Heiko Reitz, member of the Lufthansa Airlines Board and Hub Manager Munich, says: “We are proud that the Airbus A350-1000—Airbus’s most modern long-haul aircraft—is coming to Munich. The introduction of the new A350-1000 is part of the largest fleet modernization in the history of the Lufthansa Group and a key driver on the path to more sustainability. Our new flagship features 40 percent more Business and Premium Economy seats. To put it simply: The A350-1000 strengthens our premium hub in Munich.”

The delivery of the “Deutschland” in mid-November marks several milestones at once: The first Airbus A350-1000, with the registration D-AIFA, is the 700th aircraft that Airbus delivers to the Lufthansa Group and the seventh aircraft in the Lufthansa anniversary fleet, that features a special livery on the occasion of the company’s 100th anniversary.

In total, the Lufthansa Group has ordered 15 aircraft of this type, which will be delivered by 2030. The first ten A350-1000s will fly for Lufthansa and be based at the Munich hub.

With a length of 73.80 meters, the Airbus A350-1000 is seven meters longer than the Airbus A350-900 and seats 300 passengers in four travel classes: 3–4 seats (two single suites and one “Suite Plus”) in First Class, 49 seats (including 8 seats in suites) in Business Class, 35 seats in Premium Economy Class, and 212 seats in Economy Class.

The Airbus A350-1000 combines state-of-the-art aerodynamics with two highly efficient Rolls-Royce Trent XWB-97 engines and the use of lightweight materials. The aircraft consists of advanced materials, including over 50% composites, titanium, and modern aluminum alloys. Together, these technologies contribute to a 25% reduction in fuel consumption and CO₂ emissions compared to previous-generation aircraft. The aircraft also meets the strictest noise standards and is certified well below the latest ICAO Chapter 14 noise standards.

“TAP Air Portugal is a strong and profitable airline, our long-standing partner in Star Alliance and internationally successful as a leading carrier on South Atlantic routes. It is known for its outstanding employees and has a compelling business model. With today’s decision, the Portuguese government has paved the way for TAP Air Portugal to continue this success story together with Lufthansa Group. At the same time, this allows us to consistently pursue our internationalization strategy and sustainably strengthen our position in the South Atlantic market. Our company has enjoyed a close and trusted partnership with Portugal for many years. For decades, we have invested in the country, created and secured highly skilled jobs, and connected Portugal with Europe and the world. We look forward to a shared future with TAP Air Portugal and to continuing our constructive cooperation with the government in Lisbon!”

Lufthansa Group welcomes today’s announcement by the Portuguese government to initiate the process for the full privatization of TAP Air Portugal. Previous acquisitions have shown that a majority stake creates additional benefits for all parties involved.

Lufthansa Group has offered a purchase price of EUR 1.025 billion for the 44.9 percent stake. This amount could increase to up to EUR 1.2 billion for the acquisition of a 49.9 percent stake, due to up to 5 percent of shares initially offered to employees as well as a ticking fee.

Lufthansa Group has been active in Portugal for more than 70 years. The Group’s airlines currently offer 353 weekly flights to six destinations in Portugal, representing a 75 percent increase in capacity compared with 2019. More than 500 skilled professionals currently work for Lufthansa Group companies in Portugal. With the construction of the new Lufthansa Technik site in Santa Maria da Feira near Porto, where ground was broken in June, this number is expected to increase to more than 1,000 direct jobs by 2030.

Lufthansa Group is now working together with the Portuguese government and Parpública to finalize the transaction documents and expects to complete and sign the agreements for the acquisition of the stake shortly. Completion of the acquisition remains subject to approval by the relevant authorities.

Grazia Vittadini, Chief Technology Officer (CTO), has been appointed for a further three-year term through June 30, 2030. She has been a member of the Executive Board since 2024 and is responsible for Technology, IT, and Innovation. In 2030, Grazia Vittadini will reach the standard age limit for Executive Board members at Lufthansa Group.

Dr. Till Streichert, Chief Financial Officer (CFO), has been reappointed for an additional term of five years, through September 14, 2032. He has been a member of the Executive Board since 2024 and is responsible for the Finance division. His areas of responsibility include Controlling and Risk Management, Corporate Finance, Accounting and Financial Statements, Taxes, Mergers & Acquisitions, and Investor Relations.

Dieter Vranckx, Chief Commercial Officer (CCO), has also been reappointed for a further five-year term through June 30, 2032. He has been a member of the Executive Board since 2024. As Chief Commercial Officer, Dieter Vranckx is responsible for, among other areas, the Group’s Commercial Customer Offering, the Customer Journey, as well as Sales and Marketing.

Delivery of the newly ordered Boeing 737 MAX 10 aircraft is scheduled to begin in the early 2030s. By exercising the first 20 options, Lufthansa Group further strengthens its long-term capacity planning. The new aircraft are intended to gradually replace older Airbus A320 family aircraft across the Group.

The Boeing 737 MAX 10 is the largest member of the Boeing 737 MAX family and offers additional comfort for Lufthansa Group customers. It provides greater seating capacity than the Boeing 737 MAX 8 already on order.

Compared to the older aircraft it is intended to replace, the Boeing 737 MAX 10 consumes around 30 percent less fuel. At the same time, its higher seating capacity reduces unit costs by approximately 20 percent. The new aircraft will therefore make an important contribution to reducing CO₂ emissions and further improving efficiency on European routes.

The order, with a list value of approximately USD 3.4 billion, forms part of Lufthansa Group’s ongoing fleet modernization program. By 2035, the airline group expects to take delivery of more than 250 new aircraft, continuing its investment in an efficient and sustainable fleet. 

“Today, we reflect on a challenging second quarter that was once again marked by multiple geopolitical crises and uncertainties. Despite our further improvement in load factor and a significant increase in yield, we were unable to fully offset the considerable rise in fuel costs. The continued strong global demand for air travel—primarily in the premium classes—had a particularly positive impact. Our numerous investments in premium products such as Allegris, Swiss Senses, and the FOX service upgrade are beginning to pay off. At the core Lufthansa brand, all three elements of the turnaround program are now taking effect: fleet and product renewal is making visible progress, capacity at the highly efficient Discover Airlines and Lufthansa City Airlines is being continuously expanded, and competitiveness is being enhanced through numerous productivity and efficiency measures. At the same time, the positive trend in the cargo business continues. Lufthansa Cargo significantly increased its operating profit, achieving a margin of over 11 percent in the second quarter. Lufthansa Technik also delivered a solid second quarter and increased its revenue by 11 percent. Especially in a volatile environment, it is apparent that our business model is robust, adaptable, and increasingly resilient.”

Second-quarter 2026 result shaped by high kerosene prices

The Lufthansa Group increased its revenue in the second quarter of 2026 by eight percent year on year to 11.1 billion euros (prior year: 10.3 billion euros). The company recorded an operating profit (Adjusted EBIT) of 383 million euros, a significant decline compared to last year (prior year: 870 million euros). The primary drivers of the earnings decline were fuel costs that were approximately 750 million euros above the prior-year level, as well as financial burdens of at least 150 million euros caused by strikes. Offsetting these were improved yields, which were more than 13 percent above the prior-year level on Asian routes.

The Adjusted EBIT margin contracted to 3.4 percent (prior year: 8.4 percent). Group net income also declined to 123 million euros (prior year: 1.0 billion euros), mainly due to a lower operating result, valuation effects, and one-off tax effects in the prior year. Adjusted free cash flow fell to -365 million euros (prior year: 138 million euros).

Network airlines partially offset costs through strong demand

The Group's network airlines offered 3 percent less capacity in the second quarter than in the comparable prior-year quarter, with the decline attributable primarily to six strike days in April as well as the group-wide optimization of short-haul operations, including the removal of CityLine's flight operations from the schedule. The load factor of the group network carriers edged up slightly to 81.6 percent and unit revenues rose sharply by 6.4 percent year on year. Both figures underscore robust demand. This demand strength was driven in particular by the premium segment and by Asian routes.

Due to the sharp rise in kerosene prices resulting from the conflict in the Middle East, fuel costs at the network airlines rose by more than 600 million euros year on year. Unit costs excluding fuel and emissions expenses increased by 3.1 percent year on year mainly as a result of the lower capacity. The key cost drivers were higher personnel expenses and depreciation. Taking last year's capacity into account, unit costs rose by only about one percent, which demonstrates the consistent cost discipline in the core business.

Overall, the network airlines generated an Adjusted EBIT of 137 million euros, 490 million euros less than in the prior year. This figure also includes an equity result that was 108 million euros lower than in the prior year, attributable mainly to negative currency driven valuation effect of lease liabilities at ITA Airways.

Point-to-point airlines record strong intra-European demand

Eurowings reduced its capacity by six percent compared to the second quarter of the prior year. Unit revenues rose by 9.4 percent, driven primarily by a strong European business. Against the backdrop of the crisis in the Middle East, Eurowings has temporarily suspended flights to the Gulf region — which had previously seen strong growth — and is instead operating additional routes to the Mediterranean region.

Unit costs excluding fuel and emissions expenses rose by 10.9 percent, driven in particular by the reduced capacity as well as higher expenditure on aircraft maintenance and increased charges for fees, catering and personnel in preparation for the introduction of the Boeing 737-8 MAX into the fleet.

The equity result from the SunExpress joint venture was 29 million euros below the prior-year level, due primarily to a challenging demand environment on routes to Turkey.

Overall, Adjusted EBIT in the point-to-point airlines segment fell by 101 million euros in the second quarter of 2026 to -37 million euros. Here too, the primary driver was the sharp rise in fuel prices, which caused a cost increase of 71 million euros year on year.

Lufthansa Technik and Lufthansa Cargo post earnings increases

Demand for Lufthansa Technik's maintenance, repair and overhaul services remains consistently high. Revenue rose by 11 percent year on year to 2.2 billion euros (prior year: 2.0 billion euros), with revenue from external customers even increasing by 23 percent. Operating profit (Adjusted EBIT) of 157 million euros slightly exceeded the prior-year level (prior year: 149 million euros).

Lufthansa Cargo was able to expand its capacity in the second quarter by two percent year on year. This was attributable in particular to increased cargo space capacities, including the marketing of ITA Airways' belly capacity.

Against the backdrop of the crisis in the Middle East, demand in the air freight business remained persistently high. Consequently, yields rose considerably by 27 percent year on year. Unit costs were higher than the previous year, though this was due to passed-on kerosene costs. Overall, Lufthansa Cargo generated a markedly improved Adjusted EBIT of 116 million euros (prior year: 73 million euros).

The Lufthansa Group's balance sheet remains consistently stable

Operating cash flow fell by approximately 600 million euros in the first half to around 2.3 billion euros. The change is primarily driven by a lower operating result as well as lower advance ticket payments as of end of June, owing to shorter booking cycles compared to the prior year. Net investments of 1.0 billion euros (prior year: 1.6 billion euros) were attributable mainly to final payments for eight aircraft deliveries as well as advance payments for future fleet additions. Adjusted free cash flow in the first half of 2026 stood at 1.0 billion euros, roughly in line with the prior-year level.

The Group also maintained a stable balance sheet in the second quarter of 2026. As of 30 June 2026, net financial debt including net pension obligations stood at 8.3 billion euros, in line with the level at year-end 2025. As of end of June 2026, total liquidity available to the company amounted to 10.7 billion euros, likewise matching the figure at year-end 2025.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

“The second quarter was characterized by exceptionally high fuel costs and heightened geopolitical uncertainty. Nevertheless, thanks to robust demand, rising yields and the strong performance of Lufthansa Cargo, we were able to achieve a positive result. At the same time, our balance sheet remains consistently strong at 10.7 billion euros in liquidity. Even though uncertainties for the second half of the year remain high, we are confident that the consistent execution of our strategy, cost discipline, network optimizations and persistently high demand will offset a significant portion of the cost increases. However, the growing volatility of fuel prices in recent times, as well as the considerably shorter booking cycles in the passenger airline business, are making forecasting increasingly difficult. For this reason, we are now projecting a full-year earnings range of 1.7 to 2.2 billion euros in Adjusted EBIT — the upper end of this range therefore continues to represent a result significantly above the prior year.”

Outlook: Range added due to high kerosene price volatility

The Lufthansa Group now expects an Adjusted EBIT of between 1.7 and 2.2 billion euros for fiscal year 2026. The upper end of the range continues to represent a result significantly above the prior year and thus remains in line with the previous earnings ambition. The range reflects the heightened uncertainty stemming from high kerosene price volatility and shortened booking cycles in the passenger business. Key influencing factors for the further earnings development include the trajectory of fuel costs, unit revenues, the operational stability of flight operations and the air freight business. The Lufthansa Group now expects full-year capacity to be in line with the prior-year level. The forecast for Adjusted free cash flow of approximately 0.9 billion euros remains unchanged.

Further information

Further information on the results of individual business segments will be published in the report for the second quarter of 2026. This will be published simultaneously with this press release on 4 August 2026 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/investor-relations.html.

Traffic figures for the second quarter of 2026 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html

Carsten Spohr, CEO of the Lufthansa Group, says: “The Lufthansa Group stands for a long-standing, trusted, and strategic partnership with Portugal. For decades, we have been investing in Portugal, creating and securing skilled jobs, and connecting the country with Europe. Our interest in taking a stake in our Star Alliance partner TAP Air Portugal is the next logical step. We want to strengthen Portugal’s national airline as part of the Lufthansa Group and as the leading airline for the South Atlantic, with Lisbon as a strategic hub. With SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways, we have demonstrated how the European integration of our Lufthansa Group secures prospects and growth for our home markets and hubs.”

The Lufthansa Group has been active in Portugal for more than 70 years. Currently, the Group’s airlines offer 353 weekly flights to and from Portugal. The company employs over 500 skilled professionals in the country. With the construction of a new Lufthansa Technik facility for the repair of engine parts and aircraft components in Santa Maria da Feira near Porto, this number is expected to rise to over 1,000 by 2030. The Lufthansa Group’s offer to Portugal therefore goes beyond a financial investment. It combines seven decades of industrial presence with rising employment figures and growing investments, complemented by social engagement. Not least, the recent establishment of help alliance Portugal, the aid organization’s first European location outside Germany, demonstrates Portugal’s great importance to the Lufthansa Group. In this way, the Lufthansa Group is presenting an offer that combines strategic, industrial, social, and financial aspects.

The Lufthansa Group has already successfully developed national airlines such as SWISS, Austrian Airlines, Brussels Airlines, and most recently ITA Airways, while preserving their national identities. As the largest airline group outside the U.S., the Group offers the necessary scale, experience, and financial stability to create sustainable value and strengthen TAP Air Portugal’s role as the country’s ambassador around the world.

The partnership would strengthen Lisbon’s position as a strategically important Atlantic hub within the Lufthansa Group’s network. Connectivity between Europe and other regions, such as Latin America, Africa, and North America, could be expanded.

The Airbus A350-1000 is scheduled to be transferred from Toulouse to Munich this fall. Until then, several test flights, further work on the aircraft’s interior, and the final acceptance inspection are still pending. The A350-1000 will bear the registration number D-AIFA and the name “Deutschland.” An official naming ceremony is scheduled to take place at a later date. What makes this first A350-1000 special is that it will be the 700th aircraft that Airbus has delivered to the Lufthansa Group.

With a length of 73.80 meters, the Airbus A350-1000 is exactly seven meters longer than its smaller brother, the Airbus A350-900. This long-haul aircraft can accommodate a total of 300 passengers across four travel classes: First Class, Business Class, Premium Economy, and Economy Class. Fifteen aircraft of this type have been ordered and will be delivered by 2030.

The new A350-1000 is the seventh aircraft in the Lufthansa fleet to feature a special livery commemorating the airline’s 100th anniversary. Already in service on long-haul routes are an Airbus A350-900, an Airbus A380, a Boeing 787-9, and a Boeing 747-8, as well as two short- and medium-haul Airbus A320neo aircraft featuring this special design. The special livery is attracting a great deal of attention and enthusiasm from passengers and plane spotters worldwide.

The Portuguese Prime Minister said: “We are here for the benefit of the country, promoting a development strategy alongside our partners, Lufthansa Technik and Lufthansa Group. We are the primary stakeholders in ensuring the longevity of this partnership. I am confident that we will reinforce our political, economic, and working relationship with Germany.”

The new facility of Lufthansa Technik Portugal, a wholly owned subsidiary of Lufthansa Technik, is dedicated to the repair of engine parts and aircraft components. As part of the Lufthansa Group, Lufthansa Technik is the world’s leading provider of aircraft maintenance, repair and overhaul (MRO) services. With its three-digit million-euro investment in Portugal, the company will further expand its capabilities and strengthen its global network. Start of operations is expected in 2028.

Carsten Spohr, CEO Lufthansa Group, stated: “Today’s groundbreaking in Santa Maria da Feira is a visible and powerful symbol of what the Lufthansa Group stands for in Portugal: a reliable, long-term industrial partner. For more than 70 years, we have been present in this country. With this investment by Lufthansa Technik, we are creating 700 highly skilled jobs and positioning Portugal as a cornerstone of European aviation maintenance. Portugal has become one of the most strategically important locations for our Group beyond our home markets, and this facility reflects the confidence we place in Portuguese talent, capabilities, and ambition. This depth of commitment across industry and innovation also underpins our strong interest in TAP Air Portugal as a natural extension of the partnership with Portugal we have been building for decades – with the country serving as Europe’s gateway to South America, Africa and the Portuguese-speaking world.”

The groundbreaking marks a visible milestone for the Lufthansa Group in Portugal within a broader industrial vision. This investment extends well beyond a single facility, spanning maintenance excellence, a new TravelTech and AI Hub in Northern Portugal and a new Portuguese entity of help alliance, the aid organization of the Lufthansa Group, Associação help alliance Portugal. It is the first time a help alliance organization has been founded outside of Germany in Europe, underscoring the social commitment of the Lufthansa Group in the home market. The Group’s engagement in Portugal reflects a multi-dimensional approach: today, seven Lufthansa Group airline brands (Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, Edelweiss, Eurowings and Discover Airlines) operate 353 weekly flights to the Portuguese destinations Lisbon, Porto, Faro, Madeira and the Azores. With more than 500 employees already working across the Lufthansa Group’s entities in Portugal, and a combined ambition to create in total more than 1,000 direct jobs across various businesses in the years ahead, the Lufthansa Group is establishing one of its most significant employment platforms outside its home markets.

Harald Gloy, Chief Operations Officer of Lufthansa Technik, commented at the event: “Lufthansa Technik has big plans and strong ambitions, and Portugal will be a key pillar of our continued growth and long-term success. With this new facility in Santa Maria da Feira, we will put a key part of our strategy into action and build a site that will play an important role in the aviation industry. Establishing Lufthansa Technik Portugal here was only possible due to the close and trusted partnership we have built with Portuguese policymakers. Therefore, I would like to sincerely thank the Government, the trade and investment agency AICEP and the City of Santa Maria da Feira for their strong support and shared commitment. Today’s groundbreaking marks the start of an exciting chapter and clearly demonstrates what can be achieved when the right partners work closely together with a common purpose.”

During the event, Lufthansa Technik Portugal and AICEP (Agência para o Investimento e Comércio Externo de Portugal) also signed their final agreement on investment incentives for economic development – further underscoring AICEP’s strong support, which has been instrumental in making the construction of the new facility possible.

Madalena Oliveira e Silva, Chairwoman and CEO of AICEP, said: “The investment contract being signed today represents one of the most significant aerospace projects ever supported by AICEP. By creating 700 highly qualified jobs and bringing cutting-edge capabilities to Portugal, this investment will reinforce the country’s position as a leading aviation and MRO hub in Europe. We are proud to have been side by side with Lufthansa Technik throughout this process and look forward to supporting the company’s continued growth and success in Portugal. The groundbreaking ceremony of Lufthansa Technik’s new facility in Santa Maria da Feira marks an important milestone for Portugal’s aerospace industry and a strong vote of confidence in the country.”

Also Amadeu Albergaria, the Mayor of Santa Maria da Feira, has closely supported the project since its inception in 2024 and stated in his speech: “The groundbreaking ceremony of Lufthansa Technik is a milestone in the recent history of Santa Maria da Feira and a source of particular pride for me, both as a citizen and as Mayor of Santa Maria da Feira. This structural investment opens a new chapter for our region, bringing more industry, more skilled jobs, more development, and greater international recognition.”

Torsten Raabe, Managing Director of Lufthansa Technik Portugal, added: “Standing here today to celebrate the groundbreaking of Lufthansa Technik Portugal is deeply meaningful to me personally, and it is a tribute to the entire team that has worked so hard to bring us to this point and lay the foundation for what lies ahead. It is great to see what we have already achieved together and how we will keep building on it in the years to come. We will create something truly significant for Lufthansa Technik Portugal and for everyone who joins us on this journey.”

Caption: (from left to right) Torsten Raabe (Managing Director of Lufthansa Technik Portugal), Madalena Oliveira e Silva (Chairwoman and CEO of AICEP), Harald Gloy (Chief Operations Officer of  Lufthansa Technik), Luís Montenegro ( Prime Minister of Portugal), Carsten Spohr (CEO Lufthansa Group), Manuel Castro Almeida (Minister of Economy), Amadeu Albergaria (Mayor of Santa Maria da Feira) und Daniela Schlegel (German Ambassador).

“Today, we are working together towards the delivery of the 700th aircraft for the Lufthansa Group which is scheduled for later this year. This major milestone is just one example of how Airbus and Lufthansa jointly worked on making aviation one of the key industries for Germany”, says Lars Wagner, CEO Commercial Aircraft at Airbus.

“As the world leading aviation groups, Airbus and the Lufthansa Group share a long-standing, trusting, and very special partnership. Over the past half-century, we have not only taken delivery of more aircraft from Toulouse and Hamburg than any other airline in the world, but have also supported the development of numerous aircraft models as launch customers. We intend to build on this foundation together to further advance aircraft technology and expand Europe’s leading role in the aviation sector”, says Carsten Spohr, CEO Lufthansa Group. 

The Lufthansa Group has been operating all Airbus aircraft families including the A220, A300, A320, A330/A340, A350 and A380. For several aircraft, Lufthansa was the launch operator, continuously driving innovation forward in commercial aviation. Lufthansa has recently finalised a firm order for 10 additional A350-900 aircraft to complement its existing fleet of 43 of the type. In total, Lufthansa has now ordered 75 A350s – including the soon to be delivered A350-1000.

The agreement signed in the presence of Federal Chancellor Friedrich Merz at ILA comprised several areas. Lufthansa signed a component services agreement covering its entire Airbus A220 fleet, ensuring efficient operation of the smallest member of the Airbus aircraft family across the various airlines of the Lufthansa Group.

Airbus and Lufthansa also reaffirmed their commitment to the future of sustainable aviation. As an example both companies also presented recently a SharkSkin aircraft coating for the A330 to further reduce fuel consumption.

Photo caption: Lufthansa Group CEO Carsten Spohr and Lufthansa Group CTO Grazia Vittadini signing the agreement with Airbus CEO Guillaume Faury and Commercial Aircraft CEO Lars Wagner in the presence of Chancellor Friedrich Merz at the opening of ILA Berlin Air Show 

The Lufthansa A320neo, registered D-AING, is part of the anniversary fleet commemorating the founding of the first Lufthansa 100 years ago. The aircraft, featuring the iconic Lufthansa crane in XXL format on a blue fuselage, represents more than a century of aviation history and the continuous modernization of the Lufthansa Group fleet.

At ILA 2026, the Lufthansa Group will place a particular focus on Lufthansa Technik Defense. Since 2023, Lufthansa Technik has brought together its defense activities for the German Armed Forces and its NATO partners under this brand. The company is involved in various military modernization and procurement programs, including the P-8A Poseidon maritime patrol and anti-submarine warfare aircraft, the PEGASUS signals intelligence system, and the CH-47 Chinook heavy-lift transport helicopter. In addition, Lufthansa Technik Defense, together with Lockheed Martin, Rheinmetall, and ESG, provides technical support for Germany’s future F-35 fleet.

At its 144-square-meter exhibition stand, Lufthansa Technik Defense will showcase these programs as well as additional capabilities in the maintenance, repair, overhaul, and modification of military aircraft.

Visit us at ILA Berlin 2026: The Lufthansa A320neo can be seen at the Airbus Static Display (S4). The Lufthansa Technik Defense stand is located in Hall D, Stand 395.

By a large majority, they thereby granted discharge to the members of the Executive Board and the Supervisory Board for the fiscal year 2025.

The agenda items for the Annual General Meeting included, among other things, the appropriation of retained earnings, which provides for the distribution of a dividend of 0.33 euros per share, as well as the election of members of the Supervisory Board of Deutsche Lufthansa AG. Dr. Johannes Teyssen, former Chairman of the Executive Board and CEO of E.ON SE, and Wolfgang Nickl, member of the Executive Board and CFO of Bayer AG, were newly elected to the Supervisory Board. Karl Gernandt, Chairman of the Board of Directors of Kühne Holding AG, was re-elected to the Supervisory Board.

The shareholders bid farewell to Dr. Karl-Ludwig Kley, who had been a member of the Supervisory Board since 2013 and its Chairman since 2017. In his speech, CEO Carsten Spohr addressed Karl-Ludwig Kley and thanked him for his service: “You have shaped our transformation. Our shared path to success, with its highs, lows, achievements, and crises. And especially during crises, you have always been a unique source of support for me personally.”

Following the conclusion of the Annual General Meeting, the Supervisory Board elected Dr. Johannes Teyssen as its new Chairman at its constituent meeting.

The acquisition of the additional 49 percent stake will take place at a previously agreed purchase price of 325 million euros. The transaction is subject to regulatory approvals, primarily from the European Commission and the U.S. Department of Justice (DOJ), and is expected to close in the first quarter of 2027. Following this, ITA Airways will be fully integrated into the Lufthansa Group, both organizationally and financially.

Since 17 January 2025, Deutsche Lufthansa AG has held a 41 percent stake in ITA Airways as a minority shareholder. Upon the conclusion of the purchase agreement with the Italian Ministry of Economy and Finance (MEF) in June 2023, an annually recurring option for Deutsche Lufthansa AG to acquire an additional 49 percent stake in ITA Airways was agreed upon. This option is now being exercised along with the accompanying acquisition of a majority stake in the Italian flagship carrier. The seller is the MEF, which will initially continue to hold the remaining 10 percent of the shares in ITA Airways. In 2028, this tranche may also be acquired by Lufthansa.

Carsten Spohr, CEO of the Lufthansa Group and Chairman of the Executive Board of Deutsche Lufthansa AG, said at today’s Annual General Meeting:
“Following the acquisition of the first 41 percent stake in ITA Airways last year, we promised the fastest airline integration in our history. We aimed to complete all major integration steps into the Lufthansa Group within just 18 months.

We have not only kept this promise. We were even faster: All customer-facing interfaces are already integrated today—with the exception of North Atlantic flights, where, as is well known, regulatory approval for our merger is still pending.

Passengers already experience ITA Airways as an integrated part of the Lufthansa Group. With unified booking, sales, and fare systems, the Miles and More frequent flyer program, Star Alliance membership, and access to our global network of premium lounges.

Integration is also progressing in the cargo business. Since last year, Lufthansa Cargo has been marketing ITA Airways’ cargo capacity, which alone corresponds to the additional capacity of three Boeing 777 freighters. In light of this success story, we decided to exercise our option to acquire an additional 49 percent stake as early as June of this year.”

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ITA Airways' key figures are available at this link About us | ITA Airways

The election of members of the Supervisory Board is also on the agenda. In addition to the proposal to elect Dr. Johannes Teyssen, former Chairman of the Executive Board and CEO of E.ON SE, and Wolfgang Nickl, member of the Executive Board and CFO of Bayer AG, the agenda also includes a proposal for the re-election of Karl Gernandt, Chairman of the Board of Directors of Kühne Holding AG, to the Supervisory Board.

Other agenda items include, among other things, the cancellation and creation of a new Authorized Capital A and a new Contingent Capital.

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, says: “By ordering 20 additional long-haul aircraft, we are making a sustainable investment in the future of the Lufthansa Group. It is a clear commitment to a modern fleet, to premium quality, and to further reducing CO2 emissions. After all, aircraft featuring the latest technology are the most powerful tool for more climate-friendly air travel. The state-of-the-art Airbus A350 and Boeing 787 are more fuel-efficient, quieter, and have lower emissions than their respective predecessors. We are thus continuing the largest fleet modernization in our history.” 

The Airbus A350-900 and the Boeing 787-9 will replace older and therefore less efficient models starting in 2032. The decision regarding which airline and which hub the ordered aircraft will be deployed at will be made at a later date. 

The gradual standardization of the fleet reduces complexity and increases efficiency, operational flexibility and operational stability. At the same time, maintenance and operating costs will be reduced. Additionally, further synergies will arise, for example in the areas of cockpit and cabin crew licensing and spare parts management. 

Including today’s order, the Lufthansa Group currently has a total of 232 state-of-the-art aircraft on its order list, including 107 next-generation long-haul aircraft. 
 

"In the first quarter, we significantly improved on the previous year’s financial results, with Adjusted EBIT up by 110 million euros and net income up by 220 million euros. Group revenue rose by eight percent to 8.7 billion euros — a new record for a first quarter. We are achieving what we set out to do and delivering on what we promised. From our customers' perspective, this applies in particular to our product and fleet renewal. With seven new aircraft deliveries, including five long-haul aircraft, we are fully on track in the first quarter of the year.

But the ongoing crisis in the Middle East, combined with rising fuel costs and operational constraints, poses enormous challenges for the world as a whole, for global air travel, and for our company as well. However, we are resilient in our ability to absorb these impacts. This applies both to our above-average hedging against fuel price fluctuations and to our multi-hub, multi-airline strategy, which provides us with greater flexibility in our route network and fleet development. Complemented by a successful Lufthansa Cargo and Lufthansa Technik, together with our team of 110,000 employees, we will therefore — as so often in the 100 years of our history — emerge from this crisis even stronger.”

Significantly improved result in first quarter 2026

Lufthansa Group increased its revenue in the first quarter of 2026 by eight percent year-on-year to 8.7 billion euros (prior year: 8.1 billion euros). The company posted an operating loss (Adjusted EBIT) of 612 million euros, a significant improvement compared to the previous year (prior year: -722 million euros).

The Adjusted EBIT margin improved to -7.0 percent (prior year: -8.9 percent). The net income rose to -665 million euros (prior year: -885 million euros). Adjusted Free Cash Flow increased by 65 percent to 1.4 billion euros (prior year: 835 million euros).

Network airlines benefit from high demand and network flexibility

The Group's Network Airlines kept their capacity nearly stable compared to the first quarter of the prior year. Slight growth in long-haul traffic compensated for minor capacity reductions in short- and medium-haul segments. Seat load factor increased to 81.9 percent, and unit revenues rose by 3.3 percent compared to the prior year. Both metrics were primarily driven by a strong surge in demand in March following capacity reductions via Middle Eastern hubs. This also significantly overcompensated for the fact that some connections to destinations in the Middle East could no longer be served.

Lufthansa Group's airlines adjusted their flight schedules in response to increased demand, particularly on Asia and Africa routes, adding additional flights. The strong demand was also reflected in higher yields in the premium segment. Unit costs excluding fuel and emission expenses increased by 2.5 percent compared to the prior year. This resulted from lower-than-planned capacity growth while costs increased due to higher personnel expenses and depreciation. Overall, the Network Airlines' Adjusted EBIT amounted to -605 million euros, representing an improvement of 135 million euros compared to the prior year.

Point-to-Point Airlines shift capacity from Gulf region to Europe

Eurowings increased its capacity by five percent compared to the first quarter of the prior year. Unit revenues rose by 6.8 percent, primarily due to strong European business in March. Against the backdrop of the Middle East crisis, Eurowings has temporarily removed flights to the previously high-growth Gulf region from its program.

Unit costs excluding fuel and emission expenses increased by 5.1 percent, primarily due to higher maintenance expenses and costs from weather-related flight irregularities.

The equity result from the SunExpress joint venture was 10 million euros below the prior year due to the challenging market situation in Turkey.

Overall, Adjusted EBIT in the Point-to-Point Airlines segment decreased by 14 million euros to -215 million euros in the first quarter of 2026.

Lufthansa Technik and Lufthansa Cargo with strong earnings contribution

Demand for maintenance, repair, and overhaul services as well as other products from Lufthansa Technik remains consistently high. Revenue increased by 12 percent compared to the prior year to 2.3 billion euros (prior year: 2.0 billion euros), with revenue from business with external customers rising by as much as 19 percent. Material shortages in the global market weighed on the result, as did personnel shortages and costs for necessary qualification measures, so that the operating result (Adjusted EBIT) of 158 million euros remained at prior-year level (prior year: 161 million euros).

Lufthansa Cargo substantially expanded its capacity by seven percent in the first quarter compared to the prior year. This was primarily due to increased belly capacity, including through the marketing of ITA Airways' cargo space.

Against the backdrop of the Middle East crisis, momentum in the air cargo business continued to accelerate towards the end of the quarter. Particularly in March, yields improved further compared to the prior year. At the same time, unit costs were four percent below the prior year thanks to lower maintenance expenses and consistent cost management. Overall, Lufthansa Cargo achieved a significantly improved Adjusted EBIT of 83 million euros (prior year: 62 million euros).

Increased Adjusted Free Cash Flow further reduces net debt

Operating cash flow rose to around 2.1 billion euros in the first quarter (prior year: 1.8 billion euros). The development is primarily based on a strong increase in liabilities due to increased business activity. Combined with reduced net capital expenditures thanks to proceeds from aircraft sales, this led to an improvement in Adjusted Free Cash Flow to 1.4 billion euros (prior year: 835 million euros).

The Group also maintained a strong balance sheet in the first quarter of 2026. Net debt of 5.3 billion euros was significantly below the level at year-end 2025 (December 31, 2025: 6.4 billion euros). Net pension obligations amounted to 1.9 billion euros and were thus at the level of year-end 2025 (December 31, 2025: 1.9 billion euros). At the end of March 2026, the company had liquidity of 10.3 billion euros available (December 31, 2025: 10.7 billion euros).

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

"We are satisfied with the first quarter: the earnings improvement of 110 million euros already represents a substantial portion of what we had planned for the full year. At the same time, the current situation compels us to rigorously examine every lever available to reduce costs, improve efficiency, and mitigate risks in order to maintain our ability to act decisively. Our annual profit will likely be lower than originally anticipated. Nevertheless, based on current booking trends, we expect to be able to largely offset the high fuel costs successively - especially in the second half of the year. And the cargo business, which continues to perform well, provides additional support to the earnings situation. Provided there are no fuel supply bottlenecks or further strikes, I therefore remain confident, despite increased risks, that we can achieve a full year result significantly above prior-year levels."

Outlook under increased uncertainty: opportunities and risks persist

Global demand for air travel remains high and continues to prove resilient even in times of crisis. Against this backdrop, Lufthansa Group again expects a strong travel summer. Additional momentum comes from shifts in passenger flows: travelers are increasingly shifting from airports in the Gulf region to Lufthansa Group hubs against the backdrop of the Middle East crisis.

At the same time, the current closure of the Strait of Hormuz is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices. This places a substantial burden on the cost base of Lufthansa Group airlines. Although kerosene requirements for the current year are already approximately 80 percent hedged through fuel price hedging via derivatives on various petroleum products, the increased kerosene prices currently lead to additional costs of 1.7 billion euros in 2026. The Group intends to offset this additional financial burden in the following quarters through increased revenue from ticket sales, optimized network planning, and further cost-saving measures. While no restrictions in kerosene supply are currently expected at any of the Lufthansa Group hubs, potentially reduced fuel availability later in the year represents an additional risk factor.

Due to these uncertainty factors, the risk-opportunity profile has shifted toward risks. Nevertheless, Lufthansa Group maintains its guidance for the full year to achieve an operating result (Adjusted EBIT) significantly above the prior year (1,960 million euros).

Further information

Further information on the results of individual business segments will be published in the quarterly report. This will be published at the same time as this press release on May 6, 2026, at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/investor-relations.html

The traffic figures will also be published at 7:00 a.m. CEST at Traffic figures - Lufthansa Group Investor Relations

As a first immediately effective step, the 27 operational aircraft of Lufthansa CityLine will be permanently removed from the flight program starting the day after tomorrow, in order to reduce further losses of the loss-making airline. The Canadair CRJ aircraft are nearing the end of their technical operational capability and have comparatively high operating costs.

In the second step, long-haul capacity will be reduced by a total of six intercontinental aircraft at the end of the summer flight schedule. To this end, the last four remaining Airbus A340-600s will leave the fleet in October, thus bringing the era of this aircraft type at Lufthansa to a definitive end. Additionally, two Boeing 747-400s will be grounded from October onwards for the coming winter. The final farewell to this aircraft type is planned for next year.

In the coming 2026/27 winter flight schedule, the third step will take place with a reduction in the capacities of the Lufthansa core brand as part of the envisaged consolidation of short- and medium-haul traffic across six hubs of the Lufthansa Group. This additional capacity reduction corresponds to five aircraft of the Lufthansa core brand.

The package of measures generates a disproportionate savings effect on fuel costs. On the one hand, particularly inefficient aircraft are being removed from flight operations early. On the other hand, the saved kerosene quantity reduces the unhedged portion of the Group's fuel requirements.

The kerosene consumption of the Lufthansa Group's passenger airlines is hedged at an above-average rate of around 80 percent based, among other things, on crude oil prices. However, the remaining 20 percent must still be purchased at significantly increased market prices. This particularly expensive portion of fuel requirements will be reduced by around 10 percent.

Till Streichert, Chief Financial Officer and CFO of Lufthansa Group, says: "The package for accelerated implementation of fleet and capacity measures is unavoidable in light of the sharply increased kerosene costs and geopolitical instability. The goal is to focus our short- and medium-haul platforms more clearly and make them more competitive. In this regard, we had already identified the prospective removal of CityLine from our program as part of our strategic development for some time, independently of the current geopolitical crisis. The current crisis is now forcing us to implement this measure earlier. This is a painful step, particularly with regard to the colleagues at Lufthansa CityLine. It is therefore all the more important now to find continued employment opportunities within the Group."

With the implementation of the first package of measures, the Group is accelerating its intended consolidation of short- and medium-haul traffic. The early retirement of older aircraft types also corresponds to the strategy of reducing the number of different sub-fleets as quickly as possible. The planned allocation of nine additional Airbus A350s to Discover Airlines is taking place within the framework of medium-term fleet planning.

To further reduce administrative costs, new savings targets for staff recruitment, internal events, and external consulting services have been decided. They support the existing reduction target of 4,000 administrative positions group-wide by 2030.

Against the background of the scheduled end of flight operations of the Canadair jets at Lufthansa CityLine by the end of the year at the latest, and a possible termination of all flight operations, offers for follow-up employment have already been made to all employee groups in the past:

• Ground staff have already received employment at the newly founded Lufthansa Aviation GmbH
• Cockpit and cabin crew were already offered transfer options at the turn of 2024/2025, which provided for employment at Lufthansa City Airlines with multi-year comparable compensation conditions to Lufthansa CityLine. According to this offer, any differences in working conditions were to be offset by a compensation payment.
• The goal remains to enable crews of Lufthansa CityLine to have options for a professional perspective within the Lufthansa Group.

In addition, discussions will be initiated with the employee representatives of Lufthansa CityLine GmbH regarding a reconciliation of interests and social plan.

On Monday morning, two long-haul aircraft will take off from Lufthansa’s hubs in Frankfurt and Munich bound for the capital. A Boeing 787-9 will depart from Hesse, and an Airbus A350-900 from Bavaria. On board: more than 400 passengers, consisting of Lufthansa Group employees and their partners, who have been invited by the company. Also on board the flights: influencers and journalists. Both aircraft feature the special blue livery with a white XXL crane to mark Lufthansa’s 100th anniversary.

More than 600 guests are expected at a celebratory event at Berlin Brandenburg Willy Brandt Airport.

On April 6, 1926, a Fokker Grulich F II took off from Berlin-Tempelhof Airport bound for Zurich, and a Dornier Komet III D-580 took off for Cologne. The flight to Zurich carried a newlywed couple, while the flight to Cologne had only a single passenger.

On Easter Monday, the Boeing 787 and the Airbus A350 will reenact these historic maiden flights. Both aircraft are scheduled to take off simultaneously from Berlin at around 3:00 p.m. Numerous spectators and aviation enthusiasts are expected on the BER visitor terrace for this special parallel departure.

The Dreamliner D-ABPU will depart for Zurich, and the Airbus D-AIXL for Cologne. They will also pass over the locations where the planes made stops on April 6, 1926. LH1926 (Boeing 787) flies from Berlin via Halle, Erfurt, and Stuttgart to Zurich, while LH2026 (Airbus A350) flies from Berlin via Magdeburg to Cologne. 100 years later, however, naturally without a stopover, but only as waypoints flown over in the air. Many aviation fans are also expected in Zurich and Cologne. Tickets for the two special flights sold out within a few days.

In addition, Lufthansa is planning to offer around 540 additional flights in Europe from its hubs in Frankfurt and Munich for the period between April and October 2026, serving both high-demand tourist destinations in Southern Europe as well as selected destinations in the far North. Among other things, capacity to the Iberian Peninsula, Greece, and Italy will be significantly expanded.

Around 700 flights from Austrian Airlines from Vienna, over 100 flights from SWISS from Zurich, and around 170 flights from Brussels Airlines from Brussels are to be added. Thus, the offering of the Lufthansa Group Airlines expands to around 1,600 additional departures from their hubs, distributed throughout summer 2026.

The additional capacities are being created through an adjustment of the flight program for the Middle East, whereby free resources can be efficiently utilized. This measure enables Lufthansa and the other airlines of the Group to respond flexibly to the changed booking behavior of travelers, influenced by geopolitical developments.

With the expansion of the summer flight program, the airlines of the Lufthansa Group are creating a greater choice of travel connections and improving availability during the peak travel season.

However, the geopolitical environment remains highly volatile, characterized by short-term changes and market fluctuations. In particular, sharp increases in ticket prices due to higher fuel costs could impact demand. At present, however, demand for travel remains high, even though ticket price increases have already been implemented.

Nevertheless, in parallel with the expansion of flight offerings, the airlines of the Lufthansa Group are currently developing and evaluating scenarios to enable a rapid response to changes in the market environment, for example through the cancellation of unprofitable routes or the early retirement of older aircraft.

Michael Niggemann, Member of the Executive Board of Deutsche Lufthansa AG responsible for Human Resources and Legal Affairs, says:

“This agreement sends a clear message in times of geopolitical crises and their resulting impact on the global economy: We are a responsible employer for our employees. Furthermore, the long-term nature of the agreement guarantees reliability. This provides a solid foundation for continuing to invest in the Lufthansa Group and thus also in the future of our employees.

After challenging negotiations, we succeeded in reaching a good compromise together at the negotiating table – without industrial action and without burdens - to our customers or additional economic disruptions. This was only possible because both sides were aware of their collective bargaining responsibilities toward the Lufthansa Group and there was a shared commitment to reaching an agreement. With this understanding as a foundation, we have agreed that we also intend to coordinate crisis measures in terms of safeguarding jobs, should the impact of the geopolitical conflicts on the Lufthansa Group intensify.”

Key points of the agreement:

• Employees of Lufthansa Technik and Lufthansa Cargo will receive a 2.2 percent pay increase retroactive – from January 1, 2026. A further increase of 2.4 percent will follow on March 1, 2027.
• Ground staff at Deutsche Lufthansa AG will receive a 2.2 percent pay increase effective January 1, 2027. A further increase of 2.4 percent will take effect on March 1, 2027. The delayed payment of the first stage of the pay increase is due to the challenging economic situation at Lufthansa Airlines.
• The Ground Staff Collective Bargaining Agreement (VTV) has a minimum term of 26 months, effective retroactively as of January 1, 2026.

The conclusion of the collective bargaining agreement is subject to approval by the relevant committees.

"All of our colleagues are part of Lufthansa's history," says Jens Ritter, CEO of Lufthansa Airlines. "Whether in the air or on the ground – every person who works for Lufthansa defines our airline and makes it what it is. With this special livery, we want to honor their work and tell Lufthansa's history from their perspective."

Via the intranet, all Lufthansa Group employees were invited to submit their personal stories. A jury selected the 20 best anecdotes, ideas, and proposals, from which all employees were then able to vote for their favorites. Twelve motifs will now find their place on the aircraft bearing the baptismal name "Hamm."

The selected stories are wide-ranging: some employees highlighted special moments from Lufthansa's history, such as the first inter-German scheduled flight following Germany's division, which operated from Frankfurt am Main to Leipzig in 1989. Others submitted very personal experiences – for example, the story of a male and a female flight attendant who met while skiing during a layover in Vancouver. Their drawing of themselves on skis in the mountains will now adorn the aircraft – as will a motif contributed by Lufthansa Technik employees: it depicts two interlocking hands and is meant to symbolize the team spirit that is lived across many areas of work at Lufthansa.

In addition to the employee motifs, historical images will also be featured – for example, a photo of Lufthansa's first two female pilots, Nicola Lisy and Evi Hetzmannseder. All images are placed into designated mats integrated into the design of the now-familiar XXL crane, which extends across the entire aircraft bearing the registration D-AIEM. In this way, the employees' stories fly with it across all of Europe.

Additional employee motifs will be added on a rolling basis over the course of the year. Next to each mat on the aircraft, a QR code will be visible, linking to a landing page with background information on the respective motifs.

Lufthansa's key sub-fleets have already received their own special liveries in the anniversary year. Currently, two Airbus A320neo, one Airbus A350-900, one Airbus A380, one Boeing 747-8, and one Boeing 787-9 are flying around the world in the 100-year design featuring the XXL crane. In the fall, the A350-1000 will join as the seventh member of this special anniversary fleet.

In the winter flight schedule, the Dreamliner currently flies from Frankfurt to Rio de Janeiro, Bogotá, Austin, Hyderabad, Mumbai, and Toronto. When the summer schedule begins on March 29, the 787-9 will fly to Austin, Rio de Janeiro, Bogotá, Cape Town, Shanghai, Hyderabad, and Hong Kong. Starting in June, the destinations will include New York JFK and Los Angeles, followed by Delhi in July.

When booking, travelers now also have the option to select special Allegris seats in Business Class. Reserving a Classic Seat remains free of charge; this seat offers all the benefits of the new travel class. Optionally, passengers can also book seats with additional comfort (the Business Class Suite, the Extra Space Seat with extra legroom, the Privacy Seat by the window, and the Extra Long Bed with a 2.20-meter reclining surface) in advance via the seat reservation system for an additional fee.

Since October 9, 2025, Allegris has been flying the Boeing 787-9 out of Frankfurt. Currently, ten brand-new aircraft have arrived in Frankfurt, nine of which are currently in service. In total, Lufthansa Airlines plans to have 29 Boeing 787-9s by the end of 2027.

“Exactly 100 years ago, the first Lufthansa was founded. The values of that time – quality, reliability, and connectivity – continue to make us successful today. Last year we were able to significantly increase the Group's operating profit and achieved the highest revenue in our history. Our results demonstrate the resilience and stability of the Group. I would like to express my sincere thanks to our guests for their loyalty and to all our employees for their great commitment.

Lufthansa Airlines' turnaround program continues to be a top priority, so that the operational improvements at our core brand will be followed by economic progress this year.

The war in the Middle East proves once again how exposed air traffic is and how vulnerable it remains, even though the industry is now more resilient to crises than it used to be. The massive concentration of global traffic flows via the Gulf hubs is increasingly proving to be a geopolitical Achilles' heel. This makes it even more important not to further disadvantage European airlines and hubs. Europe's sovereignty requires the ability to maintain its own connections to global markets.

In 2026, we will continue to consistently implement our strategy through internationalization, fleet renewal, and efficiency improvements. Our anniversary year makes us proud of our past – and at the same time commits us to the future. We will continue to consistently expand our position as the leading airline group outside the US."

Results

In 2025, the Lufthansa Group generated the highest revenue in its history. Revenue rose by five percent compared with the previous year to 39.6 billion euros (previous year: 37.6 billion euros).

The Group significantly increased its operating profit (Adjusted EBIT) to 2 billion euros (previous year: 1.6 billion euros). As a result, the operating margin improved to 4.9 percent (previous year: 4.4 percent). At 1.3 billion euros, consolidated net income remained at the previous year's level (previous year: 1.4 billion euros) as it was affected by valuation effects on loss carry forwards. Excluding this effect, Net Income would have increased in line with the operating result.

The capacity offered in the passenger airline business increased by four percent last year, while the seat load factor remained constant. In addition, the continuous stabilization of flight operations resulted in substantially lower expenses for flight irregularities (362 million euros less compared to 2024), which had a positive effect on both operating profit and customer satisfaction. The increase in Adjusted EBIT was also supported by the guests’ continued high willingness to pay for ancillary services. This generated additional revenue, particularly through the premium product Lufthansa Allegris. In addition, lower kerosene prices and a weak US dollar led to cost savings of 500 million euros compared with the previous year.

 

Passenger airlines increase earnings

The airlines of the Lufthansa Group welcomed 135 million guests on board their aircraft last year, an increase of three percent compared with the previous year.

The seat load factor once again reached a record level of 83.2 percent (previous year: 83.1 percent). Revenue of the passenger airlines increased by three percent year-on-year to 30.1 billion euros. Combined, they generated an operating profit (Adjusted EBIT) of 1.1 billion euros – four percent above the previous year. ITA Airways made a positive contribution to earnings of 90 million euros.

This increase in earnings was achieved in an extremely challenging environment. The situation in the Middle East and other geopolitical tensions, temporary demand weakness in the third quarter, particularly on the North Atlantic and in Europe, and ongoing delays in the delivery of new aircraft required a high degree of flexibility from all airlines. As a result, yields came under pressure and fell by 1.3 percent in 2025 compared to the previous year on a currency-adjusted basis. 

The decline in average yields was offset by higher revenues from ancillary services, which rose by 15 percent. In sum, the currency-adjusted unit revenues (RASK) remained stable at the previous year's level.

Unit costs (CASK) rose by 1.9 percent compared with the previous year due to ongoing cost inflation, particularly in fees, materials, and personnel costs. However, the cost development improved over the course of the year. In the fourth quarter of 2025, unit costs remained stable compared with the same period of the previous year, whereas in the first half of the year they increased by 3.6 percent.

Notably, the core brand Lufthansa Airlines increased its annual result by around 250 million euros compared with the previous year and thereby returned to a positive Adjusted EBIT margin of 0.9 percent. The improvement reflects the progress in the implementation of the transformation program Turnaround.

The Lufthansa Airlines Turnaround-program will also contribute to a sustainable increase in earnings in 2026. A cumulative gross earnings effect of around 1.5 billion euros is expected for the current year, rising to around 2.5 billion euros by 2028.

The main drivers for increased profitability at Lufthansa Airlines are the modernization of the fleet with modern, fuel-efficient aircraft such as the Boeing 787, the continuing growth of Lufthansa City Airlines and Discover Airlines, as well as around 700 other individual measures, more than half of which are expected to be implemented by the end of 2026.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG, says:

"Last year was a transition year marked by important turning points: the Turnaround program at Lufthansa Airlines gained momentum, as well as our fleet modernization. Both will continue in 2026 and noticeably benefit our profitability. In the medium term, we want to achieve an Adjusted EBIT margin of eight to ten percent and have taken important steps toward this goal.

Nevertheless, challenges and uncertainties remain for our company and the entire industry, these days primarily driven by the situation in the Middle East. The crisis there makes it more difficult to provide an earnings forecast at present. Nevertheless, we remain optimistic about the future: we are facing the challenges and for 2026 again expect Adjusted EBIT to significantly increase to prior year."

Lufthansa Cargo improves earnings, Lufthansa Technik defies tariffs

Lufthansa Cargo continued the positive operational and financial development of 2024 over the last year amongst other reasons due to stable market demand and strong business in Asia. For the full year 2025, the company generated an operating profit of 324 million euros (2024: 251 million euros). This represents a strong increase of almost 30 percent compared to the previous year.

Global demand for maintenance and repair services (MRO) also continues to rise. Lufthansa Technik was able to conclude new contracts with a total volume of 8.8 billion euros, which ensures planning security and revenue growth for the coming years. The operating result was impacted by the development of the US dollar and tariffs. Nevertheless, Lufthansa Technik generated an operating profit of 603 million euros (previous year: 607 million euros). Lufthansa Technik has successfully implemented measures to counteract the effects of the exchange rate and the US tariffs. For example, logistics flows were specifically adjusted.

Adjusted free cash flow significantly higher than expected, balance sheet remains strong

In 2025, the Lufthansa Group generated an operating cash flow of 4 billion euros (previous year: 3.9 billion euros). The increase is attributable to the rise in operating profit and tax refunds. Due to lower net investments than originally planned, primarily because of delays in aircraft deliveries, the Adjusted Free Cashflow amounted to 1.2 billion euros in the full year (previous year: 840 million euros).

Increased profit sharing for shareholders

The Lufthansa Group intends for its shareholders to participate in the success of the company through a dividend in line with its policy of distributing between 20 and 40 percent of consolidated net income. For the financial year 2025, the Executive Board and Supervisory Board will therefore propose a dividend of 0.33 euro per share to the Annual General Meeting on May 12, 2026. This corresponds to dividend increase of ten percent compared to the previous year and a dividend yield of four percent on the year-end share price. The payout ratio will thereby rise to 30 percent (previous year: 26 percent).

Outlook

Following a transitional year in 2025 for the Lufthansa Group and Lufthansa Airlines in particular, the transformation of the company will continue to gain momentum. 

For the full year, the Group targets a further increase in revenue and a significant improvement in earnings, as well as a further improvement in its operating margin. A further capacity expansion of around four percent for the passenger airlines and the ongoing fleet renewal with the expansion of premium offerings will contribute to achieving this target.

However, developments in the Middle East and the associated geopolitical consequences for the global economy increase the medium- and long-term forecast uncertainty. Disruptions to supply chains in the Strait of Hormuz are leading to increased volatility in the oil markets. At the same time, however, the Lufthansa Group has recorded a sharp rise in demand for long-haul flights since the weekend, particularly on routes to and from Asia and Africa. The Group is therefore considering extra frequencies, for example to Singapore, India, China, and South Africa.

The Lufthansa Group's fleet modernization will reach its peak this year and next. In 2026, a new aircraft will be delivered on average nearly every week, and by the end of the year, new generation aircraft will amount to around 30 percent of the fleet. The capacity growth of the passenger airlines will focus almost exclusively on long-haul routes, while the capacity on short-haul routes is expected to remain stable, partly driven by a more efficient alignment of the hubs in Frankfurt, Munich, Zurich, Vienna, Brussels, and Rome.

Further progress in the Turnaround program and the consistent modernization of the fleet will have a positive impact on Lufthansa Airlines' results. In addition, Lufthansa Airlines expects to limit the increase in unit costs to half the inflation rate.

Due to continued strong demand in their markets, Lufthansa Cargo and Lufthansa Technik are also expected to see a clear increase in revenue compared with the previous year.

Further information

Further information on the results of individual business segments will be published in the annual report. This will be published at the same time as this press release on March 6, 2026, at 7:00 a.m. CET at https://investor-relations.lufthansagroup.com/en/investor-relations.html

The annual press conference will be streamed live from 10:00 a.m. CET at http://www.lufthansagroup.com.

The traffic figures for 2025 will also be published at 7:00 a.m. at Traffic figures - Lufthansa Group Investor Relations

The Boeing 747-8 with registration D-ABYN will enter scheduled service on March 6, flying back to sunny California – specifically to Los Angeles.

The Lufthansa Jumbo is now the sixth aircraft in the iconic 100 Years special design. Most recently, last week, an Airbus A380 and an Airbus A320neo with the anniversary livery landed in Munich.

An Airbus A350, a Boeing 787-9, and another Airbus A320neo are also already flying with the XXL crane.

In autumn 2026, an Airbus A350-1000 will receive the special design, completing the anniversary fleet as the seventh and final aircraft.

35 colleagues worked on the Airbus A380 for exactly 34 days. They brought the 47-meter-long stylized crane on the aircraft to life and painted a total area of over 4,000 square meters. That is equivalent to about 16 tennis courts. The Airbus with the registration D-AIMH will start regular service in March.

The Airbus A380 is already the fourth aircraft to feature this extraordinary design. At the beginning of the month, a freshly painted blue Airbus A350-900 landed in Munich. A Boeing 787-9 and an Airbus A320neo, both based in Frankfurt, are also flying in the “100th anniversary colors.” Tomorrow, Friday, another Airbus A320neo with an XXL crane is expected in Munich.

A Boeing 747-8 and an Airbus A350-1000 will follow in the coming weeks. A total of seven special liveries will then be in service to mark the 100th anniversary of the founding of the first “Luft Hansa”. The aircraft will receive the special design either as part of a regular repainting program or, in the case of new deliveries, as their initial paint job at the factory. This means that there will be only minimal additional costs for this special fleet appearance in Lufthansa's anniversary year.

On February 16, the Lufthansa Group had already announced that the seats would be available for booking from April 15. Now, Business Class on the Boeing 787-9 can be booked with virtually no restrictions for flights from the end of March and thus also for Easter holiday travel. At least ten Dreamliners are expected to be in service from Frankfurt by then. With 25 Allegris seats available for booking starting today, over 200 additional business class seats in the state-of-the-art and successful Allegris class will go on sale every day.

From Frankfurt, Allegris will fly to Austin, Rio de Janeiro, Bogotá, Cape Town, Shanghai, Hyderabad, and Hong Kong at the start of the summer flight schedule. From June, the destinations will be New York JFK and Los Angeles, followed by Delhi in July. The Dreamliner will also fly to Toronto, Montréal, Lagos, and Malabo, initially with some flights featuring Allegris and others without.

The Boeing 787-9 has been flying with Allegris from Frankfurt since October 9, 2025. Nine brand-new aircraft have already arrived in Frankfurt, and 20 more Dreamliners have been ordered. Lufthansa Airlines plans to have a total of 29 Boeing 787-9s by the end of 2027.

Jens Ritter, CEO Lufthansa Airlines:
"Our ambition is clear: We want to offer our guests a premium experience on short- and medium-haul routes as well. The A320 family is our largest fleet – that's why we're investing in the modernization of more than 30 aircraft. We're presenting our guests with a modern, high-quality cabin whose design is inspired by our new long-haul deliveries. Our guests can look forward to more comfort and significantly more space for their carry-on baggage."

The first Airbus A320 with registration "D-AIZY" is now fully modernized and has been back in the air since mid-February. By 2029, 38 Airbus A320s are scheduled to be converted – on average, the so-called "retrofit" of an aircraft takes approximately 30 days. Around 1,000 different components from approximately 100 suppliers are newly installed during the retrofit process.

New headrests and more comfort: The new, particularly ergonomically designed seats from Italian manufacturer Geven offer passengers more comfort than the previous seats. Comfort is further enhanced by horizontally adjustable headrests and, in Business Class, a backrest that reclines especially far.

More space for carry-on baggage: The new cabin is equipped with overhead bins that are 40 percent larger and offer space for significantly more carry-on suitcases or bags. The reason: Baggage can now be stowed vertically. This also makes boarding more efficient, as passengers can stow their luggage more quickly. The clean design of the new bins creates a fresh and modern overall impression of the cabin.

USB port and holder for tablet or smartphone: Every seat receives its own USB-A and USB-C port, allowing mobile devices to be charged. In addition, all seats are equipped with a holder for tablets and smartphones. This allows guests to watch films and series particularly easily and comfortably on their own devices.

The agreement is specifically designed to capitalize on new growth opportunities arising from the recently concluded free trade agreement between India—the world's most populous country—and the European Union (EU). The EU states are India's largest trading partners for goods. Bilateral trade in goods currently totals €180 billion per year. Both economic powers account not only for a quarter of the world's population, but also for a quarter of the world’s gross domestic product (GDP). The latest agreement creates nothing less than the world's largest free trade area.

Carsten Spohr, Chairman of the Executive Board of Deutsche Lufthansa AG and Chief Executive Officer of the Lufthansa Group:

"Today's agreement with our long-standing Star Alliance partner Air India is a strong signal of our mutual determination to open a new chapter in aviation between the EU and India following the landmark trade agreement between both economic regions. Together with Air India, we will strengthen our access to the aviation market with the highest growth rates worldwide. The Lufthansa Group is already the most successful and most popular European airline group among customers in India. In the future, we will contribute to deepening economic and cultural relations between India and Europe with even more connections. With our new long-haul aircraft and Lufthansa Allegris and SWISS Senses on board, we are offering a significantly improved premium travel experience in all classes on more and more routes, including to India.”

Campbell Wilson, Chief Executive Officer and Managing Director, Air India: “This milestone in our deepening relationship with the Lufthansa Group is great news for travellers and enterprises alike between India and Europe. As Air India continues to expand its global footprint with a fast-modernising fleet and transformed product and service offerings, this framework enables us to explore closer cooperation on multiple fronts to meet the growing trade, commerce, and people-to-people ties between our respective regions. This would unlock greater value for our common customers and respective shareholders, and we look forward to progressing these initiatives together with the Lufthansa Group.”

The immense growth of the Indian aviation market with a rapidly growing and affluent middle class offers enormous potential. Routes between the European home markets and India have already become the second most important premium market for long-haul flights for the Lufthansa Group after the USA. Deepening cooperation with Air India, the country's largest long-haul airline and a long-standing partner of the Lufthansa Group, opens up additional growth potential for both partners.

Currently, the Lufthansa Group airlines and Air India offer codeshare flights on 146 routes to 22 countries. The joint network comprises 15 Indian and 27 European destinations. Lufthansa offers its customers the most connections to India from Frankfurt: to Delhi, Mumbai, Chennai, Bangalore, and Hyderabad. From the 5-star hub Munich, Delhi, Mumbai, and Bangalore are served. While SWISS flies from Zurich to Delhi and Mumbai, ITA Airways connects Rome with Delhi. This means that the newest member of the Lufthansa Group, ITA Airways, is also part of the Memorandum of Understanding. This extensive offering is complemented by Air India with long-haul connections from Delhi to Frankfurt, Zurich, Vienna, and Milan as well as from Mumbai to Frankfurt.

The Memorandum of Understanding signed today focuses in a first step on expanding and jointly marketing flight offerings with the goal of providing customers with a better connected and seamless travel experience between the Lufthansa Group's home markets—Germany, Austria, Switzerland, Belgium, Italy—and India. A second step envisions incorporating the remaining EU countries and the Indian subcontinent. The exact scope, including specific routes and markets, will be determined following the completion of the commercial Joint Business Agreement, subject to required regulatory and antitrust approvals.

Looking ahead, the cooperation is to be expanded in several areas, particularly regarding the customer travel experience. The focus will be on further coordination of flight schedules and route networks in selected markets so that passengers can benefit from better connections and shorter transfer times. In addition, both partners want to combine their sales and marketing activities for flights between the Lufthansa Group's European home markets and India, better integrate frequent flyer programs, and optimize airport processes for improved customer comfort.

Lufthansa can look back on more than 60 years of shared history with India. The airline first landed in Delhi as early as 1959. This connection has been continuously expanded. A codeshare agreement with Air India has existed since 2004, and in 2014 the Indian airline joined the Star Alliance co-founded by Lufthansa. In February 2025, the Lufthansa Group and Air India announced the expansion of codeshare agreements between Lufthansa, SWISS, Austrian Airlines, and Air India.

After further important milestones in the certification process were reached in recent weeks, nothing now stands in the way of the approval of Allegris Business Class in the Boeing 787-9 – with the exception of three seats in the second row of the compartment. As of today, 25 of a total of 28 seats in Business Class can be booked for travel from April 15. 

When booking, travelers have the option of selecting special Allegris seats in Business Class. Reservations for Classic Seats remain free of charge and offer all the benefits of the new travel class. Passengers can also optionally book seats with additional comfort (the Business Class Suite, the Extra Space Seat with extra legroom, the Privacy Seat by the window, and the Extra Long Bed with a 2.20-meter lying surface) in advance via seat reservation for an additional charge.

From Frankfurt, the Boeing 787-9 with Allegris will fly to Austin, Rio de Janeiro, Bogotá, Cape Town, Shanghai, Hyderabad, and Hong Kong at the start of the summer flight schedule. New York JFK and Los Angeles will be added in June, followed by Delhi in July. 

Jens Ritter, Chief Executive Officer of Lufthansa Airlines: “Our guests love Allegris. More than one million passengers have traveled in the new cabin since summer 2024. We are delighted to be able to offer significantly more passengers this top-of-the-range product for bookings from Frankfurt starting today. Allegris is an experience in all classes; the approval of the majority of seats in Business Class on the Boeing 787-9 is an important milestone for Lufthansa – and above all, great news for our customers!”

Allegris has been flying in the Boeing 787-9 from Frankfurt since October 9, 2025. Eight brand-new aircraft have already arrived in Frankfurt, and 21 more Dreamliners have been ordered. Lufthansa Airlines plans to have a total of 29 Boeing 787-9s by the end of 2027.

The Airbus A321 now bears the historic Lufthansa parabola design. It was introduced in the mid-1950s and was inspired by the streamlined trend of the 1930s. It was intended to signal dynamism, speed, and a forward-looking approach. The parabola line was not only visible on the aircraft's tail fins, but also on baggage tags, business documents, flight schedules, and even cigar bands.

Almost 70 years after its maiden flight for Lufthansa, this iconic parabola design can once again be seen in the skies. In 1957, the Super Star joined the Lufthansa fleet. Its special feature: this aircraft was the first to offer Senator Class, the most exclusive way to travel at the time. Its main focus was the non-stop connection to New York across the North Atlantic. A restored Lockheed L-1649A Super Star will soon be on display alongside a Junkers Ju 52 in the new Lufthansa Group Hangar One. The conference and visitor center at Frankfurt Airport will open in April.

Blue Airbus A350-900 at Munich hub

The Lufthansa anniversary fleet, which commemorates the company's founding anniversary with an XXL crane, has also grown: yesterday, Monday, a blue Airbus A350-900 with the registration D-AIXL landed in Munich. It had previously been freshly painted in Châteauroux, France. It is already the third aircraft in this extraordinary design: a Boeing 787-9 and an Airbus A320neo, both based in Frankfurt, are already flying in the 100-year design. At least one Airbus A380, one Boeing 747-8, and one Airbus A350-1000 will follow in the coming weeks.

The A380 will feature Business Class seats from manufacturer Thompson. Each seat will have direct aisle access and offer a seat width of 58 cm, a bed length of at least two meters, Bluetooth connectivity, and flexible partitions, providing both comfort and privacy at a new premium level.

Lufthansa can rely on an existing certification for this cabin upgrade, eliminating the need for a lengthy approval process. As a result, passengers will be able to enjoy the new Business Class onboard Lufthansa's A380 within just a few weeks.

Heiko Reitz, Hub Manager Munich, Lufthansa Airlines:
"Lufthansa operates the only strong A380 fleet in the EU, stationed at our 5-star airport. The retrofit underscores our commitment to providing a top flight experience on the long-haul aircraft that is so popular with our customers. The new premium seats offer more privacy and significantly more comfort than before. We look forward to offering our passengers this enhanced travel experience in Business Class starting in April."

Overall, the A380 will soon feature 68 new Business Class seats. In addition, with eight First Class seats, 52 seats in Premium Economy, and 371 seats in Economy, the A380 is the largest long-haul aircraft in Lufthansa's fleet.

In addition to the extensive retrofit, routine maintenance work will also be carried out on the A380 aircraft during their stay at Elbe Flugzeugwerke. After completing the checks, the first aircraft is scheduled to return to Munich in April this year and will be deployed in regular service. By mid-2027, all eight A380s are expected to be fully retrofitted.

The blue fuselage is adorned with a white crane whose wings merge into the wings. Next to the crane, a “100” is integrated on the left side of the fuselage and the lettering “1926 | 2026” on the right side. A “100” can also be seen on the underside of the aircraft.

The A320neo D-AING is expected to arrive in Frankfurt on January 19, 2026, and will then enter regular service. Its first flight will take it to Larnaca, Cyprus.

The A350-900 with the registration D-AIXL is currently expected to arrive in Munich on February 3, 2026.

The Boeing 787-9 “Papa Uniform” (D-ABPU), which landed in Frankfurt on December 23, will also begin regular service on January 20, 2026. Its first flight will take it to Mumbai, India. As a flying ambassador for the anniversary year, it will delight passengers and plane spotters worldwide on international routes.

These aircraft further expand the “anniversary fleet” and underscore the significance of this special year for Lufthansa. By fall 2026, three more aircraft will be painted with the special design: an Airbus A380, a Boeing 747-8, and the first Airbus A350-1000 delivered to Lufthansa, which is expected to arrive in October.

Jens Ritter, Chief Executive Officer of Lufthansa Airlines: “These are the particularly beautiful and unforgettable moments in our job. It's always a special moment to take delivery of a brand-new aircraft – but today's landing of this anniversary Boeing 787-9, with its extraordinary special livery marking the 100th anniversary of the founding of the first ‘Luft Hansa’, was even more exciting and fascinating."

The Dreamliner “Papa Uniform” combines tradition and the future in an iconic design: the blue fuselage is adorned with a white XXL crane, whose wings merge into the wings, turning the aircraft into a flying anniversary ambassador for Lufthansa. In addition to the crane, a “100” is integrated on the left side of the fuselage and the lettering “1926 | 2026” on the right side. A “100” can also be seen on the underside of the aircraft.

In 2026, Lufthansa will celebrate a special anniversary: On January 6, 1926, almost exactly 100 years ago, the first Lufthansa was founded. The official maiden flight then took off on April 6, 1926. To mark this special occasion, a special anniversary fleet comprising a total of six aircraft will take off in 2026: The Boeing 787-9 will lead this XXL crane fleet. An Airbus A380, an Airbus A350-1000, an Airbus A350-900, an Airbus A320, and a Boeing 747-8 will also be receiving the new livery. The aircraft will gradually be given the new design, with the anniversary fleet expected to be complete in fall 2026.

The Dreamliner that landed today will complete its first scheduled flights for Lufthansa in a few weeks.

The Junkers Ju 52 and the Lockheed Super Star will be the main attractions of the “Lufthansa Group Hangar One.” Thanks to a glass façade, visitors will also be able to admire these two icons of aviation history from the outside. The opening of the conference and visitor center coincides with the 100th anniversary of the founding of the first Deutsche Luft Hansa and underscores the importance of aviation history for the Lufthansa Group. 

A picture gallery contains numerous photos from the delivery of the aircraft to the final acceptance. You can download the folder on the right in the margin column. 

About the Ju 52: 
The first Junkers Ju 52 was added to the Lufthansa fleet in 1932 and quickly became the backbone of the airline's aircraft fleet. Valued for its economy and reliability, the aircraft accounted for around 50 percent of the Lufthansa fleet at that time. 

The “Aunt Ju” is much more than an aircraft – it is a symbol of pioneering spirit, engineering excellence, and the fascination of aviation. With its striking corrugated metal appearance, three characteristic engines, and unparalleled reliability, the Ju 52 has captivated generations of pilots, passengers, and aviation enthusiasts. First developed in the 1930s, the Ju 52 set new standards in passenger and cargo transport. Its versatility made it an indispensable companion in civil and military aviation. Its robust construction and ability to land on unpaved runways in particular made it synonymous with reliability and innovation. Today, the Ju 52 is considered a cult aircraft that makes the hearts of aviation enthusiasts beat faster. 

About the Super Star: 
In 1957, the Lockheed Super Star joined the Lufthansa fleet and was the first aircraft to feature the Senator class, the most exclusive form of travel. It was mainly used for flights to New York, flying non-stop across the North Atlantic. The aircraft was also a technical masterpiece. With its four piston engines, it closed the chapter on classic propeller aircraft. These flights, which lasted up to 17 hours, took off from Hamburg, where the maintenance base was also located. The Super Star is 35.42 meters long and has a wingspan of 45.18 meters and a height of 7.12 meters. 

About “Lufthansa Group Hangar One”: 
In the immediate vicinity of the Lufthansa Aviation Center (LAC), the Lufthansa Group began construction of a new conference and visitor center at Frankfurt Airport in 2024, which will be a place for new forms of collaboration for employees and, at the same time, for customers, business partners, and aviation enthusiasts. 

Lufthansa's pioneering spirit and expertise will be tangible and experiential – especially in terms of shaping the future of aviation, but also with regard to the history of the company. Two restored Lufthansa aircraft will be on permanent display as the main historical attractions: the Junkers Ju 52 and the legendary Lockheed Super Star. 

In an open gallery, visitors will be able to explore numerous exhibits from Lufthansa's corporate history, some of which will be on public display for the first time. Like the group's training and conference hotel “Lufthansa Seeheim,” the Frankfurt conference and visitor center will also be open for external events and will offer visitors catering services in a coffee lounge.

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, says:

"The Lufthansa Group welcomes the Portuguese government's privatization process. Our goal is to strengthen Portugal's global connectivity, preserve TAP's Portuguese identity, and ensure the airline's sustainable growth. TAP Air Portugal is of great strategic importance to the European aviation industry. As a long-standing partner in the Star Alliance and with our extensive investments in Portugal, we continue to see the Lufthansa Group as the best partner for TAP and for Portugal."

The Lufthansa Group has been active in Portugal for more than 70 years. The Group's airlines currently offer more than 280 weekly flights to and from Portugal. The company employs over 400 skilled workers in the country. With the construction of a new Lufthansa Technik site for the repair of engine parts and aircraft components in Santa Maria da Feira near Porto, this number is set to rise to 1,000 by 2030. A cooperation would strengthen Lisbon's position as an Atlantic hub in the Lufthansa Group network. Connectivity between Europe and other regions of the world, such as South America, Africa, and North America, could be expanded.

The Lufthansa Group has always been a driver of consolidation in Europe. It has successfully strengthened national airlines such as SWISS, Austrian Airlines, Brussels Airlines, and most recently ITA Airways, while preserving their national identities. As the global number one outside the US, the Group offers the necessary size, experience, and financial stability to create sustainable value and strengthen TAP Air Portugal's role as an ambassador for the country around the world.

The special livery with the registration D-ABPU, which was designed to mark Lufthansa's 100th anniversary in 2026, combines tradition and the future in an iconic design. The blue fuselage is adorned with a white crane whose wings merge into the wings, turning the aircraft into a flying ambassador for Lufthansa.

The D-ABPU is expected to enter scheduled service in January.

Attached you will find numerous new photos of the Boeing 787-9 with its special livery.

In front of analysts and investors, the company reaffirmed its goal of adapting the Group's organizational and operational structure in order to reorganize cooperation and responsibilities within the Group. The aim is to achieve closer and more networked cooperation between group functions and airlines in order to leverage synergies and increase efficiency. In order to create sustainable value for customers, shareholders, and employees, the company is focusing on four strategic pillars under the umbrella of the group:

Network Airlines Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways: The airlines will move even closer together in the future as a result of adjustments to the organizational structure and processes and even deeper integration. This will clarify responsibilities, promote collaboration, and speed up decision-making processes. Group-wide steering of all commercial offer management (e.g., short- and medium-haul network management for all hub airlines) will increase productivity and efficiency. The airlines are also benefiting from continued strong global demand for air travel. This demand is being met by a tight offer due to ongoing delays in the supply chains of aircraft and engine manufacturers, which is having a positive effect on average revenues and load factors. The Lufthansa Group plays an active role in consolidation in Europe and is impressively demonstrating this through the rapid integration of ITA Airways. Existing transformation programs, such as “Turnaround” at the core brand Lufthansa Airlines, are being consistently implemented with the aim of significantly strengthening earnings performance. The largest fleet modernization in the company's history is a key strategic element for future viability and increased profitability, and a clear commitment to innovation, sustainability, and premium quality. The Lufthansa Group expects to add more than 230 new aircraft by 2030, including 100 long-haul aircraft.

Point-to-point with Eurowings: Following its successful restructuring and repositioning as a value airline for Europe, accompanied by significant increases in earnings, the Eurowings success story is set to continue. In particular, Eurowings is consistently expanding its leisure travel offerings. The tour operator Eurowings Holidays, which was spun off in spring 2025, is bringing innovation and dynamism to the tourism business – with the clear goal of growing rapidly and becoming one of the top ten German tour operators. Further momentum is provided by the largest fleet renewal in the history of Eurowings, which will lead to significantly lower operating costs. With the gradual integration of new short- and medium-haul jets (40 Boeing 737-8 MAX), Eurowings will operate one of the youngest fleets in European aviation.

MRO with Lufthansa Technik: The global market leader in aircraft technical support is on track with the implementation of its “Ambition 2030” program for the future. Comprehensive investments in the growth of its core business, the expansion of locations and international presence, for example in Canada and Portugal, as well as the extension of digital business models are expected to significantly increase revenue and profit by 2030 and further secure the company's future viability. In addition to its business with commercial airlines, Lufthansa Technik is pushing ahead with the development of its new “Defense” division in order to establish itself in this growth area.

Logistics with Lufthansa Cargo. Lufthansa Cargo is benefiting particularly from growing demand in the e-commerce business and opportunities arising from the volatility of global markets. The expansion of cargo capacities at Europe's largest cargo airline, significant investments of 600 million euros in the central cargo hub at Frankfurt Airport, and the consistent expansion of automation and digitalization are increasing Lufthansa Cargo's profitability with the aim of becoming one of the top three global players in the air cargo sector.

Consistent transformation

2025 and the coming years will be marked by significant investments and comprehensive adjustments for the Lufthansa Group. In particular, fleet renewal and future programs such as “Turnaround” at Lufthansa Airlines are part of a comprehensive change aimed at strengthening the Lufthansa Group in the long term and increasing productivity, efficiency, and profitability. These new measures are already delivering tangible positive effects.

The Lufthansa Group will also drive forward its digital transformation in the coming years. By consolidating all IT functions in one Executive Board department and combining the digital units and competencies from the ‘Digital Hangar’ with the ‘Innovation & Tech Factory’ in a new central role, the aim is to significantly expand digital expertise.

Another value driver is the Lufthansa Group's customer loyalty program “Miles & More”. It is planned to increase the number of active members by 50 percent by 2030. Following the announcement of Deutsche Bank as a new partner for the Miles & More credit card and the strategic partnership with Marriott Bonvoy, the areas of Loyalty, Payment, Partnerships, and Retail Media are to be consistently expanded as growth areas for the Group in the coming years.

New medium-term financial targets

As a result, the Lufthansa Group expects significantly increased profitability by the end of the decade. The company is therefore setting itself new ambitious medium-term financial targets. These are aimed at exceeding the Lufthansa Group's historical results.

Ultimately, all of the initiatives mentioned pursue a clear common goal: to position the company for the future and achieve sustainably attractive returns for shareholders. To this end, the company aims to achieve the following financial targets in the period 2028-2030:

·         Adjusted EBIT margin of 8 to 10 percent

·         Adjusted ROCE (Return on Capital Employed) before taxes of 15 to 20 percent

·         Adjusted Free Cash Flow of over 2.5 billion euros per year

Financial strength will continue to be the basis for achieving the financial targets. As is currently the case, the Lufthansa Group will continue to strive for an investment grade rating from leading rating agencies in the future. To hedge against potential crises, the Lufthansa Group will continue to maintain a conservative minimum liquidity of 8 to 10 billion euros.

In addition, the company will adhere to its existing dividend policy, which provides for a distribution of 20 to 40 percent of consolidated net income to shareholders.

Integrated cooperation within the Lufthansa Group will lead to significant changes in the processes and structures governing cooperation between Group companies in the future. On this basis, the Lufthansa Group is reviewing which activities will no longer be necessary in the future, for example due to duplication of work. In particular, the profound changes brought about by digitalization and the increased use of artificial intelligence will lead to greater efficiency in many areas and processes. Due to these developments and structural adjustments, the Lufthansa Group plans to cut a total of around 4,000 jobs worldwide by 2030, the majority of which will be in Germany. This will be done in consultation with the social partners. The focus will be on administrative rather than operational roles.

More information you can find here: https://investor-relations.lufthansagroup.com/en/events/capital-markets-day-2025.html 

The special livery features a blue fuselage with a white crane hovering above it, its wings merging into the wings of the aircraft. The wings of the aircraft thus virtually become the wings of the crane. An unprecedented design that combines movement and elegance, tradition and the future. Designed as a trademark by graphic designer and architect Otto Firle in 1918, the crane has become Lufthansa's unmistakable distinguishing feature worldwide over the decades.

In addition to the crane, the numerals “100” are integrated on the left side of the fuselage and the lettering “1926 / 2026” on the right side. A “100” logo is also painted on the underside of the aircraft.

Jens Ritter, CEO of Lufthansa Airlines, says:
"Our Lufthansa crane stands for safety, pioneering spirit, premium quality, but also for freedom and reliability. This has been the case for the past 100 years and will continue to be so in the future. We are proud of our tradition and our values, and we look forward to continuing our great history. The special livery of the Boeing 787 honors our identity and also stands for a proud team of Lufthansa employees who give everything every day for the safety and well-being of our guests."

The Boeing 787-9 with the registration D-ABPU received its special livery in Charleston, USA. Lufthansa is expected to take delivery of the aircraft with Allegris interior in Frankfurt in November. It is scheduled to enter regular service in December and will act as a flying ambassador, promoting Lufthansa's anniversary around the world.

On the recommendation of the Nomination Committee, Johannes Teyssen is to be proposed for election to the Supervisory Board at the Lufthansa Annual General Meeting on May 12, 2026.

Following his election by the Annual General Meeting, he is to be elected Chairman of the Supervisory Board by the Supervisory Board and succeed Karl-Ludwig Kley.

Karl-Ludwig Kley will then step down from the Supervisory Board of Deutsche Lufthansa AG at the end of his regular term of office after 13 years, eight of which he served as Chairman.

It has been clearly defined that the airlines will continue to make their own decisions about the customer experience of their guests. This applies, for example, to the in-flight product, catering, lounges in the home markets, and passenger service. The hub airlines will also remain responsible for the management of their respective flight operations and operational flight services.

In areas that are less visible to passengers, cooperation between airlines within the group will become even more integrated and connected, as is already the case in the area of loyalty with “Miles and More” or in the further development of the award-winning customer app. The App was developed centrally within the group, but the design and offers are tailored to the respective airlines.

In the future, network management for short- and medium-haul flights of all hub airlines will also be steered group-wide. This will be done in close coordination with the airlines. This model has already been successfully established for ten years for the long-haul offerings. This means that the steering of the entire commercial offering management will now be bundled under the responsibility of group-wide airline functions. Guests who already use more than one group company for their travel will benefit from an even better coordinated range of services. In addition, efficiency will increase, and decisions can be made more quickly.

Cooperation within the group will in future be managed primarily via so-called “Group Function Boards.” These boards include representatives from both the airlines and the group functions. Chaired by the respective Group Executive Board member responsible, topics will be discussed, evaluated, and decided upon transparently in a collaborative manner. In the Hub Steering Board, for example, these are primarily customer-related issues. In addition, a “Functional Financial Controller” will be represented on the boards for financial management. There will be a total of four “Group Function Boards”: Hub Steering, Technology, HR, and Finance.

To further strengthen digitalization and innovation, the IT functions will be consolidated in the department headed by CTO Grazia Vittadini. In addition, the digital units and competencies from the ‘Digital Hangar’ will be bundled with the ‘Innovation & Tech Factory’ in a new, central role in order to drive forward the technological progress of the Lufthansa Group. This further development will create group-wide central digital expertise in the areas of operations, customer, commercial, and corporate.

The target implementation date for the changes is January 1, 2026.

The repurchase price per 2025 Bond tendered under the Repurchase Invitation was set at 100.6 percent of the principal amount per 2025 Bond (equal to EUR 100,600 per 2025 Bond). The Company will also pay interest accrued on the purchased 2025 Bonds from and including the interest payment date for the 2025 Bonds immediately preceding the Invitation Settlement Date (as described below) to but excluding the Invitation Settlement Date.

The Company has decided to repurchase EUR 300 million of the convertible bonds due in 2025, which represents 50 percent of the outstanding principal amount. To fund this repurchase, the Company plans to use proceeds from the successful placement of EUR 600 million convertible bonds due 2032, announced yesterday.

Following the completion of the repurchase, an aggregate principal amount of EUR 300 million of the outstanding 2025 Bonds will remain in circulation.

Settlement of the Repurchase Invitations is expected to take place on 11 September 2025 (the "Invitation Settlement Date").

Disclaimers:

This announcement and the information contained herein is restricted and may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Australia, South Africa, Japan or any other jurisdiction where such publication, distribution or release would be unlawful. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Further, this announcement is for information purposes only and is not an offer of, or a solicitation of an offer to purchase, sell or subscribe for, securities in any jurisdiction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is an advertisement within the meaning of Regulation (EU) 2017/1129, as amended (the "EU Prospectus Regulation") and the Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") (the "UK Prospectus Regulation"), and does not constitute an offer of, or a solicitation of an offer to purchase, sell or subscribe for, any securities of the Company or of any of its subsidiaries in the United States of America, Australia, South Africa, Japan or any other jurisdiction in which offers of, or a solicitation of an offer to purchase, sell or subscribe for, securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer or offer to purchase, sell or subscribe in any jurisdiction. The Bonds and the Shares offered or offered to be purchased, sold or subscribed for will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, pledged, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The securities referred to herein have not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the securities referred to herein. No public offering of, or solicitation of an offer to purchase, sell or subscribe for, securities of the Company is being made in the United States or any such other jurisdiction.

No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No prospectus or offering document has been or will be prepared in connection with the offering of, or solicitation of an offer to purchase, sell or subscribe for, the securities referred to herein. The securities referred to herein may not be offered, and no solicitation of an offer to purchase, sell or subscribe for, such securities may be made, to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the securities referred to herein in such jurisdiction.

In the United Kingdom, this announcement is only directed at "qualified investors" within the meaning of the UK Prospectus Regulation who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc. (all such persons together being referred to as "Relevant Persons")). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area the placement of, and invitation to submit any offer to purchase, sell or subscribe for, any securities described in this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129, as amended.

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Bonds have been subject to a product approval process, which has determined that: (i) the target market for the Bonds is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels. The target market assessment is without prejudice to the requirements of any contractual or legal selling restrictions in relation to any offering of the Bonds and/or the underlying shares. For the avoidance of doubt, the target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any action whatsoever with respect to the Bonds.

The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a "Retail Investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MIFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of article 4(1) of MIFID II and (iii) in the UK, a person who is one (or more) of (i) a retail client within the meaning of Regulation (EU) no 2017/565 as it forms part of UK domestic law by virtue of the EUWA or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 of the UK (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "EU PRIIPs Regulation") or the EU PRIIPS Regulation as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Bonds or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the EU PRIIPs Regulation and/or the UK PRIIPS Regulation.

No action has been taken that would permit an offering or an acquisition of, or a solicitation of an offer to purchase, sell or subscribe for, the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement does not constitute a recommendation or advice concerning the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities. Investors should consult a professional advisor as to the suitability of the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities for the person concerned.

This announcement may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "targets", "plans", "aims", "projects", "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of the Company and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this announcement. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

The Dealer Managers are acting exclusively for the Company and no-one else in connection with the Offering. They will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering of the Bonds, the Dealer Managers and any of their affiliates may take up a portion of the Bonds in the Offering and/or may acquire ordinary shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such Bonds, ordinary shares and other securities of the Company or its group or related investments in connection with the Offering or otherwise. In addition, the Dealer Managers and any of their affiliates may enter into financing arrangements (including swaps, warrants or contracts for differences) with investors in connection with which the Dealer Managers and any of their affiliates may from time to time acquire, hold or dispose of Bonds ordinary shares and/or other securities or derivate positions in such securities. The Dealer Managers and their affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Dealer Managers or any of their respective directors, officers, employees, affiliates, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Issuer, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

Till Streichert, CFO of Lufthansa, says: “We are very pleased with the successful issuance of a new convertible bond at highly attractive conditions. The success of the transaction was based on strong investor demand and the strong recent performance of our share price. Our solid balance sheet and investment grade rating provides us access to a wide and diverse range of financing instruments. Combining the issuance with a partial tender offer for our outstanding convertible bond further increased its attractiveness and aligns the interests of all stakeholders. The oversubscription of multiple times once again highlights the capital market’s confidence in our company.”

Unless previously converted, redeemed or repurchased and cancelled, the Bonds will be redeemed on 10 September 2032 at their accreted redemption amount, which was set at 102.66 percent of their principal amount. Investors also have the possibility to convert the bonds into new and/or existing no-par value ordinary registered shares of the company. The initial conversion price was set at EUR 10.7550, representing a conversion premium of 42.5 percent above the reference share price of EUR 7.5474.

Deutsche Lufthansa AG intends to use the proceeds from the offering to finance the Convertible Bonds Tender Offer (as announced earlier today) and for general corporate purposes including the refinancing of existing debt.

Deutsche Lufthansa AG has agreed not to offer any shares or equity-linked securities within a period of 90 calendar days after the settlement of the offering, and not to enter into any transaction having a similar economic effect, subject to customary ex­emptions.

Disclaimers:

This announcement and the information contained herein is restricted and may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Australia, South Africa, Japan or any other jurisdiction where such publication, distribution or release would be unlawful. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Further, this announcement is for information purposes only and is not an offer of, or a solicitation of an offer to purchase, sell or subscribe for, securities in any jurisdiction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is an advertisement within the meaning of Regulation (EU) 2017/1129, as amended (the "EU Prospectus Regulation") and the Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") (the "UK Prospectus Regulation"), and does not constitute an offer of, or a solicitation of an offer to purchase, sell or subscribe for, any securities of the Company or of any of its subsidiaries in the United States of America, Australia, South Africa, Japan or any other jurisdiction in which offers of, or a solicitation of an offer to purchase, sell or subscribe for, securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer or offer to purchase, sell or subscribe in any jurisdiction. The Bonds and the Shares offered or offered to be purchased, sold or subscribed for will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, pledged, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The securities referred to herein have not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the securities referred to herein. No public offering of, or solicitation of an offer to purchase, sell or subscribe for, securities of the Company is being made in the United States or any such other jurisdiction.

No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No prospectus or offering document has been or will be prepared in connection with the offering of, or solicitation of an offer to purchase, sell or subscribe for, the securities referred to herein. The securities referred to herein may not be offered, and no solicitation of an offer to purchase, sell or subscribe for, such securities may be made, to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the securities referred to herein in such jurisdiction.

In the United Kingdom, this announcement is only directed at "qualified investors" within the meaning of the UK Prospectus Regulation who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc. (all such persons together being referred to as "Relevant Persons")). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area the placement of, and invitation to submit any offer to purchase, sell or subscribe for, any securities described in this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129, as amended.

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Bonds have been subject to a product approval process, which has determined that: (i) the target market for the Bonds is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels. The target market assessment is without prejudice to the requirements of any contractual or legal selling restrictions in relation to any offering of the Bonds and/or the underlying shares. For the avoidance of doubt, the target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any action whatsoever with respect to the Bonds.

The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a "Retail Investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MIFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of article 4(1) of MIFID II and (iii) in the UK, a person who is one (or more) of (i) a retail client within the meaning of Regulation (EU) no 2017/565 as it forms part of UK domestic law by virtue of the EUWA or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 of the UK (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "EU PRIIPs Regulation") or the EU PRIIPS Regulation as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Bonds or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the EU PRIIPs Regulation and/or the UK PRIIPS Regulation.

No action has been taken that would permit an offering or an acquisition of, or a solicitation of an offer to purchase, sell or subscribe for, the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement does not constitute a recommendation or advice concerning the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities. Investors should consult a professional advisor as to the suitability of the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities for the person concerned.

This announcement may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "targets", "plans", "aims", "projects", "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of the Company and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this announcement. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

The Joint Bookrunners are acting exclusively for the Company and no-one else in connection with the Offering. They will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering of the Bonds, the Joint Bookrunners and any of their affiliates may take up a portion of the Bonds in the Offering and/or may acquire ordinary shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such Bonds, ordinary shares and other securities of the Company or its group or related investments in connection with the Offering or otherwise. In addition, the Joint Bookrunners and any of their affiliates may enter into financing arrangements (including swaps, warrants or contracts for differences) with investors in connection with which the Joint Bookrunners and any of their affiliates may from time to time acquire, hold or dispose of Bonds ordinary shares and/or other securities or derivate positions in such securities. The Joint Bookrunners and their affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Joint Bookrunners or any of their respective directors, officers, employees, affiliates, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Issuer, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

"I am particularly pleased that we can now offer our guests the premium Allegris experience in Frankfurt," said Jens Ritter, CEO of Lufthansa Airlines. "With the arrival of the Boeing 787-9 today, the modernization of our long-haul fleet at our largest hub is now also receiving a major boost. This will enable us to use significantly quieter and fuel-efficient aircraft types featuring the latest technology for our guests in Frankfurt as well."

The state-of-the-art 'Dreamliner' long-haul aircraft consumes on average only around 2.5 liters of kerosene per passenger and 100 kilometers of flight distance. That is approximately 25 percent less than its predecessor model. Lufthansa Airlines has ordered 29 Boeing 787-9s. In total, the airline expects to have 78 modern long-haul aircraft with Allegris on board in the next few years – the largest fleet modernization in its history.

The Boeing 787-9 offers travelers with Lufthansa Allegris in Frankfurt a new, improved travel experience. Guests in Lufthansa Business Class can enjoy their own suite, which offers even more comfort and privacy due to chest-high walls, a 27 inch-monitor, and ample storage space. Each suite also has its own wardrobe and personal minibar. Business Class Suites, Premium Economy, and Economy Class are already available for booking. As soon as the certification process for Allegris Business Class for Boeing Dreamliners is complete, these seats will also be available for booking.

Lufthansa Allegris has been in use on long-haul flights from Munich since summer 2024, with more than half a million passengers enjoying this travel experience in all classes since this time.

Transporting the wings posed an extraordinary challenge for the experts at Gruber Logistics. The wings were already fully assembled. Ailerons, flaps with lower and fairing structures, engine nacelles, landing gear, and so-called nose boxes were all installed, which increased the transport width to 6.40 meters. Obtaining permits and planning the route therefore required exceptionally precise preparation.

Loading and unloading involved two twelve-ton forklifts that had to work in perfect synchronization to keep the delicate wings balanced. With the center of gravity located in the wing box, the forklifts simultaneously lifted the balanced wings millimeter by millimeter—a masterstroke of precision.

With the arrival of the wings, the iconic long-range aircraft from the 1950s will soon regain its characteristic appearance at the CVC. The Super Star will be on display and accessible to visitors in its new home, just in time for the airline’s 100th anniversary.