Slides
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Q3 2026 Results Frankfurt, 03 November 2026 Carsten Spohr, CEO Till Streichert, CFO
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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 Robust demand across all segments led to solid Q3 earnings performance and supports outlook despite rising fuel headwinds • Group Adj. EBIT of €1.4bn, +6% vs. PY (+€0.1bn) – despite fuel cost headwind of >€0.5bn vs. PY • Network Airlines • ASK +1.6% vs. PY - first quarter with capacity growth in FY26 • Strong demand across all regions: unit revenues up 5.2% vs. PY – stronger y-o-y increase than in Q2, month-on-month increase throughout Q3, reaching 7.2% in September and October trend >9% • CASK ex fuel limited to +0.5% vs. PY due to strict cost discipline, increase driven by premiumization • Point-to-Point carrier Eurowings unit revenues +10% vs. PY and ~100% fuel recapture rate • Adj. EBIT of Lufthansa Cargo (+230%) and Lufthansa Technik (+50%) significantly above PY • FY26 Adj. EBIT guidance narrowed to €1.7-2.0bn as year-end approaches and fuel prices increased since summer (FY26 fuel cost currently at €9.3bn) Q3 2026 Results2 03.11.2026 | Lufthansa Group Website only
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Q3 2026 Results Carsten Spohr, CEO Current Situation & Strategic Outlook Frankfurt, 03 November 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 Q3 result above PY with cost discipline, Cargo & MRO offsetting fuel headwinds 03.11.2026 | Lufthansa GroupQ3 2026 Results4 ASK +1.6%1) vs. 3Q25 728 Aircraft in LHG Fleet In 2025 Adjusted EBITRevenues €12.2bn +9.3% vs. 3Q25 €1.4bn 11.5% margin -0.4%p vs. 3Q25 1) Network Airlines +€0.1bn vs. 3Q25 Draft 4 - preferred CASK Control +0.5%1) vs. 3Q25 Strong Group Adj. EBIT vs. 3Q25 +€113m Cargo +€70m MRO Flight-related Ancillary Revenues +21%1) vs. 3Q25 NMD 11/2/26: Alternative erstellen mit TAP statt Ancillaries
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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 -0.1% -2.2%p +9.0% Middle East -59.1% +0.1%p +20.5% Asia Pacific +4.0% -2.8%p +9.3% South America +12.8% +0.3%p +1.1% Africa +14.0% -1.7%p +4.9% Strong Q3 yield growth, led by premium classes, and North Atlantic and APAC routes 03.11.2026 | Lufthansa GroupQ3 2026 Results5 Total +1.6% -1.3%p +6.8% Premium2) +1.8% -2.2%p +11.2% Economy +1.6% -1.3%p +5.7% Continental +0.8% -0.1%p +5.2% Intercontinental +1.9% -2.0%p +7.8% Eurowings -3.5% +0.1%p +8.3% 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 3Q26 vs. PY ASK Seat Load Factor Yield1) Regional RASK: +5.2%
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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 03.11.2026 | Lufthansa GroupQ3 2026 Results6 Topline • Strong demand, high yields (+6.8% vs. PY) and narrowing short- term SLF gaps drive +5% revenue growth • Lufthansa Airlines result impacted by €65m additional customer claims related to March/April strikes 853 (10.3%) 3Q26 961 (12.1%) 3Q25 -108 8,303 3Q26 7,928 3Q25 +375 Bottomline • Q3 Adj. EBIT improves across all Network Airlines except LHA, despite ~450 m€ fuel cost headwind • CASK contained through LHA turnaround, rigorous cost management and selective capacity deployment (ASK +1.6%) Commercial development • Flight-related ancillary revenues up 21% vs. PY, driven by Allegris and an expanded product offering • SWISS wins 2026 World Travel Award for Europe’s Leading Business Class Network Airlines Mitigation of fuel headwinds through commercial measures and cost discipline Revenue in €m Adjusted EBIT in €m (margin) RASK +3.9% vs. PY CASK +0.5% vs. PY Draft
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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 03.11.2026 | Lufthansa GroupQ3 2026 Results7 Topline • Capacity -3.5% vs. PY due to Middle East conflict and capacity reductions in response to elevated fuel prices • Strong demand persists across Southern Europe, with particular strength in Iberian Peninsula and Balearic Islands Bottomline • Strong topline growth and higher SunExpress contribution (+20 m€ vs. PY) lift EBIT above PY despite fuel headwind • EBIT safeguarding measures underway, including capacity cuts and reduction of discretionary spend Commercial Development • Strong pricing drives RASK, with yields up +8.3% at broadly stable load factors (+0.1%p) • Lower ASK, shorter stage length, and higher handling and MRO costs are weighing on CASK Point-to-Point Airlines Resilient demand drives strong unit revenues and Adj. EBIT growth Revenue in €m Adjusted EBIT in €m (margin) 1) Airline KPIs only (excl. EW Holidays) RASK1) +10.0% vs. PY CASK1) +4.8% vs. PY 1,140 3Q26 1,045 3Q25 +95 214 (18.7%) 3Q26 197 (18.9%) 3Q25 +16
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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 03.11.2026 | Lufthansa GroupQ3 2026 Results8 Lufthansa Cargo Acceleration of Adjusted EBIT momentum with 16% operating margin Topline • Continued profitable growth with capacity +5% vs. PY, volume +7% and load factor improving by +3%p • Global revenue up 26% with broad-based regional growth; additional India flights support volume and yields 162 (15.6%) 3Q26 49 (6.0%) 3Q25 +113 1,042 3Q26 824 3Q25 +218 Bottomline • Continued cost discipline enhances profitability alongside strong volume and yield growth • Adj. EBIT more than tripled vs. PY in a usually seasonally challenging quarter Commercial development • Yield +22% vs. PY, including double-digit increase also in base yield; ex-APAC yields robust despite de-minimis pressure • Temperature-controlled freight revenues +33% vs. PY, driven by strong Pharma and Semiconductor growth 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 Strong engine business performance enables margin uplift 03.11.2026 | Lufthansa GroupQ3 2026 Results9 Topline • Topline growth of +20% vs. PY, thereof third party +24%, almost completely driven by Engines segment • Engine revenue growth driven by volume ramp-up and heavy workscopes in Q3 200 (8.6%) 3Q26 130 (6.7%) 3Q25 +70 2,331 3Q26 1,942 3Q25 +389 Bottomline • Adjusted EBIT increased by +54% with margin up +1.9 %p • Soft Q3 2025 comps due to weak USD and US punitive tariffs • Result uplift mainly driven by Engine and Components segments, supported by US tariff refunds Commercial development • Long-term 787 component partnership with JAL extended • Flair signed 15-year LEAP-1B agreement for Calgary • A380 base maintenance contract with Emirates extended 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 Structural Cont network measures deliver value while preserving network strength +1%p Traffic Mix improvement: +2%p -2%p Fuel-adjusted contribution margin # of EU-IC O&Ds offered almost stable= 03.11.2026 | Lufthansa GroupQ3 2026 Results10 426 403 396 2025 2026 Target 2027 -23 -7 100 Stable production with less aircraft S26 Consolidation effects (Apr-Aug)Network consolidation example 99 100 ASK index Narrow-body fleet size # of aircraft Discover & City Airlines: +12 +15 Scheduling change BOS GDN MUC ZRH MUC-GDN flights canceled, FRA + ZRH remaining 50% of LHG Cont optimized FRA Point-to-Point Share EU-EU Transfer Share
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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 Perfect fit – TAP deal underscores Lufthansa Group’s role as an active consolidator 03.11.2026 | Lufthansa GroupQ3 2026 Results11 You can find further information in the LHG_TAP investment_investor presentation 14 October 2026: “Portuguese government decides to select Lufthansa Group‘s offer in the privatization process for TAP Air Portugal.“ Complementary networks Step-change in scale at both ends of the Atlantic, especially in South America, EU-SA market share increase to 20%1 Strong hub addition LIS as advantaged hub at the South-Western edge of Europe, enabling additional route potential to LHG 2 Non-passenger airline growth Established MRO, cargo and loyalty capabilities extending the LHG platform3 T angible value creation Up to €450m run-rate net synergies across TAP and LHG, accretive to ROCE targets and EPS, dividend step-up mechanism in place4 Strong partnership and governance Decade-long collaboration through Star Alliance entering a new chapter based on joint control and a robust governance framework5 Investment rationaleTAP is the perfect fit for LHG ✓ Continuation of a proven consolidation playbook, extending the multi-hub / -brand model ✓ Intended path to majority pre-discussed with by Portuguese government
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Q3 2026 Results Frankfurt, 03 November 2026 Till Streichert, CFO Financial Deep Dive 3Q26 & 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 Q3 Adj. EBIT exceeds prior year despite significant fuel headwind 13 (in €m) Revenues Operating income 3Q26 3Q25 12,240 11,199 Operating expenses Material cost ex fuel Fuel cost Staff cost Depreciation 638 595 Adjusted EBIT 1,407 1,331 Adjusted EBIT margin 12,844 11,681 11,627 10,504 4,693 4,346 2,546 2,003 2,419 2,349 11.5% 11.9% EBIT 1,468 1,343 Net income 1,257 966 Adjusted Free Cashflow 793 818 Change in % +9 +10 +11 +8 +27 +3 +7 +6 -0.4%p +9 +30 -3 03.11.2026 | Lufthansa GroupQ3 2026 Results 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 Rigorous cost discipline limits CASK increase to +0.5% – remaining increase mainly driven by premiumization YTD CASK at Network Airlines vs. PY 14 03.11.2026 | Lufthansa GroupQ3 2026 Results Draft 1 Comments • Q3 was the first quarter in 2026 with y-o-y capacity growth • Unit cost increase was limited to +0.5% vs. PY, below general inflation level • Unit cost increase based on premiumization of ~+1%p – providing the basis for accelerating unit revenue performance • LHA Turnaround measures increasingly materialize including improved operational stability and further automation and digitalization Q1 Q2 Q3 +2.5% +3.1% +0.5% Q3 2025 Catering Depreciation Maintenance Personnel Fees & Charges Other Expenses +0.5%Q3 2026 vs. PY premiumization -3.3% ASK vs. PY +0.1% +1.6% Analyst call only
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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 on prior year’s level 1) Other non-cash items, change in other assets & liabilities, balance sheet variations, tax YTD 2026 Adjusted EBIT to Adjusted Free Cashflow in €m Adjusted EBIT 1,966 D&A (incl.spare parts) 512 Trade Working Capital -248 Other Operating Cashflow1) 3,408 Operating Cashflow -1,213 Net CAPEX -387 Repayments IFRS 16 Leases 1,809 Adjusted Free Cashflow 1,178 ’25: 3,939 ’25: 1,842 ’25: 1,480 15 03.11.2026 | Lufthansa GroupQ3 2026 Results UpdatedAnalyst call only
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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 Liquidity well above target corridor and prior year creates investment headroom 1) Incl. pension plan surpluses which may not be netted according to IFRS (September 30, 2026: €609m; 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 1.4 5.9 30.09.2026 1.9 6.4 31.12.2025 7.3 8.32.6 9.2 30.09.2026 2.6 8.1 31.12.2025 11.8 10.7 1.8x Sustainability-linked RCF2) Balance sheet liquidity Net pension liability Net financial debt Liquidity in €bn 1.7xLeverage ratio3) Comments • BBB-/Baa3 rating with stable outlook from four rating agencies • Liquidity buffer above target corridor provides resilience against market volatilities • Stable leverage driven by lower pension liabilities and significant Adj. Free Cashflow generation • Increased aircraft leasing enhances capital efficiency and preserves financial flexibility 16 03.11.2026 | Lufthansa GroupQ3 2026 Results UpdatedAnalyst call only
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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 Current forward curves imply €2.0bn higher FY26 fuel cost vs. PY 03.11.2026 | Lufthansa GroupQ3 2026 Results update based on 28.10.Analyst call only 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 $/mt As of October 28, 2026 Q4 ’26 Hedge ratio [%] - YTG only 80% Jet fuel price after hedge [$/mt] 1,282 FY 2026 80% 1,107 Jet fuel volume [mio. tons] 2.31 9.43 Exp. fossil fuel cost [bn €] 2.6 9.1 Exp. residual cost for mand. SAF [bn €] 0.05 0.20 Exp. total fuel expense [bn €] 2.7 9.3 1) Passenger Airlines and Logistics including existing hedges and into plane cost and assuming average rate of 1.15 USD/EUR for FY2026. 2) Hegde ratio for remaining FY2026 comprises 47% hedges on gasoil. 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: 112 $/bbl. 5) Average 2026 Jet Crack Future as of reporting date: 76 $/bbl. Expected fossil fuel price sensitivity after hedging (FY26)LHG fuel price exposure is well hedged (FY26) 1), 2), 3) 142 1,133 1,149 1,165 1,182 1,198 132 1,113 1,129 1,145 1,162 1,178 122 1,093 1,109 1,125 1,142 1,158 112 1,075 1,091 1,107 1,124 1,140 102 1,063 1,079 1,096 1,112 1,128 92 1,053 1,069 1,086 1,102 1,118 82 1,044 1,060 1,076 1,092 1,109 56 66 76 86 96
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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 Successful commercial steering drives RASK uplift in Q3, further increasing in Q4 03.11.2026 | Lufthansa GroupQ3 2026 Results18 Draft – Trend focus JUL AUG SEP OCT +3.1% +5.3% +7.2% >+9.0% Note: Network Airlines data as of November 1, 2026 Yield vs. PY +4% +7% +9% +11% +12% SLF vs. PY -1%p -2%p -1%p -5%p -5%p +12% to +16% -2%p to -5%p Commercial momentum points to further Q4 upside • Strong demand continued in Q3, with regional RASK +5.2% vs. PY while capacity grew at +1.6% ASK • ~85% Q3 fuel recapture rate for network airlines mitigates fuel headwind, while higher jet fuel prices raise Q4 ambition • Strong short-term booking patterns persisted in Q3 and October; SLF gaps close at elevated yields shortly before departure, representing a swing factor for Q4: • Differentiated revenue steering to maximize RASK • Inventory protection to maximize yields during peak Christmas travel Regional RASK trend vs. PY Q3: +5.2% Q4: >+10% Analyst call only Current inventory
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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 narrowed as year-end approaches amid higher fuel prices 03.11.2026 | Lufthansa Group ASK broadly flat vs. PY FY26: financial guidance refined Adj. EBIT range: €1.7 – €2.0bn (before: €1.7 – €2.2bn) Adj. Free Cashflow ~€0.9bn Dividend policy: payout of 20-40% of net income 19 FY25 ASK +4% vs. PY €2.0bn €2.5bn €1.2bn 30% 1) Without considering effects from ITA full consolidation Q3 2026 Results Net Capex ~€2.1bn (before: ~€2.5bn) 2027 Building Blocks1) Mid-single digit ASK growth (focus on ICONT; CONT flat) Adjusted for strike, ME, CityLine: low-single digit ASK growth (focus on ICONT; CONT negative) Above PY’s level (incl. hedge ratio of >60% for passenger airlines) Lufthansa Airlines ICONT reserve aircraft share to be reduced by 25% vs. PY Network Airlines CASK reduction vs. PY Fuel bill Capacity CASK Aircraft reserve
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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 Q3 2026 Lufthansa Group - Publications - Traffic Figures 03.11.2026 | Lufthansa GroupQ3 2026 Results21 Jul Passengers in 1,000 Available seat-kilometers (m) vs. 2025 Aug vs. 2025 Sep vs. 2025 Q3 vs. 2025 41,050 97,229 Revenue seat-kilometers (m) 83,985 Passenger load-factor (%) 86.4% Available Cargo tonne-kilometers (m) 4,958 Revenue Cargo tonne-kilometers (m) 2,906 Cargo load-factor (%) 58.6% Number of flights 285,783 Total Lufthansa Group Airlines 13,818 -1.1% 13,901 -2.4% 13,332 -1.2% -1.6% 32,669 +0.8% 33,084 +0.4% 31,476 +1.5% +0.9% 28,362 +0.3% 28,907 -1.4% 26,716 -0.2% -0.4% 86.8% -0.5%p 87.4% -1.5%p 84.9% -1.4%p -1.2%p 1,643 +3.9% 1,666 +5.7% 1,649 +6.3% +5.3% 961 +6.6% 977 +11.7% 968 +9.5% +9.2% 58.5% +1.5%p 58.7% +3.2%p 58.7% +1.7%p +2.1%p 96,292 -2.2% 95,411 -3.3% 94,080 -2.0% -2.5% 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 CASK RASK Yield1) Calculation of operational airline KPIs Q3 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 03.11.2026 | Lufthansa GroupQ3 2026 Results22 Network Airlines, 3Q26 1) Traffic revenues (€m) 7,771 2) Not assignable (€m) 54 = 3) Basis for Yield (1)–(2) (€m) 7,717 4) RPK (m)2) 73,279 Yield (3/4)*100 (€c) 10.5 1) Total Revenues (€m) 8,303 2) Other operating income (€m) 246 3) Reversal of provisions (€m) 32 4) FX losses (€m) -63 = 5) Basis for RASK (1)+(2)–(3)+(4) (€m) 8,454 6) ASK (m)3) 85,056 RASK (5/6)*100 (€c) 9.9 1) Total operating expenses (€m) -7,734 2) Reversal of provisions (€m) 32 3) FX losses (€m) -63 4) Fuel expenses (€m) -2,147 5) Emission Trading (€m) -135 = 6) Basis for CASK (1)+(2)–(3)–(4)–(5) (€m) -5,358 7) ASK (m)3) 85,056 CASK –(6)/(7)*100 (€c) 6.3 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 Calculation of operational airline KPIs Q3 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 03.11.2026 | Lufthansa GroupQ3 2026 Results23 Eurowings1), 3Q26 1) Traffic revenues (€m) 1,066 2) Not assignable (€m) 17 = 3) Basis for Yield (1)–(2) (€m) 1,049 4) RPK (m)3) 10,706 Yield (3/4)*100 (€c) 9.8 1) Total Revenues (€m) 1,066 2) Other operating income (€m) 21 3) Reversal of provisions (€m) 4 4) FX losses (€m) -13 = 5) Basis for RASK (1)+(2)–(3)+(4) (€m) 1,070 6) ASK (m)4) 12,173 RASK (5/6)*100 (€c) 8.8 1) Total operating expenses (€m) -978 2) Reversal of provisions (€m) 4 3) FX losses (€m) -13 4) Fuel expenses (€m) -261 5) Emission Trading (€m) -52 = 6) Basis for CASK (1)+(2)–(3)–(4)–(5) (€m) -648 7) ASK (m)4) 12,173 CASK –(6)/(7)*100 (€c) 5.3 Yield2) CASK RASK 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 Performance of Passenger Airlines in Q3 2026 03.11.2026 | Lufthansa GroupQ3 2026 Results24 3Q26 ASK vs. 2019 Lufthansa Airlines SWISS Revenue [€m] Adj. EBIT [€m] Adj. EBIT margin Austrian Airlines Brussels Airlines Network Airlines P2P Airlines 90.9% 5,004 300 6.0% 102.1% 1,916 295 15.4% 105.7% 851 141 16.5% 95.3% 577 84 14.6% 94.8% 8,303 853 10.3% 123.1% 1,140 214 18.7% 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 Group P&L 03.11.2026 | Lufthansa GroupQ3 2026 Results25 Lufthansa Group (in €m) 3Q26 Revenues Total operating income 3Q25 Operating expenses Of which fees & charges Of which fuel Of which staff Of which depreciation Result from equity investments Adjusted EBIT 1,407 1,331 Adjusted EBIT Margin 11.5% 11.9% Adjustments EBIT 1,468 1,343 Net interest income Other financial items EBT1) 1,495 1,337 Income taxes 12,240 11,199 12,844 11,681 11,627 10,504 1,517 1,547 2,546 2,003 2,419 2,349 638 595 190 154 61 12 -89 -60 116 54 -235 -361 Profit / loss from discontinued operations 0 -4 Profit / loss attributable to minority interests -4 -6 Net income 1,257 966 1) EBT excluding discontinued operations 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 EBIT to Adjusted EBIT bridge Q3 2026 03.11.2026 | Lufthansa GroupQ3 2026 Results26 in €m EBIT (130) Net book gains 23 Business combination and restructuring 33 Impairment losses and devaluations 12 Others Adjusted EBIT 1,468 1,407 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 Adjusted EBIT to Net Income Q3 2026 03.11.2026 | Lufthansa GroupQ3 2026 Results27 in €m Adjusted EBIT 61 EBIT adjustments (89) Interest result 116 Others (235) Tax result 0 Profit/loss from discontinued operations (4) Profit/loss attributable to minority interests Net Income 1,407 1,257 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 Cashflow statement Q3 2026 03.11.2026 | Lufthansa GroupQ3 2026 Results28 1 Higher profitability vs. PY supports cash flow generation1 Lower tax-related cash flow due to PY one- off inflow2 3 Net CAPEX below PY driven by increased proceeds from sale of fixed assets (e.g. SLB)3 2 Lufthansa Group (in €m) 3Q26 EBT (earnings before income taxes) Depreciation & amortization (incl. repairable MRO materials) Vs. 3Q25 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 259 +111 Operating cash flow 1,145 +37 Capital expenditure (net) Free cash flow 1,164 +278 Adjusted Free cash flow Cash and cash equivalents as of 30.09.26 (excl. assets held for sale) Current securities 7,642 -368 1,496 +159 686 -129 -191 -37 89 +28 -42 -133 -27 -891 19 +241 793 -25 1,526 Total Group liquidity 9,168 -213 +62 -119 -199 +57 +155 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 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. 03.11.2026 | Lufthansa GroupQ3 2026 Results29 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 September 30, 2026 *Mainly bilateral loans – does not include operating lease payments 03.11.2026 | Lufthansa GroupQ3 2026 Results30 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 03.11.2026 | Lufthansa GroupQ3 2026 Results31 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 03.11.2026 | Lufthansa GroupQ3 2026 Results32 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 nine-month period ended September 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.