Slide 1: FY 2025 Results
FY 2025 Results Carsten Spohr, CEO Till Streichert, CFO Frankfurt, 06 March 2026
Slide 2: Review FY 2025
FY 2025 Results Carsten Spohr, CEO Review FY 2025 Frankfurt, 06 March 2026
Slide 3: 2025 marked inflection point from transformation to delivery
For Lufthansa Group, 2025 marked inflection point from transformation to delivery ASK Revenues Adjusted EBIT €39.6bn €2.0bn 4.9% margin +5.4% vs. 2024 +19% vs. 2024 +0.5%p vs. 2024 +3.8% vs. 2024 343 Lower irregularity New impact 728 aircraft deliveries International destinations Flight-related anci
Slide 4: Continental consolidation combined with selective intercontinental growth
Continental consolidation combined with selective intercontinental growth Not reflecting effects from Middle East crisis yet Review FY 2025: LHG development Outlook Q2+Q3: LHG vs. market growth rates compared to PY vs. PY: ASK Growth Yield1) LHG (excl. ITA) growth rate in ASK vs. PY Intra-European T
Slide 5: Europe's largest airline group based on four strong segments
Lufthansa Group is Europe’s largest airline group based on four strong segments 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 €27.6bn 3.4% €3.1bn 4.3% €3.4bn 9.5% €8.0bn 7.5
Slide 6: Financial Overview
FY 2025 Results Till Streichert, CFO Financial Overview Frankfurt, 06 March 2026
Slide 7: FY 2025 Adj. EBIT significantly above prior year's level
FY 2025 Adj. EBIT significantly above prior year’s level with Adj. EBIT +19% vs. PY (in €m) FY 2025 FY 2024 Change in % Revenues 39,597 37,581 +5 Operating income 42,498 40,542 +5 Operating expenses 40,799 39,097 +4 Material cost ex fuel 16,310 14,608 +12 Fuel cost 7,271 7,785 -7 Staff cost 9,639 8,
Slide 8: Full year Adj. EBIT growth for passenger airlines with solid Q4 cost performance
Full year Adj. EBIT growth for passenger airlines with solid Q4 cost performance Operational KPIs Adjusted EBIT (margin) Comments in €m FY’25 vs. FY’24 Q4’25 vs. Q4’24 • ASK growth from Q4 onwards ASK [m] 338,552 +3.8% 81,912 +3.7% +41 focused on ICONT with Q4 +5.3% while streamlining CONT traffic S
Slide 9: Lufthansa Airlines' upswing fueled by fleet renewal and structural transformation
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 FY26 CASK <half of inflation €60m Station and app push for High- ancillaries single digit ~2.5 Adj. EBIT ~5
Slide 10: One IT: Optimizing IT and scaling digital value creation
One IT: Optimizing Lufthansa Group’s IT and scaling digital value creation 2025: Launch & Quick Wins 2026+: Structural Changes and Scaling Sustainable efficiency gains in FY25 Focus Topics starting in FY26 ✓ Reduction of external spend e.g. Unified & efficient IT backbone Digitalization in value str
Slide 11: Lufthansa Cargo delivered strong volume and EBIT growth at lower unit costs
Lufthansa Cargo delivered strong volume and EBIT growth at lower unit costs Revenue in €m Topline +140 • Resilient market demand especially Asia Pacific and Americas • Capacity rose by 5% vs. PY due to one additional freighter, increased belly capacities and growing network 3,403 3,263 • Load factor
Slide 12: Stable result at Lufthansa Technik
Strong demand and macro headwinds lead to stable result at Lufthansa Technik Revenue in €m Topline +866 • Strong revenue growth of 12% driven by +23% 3rd party customers reflects progress of “Ambition 2030” strategy • >5,000 aircraft under service contracts worldwide; expansion in 8,049 7,183 Calgar
Slide 13: Adjusted Free Cashflow exceeding prior year by €350m
Adjusted Free Cashflow generation exceeding prior year’s level by €350m FY ’25 Adjusted EBIT / Adjusted Free Cashflow ’24: in €m 3,892 ’24: ’24: 1,645 840 238 -643 4,037 2,482 -2,460 1,960 -389 1,188 Adjusted EBIT D&A Trade Other Operating Net CAPEX Repayments Adjusted Free (incl. spare Working oper
Slide 14: Solid balance sheet equipped to back investment plan
Solid balance sheet equipped to back investment plan ahead Liquidity Net debt1) Comments in €bn in €bn Leverage 10.7 11.0 ratio3) 1.8x 2.0x • BBB-/Baa3 rating with stable 2.6 2.5 8.3 8.3 Target liquidity: €8 - 10bn outlook by four rating agencies 1.9 2.6 • Liquidity remains at prior-year levels and
Slide 15: With ~80% hedged, well positioned among European and US peers
With ~80% hedged, Lufthansa Group well positioned among European and US peers 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 February 28, 2026 Q1 ’26 FY26 101 . 867 884 901 916 935 He
Slide 16: For 2026 operating profit targeted to increase significantly
Continued progress: For 2026 operating profit targeted to increase significantly FY2026 guidance underpins continued progress toward our mid-term targets Adj. EBIT Dividend policy: ASK increase of Net Capex Adj. Free Cashflow significantly payout of 20-40% ~4% vs. 2025 ~€2.9bn ~€0.9bn above 2025 of
Slide 17: Strategic Outlook
FY 2025 Results Carsten Spohr, CEO Strategic Outlook Frankfurt, 06 March 2026
Slide 18: Powerful levers to achieve 8-10% EBIT margin in the mid term
Powerful levers to achieve 8-10% EBIT margin in the mid term 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 acquisition 15-20% Adj. ROCE ▪ Fleet & New
Slide 19: Largest-ever step towards a modern, productive fleet
Lufthansa Group takes its largest-ever step towards a modern, productive fleet Key fleet levers 2026 Fleet rollout plan 2026 +16 +45 29% +5%p vs. 2025 4 x A350-1000 New Technology share 6 x A350-900 10 -30% vs. 2025 +11 17 x 787-9 max. A320neo year-round AOG +11 36 +240% vs. 2025 5 x A321neo Allegri
Slide 20: Implementing strategic focus topics will boost financial performance
Implementing strategic focus topics will boost our financial performance CONT vs. ICONT Scale MRO, Cargo ITA integration Starlink rollout Group brand launch Loyalty ecosystem 20 FY 2025 Results 06.03.2026 | Lufthansa Group
Slide 21: Appendix
Appendix - supplementary information -
Slide 22: Traffic Data 2025
Traffic Data 2025 Oct vs. 2024 Nov vs. 2024 Dec vs. 2024 Q4 vs. 2024 2025 vs. 2024 Passengers in 1,000 13,133 +4.9% 9,506 +2.9% 9,305 +4.2% 31,944 +4.1% 135,035 +2.8% Available seat-kilometers (m) 30,773 +3.6% 25,397 +3.0% 25,742 +4.4% 81,912 +3.7% 338,552 +3.8% Revenue seat-kilometers (m) 26,364 +5
Slide 23: Operating KPIs of Passenger Airlines by region Q4
Operating KPIs of Passenger Airlines by region vs. 2024 (unless stated otherwise) Total Q4’25 Europe Q4’25 Asia Pacific Q4’25 ASK +1.0% ASK -2.6% Number of flights +1.0% RPK +3.7% RPK +0.9% SLF +2.1%p SLF +3.0%p ASK +3.7% Regional RASK1) -0.6% Regional RASK1) +2.5% RPK +5.4% SLF +1.4%p Americas Q4’2
Slide 24: Operating KPIs of Passenger Airlines by region FY
Operating KPIs of Passenger Airlines by region vs. 2024 (unless stated otherwise) Total FY’25 Europe FY’25 Asia Pacific FY’25 ASK +4.7% ASK -2.0% Number of flights +2.3% RPK +4.1% RPK +1.6% SLF -0.4%p SLF +3.0%p ASK +3.8% Regional RASK1) -4.2% Regional RASK1) +2.6% RPK +4.0% SLF +0.1%p Americas FY’2
Slide 25: Calculation of operational airline KPIs
Calculation of operational airline KPIs Passenger Airlines, FY 2025 1) Traffic revenues (€m) 28,623 1) Total Revenues (€m) 30,576 2) Not assignable (€m) 475 2) Other operating income (€m) 1,075 Yield1) = 3) Basis for Yield (1)–(2) (€m) 28,148 3) Reversal of provisions (€m) 234 RASK 4) RPK (m) 2) 281
Slide 26: Performance of Group Airlines in FY 2025
Performance of Group Airlines in FY 2025 ASK Revenue Adj. EBIT Adj. EBIT FY 2025 vs. 2019 [€m] [€m] margin Lufthansa Airlines 88.1% 17,106 148 0.9% SWISS 99.7% 6,481 600 9.3% Austrian Airlines 100.4% 2,541 81 3.2% Brussels Airlines 90.0% 1,647 28 1.7% Eurowings 121.4% 3,077 132 4.3% Passenger Airlin
Slide 27: Group P&L
Group P&L Lufthansa Group (in €m) FY 2025 FY 2024 Q4’25 Q4’24 Revenues 39,597 37,581 9,949 9,444 Total operating income 42,498 40,542 10,801 10,363 Operating expenses 40,799 39,097 10,332 9,957 Of which fees & charges 5,541 5,020 1,328 1,224 Of which fuel 7,271 7,785 1,732 1,774 Of which staff 9,639
Slide 28: EBIT / Adjusted EBIT bridge FY 2025
EBIT / Adjusted EBIT bridge FY 2025 in €m 2,030 1,960 (91) 20 38 (37) EBIT Net book gains business combination Impairment losses Others Adjusted EBIT and restructuring and devaluations 28 FY 2025 Results 06.03.2026 | Lufthansa Group
Slide 29: Adjusted EBIT / Net Income FY 2025
Adjusted EBIT / Net Income FY 2025 in €m 1,960 70 (216) 106 (564) 1,339 7 (24) Adjusted EBIT adjustments Interest result Others Tax result Profit/loss from Profit/loss Net EBIT discontinued attributable to Income operations minority interests 29 FY 2025 Results 06.03.2026 | Lufthansa Group
Slide 30: Cashflow statement
Cashflow statement Lufthansa Group (in €m) FY 2025 vs. FY 2024 EBT (earnings before income taxes) 1,927 +358 Positive impact mainly driven by a cash-in Depreciation & amortization (incl. repairable MRO materials) 2,520 +26 1 from German tax audit results Net proceeds from disposal of non-current ass
Slide 31: Multi-year financial overview
Multi-year financial overview Lufthansa Group (in €m, as reported) 2025 2024 20233) 20224) 20215) 2020 2019 20186) 20177) 2016 Traffic figures Available seat-kilometres (in millions) 338,552 326,176 300,582 259,428 145,139 109,828 358,803 349,391 322,875 286,555 Revenue seat-kilometres (in millions)
Slide 32: Maturity profile of borrowings
Maturity profile of borrowings as of December 31, 2025 in €m 2,500 2,000 1,500 1,000 500 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 Straight Bond Convertible Bond Aircraft Finance (secured) Hybrid Schuldscheindarlehen Other* *Mainly bilateral loans – does not include operating lease payments 32
Slide 33: Reporting changes
Reporting changes 01 Segment reporting 02 Adjusted ROCE 03 Yield and regional RASK Previously: Previously: Previously: Regional Revenue Adj. EBIT – Tax Ø Capital employed = Basic customer revenue Passenger Airlines From Q1 2026: Since FY 2025: Since FY 2025: Regional Revenue Adj. EBIT & Ø Capital em
Slide 34: 2025 airline KPIs in new segment logic
2025 airline KPIs in new segment logic with Network and Point-to-Point Airlines Reporting changes & Operational KPIs in €c KPI Q1’25 Q2’25 Q3’25 Q4’25 FY’25 Network Yield1) 10.0 10.6 9.9 10.1 10.1 P2P Yield1) 7.8 9.0 9.1 9.3 8.9 Translation of Network Regional RASK1) 7.8 8.7 8.6 8.4 8.4 reporting ch
Slide 35: 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 36: 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