Slide 1: Q1 2026 Results
Q1 2026 Results Carsten Spohr, CEO Till Streichert, CFO Frankfurt, 06 May 2026
Slide 2: Current Situation & Strategic Outlook
Q1 2026 Results Carsten Spohr, CEO Current Situation & Strategic Outlook Frankfurt, 06 May 2026
Slide 3: How Lufthansa Group navigates the Middle East Crisis
How Lufthansa Group navigates the Middle East Crisis Lufthansa Group: Preparedness, Actions, Policy Support Lufthansa Group’s strong positioning: Lufthansa Group’s action plan: Required regulatory relief: 80% fuel price hedge ratio for 2026 Active fuel risk management Approval of Jet-A-type kerosene
Slide 4: Q1 Adjusted EBIT significantly above prior year despite flat capacity
Q1 Adjusted EBIT significantly above prior year despite flat capacity ASK Revenues Adjusted EBIT €8.7bn +€110m +1.9%p margin vs. 1Q25 vs. 1Q25 +7.6% vs. 1Q25 +0.1%1) vs. 1Q25 -€0.6bn in 1Q26 -7.0% in 1Q26 343 March RASK International destinations New 728 aircraft deliveries March Cargo Yield (Airlin
Slide 5: In Q1, consolidation in feeder traffic and targeted growth on intercontinental routes
In Q1, consolidation in feeder traffic and targeted growth on intercontinental routes Network Airlines: demand in 1Q26 vs. PY North America Middle East Legend Premium2) +2.3%p +2.0%p +1.6% -0.1% ASK Seat Load Factor Yield1) -1.2% -3.7% -6.7%p -5.5% -9.0% South America Africa Asia Pacific Economy +3.
Slide 6: Network Airlines benefitted from favorable demand and supply ratio in March
Network Airlines benefitted from favorable demand and supply ratio in March Revenue in €m Topline +229 • ASK growth of +0.1% vs. PY limited due to operational disruptions (Middle East, weather, strikes) • March drove strong booking intakes as high connectivity 5,765 5,537 RASK enabled absorbing redi
Slide 7: Robust topline growth at P2P airlines driven by strong demand and route flexibility
Robust topline growth at P2P airlines driven by strong demand and route flexibility Revenue in €m Topline +73 • Strong revenue development due to +5.0% higher capacity • ME capacity redeployment to Mediterranean markets overcompensated Q1 cancellations 479 406 RASK1) +6.8% vs. PY Commercial developm
Slide 8: Lufthansa Cargo delivered material earnings growth in February and March
Lufthansa Cargo delivered material earnings growth in February and March Revenue in €m Topline +42 • Capacity rose by 7% due to increased belly capacities, ITA integration, and growing network • Industry-wide capacity shortages due to ME crisis resulted in 876 834 strong March results Commercial dev
Slide 9: Robust MRO demand and diversified LHT portfolio offset burden by USD and tariffs
Robust MRO demand and diversified LHT portfolio offset burden by USD and tariffs Revenue in €m Topline +236 • 3rd party customers accounted for ~80% of LHT revenues in 1Q26 and increased by 19% vs. PY • 1,000th Pratt & Whitney GTF engine shop visit in LHT network 2,255 2,019 Commercial development 1
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 Q1 ASK1) vs. PY: Airline growth ▪ Growth focus on APAC, South America, and leisure ✓ ICONT network: +1.4% ▪ Completing ITA acquisition CONT networ
Slide 11: Financial Deep Dive 1Q26 & Guidance FY26
Q1 2026 Results Till Streichert, CFO Financial Deep Dive 1Q26 & Guidance FY26 Frankfurt, 06 May 2026
Slide 12: Q1 2026 Adj. EBIT significantly above prior year's level with Adj. EBIT +€110m vs. PY
Q1 2026 Adj. EBIT significantly above prior year’s level with Adj. EBIT +€110m vs. PY (in €m) 1Q26 1Q25 Change in % Revenues 8,746 8,127 +8 Operating income 9,407 8,827 +7 Operating expenses 9,948 9,511 +5 Material cost ex fuel 3,990 3,703 +8 Fuel cost 1,570 1,679 -6 Staff cost 2,466 2,367 +4 Deprec
Slide 13: Adjusted Free Cashflow generation exceeding prior year's level by €545m
Adjusted Free Cashflow generation exceeding prior year’s level by €545m 1Q26 Adjusted EBIT to Adjusted Free Cashflow 1Q25: in €m 1,766 1Q25: 1Q25: -722 835 87 -570 -133 1,965 2,083 1,380 642 -612 Adjusted EBIT D&A Trade Other Operating Net CAPEX Repayments Adjusted Free (incl.spare Working Operating
Slide 14: Strong balance sheet provides flexibility for upcoming investments
Strong balance sheet provides flexibility for upcoming investments Liquidity Net debt1) Comments in €bn in €bn Leverage 10.3 10.7 ratio3) 1.6x 1.8x • BBB-/Baa3 rating with stable outlook from four rating agencies 2.6 2.6 Target liquidity: 8.3 €8 - 10bn 7.2 • Liquidity slightly reduced due to 1.9 rep
Slide 15: Based on current forward curves, 2026 fuel bill is expected to rise by €1.7bn
Based on current forward curves, 2026 fuel bill is expected to rise by €1.7bn 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 April 30, 2026 2Q26 FY 2026 128 . 1,167 1,193 1,219 1,244
Slide 16: Resilient demand monetization supported by network and cost optimization
Resilient demand monetization supported by network and cost optimization Projects reduce by min. 10% March: intact demand Despite strike impact Crisis-driven demand uplift Yield-focused revenue demand keeps thriving persistently materializes steering successful Reported Normalized Mar Mar Apr Q2 YTG
Slide 17: Financial guidance for 2026 is maintained
Financial guidance for 2026 is maintained FY2026: Operations adjusted and financial guidance maintained Challenges & Opportunities pre- vs. post-crisis Adjusted Maintained Challenges Opportunities ASK increase of ~4% vs. Recapture Rate in % 2025 Higher fuel Demand ~60 >100 >100 cost monetization Div
Slide 18: Appendix - supplementary information
Appendix - supplementary information -
Slide 19: Traffic Data Q1 2026
Traffic Data Q1 2026 Jan vs. 2025 Feb vs. 2025 Mar vs. 2025 Q1 vs. 2025 Passengers in 1,000 7,689 +5.0% 7,668 +1.6% 9,744 +3.4% 25,101 +3.3% Available seat-kilometers (m) 23,400 +4.0% 21,305 +0.1% 25,668 -2.1% 70,373 +0.5% Revenue seat-kilometers (m) 19,018 +7.3% 17,290 +3.3% 21,528 +4.7% 57,835 +5.
Slide 20: Calculation of operational airline KPIs Q1 2026 - Network Airlines
Calculation of operational airline KPIs Q1 2026 Network Airlines, 1Q26 1) Traffic revenues (€m) 5,256 1) Total Revenues (€m) 5,765 2) Not assignable (€m) 67 2) Other operating income (€m) 220 Yield1) = 3) Basis for Yield (1)–(2) (€m) 5,189 3) Reversal of provisions (€m) 20 RASK 4) RPK (m)2) 52,102 4
Slide 21: Calculation of operational airline KPIs Q1 2026 - Eurowings
Calculation of operational airline KPIs Q1 2026 Eurowings1), 1Q26 1) Traffic revenues (€m) 464 1) Total Revenues (€m) 462 2) Not assignable (€m) 6 2) Other operating income (€m) 14 Yield2) = 3) Basis for Yield (1)–(2) (€m) 458 3) Reversal of provisions (€m) 3 RASK 4) RPK (m)3) 5,733 4) FX losses (€m
Slide 22: Performance of Passenger Airlines in Q1 2026
Performance of Passenger Airlines in Q1 2026 ASK Revenue Adj. EBIT Adj. EBIT 1Q26 vs. 2019 [€m] [€m] margin Lufthansa Airlines 81.0% 3,489 -443 -12.7% SWISS 98.3% 1,483 39 2.6% Austrian Airlines 101.4% 481 -112 -23.2% Brussels Airlines 99.5% 343 -55 -16.1% Network Airlines 87.3% 5,765 -605 -10.5% P2
Slide 23: Group P&L
Group P&L Lufthansa Group (in €m) 1Q26 1Q25 Revenues 8,746 8,127 Total operating income 9,407 8,827 Operating expenses 9,948 9,511 Of which fees & charges 1,173 1,197 Of which fuel 1,570 1,679 Of which staff 2,466 2,367 Of which depreciation 619 601 Result from equity investments -71 -38 Adjusted EB
Slide 24: EBIT to Adjusted EBIT bridge Q1 2026
EBIT to Adjusted EBIT bridge Q1 2026 in €m -485 (160) 22 10 (0) -612 EBIT Net book gains business combination Impairment losses Others Adjusted EBIT and restructuring and devaluations 24 Q1 2026 Results 06.05.2026 | Lufthansa Group
Slide 25: Adjusted EBIT to Net Income Q1 2026
Adjusted EBIT to Net Income Q1 2026 in €m 127 (77) (17) (84) -612 0 (3) -665 Adjusted EBIT adjustments Interest result Others Tax result Profit/loss from Profit/loss Net EBIT discontinued attributable to Income operations minority interests 25 Q1 2026 Results 06.05.2026 | Lufthansa Group
Slide 26: Cashflow statement Q1 2026
Cashflow statement Q1 2026 Lufthansa Group (in €m) 1Q26 Vs. 1Q25 EBT (earnings before income taxes) -578 +305 1 Improved profitability vs. PY supports higher Depreciation & amortization (incl. repairable MRO materials) 642 -5 1 cash flow generation Net proceeds from disposal of non-current assets -1
Slide 27: 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 28: Maturity profile of borrowings as of March 31, 2026
Maturity profile of borrowings as of March 31, 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 28 Q1
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