Slide 1: Lufthansa Group Investor Presentation
Lufthansa Group Investor Presentation December 2025
Slide 2: Agenda
Lufthansa Group's Strategic Framework Deep-dive: Lufthansa Airlines Turnaround Deep-dive: Investment in ITA Airways Q3 Financial Results and FY2025 Outlook Financial Mid-Term Targets 2028-2030 Appendix Page 2
Slide 3: Lufthansa Group is the #1 Airline Group in Europe and #4 worldwide
Lufthansa Group is the #1 Airline Group in Europe and #4 worldwide 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 Custome
Slide 4: Value creation based on four strategic pillars and One Group transformation
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 5: People base well positioned for industry-wide labor challenges
Employees 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 backb
Slide 6: Lufthansa Technik is global #1 in MRO
MRO 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 l
Slide 7: Lufthansa Cargo is highly synergetic with Lufthansa Group
Logistics 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 serv
Slide 8: Eurowings is a leading European P2P value airline
P2P 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
Slide 9: Transformation programs and fleet modernization will boost profitability
Hub Airlines 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 in
Slide 10: Airline value creation through group synergies and local excellence
One Group 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
Slide 11: Strong group-level synergy realization vs. European peers
One Group 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 solu
Slide 12: Passenger fleet will be further simplified and harmonized
One Group 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
Slide 13: Simplified Next Gen fleet structurally improves profitability
One Group 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 subtypes)
Slide 14: Fleet modernization is main driver of sustainability program
One Group 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 / RTK unt
Slide 15: Accelerating fleet renewal promotes new product generation
Customer 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 premiu
Slide 16: Lufthansa Group customers at a glance
Customer 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 m
Slide 17: Miles & More is more than a Frequent Flyer program
Customer 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 benefits and in
Slide 18: Agenda
Lufthansa Group's Strategic Framework Deep-dive: Lufthansa Airlines Turnaround Deep-dive: Investment in ITA Airways Q3 Financial Results and FY2025 Outlook Financial Mid-Term Targets 2028-2030 Appendix Page 18
Slide 19: Lufthansa Airlines Turnaround Program with EUR ~1.5bn impact by 2026
Lufthansa Airlines Turnaround Program consists of measures with EUR ~1.5bn impact by 2026 LHA Turnaround Gross Adjusted EBIT effect by 2026 Gross impact of Premium customer offer 2.5 bn€ ~35% by 2028 Revenue impact 35% Revenue Retail and Ancillary Revenue Improved Operational Stability Increased pro
Slide 20: Agenda
Lufthansa Group's Strategic Framework Deep-dive: Lufthansa Airlines Turnaround Deep-dive: Investment in ITA Airways Q3 Financial Results and FY2025 Outlook Financial Mid-Term Targets 2028-2030 Appendix Page 20
Slide 21: Attractive transaction rationale for LHG: ITA, Italy, Rome FCO
Attractive transaction rationale for LHG: ITA as a company, Italy as a market, and Rome FCO as a 5 Star hub LHG Italy Attractive investment case, Most important broader access to LHG market Italian market and outside our home Rome FCO resources markets and US ITA One of Newly established Europe’s be
Slide 22: ITA acquisition extends multi-hub, multi-brand strategy
The ITA acquisition is an extension of our multi-hub, -brand and –AOC strategy that made Lufthansa Group Europe’s leading airline group Customer centricity ▪ ITA is a strong local brand with maximum identification ▪ New travel options for customers by offering connections via Rome 13 Internationaliz
Slide 23: 20-30% of ITA synergies 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 24: Agenda
Lufthansa Group's Strategic Framework Deep-dive: Lufthansa Airlines Turnaround Deep-dive: Investment in ITA Airways Q3 Financial Results and FY2025 Outlook Financial Mid-Term Targets 2028-2030 Appendix Page 24
Slide 25: FY 2024 cost pressures and strikes impacted performance
Recap FY Variante A 2024 Details Q3 2025 Despite strong revenue momentum in FY 2024, cost pressures and strikes impacted overall performance (in €m) FY24 FY23 Change in % Revenues 37,581 35,442 +6 Operating income 40,542 38,429 +6 Operating expenses 39,097 35,960 +9 Material cost ex fuel 22,393 20,3
Slide 26: Q3 delivered solid results, continuing course to FY2025 guidance
Recap FY Variante A 2024 Details Q3 2025 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 2,17
Slide 27: Q3 Passenger Airlines result benefits from operational stabilization
Recap FY 2024 Details Q3 2025 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
Slide 28: Adjusted Free Cashflow significantly above prior year
Recap FY 2024 Details Q3 2025 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
Slide 29: Strong balance sheet supports future investment plans
Recap FY 2024 Details Q3 2025 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 Septembe
Slide 30: 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 31: Agenda
Lufthansa Group's Strategic Framework Deep-dive: Lufthansa Airlines Turnaround Deep-dive: Investment in ITA Airways Q3 Financial Results and FY2025 Outlook Financial Mid-Term Targets 2028-2030 Appendix Page 31
Slide 32: 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 33: Powerful levers to achieve 8-10% EBIT margin
Powerful levers to achieve 8-10% EBIT margin Value creation bridge EBIT impact ~3%p Adj. EBIT Fleet & Adj. EBIT margin New margin Leveraging One Group as the largest Premium lever 4% 8-10% LHA turnaround fully embedded with LHA expected to reach a high single digit EBIT margin Known headwinds, such
Slide 34: 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 Page 34
Slide 35: 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 36: Appendix
Appendix - supplementary information - Page 36
Slide 37: 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 38: Lufthansa Cargo continued positive trajectory in Q3
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 39: Lufthansa Technik's order book grew in Q3
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 40: Expected FY2025 fuel bill of €7.3bn
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 41: 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 42: 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 43: 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 44: 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 45: 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