Slide 1: Q2 2025 Results
Q2 2025 Results Carsten Spohr, CEO Till Streichert, CFO Frankfurt, 31 July 2025
Slide 2: Review Q2 2025
Q2 2025 Results Carsten Spohr, CEO Review Q2 2025 Frankfurt, 31 July 2025
Slide 3: Lufthansa Group has a positive summer, but macro trends stay on the radar
Lufthansa Group has a positive summer, but macro trends stay on the radar Macro Update ITA Integration Summer Operations Aviation industry has matured and become Integration process is progressing fast Strong operational performance in peak more resilient summer season ▪ Codeshares now also possible
Slide 4: In Q2 significant improvements versus prior year have been achieved
In Q2 significant improvements versus prior year have been achieved ASK Revenues Adjusted EBIT EUR 10.3bn EUR 871m +315m vs. 2024 +185m vs. 2024 +3.8% vs. 2024 Operational Financial Allegris stability persists IRREG 99% regularity impact -28% vs. 2024 10 aircraft +8%p punctuality vs. 2024 Q2: EUR 10
Slide 5: We grew profitably in H1 and we remain flexible regarding capacity also in H2
We grew profitably in H1 and we remain flexible regarding capacity also in H2 Review H1: Robust demand environment Outlook H2: 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 Group-wid
Slide 6: In Q2 Lufthansa Cargo doubles its operating result thanks to robust demand
In Q2 Lufthansa Cargo doubles its operating result thanks to robust demand Adj. EBIT in EUR million (margin) Start of ITA +37 cooperation First flights from Buenos Aires, São Paulo, and Rio de Janeiro to Rome 73 (8.9%) 36 Exploiting high Improved load (4.5%) +8% Volume growth verticals factor 62.9%
Slide 7: Record H1 result proves that Lufthansa Technik remains on track for success
Record H1 result proves that Lufthansa Technik remains on track for success Revenue in EUR million Superior organic growth ▪ Topline: +8% vs. PY driven by Component and Engine Services +147 ▪ Expansion of production system, e. g. new facility in Portugal 1.956 1.809 Market & Customers Q2 ’25 Q2 ’24
Slide 8: Financial Overview
Q2 2025 Results Till Streichert, CFO Financial Overview Frankfurt, 31 July 2025
Slide 9: Against a challenging macro backdrop, Q2 delivered solid financial result during a transition year
Variante A Against a challenging macro backdrop, Q2 delivered solid financial result during a transition year (in EUR million) Q2’25 Q2’24 Change in % Revenues 10,322 10,007 +3 Operating income 11,189 10,632 +5 Operating expenses 10,452 9,969 +5 Material cost ex fuel 4,164 3,810 +9 Fuel cost 1,857 2
Slide 10: Q2 production growth at passenger airlines according to plan
Q2 production growth at passenger airlines according to plan – short-haul unit revenues and cost inflation as headwinds Operational KPIs Adjusted EBIT/(margin) Comments in EUR million ▪ Moderate ASK growth (95% vs. 2019) Q2 ’25 vs. Q2 ’24 ▪ Long-haul yields stable, particularly +109 driven by Americ
Slide 11: Lufthansa Airlines Turnaround with tangible impact on operational stability, cost, and revenue
Lufthansa Airlines Turnaround with tangible impact on operational stability, cost, and revenue H1 2025 Punctuality -35% Significant reduction of financial irregularity impact IRREG cost vs. H1/24 LH & VL 2025 vs. PY [%p] +5% New crew planning rules & systems implemented Crew Prod. uplift in 2026 Cos
Slide 12: Adjusted Free Cashflow generation above prior year's level
Adjusted Free Cashflow generation above prior year‘s level H1 2025 Adjusted EBIT / Adjusted free cashflow H1 ‘24: in EUR million 2,688 H1 ‘24: -335 2,831 H1 ‘24: -163 878 1,756 -1,608 -199 1,024 1,261 149 Adjusted EBIT D&A Trade Other Operating Net CAPEX Repayments Adjusted free (incl. spare Working
Slide 13: Balance Sheet remains strong
Balance Sheet remains strong Liquidity Net debt and net pension liabilities1) Comments in EUR billion in EUR billion 11.1 11.0 Net debt / 1.7x 2.0x ▪ Four rating agencies with BBB- / EBITDA Baa3 stable outlook 2.6 2.5 Target liquidity: 8.3 EUR 8 - 10bn 7.7 ▪ Since the beginning of this year 2.6 succ
Slide 14: Expected fuel cost of EUR 7.2 bn decreased by another EUR 0.1 bn
Expected fuel cost of EUR 7.2 bn decreased by another EUR 0.1 bn compared to April guidance of EUR 7.3 billion LHG fuel price exposure is well hedged in 2025 1), 2), 3) Expected fuel price sensitivity after hedging (FY2025) | excl. SAF LH mixed JET rate (vs. 2025 FCT) in $/mt as of July 25, 2025 Q3
Slide 15: FY2025 guidance confirmed
FY2025 guidance confirmed Uncertainty persists Headwinds Tailwinds ? Demand on North Atlantic ✓ Favorable fuel and FX development ? Global geopolitical tensions ✓ Cargo and MRO business well on track ? Tariff escalations ✓ LHA Turnaround Program progresses FY2025 guidance Adj. EBIT to Net CAPEX Adj.
Slide 16: Strategic Outlook
Q2 2025 Results Carsten Spohr, CEO Strategic Outlook Frankfurt, 31 July 2025
Slide 17: Delivery of Allegris before year-end important milestone in largest fleet rollover in history
Delivery of 10 Allegris 787 before year-end important milestone in largest fleet rollover in history NewGen pros: 787-9 v. A340-300 +20% Productivity (BH p.a.) The 787 ramp-up is a key milestone in harmonizing our ICONT fleet -26% Fuel Cost (EUR p.a.) Boeing 787-9 NewGen Current Technology 17 31 38
Slide 18: Enhanced customer experience by premiumization and advanced digitization
Enhanced customer experience by premiumization and advanced digitization Customer KPIs Q2 2025 Premium Ground & Onboard Journey ▪ Re-opened First Class Lounge in MUC 98% +3%p vs. PY ▪ Double the number of Allegris aircraft in S26 Network Stability ▪ Get Home Early for HON Circle members ... 74% +8%p
Slide 19: Increased integration enhances value for all our stakeholders
Increased integration enhances value for all our stakeholders One Airline Group… …with many uplifts to come: Leaner Processes Fleet renewal (highly integrated Group functions) (orderbook with high NT share) Increased consistency Efficiency Programs (for customers and shareholders) (business unit spe
Slide 20: Appendix - supplementary information
Appendix - supplementary information - Page 22
Slide 21: Traffic Data Q2 2025
Traffic Data Q2 2025 Apr vs. 2024 May vs. 2024 Jun vs. 2024 Q2 vs. 2024 Passengers in 1,000 11,700 +5.6% 12,470 +2.1% 12,929 +2.3% 37,100 +3.2% Available seat-kilometers (m) 28,992 +5.5% 30,880 +4.1% 30,339 +1.8% 90,211 +3.8% Revenue seat-kilometers (m) 23,841 +6.9% 24,566 +2.3% 25,536 +1.5% 73,943
Slide 22: Operating KPIs of Passenger Airlines by region vs. 2024
Operating KPIs of Passenger Airlines by region vs. 2024 (unless stated otherwise) Total Q2’25 Europe Q2’25 Asia Pacific Q2’25 ASK +6.4% ASK -1.8% Number of flights +2.3% RPK +5.9% RPK +1.5% ASK +3.8% SLF -0.4%p SLF +2.8%p Regional RASK 1) -4.2% Regional RASK 1) +2.2% RPK +3.5% SLF -0.2%p Americas Q2
Slide 23: Calculation of operational airline KPIs
Calculation of operational airline KPIs Passenger Airlines, Q2 2025 1) Traffic revenues (€m) 7,755 1) Total Revenues (€m) 8,227 2) Not assignable (€m) 764 2) Other operating income (€m) 333 Yield = 3) Basis for Yield (1)–(2) (€m) 6,992 3) Reversal of provisions (€m) 61 RASK 4) RPK (m) 1) 73,943 4) F
Slide 24: Performance of Group Airlines in Q2 2025
Performance of Group Airlines in Q2 2025 ASK Revenue Adj. EBIT Adj. EBIT Q2 2025 vs. 2019 [m EUR] [m EUR] margin Lufthansa Airlines 88.5% 4,579 246 5.4% SWISS 99.1% 1,673 215 12.9% Austrian Airlines 98.4% 719 68 9.5% Brussels Airlines 86.2% 446 7 1.6% Eurowings 129.0% 875 64 7.3% Passenger Airlines
Slide 25: Group P&L
Group P&L Lufthansa Group (in EUR m) Q2’25 Q2’24 Revenues 10,322 10,007 Total operating income 11,189 10,632 Operating expenses 10,452 9,969 Of which fees & charges 1,469 1,326 Of which fuel 1,857 2,148 Of which staff 2,441 2,228 Of which depreciation 594 571 Result from equity investments 134 23 Ad
Slide 26: EBIT / Adjusted EBIT bridge Q2 2025
EBIT / Adjusted EBIT bridge Q2 2025 in EUR million 861 871 (4) 3 11 0 EBIT Net book gains business combination Impairment losses Others Adjusted EBIT and restructuring and deviations Page 28
Slide 27: Adjusted EBIT / Net Income Q2 2025
Adjusted EBIT / Net Income Q2 2025 in EUR million 1,012 7 11 (6) 871 153 (10) (14) Adjusted EBIT adjustments Interest result Others Tax result Profit/loss from Profit/loss Net EBIT discontinued attributable to Income operations minority interests Page 29
Slide 28: Cashflow statement
Cashflow statement Lufthansa Group (in m EUR) Q2’ 25 vs. Q2’ 24 EBT (earnings before income taxes) 1,000 +428 Result from equity investments mainly driven Depreciation & amortization (incl. repairable MRO materials) 628 +14 1 by positive contribution from ITA Airways Net proceeds from disposal of no
Slide 29: Multi-year financial overview
Multi-year financial overview Lufthansa Group (in EUR million, 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
Slide 30: Maturity profile of borrowings as of June 30, 2025
Maturity profile of borrowings as of June 30, 2025 3,000 2,500 2,000 1,500 1,000 500 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 Straight Bond Convertible Bond Aircraft Finance (secured) Hybrid Schuldscheindarlehen Other* *Mainly bilateral loans – does not include operating lease payments Page 32
Slide 31: 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 32: 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