Deutsche Lufthansa Ag · XETR:LHA
Deutsche Lufthansa — Deutsche Lufthansa Ag Reg — Q3 2025 Earnings Presentation
33 slides from Deutsche Lufthansa's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results Carsten Spohr, CEO Till Streichert, CFO Frankfurt, 30 October 2025
Slide 2: Q3 2025 Results: Review Q3 2025
Q3 2025 Results Carsten Spohr, CEO Review Q3 2025 Frankfurt, 30 October 2025
Slide 3: Lufthansa Group stays on course, next level premium gaining momentum
Lufthansa Group stays on course, next level premium gaining momentum Global aviation sector booming Stabilization before optimization Next level premium Aviation sector grows through its challenges Best operational performance in a decade Product enhancements gain momentum ▪ According to IATA global
Slide 4: In Q3, operational strength underpins solid financial performance
In Q3, operational strength underpins solid financial performance ASK Revenues Adjusted EBIT Financial €11.2bn €1,331m IRREG +461m impact +3.2% vs. 2024 on 2024 level -43% vs. 2024 vs. 2024 Operational New Employee stability persists Dreamliner Satisfaction 99% regularity First delivery in across th
Slide 5: Intercontinental growth targets areas with favorable demand environment
Intercontinental growth targets areas with favorable demand environment Review YTD: LHG ASK and yield development Next 6M Outlook: LHG vs. market growth rates compared to PY LHG (excl. ITA) growth rate in ASK vs. PY Intra-European vs. PY: ASK Growth Yield Total market growth rate in ASK vs. PY Centr
Slide 6: Bookings reflect trend reversal of demand environment for months to come
Bookings reflect trend reversal of demand environment for months to come Actuals Q3 in % Booking Outlook as of 26.10.2025 in % Comments vs. PY vs. PY SLF Booked SLF vs. PY vs. PY ▪ Reduced CONT capacity growth helps yield stabilization while load +0.4%p +0.3%p +0.0%p +1.1%p factors surpass PY +5.0 ▪
Slide 7: Q3 2025 Results: Financial Overview
Q3 2025 Results Till Streichert, CFO Financial Overview Frankfurt, 30 October 2025
Slide 8: Q3 delivered solid results, continuing course to achieve FY2025 guidance
Variante A Q3 delivered solid results, continuing course to achieve FY2025 guidance (in €m) Q3’25 Q3’24 Change in % Revenues 11,199 10,738 +4 Operating income 11,681 11,372 +3 Operating expenses 10,504 10,160 +3 Material cost ex fuel 4,346 3,912 +11 Fuel cost 2,003 2,175 -8 Staff cost 2,349 2,218 +6
Slide 9: Q3 Passenger Airlines result benefits from operational stabilization and cost control
Q3 Passenger Airlines result benefits from effective operational stabilization and cost control – laying the groundwork for future profitability improvements Operational KPIs Adjusted EBIT (margin) Comments in €m ▪ Moderate ASK growth mainly driven by Q3 ’25 vs. Q3 ’24 leisure demand (ASK: 97% vs. 2
Slide 10: Lufthansa Airlines Turnaround Program with tangible unit cost impact in 2025
Lufthansa Airlines Turnaround Program with tangible unit cost impact in 2025 Turnaround EBIT measure volume in 2025 Initiatives with highest impact in 2025 (in €bn) (in €m) 0.5 0.5 0.5 Yield / pricing uplift through new tools & Allegris REVENUE >90 38% 50% >40 Increased ancillaries per PAX (+25%) >5
Slide 11: In Q3 Lufthansa Cargo continued this year's positive trajectory
In Q3 Lufthansa Cargo continued this year’s positive trajectory Adj. EBIT SWISS World in €m (margin) Cargo joins JV +11 between Lufthansa Cargo 49 (6.0%) 38 and United Improved load (4.9%) JV comprises 200 destinations in +11% Volume total and provides SWISS World factor 60.4% Q3 ’25 Q3 ’24 Cargo cu
Slide 12: Lufthansa Technik's order book grew in Q3 through new customer contracts
Lufthansa Technik’s order book grew in Q3 through new customer contracts Revenue in €m Resilient topline growth ▪ Revenue up +10% year-over-year despite weaker USD, driven by +171 3rd party customers (+28% to Q3 2024), mainly engine services ▪ Positive topline outlook backed by customer order book a
Slide 13: Adjusted Free Cashflow generation significantly above prior year's level
Adjusted Free Cashflow generation significantly above prior year‘s level YTD Adjusted EBIT / Adjusted Free Cashflow ’24: in €m 3,303 ’24: -233 3,939 ’24: 1,177 808 1,006 -1,811 1,884 -286 1,842 1,480 Adjusted EBIT D&A Trade Other Operating Net CAPEX Repayments Adjusted Free (incl. spare Working oper
Slide 14: Strong balance sheet supports future investment plans
Strong balance sheet supports future investment plans Liquidity Net debt and net pension liabilities1) Comments in €bn in €bn 11.9 Net debt / 1.6x 2.0x ▪ BBB-/Baa3 rating with stable 11.0 EBITDA outlook by four rating agencies 2.6 2.5 8.3 Target liquidity: ▪ In September, €600m new €8 - 10bn 7.2 2.6
Slide 15: Expected FY2025 fuel bill of €7.3bn roughly in line with July guidance
Expected FY2025 fuel bill of €7.3bn roughly in line with July guidance LHG fuel price exposure is well hedged in 2025 1), 2), 3) Expected fossil fuel price sensitivity after hedging (FY 2025) LH mixed JET rate (vs. 2025 FCT) in $/mt as of October 24, 2025 Q4 FY 2025 96 . 831 835 840 844 849 Hedge ra
Slide 16: FY2025 guidance confirmed
FY2025 guidance confirmed FY2025 guidance Adj. EBIT to Net CAPEX Adj. Free Cashflow Dividend policy: ASK increase of significantly between €2.7 – expected stable vs. payout of 20-40% around 4% vs. 2024 increase vs. 2024 3.3bn 2024 of net income Q4 2025 2026 Outlook Capacity ~+4% vs. PY ~+4% vs. 2025
Slide 17: Q3 2025 Results: Strategic Outlook
Q3 2025 Results Carsten Spohr, CEO Strategic Outlook Frankfurt, 30 October 2025
Slide 18: Accelerating fleet renewal promotes roll-out of new product generation
Accelerating fleet renewal promotes roll-out of new product generation Further premiumization is on its way Fleet renewal drives increase of group-wide premium coverage 3 Hubs offer Allegris / SWISS Senses product experience First Class rightsized in scale, exceptional in quality New premium product
Slide 19: Clear positive trend in customer satisfaction continues
Clear positive trend in customer satisfaction continues Customer KPIs Q3 2025 787-9 delivery in FRA ▪ First route to Toronto, started in Oct 99% +2%p vs. PY ▪ >20 more 787-9 expected by end of 2026 Network Stability ▪ Special livery aircraft for 100th anniversary ... 71% +8%p vs. PY Product and summ
Slide 20: Capital markets day defines strategic agenda: One Group. Transforming Today. Outperforming Tomorrow
Capital markets day end of September defines strategic agenda: “One Group. Transforming Today. Outperforming Tomorrow“ Strategic Outlook Financial Outlook 1 Favorable market environment 8-10% Adj. EBIT margin 2028-2030 15-20% Adj. ROCE Diversified growth engines and premium Targets 2 positioning >€2
Slide 21: Appendix - supplementary information
Appendix - supplementary information - Page 21
Slide 22: Traffic Data Q3 2025
Traffic Data Q3 2025 Jul vs. 2024 Aug vs. 2024 Sep vs. 2024 Q3 vs. 2024 Passengers in 1,000 13,968 +2.1% 14,236 +4.5% 13,496 +3.7% 41,701 +3.4% Available seat-kilometers (m) 32,395 +1.9% 32,963 +4.5% 31,008 +3.4% 96,366 +3.2% Revenue seat-kilometers (m) 28,288 +1.3% 29,304 +5.9% 26,758 +3.9% 84,349
Slide 23: Operating KPIs of Passenger Airlines by region vs. 2024
Operating KPIs of Passenger Airlines by region vs. 2024 (unless stated otherwise) Total Q3’25 Europe Q3’25 Asia Pacific Q3’25 ASK +5.5% ASK -3.4% Number of flights +2.6% RPK +5.1% RPK -0.2% ASK +3.2% SLF -0.3%p SLF +2.9%p Regional RASK 1) -6.3% Regional RASK 1) +2.7% RPK +3.7% SLF +0.4%p Americas Q3
Slide 24: Calculation of operational airline KPIs
Calculation of operational airline KPIs Passenger Airlines, Q3 2025 1) Traffic revenues (€m) 8,463 1) Total Revenues (€m) 8,945 2) Not assignable (€m) 942 2) Other operating income (€m) 185 Yield = 3) Basis for Yield (1)–(2) (€m) 7,521 3) Reversal of provisions (€m) 41 RASK 4) RPK (m) 1) 84,349 4) F
Slide 25: Performance of Group Airlines in Q3 2025
Performance of Group Airlines in Q3 2025 ASK Revenue Adj. EBIT Adj. EBIT Q3 2025 vs. 2019 [€m] [€m] margin Lufthansa Airlines 89.7% 4,879 454 9.3% SWISS 102.8% 1,819 275 15.1% Austrian Airlines 100.6% 754 119 15.8% Brussels Airlines 91.2% 516 68 13.2% Eurowings 127.6% 1,046 198 18.9% Passenger Airli
Slide 26: Group P&L
Group P&L Lufthansa Group (in €m) Q3’25 Q3’24 Revenues 11,199 10,738 Total operating income 11,681 11,372 Operating expenses 10,504 10,160 Of which fees & charges 1,547 1,424 Of which fuel 2,003 2,175 Of which staff 2,349 2,218 Of which depreciation 595 597 Result from equity investments 154 128 Adj
Slide 27: EBIT / Adjusted EBIT bridge Q3 2025
EBIT / Adjusted EBIT bridge Q3 2025 in €m 1,343 1,331 (9) 5 (1) (7) EBIT Net book gains business combination Impairment losses Others Adjusted EBIT and restructuring and devaluations Page 27
Slide 28: Adjusted EBIT / Net Income Q3 2025
Adjusted EBIT / Net Income Q3 2025 in €m 1,343 12 (60) 42 (361) 966 (4) (6) Adjusted EBIT adjustments Interest result Others Tax result Profit/loss from Profit/loss Net EBIT discontinued attributable to Income operations minority interests Page 28
Slide 29: Cashflow statement
Cashflow statement Lufthansa Group (in €m) Q3’ 25 vs. Q3’ 24 EBT (earnings before income taxes) 1,337 -11 Mainly driven by disposal of assets in 2024 Depreciation & amortization (incl. repairable MRO materials) 624 -12 1 related to AirPlus transaction resulting in a Net proceeds from disposal of non
Slide 30: Multi-year financial overview
Multi-year financial overview Lufthansa Group (in €m, as reported) 2016 2017 2018 20191 2020 2021 20224 2023 2024 Operating KPIs (change vs. prior year) Regional RASK ex currency -5.9% +1.9% -0.5% -2.5% -26.7% -6.1% -6.1% +11.0% -2.4% CASK ex currency, ex fuel2 -2.5% -1.8% -1.7% -1.5% +84.6% -25.8%
Slide 31: Maturity profile of borrowings as of September 30, 2025
Maturity profile of borrowings as of September 30, 2025 in €m 2,500 2,000 1,500 1,000 500 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 Straight Bond Hybrid Convertible Bond Schuldscheindarlehen Aircraft Finance (secured) Other* *Mainly bilateral loans – does not include operating lease payments Pa
Slide 32: 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 33: 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
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