Deutsche Lufthansa Ag · XETR:LHA
Deutsche Lufthansa — Investor Presentation (September 2025)
44 slides from Deutsche Lufthansa's investor presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation Lufthansa Group Investor Relations September 2025
Slide 2: Agenda
Recent Financial Results Strategy Update Investment in ITA Airways Operational and Financial Outlook Appendix Page 2
Slide 3: Recap FY 2024 and Q1 2025
Recap FY 2024 Details Q1 2025 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 +
Slide 4: Q2 delivered solid financial result during a transition year
Recap FY 2024 Details Q2 2025 Against a challenging macro backdrop, Q2 delivered solid financial result during a transition year (in EUR million) Q2’25 Q2’24 Change in % Revenues 10,322 10,007 +3 Operating income 11,189 10,632 +5 Operating expenses 10,452 9,969 +5 Material cost ex fuel 4,164 3,810 +
Slide 5: Q2 production growth at passenger airlines according to plan
Recap FY 2024 Details Q2 2025 Q2 production growth at passenger airlines according to plan – short-haul unit revenues and cost inflation as headwinds Operational KPIs Adjusted EBIT/(margin) Comments in EUR million ▪ Moderate ASK growth (95% vs. 2019) Q2 ’25 vs. Q2 ’24 ▪ Long-haul yields stable, part
Slide 6: Lufthansa Cargo doubles its operating result in Q2
Recap FY 2024 Details Q2 2025 In Q2 Lufthansa Cargo doubles its operating result thanks to robust demand Adj. EBIT in EUR million (margin) Start of ITA +37 cooperation First flights from Buenos Aires, São Paulo, and Rio de Janeiro to Rome 73 (8.9%) 36 Exploiting high Improved load (4.5%) +8% Volume
Slide 7: Record H1 result for Lufthansa Technik
Recap FY 2024 Details Q2 2025 Record H1 result proves that Lufthansa Technik remains on track for success Revenue in EUR million Superior organic growth ▪ Topline: +8% vs. PY driven by Component and Engine Services +147 ▪ Expansion of production system, e. g. new facility in Portugal 1.956 1.809 Mar
Slide 8: Adjusted Free Cashflow generation above prior year's level
Recap FY 2024 Details Q2 2025 Adjusted Free Cashflow generation above prior year‘s level H1 2025 Adjusted EBIT / Adjusted free cashflow H1 ‘24: in EUR million 2,688 H1 ‘24: -335 2,831 H1 ‘24: -163 878 1,756 -1,608 -199 1,024 1,261 149 Adjusted EBIT D&A Trade Other Operating Net CAPEX Repayments Adju
Slide 9: Balance Sheet remains strong
Recap FY 2024 Details Q2 2025 Balance Sheet remains strong Liquidity Net debt and net pension liabilities1) Comments in EUR billion in EUR billion 11.1 11.0 Net debt / 1.7x 2.0x ▪ Four rating agencies with BBB- / EBITDA Baa3 stable outlook 2.6 2.5 Target liquidity: 8.3 EUR 8 - 10bn 7.7 ▪ Since the b
Slide 10: Agenda: Strategy Update
Recent Financial Results Strategy Update Investment in ITA Airways Operational and Financial Outlook Appendix Page 10
Slide 11: Lufthansa Group is delivering on its key strategic priorities
Lufthansa Group is delivering on its key strategic priorities Customer New Product Multi-Airline Transformation into Experience Generation Multi-Hub an Airline Group Page 11
Slide 12: Enhanced customer experience by premiumization and digitization
Customer Product Multi-Airline Airline Group Enhanced customer experience by premiumization and advanced digitization Customer KPIs Q2 2025 Premium Ground & Onboard Journey ▪ Re-opened First Class Lounge in MUC 98% +3%p vs. PY ▪ Double the number of Allegris aircraft in S26 Network Stability ▪ Get H
Slide 13: Product and service innovations to define premium in Europe
Customer Product Multi-Airline Airline Group Comprehensive product and service innovations underline our aspiration to define premium in the European airline industry Lufthansa Allegris ▪ First flight in May 2024 from Munich to Vancouver ▪ Five Business Class seating options with EUR 2.5bn All-Aisle
Slide 14: Emission reduction targets validated by SBTi
Customer Product Multi-Airline Airline Group Group’s emission reduction targets successfully validated by Science Based Targets initiative (SBTi) Index LHG CO2 Emissions (not to scale) 110 Major levers for CO2 Reduction: First European airline Growth Fleet (SBTi relevance) group and second Reduction
Slide 15: Multi-Hub and Multi-Brand strategy is key for success
Customer Product Multi-Airline Airline Group Multi-Hub and Multi-Brand strategy is key for the success of Lufthansa Group Customer centricity: • Strong national brands with unique identity • Customer offering tailored to market- specific needs • Connected networks offer maximum connectivity JOINT OP
Slide 16: Focus on the synergetic core of the Group sharpened
Customer Product Multi-Airline Airline Group Focus on the synergetic core of the Group further sharpened Active consolidation Airline Synergetic core business aviation services 1) Passenger Airlines … MRO, Cargo Business, Portfolio cleanup IT Services, Aviation 2) Lufthansa Training … City Airlines
Slide 17: Increased integration enhances value for all stakeholders
Customer Product Multi-Airline Airline Group Increased integration enhances value for all our stakeholders One Airline Group… …with many uplifts to come: Leaner Processes Fleet renewal (highly integrated Group functions) (orderbook with high NT share) Increased consistency Efficiency Programs (for c
Slide 18: Agenda: Investment in ITA Airways
Recent Financial Results Strategy Update Investment in ITA Airways Operational and Financial Outlook Appendix Page 18
Slide 19: Attractive transaction rationale for LHG
Attractive transaction rationale for LHG: ITA as a company, Italy as a market, and Rome FCO as a 5 Star hub LHG Italy Attractive investment case, Most important broader access to LHG market Italian market and outside our home Rome FCO resources markets and US ITA One of Newly established Europe’s be
Slide 20: Transaction terms minimize the Group's financial risk
Transaction terms minimize the Group’s financial risk and create optionality ▪ Acquisition of 41% of shares in ITA Airways through a capital increase ▪ Investment into the company’s equity, no payment to Italian Ministry of Economy and Finance (MEF) Key terms ▪ Capital increase of EUR 325 million fu
Slide 21: Remedy package addresses European Commission concerns
Remedy package addresses concerns of the European Commission while maintaining economic feasibility of the deal Concerns of EU Commission Remedies Overlaps on ‘neighborhood’ traffic New competitor (short-haul remedy taker) ➢ Transaction security: Closing and Short-Haul between Italy and existing LHG
Slide 22: ITA acquisition extends multi-hub, multi-brand strategy
The ITA acquisition is an extension of our multi-hub, -brand and –AOC strategy that made Lufthansa Group Europe’s leading airline group Customer centricity ▪ ITA is a strong local brand with maximum identification ▪ New travel options for customers by offering connections via Rome 13 Internationaliz
Slide 23: Plug and Play system enables fast integration
Plug and Play system enables fast integration into Lufthansa Group ITA Integration LUFTHANSA GROUP Steering Synergies and standards „One kitchen“ functions Sales & Network IT (Digital Fleet ▪ Large LHG team with revenue planning Delivery etc.) management dedicated experts ramped management up … Furt
Slide 24: Largest part of synergies can be implemented before full consolidation
Largest part of synergies can be implemented prior to full consolidation After full consolidation 100% Central aircraft Technical fleet Step 2: Financing of synergies ownership management & MRO Majority shareholding after option exercise Step 1: 2026 - 2027 Minority shareholding Star Alliance & Opti
Slide 25: Agenda: Operational and Financial Outlook
Recent Financial Results Strategy Update Investment in ITA Airways Operational and Financial Outlook Appendix Page 25
Slide 26: Largest fleet renewal of Lufthansa Group is imminent
Largest fleet renewal of Lufthansa Group is imminent, including a major complexity reduction Intercontinental Fleet Passenger Aircraft Deliveries Currently LHG operates 12 aircraft types Phase-out Phase-in widebody 90 Orderbook comprises >230 passenger a/c narrowbody 142 -6 +2 2025+ 744 779 ▪ Interc
Slide 27: Lufthansa Airlines Turnaround Program
Lufthansa Airlines Turnaround Program consists of measures with EUR ~1.5bn impact by 2026 LHA Turnaround Gross Adjusted EBIT effect by 2026 Premium customer offer ~35% Revenue impact 35% Revenue Retail and Ancillary Revenue Improved Operational Stability Increased productivity ~65% Cost reduction Gr
Slide 28: Lufthansa Technik Ambition 2030
Lufthansa Technik will continue its unprecedented track record as key source of value creation by “Ambition 2030” Global expansion Digital push Defense business Main target: remain global MRO leader – TechOps ecosystem expanded into Partnerships to strengthen defense underlined by global production
Slide 29: We grew profitably in H1 and remain flexible on capacity in H2
We grew profitably in H1 and we remain flexible regarding capacity also in H2 Review H1: Robust demand environment Outlook H2: LHG vs. Market Growth Rates compared to PY LHG (excl. ITA) growth rate in ASK vs. PY Intra-European vs. PY: ASK Growth Yield Total market growth rate in ASK vs. PY Group-wid
Slide 30: Expected fuel cost decreased versus April guidance
Expected fuel cost of EUR 7.2 bn decreased by another EUR 0.1 bn compared to April guidance of EUR 7.3 billion LHG fuel price exposure is well hedged in 2025 1), 2), 3) Expected fuel price sensitivity after hedging (FY2025) | excl. SAF LH mixed JET rate (vs. 2025 FCT) in $/mt as of July 25, 2025 Q3
Slide 31: FY2025 guidance confirmed
FY2025 guidance confirmed Uncertainty persists Headwinds Tailwinds ? Demand on North Atlantic ✓ Favorable fuel and FX development ? Global geopolitical tensions ✓ Cargo and MRO business well on track ? Tariff escalations ✓ LHA Turnaround Program progresses FY2025 guidance Adj. EBIT to Net CAPEX Adj.
Slide 32: Appendix - supplementary information
Appendix - supplementary information - Page 32
Slide 33: Traffic Data Q2 2025
Traffic Data Q2 2025 Apr vs. 2024 May vs. 2024 Jun vs. 2024 Q2 vs. 2024 Passengers in 1,000 11,700 +5.6% 12,470 +2.1% 12,929 +2.3% 37,100 +3.2% Available seat-kilometers (m) 28,992 +5.5% 30,880 +4.1% 30,339 +1.8% 90,211 +3.8% Revenue seat-kilometers (m) 23,841 +6.9% 24,566 +2.3% 25,536 +1.5% 73,943
Slide 34: Operating KPIs of Passenger Airlines by region
Operating KPIs of Passenger Airlines by region vs. 2024 (unless stated otherwise) Total Q2’25 Europe Q2’25 Asia Pacific Q2’25 ASK +6.4% ASK -1.8% Number of flights +2.3% RPK +5.9% RPK +1.5% ASK +3.8% SLF -0.4%p SLF +2.8%p Regional RASK 1) -4.2% Regional RASK 1) +2.2% RPK +3.5% SLF -0.2%p Americas Q2
Slide 35: Calculation of operational airline KPIs
Calculation of operational airline KPIs Passenger Airlines, Q2 2025 1) Traffic revenues (€m) 7,755 1) Total Revenues (€m) 8,227 2) Not assignable (€m) 764 2) Other operating income (€m) 333 Yield = 3) Basis for Yield (1)–(2) (€m) 6,992 3) Reversal of provisions (€m) 61 RASK 4) RPK (m) 1) 73,943 4) F
Slide 36: Performance of Group Airlines in Q2 2025
Performance of Group Airlines in Q2 2025 ASK Revenue Adj. EBIT Adj. EBIT Q2 2025 vs. 2019 [m EUR] [m EUR] margin Lufthansa Airlines 88.5% 4,579 246 5.4% SWISS 99.1% 1,673 215 12.9% Austrian Airlines 98.4% 719 68 9.5% Brussels Airlines 86.2% 446 7 1.6% Eurowings 129.0% 875 64 7.3% Passenger Airlines
Slide 37: Group P&L
Group P&L Lufthansa Group (in EUR m) Q2’25 Q2’24 Revenues 10,322 10,007 Total operating income 11,189 10,632 Operating expenses 10,452 9,969 Of which fees & charges 1,469 1,326 Of which fuel 1,857 2,148 Of which staff 2,441 2,228 Of which depreciation 594 571 Result from equity investments 134 23 Ad
Slide 38: EBIT / Adjusted EBIT bridge Q2 2025
EBIT / Adjusted EBIT bridge Q2 2025 in EUR million 861 871 (4) 3 11 0 EBIT Net book gains business combination Impairment losses Others Adjusted EBIT and restructuring and deviations Page 38
Slide 39: Adjusted EBIT / Net Income Q2 2025
Adjusted EBIT / Net Income Q2 2025 in EUR million 1,012 7 11 (6) 871 153 (10) (14) Adjusted EBIT adjustments Interest result Others Tax result Profit/loss from Profit/loss Net EBIT discontinued attributable to Income operations minority interests Page 39
Slide 40: Cashflow statement
Cashflow statement Lufthansa Group (in m EUR) Q2’ 25 vs. Q2’ 24 EBT (earnings before income taxes) 1,000 +428 Result from equity investments mainly driven Depreciation & amortization (incl. repairable MRO materials) 628 +14 1 by positive contribution from ITA Airways Net proceeds from disposal of no
Slide 41: 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 42: Maturity profile of borrowings as of June 30, 2025
Maturity profile of borrowings as of June 30, 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 42
Slide 43: 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 44: 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
Deutsche Lufthansa — Investor Presentation (September 2025) on 6ix