Slide 1: Q1 2025 Results
Q1 2025 Results Carsten Spohr, CEO Till Streichert, CFO Frankfurt, 29 April 2025
Slide 2: Review Q1 2025
Q1 2025 Results Carsten Spohr, CEO Review Q1 2025 Frankfurt, 29 April 2025
Slide 3: Lufthansa Group is continuously enhancing stability in uncertain times
Lufthansa Group is continuously enhancing stability in uncertain times Improved operational stability Robust demand High macroeconomic volatility ▪ Operational performance (arrival punctuality ▪ In Q1, yields remained high compared to PY, ▪ We are closely monitoring macroeconomic and schedule regula
Slide 4: Q1 2025 demonstrates progress not fully reflected in earnings
Q1 2025 demonstrates progress for Lufthansa Group which is not fully reflected in earnings ASK Revenues Adjusted EBIT EUR 8.1bn EUR -722m +735m vs. 2024 +127m vs. 2024 +4.6% vs. 2024 Easter shift IRREG Allegris earnings impact earnings impact Commercialization since EUR ~80m -40% vs. 2024 March 30 Q
Slide 5: Booking trends predict a strong summer season ahead
While booking trends as of now predict a strong summer season ahead of us we remain attentive and well equipped to manage uncertain times Spotlight: Demand on the North Atlantic Outlook: LHG vs. Market Growth Rates compared to PY (Q2+Q3 2025e) Q1 Review: LHG (excl. ITA) growth rate in ASK vs. PY Int
Slide 6: Financial Overview
Q1 2025 Results Till Streichert, CFO Financial Overview Frankfurt, 29 April 2025
Slide 7: Q1 earnings improvement limited due to anticipated cost headwinds
Variante A Q1 earnings improvement versus prior year has been limited due to anticipated cost headwinds (in EUR million) Q1’25 Q1’24 Change in % Revenues 8,127 7,392 +9.9 Operating income 8,827 8,175 +8.0 Operating expenses 9,511 9,011 +5.5 Material cost ex fuel 3,702 3,204 +15.5 Fuel cost 1,679 1,6
Slide 8: Fees & charges and personnel cost were the largest cost drivers
Variante A Fees & charges and personnel cost were the largest cost drivers in the passenger airlines segment Breakdown of operating expenses in EUR million Passenger Airlines: CASK+3.1% 50 -205 9,511 280 29 -22 24 113 95 9,011 136 Includes: ▪ +19% ATC charges ▪ +12% Airport Handling charges Q1 fees
Slide 9: Long-haul yields and IRREG relief supported RASK; Easter shift weighed on earnings
Long-haul yields and IRREG-related revenue relief supported RASK, while Easter shift prevented y-o-y earnings improvement of Passenger Airlines Operational KPIs Adjusted EBIT/(margin) Comments in EUR million Easter shift effect: ▪ Without the Easter shift, Passenger Q1 ’25 vs. Q1 ’24 ~80 m Airlines
Slide 10: Lufthansa Cargo and Lufthansa Technik both with a strong start into 2025
Lufthansa Cargo and Lufthansa Technik both with a strong start into 2025 Adjusted EBIT in EUR million / margin margin Comments 7.4% -3.2% ▪ Increased yields and loads supported Lufthansa Cargo’s strong Q1 result +84 ▪ Strong demand from China as well as 62 stocking effects ahead of anticipated tarif
Slide 11: Adjusted Free Cashflow benefits from booking inflows and lower net CAPEX
Adjusted Free Cashflow benefits from seasonally strong booking inflows and lower net CAPEX Q1 2025 Adjusted EBIT / Adjusted free cashflow Q1 ‘24: in EUR million 1,300 1,766 28 Q1 ‘24: -829 305 835 1,817 -102 643 -722 Adjusted EBIT D&A Trade Other Operating Net CAPEX Repayments Adjusted free (incl. s
Slide 12: Balance Sheet strength continues
Balance Sheet strength continues Liquidity Net debt and net pension liabilities1) Comments in EUR billion in EUR billion 11.0 11.4 Net debt / 2.0x 1.7x Excellent Liquidity Profile EBITDA 2.5 2.6 Target liquidity: Investment Grade Rating EUR 8 - 10bn 8.3 7.5 2.6 ▪ Strong operating cash flow and 2.2 e
Slide 13: Fuel price exposure is well hedged in 2025
Expected fuel cost of EUR 7.3 bn decreased by EUR 0.6 bn compared to March guidance of EUR 7.9 billion Lufthansa Group’s 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 in USD/mt as of April 24, 2025 Q2 FY 20
Slide 14: FY2025 guidance re-confirmed
FY2025 guidance re-confirmed Q1 progress and current outlook support FY2025 guidance, but we continue to monitor impact of macro risk on our business FY 2025 Outlook ASK increase of Adj. EBIT to Net CAPEX Adj. Free Cashflow Dividend policy: around 4% vs. significantly between EUR 2.7 – expected stab
Slide 15: Strategic Outlook
Q1 2025 Results Carsten Spohr, CEO Strategic Outlook Frankfurt, 29 April 2025
Slide 16: Improved customer satisfaction driven by reliable operational performance
Improved customer satisfaction is driven by reliable operational performance as well as continuous enhancements along the entire customer journey Customer KPIs Q1 2025 Enhanced Customer Touch Points ▪ Online rebooking incl. seat reservations 97% +3%p vs. PY ▪ New digital Help Center for traveler sup
Slide 17: A level playing field for European airlines is essential
While the aviation industry itself becomes increasingly resilient, a level playing field for European airlines is essential for unlocking their full growth potentials The airline industry has matured Europe needs to ensure its competitiveness Global demand and supply New German coalition agreement ▪
Slide 18: Appendix - supplementary information
Appendix - supplementary information - Page 18
Slide 19: Traffic Data Q1 2025
Traffic Data Q1 2025 Jan vs. 2024 Feb vs. 2024 Mar vs. 2024 Q1 vs. 2024 Passengers in 1,000 7,324 -1.1% 7,545 -1.7% 9,422 +1.6% 24,291 -0.3% Available seat-kilometers (m) 22,484 +1.9% 21,284 +1.7% 26,153 +9.6% 69,921 +4.6% Revenue seat-kilometers (m) 17,717 +2.4% 16,742 +1.7% 20,560 +5.3% 55,019 +3.
Slide 20: Operating KPIs of Passenger Airlines by region
Operating KPIs of Passenger Airlines by region vs. 2024 (unless stated otherwise) Total Q1’25 Europe Q1’25 Asia Pacific Q1’25 ASK +5.1% ASK +1.6% Number of flights +3.5% RPK -0.2% RPK +4.5% ASK +4.6% SLF -4.0%p SLF +2.3%p Regional RASK 1) -6.9% Regional RASK 1) +3.2% RPK +3.3% SLF -1.0%p Americas Q1
Slide 21: Calculation of operational airline KPIs
Calculation of operational airline KPIs Passenger Airlines, Q1 2025 1) Traffic revenues (€m) 5,444 1) Total Revenues (€m) 5,919 2) Not assignable (€m) 573 2) Other operating income (€m) 255 Yield = 3) Basis for Yield (1)–(2) (€m) 4,870 3) Reversal of provisions (€m) 46 RASK 4) RPK (m) 1) 55,019 4) F
Slide 22: Performance of Group Airlines in Q1 2025
Performance of Group Airlines in Q1 2025 ASK Revenue Adj. EBIT Adj. EBIT Q1 2025 vs. 2019 [m EUR] [m EUR] margin Lufthansa Airlines 82.4% 3,423 -553 -16.2% SWISS 95.7% 1,385 -10 -0.7% Austrian Airlines 102.0% 458 -111 -24.2% Brussels Airlines 89.4% 304 -53 -17.4% Eurowings 97.7% 406 -201 -49.5% Pass
Slide 23: Group P&L
Group P&L Lufthansa Group (in EUR m) Q1’25 vs. Q1’24 Revenues 8,127 +10% Total operating income 8,827 +8% Operating expenses 9,511 +6% Of which fees & charges 1,197 +14% Of which fuel 1,679 -1% Of which staff 2,367 +5% Of which depreciation 601 +5% Result from equity investments -38 -192% Adjusted E
Slide 24: EBIT / Adjusted EBIT bridge Q1 2025
EBIT / Adjusted EBIT bridge Q1 2025 in EUR million 5 (17) (4) (3) -722 -741 Adjusted EBIT Net book gains Past service/settlements Impairment losses Others EBIT and deviations Page 24
Slide 25: Adjusted EBIT / Net Income Q1 2025
Adjusted EBIT / Net Income Q1 2025 in EUR million (19) -722 (78) (64) 4 (6) -885 Adjusted EBIT adjustments Interest result Others Tax result Profit/loss Net EBIT attributable to Income minority interests Page 25
Slide 26: Cashflow statement
Cashflow statement Lufthansa Group (in m EUR) Q1’ 25 vs. Q1’ 24 EBT (earnings before income taxes) -883 +56 Lufthansa Airlines received first repayments Depreciation & amortization (incl. repairable MRO materials) 647 +40 1 from tax audit Net proceeds from disposal of non-current assets -3 +4 Result
Slide 27: 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 28: Maturity profile of borrowings as of March 31, 2025
Maturity profile of borrowings as of March 31, 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 2
Slide 29: 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 30: 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