Slide 1: Introduction to Lufthansa Group
Introduction to Lufthansa Group Investor Relations August 2026
Slide 2: Agenda
Agenda 01 Lufthansa Group at a Glance 02 Q2 2026 Financial Results and FY 2026 Outlook 03 Financial Mid-Term Targets 2028-2030 2 Investor Presentation Lufthansa Group
Slide 3: Lufthansa Group is the #1 Airline Group in Europe and #4 worldwide today
1. Lufthansa Group at a Glance Lufthansa Group is the #1 Airline Group in Europe and #4 worldwide today €40bn 135m #1 MRO Global production Passengers in 2025, Airline brand in all Group revenue 2025 footprint with ~370,000 per day home markets €8.0bn #1 730+ A/C +70% Revenue 2025 Airline Group in E
Slide 4: Value creation based on four strategic pillars further optimized by One Group transformation
1. Lufthansa Group at a Glance Value creation based on four strategic pillars further optimized by One Group transformation 2025 financials €39.6bn 4.9% Revenue Adj. EBIT margin Point-to-point Network Airlines Logistics MRO Airlines 2025 financials 2025 financials 2025 financials 2025 financials €27
Slide 5: Lufthansa Group leverages its multi-hub, multi-brand model across Europe
1. Lufthansa Group at a Glance Lufthansa Group leverages its multi-hub, multi-brand model across Europe Affluent home markets ▪ A strong footprint in Europe’s most attractive markets ▪ Local high value demand: High yields from loyal, affluent passengers 13 Strong local brands 5 ▪ Lufthansa Group wit
Slide 6: Strong group-level synergy realization vs. European peers
1. Lufthansa Group at a Glance 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,
Slide 7: Multi-hub ensures highest customer convenience via variety of connections
1. Lufthansa Group at a Glance Multi-hub ensures highest customer convenience via variety of connections Case study: Connections between Athens and New York 18,930 O&Ds in Lufthansa Group's multi-hub system1 Tertiary markets NYC BRU FRA ZRH MUC VIE well connected by multi hub GVA FCO system, e.g., 6
Slide 8: Lufthansa Group passenger fleet will be further simplified and harmonized
1. Lufthansa Group at a Glance Lufthansa Group passenger fleet will be further simplified and harmonized Widebody fleet simplification (incl. ITA)1 Fleet modernization (incl. ITA)1 747-8 814 777-9 777-300 A350-1000 6-9 A/C 782 by 2030 A350-900 Operative asset 13 787-9 A330-900 types 2030 fleet 2025
Slide 9: Simplified Next Gen fleet structurally improves profitability
1. Lufthansa Group at a Glance 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 (fewer subtypes) across widebody fleet L
Slide 10: Allegris exceeds expectations in customer experience and monetization
1. Lufthansa Group at a Glance Allegris exceeds expectations in customer experience and monetization Positive trends with Allegris roll-out Rollout plan Allegris & Swiss Senses1 Seat share2 High satisfaction with Allegris product >40,000 >95% +70% higher NPS for Allegris Business Class seats Allegri
Slide 11: Case study Allegris: Paving the way for a next gen onboard experience
1. Lufthansa Group at a Glance Case study Allegris: Paving the way for a next gen onboard experience Landmark Broad seat choice in Innovative seat Award-winning First Class suite Business Class reservation system Business Class cabin First Class suite with Five distinct Business Advanced seat reserv
Slide 12: Lufthansa Airlines Turnaround consists of measures with ~€1.5bn impact by 2026
1. Lufthansa Group at a Glance Lufthansa Airlines Turnaround consists of measures with ~€1.5bn impact by 2026 LHA Turnaround - 2025 €0.5bn Gross Adj. EBIT effect achieved and €1.5bn target by 2026: Gross impact of Premium customer offer €2.5bn Revenue impact Retail and Ancillary Revenue by 2028 35%
Slide 13: Lufthansa Airlines' upswing is fueled by fleet renewal and structural transformation
1. Lufthansa Group at a Glance Lufthansa Airlines’ upswing is fueled by fleet renewal and structural transformation Turnaround EBIT gross impact1) in €bn Main building blocks Fleet renewal Crew productivity >700 Initiatives €60m Station and app push for High- ancillaries single digit ~2.5 Adj. EBIT
Slide 14: Lufthansa Airlines case study: A/C allocation to maximize ROCE
1. Lufthansa Group at a Glance Lufthansa Airlines case study: A/C allocation to maximize ROCE Crew cost advantage Lufthansa Airlines narrowbody fleet Indexed Share of A/C 100 Wetlease Up to 40% crew cost1 & Other advantage vs. ‘LH Classic’ 60 60 City Airlines 2 2019 2024 2030 10% 20% >50% LH Classic
Slide 15: ITA integration based on attractive fundamentals
1. Lufthansa Group at a Glance ITA integration based on attractive fundamentals Strong Italian home market – A perfect addition to the Group 4th largest Attractive 5-star hub in Rome FCO Economy in Europe (GDP) Geographic advantage to Southern Hemisphere 3rd largest Airline market in Europe1 All-Air
Slide 16: 20-30% of ITA synergies captured by end of 2025
1. Lufthansa Group at a Glance 20-30% of ITA synergies captured by end of 2025 Step 2: After full consolidation Majority shareholding after option exercise 100% of synergies Technical fleet Central A/C ownership Financing equaling 10-15% of '24 ITA rev. management & MRO Step 1: 2026-2027 Minority Ca
Slide 17: Eurowings is an award-winning and leading European P2P value airline
1. Lufthansa Group at a Glance Eurowings is an award-winning and leading European P2P value airline Business description Market leader positions1 Leading and award-winning Point-to-Point (P2P) Stuttgart: ~40% Cologne: >35% value airline maximizing Lufthansa Group value Düsseldorf: >35% Hamburg: ~30%
Slide 18: Lufthansa Cargo is highly synergetic with Lufthansa Group
1. Lufthansa Group at a Glance Lufthansa Cargo is highly synergetic with Lufthansa Group Business description Lufthansa Cargo ranking1 Worldwide transportation of goods using both belly space of Lufthansa 2020 2022 2024 Today Group's passenger A/C and fleet of 22 dedicated freighters #8 #6 #6 #5 Luf
Slide 19: Lufthansa Technik is global #1 in Maintenance, Repair, and Overhaul
1. Lufthansa Group at a Glance Lufthansa Technik is global #1 in Maintenance, Repair, and Overhaul Business description MRO specialists ranking2 Leading provider of MRO services with global market focus #1 #2 Covers all MRO market segments from nose to tail #3 Adj. EBIT Revenue mainly generated via
Slide 20: Agenda
Agenda 01 Lufthansa Group at a Glance 02 Q2 2026 Financial Results and FY 2026 Outlook 03 Financial Mid-Term Targets 2028-2030 20 Investor Presentation Lufthansa Group
Slide 21: In Q2 Adj. EBIT significantly below prior year's level driven by fuel cost increase
2. Q2 2026 Financial Results and FY 2026 Outlook In Q2 Adj. EBIT significantly below prior year’s level driven by fuel cost increase (in €m) 2Q26 2Q25 Change in % Revenues 11,141 10,322 +8 Operating income 11,823 11,189 +6 Operating expenses 11,443 10,452 +9 Material cost ex fuel 4,428 4,163 +6 Fuel
Slide 22: Network Airlines mitigated cost headwinds through stronger unit revenues
2. Q2 2026 Financial Results and FY 2026 Outlook Network Airlines mitigated cost headwinds through stronger unit revenues Revenue in €m Topline +238 • ASK -3.3% vs. PY driven by Middle East, strikes, and network optimization including Cityline grounding • Revenue growth supported by yield discipline
Slide 23: Point-to-point airlines successfully turned robust demand into strong unit revenues
2. Q2 2026 Financial Results and FY 2026 Outlook Point-to-point airlines successfully turned robust demand into strong unit revenues Revenue in €m Topline +59 • Capacity -6.5% vs. PY due to Middle East cancellations and capacity discipline in response to elevated fuel prices • Southern Europe demand
Slide 24: Lufthansa Cargo with significant Adj. EBIT uplift in Q2 and operating margin of 11%
2. Q2 2026 Financial Results and FY 2026 Outlook Lufthansa Cargo with significant Adj. EBIT uplift in Q2 and operating margin of 11% Revenue in €m Topline +220 • Capacity +2% vs. PY, mainly driven by 6% belly growth, particularly due to ITA • Positive impact from Middle East disruption, especially t
Slide 25: Lufthansa Technik sees healthy demand leading to external revenue of 80%
2. Q2 2026 Financial Results and FY 2026 Outlook Lufthansa Technik sees healthy demand leading to external revenue of 80% Revenue in €m Topline +217 • Robust topline growth of +11% vs. PY, despite Middle East- related demand reduction • 3rd party revenue +23% vs. PY now accounting for ~80% of LHT 2,
Slide 26: Adjusted Free Cashflow in line with prior year despite external challenges
2. Q2 2026 Financial Results and FY 2026 Outlook Adjusted Free Cashflow in line with prior year despite external challenges H1 2026 Adjusted EBIT to Adjusted Free Cashflow H1 ’25: in €m 2,831 H1 ’25: H1 ’25: 149 1,024 -227 1,402 -994 2,264 -254 1,318 1,015 -229 Adjusted EBIT D&A Trade Other Operatin
Slide 27: Solid balance sheet preserves strategic flexibility
2. Q2 2026 Financial Results and FY 2026 Outlook Solid balance sheet preserves strategic flexibility Liquidity Net debt1) Comments in €bn in €bn Leverage 10.7 10.7 ratio3) 2.0x 1.8x • BBB-/Baa3 rating with stable 2.6 2.6 Target liquidity: 8.3 8.3 €8 - 10bn outlook from four rating agencies 1.6 1.9 •
Slide 28: Based on current forward curves, FY26 fuel bill leads to €1.5bn additional cost vs. PY
2. Q2 2026 Financial Results and FY 2026 Outlook Based on current forward curves, FY26 fuel bill leads to €1.5bn additional cost vs. PY LHG fuel price exposure is well hedged (FY26) 1), 2), 3) Expected fossil fuel price sensitivity after hedging (FY26) LH mixed JET rate (vs. 2026 FCT) in $/mt as of
Slide 29: Forecast uncertainty for FY26 fuel bill persists due to high volatility of forward curves
2. Q2 2026 Financial Results and FY 2026 Outlook Forecast uncertainty for FY26 fuel bill persists due to high volatility of forward curves Jet fuel spot rates & currency effects Jet fuel forward curves & LHG hedge result Comments Jet fuel spot rates EUR/USD FY26e fuel bill Hedge impact [in USD/Mt] [
Slide 30: H2 booking stock will be increasingly shaped by high-yielding post-crisis bookings
2. Q2 2026 Financial Results and FY 2026 Outlook H2 booking stock will be increasingly shaped by high-yielding post-crisis bookings Effect of post- vs. pre-crisis booking intakes H2 bears large opportunities and risks Estimated 100% Booking ? not booked yet Stock 90% post-crisis bookings • In Q2, ov
Slide 31: FY26 financial guidance widened to reflect fuel price volatility and demand dynamics
2. Q2 2026 Financial Results and FY 2026 Outlook FY26 financial guidance widened to reflect fuel price volatility and demand dynamics FY26: Operational and financial guidance refined Adj. EBIT range: Net Capex Dividend policy: ASK broadly flat Adj. Free Cashflow (before: ~0-2% €1.7 – €2.2bn ~€2.5bn
Slide 32: Agenda
Agenda 01 Lufthansa Group at a Glance 02 Q2 2026 Financial Results and FY 2026 Outlook 03 Financial Mid-Term Targets 2028-2030 32 Investor Presentation Lufthansa Group
Slide 33: Commitment to strong and sustainable shareholder returns
3. Financial Mid-Term Targets 2028-2030 Commitment to strong and sustainable shareholder returns Value creation levers Mid term targets ▪ Stronger ICONT than CONT growth 2028-2030 Targets Airline growth ▪ Growth focus on APAC, South America, and leisure 8-10% Adj. EBIT margin ▪ Completing ITA acquis
Slide 34: Powerful levers to achieve 8-10% EBIT margin
3. Financial Mid-Term Targets 2028-2030 Powerful levers to achieve 8-10% EBIT margin Value creation bridge ~3%p EBIT impact Fleet & New Leveraging One Group as the Adj. EBIT Premium Adj. EBIT largest lever margin margin 4% 8-10% LHA turnaround fully embedded with LHA expected to reach a high single
Slide 35: Commitment to sustainable dividends
3. Financial Mid-Term Targets 2028-2030 Commitment to sustainable dividends Distributed amount & dividend per share €m; € per share 0.50 0.50 0.80 0.80 0.30 0.30 0.33 396 377 380 359 359 Payout ratio of 232 234 20-40% of Net Income 2015 2016 2017 2018 2023 2024 2025 35 Investor Presentation Lufthans
Slide 36: Relevant Links
Relevant Links Further information on the LHG Investor Relations website Lufthansa Group Capital Markets Day 2025 Lufthansa Technik Capital Markets Day 2024
Slide 37: 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 38: 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