Slide 1: FY 2024 Results
FY 2024 Results Carsten Spohr, CEO Till Streichert, CFO Frankfurt, 6 March 2025
Slide 2: Review FY 2024
FY 2024 Results Carsten Spohr, CEO Review FY 2024 Frankfurt, 6 March 2025
Slide 3: We have a clear strategy for operational, financial and customer success
We have a clear strategy for operational, financial and customer success Multi-Hub, Multi-Airline, Multi-Brand Lufthansa Airlines Turnaround Customer Satisfaction ▪ We consistently pursue our multi-hub / ▪ We focus on rigorous execution of ▪ We keep investing into customer satisfaction multi-airline
Slide 4: Financial and operational performance stabilized towards year-end
Despite a challenging start into 2024 with major strike impacts, financial and operational performance stabilized towards year-end ASK Revenues Adjusted EBIT EUR 37.6bn Q1 Q2 Q3 Q4 vs. PY +0.1 +6% vs. 2023 -0.1 EUR 1.6bn +9% vs. 2023 -0.6 -0.4 -1.0bn vs. 2023 Irregularity Best App Record High impact
Slide 5: EUR 94m loss at Lufthansa Airlines, other airlines, MRO and Cargo robust
EUR 94m loss at Lufthansa Airlines, however all other passenger airlines as well as MRO with robust results and Cargo with an exceptionally strong Q4 Adj. EBIT (in mEUR) FY 2024 vs. PY Lufthansa Airlines -94 -948 SWISS 801 -8 Austrian Airlines 76 -51 Brussels Airlines 59 +6 Eurowings 203 -2 Passenge
Slide 6: Strategically allocating capacity where demand and profitability are robust
We are strategically allocating capacity where demand and profitability are robust to drive sustainable returns – geographically and… Review: Cont and US traffic drive revenue Outlook: LHG vs. Market Growth Rates compared to PY (9M 2025e) LHG (excl. ITA) growth rate in ASK vs. PY Intra-European Reve
Slide 7: Hub & AOC utilization while deploying NewGen aircraft
…in terms of hub & AOC utilization while efficiently deploying NewGen aircraft Hubs ▪ Multi hub model with broader network and point-to-point connectivity ▪ Planning of neighborhood traffic is based on highest cost efficiency ▪ Growth is allocated to the most profitable airports Fleet ▪ Significant
Slide 8: Financial Overview
FY 2024 Results Till Streichert, CFO Financial Overview Frankfurt, 6 March 2025
Slide 9: Strong revenue momentum, but cost pressures and strikes impacted performance
Variante A Despite strong revenue momentum in FY 2024, cost pressures and strikes impacted overall performance (in EUR million) FY24 FY23 Change in % Revenues 37,581 35,442 +6.0 Operating income 40,542 38,429 +5.5 Operating expenses 39,097 35,960 +8.7 Material cost 22,393 20,363 +10.0 Of which fuel
Slide 10: Passenger Airlines: 90% of earnings decline due to Lufthansa Airlines
Passenger Airlines: 90% of FY2024 earnings decline due to Lufthansa Airlines, stable yields and increased load factor in Q4 Operational KPIs Adjusted EBIT/(margin) Comments in EUR million ▪ In 2024 capacity increase slowed down 2024 vs. 2023 Q4’24 vs. Q4’23 -1.0 bn to +8.5% (FY 2023: +15.9% vs. PY)
Slide 11: Key milestones reached in core elements of turnaround
Key milestones reached in core elements of turnaround, with further progress on the horizon Gross impact on Adj. EBIT of EUR 1.5bn by 2026 and EUR 2.5bn by 2028 ongoing #1 Operational Stabilization #2 Structural Platform Shifts Further Efficiencies & Revenue Upside YTD (Jan / Feb) 97% 99% Lufthansa
Slide 12: Lufthansa Cargo highest Q4 result; Lufthansa Technik high profits
Lufthansa Cargo achieved highest Q4 result in non-pandemic times, Lufthansa Technik consistently contributes high profits Adjusted EBIT/(margin) in EUR million Comments 7.7% 7.4% ▪ Lufthansa Cargo with Adj. EBIT increase in 2025 +15% ▪ Strong Q4 result (Q4 Adj. EBIT: 199m EUR) driven by Asian e-comm
Slide 13: Adjusted free cash flow in line with operating result and guidance
Adjusted free cash flow in 2024 in line with operating result and in line with guidance FY 2024 Adjusted EBIT / Adjusted free cash flow in EUR million 525 (726) 3,892 2,448 -2,698 1,645 -354 840 Adjusted EBIT D&A Trade Other Operating Net CAPEX Repayments Adjusted free (incl. spare Working operating
Slide 14: Solid financial position with strong liquidity and resilient balance sheet
Lufthansa Group maintains a solid financial position with strong liquidity and a resilient balance sheet Liquidity Net debt and net pension liabilities1) Comments in EUR billion in EUR billion 11.0 Net debt / 1.7x 2.0x ▪ Liquidity level above prior year 10.4 EBITDA and target liquidity due to strong
Slide 15: 2025 fossil fuel prices well hedged
For 2025 fossil fuel prices are well hedged and costs are expected to amount to EUR 7.7 bn – plus additional EUR 0.2 bn for mandatory SAF quota LHG fuel price exposure is well hedged in 2025 1), 2), 3) Expected fuel price sensitivity after hedging (FY 2025) | excl. SAF LH mixed JET rate (vs. 2025 FC
Slide 16: For 2025 we expect operating profit to increase significantly
For 2025 we expect our operating profit to increase significantly versus 2024 Capacity Adj. EBIT Net CAPEX Adj. Free Cashflow Capital Allocation strategic growth consistent earnings balanced approach of strong cashflows ensure Clear commitment strengthens market growth and margin enabling fleet rene
Slide 17: Strategic Outlook
FY 2024 Results Carsten Spohr, CEO Strategic Outlook Frankfurt, 6 March 2025
Slide 18: Fleet renewal continues despite delivery delays
While delivery delays pose challenges, our largest fleet renewal continues as we work toward a more efficient and reliable fleet Delivery delays posed challenges in 2024 Prospects of tomorrow 14.3 18% 8% 2024 Ongoing industry-wide supply Average Age NewGen New Onboard chain disruptions in years Prod
Slide 19: Enhancing the customer journey for a premium travel experience
Lufthansa Group is enhancing the customer journey by improving every step to deliver a seamless and premium travel experience Customer KPIs FY 2024 Allegris & SWISS Senses ▪ First Class retrofit 96% +2%p vs. PY ▪ New Destinations ▪ SWISS Senses in late summer Network Stability ... 66% +2%p vs. PY Di
Slide 20: ITA Acquisition is unlocking new growth opportunities
ITA Acquisition is unlocking new growth opportunities for Lufthansa Group Combined growth trajectory of LHG & ITA Integration Milestones ASK Fleet (orders) SkyTeam exit & loyalty Jan 2025 LHG: ITA: LHG: ITA: partnership + c. 4% ~730 99 38bn vs. PY (c. 240) (11) EU network optimization & first LHG +
Slide 21: Lufthansa Group focuses on its core strengths and key stakeholders
Lufthansa Group focuses on its core strengths and key stakeholders 2025: A Year of Transition: Restoring higher productivity levels to lay the foundation for future growth Umbrella Brand Strategy: Driving efficiency and synergies with a further integrated platform model including a consistent brand
Slide 22: Appendix - supplementary information
Appendix - supplementary information - Page 22
Slide 23: Traffic Data
Traffic Data vs. vs. vs. vs. vs. vs. Oct Nov Dec Q4 2024 2023 2023 2023 2023 2023 2019 Passengers in 1,000 12,524 +4.2% 9,236 +3.5% 8,931 +6.5% 30,692 +4.7% 131,300 +7.2% -9.6% Available seat-kilometers (m) 29,707 +4.6% 24,658 +4.4% 24,658 +7.5% 79,024 +5.5% 326,176 +8.5% -9.1% Revenue seat-kilomete
Slide 24: Operating KPIs of Passenger Airlines by region Q4
Operating KPIs of Passenger Airlines by region vs. 2023 (unless stated otherwise) Total Q4’24 Europe Q4’24 Asia Pacific Q4’24 ASK +6.8% ASK +8.6% Number of flights +2.9% RPK +7.0% RPK +8.5% ASK +5.5% SLF +0.1%p SLF 0.0%p Regional RASK 1) +1.1% Regional RASK 1) -4.9% RPK +6.6% SLF +0.9%p Americas Q4’
Slide 25: Operating KPIs of Passenger Airlines by region FY
Operating KPIs of Passenger Airlines by region vs. 2023 (unless stated otherwise) Total FY’24 Europe FY’24 Asia Pacific FY’24 ASK +8.7% ASK +18.8% Number of flights +4.7% RPK +9.2% RPK +17.0% ASK +8.5% SLF +0.4%p SLF -1.3%p Regional RASK 1) -1.0% Regional RASK 1) -11.1% RPK +8.7% SLF +0.2%p Americas
Slide 26: Calculation of operational airline KPIs
Calculation of operational airline KPIs Passenger Airlines, FY 2024 1) Traffic revenues (€m) 27,869 1) Total Revenues (€m) 29,690 2) Not assignable (€m) 2,555 2) Other operating income (€m) 993 Yield = 3) Basis for Yield (1)–(2) (€m) 25,314 3) Reversal of provisions (€m) 188 RASK 4) RPK (m) 1) 271,0
Slide 27: Performance of Group Airlines in FY 2024
Performance of Group Airlines in FY 2024 ASK Revenue Adj. EBIT Adj. EBIT FY 2024 vs. 2019 [m EUR] [m EUR] margin Lufthansa Airlines 85.9% 16,564 -94 -0.6% SWISS 96.5% 6,472 801 12.4% Austrian Airlines 96.7% 2,457 76 3.1% Brussels Airlines 83.4% 1,544 59 3.8% Eurowings 111.7% 2,872 203 7.1% Passenger
Slide 28: Group P&L
Group P&L Lufthansa Group (in EUR m) Q4’24 vs. Q4’23 FY’24 vs. FY’23 Revenues 9,444 +8% 37,581 6% Total operating income 10,363 +7% 40,542 6% Operating expenses 9,957 +6% 39,097 9% Of which fees & charges 1,224 +9% 5,020 12% Of which fuel 1,774 -13% 7,785 -2% Of which staff 2,292 +1% 8,992 8% Of whi
Slide 29: EBIT / Adjusted EBIT bridge FY 2024
EBIT / Adjusted EBIT bridge FY 2024 in EUR million (39) 1,731 1,645 192 (52) (15) Sale of AirPlus and SLB transactions (A320 family) Adjusted EBIT Net book gains M&A and restructuring Impairment losses Others EBIT expenses and deviations Page 29
Slide 30: Adjusted EBIT / Net Income Full Year 2024
Adjusted EBIT / Net Income Full Year 2024 in EUR million 1,645 86 (149) (6) (176) 1,380 (7) (13) Adjusted EBIT adjustments Interest result Others Tax result Profit/loss from Profit/loss Net EBIT discontinued attributable to Income operations minority interests Page 30
Slide 31: Cash flow statement
Cash flow statement Lufthansa Group (in m EUR) FY’ 24 vs. FY’ 23 EBT (earnings before income taxes) 1,569 -486 1 Decrease in the operating result compared Depreciation & amortization (incl. repairable MRO materials) 2,494 +70 1 to previous year (especially when adjusting for this year's disposal pro
Slide 32: 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 33: Maturity profile of borrowings as of December 31, 2024
Maturity profile of borrowings as of December 31, 2024 3,000 2,500 2,000 1,500 1,000 500 0 2025 2026 2027 2028 2029 2030 2031 2032 Straight Bond Hybrid Convertible Bond Schuldscheindarlehen Aircraft Finance (secured) Other* *Mainly bilateral loans – does not include operating lease payments Page 33
Slide 34: 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 35: 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