benefits for Lufthansa One Order ID per customer brands incl. Group journey enables unified retailing ▪ harmonized tools and system ▪ maxim
Slide 57: Lufthansa Group pioneering AI in revenue management and network optimization
Group-wide commercial steering Lufthansa Group pioneering AI in revenue management and network optimization Selected examples Revenue management Network Request-specific Next Gen demand Dynamic pricing for Robust network & dynamic flight pricing forecasting engine seat reservations schedule optimiza
Slide 58: Lufthansa Group umbrella brand creates strong ecosystem for all airlines
Strong umbrella brand Lufthansa Group umbrella brand creates strong ecosystem for all airlines One strong Group umbrella brand… Lufthansa Group umbrella brand creates …visibly connects all airlines, harmonizes ecosystem embedding experiences and strengthens the Group as a local brands along entire t
Slide 59: Differentiation where it matters to ensure emotional brand experience
Strong umbrella brand Differentiation where it matters to ensure emotional brand experience Customer journey overview Current customer performance KPIs HARMONIZED JOURNEYS for the customer +13p Standardization where efficiencies can be gained to ensure Inspiration & Booking Corporate Customer Ground
Slide 60: Miles & More is more than a Frequent Flyer program
Strong loyalty program Miles & More is more than a Frequent Flyer program Loyalty program Payment Rewards in form of miles & status for more Co-branded credit card with Deutsche than 45m Miles & More members, driving Bank offering customers exclusive loyalty across the Group & its partner airlines b
Slide 61: Miles & More attracts more loyal, high-spending members
Strong loyalty program Miles & More attracts more loyal, high-spending members Growing member base Loyal members High-spending members >50% +17% 40% increase in 12-month active additional airline revenue from of customers who redeem miles for Miles & More members since Miles & More members post Busi
Slide 62: Four growth priorities to unlock full potential of Miles & More program
Strong loyalty program Four growth priorities to unlock full potential of Miles & More program Four growth priorities EBIT development illustrative LHG Loyalty Loyalty Retailing Monetizing the loyalty platform through Ecosystem personalized offers and member engagement ~30% Currency Retailing Commer
Slide 63: Lufthansa Group leads in high margin premium segment
Premium customer offering Lufthansa Group leads in high margin premium segment Leading in premium and RASK Product experience Airport experience Highest pax share of higher margin In-flight experience with Industry-leading hub operations premium long-haul traffic reimagined cabins and elevated with
Slide 64: Swiss Senses & Lufthansa Allegris: group-led innovation, locally tailored
Premium customer offering Swiss Senses & Lufthansa Allegris: group-led innovation, locally tailored Group-led innovation Distinct local touch Flexibly adjusted "do-it-once" tailored to local market configurations aligned with market demand Capital Markets Day 2025 29.09.2025 Page 64
Slide 65: Case study Allegris: Paving the way for a next gen onboard experience
Premium customer offering Case study Allegris: Paving the way for a next gen onboard experience Landmark Broad seat choice in Innovative seat Award-winning First Class suite Business Class reservation system Business Class cabin First Class suite with Five distinct Business Advanced seat reservation
Slide 66: Allegris exceeds expectations in customer experience and monetization
Premium customer offering Allegris exceeds expectations in customer experience and monetization Positive trends with Allegris roll-out Rollout plan Allegris & Swiss Senses A/C equipped with new onboard experience High satisfaction with Allegris product Seat share1 +70% higher NPS for Allegris Busine
Slide 67: Fleet modernization & productivity
One Group Network Airline Fleet modernization & productivity A. Feuersänger & S. Kreuzpaintner SVP Fleet Management & SVP Commercial Customer Offer Capital Markets Day 2025 29.09.2025 Page 67
Slide 68: Lufthansa Group fleet will become more modern, sustainable, simplified, productive, flexible
Lufthansa Group fleet will become… …more …more …more …more …more modern sustainable simplified productive flexible Increase share of Reduce fuel Harmonize fleet Improve A/C Steer fleet along Next Gen consumption by to reduce productivity clear set of widebody A/C to up to 30% per operational by 10-1
Slide 69: Widebody Next Gen share to nearly triple by 2030
More modern Widebody Next Gen share to nearly triple by 2030 A/C delivery delays Next Gen A/C share – widebody1 65% 68% 65% Share of Next Gen A/C behind plan due to delivery delays 44% 42% 38% Old Gen fleet extended to compensate for delays 22% 23% (-50 Next Gen A/C vs. plan) 15% 8% Optimistic outlo
Slide 70: Lufthansa Group to phase-in >230 new A/C until 2030
More modern Lufthansa Group to phase-in >230 new A/C until 2030 New A/C ramp-up plan # of A/C1 Not yet specified 737 Max New A/C secured for rollover of 200 existing fleet A220 Family Narrowbody Increasing focus on widebody A/C A320neo Family going forward 100 ~20% increase in number of 777 widebody
Slide 71: Simplified Next Gen fleet structurally improves profitability
More modern Simplified Next Gen fleet structurally improves profitability Fuel & sustainability MRO Crew Cargo effects Lower emissions (CO2/RTK) Less issue-prone, higher reliability Less crew training efforts Additional belly cargo capacity Lower noise impact Longer maintenance cycles (fewer subtype
Slide 72: Fleet modernization is main driver of Lufthansa Group sustainability program
More sustainable Fleet modernization is main driver of Lufthansa Group sustainability program CO2 emissions target system Sustainability initiatives across Lufthansa Group Fleet: Key sustainability lever by 2030 SBTi target >230 new A/C, reduced CO2 emissions & fuel cost (€1.4bn p.a.) -30.6% gCO2 /
Slide 73: Lufthansa Group will simplify and harmonize fleet
More simplified Lufthansa Group will simplify and harmonize fleet Fleet harmonization widebody A/C Today 2030 Introduction of Next Gen A/C in all Group airlines by 2030 FRA MUC FRA MUC 777-9 A350-1000 A330-200, A340-300, A340-600, A350-900 * * 747-400, 767-300 and 777-200, 787-9 A330-900 phase-out i
Slide 74: Asset productivity will increase significantly
More productive Asset productivity will increase significantly A/C productivity today Levers for increasing flight hours per A/C day Flight hours / day in summer for asset fleet +10-15% Widebody (WB) Asset productivity levers 13.1 Optimized Smart reserve 11.8 Harmonized fleet turnaround & concepts c
Slide 75: Future fleet structure allows more flexible steering to maximize ROCE
More flexible Future fleet structure allows more flexible steering to maximize ROCE Criteria Criteriafor for(re-)allocation (re-)allocationofofassets assetsbetween betweenmarkets markets Higher interchangeability of fleet between markets Top-line criteria F RA √ Market demand MU C Allocation inter-
Slide 76: Lufthansa Airlines case study: A/C allocation to maximize ROCE
More flexible Lufthansa Airlines case study: A/C allocation to maximize ROCE Personnel cost Crew cost for rostering one A320 advantage Lufthansa Airlines narrowbody fleet Indexed Share of A/C 100 Wetlease Up to 40% crew cost1 & Other advantage vs. ‘LH Classic’ 60 60 City Airlines 2 2019 2024 2030 10
Slide 77: Digital & technology
One Group Network Airline Digital & technology Grazia Vittadini CTO Lufthansa Group Capital Markets Day 2025 29.09.2025 Page 77
Slide 78: Digital & technology transformation addressing three core layers
Digital & technology transformation addressing three core layers ONE GROUP – Digital & technology layer Customer Digital Airline Operations Future-proof IT & AI Driving innovation at scale across Data driven & AI supported Group-wide Digital & IT customer facing touchpoints decisioning in day-to-day
Slide 79: Digital Hangar upgrades product development and customer experience
Customer Digital Hangar upgrades product development and customer experience Unified tech stack, only frontend differentiated Top level service at scale & self-service experience Personalized ‘wow’ moments Contextual travel information throughout trip Accelerating AI-powered product development AI-s
Slide 80: Seamless integration of ancillaries in customer experience is paying off
Customer Seamless integration of ancillaries in customer experience is paying off Ancillary Integration Ancillary revenue total ANC1/Pax, € x2 Digital Hangar Foundation vs. today Enabler for ancillary advancements Outlook ▪ Dynamic ancillary pricing ~12€ Contextual product ▪ Personalized ~9€ placeme
Slide 81: Cancelation Impact Analyzer as lighthouse case for AI-based ops optimization
Digital Airline Operations Cancelation Impact Analyzer as lighthouse case for AI-based ops optimization Description and advantages Lufthansa Group OPSD team developing optimization tools >100 runs Decision support tool "Cancelation Impact Analyzer" of Cancelation Impact Analyzer in optimizes flight
Slide 82: Shaping the future: Unlocking full potential until 2030
Shaping the future: Unlocking full potential until 2030 Customer Digital Airline Operations Future-proof IT & AI ▪ Focus on consistency and seamless ▪ Focus on digital operations and integrated ▪ Build unified AI-driven IT landscape & customer experience to empower flight planning optimization lever
Slide 83: Airlines transformation: Case study Lufthansa Airlines
Airlines transformation: Case study Lufthansa Airlines Till Streichert CFO Lufthansa Group Jörg Beißel CFO Lufthansa Airlines Capital Markets Day 2025 29.09.2025 Page 83
Slide 84: Transformation programs across all network airlines
Transformation programs across all network airlines Transformation programs Program focus Breadth of initiatives EBIT upside from 2025-2030 Airline transformation measure clusters1 Lufthansa Airlines Turnaround Ops & commercial excellence and structural cost reduction ~70% of Lufthansa Group transfo
Slide 85: Lufthansa Airlines is Europe's largest hub airline
Lufthansa Airlines is Europe’s largest hub airline Two hubs at the Largest European Premium value economic heart of Europe hub airline proposition >350 A/C in service Lufthansa Lufthansa Allegris BA: ~290, AF: ~270 'Classic' FRA Discover MUC 65m pax carried First Class Terminal BA: ~45m, AF: ~45m Ci
Slide 86: Exceptionally strong teams execute the transformation program
Exceptionally strong teams execute the transformation program Group-wide transformation setup Lufthansa Airlines Turnaround team Central transformation team In-house Steering and tracking of transformation Lufthansa Airlines programs across Lufthansa Group capabilities In-house digital powerhouses 1
Slide 87: Turnaround transformation is in full swing
Turnaround transformation is in full swing Program execution Comments 2024 2025 2026 2027 2028-2030 Target 2028-2030 Initiatives driven by Fleet, Dimensioning & Growth 70+% Fleet rollover and dimensioning according to changing market environment Next Gen A/C Operational Excellence 85+% D15 1 Resilie
Slide 88: Turnaround targets significant EBIT improvement
Turnaround targets significant EBIT improvement Adj. EBIT margin €2.5bn gross EBIT effect until 2028 Lufthansa Airlines 2 1 '24 Fleet, Dimensioning Operational Cost Customer & '28-'30 & Growth Excellence Excellence Commercial Excellence Transformation ▪ Next Gen A/C ▪ Lower ▪ Ground Ops ▪ Customer ▪
Slide 89: Successfully addressed operational challenges
1 Ops Excellence Successfully addressed operational challenges H1 2019 H1 2024 H1 2025 # Flights1 ~320k ~270k ~275k Punctuality D15 75% 62% 74% Regularity2 98% 97% 99% LH-owned processes Partner-owned processes LH-owned processes Partner-owned processes A/C Crew A/C Crew Fueling Loading Fueling Load
Slide 90: Our stability improvements are sustainable and will be further enhanced
1 Ops Excellence Our stability improvements are sustainable and will be further enhanced Resilient operations Seamless self-servicing in case of irregularity Ambition 2028-2030 Fleet renewal: Higher reliability, 85% less technical delays, simplified Group-level initiatives targeting all airlines ope
Slide 91: Turnaround addresses temporary structural unit cost disadvantage
2 Cost Excellence Turnaround addresses temporary structural unit cost disadvantage Unit cost vs. peers Cost transformation levers Ex-fuel CASK, stage-length adjusted to 2,000km High High -a- Ground Ops Automation & Efficiency -b- Tech Ops Automation & Efficiency Goal: Lufthansa Airlines CASK to -c-
Slide 92: On path to industry-leadership in efficient & premium passenger handling
2 Cost Excellence -a- Ground Ops On path to industry-leadership in efficient & premium passenger handling Status Quo 2019 2024 2028-2030 Highest share of automated bag drop-offs in industry Check-In 60% Economy 90% Economy >95% Economy & Bag Drop <5% Premium <10% Premium >50% Premium >2,000 Towards
Slide 93: Strong inhouse Tech Ops capabilities as foundation for digitalization push
2 Cost Excellence -b- Tech Ops Strong inhouse Tech Ops capabilities as foundation for digitalization push Until '25: Increased control over Tech Ops Until '28-'30: Increase efficiency via digitalization >300 FTE insourced Digitization from LHT Line Maintenance ▪ AI-based planning -80% ▪ Digitized ra
Slide 94: Scaling new airlines has positive impact on profitability
2 Cost Excellence -c- Production Scaling new airlines has positive impact on profitability New airlines Productivity Cost advantage Fleet growth Lufthansa Feed airline with City Airlines LH brand standard and experience VL 10-30% higher Up to 40% crew Profit advantage by crew productivity cost advan
Slide 95: 20% uplift of Lufthansa Classic crew productivity targeted
2 Cost Excellence -d- Crew Productivity 20% uplift of Lufthansa Classic crew productivity targeted Lufthansa Classic crew productivity Achievements Crew Block Hours / Fulltime Equivalent / Year Cockpit Cabin Structural measures Managing growth in 2025 & 2026 without cockpit hirings and 2024 ~510 ~57
Slide 96: Multitude of initiatives to further drive cost excellence
2 Cost Excellence -e- Admin & Non-personnel cost Multitude of initiatives to further drive cost excellence Other non-personnel costs1 driven by Overhead personnel cost driven by Reduction of cost base via ongoing Group wide FTE reduction with Starting 2026 ~500 cost initiatives across positive effec
Slide 97: Rightsizing of Lufthansa Group expected to result in €0.3bn EBIT uplift p.a.
Rightsizing of Lufthansa Group expected to result in €0.3bn EBIT uplift p.a. ~4,000 FTE Gross reduction Group-wide programs reduce ~4,000 FTE primarily in ~50% admin roles by 2030 Near- & Offshore ~1,500 FTE are built up and bundled in international locations cost advantage Digitalization, AI, autom
Slide 98: Financial performance & mid-term targets
Financial performance & mid-term targets Till Streichert CFO Lufthansa Group Capital Markets Day 2025 29.09.2025 Page 98
Slide 99: Commitment to strong and sustainable shareholder returns
Commitment to strong and sustainable shareholder returns 2028-2030 Targets 8-10% Adj. EBIT margin 15-20% Adj. ROCE Sustainable & profitable growth >€2.5bn Adj. FCF p.a. Maximizing Group Synergies Strong total Financial framework shareholder Transforming the Airlines Solid Investment Grade return Glo
Slide 100: Powerful levers to achieve 8-10% EBIT margin
Powerful levers to achieve 8-10% EBIT margin Value creation bridge EBIT impact Adj. EBIT Adj. EBIT margin margin Leveraging One Group as the largest lever 4% 8-10% LHA turnaround fully embedded with LHA expected to reach a high single digit EBIT margin Known headwinds, such as cost inflation & regul
Slide 101: Sustainable and profitable airline growth
Sustainable and profitable airline growth Value creation bridge 1 Airline growth EBIT impact Adj. EBIT Adj. EBIT Profitability-driven growth ▪ Stronger Intercont than Cont growth margin margin ▪ Accelerated growth in APAC and South 4% 8-10% America as well as leisure Completing ITA acquisition ▪ 38b
Slide 102: Leveraging One Group: Transforming Today, Outperforming Tomorrow
Leveraging One Group: Transforming Today, Outperforming Tomorrow. Value creation bridge 2 Leveraging One Group EBIT impact Fleet Adj. EBIT Adj. EBIT ▪ Lower operations cost margin margin ▪ Higher asset productivity 4% 8-10% ▪ Higher cargo capacity Commercial excellence 2 ▪ New Premium, Allegris, Swi
Slide 103: Airline cost transformation driven by operational excellence and automation
Airline cost transformation driven by operational excellence and automation Value creation bridge 3 Airline cost transformation EBIT impact Adj. EBIT Adj. EBIT Operational excellence ▪ Better operational stability margin margin ▪ Faster growth in cost efficient airlines 4% 3 8-10% ▪ Higher crew prod
Slide 104: Improved margin and capital efficiency drives capital returns
Improved margin and capital efficiency drives capital returns Adj. ROCE in % EBIT value drivers enable 15-20 structurally higher value creation 17 Capital base increases due to planned fleet renewal 10 10 ROCE target Higher capital efficiency achieved 15-20% through better asset utilization and owne
Slide 105: Capital allocation set to drive growth and shareholder returns
Capital allocation set to drive growth and shareholder returns Investment in fleet, Deleveraging & solid customer & digitalization Investment Grade rating Increase in shareholder returns Value-accretive Sustainable & growing inorganic opportunities free cashflow to equity Capital Markets Day 2025 29
Slide 106: Group targets a solid investment grade rating
Group targets a solid investment grade rating Current Credit ratings Adj. net debt/Adj. EBITDA BBB- (stable) Swift return to full Investment 2.8x Grade rating post-pandemic Baa3 Positive trajectory with strong free (stable) 2.0x cashflows allows further 1.7x deleveraging BBB- Targeting solid Investm
Slide 107: Optimized credit profile to balance Group funding requirements
Optimized credit profile to balance Group funding requirements Funding mix in % 5% Senior Bonds 11% Aircraft financing / JOLCO 36% Diversified funding mix ensures Leases €14bn resilience and flexibility Convertible / Hybrid Bonds 22% Gross Debt1 "Schuldschein" loan / Other H1 2025 Successful track r
Slide 108: Strong liquidity profile safeguards Group against market volatilities
Strong liquidity profile safeguards Group against market volatilities Liquidity target in €bn Target liquidity €8-10bn Higher liquidity buffer post-Covid increases resilience 2.5 Syndicated credit facility €2.5bn Revolving Credit Facility to reduce cash cost Liquid investments reduce Bilateral ~3 op
Slide 109: Investments into the strategic priorities of the Group
Investments into the strategic priorities of the Group Gross Capex split 2026-2030 CAPEX excl. M&A; Planned A/C deliveries # of aircraft Gross Capex LH Technik & Net Capex LH Cargo Customer & Digitalization Gross Aircraft CAPEX 2026- 2030 2025 2026 2027 2028 2029 2030 Capitalized MRO Widebody ~15 ~5
Slide 110: Shift towards more leasing while maintaining majority ownership
Shift towards more leasing while maintaining majority ownership secures flexibility and capital efficiency Fleet ownership structure Outright purchase 2024 Future Strong unencumbered asset base Flexible reserve once depreciated Full impact on CAPEX / Net Debt 735 A/C 88% Strategic Majority Leasing o
Slide 111: Strong cashflow generation
Strong cashflow generation Adj. Free Cashflow Comment in €bn Steadily improving EBIT margins >2.5 drive Operating Cashflow growth 1.8 Broadly stable free cashflow on current level for the peak CAPEX Adj. FCF target years 2026 and 2027 >€2.5bn Stable 0.8 to PY Free cashflow of above 2.5bn once past t
Slide 112: Commitment to sustainable dividends
Commitment to sustainable dividends Distributed amount & dividend per share €m; € per share 0.50 0.50 0.80 0.80 0.30 0.30 377 380 359 359 Payout ratio of 232 234 20-40% of Net Income 2015 2016 2017 2018 2023 2024 Capital Markets Day 2025 29.09.2025 Page 112
Slide 113: Strong increase in cashflow underpins shareholder returns
Strong increase in cashflow underpins shareholder returns >2x Growth and margin expansion Operating drive operating cashflow Cashflow Adj. EBIT margin 8-10% Disciplined capital prioritization Net & increasing capital productivity Capex Adj. ROCE 15-20% Strong growth in Free Cashflow to Equity FCF to
Slide 114: Q&A Group Executive Board
Q&A Group Executive Board Capital Markets Day 2025 29.09.2025 Page 114
Slide 115: One Group: Transforming Today, Outperforming Tomorrow.
One Group: Transforming Today, Outperforming Tomorrow. Favorable market environment 1 Resilient and surging demand for travel meets persistent systemwide supply constraints, consolidation in Europe continues Diversified growth engines and premium positioning 2 Multi-hub network, premiumization along
Slide 116: Appendix
Appendix lufthansagroup.com
Slide 117: Summary of selected KPIs (1/3): Guidance
Summary of selected KPIs (1/3): Guidance Scope KPI Target Target Timeframe Lufthansa Group Available Seat Kilometers (ASK) growth in line with market + additional growth via ITA 2028-2030 Adj. EBIT margin 8-10% 2028-2030 Adj. Return on Capital Employed (ROCE) 15-20% 2028-2030 Adj. Free Cash Flow (FC
Slide 118: Summary of selected KPIs (2/3): Program and measure impacts
Summary of selected KPIs (2/3): Program and measure impacts Scope KPI Target Target Timeframe Lufthansa Group EBIT margin uplift through New Fleet and New Premium Offering (e.g., Allegris) ~3%p 2028-2030 Increase in asset productivity (Widebody and Narrowbody) 10-15% 2028-2030 Increase of flight- &
Slide 119: Summary of selected KPIs (3/3): Description
Summary of selected KPIs (3/3): Description Type KPI Description Financial KPIs Adj. EBIT margin EBIT (earnings before interest and taxes) adjusted by non-recurring, non-operating effects divided by revenue Adj. Free Cash Flow (FCF) Financial indicator expressing the operating cash flow remaining in
Slide 120: Disclaimer
Disclaimer IMPORTANT: The following applies to this document and the oral presentation of the information in this document by Deutsche Lufthansa Aktiengesellschaft (the “Company”, and together with its consolidated subsidiaries, the “Group”) or any person on behalf of the Company, any question-and-a
Slide 121: Disclaimer
Disclaimer This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of the Company, its affiliates or an inducement to enter into investment activity in the Unite