Overall statement by the Executive Board on the expected development of the Lufthansa Group

The macroeconomic environment will remain challenging in 2025. Global economic growth is expected only to be subdued, and inflation will remain above the levels targeted by the world’s central banks.

Despite this, people still have a great desire to travel. We are therefore expecting continued high demand for flights in 2025, which will support our operating and financial performance.

We have adapted well to the structural changes in the market environment. Furthermore, we have initiated extensive measures to increase efficiency and profitability. 2025 will be a year of transition. The turnaround programme at Lufthansa Airlines will not yet have achieved its full potential and delays in the delivery of new aircraft will continue to have an impact. We nevertheless expect the course of business in 2025 to be positive and anticipate a significant year-on-year improvement in Adjusted EBIT.

The outlook for the Company nonetheless remains subject to uncertainty. The political and economic consequences of the Russian war of aggression in Ukraine and the Middle East conflict are a material risk for the Lufthansa Group’s business. There is also uncertainty about the direction of the oil price, the steps that will be taken by central banks and their impact on inflation and the economic cycle.

Based on the forecast developments for 2025, the Executive Board is convinced that the Company’s liquidity at year-end 2024 and the ongoing measures to boost efficiency and profitability will secure the Lufthansa Group’s existence beyond the forecast period, even if its actual performance falls short of the forecast presented in this report.