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

The macroeconomic environment will remain challenging in 2026. Global economic growth is expected to be subdued. In addition, trade policy tensions, scarce resources and supply bottlenecks will continue to have an adverse effect. Despite this, people still have a great desire to travel. We are therefore expecting continued high demand for flights in 2026, which will support our operating and financial performance.

We have adapted well to the structural changes in the market environment. We have initiated extensive measures to increase efficiency and profitability. 2026 will thus be a year of accelerated transformation. The turnaround programme at Lufthansa Airlines will realise its potential to a much greater degree. The ongoing fleet modernisation is set to culminate in 2026 and 2027 and the stability of flight operations will be further optimised. We therefore expect the course of business in the 2026 financial year to be positive and anticipate a significant year-on-year improvement in Adjusted EBIT.

The outlook for the Company nonetheless remains subject to uncertainties, particularly in the geopolitical and macroeconomic environment, which represent a risk for the Lufthansa Group’s course of business.

Based on the forecast developments for 2026, the Executive Board is convinced that the Lufthansa Group’s liquidity at year-end 2025 and the ongoing measures to increase efficiency and profitability will secure the Lufthansa Group’s existence beyond the forecast period, even if its actual performance falls short of the forecasts presented in this report.