Deutsche Lufthansa Ag · XETR:LHA
Deutsche Lufthansa — Deutsche Lufthansa Ag Reg — Q2 2026 Earnings Presentation
50 slides from Deutsche Lufthansa's earnings presentation, Aug 4, 2026
Slide 1: 2nd Interim Report January - June 2026
2nd Interim Report January - June 2026 Trust at every altitude
Slide 2: Key figures The Lufthansa Group
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 2 Key figures The Lufthansa Group Key figures Key figures (continued) Jan - Jun Jan - Jun Change Apr - Jun Apr - Jun Change Jan - Jun Jan - Jun Change Apr - Jun Apr - Jun Change 2026 2025 in % 2026 2025 in % 2026 2025 i
Slide 3: Letter from the Executive Board
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 3 Letter of the Executive Board Letter from the Executive Board Ladies and gentlemen, dear shareholders, In the first half of 2026, the Lufthansa Group’s business performance was shaped by a hedged portion of the Group’
Slide 4: Macroeconomic environment and sector developments
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 4 Macroeconomic environment and sector developments Interim Management Report Macroeconomic environment and sector developments The European economy once again grew significantly more Macroeconomic slowly than the globa
Slide 5: Sector developments
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 5 Macroeconomic environment and sector developments Since the start of the conflict in the Middle East, the Sector developments The global market for airfreight also grew in the first five significantly higher kerosene
Slide 6: Course of business
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 6 Course of business Course of business Increase in the Lufthansa Group’s indebtedness Overview of the course of 2026, Adjusted EBIT at Lufthansa Technik rose by 2% to EUR 315m (previous year: EUR 310m). As of 30 June 2
Slide 7: Events after the reporting date
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 7 Course of business Lufthansa City Airlines and ver.di reach collective This package of measures will have a disproportionate Deutsche Lufthansa AG exercises option to acquire agreement for flight staff impact in terms
Slide 8: Financial performance
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 8 Financial performance Financial performance Operating expenses up 7% year-on-year Earnings position Operating expenses at the Lufthansa Group rose by 7% year-on-year in the first half of 2026 to EUR 21,390m Traffic re
Slide 9: Financial performance
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 9 Financial performance Expenses for passenger assistance in connection with The Lufthansa Group’s EBIT stood at EUR -138m in the first Revenue, income and expenses flight irregularities due to strikes and operational h
Slide 10: Financial performance
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 10 Financial performance Net interest decreased by 41% to EUR -129m (previous year: EUR -92m) due to interest income-related non- recurring effects in the previous year in connection with tax refunds resulting from tax
Slide 11: Reconciliation of results
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 11 Financial performance Reconciliation of results Jan - Jun 2026 Jan - Jun 2025 Income Reconciliation Income Reconciliation in €m statement Adjusted EBIT statement Adjusted EBIT Total revenue 19,887 18,449 Changes in i
Slide 12: Financial position
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 12 Financial performance Financial position Effects of EUR -467m (previous year: EUR -78m) arose from the increase in other receivables and advance payments, in particular advance payments to suppliers. Gross capital ex
Slide 13: Net assets
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 13 Financial performance Current assets increase by EUR 2.7bn Non-current provisions and liabilities almost unchanged Net assets As of 30 June 2026, current assets were up EUR 2,737m at As of 30 June 2026, non-current p
Slide 14: Current provisions and liabilities
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 14 Financial performance Current provisions and liabilities increase by EUR 2.1bn Calculation of net indebtedness Equity up by EUR 460m Current provisions and liabilities rose by EUR 2,078m to As of 30 June 2026, equity
Slide 15: Group fleet – number of commercial aircraft
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 15 Financial performance Group fleet – number of commercial aircraft Lufthansa Airlines including regional airlines, Lufthansa City Airlines and Discover Airlines (LH), SWISS including Edelweiss (LX), Austrian Airlines
Slide 16: Business segments
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 16 Business segments Business segments At the start of the 2026 financial year, the Passenger The Network Airlines business segment comprises The new Point-to-Point Airlines business segment Airlines business segment wa
Slide 17: Network Airlines unit revenues
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 17 Business segments Unit revenues picked up by 5.0% year-on-year in the first recognised as revenue reductions, increased by 48% to In the first half of 2026, the Network Airlines’ Adjusted half of 2026, mainly due to
Slide 18: Lufthansa Airlines
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 18 Business segments Trends in traffic regions Network Airlines Traffic revenue Number of passengers Available seat-kilometres Revenue seat-kilometres Passenger load factor Jan - Jun 2026 Change Jan - Jun 2026 Change Ja
Slide 19: SWISS Austrian Airlines
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 19 Business segments Operating expenses of EUR 8,846m were 2% higher than in the previous year (previous year: EUR 8,689m). The cost of Revenue at SWISS increased by 9% to EUR 3,347m (previous year: EUR 3,058m) in the f
Slide 20: Brussels Airlines
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 20 Business segments Brussels Airlines Jan - Jun Jan - Jun Change Key figures 2026 2025 in % Revenue €m 821 750 9 Operating income €m 855 780 10 Operating expenses €m 924 826 12 Adjusted EBITDA €m -21 9 Adjusted EBIT €m
Slide 21: Point-to-Point Airlines business segment
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 21 Business segments Point-to-Point Airlines Key figures Jan - Jun Jan - Jun Change Apr - Jun Apr - Jun Change business segment Revenue €m 2026 1,413 2025 1,281 in % 10 2026 934 2025 876 in % 7 of which traffic revenue
Slide 22: Eurowings
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 22 Business segments Eurowings’ unit costs excluding fuel and emissions trading The result from equity investments in the Point-to-Point Segment capital expenditure of EUR 35m was 30% higher expenses have risen by 9.0%
Slide 23: Logistics business segment
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 23 Business segments Logistics business segment Key figures Jan - Jun Jan - Jun Change Apr - Jun Apr - Jun Change 2026 2025 in % 2026 2025 in % Revenue €m 1,916 1,654 16 1,041 820 27 of which traffic revenue €m 1,807 1,
Slide 24: Logistics operating expenses and earnings
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 24 Business segments Operating expenses rose by 13% to EUR 1,777m (previous Adjusted EBIT improved by 47% to EUR 199m in the first Segment capital expenditure stood at EUR 32m in the first year: EUR 1,573m). This growth
Slide 25: MRO business segment
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 25 Business segments MRO business segment Key figures Jan - Jun Jan - Jun Change Apr - Jun Apr - Jun Change 2026 2025 in % 2026 2025 in % Revenue €m 4,428 3,975 11 2,173 1,956 11 of which with companies of the Lufthansa
Slide 26: Additional Businesses and Group Functions
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 26 Business segments Operating expenses rose by 10% to EUR 4,348m (previous EBIT climbed by 9% to EUR 336m (previous year: Segment capital expenditure went up by 20% to EUR 112m year: EUR 3,965m), mainly due to the volu
Slide 27: Opportunities and risk report
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 27 Opportunities and risk report Opportunities and risk report The opportunities and risks for the Group described in and make it more difficult to forecast the volume of sustainable fuels (SAF) on long-haul flights. Ho
Slide 28: Forecast
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 28 Opportunities and risk report clawback interest for the period between the allocation Taking all known circumstances and the scenario assumed and the repayment of the stabilisation funds. However, in the financial pl
Slide 29: Sector outlook
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 29 Forecast Sector outlook Outlook for the Lufthansa Uncertainty in the macroeconomic outlook – in particular, trade policy tensions, scarce resources and supply bottlenecks, along with the effects of anti-inflationary
Slide 30: Lufthansa Group predicts Adjusted EBIT of EUR 1.7-2.2bn
Interim Management Report Lufthansa Group 2nd Interim Report January - June 2026 30 Forecast Lufthansa Group predicts Adjusted EBIT of between The outlook for the individual business segments of the Slight reduction in carbon emissions per passenger- EUR 1.7 and 2.2bn for the 2026 financial year Luf
Slide 31: Consolidated income statement
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 31 Consolidated income statement Interim Financial Statements Consolidated income statement in €m Jan - Jun 2026 Jan - Jun 2025 Apr - Jun 2026 Apr - Jun 2025 Traffic revenue 15,748 15,009 9,077 8,643 Other revenue 4,
Slide 32: Consolidated statement of comprehensive income
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 32 Consolidated statement of comprehensive income Consolidated statement of comprehensive income in €m Jan - Jun 2026 Jan - Jun 2025 Apr - Jun 2026 Apr - Jun 2025 Profit/loss after income taxes -537 139 125 1,018 Oth
Slide 33: Consolidated statement of financial position – assets
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 33 Consolidated statement of financial position Consolidated statement of financial position – assets in €m 30/06/2026 31/12/2025 30/06/2025 Intangible assets with an indefinite useful life¹⁾ 1,025 1,021 1,019 Other
Slide 34: Consolidated statement of financial position – equity and liabilities
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 34 Consolidated statement of financial position Consolidated statement of financial position – shareholders' equity and liabilites in €m 30/06/2026 31/12/2025 30/06/2025 Issued capital 3,077 3,070 3,068 Capital reser
Slide 35: Consolidated statement of changes in shareholders' equity
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 35 Consolidated statement of changes in shareholders‘ equity Consolidated statement of changes in shareholders' equity Other neutral reserves Fair value Total Equity attribu- measurement Revaluation Other other table
Slide 36: Consolidated cash flow statement
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 36 Consolidated cash flow statement Consolidated cash flow statement Consolidated cash flow statement (continued) Jan - Jun Jan - Jun Apr - Jun Apr - Jun Jan - Jun Jan - Jun Apr - Jun Apr - Jun in €m 2026 2025 2026 2
Slide 37: Notes
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 37 Notes Notes The Network Airlines and the Point-to-Point Airlines primarily increased their revenue due to higher yields and an increased passenger load factor. The above-mentioned issues adversely affected traffic
Slide 38: Notes to the income statement
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 38 Notes Taking into account the corporate planning and the resulting liquidity planning, the further Traffic revenue by area of operations potential funding measures and the uncertainties about the future course of
Slide 39: Cost of materials and services
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 39 Notes Other operating revenue by area of operations Cost of materials and services North Central and Asia/ Middle in €m 2025 Europe¹⁾ America¹⁾ South America¹⁾ Pacific¹⁾ East¹⁾ Africa¹⁾ The cost of materials and s
Slide 40: Seasonality
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 40 Notes The calculations have confirmed the recoverable amount of the above-mentioned CGUs, extent that they are actually expected to be used for tax purposes within ten years of the even when taking into account th
Slide 41: Contingencies and Events after the reporting date
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 41 Notes 5. Contingencies and Events after the reporting date 6. Financial instruments and financial liabilities Contingent liabilities Financial instruments in €m 30/06/2026 31/12/2025 The following tables show fina
Slide 42: Fair value hierarchy of liabilities as of 30/06/2026
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 42 Notes Fair value hierarchy of liabilities as of 30/06/2026 respective futures rates and the appropriate interest rate curve. The market prices of currency options and the options used to hedge fuel prices are dete
Slide 43: Earnings per share
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 43 Notes 7. Earnings per share subscription rights for existing shareholders. The issue price for the new shares must be determined subject to the agreement of the Supervisory Board and may not be significantly lower
Slide 44: Segment reporting
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 44 Notes As of 30 June 2026, Deutsche Lufthansa AG held 3,105 treasury shares, which originated 9. Segment reporting from capital increases from Authorised Capital B over the past two years. These shares are reserved
Slide 45: Segment information Jan - Jun 2026
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 45 Notes Segment information for the reporting segments Jan - Jun 2026 Total reportable Additional Businesses in €m Network Airlines Point-to-Point-Airlines Logistics MRO operating segments and Group Functions Reconc
Slide 46: Segment information Jan - Jun 2025
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 46 Notes Segment information for the reporting segments Jan - Jun 2025 Point-to-Point- Total reportable Additional Businesses in €m Network Airlines3) Airlines3) Logistics MRO operating segments and Group Functions R
Slide 47: Published standards that have not yet been applied
Interim Financial Statements Lufthansa Group 2nd Interim Report January - June 2026 47 Notes External revenue by region Jan - Jun 11. Published standards that have not yet been applied 2026 2025 Other Other The standard IFRS 18 “Presentation and Disclosure in Financial Statements” which was Traffic
Slide 48: Declaration by the legal representatives
Further Information Lufthansa Group 2nd Interim Report January - June 2026 48 Declaration by the legal representatives Declaration by the legal representatives We declare that to the best of our knowledge and according to the applicable accounting standards for interim reporting, the consolidated in
Slide 49: Review Report
Further Information Lufthansa Group 2nd Interim Report January - June 2026 49 Review Report Review Report To Deutsche Lufthansa Aktiengesellschaft We have reviewed the condensed consolidated interim financial statements of Deutsche A review is limited primarily to making inquiries of the Company’s e
Slide 50: Credits, Contact, Financial calendar
Further Information Lufthansa Group 2nd Interim Report January - June 2026 50 Credits, Contact, Financial calendar 2026/2027 Credits Contact Financial calendar Published by Marc-Dominic Nettesheim 2026 Deutsche Lufthansa AG + 49 69 696 – 28008 Venloer Str. 151 – 153 3 November 2026 Release of 3rd In
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