Slides
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Q2 2026 Results Frankfurt, 04 August 2026 Carsten Spohr, CEO Till Streichert, CFO
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Q2 2026 Results Carsten Spohr, CEO Current Situation & Strategic Outlook Frankfurt, 04 August 2026
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Strong Q2 demand environment partially offsetting higher fuel cost and strikes 04.08.2026 | Lufthansa GroupQ2 2026 Results3 ASK -3.3%1) vs. 2Q25 728 Aircraft in LHG Fleet In 2025 Adjusted EBITRevenues €11.1bn +7.9% vs. 2Q25 €0.4bn 3.4% margin -5.0%p vs. 2Q25 Cargo Yield +27% vs. 2Q25 1) Network Airlines -€0.5bn vs. 2Q25 RASK vs. 2Q25 +6.4% at Network Airlines +9.4% at Eurowings Headwinds €0.7bn additional fuel cost €0.2bn strike impact
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de North America -5.8% -0.2%p +1.7% Middle East -98.5% +6.4%p +15.6% Asia Pacific +1.6% +0.6%p +13.3% South America +5.8% +2.4%p +0.2% Africa +10.4% -0.7%p +4.4% In Q2 strongest yield growth on Asia routes, in premium classes, and at Eurowings 04.08.2026 | Lufthansa GroupQ2 2026 Results4 Total -3.3% +0.4%p +3.2% Premium2) -3.6% -0.6%p +6.7% Economy -3.2% +0.5%p +1.6% Continental -3.2% +0.5%p +1.7% Intercontinental -3.4% +0.3%p +4.2% Eurowings -6.5% +2.3%p +6.8% 1) Due to changes in the reporting metrics, the figures now include flight- and fare-related ancillary revenues 2) Premium includes First, Business & Premium Economy classes Network Airlines: demand in 2Q26 vs. PY ASK Seat Load Factor Yield1)
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de 04.08.2026 | Lufthansa GroupQ2 2026 Results5 Topline • ASK -3.3% vs. PY driven by Middle East, strikes, and network optimization including Cityline grounding • Revenue growth supported by yield discipline and the ability to capture redirected demand 137 (1.8%) 2Q26 627 (8.5%) 2Q25 -490 7,614 2Q26 7,376 2Q25 +238 Bottomline • CASK increase largely attributable to capacity reduction and ongoing premium investments • Q2 fuel expenses €600m above PY, partially offset by elevated yields Commercial development • First Starlink-equipped aircraft in August, 50 further installations planned until year-end • Allegris First Class Suite honored with the prestigious Red Dot Award Network Airlines mitigated cost headwinds through stronger unit revenues Revenue in €m Adjusted EBIT in €m (margin) RASK +6.4% vs. PY CASK +3.1% vs. PY
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de 04.08.2026 | Lufthansa GroupQ2 2026 Results6 Topline • Capacity -6.5% vs. PY due to Middle East cancellations and capacity discipline in response to elevated fuel prices • Southern Europe demand remains strong, particularly the Iberian Peninsula Bottomline • Strong commercial development not sufficient to offset highly elevated fuel prices in Q2 • Rigorous cost saving measures established e.g. overhead cost reduction and adjustment of catering contract Commercial Development • RASK benefited from value carrier positioning, strong yields of +6.8% and load factor gains of +2.3%p vs. PY • CASK increase mainly reflects higher MRO cost, fees & charges, and cockpit personnel expenses (B737 ramp up) Point-to-point airlines successfully turned robust demand into strong unit revenues Revenue in €m Adjusted EBIT in €m (margin) 1) Airline KPIs only (excl. EW Holidays) RASK1) +9.4% vs. PY CASK1) +10.9% vs. PY 934 2Q26 876 2Q25 +59 -37 (-3.9%) 2Q26 65 (7.4%) 2Q25 -101
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de 04.08.2026 | Lufthansa GroupQ2 2026 Results7 Lufthansa Cargo with significant Adj. EBIT uplift in Q2 and operating margin of 11% Topline • Capacity +2% vs. PY, mainly driven by 6% belly growth, particularly due to ITA • Positive impact from Middle East disruption, especially through India and Asia-Pacific traffic flows 116 (11.1%) 2Q26 73 (8.9%) 2Q25 +42 1,041 2Q26 820 2Q25 +220 Bottomline • Cost increase driven by fuel and fuel-related belly charter expenses • Ongoing cost discipline supports operational and financial performance Commercial development • Strong yield increase of +27% vs. PY, led by Asia with +30% and Middle East with +32% • Yields driven by air freight surcharge, but also base yield accretive due to high margin products (e.g., IT racks) Revenue in €m Adjusted EBIT in €m (margin)
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Lufthansa T echnik sees healthy demand leading to external revenue of 80% 04.08.2026 | Lufthansa GroupQ2 2026 Results8 Topline • Robust topline growth of +11% vs. PY, despite Middle East- related demand reduction • 3rd party revenue +23% vs. PY now accounting for ~80% of LHT revenues, with growth mainly driven by engine business 157 (7.2%) 2Q26 149 (7.6%) 2Q25 +8 2,173 2Q26 1,956 2Q25 +217 Bottomline • Adjusted EBIT slightly above PY (+5%), impacted by Middle East-related flight hour reduction and lower-than-planned engine overhaul business growth • Defense ramp-up progressing with Boeing CH-47F collaboration Commercial development • Construction started of new 55,000 m² production facility in Portugal • Second overhaul site in the Philippines announced at Clark International Airport Revenue in €m Adjusted EBIT in €m (margin)
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Lufthansa Group provides a proven platform for airline integration and consolidation 1) subject to regulatory approval 04.08.2026 | Lufthansa GroupQ2 2026 Results9 18 months Fastest airline integration in our history On track 450 m€ annual synergies targeted by 2028 +720% Miles & More codeshare passengers in the past 12 months Ownership expected early 20271) 90% 49% Option exercised in June Majority Call for ITA exercised TAP as enabler for South Atlantic growth Bid Bid for minority stake in TAP was submitted Market share EU-SA 2025 17%2. 11%4. 13%3. 20%1. 5. 11% 9%6. incl.
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Progress achieved on pathway to achieve 8-10% EBIT margin mid-term 10 Mid-term value creation levers Achievements 2026 YTD Airline growth ▪ Stronger ICONT than CONT growth ▪ Growth focus on APAC, South America, and leisure ▪ Completing ITA acquisition Leveraging One Group ▪ Fleet & New Premium: +3%p margin uplift ▪ Commercial excellence: ancillary push & driving Loyalty ▪ Digital & One IT: unified AI-driven IT landscape Airline cost transformation ▪ Operational excellence, focus on crew productivity ▪ Faster growth in cost efficient airlines ▪ Highly automated passenger handling MRO & Cargo ▪ MRO: Ambition 2030 drives performance, global footprint, and new market entries (e.g., defense) ▪ Cargo: Ambition to claim Top 3 position globally 04.08.2026 | Lufthansa GroupQ2 2026 Results 90% majority call option for ITA was exercised✓ >500 out of ~4,000 FTE (mid- term target) already reduced due to AI / process automation ✓ CityLine grounding; +9 A/C at City Airlines / Discover✓ 11% revenue growth at Technik; 47% earnings growth at Cargo vs. PY ✓
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Q2 2026 Results Frankfurt, 04 August 2026 Till Streichert, CFO Financial Deep Dive 2Q26 & Guidance FY26
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de In Q2 Adj. EBIT significantly below prior year’s level driven by fuel cost increase 12 (in €m) Revenues Operating income 2Q26 2Q25 11,141 10,322 Operating expenses Material cost ex fuel Fuel cost Staff cost Depreciation 652 595 Adjusted EBIT 383 870 Adjusted EBIT margin 11,823 11,189 11,443 10,452 4,428 4,163 2,606 1,858 2,476 2,441 3.4% 8.4% EBIT 346 861 Net income 123 1,012 Adjusted Free Cashflow -365 138 Change in % +8 +6 +9 +6 +40 +1 +10 -56 -5.0%p -60 -88 nmf 04.08.2026 | Lufthansa GroupQ2 2026 Results
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de excl. >€150m strike impact: Adj. EBIT margin +1.3 %p A challenging quarter with core fundamentals like demand and cost control intact Q2 2026 Adjusted EBIT vs. PY in €m 13 04.08.2026 | Lufthansa GroupQ2 2026 Results -70 +388 -658 -47 -103 -101 +42 +8 +55 870 383 Q2 2025 ASK RASK ITA P2P Logistics MRO Other Q2 2026 Network Airlines thereof €86m FX related Cost increasesFuel ~60% recapture rate margin: 8.4% margin: 3.4% CASK +1% vs. PY on a y-o-y ASK adjusted basis
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de LHA T urnaround program on track and complemented by further cost actions 14 04.08.2026 | Lufthansa GroupQ2 2026 Results 1) Cumulated view since start of the program LHA Turnaround EBIT gross impact1) in €bn FY26 FY28 ~1.5 ~2.5 Productivity & Efficiency ➢ Network adjustments ➢ Admin efficiency ➢ Productivity uplift (operations, a/c reserve share, crew rosterings) Main Pillars Fleet & Product Renewal ➢ Extensive fleet rollover + Allegris roll-out ➢ Enhancement onboard + ground product ➢ Ancillary push Restructuring AOC landscape ➢ Ramp-up of CityAirlines + Discover ➢ Grounding CityLine ➢ Optimization of wetlease usage Additional groupwide cost saving measures in FY26: >€700m EBIT impact €150m to €200m EBIT impact >€500m EBIT impact >€1,200m EBIT impact
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Adjusted Free Cashflow in line with prior year despite external challenges 1) Other non-cash items, change in other assets & liabilities, balance sheet variations, tax H1 2026 Adjusted EBIT to Adjusted Free Cashflow in €m Adjusted EBIT 1,318 D&A (incl.spare parts) 1,402 Trade Working Capital -227 Other Operating Cashflow1) 2,264 Operating Cashflow -994 Net CAPEX -254 Repayments IFRS 16 Leases 1,015 Adjusted Free Cashflow -229 H1 ’25: 2,831 H1 ’25: 1,024 H1 ’25: 149 15 04.08.2026 | Lufthansa GroupQ2 2026 Results
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Target liquidity: €8 - 10bn Solid balance sheet preserves strategic flexibility 1) Incl. pension plan surpluses which may not be netted according to IFRS (June 30, 2026: €563m; December 31, 2025: €462m) 2) Including smaller other credit facility 3) Leverage ratio = Net debt including a 50% equity credit for the hybrid bonds / Adj. EBITDA Net debt1) in €bn 1.6 6.7 30.06.2026 1.9 6.4 31.12.2025 8.3 8.32.6 8.1 30.06.2026 2.6 8.1 31.12.2025 10.7 10.7 1.8x Sustainability-linked RCF2) Balance sheet liquidity Net pension liability Net financial debt Liquidity in €bn 2.0xLeverage ratio3) Comments • BBB-/Baa3 rating with stable outlook from four rating agencies • Liquidity remains above target corridor, supporting flexibility and resilience • Moderate increase in net financial debt due to higher IFRS 16 lease liabilities • Leverage ratio modestly increased due to lower EBITDA, while net debt remained stable 16 04.08.2026 | Lufthansa GroupQ2 2026 Results
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Avg. market price crude oil 4) (for months not yet realized) 17 Based on current forward curves, FY26 fuel bill leads to €1.5bn additional cost vs. PY 04.08.2026 | Lufthansa GroupQ2 2026 Results Avg. market price crude oil 4) (for months not yet realized) Avg. market price jet crack 5) (for months not yet realized) LH mixed JET rate (vs. 2026 FCT) in $/mt 114 104 94 1,057 1,083 1,110 1,137 1,164 1,030 1,055 1,082 1,108 1,135 1,012 1,033 1,059 1,085 1,112 84 1,004 1,014 1,036 1,062 1,088 74 995 1,005 1,017 1,039 1,065 64 981 991 1,003 1,018 1,040 54 968 978 990 1,006 1,026 44.0 54.0 64.0 74.0 84.0 Expected fossil fuel price sensitivity after hedging (FY26) as of July 27, 2026 Q3 ’26 Hedge ratio [%] - YTG only 82% Jet fuel price after hedge [$/mt] 1,005 FY 2026 81% 1,036 Jet fuel volume [mio. tons] 2.68 9.42 Exp. fossil fuel cost [bn €] 2.37 8.46 Exp. residual cost for mand. SAF [bn €] 0.06 0.20 Exp. total fuel expense [bn €] 2.43 8.66 LHG fuel price exposure is well hedged (FY26) 1), 2), 3) 1) Passenger Airlines and Logistics including existing hedges and into plane cost and assuming average rate of 1.151 USD/EUR for FY2026. 2) Hegde ratio for remaining FY 2026 comprises 48% hedge on gasoil and 33% hedge on Brent. 3) Depicted fuel expenses do not include cost related to voluntary SAF. 4) Average 2026 Brent ICE Crude oil future in $/bbl as of reporting date: 84 $/bbl. 5) Average 2026 Jet Crack Future as of reporting date: 64 $/bbl.
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Avg. market price crude oil 4) (for months not yet realized) 18 Forecast uncertainty for FY26 fuel bill persists due to high volatility of forward curves 04.08.2026 | Lufthansa GroupQ2 2026 Results Jet fuel spot rates & currency effects Jet fuel forward curves & LHG hedge result • Fuel costs remain extremely volatile, driven by significant jet fuel price fluctuations and FX movements • High volatility also affects jet fuel forward curves, thus high forecast uncertainty for FY26 fuel bill persists • YTG 85% hedged with majority in refined products, hedge effectiveness improved notably • Outlook: core hedging strategy based on refined products only 0 800 1,000 1,200 1,400 1,600 1,800 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 [in USD/Mt] 0.0 0.5 1.0 1.5 2.0 2.5 3.0 8.4 8.8 9.2 Jet fuel spot rates EUR/USD [in bn EUR] FY26e fuel bill Hedge impact May June JulyMarchJanuary May July Comments
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de H2 booking stock will be increasingly shaped by high-yielding post-crisis bookings Note: Network Airlines only as of July 31, 2026 04.08.2026 | Lufthansa GroupQ2 2026 Results19 0% 10% 30% 50% 70% 90% 100% APR MAY JUN JUL AUG SEP OCT NOV DEC not booked yet post-crisis bookings pre-crisis bookings Estimated Booking Stock most relevant months H2 bears large opportunities and risks • In Q2, overall RASK of +6.4% vs. PY (incl. some non-fare related revenue components) as a proof point for a healthy demand environment • However, Q2 demand trends not indicative of H2, as key parameters like regularity, recapture rates and strong short-term high-yield booking velocity get more promising • Combination of yield-driven inventory management and shorter booking windows: • Initial load factor gaps provide monetization opportunity through late high-yield bookings… • …but bear also risk of remaining unfilled – closing of load factor gaps is key swing factor • Achieving a strong RASK uplift vs. PY in H2 critical to offset higher fuel costs; strong post-crisis pricing provides upside, while sustainability of demand strength remains main risk Effect of post- vs. pre-crisis booking intakes ? Yield vs. PY +5% to +12% SLF vs. PY -1%p to -4%p Current inventoryRASK trajectory equally depends on: • yield strength (✓) • closure of load factor gaps (?)
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de FY26 financial guidance widened to reflect fuel price volatility and demand dynamics 04.08.2026 | Lufthansa Group ASK broadly flat (before: ~0-2% growth) FY26: Operational and financial guidance refined Adj. EBIT range: €1.7 – €2.2bn (before: significantly above 2025) Adj. Free Cashflow ~€0.9bn Dividend policy: payout of 20-40% of net income 20 FY25 ASK +4% vs. PY €2.0bn €2.5bn €1.2bn 30% Main swing factors for 2H26 Fluctuations of jet fuel prices Continuation of operational stability Sustainability of high cargo demand Materialization of RASK acceleration Q2 2026 Results Net Capex ~€2.5bn (before: ~€2.9bn) most relevant
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Appendix - supplementary information -
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de T raffic Data Q2 2026 Lufthansa Group - Publications - Traffic Figures 04.08.2026 | Lufthansa GroupQ2 2026 Results22 Apr Passengers in 1,000 Available seat-kilometers (m) vs. 2025 May vs. 2025 Jun vs. 2025 Q2 vs. 2025 35,589 86,939 Revenue seat-kilometers (m) 71,746 Passenger load-factor (%) 82.5% Available Cargo tonne-kilometers (m) 4,725 Revenue Cargo tonne-kilometers (m) 2,734 Cargo load-factor (%) 57.9% Number of flights 262,071 Total Lufthansa Group Airlines 10,739 -8.2% 12,289 -1.5% 12,561 -2.8% -4.1% 26,348 -9.1% 30,325 -1.8% 30,266 -0.4% -3.7% 21,747 -8.8% 24,692 +0.5% 25,306 -0.9% -3.0% 82.5% +0,3pts 81.4% +1,9pts 83.6% -0,4pts +0,6pts 1,496 +0.4% 1,665 +4.6% 1,564 +1.3% +2.1% 852 -1.6% 946 +4.1% 937 +5.1% +2.6% 57.0% -1,2pts 56.8% -0,2pts 59.9% +2,2pts +0,3pts 79,491 -10.0% 91,370 -5.1% 91,210 -3.2% -6.0%
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de CASK RASK Yield1) Calculation of operational airline KPIs Q2 2026 1) Due to changes in the reporting metrics, the figures now include flight- and fare-related ancillary revenues 2) RPK: Revenue Passenger Kilometers, 3) ASK: Available Seat Kilometers 04.08.2026 | Lufthansa GroupQ2 2026 Results23 Network Airlines, 2Q26 1) Traffic revenues (€m) 7,052 2) Not assignable (€m) 203 = 3) Basis for Yield (1)–(2) (€m) 6,849 4) RPK (m)2) 62,605 Yield (3/4)*100 (€c) 10.9 1) Total Revenues (€m) 7,614 2) Other operating income (€m) 193 3) Reversal of provisions (€m) 40 4) FX losses (€m) -54 = 5) Basis for RASK (1)+(2)–(3)+(4) (€m) 7,713 6) ASK (m)3) 76,304 RASK (5/6)*100 (€c) 10.1 1) Total operating expenses (€m) -7,665 2) Reversal of provisions (€m) 40 3) FX losses (€m) -54 4) Fuel expenses (€m) -2,188 5) Emission Trading (€m) -128 = 6) Basis for CASK (1)+(2)–(3)–(4)–(5) (€m) -5,255 7) ASK (m)3) 76,304 CASK –(6)/(7)*100 (€c) 6.9
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Calculation of operational airline KPIs Q2 2026 1) Airline KPIs only (excl. EW Holidays) 2) Due to changes in the reporting metrics, the figures now include flight- and fare-related ancillary revenues 3) RPK: Revenue Passenger Kilometers, 4) ASK: Available Seat Kilometers 04.08.2026 | Lufthansa GroupQ2 2026 Results24 Eurowings1), 2Q26 1) Traffic revenues (€m) 888 2) Not assignable (€m) 9 = 3) Basis for Yield (1)–(2) (€m) 879 4) RPK (m)3) 9,141 Yield (3/4)*100 (€c) 9.6 1) Total Revenues (€m) 888 2) Other operating income (€m) 42 3) Reversal of provisions (€m) 18 4) FX losses (€m) -18 = 5) Basis for RASK (1)+(2)–(3)+(4) (€m) 893 6) ASK (m)4) 10,635 RASK (5/6)*100 (€c) 8.4 1) Total operating expenses (€m) -929 2) Reversal of provisions (€m) 18 3) FX losses (€m) -18 4) Fuel expenses (€m) -258 5) Emission Trading (€m) -41 = 6) Basis for CASK (1)+(2)–(3)–(4)–(5) (€m) -593 7) ASK (m)4) 10,635 CASK –(6)/(7)*100 (€c) 5.6 Yield2) CASK RASK
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Performance of Passenger Airlines in Q2 2026 04.08.2026 | Lufthansa GroupQ2 2026 Results25 2Q26 ASK vs. 2019 Lufthansa Airlines SWISS Revenue [€m] Adj. EBIT [€m] Adj. EBIT margin Austrian Airlines Brussels Airlines Network Airlines P2P Airlines 82.8% 4,570 -37 -0.8% 101.5% 1,865 174 9.3% 98.6% 740 19 2.5% 90.0% 478 -15 -3.0% 88.4% 7,614 137 1.8% 120.7% 934 -37 -3.9%
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Group P&L 04.08.2026 | Lufthansa GroupQ2 2026 Results26 Lufthansa Group (in €m) 2Q26 Revenues Total operating income 2Q25 Operating expenses Of which fees & charges Of which fuel Of which staff Of which depreciation Result from equity investments Adjusted EBIT 383 870 Adjusted EBIT Margin 3.4% 8.4% Adjustments EBIT 346 861 Net interest income Other financial items EBT1) 213 1,000 Income taxes 11,141 10,322 11,823 11,189 11,443 10,452 1,412 1,469 2,606 1,858 2,476 2,441 652 595 3 133 -37 -9 -52 -14 -82 153 -81 7 Profit / loss from discontinued operations -7 11 Profit / loss attributable to minority interests -2 -6 Net income 123 1,012 1) EBT excluding discontinued operations
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de EBIT to Adjusted EBIT bridge Q2 2026 04.08.2026 | Lufthansa GroupQ2 2026 Results27 in €m EBIT (10) Net book gains 14 Business combination and restructuring 66 Impairment losses and devaluations (33) Others Adjusted EBIT 346 383
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Adjusted EBIT to Net Income Q2 2026 04.08.2026 | Lufthansa GroupQ2 2026 Results28 in €m Adjusted EBIT (37) EBIT adjustments (52) Interest result (82) Others (81) Tax result (7) Profit/loss from discontinued operations (2) Profit/loss attributable to minority interests Net Income 383 123
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Cashflow statement Q2 2026 04.08.2026 | Lufthansa GroupQ2 2026 Results29 1 Lower profitability vs. PY weighed on cash flow generation1 Lower cash flow from change in trade working capital driven by less unflown tickets due to shorter booking cycles 2 3 Net CAPEX below PY driven by increased use of sale and lease back (SLB)3 2 Lufthansa Group (in €m) 2Q26 EBT (earnings before income taxes) Depreciation & amortization (incl. repairable MRO materials) Vs. 2Q25 Net proceeds from disposal of non-current assets Result of equity investments Net interest Income tax payments/reimbursements Significant non-cash-relevant expenses / income Change in trade working capital Change in other assets / liabilities -268 -186 Operating cash flow 181 -833 Capital expenditure (net) Free cash flow -247 -484 Adjusted Free cash flow Cash and cash equivalents as of 30.06.26 (excl. assets held for sale) Current securities 6,345 -445 206 -795 743 -3 -3 +131 52 +38 -36 54 +282 -563 -428 +349 -365 -503 1,799 Total Group liquidity 8,144 -446 +115 +2 +31 -451 -1
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Multi-year financial overview 1) Calculated until 2020: Adjusted ROCE (Adjusted EBIT plus interest income on liquidity minus 25% taxes)/average capital employed, calculation 2021 to 2023: Adjusted ROCE (Adjusted EBIT minus 25% taxes)/average capital employed. 2) Adjusted free cash flow from 2018 (free cash flow adjusted for effect of IFRS 16). 3) The figures for financial year 2023 were adjusted due to the reclassification of non-pool material from repairable spare parts to inventories. 04.08.2026 | Lufthansa GroupQ2 2026 Results30 Lufthansa Group (in €m, as reported) 2025 2024 20233) 20224) 20215) 2020 2019 20186) 20177) 2016 Traffic figures Available seat-kilometres (in millions) 338,552 326,176 300,582 259,428 145,139 109,828 358,803 349,391 322,875 286,555 Revenue seat-kilometres (in millions) 281,765 271,038 249,269 207,030 89,397 69,462 296,217 284,639 261,149 226,639 Profit & Loss Revenue 39,597 37,581 35,442 30,895 16,811 13,589 36,424 35,542 35,579 31,660 Fuel Cost 7,271 7,785 7,931 7,601 2,409 1,875 6,715 6,087 5,232 4,885 Adjusted EBIT 1,960 1,645 2,682 1,520 -1,666 -5,451 2,026 2,836 2,969 1,752 Adjusted EBIT Margin 4.9% 4.4% 7.6% 4.9% -9.9% -40.1% 5.6% 8.0% 8.3% 5.5% Balance Sheet Total Assets 48,394 47,052 45,321 43,335 42,538 39,484 42,659 38,213 35,778 34,697 Net Financial Debt 6,406 5,744 5,682 6,871 9,023 9,922 6,662 3,489 2,884 2,701 Adjusted ROCE1) 10.3% 9.6% 13.1% 7.6% -7.4% -16.7% 6.6% 10.6% 11.9% 7.0% Cash Flow statement Operating Cash Flow 4,037 3,892 4,905 5,168 399 -2,328 4,030 4,109 5,368 3,246 Capital expenditure 4,713 3,819 3,609 2,425 1,356 1,312 3,666 3,805 3,529 2,231 (Adjusted) Free Cash Flow2) 1,188 840 1,846 2,526 -1,049 -3,669 203 288 2,117 1,138 4) The figures for the financial year 2022 were adjusted due to the reclassification of the Catering segment to discontinued operations. 5) The figures for the financial year 2021 were adjusted retroactively due to changes in the definition of key performance indicators. 6) The figures for financial year 2018 were adjusted due to the restatement of compensation payments for flight cancellations and delays. 7) The figures for the financial year 2017 were adjusted retroactively due to the restatement of capitalised engine maintenance events and IFRS 9. Updated
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Maturity profile of borrowings as of June 30, 2026 *Mainly bilateral loans – does not include operating lease payments 04.08.2026 | Lufthansa GroupQ2 2026 Results31 0 500 1,000 1,500 2,000 2,500 2026 2027 2028 2029 2030 2031 2032 2033 2034 Straight Bond Hybrid Convertible Bond Schuldscheindarlehen Aircraft Finance (secured) Other* in €m Updated
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Disclaimer 04.08.2026 | Lufthansa GroupQ2 2026 Results32 IMPORTANT: The following applies to this document and the oral presentation of the information in this document by Deutsche L ufthansa Aktiengesellschaft (the “Company”, and together with its consolidated subsidiaries, the “Group”) or any person on behal f of the Company, any question-and-answer session that follows the oral presentation, if any, hard copies of the slides as well as any additional mate rials distributed at, or in connection with this presentation (collectively, the “Presentation”). THIS PRESENTATION AND ITS CONTENTS, IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIREC TLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. BY REVIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE LIMITATIONS SET OUT IN THIS PRESENTATI ON. ANY FAILURE TO COMPLY WITH THE LIMITATIONS SET OUT IN THIS DOCUMENT MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. THIS PRESENTATION AND ITS CONTENTS, IS DELIVERED TO YOU ON THE BASIS OF YOUR COMPLIANCE WITH THE LEGAL AND R EGULATORY OBLIGATIONS TO WHICH YOU ARE SUBJECT. This Presentation has been prepared by the Company for informational and discussion purposes and must not be relied upon for any purpose. This disclaimer shall apply in all respects to the entire Presentation, the oral presentation of the slides by representatives of the Company (or any person on behalf of the Company), any question-and-answer session that follows the oral presentation, if any, hard copies of the slides as well as any additional materials distributed at, or in connection with this presentation. By attending a meeting (or conference call or video conference) at which this Presentation is made, or by reading the written materials included in this Presentation, you (i) acknowledge and agree to all of the following restrictions and undertakings, and (ii) acknowledge and confirm that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of this Presentation. This Presentation may not be reproduced, redistributed or disclosed in any way in whole or in part to any other person without the prior written consent of the Company. Without limitation, copies of this document may not be sent to countries, or distributed in or sent from countries, in which this is barred or prohibited by law. If you have received this document and you are not an interested party or are not otherwise permitted by law to receive it, you must return it immediately to the Company. None of the Company, the Group, their affiliates or any of their respective directors, officers, employees, agents, shareholders, advisors or any other person (i) may notify you of changes nor is under an obligation to update or keep current the Information or to provide the recipient thereof with access to any additional information that may arise in connection with it, save for the making of such disclosures as are required by law or regulation and (ii) shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. No representation, warranty or undertaking, express or implied, is given by the Company, the Group, their affiliates or any of their respective directors, officers, employees, agents, shareholders, advisors or any other person as to, and no reliance should be placed on, the completeness, accuracy or fairness of the information or opinions contained in the Information and no responsibility, obligation or liability whatsoever is accepted or will be accepted by the Company, the Group, their affiliates or any of their respective directors, officers, employees, agents, shareholders, advisors or any other person for any loss arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. The information and opinions contained in this Presentation do not purport to be comprehensive and to contain all information required to evaluate the Company and/or its financial position, are provided as at the date of the document and a re subject to amendment, revision, verification, correction, completion and updating in its entirety without notice and such information may change materially. The Company is not under any obligation to update or keep current the information contained in this Presentation. No reliance may be placed for any purpose whatsoever on this Presentation or on its completeness, accuracy or fairness. Neither the Information nor any other document or information (or any part thereof) delivered or supplied under or in relation to the securities is intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by the Company or the Group that any viewer of, or any person accessing, the Information or any such other document or information (or such part thereof) should subscribe for or purchase any securities of the Company. No person is authorized to give any information or to make any representation not contained in and not consistent with the final prospectus relating to any securities of the Company and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Company or the Group. None of the Information, any future issue of the securities nor any subscription for, purchase or sale of securities made in connection therewith shall under any circumstances create any implication that there has been no change in the information contained herein since the date hereof or that there has been no change in the business or financial position of the Company or its subsidiaries since the date hereof.
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Brand-and-Design-Support@dlh.de Usage of colors Refer to the color guidelines when using secondary & tertiary color Core blue: Primary color (formal usage) Light blue: Primary color (formal usage) Sand: Secondary color (standard usage) Teal: Secondary color (standard usage) Red: Tertiary color (expressive usage only) Purple: Tertiary color (expressive usage only) Brand-and-Design-Support@dlh.de For questions, please reach out to Brand Support: Brand-and-Design-Support@dlh.de Disclaimer 04.08.2026 | Lufthansa GroupQ2 2026 Results33 This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of the Company, its affiliates or an inducement to enter into investment activity in the United States of America or any other country or to any person to whom or in which such offer or solicitation is unlawful. Securities of the Company, including the securities referred to herein, have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”). The Company’s securities may not be offered or sold in the United States of America absent registration under the Securities Act or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Company’s securities in the United States of America. The Information is for information purposes only and does not constitute an offering document or an offer of securities to the public in the United Kingdom to which section 85 of the Financial Services and Markets Act 2000 of the Unit ed Kingdom (as amended by the Financial Services Act 2012 of the United Kingdom) (“FSMA”) applies. It is not intended to provide the basis for any evaluation of any securities and should not be considered as a recommendation that any person should subscribe for or purchase any securities. The information in this presentation is given in confidence and the recipients of this presentation should not base any behavior in relation to qualifying investments or relevant products, as defined in the Financial Services Markets Act 2000, or FSMA, and the Code of Market Conduct, made pursuant to the FSMA, which would amount to market abuse for the purposes of the FSMA on the information in this presentation until after the information has been made generally available. Nor should the recipient use the Information in any way that would constitute “market abuse”. Certain industry, market and competitive position data contained in this Presentation, if any, come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein, and the Company assumes no responsibility whatsoever in respect of the accuracy and completeness of any such data. In addition, certain industry, market and competitive position data contained in this Presentation come from the Company’s own internal research and certain estimates are based on the knowledge and experience of the Company’s management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. The Company, therefore, also assumes no responsibility whatsoever in respect of the accuracy and completeness of any such research and estimates. Accordingly, no reliance should be placed on any of the industry, market or competitive position data contained in this Presentation. The Information is not all-inclusive nor does it contain all information that may be desirable or required in order to properly evaluate the Group (or any members thereof) or a related investment decision. No part of the Information should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. You are solely responsible for forming your own opinions and conclusions on the Information and the market and for making your own independent assessment of the Information. You are also solely responsible for seeking independent professional advice in relation to the Information and any action taken on the basis of the Information. Statements in the Information and Presentation, including those regarding the possible or assumed future or other performance of the Company and its affiliates or its industry or other trend projections, constitute forward-looking statements. These statements reflect the Company’s current knowledge and expectations and projections about futu re events and may be identified by the context of such statements or words such as “anticipate”, “believe”, “could”, “expect” , “intend”, “may”, “project”, “should”, “will”, “would”, “target” or similar terminology. Actual results, performance, or events may differ materially from those in such statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of this Presentation and the Company and Group undertake no obligation to update these forward-looking statements. Financial information of the Company or the Group as of and for the six-month period ended June 30, 2026 included in this Presentation is unaudited. The addition of the totals presented may result in rounding differences. In addition to figures prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”), this Presentation also includes certain non-GAAP financial performance measures. These non-GAAP measures have been included because we believe that investors may find them helpful to measure our performance as reported under the relevant IFRS measures. However, these non-GAAP measures should be considered only in addition to, but not in isolation or as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles, and other companies that report similarly named non-GAAP measures may define or calculate these financial performance measures in different ways. The Information contains certain supplemental measures of operating and financial performance that are not calculated in accordance with IFRS or the German Commercial Code (Handelsgesetzbuch) and German generally accepted accounting principles, and are therefore considered non-IFRS measures. The Group believes that such non-IFRS measures, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, may enhance the understanding of its financial performance by excluding items that are not classified as part of its ongoing operations. However, non-IFRS measures have important limitations as analytical tools and should not be considered in isolation, or as substitutes for, the analysis of the Group’s results of operations, financial position, and cash flows as reported under IFRS. The non-IFRS measures used by the Group may also differ from, and not be comparable to, similarly titled measures used by other companies. The Information is not, and should not be construed as, a prospectus, is not intended for potential investors and does not co nstitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. In member states of the European Economic Area (“EEA”) and the United Kingdom, the Information is only addressed to and directed at persons who are qualified investors within the meaning of Article 2(e) of the Prospectus Regulation (EU) 2017/1129, as amended (“Qualified Investors”). In addition, in the UK, the Information is addressed to and directed only at, and should only be relied on by, Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), and persons who are high net worth entiti es falling within Article 49(2)(a) to (d) of the Order or are persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as “relevant persons”). If you have received the Information and you are (i) in the UK and not a relevant person, or (ii) in the EEA and not a Qualified Investor, you must return this document immediately to the Company. Any investment or investment activity to which the Information relates is available only to relevant persons or will be engaged in only with relevant persons. Upon receipt of this Presentation, you warrant, represent, acknowledge and agree to and with the Company that (i) you are a relevant person (as defined above), (ii) you will not distribute, disclose or provide any Information or material discussed today in any form, alone or as part of or incorporated into any other material, to any other person and (iii) you will not at any time have any discussion, correspondence or contact concerning this Presentation with any of the directors, employees or shareholders of the Company or its subsidiaries nor with any of their suppliers without the prior written consent of the Company.