Slide 1: Q2 2026 Results
Q2 2026 Results Carsten Spohr, CEO Till Streichert, CFO Frankfurt, 04 August 2026
Slide 2: Current Situation & Strategic Outlook
Q2 2026 Results Carsten Spohr, CEO Current Situation & Strategic Outlook Frankfurt, 04 August 2026
Slide 3: Strong Q2 demand environment partially offsetting higher fuel cost and strikes
Strong Q2 demand environment partially offsetting higher fuel cost and strikes ASK Revenues Adjusted EBIT €11.1bn €0.4bn 3.4% margin -3.3%1) vs. 2Q25 +7.9% vs. 2Q25 -€0.5bn vs. 2Q25 -5.0%p vs. 2Q25 Cargo Headwinds RASK Yield 728 €0.7bn additional fuel cost vs. 2Q25 +6.4% at Network Airlines Aircraft
Slide 4: In Q2 strongest yield growth on Asia routes, in premium classes, and at Eurowings
In Q2 strongest yield growth on Asia routes, in premium classes, and at Eurowings Network Airlines: demand in 2Q26 vs. PY ASK Seat Load Factor Yield1) North America Middle East Premium2) +6.4%p +15.6% +6.7% +1.7% -0.2%p -5.8% Asia Pacific -3.6% -0.6%p -98.5% +13.3% +1.6% +0.6%p South America Africa
Slide 5: Network Airlines mitigated cost headwinds through stronger unit revenues
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 and the ability to 7,614 7,376 RASK capture redi
Slide 6: Point-to-point airlines successfully turned robust demand into strong unit revenues
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 remains strong, particularly the 934 876 RASK1)
Slide 7: Lufthansa Cargo with significant Adj. EBIT uplift in Q2 and operating margin of 11%
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 through 1,041 India and Asia-Pacific traffic flows
Slide 8: Lufthansa Technik sees healthy demand leading to external revenue of 80%
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 2,173 1,956 revenues, with growth mainly driven by
Slide 9: Lufthansa Group provides a proven platform for airline integration and consolidation
Lufthansa Group provides a proven platform for airline integration and consolidation Majority Call for ITA exercised Miles & More TAP as enabler for South Atlantic growth 18 months On track Market share EU-SA 2025 1. 20% Fastest airline 450 m€ 2. 17% integration in annual synergies our history targe
Slide 10: Progress achieved on pathway to achieve 8-10% EBIT margin mid-term
Progress achieved on pathway to achieve 8-10% EBIT margin mid-term Mid-term value creation levers Achievements 2026 YTD ▪ Stronger ICONT than CONT growth 90% majority call option for ITA Airline growth ▪ Growth focus on APAC, South America, and leisure ✓ was exercised ▪ Completing ITA acquisition ▪
Slide 11: Financial Deep Dive 2Q26 & Guidance FY26
Q2 2026 Results Till Streichert, CFO Financial Deep Dive 2Q26 & Guidance FY26 Frankfurt, 04 August 2026
Slide 12: In Q2 Adj. EBIT significantly below prior year's level driven by fuel cost increase
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 cost 2,606 1,858 +40 Staff cost 2,476 2,441 +1 D
Slide 13: A challenging quarter with core fundamentals like demand and cost control intact
A challenging quarter with core fundamentals like demand and cost control intact Q2 2026 Adjusted EBIT vs. PY in €m +388 870 -70 -658 CASK +1% vs. PY on a y-o-y ASK excl. >€150m adjusted basis strike impact: Adj. EBIT margin +1.3 %p -47 -103 383 ~60% recapture rate -101 +55 +42 +8 thereof €86m FX re
Slide 14: LHA Turnaround program on track and complemented by further cost actions
LHA Turnaround program on track and complemented by further cost actions LHA Turnaround EBIT gross impact1) in €bn Main Pillars ~2.5 Fleet & Product Restructuring AOC Productivity & Renewal landscape Efficiency ➢ Extensive fleet ➢ Ramp-up of ➢ Network rollover + Allegris CityAirlines + adjustments r
Slide 15: Adjusted Free Cashflow in line with prior year despite external challenges
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 Operating Net CAPEX Repayments Adjusted Free (incl.spare
Slide 16: Solid balance sheet preserves strategic flexibility
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 • Liquidity remains above target corridor, support
Slide 17: Based on current forward curves, FY26 fuel bill leads to €1.5bn additional cost vs. PY
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 July 27, 2026 Q3 ’26 FY 2026 114 1,057 1,083 1,11
Slide 18: Forecast uncertainty for FY26 fuel bill persists due to high volatility of forward curves
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] [in bn EUR] 1,800 1.21 9.2 3.0 • Fuel costs remain
Slide 19: H2 booking stock will be increasingly shaped by high-yielding post-crisis bookings
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, overall RASK of +6.4% vs. PY (incl. some non-fare p
Slide 20: FY26 financial guidance widened to reflect fuel price volatility and demand dynamics
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 payout of 20-40% (before: significantly ~€0.9bn g
Slide 21: Appendix - supplementary information
Appendix - supplementary information -
Slide 22: Traffic Data Q2 2026
Traffic Data Q2 2026 Apr vs. 2025 May vs. 2025 Jun vs. 2025 Q2 vs. 2025 Passengers in 1,000 10,739 -8.2% 12,289 -1.5% 12,561 -2.8% 35,589 -4.1% Available seat-kilometers (m) 26,348 -9.1% 30,325 -1.8% 30,266 -0.4% 86,939 -3.7% Revenue seat-kilometers (m) 21,747 -8.8% 24,692 +0.5% 25,306 -0.9% 71,746
Slide 23: Calculation of operational airline KPIs Q2 2026 - Network Airlines
Calculation of operational airline KPIs Q2 2026 Network Airlines, 2Q26 1) Traffic revenues (€m) 7,052 1) Total Revenues (€m) 7,614 2) Not assignable (€m) 203 2) Other operating income (€m) 193 Yield1) = 3) Basis for Yield (1)–(2) (€m) 6,849 3) Reversal of provisions (€m) 40 RASK 4) RPK (m)2) 62,605
Slide 24: Calculation of operational airline KPIs Q2 2026 - Eurowings
Calculation of operational airline KPIs Q2 2026 Eurowings1), 2Q26 1) Traffic revenues (€m) 888 1) Total Revenues (€m) 888 2) Not assignable (€m) 9 2) Other operating income (€m) 42 Yield2) = 3) Basis for Yield (1)–(2) (€m) 879 3) Reversal of provisions (€m) 18 RASK 4) RPK (m)3) 9,141 4) FX losses (€
Slide 25: Performance of Passenger Airlines in Q2 2026
Performance of Passenger Airlines in Q2 2026 ASK Revenue Adj. EBIT Adj. EBIT 2Q26 vs. 2019 [€m] [€m] margin Lufthansa Airlines 82.8% 4,570 -37 -0.8% SWISS 101.5% 1,865 174 9.3% Austrian Airlines 98.6% 740 19 2.5% Brussels Airlines 90.0% 478 -15 -3.0% Network Airlines 88.4% 7,614 137 1.8% P2P Airline
Slide 26: Group P&L
Group P&L Lufthansa Group (in €m) 2Q26 2Q25 Revenues 11,141 10,322 Total operating income 11,823 11,189 Operating expenses 11,443 10,452 Of which fees & charges 1,412 1,469 Of which fuel 2,606 1,858 Of which staff 2,476 2,441 Of which depreciation 652 595 Result from equity investments 3 133 Adjuste
Slide 27: EBIT to Adjusted EBIT bridge Q2 2026
EBIT to Adjusted EBIT bridge Q2 2026 in €m (33) 383 346 66 (10) 14 EBIT Net book gains Business combination Impairment losses Others Adjusted EBIT and restructuring and devaluations 27 Q2 2026 Results 04.08.2026 | Lufthansa Group
Slide 28: Adjusted EBIT to Net Income Q2 2026
Adjusted EBIT to Net Income Q2 2026 in €m 383 (37) (52) (82) (81) 123 (7) (2) Adjusted EBIT adjustments Interest result Others Tax result Profit/loss from Profit/loss Net EBIT discontinued attributable to Income operations minority interests 28 Q2 2026 Results 04.08.2026 | Lufthansa Group
Slide 29: Cashflow statement Q2 2026
Cashflow statement Q2 2026 Lufthansa Group (in €m) 2Q26 Vs. 2Q25 EBT (earnings before income taxes) 206 -795 1 Lower profitability vs. PY weighed on cash Depreciation & amortization (incl. repairable MRO materials) 743 +115 1 flow generation Net proceeds from disposal of non-current assets -3 +2 Res
Slide 30: 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 31: Maturity profile of borrowings as of June 30, 2026
Maturity profile of borrowings as of June 30, 2026 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 31 Q2 2
Slide 32: 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 33: 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