Deutsche Lufthansa AG — Call Transcript 2026

Good morning, ladies and gentlemen. Welcome to the annual press conference 2026 review Till Streichert. Well, this is the first time that we're coming together in our new building, the conference and visitors building Hangar 1. It's not completed just yet. There's still a lot to do before the official opening can take place. I think everyone present here today feel tangible here and represents what Lufthansa stands for. I would also like to welcome those who cannot be here today, but who are joining us virtually. You all are aware or know the process. First of all, we're going to hear the speech given by Mr. Spohr. You can the electronic system to ask your questions. Interpreters here today. Thank you very much indeed, Mr. Bartels. Ladies and gentlemen, I would also like to welcome you to our annual press event we are organizing here. A cordial welcome to you. This alone illustrates the special character of this year in which Lufthansa. We will do this because on the 6 January 1926 in Berlin, the first Lufthansa was of Deutscher Aero Lloyd and Junkers Luftverkehr AG air cargo business. On the other hand, an aircraft manufacturer with many years experience and a high level of technical expertise. Thus, even 100 years ago, a business model was created, is, and was to safely, comfortably, and on time translated by MRO and air cargo. Also the expansion into international markets was part of our DNA. Engineering spirit. The crane flew in intense stages is still of the flight network. The first Lufthansa Russian got a share in Iberia is really an integral part of our DNA. This has now made us the largest airline group outside the U.S. and the fourth largest airline group in the world. Our anniversary, however, is not because and the first Lufthansa in 1933 was part of a rogue regime, and it supported that. We are also owning up to this part of our history. For this reason, with scientific support, we have documented the dark chapters in the Nazi era will be published in a few days time. Our second we then quickly with by now 6 group. What is even more important, we are connecting Europe to the world and the strength of our group are being integrated more and more with Lufthansa Group, which you can see here today. This year, of course, we are acknowledging the past. What is at least as present and also creating again being faced with special challenges. First, the most important thing, our crisis staffs are active day and night aligned to us still in the crisis region and to provide support to them. Agreed such flights makes sense. They even live in the utmost to support them. This Iran conflict or war illustrates the exposure of the aviation industry to just being political and industry has become conflicts all over the world. Many when there was a conflict somewhere in the world, the aviation industry first collapsed. This is now the opposite. We are still active in the current escalation in the Middle East, however, the Gulf hubs has become a geopolitical Achilles heel. I will come back to this point a bit later. Impact of the crisis on our business, I can tell you are having a position. We are actually hedged against higher fuel prices. Now, as you have been expecting as to the financial year 2025. We intentionally are calling it a year of transformation because we have launched numerous changes within the group. As such, it has been a very successful year indeed. The turnaround program of our core airline, the Lufthansa, is by far the most important element of our transformation. In the year 2025, we could make very significant progress. Above all, with respect to the operative performance in 2025, the crane could again flee on time and reliably as our customers are rightly expecting of us with values which go. At the same time, this is the precondition. Lufthansa Airlines could achieve an adjusted EBIT of EUR 148 million, which is an improvement in comparison to the prior year. This amount corresponds the regular price of seven new ones for our core brand. This illustrates on the one hand how comprehensively we are investing in the future our core brand to again make it the figurehead of our group. On the other hand, it also shows that the result be sufficient to buy a single such long without any doubt. Lufthansa step towards this is the regained operative stability for the entire group of the passenger airlines. The costs in connection with flight irregularities in the year 2025 went down by 43%, which correspond cautiously revenue by 5%, thus we have now almost achieved over of EUR 39.6 billion. All of us in Lufthansa for 2025, we had promised a significant increase in our operative result, we are delivering we are here by EUR 315 million, which is a market increase by 19%. The consolidated result with EUR 1.3 billion was at the level of the prior year, but it would actually have been markedly effect because of the reevaluation of loss in MRO and better operative performance, but also because of the positive effect of fleet modernization and the resulting product received by our airlines in the prior year. From October to December alone, a Dreamliner cabin. This connection is the progress in the approval process for the Allegris business class, and now, the fact that these 2 million passengers could be booked. This also applies to the premium product of our SWISS subsidiary. Second A350 with SWISS Senses could be introduced into scheduled services. Use could be increased by 15%. Holders will also profit by this. That is, on the 12 May at the annual general meeting, we will be proposing a dividend of EUR 0.33 per share. This corresponds to an increase by 10% in comparison to the prior year, with a distribution ratio of 30%. Our employees are also profiting from the improvement because of the. Brings me to the traffic regions. The North Atlantic is still working smoothly because of the introduction. Covering this key market by more than 5%, and we could sell all this, and in particular, in the premium still increasing, that is, from the United States in the direction of Europe. Atlantic, but there are also in whole market and one of the fastest growing aviation markets of the world. We will cover this more intensively. To this end, with our many years Star Alliance partner in India, we entered into a partnership agreement some few weeks ago, just after India and the European Union had actually entered into a new trade agreement. We are continuing the expansion in this region of the world and in other import. Specifically expanding our offering. They're expanding, if we include the. More even doubled our capacity to Latin America in these years, only 0.6% in this year. In view of the closed hubs in the Gulf, we now have a much higher demand. Flights, thereby we want to improve our frequency. This concerned, for instance, flights to Singapore, Bangkok, and India, but also the demand for destinations in China and South Africa has also grown significantly. We could cover this only with additional flights. Despite the global growth of the aviation industry, however, we are also more and more concerned about the situation. Eight to the reasons and in particular coming from Berlin and Brussels. The fact that despite this political headwind and the geopolitical challenges, we are still playing a globally leading business model. Our competitors in London or Paris have a geographical advantage because of the size of their catchment model and entrepreneurial. Integrating more and more. This structure will also be reflected more clearly in our financial statements by showing four strategic pillars. First of all, the backbone is and will continue to be our five hub airlines, and this accounts for 70% of our sales. This underlines the great significance of our turnaround program of our largest hub airline, Lufthansa. Secondly, outside our hubs in Frankfurt, Munich, Zurich, Vienna, Brussels. For successful point-to-point connections, we are offering that in the whole of Europe. Thirdly, It was also a very reliable brand with a margin of 9.5%, and it is actually the most profitable pillar in our portfolio, and it is now profiting from the volatility of the market. Will again be triggering short-term booking for urgent transports, all the more so since the Gulf carriers, which are hardly operating, account for only 18% of this business globally. The fourth pillar is Lufthansa Technik, as the globally largest independent supplier and provider of maintenance, repair, and overhaul services. By now, 20% of all commercial aircraft globally is actually being supported by. Canada and Portugal. Additional revenue streams are also coming from the growing defense sector, and here the current developments are also playing an important role. The current developments which are occurring in the world. With this positive overview, Till will explain some more details of our business profits and results. Thank you very much, Carsten, and a warm welcome from me as well. Let me start by walking you through the details of our financial performance over the past year. As Carsten already mentioned, our EUR 40 billion euros. This was driven. Capacity growth at our past. Third-party business. Same time. Industry-wide cost increases, largely driven by external factors, continued to weigh on our results, such as the 10% increase in. Cost fell by more than half a bill. This led to the effort. Billion euro with our adjusted EBIT margin improved. Was outpaced with the pre net investments. Our passenger airlines exceeded the previous year's results, partly due to favorable fuel prices. The positive contribution to earnings from ITA Airways, particularly. EUR 250 million at our core brand, Lufthansa Airlines. Clear evidence for the progress made by our turnaround program. We expanded our capacity primarily on North Atlantic and continental. Ticket. Especially, we recorded higher average yields on the important North Atlantic of robust demand in this market as well. On the cost side, we were able to make continuous improvements over the course of the year. In the first half of the year, our unit costs rose by 3.6%. In the third quarter, this figure fell to just 0.5%, and in the fourth quarter, unit costs were virtually stable compared with the previous year. The bottom line, the effects of our turnaround measures are noticeable despite cost inflation and fees, charges, and personnel. Let me say a few words about Lufthansa Airlines, the largest airline in the group. As planned, the gross was over EUR 500 million, program EUR 0.5 billion medium-term. We are a main Lufthansa Airlines based on the services and the implementation of our lead by the end of the year. This will increase our revenue quality, as can already be seen in the to improve products, Discover Airlines and Lufthansa City Airlines, 18 aircraft by the end of the year with a rising additional revenue increase efficiency. Overall, at Lufthansa Airlines to a maximum. Even this modest cost increase in a shareholder to flight operations at a transformation. There were OneIT program, more efficient procurement, and a streamlining of our IT landscape. From 2026 onwards, the focus will be on establishing a stable group-wide uniform IT platform, accompanied by the further digitalization of centralized procedures and is expected to save around and unlock additional potential. In addition, OneIT will enable the generation of additional business. Let us now turn to our logistics segment. Lufthansa Cargo once again achieves trend driven by an ambition with strong, particularly actors and pharmaceuticals. Adjusted EBIT was thus almost 30% higher than in the previous year at EUR 324 million, due on the one hand to higher volumes and improved capacity utilization and on the other hand, to lower unit costs. Technique exceeded the by 12%, mainly due to strong third-party business growth of plus 20 level at EUR 303 million. The result includes earning to around EUR 30 million. The effect is limited only because we quickly took effective measures to Lufthansa focus on expansion 2026. 2026, which is challenging given the current situation in the Middle East. It's become more challenging indeed. In 2026, we also plan to expand our capacity by around 4% in total with a clear again, but we will be lead modernization here and expect a significantly improved result for 2026 compared with the previous year. Of course, the current crisis in the Middle East is having a noticeable. Affected region are seeing an enormous increase in demand on our Asian Africa routes due to the situation in the Persian Gulf. In addition to this significant shift, we have also seen a very positive development at which is reflected. Mention it already, awfully high hedge rate gives us an important competitive advantage in an environment of rising oil prices. Despite the ongoing uncertainties, we are therefore confident about the planned earnings growth in 2026. We therefore see 2026 as another year of progress towards our medium-term financial targets. With these words, I hand back to Carsten for further strategic commentary. Thank you very much indeed, Till, ladies and gentlemen, some additional comments at the mass. Till mentioned the Capital Markets Day, where last year we presented our medium-term financial targets, and we want to and will increase our margin to a level of 8%-10%. 20%. At the same EUR 1 billion of refunds on four growth driver lines. In future, we will be growing business. The long-haul fleet is to grow to more than 200 aircraft in the group. The short term, we despite the stable short-haul fleet, we will manage more efficiently. The fleet has reduced the changeover rates. We are seeing bigger growth opportunities for we assume that the global trend towards high value, high quality private travel will go on. We are well prepared for both with our southernmost hub, Rome Fiumicino, it's actually predestined for the expansion of routes into the globe. The ongoing private travel trend will also be supporting the success of our holiday airlines, both Discover and now with the Airbus A350 state-of-the-art aircraft. At the same time, in the next few years, we will be modernizing all the long-haul cabins with new seats in all classes. The second driver targets is the related more quickly growing availability of our new premium cabins. On the one hand, we have cost advantages because of the use of more fuel efficient and low maintenance aircraft, whereas we are also expecting higher are substantiating that we can increase fleet and product renewal airlines. For the necessary stabilization of our flight operation, we made many investments in 2020, as you will remember. Additional reserves, generous buffers in the flight schedules, longer flight and changeover times. This cannot go on. In this aircraft, but also the productivity of our crews, we are still doing our utmost to reduce the cost per available seat kilometer or keeping it stable despite the cost inflation, and we succeeded in this in the fourth quarter of the last year in our core brand. This also includes that we are shifting capacities to flight op, for instance, Lufthansa City and Discover Airlines. The fourth driver is the ongoing scaling of our very profitable division alone that is Lufthansa Technik. We want to achieve a revenue of EUR 10 billion and an EBIT margin of 10%. Currently, we are implementing the most comprehensive fleet renewal in our history. In this year, you will be able to see the full dynamic of 45 new aircraft this year, a new aircraft almost every year, and with even 20. This will Lufthansa Group, we will be achieving or will be receiving 1/3 of state-of-the-art aircraft, and this will lead to cost advantages. In next two years at Lufthansa Classic, that is in the Lufthansa Airlines, we will be phasing out five types of aircraft, the A340-600, 300, the Boeing 747-400, Airbus A320 fleet and the canopy 51,000. This will be added to the three A320 fleet. We are modernizing our fleet very swiftly and with respect to the engine problems, there are on the Airbus A320 be grounded permanently. Politics is still being government in November 25 are profit, Germany, sorry, is profiting less and as a result of the high location costs, every second hub aircraft of our Group is stationed outside Germany. The high regulatory costs of the European Union are affecting us at all our European sites as the lab and these constitute unilateral disadvantages in the global competition. We want to make our contribution towards reducing CO2 emissions or emission aircraft, but the precondition for this a fair course in order to reform climate protection level independent air traffic agreements could create the war has again shown how indispensable a strong European airline industry is. If we cannot defend ourselves in Europe and not cover our fuel demand ourselves, then we should at least be able to connect ourselves with the world and our markets. Thus the regulatory discrimination of European carriers in comparison to other route license agreements, which would actually shift the advantage more towards the Gulf region are problematic or the more so if, as now everybody knows, these have come about under obviously criminal circumstances. Ladies and gentlemen, the brand Lufthansa has had many in Europe. For 100 years, the brand Lufthansa has stood for excellence, internationalization, and strong partnerships. Future, as a matter of course, even in this anniversary year for the benefit of our passengers, but also our shareholders, we will add value, tap new markets, establish new partnerships. In addition to this, our passengers will also be profiting from many product improvements immediately. Within the framework of the future onboarding experience in the Lufthansa corporate alone, we are investing EUR 70 million for the benefit of our guests. With Starlink, we are already providing the fastest internet link on board all our aircraft, but even on the ground, we will be better. We are modernizing all the Zurich, Vienna, and Rome, and we are doing our utmost lounge of ITA. In this month, we will celebrate the access to Star Alliance and the frequent flyer more or less in treatment together with more than 107,000 highly committed employees from 160 nations, we will for 100 years that is connecting people, cultures, and economies in a sustainable manner. With back to this, we have a unique unparalleled capital, our culture, our employees, and together the Lufthansa spirit. When here in this building, we are looking back at the establishment of the first Lufthansa, we have every reason to be proud, but also full of optimism for the future yet to come. Now I'm looking forward to your questions. Thank you very much indeed. Thank you very much, Carsten Spohr. Thank you very much, Till Streichert, for your remarks. Now we're moving on to your questions. Please, you also have the opportunity right here for the colleague to come with a microphone. Miss Wind, please. Good morning, sir. Where will you focus? That is, which set go up now? You said that you have better development in this respect and also the longer flight times because you will have to avoid the crisis regions. I'm going to start with the aircraft, with the capacities. Where do they come from? First of all, we've got 10-and-odd freighters, we've got sufficient capacities. Our flights to Bangkok have already been published, and high and daily also situation allows for it, which alarm is available. This will can increase in travel possibilities for people who are stuck in those. The fleet of the Gulf carriers which has been decommissioned, this has quite an impact. Of course, it'll go on. In three days we will be able to publish these flights on top of the 1st flights into Bangkok we've already published. Concerning fuel we've got four to take part of that, also this has been solid. Our hedging will also go into 2020. At the end of the day is how we compare to our competitors or a higher fuel bill main the way they are at the moment. I believe this is the case given the announcement made by President Trump yesterday in the event. Longer this goes a few are more exposed to it because they're less hedged, so we have to expect prices to increase. This is level estimate of this. My second increase and be the impact of this on the perception of investors. We're going on with Lisa Schmelzer. Thank you. What is the difference for an TecDAX or DAX company? How difficult that they talked about emission cost? Expecting the next five-10 years change to all the European regulations. The defense activities of Lufthansa Technik, what is the current situation? Active in study questions. Concerning the emissions costs and the certificates, well, for the coming year, we have an impact of EUR 200 million roughly, which results from the reduction gone away completely. This is, you know, given the measures from the turnaround program, this is what we have to offset. For DAX though, we were situation is as it is. Let me tell you very frankly, after the matches, before the match, cards are given out again and again after every match. It is still our plan to improve our results, and I think this will also be reflected in generating values for the shareholders. It will also be reflected in the share. Sufficient opportunities already alluded to it. The hedging strategy itself, conceptually, is rather solid. Some hedges were less and it's in. For the time being, it is too early. A follow-up question for the benefit of those who are watching us remotely. There are new contacts for fuel hedging. Very short. Now business from the defense side or what is being planned? Both. We are already actively working with the German Army with respect to the flight operations, first that is the reconnaissance plane for submarines. This is an ongoing project, there are other things which might be important for the Chinook the Army will be getting. We are also track Arab planes, and we need European partners, the German Army happening and because of the Europe, where we maintenance will have to be outsourced to private players, private companies. There will be opportunities for Lufthansa Technik, even more so than the last seven days. I've got four further questions from Portugal, virtually from ECO. He is asking if Lufthansa is planning ending offer. The question is to look into the financials and the operating, the strengths and weaknesses of that airline. Carsten Spohr, please. We want to keep this process addition for the known, that is how to main less exploiting synergies of the Lufthansa Group. Portugal as such could become a very good strategic aviation partner because even now we are building a site of Lufthansa Technik in Portugal. We are tracking whether the site of the air force might be in the Lufthansa Group. These are three exciting projects which demonstrate the strategic relevance of Portugal, and we will pursue it. Financial components are the left-hand side, go to our files by their media in the second row place. You have the floor, and you will get the microphone. To know if the prices, because it's rather low compared to other DAX companies, if it's sufficient, and then the active latent. You are expecting to see less profit going forward and the external MRO but from external through the equity ratio. Last two or three years, actually, we've kept it quite stable. Action A is about the crisis resilience volatility. I would like to point out to you that we have at the end of the year, we were above the upper end of this corridor. As far as crisis resilience and actually relevant in the final end or hidden taxes exactly. Aggressive reduction of corporation taxes, which had been announced by the German government for the next few years. That is, if you have fate of the future, and thus they will be going down. This is the effect. Indeed. Lufthansa Technik, who's the perfect partner, but some assignments where Lufthansa Technik can operate more profitably. Of course, as a group, 50% external and 50. We want to keep it that way. As I said, which our airlines wouldn't pay internally because it that way. It's not as if we want to breed an internal monopolist, and it wouldn't be as successful if they knew have to, they would Lufthansa Technik also handed over to Technik. Ilona Wissenbach from Reuters, please. Next. Concerning the North Atlantic, the ITB said that bookings made by travelers, there are hints that things are going down this year. Even though demand from Americans coming to Europe would I wanted to know concerning ITA Airways. For some time, it's been can we expect that this is going to happen? ITA has actually generated profits, this building block was achieved, perhaps you can tell us when this will happen. Yeah. When you talk about the ITB and Lufthansa, we are indeed obvious, but this is being more than confident. The shift of the passengers to North Atlantic, that is to more travelers from the United States, might even go up by up to 60% in the to 40%. We must look at the current figures. The Americans, Sure. We sell each and every seat to the one with the highest offer. There this is a very dynamic situation, but I believe I can tell you that what we succeeded in 2025, that is growing in both direction from the US, we grew by 2025 also in the North Atlantic route. There might be more growth towards the US have record offerings and also for the North Atlantic. It's March now, so we haven't made the decision yet. You heard not only from me that this is developing quite well. It may not yet made. Now I'm reading out Peter Kempel's question from FT. I'm reading it off my iPad, which chimes in well with now flying into the US given the events which we are observing in the Middle East. It's a bit too early to assess the shift of these trends. What we're now seeing, the record bookings, incoming bookings, there are 75% alone more sales for the month of April in our booking system towards Asia. There is a lot that there are many people who wanted to fly with other airlines, but there will be a shift of travel streams as far as the Gulf itself is concerned, where the attractiveness will suffer. Also important and significant as in the last few years, I think brand. In the United States, we are even the market leader for these routes and the brands Lufthansa and SWISS actually stand as the profit from these so-called soft factors, but we will also profit from the hard factors mentioned by Till Streichert because of our better hedging, or we did more hedging than others. Because of the expected price increases, we can certainly actually attract more customers and generate more profits. Thank you very much. Carl Schleker, the third row on the right-hand side. The microphone is coming, and then we can get started with your question. Just a brief moment. Mr. Schleker, please. Good morning all together. Perhaps you could tell us concerning the fleet renewal. Yeah, a lot Mr. Spohr said. The second question, you've got collective bargaining issues on the table at the moment, ground at the moment. Industrial actions are put on hold, but this is not going to be this way in the long run. What's the current situation and your plans for Frankfurt Airport? There are airport, are there also use Terminal 3 after rebuilding works have been completed? CapEx. See you a bit better. Yeah, yeah. That's right. EUR two and a half billion includes approximately Technik and our cargo segment. Capital expenditure and also in craft sales and lease back. The figure you should remember for the aircraft, which we got in 2025, is, of course, higher. You touch upon collective bargaining contracts. We always have open collective bargaining contracts in aviation. This is the structure of the thing, even if you own something 100% to will be so great of classics. All employees to whom I talk, especially pilots, they want prospects. They do not want to shrink. They want to grow. Strikes always lead to higher costs. Even if we say there is no leeway for higher costs, the strike itself also reduces or leads to higher costs. I don't think we're in for strike waves as was the case in 2013 or 2016. We're talking to UFO, we're also talking to ver.di. Meetings are being planned, we've also made offers to get together with other players as well. Concerning Fraport, yes, these talks have been ongoing for months or years. Imagine that these talks haven't really shown any results. Very soon, we will have to decide if we want to make a big investment decision in Munich, the satellite terminal, or if we want joint infrastructure, make a joint effort. Need for both, within the next. Thank you. Christian Ebner will ask the next question, third row, but on the opposite side. Please wait for the microphone. Mr. Ebner, good morning. Good morning. I've got two questions. On the one hand, today Eurowings is flying an aircraft to Riyadh. Could you tell us for the group how many customers or passengers of tourism subsidiaries are still in this crisis region, and how do you want to get them back? My first question. You have explained that you are not as a hub. What will be the long-term changes resulting from this? The experience of prior crises have shown that people easily forget such negative situations. Already been planned or have already been carried out. The first hop. If there should be more need, we've five home governments, and if they need more, we will carry out more flights. Exact number of to help guests from other tour operators or other airlines. I don't think they will do that again as quickly, and we will try to get them home. The situation allows for it. Concerning your second question, the pilot of the Riyadh aircraft has. Because, given the security situation, we believe and the pilot believes that too that this was the right decision. This goes to show how difficult the predictability of such flights is, and this is true for the Eurowings flight as well. There are this fly. This is no reason for us to fly. Third question. I wish I could give you an answer. There will be both. There will be people who've large scale. we are in for both, and if you send a lot of long-haul flights into the world, you will have to adapt to both developments. Bangkok, Singapore, Delhi, Shanghai, and others are destinations. also people who have, are now being booked on additional flights, which we are going to offer in the coming days. In the long term, what this means for the world as a whole not only for aviation. Please wait for the microphone. Question. Yeah, exactly. What Group, that is Eurowings Holidays, I mean, these are included. How many people are still in the region? That is people you are responsible for. You are flying on behalf of the government. That's great. There may also be other people you are responsible for yourself. How many are there? There's not the These regions either be to go there even if they open up for an hour or so, or because they can't go there at all, or because the capacities on the ground are craft. Of course, we don't have the to come home, plus the passengers from the other airlines. If so, security comes first also in such reduces. The other side, Timo Montkowski, followed by Timo Nowack. First you, please, Mr. Timo Montkowski. Thank you. Thank you. I would also like to ask a question about the evacuation flights. I just want to understand this better. The Riyadh flight was deviated to Cairo. Is that one of Lufthansa Classic, or was that the Eurowings? No, it was a Lufthansa Classic flight. Let us stay with Riyadh fly back from Cairo. It's very dynamic indeed. While we are sitting here, passengers are being driven there from Dubai. It's more than 1,000 kilometers. They say on the Internet site that everybody should weigh off whether they want to use a land route, a ground route, because they are not aware of the risks, of the dangers. Is that the ideal solution? At the very beginning, you talked about the trade agreement between the European Union and India. Please tell me what this will mean for the development of your traffic. What are the current options for you, and what are you hoping for? There is not yet a new aviation agreement. It's not part of this trade agreement. At the very end, could you perhaps expand on the air politics? They're trying to find an investor. Would this be an option to include a smaller company? Which the federal government follows when they say you have to decide for yourselves if you want to travel or not. I can only say the same thing. Lufthansa can't decide if someone wants to take the bus to go to Riyadh or if you prefer waiting in Dubai for the airport to open. Given the security-related closure of airspaces, we are bound to what is possible. Sometimes the Iranians send out a coincidence. They want to spread uncertainty, but you've known me for a while. Security comes first. This is not about making money. People can help people with safety. One world visa and potent airports, their rights. Of course, I don't envy the people who are on the ground whom we are in touch with, the situation. You have to try and strike a balance in order to generate growth rather than if you do things single-handedly. This includes our partnership with India, and we've got more connections to Europe. As you've said rightly, the negotiations haven't come to an end yet. airBaltic, we don't have any plans to increase our 10% share just yet. Question. Thank you. You've rightly said that nobody can tell whether Doha would be at. What is happening there is really an opening in the Gulf carrier hand, your India, Japan, and long-haul business. Would you fly over Russia? Because there is. If the situation there escalates, would the destinations you cannot fly to at all be? We hear a lot about that, which, I think it's too early to tell. I do believe that geopolitically speaking, to bundle journalistic streams on the ground. This would lead to a discussion on the sovereignty of Europe. Of course, these states need their carriers in order to assert themselves on the world map. We all believe this will come back. The discussion has to be about Europe in order to be independent, and this will see a new dynamism. We see the same thing if it's profitable. I've mentioned Asia, I've mentioned Korea. Southeast Asia, Kuala Lumpur is the first. There's things that in South happen if you are profitable. There are two open corridors to Asia, as you said, either via Afghanistan and Pakistan or via Saudi Arabia. There are not more opportunities or possibilities to come to Southeast Asia. Just as our partners in France, we also use these two corridors. If they too were closed, then of course you could wonder if Asia is still reachable at all, but they're still open, and we don't believe that something will change concerning that. Thank you for the question, Mr. Nowack. The next request for the floor is from Mr. Tom Boon from Simple Flying. Please. Hello. A question in English, if I may. Regarding the fleet renewal, firstly, how confident are you that you will finally get the first 777-9s next year? If they're further delayed, are they gonna delay your retirements for the A340s, the 747-400s, et cetera? Also, what do you see as the long-term future in the Lufthansa Group for the 747-8s and the A380s? Both questions are closely connected. The 777X, we don't expect it only in 2027, but in the first quarter of 27. After our talks with Boeing, we also expect that the aircraft will come in the first quarter, so we can use it in summer. I will also be going to Seattle to check if they are still around after so many years, I'm still confident that they will come in 2027. How long the others two will still be flying? That very much depends on how the delivery of the big aircraft manufacturers, how this will go on in the coming years, we're talking about the 30s, how stable that will be. Of course, you also fly an older aircraft if you have to. The Airbus A340-300, for example, we're still flying it this year before it's decommissioned. A prognosis into the 2030s, this is rather difficult, could be that some aircraft fly longer for some years. The next Airbus A380 will come back from Dresden, and this will have the Allegris business class cabin. We're even investing in old aircraft. They're refurbished because we believe in these aircraft. You also have to see that Lufthansa is one of the few aircraft which has a strong premium and a strong cargo share, which makes the aircraft a good aircraft. We have a lot of premium, we have a lot of cargo, and therefore it's an ideal aircraft and will be flying well into the next decade as well. There's a similar question being asked remotely by Mr. Spaeth. Greetings to Hamburg. The question is how in the fleets of the All and Axis business class, how this can be divided into Allegris as a line fit and how much there would be added as a retrofit in the aircraft, eight and 747. Well, before the end of the year 2026, we will have 40 Allegris aircraft. Before the first quarter 2027, so for a few weeks more, all of them will be refurbished. There is a question by Mr. Krüger from WirtschaftsWoche in the last row on my right-hand side. Please, go ahead. I've got two questions, please. What about the financial impact of the delayed delivery of the aircraft? I mean, you mentioned only the 10 Neos. My second question is the location related cost. Costs are supposed to be reduced in the summer in Germany. Is this perhaps only a drop in the bucket? When you talk about fees, you're talking about a takeoff, but not the airports. Are the airports also important factor in Germany? Well, the question concerning the cost of aircraft delays can't really be answered because it's still part of negotiations with Boeing and whoever is responsible for the delays. We're talking about compensation payments which will then include discounts for the next delivery. This is a dynamic process where we try to offset as much of the damage created as possible. Concerning Germany as a location, well, we're taking back an increase. This is the first step. We're taking back the increase of the aviation and tax. This can only be the first step, so you're not seeing a great deal of growth in domestic German routes, which are still 20% beyond the hubs of what they used to be before COVID. These increases are not enough to stimulate that. This brings me to the second part of my answer. I'm very happy about the fact that for the first time in decades, Berlin and the federal states have recognized that aviation has a problem. We've said so for many years. No one believed us. When the decrease in Germany was so strong compared to other European countries, you couldn't negate that anymore. You could see that things changed. I'm happy that Berlin is listening to us, and we're starting a dialogue with them and the country. Responsible for the airports, we have the most expensive airports in Europe, and you don't always have the possibilities, you know, that you can redirect traffic to Rome or Munich. You can do that less when it comes to Düsseldorf or Hamburg, because this is about local traffic. If you look at Berlin, for example, costs are too high, but the airports know that, and this is why I think the dead point of the discussion lays behind us. The next question by Mr. Xiang, followed by Mrs. Haxel and Mr. Weyer. Mr. Xiang first, please, and you will get the microphone. Mr. Spohr. You said that North America is the most important global market for Lufthansa. My question is that with respect to Asian routes, that is routes towards China.How about the flights to Beijing, Shanghai, what is the role of the Asian market in the strategy of Lufthansa? Well, thank you. It's quite an interesting question because for many years the order has been North America first, second most important market, China. Now India has overtaken China and has become our second most important market. The reduced flights to China have been successful, but the route offer is not as great as it used to be because the closure of the Russian airspace means that we have to take other routes and the Chinese aircraft can just fly through the Russian airspace. It's been profitable, but we will only be able to expand that if we are also possible to fly through the Russian airspace once it's open again, or if everyone has to fly around it, and then we could grow as well. Now things are asymmetric and therefore I don't see a lot of growth potential, with the exception of some flights, for example, Shanghai, because there are so many Europeans who want to go back and also so many Europeans want to go to Shanghai. That additional flights, are justified, and they also have to fly around the Russian airspace. Mrs. Haxel, please, on my left in the third row. You have the floor, please. Sorry. No, first Mr. Weyer and then you. Yeah. Sorry. It's difficult for me to see you because you're behind the camera. Thank you. I've got a question about a completely different subject, that is tariffs. You said that Lufthansa Technik was impacted by tariffs, and you took some remedial action. What specifically did you do? What are the consequences of the Supreme Court ruling? That is, do you want to demand back paid tariffs? Concerning measures, just as others, we've tried to optimize product streams, and if input cost increase, then you have to pass them down, partially at least. This is also what we did as a mitigating measure. Since the Supreme Court verdict, this is quite clear. We follow this very closely. Once the opportunity opens up to use this and to demand the tariffs back, we will do so. Again, a question about the routes to Asia. Mr. Spohr, you said that there are two options with respect to airspaces where you may fly as a German operator. Is it getting a bit tight if you want to expand the capacities? We could see after or at the beginning of the war in Ukraine that actually, the capacity of the airspace was too low. What are the options? Prices are also going up. I want to ask a question about the new aircraft you're expecting. Airbus has a very disappointing delivery target for the current year, and they pointed fingers at Pratt & Whitney. To what extent does this affect the deliveries of the jets you are expecting? Concerning Asia-Pacific, well, tight wouldn't be the right term because usually, aircraft don't come as close to you as these two we have here now. It also depends on weather, for example, when the corridor is smaller because due to weather conditions, you can't use the whole airspace, and this can give rise to delays or flight schedules being changed. You also asked about our competitors also. This can lead to delays, but that we've reached a point that it grows to the point that we don't have any space for each other anymore. This is not the case, because there are loads of aircraft from Abu Dhabi and Doha, which are not using the routes and those routes anymore. Yes, it is a bit of a hassle. Which is even more difficult is if Whitney doesn't deliver spare parts. What they do is ride delivering spare parts to those who are using their gear, for example, Lufthansa. If you then have still parts, you know, which are still there, you can give them to Airbus, for example. Thank you, Mr. Weyer, for your question. I've got another question from Portugal, and this is being asked by several colleagues in Lisbon, Ana Suspiro, André Cabrita-Mendes, José Mão, and José Nicolau de Melo. All of them want to know, please, what the future of TAP might be like as part of the Lufthansa Group, whether Lisbon would remain a hub, or whether they would have to go back into the second row of the hubs of Lufthansa, and whether the TAP as a group airline might maintain its independence. Thank you very much. That's a good question. Just have a look at the European map. Have a look where Lufthansa has its hub, and then you can see what our, or what unique positions, Portugal would have. Our competitors are already big in the South Atlantic. Some have a hub in Madrid, some have a hub in Paris, which are much closer to Portugal, and this means the threat for a hub in Portugal and Lisbon would be much greater, which would be another argument for the Lufthansa Group. As I said, the process is just being started, but the European map is not going to be changed in the process. From Anabela Campos, also from Lisbon, the question as to whether Lufthansa has already talked with the Portuguese government about this and whether they expect the European Commission to actually approve the takeover of shares. That is, would this be permitted? I believe it's too early to say that, but the answer I just gave also applies to the question where competition is most difficult. We are the smallest compared to our two competitors, and Lisbon would have a bit of a unique selling point for us. Therefore, the antitrust question is not as important for us as for our competitors. Of course, we're talking to the government because we have to add one more thing. This transaction, even it might be strategically interesting, we will only be going to do it if we create a profit also for our stakeholders, and this depends on costs and prices, which have to be paid. This, what my competitor in London said, I can only repeat this as well, is also about the shareholders. It's too early to make a statement on that. A question from the Netherlands for Mr. Streichert about the turnaround. The question is whether additional actions are required in the turnaround because of the geopolitical situation in the Middle East, there might be additional costs which would have to be compensated for. Well, the answer is clearly no. I don't see any connection there. The turnaround program itself is going well. The cost increases on the fuel bill, which we might be in for, well, I rather think the increase in demand can offset that. The turnaround program itself is something which we work on with a great deal of discipline. Of course, if on short no notice there is the possibility to scale and adjust things in order to realize a profit short term, we would do that, of course. Thank you. Mr. Kottermanos from Frankfurt, well, it's a pity you're not here. You're missing something. We are in a beautiful hangar. Your question is about Discover Airlines and Lufthansa Airline. That is the question as to whether the contribution to the profit of Discover Airline, or the other way around, whether Lufthansa Airline could also do without the profit generated by Discover. Would it have been positive? Quite a clever question. It would be a lot smaller without Discover, and this goes to show how important Discover has become and how important competitive cost structures are. I can tell you that. These are all the questions I've got on my iPad, but there is another request for the floor. Please go ahead. Perhaps a question about different subsidiaries, because they have lower profits that is lower by 26%, lower turnover. Why is SWISS going down? They are saying competitive pressure, higher fees and charges and bottlenecks in the operation. Could expand on this? What will be the extent of cost reduction measures? As to the competitive pressure all in all for Lufthansa, in 2025, who did you feel most? Was it really the Gulf carriers or the no-frill airlines such as Ryanair? Could you please expand on this? One thing is important. You have to take 2024 as a benchmark where we have a one of effect. That was a good year for SWISS. You can't really count that. But one thing is clear, and Switzerland knows that, we don't have the productivity levels with SWISS which we have seen over many years. The last collective bargaining agreement has taken a lot of productivity away. The new Swiss boss is trying to make sure that we are not losing the market because the market in Zurich is the strongest we have. This is only about the strongest markets which Lufthansa in Frankfurt doesn't do, but we try to cover a lot of space, so competition is strong here. Who's the competitor which hurts as much? Well, it's Air France because Air France and Lufthansa have the most overlap, so to speak. Your question rather is, who's especially aggressive? Who grows a lot? This can change, but it's important to look ahead what's going to happen in the years to come, and are we going to see a seizure at the Gulf? If yes, to which extent? I think this is a quite dynamic topic which changes a lot. I was going to say I can't see any other requests. Timo Nowack, who is again requesting the floor. The final question for you. Mr. Spohr, could you tell us more about the two expected aircraft in the retro livery? The A380, this is also about delivery delays. The aircraft is still in Toulouse and is going to be delivered in September. Not the anniversary delivery, there are also retro livery. One is already there. That's the Super Star delivery. What do they look like? What point in time are we looking at? I don't know if the rumors are right. You've heard we've also talked to our staff. What would you want an aircraft to look like? The talks are still ongoing. We wanted to listen to our employees, you are the first one to see a photograph. Yesterday, our jumbo landed in its anniversary livery, which is quite an eye-catcher. Thank you very much for your attention. Thank you very much for being here. 90 minutes of press conference. Thank you also to all those joining us online. We all wish you a nice sunny day here in Frankfurt and a nice weekend. Thank you very much and see you next time.

Speaker 1: Good morning, ladies and gentlemen. Welcome to the annual press conference 2026 review Till Streichert. Well, this is the first time that we're coming together in our new building, the conference and visitors building Hangar 1. It's not completed just yet. There's still a lot to do before the official opening can take place. I think everyone present here today feel tangible here and represents what Lufthansa stands for. I would also like to welcome those who cannot be here today, but who are joining us virtually. You all are aware or know the process. First of all, we're going to hear the speech given by Mr. Spohr. You can the electronic system to ask your questions. Interpreters here today. Good morning, ladies and gentlemen. good morning ladies and gentlemen Welcome to the annual press conference 2026 review Till Streichert. welcome to the annual press conference 2026 review till streichert Well, this is the first time that we're coming together in our new building, the conference and visitors building Hangar 1. well this is the first time that we're coming together in our new building the conference and visitors building hangar 1 It's not completed just yet. it's not completed just yet There's still a lot to do before the official opening can take place. there's still a lot to do before the official opening can take place I think everyone present here today feel tangible here and represents what Lufthansa stands for. i think everyone present here today feel tangible here and represents what lufthansa stands for I would also like to welcome those who cannot be here today, but who are joining us virtually. i would also like to welcome those who cannot be here today but who are joining us virtually You all are aware or know the process. you all are aware or know the process First of all, we're going to hear the speech given by Mr. Spohr. first of all we're going to hear the speech given by mr spohr You can the electronic system to ask your questions. you can the electronic system to ask your questions Interpreters here today. interpreters here today

Speaker 2: Thank you very much indeed, Mr. Bartels. Ladies and gentlemen, I would also like to welcome you to our annual press event we are organizing here. A cordial welcome to you. This alone illustrates the special character of this year in which Lufthansa. We will do this because on the 6 January 1926 in Berlin, the first Lufthansa was of Deutscher Aero Lloyd and Junkers Luftverkehr AG air cargo business. On the other hand, an aircraft manufacturer with many years experience and a high level of technical expertise. Thus, even 100 years ago, a business model was created, is, and was to safely, comfortably, and on time translated by MRO and air cargo. Also the expansion into international markets was part of our DNA. Engineering spirit. The crane flew in intense stages is still of the flight network. Thank you very much indeed, Mr. Bartels. thank you very much indeed mr bartels Ladies and gentlemen, I would also like to welcome you to our annual press event we are organizing here. ladies and gentlemen i would also like to welcome you to our annual press event we are organizing here A cordial welcome to you. a cordial welcome to you This alone illustrates the special character of this year in which Lufthansa. this alone illustrates the special character of this year in which lufthansa We will do this because on the 6 January 1926 in Berlin, the first Lufthansa was of Deutscher Aero Lloyd and Junkers Luftverkehr AG air cargo business. we will do this because on the 6 january 1926 in berlin the first lufthansa was of deutscher aero lloyd and junkers luftverkehr ag air cargo business On the other hand, an aircraft manufacturer with many years experience and a high level of technical expertise. on the other hand an aircraft manufacturer with many years experience and a high level of technical expertise Thus, even 100 years ago, a business model was created, is, and was to safely, comfortably, and on time translated by MRO and air cargo. thus even 100 years ago a business model was created is and was to safely comfortably and on time translated by mro and air cargo Also the expansion into international markets was part of our DNA. also the expansion into international markets was part of our dna Engineering spirit. engineering spirit The crane flew in intense stages is still of the flight network. the crane flew in intense stages is still of the flight network The first Lufthansa Russian got a share in Iberia is really an integral part of our DNA. This has now made us the largest airline group outside the U.S. and the fourth largest airline group in the world. Our anniversary, however, is not because and the first Lufthansa in 1933 was part of a rogue regime, and it supported that. We are also owning up to this part of our history. For this reason, with scientific support, we have documented the dark chapters in the Nazi era will be published in a few days time. Our second we then quickly with by now 6 group. What is even more important, we are connecting Europe to the world and the strength of our group are being integrated more and more with Lufthansa Group, which you can see here today. The first Lufthansa Russian got a share in Iberia is really an integral part of our DNA. the first lufthansa russian got a share in iberia is really an integral part of our dna This has now made us the largest airline group outside the U.S. and the fourth largest airline group in the world. this has now made us the largest airline group outside the u.s and the fourth largest airline group in the world Our anniversary, however, is not because and the first Lufthansa in 1933 was part of a rogue regime, and it supported that. our anniversary however is not because and the first lufthansa in 1933 was part of a rogue regime and it supported that We are also owning up to this part of our history. we are also owning up to this part of our history For this reason, with scientific support, we have documented the dark chapters in the Nazi era will be published in a few days time. for this reason with scientific support we have documented the dark chapters in the nazi era will be published in a few days time Our second we then quickly with by now 6 group. our second we then quickly with by now 6 group What is even more important, we are connecting Europe to the world and the strength of our group are being integrated more and more with Lufthansa Group, which you can see here today. what is even more important we are connecting europe to the world and the strength of our group are being integrated more and more with lufthansa group which you can see here today This year, of course, we are acknowledging the past. What is at least as present and also creating again being faced with special challenges. First, the most important thing, our crisis staffs are active day and night aligned to us still in the crisis region and to provide support to them. Agreed such flights makes sense. They even live in the utmost to support them. This Iran conflict or war illustrates the exposure of the aviation industry to just being political and industry has become conflicts all over the world. Many when there was a conflict somewhere in the world, the aviation industry first collapsed. This is now the opposite. We are still active in the current escalation in the Middle East, however, the Gulf hubs has become a geopolitical Achilles heel. This year, of course, we are acknowledging the past. this year of course we are acknowledging the past What is at least as present and also creating again being faced with special challenges. what is at least as present and also creating again being faced with special challenges First, the most important thing, our crisis staffs are active day and night aligned to us still in the crisis region and to provide support to them. first the most important thing our crisis staffs are active day and night aligned to us still in the crisis region and to provide support to them Agreed such flights makes sense. agreed such flights makes sense They even live in the utmost to support them. they even live in the utmost to support them This Iran conflict or war illustrates the exposure of the aviation industry to just being political and industry has become conflicts all over the world. this iran conflict or war illustrates the exposure of the aviation industry to just being political and industry has become conflicts all over the world Many when there was a conflict somewhere in the world, the aviation industry first collapsed. many when there was a conflict somewhere in the world the aviation industry first collapsed This is now the opposite. this is now the opposite We are still active in the current escalation in the Middle East, however, the Gulf hubs has become a geopolitical Achilles heel. we are still active in the current escalation in the middle east however the gulf hubs has become a geopolitical achilles heel I will come back to this point a bit later. Impact of the crisis on our business, I can tell you are having a position. We are actually hedged against higher fuel prices. Now, as you have been expecting as to the financial year 2025. We intentionally are calling it a year of transformation because we have launched numerous changes within the group. As such, it has been a very successful year indeed. The turnaround program of our core airline, the Lufthansa, is by far the most important element of our transformation. In the year 2025, we could make very significant progress. Above all, with respect to the operative performance in 2025, the crane could again flee on time and reliably as our customers are rightly expecting of us with values which go. I will come back to this point a bit later. i will come back to this point a bit later Impact of the crisis on our business, I can tell you are having a position. impact of the crisis on our business i can tell you are having a position We are actually hedged against higher fuel prices. we are actually hedged against higher fuel prices Now, as you have been expecting as to the financial year 2025. now as you have been expecting as to the financial year 2025 We intentionally are calling it a year of transformation because we have launched numerous changes within the group. we intentionally are calling it a year of transformation because we have launched numerous changes within the group As such, it has been a very successful year indeed. as such it has been a very successful year indeed The turnaround program of our core airline, the Lufthansa, is by far the most important element of our transformation. the turnaround program of our core airline the lufthansa is by far the most important element of our transformation In the year 2025, we could make very significant progress. in the year 2025 we could make very significant progress Above all, with respect to the operative performance in 2025, the crane could again flee on time and reliably as our customers are rightly expecting of us with values which go. above all with respect to the operative performance in 2025 the crane could again flee on time and reliably as our customers are rightly expecting of us with values which go At the same time, this is the precondition. Lufthansa Airlines could achieve an adjusted EBIT of EUR 148 million, which is an improvement in comparison to the prior year. This amount corresponds the regular price of seven new ones for our core brand. This illustrates on the one hand how comprehensively we are investing in the future our core brand to again make it the figurehead of our group. On the other hand, it also shows that the result be sufficient to buy a single such long without any doubt. Lufthansa step towards this is the regained operative stability for the entire group of the passenger airlines. The costs in connection with flight irregularities in the year 2025 went down by 43%, which correspond cautiously revenue by 5%, thus we have now almost achieved over of EUR 39.6 billion. At the same time, this is the precondition. at the same time this is the precondition Lufthansa Airlines could achieve an adjusted EBIT of EUR 148 million, which is an improvement in comparison to the prior year. lufthansa airlines could achieve an adjusted ebit of eur 148 million which is an improvement in comparison to the prior year This amount corresponds the regular price of seven new ones for our core brand. this amount corresponds the regular price of seven new ones for our core brand This illustrates on the one hand how comprehensively we are investing in the future our core brand to again make it the figurehead of our group. this illustrates on the one hand how comprehensively we are investing in the future our core brand to again make it the figurehead of our group On the other hand, it also shows that the result be sufficient to buy a single such long without any doubt. on the other hand it also shows that the result be sufficient to buy a single such long without any doubt Lufthansa step towards this is the regained operative stability for the entire group of the passenger airlines. lufthansa step towards this is the regained operative stability for the entire group of the passenger airlines The costs in connection with flight irregularities in the year 2025 went down by 43%, which correspond cautiously revenue by 5%, thus we have now almost achieved over of EUR 39.6 billion. the costs in connection with flight irregularities in the year 2025 went down by 43% which correspond cautiously revenue by 5% thus we have now almost achieved over of eur 39.6 billion All of us in Lufthansa for 2025, we had promised a significant increase in our operative result, we are delivering we are here by EUR 315 million, which is a market increase by 19%. The consolidated result with EUR 1.3 billion was at the level of the prior year, but it would actually have been markedly effect because of the reevaluation of loss in MRO and better operative performance, but also because of the positive effect of fleet modernization and the resulting product received by our airlines in the prior year. From October to December alone, a Dreamliner cabin. This connection is the progress in the approval process for the Allegris business class, and now, the fact that these 2 million passengers could be booked. This also applies to the premium product of our SWISS subsidiary. All of us in Lufthansa for 2025, we had promised a significant increase in our operative result, we are delivering we are here by EUR 315 million, which is a market increase by 19%. all of us in lufthansa for 2025 we had promised a significant increase in our operative result we are delivering we are here by eur 315 million which is a market increase by 19% The consolidated result with EUR 1.3 billion was at the level of the prior year, but it would actually have been markedly effect because of the reevaluation of loss in MRO and better operative performance, but also because of the positive effect of fleet modernization and the resulting product received by our airlines in the prior year. the consolidated result with eur 1.3 billion was at the level of the prior year but it would actually have been markedly effect because of the reevaluation of loss in mro and better operative performance but also because of the positive effect of fleet modernization and the resulting product received by our airlines in the prior year From October to December alone, a Dreamliner cabin. This connection is the progress in the approval process for the Allegris business class, and now, the fact that these 2 million passengers could be booked. from october to december alone a dreamliner cabin. this connection is the progress in the approval process for the allegris business class and now the fact that these 2 million passengers could be booked This also applies to the premium product of our SWISS subsidiary. this also applies to the premium product of our swiss subsidiary Second A350 with SWISS Senses could be introduced into scheduled services. Use could be increased by 15%. Holders will also profit by this. That is, on the 12 May at the annual general meeting, we will be proposing a dividend of EUR 0.33 per share. This corresponds to an increase by 10% in comparison to the prior year, with a distribution ratio of 30%. Our employees are also profiting from the improvement because of the. Brings me to the traffic regions. The North Atlantic is still working smoothly because of the introduction. Covering this key market by more than 5%, and we could sell all this, and in particular, in the premium still increasing, that is, from the United States in the direction of Europe. Second A350 with SWISS Senses could be introduced into scheduled services. second a350 with swiss senses could be introduced into scheduled services Use could be increased by 15%. use could be increased by 15% Holders will also profit by this. holders will also profit by this That is, on the 12 May at the annual general meeting, we will be proposing a dividend of EUR 0.33 per share. that is on the 12 may at the annual general meeting we will be proposing a dividend of eur 0.33 per share This corresponds to an increase by 10% in comparison to the prior year, with a distribution ratio of 30%. this corresponds to an increase by 10% in comparison to the prior year with a distribution ratio of 30% Our employees are also profiting from the improvement because of the. our employees are also profiting from the improvement because of the Brings me to the traffic regions. brings me to the traffic regions The North Atlantic is still working smoothly because of the introduction. the north atlantic is still working smoothly because of the introduction Covering this key market by more than 5%, and we could sell all this, and in particular, in the premium still increasing, that is, from the United States in the direction of Europe. covering this key market by more than 5% and we could sell all this and in particular in the premium still increasing that is from the united states in the direction of europe Atlantic, but there are also in whole market and one of the fastest growing aviation markets of the world. We will cover this more intensively. To this end, with our many years Star Alliance partner in India, we entered into a partnership agreement some few weeks ago, just after India and the European Union had actually entered into a new trade agreement. We are continuing the expansion in this region of the world and in other import. Specifically expanding our offering. They're expanding, if we include the. More even doubled our capacity to Latin America in these years, only 0.6% in this year. In view of the closed hubs in the Gulf, we now have a much higher demand. Flights, thereby we want to improve our frequency. Atlantic, but there are also in whole market and one of the fastest growing aviation markets of the world. atlantic but there are also in whole market and one of the fastest growing aviation markets of the world We will cover this more intensively. we will cover this more intensively To this end, with our many years Star Alliance partner in India, we entered into a partnership agreement some few weeks ago, just after India and the European Union had actually entered into a new trade agreement. to this end with our many years star alliance partner in india we entered into a partnership agreement some few weeks ago just after india and the european union had actually entered into a new trade agreement We are continuing the expansion in this region of the world and in other import. we are continuing the expansion in this region of the world and in other import Specifically expanding our offering. specifically expanding our offering They're expanding, if we include the. they're expanding if we include the More even doubled our capacity to Latin America in these years, only 0.6% in this year. more even doubled our capacity to latin america in these years only 0.6% in this year In view of the closed hubs in the Gulf, we now have a much higher demand. in view of the closed hubs in the gulf we now have a much higher demand Flights, thereby we want to improve our frequency. flights thereby we want to improve our frequency This concerned, for instance, flights to Singapore, Bangkok, and India, but also the demand for destinations in China and South Africa has also grown significantly. We could cover this only with additional flights. Despite the global growth of the aviation industry, however, we are also more and more concerned about the situation. Eight to the reasons and in particular coming from Berlin and Brussels. The fact that despite this political headwind and the geopolitical challenges, we are still playing a globally leading business model. Our competitors in London or Paris have a geographical advantage because of the size of their catchment model and entrepreneurial. Integrating more and more. This structure will also be reflected more clearly in our financial statements by showing four strategic pillars. This concerned, for instance, flights to Singapore, Bangkok, and India, but also the demand for destinations in China and South Africa has also grown significantly. this concerned for instance flights to singapore bangkok and india but also the demand for destinations in china and south africa has also grown significantly We could cover this only with additional flights. we could cover this only with additional flights Despite the global growth of the aviation industry, however, we are also more and more concerned about the situation. despite the global growth of the aviation industry however we are also more and more concerned about the situation Eight to the reasons and in particular coming from Berlin and Brussels. eight to the reasons and in particular coming from berlin and brussels The fact that despite this political headwind and the geopolitical challenges, we are still playing a globally leading business model. the fact that despite this political headwind and the geopolitical challenges we are still playing a globally leading business model Our competitors in London or Paris have a geographical advantage because of the size of their catchment model and entrepreneurial. our competitors in london or paris have a geographical advantage because of the size of their catchment model and entrepreneurial Integrating more and more. integrating more and more This structure will also be reflected more clearly in our financial statements by showing four strategic pillars. this structure will also be reflected more clearly in our financial statements by showing four strategic pillars First of all, the backbone is and will continue to be our five hub airlines, and this accounts for 70% of our sales. This underlines the great significance of our turnaround program of our largest hub airline, Lufthansa. Secondly, outside our hubs in Frankfurt, Munich, Zurich, Vienna, Brussels. For successful point-to-point connections, we are offering that in the whole of Europe. Thirdly, It was also a very reliable brand with a margin of 9.5%, and it is actually the most profitable pillar in our portfolio, and it is now profiting from the volatility of the market. Will again be triggering short-term booking for urgent transports, all the more so since the Gulf carriers, which are hardly operating, account for only 18% of this business globally. First of all, the backbone is and will continue to be our five hub airlines, and this accounts for 70% of our sales. first of all the backbone is and will continue to be our five hub airlines and this accounts for 70% of our sales This underlines the great significance of our turnaround program of our largest hub airline, Lufthansa. this underlines the great significance of our turnaround program of our largest hub airline lufthansa Secondly, outside our hubs in Frankfurt, Munich, Zurich, Vienna, Brussels. secondly outside our hubs in frankfurt munich zurich vienna brussels For successful point-to-point connections, we are offering that in the whole of Europe. for successful point-to-point connections we are offering that in the whole of europe Thirdly, It was also a very reliable brand with a margin of 9.5%, and it is actually the most profitable pillar in our portfolio, and it is now profiting from the volatility of the market. thirdly it was also a very reliable brand with a margin of 9.5% and it is actually the most profitable pillar in our portfolio and it is now profiting from the volatility of the market Will again be triggering short-term booking for urgent transports, all the more so since the Gulf carriers, which are hardly operating, account for only 18% of this business globally. will again be triggering short-term booking for urgent transports all the more so since the gulf carriers which are hardly operating account for only 18% of this business globally The fourth pillar is Lufthansa Technik, as the globally largest independent supplier and provider of maintenance, repair, and overhaul services. By now, 20% of all commercial aircraft globally is actually being supported by. Canada and Portugal. Additional revenue streams are also coming from the growing defense sector, and here the current developments are also playing an important role. The current developments which are occurring in the world. With this positive overview, Till will explain some more details of our business profits and results. The fourth pillar is Lufthansa Technik, as the globally largest independent supplier and provider of maintenance, repair, and overhaul services. the fourth pillar is lufthansa technik as the globally largest independent supplier and provider of maintenance repair and overhaul services By now, 20% of all commercial aircraft globally is actually being supported by. by now 20% of all commercial aircraft globally is actually being supported by Canada and Portugal. canada and portugal Additional revenue streams are also coming from the growing defense sector, and here the current developments are also playing an important role. additional revenue streams are also coming from the growing defense sector and here the current developments are also playing an important role The current developments which are occurring in the world. the current developments which are occurring in the world With this positive overview, Till will explain some more details of our business profits and results. with this positive overview till will explain some more details of our business profits and results

Speaker 7: Thank you very much, Carsten, and a warm welcome from me as well. Let me start by walking you through the details of our financial performance over the past year. As Carsten already mentioned, our EUR 40 billion euros. This was driven. Capacity growth at our past. Third-party business. Same time. Industry-wide cost increases, largely driven by external factors, continued to weigh on our results, such as the 10% increase in. Cost fell by more than half a bill. This led to the effort. Billion euro with our adjusted EBIT margin improved. Was outpaced with the pre net investments. Our passenger airlines exceeded the previous year's results, partly due to favorable fuel prices. The positive contribution to earnings from ITA Airways, particularly. EUR 250 million at our core brand, Lufthansa Airlines. Clear evidence for the progress made by our turnaround program. Thank you very much, Carsten, and a warm welcome from me as well. thank you very much carsten and a warm welcome from me as well Let me start by walking you through the details of our financial performance over the past year. let me start by walking you through the details of our financial performance over the past year As Carsten already mentioned, our EUR 40 billion euros. as carsten already mentioned our eur 40 billion euros This was driven. this was driven Capacity growth at our past. capacity growth at our past Third-party business. third-party business Same time. same time Industry-wide cost increases, largely driven by external factors, continued to weigh on our results, such as the 10% increase in. industry-wide cost increases largely driven by external factors continued to weigh on our results such as the 10% increase in Cost fell by more than half a bill. cost fell by more than half a bill This led to the effort. this led to the effort Billion euro with our adjusted EBIT margin improved. billion euro with our adjusted ebit margin improved Was outpaced with the pre net investments. was outpaced with the pre net investments Our passenger airlines exceeded the previous year's results, partly due to favorable fuel prices. our passenger airlines exceeded the previous year's results partly due to favorable fuel prices The positive contribution to earnings from ITA Airways, particularly. the positive contribution to earnings from ita airways particularly EUR 250 million at our core brand, Lufthansa Airlines. eur 250 million at our core brand lufthansa airlines Clear evidence for the progress made by our turnaround program. clear evidence for the progress made by our turnaround program We expanded our capacity primarily on North Atlantic and continental. Ticket. Especially, we recorded higher average yields on the important North Atlantic of robust demand in this market as well. On the cost side, we were able to make continuous improvements over the course of the year. In the first half of the year, our unit costs rose by 3.6%. In the third quarter, this figure fell to just 0.5%, and in the fourth quarter, unit costs were virtually stable compared with the previous year. The bottom line, the effects of our turnaround measures are noticeable despite cost inflation and fees, charges, and personnel. Let me say a few words about Lufthansa Airlines, the largest airline in the group. As planned, the gross was over EUR 500 million, program EUR 0.5 billion medium-term. We expanded our capacity primarily on North Atlantic and continental. we expanded our capacity primarily on north atlantic and continental Ticket. ticket Especially, we recorded higher average yields on the important North Atlantic of robust demand in this market as well. especially, we recorded higher average yields on the important north atlantic of robust demand in this market as well On the cost side, we were able to make continuous improvements over the course of the year. on the cost side we were able to make continuous improvements over the course of the year In the first half of the year, our unit costs rose by 3.6%. in the first half of the year our unit costs rose by 3.6% In the third quarter, this figure fell to just 0.5%, and in the fourth quarter, unit costs were virtually stable compared with the previous year. in the third quarter this figure fell to just 0.5% and in the fourth quarter unit costs were virtually stable compared with the previous year The bottom line, the effects of our turnaround measures are noticeable despite cost inflation and fees, charges, and personnel. the bottom line the effects of our turnaround measures are noticeable despite cost inflation and fees charges and personnel Let me say a few words about Lufthansa Airlines, the largest airline in the group. let me say a few words about lufthansa airlines the largest airline in the group As planned, the gross was over EUR 500 million, program EUR 0.5 billion medium-term. as planned the gross was over eur 500 million program eur 0.5 billion medium-term We are a main Lufthansa Airlines based on the services and the implementation of our lead by the end of the year. This will increase our revenue quality, as can already be seen in the to improve products, Discover Airlines and Lufthansa City Airlines, 18 aircraft by the end of the year with a rising additional revenue increase efficiency. Overall, at Lufthansa Airlines to a maximum. Even this modest cost increase in a shareholder to flight operations at a transformation. There were OneIT program, more efficient procurement, and a streamlining of our IT landscape. From 2026 onwards, the focus will be on establishing a stable group-wide uniform IT platform, accompanied by the further digitalization of centralized procedures and is expected to save around and unlock additional potential. In addition, OneIT will enable the generation of additional business. We are a main Lufthansa Airlines based on the services and the implementation of our lead by the end of the year. we are a main lufthansa airlines based on the services and the implementation of our lead by the end of the year This will increase our revenue quality, as can already be seen in the to improve products, Discover Airlines and Lufthansa City Airlines, 18 aircraft by the end of the year with a rising additional revenue increase efficiency. this will increase our revenue quality as can already be seen in the to improve products discover airlines and lufthansa city airlines 18 aircraft by the end of the year with a rising additional revenue increase efficiency Overall, at Lufthansa Airlines to a maximum. overall at lufthansa airlines to a maximum Even this modest cost increase in a shareholder to flight operations at a transformation. even this modest cost increase in a shareholder to flight operations at a transformation There were OneIT program, more efficient procurement, and a streamlining of our IT landscape. there were oneit program more efficient procurement and a streamlining of our it landscape From 2026 onwards, the focus will be on establishing a stable group-wide uniform IT platform, accompanied by the further digitalization of centralized procedures and is expected to save around and unlock additional potential. from 2026 onwards the focus will be on establishing a stable group-wide uniform it platform accompanied by the further digitalization of centralized procedures and is expected to save around and unlock additional potential In addition, OneIT will enable the generation of additional business. in addition oneit will enable the generation of additional business Let us now turn to our logistics segment. Lufthansa Cargo once again achieves trend driven by an ambition with strong, particularly actors and pharmaceuticals. Adjusted EBIT was thus almost 30% higher than in the previous year at EUR 324 million, due on the one hand to higher volumes and improved capacity utilization and on the other hand, to lower unit costs. Technique exceeded the by 12%, mainly due to strong third-party business growth of plus 20 level at EUR 303 million. The result includes earning to around EUR 30 million. The effect is limited only because we quickly took effective measures to Lufthansa focus on expansion 2026. 2026, which is challenging given the current situation in the Middle East. It's become more challenging indeed. Let us now turn to our logistics segment. let us now turn to our logistics segment Lufthansa Cargo once again achieves trend driven by an ambition with strong, particularly actors and pharmaceuticals. lufthansa cargo once again achieves trend driven by an ambition with strong particularly actors and pharmaceuticals Adjusted EBIT was thus almost 30% higher than in the previous year at EUR 324 million, due on the one hand to higher volumes and improved capacity utilization and on the other hand, to lower unit costs. adjusted ebit was thus almost 30% higher than in the previous year at eur 324 million due on the one hand to higher volumes and improved capacity utilization and on the other hand to lower unit costs Technique exceeded the by 12%, mainly due to strong third-party business growth of plus 20 level at EUR 303 million. technique exceeded the by 12% mainly due to strong third-party business growth of plus 20 level at eur 303 million The result includes earning to around EUR 30 million. the result includes earning to around eur 30 million The effect is limited only because we quickly took effective measures to Lufthansa focus on expansion 2026. 2026, which is challenging given the current situation in the Middle East. the effect is limited only because we quickly took effective measures to lufthansa focus on expansion 2026 2026 which is challenging given the current situation in the middle east It's become more challenging indeed. it's become more challenging indeed In 2026, we also plan to expand our capacity by around 4% in total with a clear again, but we will be lead modernization here and expect a significantly improved result for 2026 compared with the previous year. Of course, the current crisis in the Middle East is having a noticeable. Affected region are seeing an enormous increase in demand on our Asian Africa routes due to the situation in the Persian Gulf. In addition to this significant shift, we have also seen a very positive development at which is reflected. Mention it already, awfully high hedge rate gives us an important competitive advantage in an environment of rising oil prices. Despite the ongoing uncertainties, we are therefore confident about the planned earnings growth in 2026. In 2026, we also plan to expand our capacity by around 4% in total with a clear again, but we will be lead modernization here and expect a significantly improved result for 2026 compared with the previous year. in 2026 we also plan to expand our capacity by around 4% in total with a clear again but we will be lead modernization here and expect a significantly improved result for 2026 compared with the previous year Of course, the current crisis in the Middle East is having a noticeable. of course the current crisis in the middle east is having a noticeable Affected region are seeing an enormous increase in demand on our Asian Africa routes due to the situation in the Persian Gulf. affected region are seeing an enormous increase in demand on our asian africa routes due to the situation in the persian gulf In addition to this significant shift, we have also seen a very positive development at which is reflected. in addition to this significant shift we have also seen a very positive development at which is reflected Mention it already, awfully high hedge rate gives us an important competitive advantage in an environment of rising oil prices. mention it already awfully high hedge rate gives us an important competitive advantage in an environment of rising oil prices Despite the ongoing uncertainties, we are therefore confident about the planned earnings growth in 2026. despite the ongoing uncertainties we are therefore confident about the planned earnings growth in 2026 We therefore see 2026 as another year of progress towards our medium-term financial targets. With these words, I hand back to Carsten for further strategic commentary. We therefore see 2026 as another year of progress towards our medium-term financial targets. we therefore see 2026 as another year of progress towards our medium-term financial targets With these words, I hand back to Carsten for further strategic commentary. with these words i hand back to carsten for further strategic commentary

Speaker 2: Thank you very much indeed, Till, ladies and gentlemen, some additional comments at the mass. Till mentioned the Capital Markets Day, where last year we presented our medium-term financial targets, and we want to and will increase our margin to a level of 8%-10%. 20%. At the same EUR 1 billion of refunds on four growth driver lines. In future, we will be growing business. The long-haul fleet is to grow to more than 200 aircraft in the group. The short term, we despite the stable short-haul fleet, we will manage more efficiently. The fleet has reduced the changeover rates. We are seeing bigger growth opportunities for we assume that the global trend towards high value, high quality private travel will go on. Thank you very much indeed, Till, ladies and gentlemen, some additional comments at the mass. thank you very much indeed till ladies and gentlemen some additional comments at the mass Till mentioned the Capital Markets Day, where last year we presented our medium-term financial targets, and we want to and will increase our margin to a level of 8%-10%. 20%. till mentioned the capital markets day where last year we presented our medium-term financial targets and we want to and will increase our margin to a level of 8%-10% 20% At the same EUR 1 billion of refunds on four growth driver lines. at the same eur 1 billion of refunds on four growth driver lines In future, we will be growing business. in future we will be growing business The long-haul fleet is to grow to more than 200 aircraft in the group. the long-haul fleet is to grow to more than 200 aircraft in the group The short term, we despite the stable short-haul fleet, we will manage more efficiently. the short term we despite the stable short-haul fleet we will manage more efficiently The fleet has reduced the changeover rates. the fleet has reduced the changeover rates We are seeing bigger growth opportunities for we assume that the global trend towards high value, high quality private travel will go on. we are seeing bigger growth opportunities for we assume that the global trend towards high value high quality private travel will go on We are well prepared for both with our southernmost hub, Rome Fiumicino, it's actually predestined for the expansion of routes into the globe. The ongoing private travel trend will also be supporting the success of our holiday airlines, both Discover and now with the Airbus A350 state-of-the-art aircraft. At the same time, in the next few years, we will be modernizing all the long-haul cabins with new seats in all classes. The second driver targets is the related more quickly growing availability of our new premium cabins. On the one hand, we have cost advantages because of the use of more fuel efficient and low maintenance aircraft, whereas we are also expecting higher are substantiating that we can increase fleet and product renewal airlines. We are well prepared for both with our southernmost hub, Rome Fiumicino, it's actually predestined for the expansion of routes into the globe. we are well prepared for both with our southernmost hub rome fiumicino it's actually predestined for the expansion of routes into the globe The ongoing private travel trend will also be supporting the success of our holiday airlines, both Discover and now with the Airbus A350 state-of-the-art aircraft. the ongoing private travel trend will also be supporting the success of our holiday airlines both discover and now with the airbus a350 state-of-the-art aircraft At the same time, in the next few years, we will be modernizing all the long-haul cabins with new seats in all classes. at the same time in the next few years we will be modernizing all the long-haul cabins with new seats in all classes The second driver targets is the related more quickly growing availability of our new premium cabins. the second driver targets is the related more quickly growing availability of our new premium cabins On the one hand, we have cost advantages because of the use of more fuel efficient and low maintenance aircraft, whereas we are also expecting higher are substantiating that we can increase fleet and product renewal airlines. on the one hand we have cost advantages because of the use of more fuel efficient and low maintenance aircraft whereas we are also expecting higher are substantiating that we can increase fleet and product renewal airlines For the necessary stabilization of our flight operation, we made many investments in 2020, as you will remember. Additional reserves, generous buffers in the flight schedules, longer flight and changeover times. This cannot go on. In this aircraft, but also the productivity of our crews, we are still doing our utmost to reduce the cost per available seat kilometer or keeping it stable despite the cost inflation, and we succeeded in this in the fourth quarter of the last year in our core brand. This also includes that we are shifting capacities to flight op, for instance, Lufthansa City and Discover Airlines. The fourth driver is the ongoing scaling of our very profitable division alone that is Lufthansa Technik. We want to achieve a revenue of EUR 10 billion and an EBIT margin of 10%. For the necessary stabilization of our flight operation, we made many investments in 2020, as you will remember. for the necessary stabilization of our flight operation we made many investments in 2020 as you will remember Additional reserves, generous buffers in the flight schedules, longer flight and changeover times. additional reserves generous buffers in the flight schedules longer flight and changeover times This cannot go on. this cannot go on In this aircraft, but also the productivity of our crews, we are still doing our utmost to reduce the cost per available seat kilometer or keeping it stable despite the cost inflation, and we succeeded in this in the fourth quarter of the last year in our core brand. in this aircraft but also the productivity of our crews we are still doing our utmost to reduce the cost per available seat kilometer or keeping it stable despite the cost inflation and we succeeded in this in the fourth quarter of the last year in our core brand This also includes that we are shifting capacities to flight op, for instance, Lufthansa City and Discover Airlines. this also includes that we are shifting capacities to flight op for instance lufthansa city and discover airlines The fourth driver is the ongoing scaling of our very profitable division alone that is Lufthansa Technik. the fourth driver is the ongoing scaling of our very profitable division alone that is lufthansa technik We want to achieve a revenue of EUR 10 billion and an EBIT margin of 10%. we want to achieve a revenue of eur 10 billion and an ebit margin of 10% Currently, we are implementing the most comprehensive fleet renewal in our history. In this year, you will be able to see the full dynamic of 45 new aircraft this year, a new aircraft almost every year, and with even 20. This will Lufthansa Group, we will be achieving or will be receiving 1/3 of state-of-the-art aircraft, and this will lead to cost advantages. In next two years at Lufthansa Classic, that is in the Lufthansa Airlines, we will be phasing out five types of aircraft, the A340-600, 300, the Boeing 747-400, Airbus A320 fleet and the canopy 51,000. This will be added to the three A320 fleet. We are modernizing our fleet very swiftly and with respect to the engine problems, there are on the Airbus A320 be grounded permanently. Currently, we are implementing the most comprehensive fleet renewal in our history. currently we are implementing the most comprehensive fleet renewal in our history In this year, you will be able to see the full dynamic of 45 new aircraft this year, a new aircraft almost every year, and with even 20. in this year you will be able to see the full dynamic of 45 new aircraft this year a new aircraft almost every year and with even 20 This will Lufthansa Group, we will be achieving or will be receiving 1/3 of state-of-the-art aircraft, and this will lead to cost advantages. this will lufthansa group we will be achieving or will be receiving 1/3 of state-of-the-art aircraft and this will lead to cost advantages In next two years at Lufthansa Classic, that is in the Lufthansa Airlines, we will be phasing out five types of aircraft, the A340-600, 300, the Boeing 747-400, Airbus A320 fleet and the canopy 51,000. in next two years at lufthansa classic that is in the lufthansa airlines we will be phasing out five types of aircraft the a340-600 300 the boeing 747-400 airbus a320 fleet and the canopy 51,000 This will be added to the three A320 fleet. this will be added to the three a320 fleet We are modernizing our fleet very swiftly and with respect to the engine problems, there are on the Airbus A320 be grounded permanently. we are modernizing our fleet very swiftly and with respect to the engine problems there are on the airbus a320 be grounded permanently Politics is still being government in November 25 are profit, Germany, sorry, is profiting less and as a result of the high location costs, every second hub aircraft of our Group is stationed outside Germany. The high regulatory costs of the European Union are affecting us at all our European sites as the lab and these constitute unilateral disadvantages in the global competition. We want to make our contribution towards reducing CO2 emissions or emission aircraft, but the precondition for this a fair course in order to reform climate protection level independent air traffic agreements could create the war has again shown how indispensable a strong European airline industry is. If we cannot defend ourselves in Europe and not cover our fuel demand ourselves, then we should at least be able to connect ourselves with the world and our markets. Politics is still being government in November 25 are profit, Germany, sorry, is profiting less and as a result of the high location costs, every second hub aircraft of our Group is stationed outside Germany. politics is still being government in november 25 are profit germany sorry is profiting less and as a result of the high location costs every second hub aircraft of our group is stationed outside germany The high regulatory costs of the European Union are affecting us at all our European sites as the lab and these constitute unilateral disadvantages in the global competition. the high regulatory costs of the european union are affecting us at all our european sites as the lab and these constitute unilateral disadvantages in the global competition We want to make our contribution towards reducing CO2 emissions or emission aircraft, but the precondition for this a fair course in order to reform climate protection level independent air traffic agreements could create the war has again shown how indispensable a strong European airline industry is. we want to make our contribution towards reducing co2 emissions or emission aircraft but the precondition for this a fair course in order to reform climate protection level independent air traffic agreements could create the war has again shown how indispensable a strong european airline industry is If we cannot defend ourselves in Europe and not cover our fuel demand ourselves, then we should at least be able to connect ourselves with the world and our markets. if we cannot defend ourselves in europe and not cover our fuel demand ourselves then we should at least be able to connect ourselves with the world and our markets Thus the regulatory discrimination of European carriers in comparison to other route license agreements, which would actually shift the advantage more towards the Gulf region are problematic or the more so if, as now everybody knows, these have come about under obviously criminal circumstances. Ladies and gentlemen, the brand Lufthansa has had many in Europe. For 100 years, the brand Lufthansa has stood for excellence, internationalization, and strong partnerships. Future, as a matter of course, even in this anniversary year for the benefit of our passengers, but also our shareholders, we will add value, tap new markets, establish new partnerships. In addition to this, our passengers will also be profiting from many product improvements immediately. Within the framework of the future onboarding experience in the Lufthansa corporate alone, we are investing EUR 70 million for the benefit of our guests. Thus the regulatory discrimination of European carriers in comparison to other route license agreements, which would actually shift the advantage more towards the Gulf region are problematic or the more so if, as now everybody knows, these have come about under obviously criminal circumstances. thus the regulatory discrimination of european carriers in comparison to other route license agreements which would actually shift the advantage more towards the gulf region are problematic or the more so if as now everybody knows these have come about under obviously criminal circumstances Ladies and gentlemen, the brand Lufthansa has had many in Europe. ladies and gentlemen the brand lufthansa has had many in europe For 100 years, the brand Lufthansa has stood for excellence, internationalization, and strong partnerships. for 100 years the brand lufthansa has stood for excellence internationalization and strong partnerships Future, as a matter of course, even in this anniversary year for the benefit of our passengers, but also our shareholders, we will add value, tap new markets, establish new partnerships. future as a matter of course even in this anniversary year for the benefit of our passengers but also our shareholders we will add value tap new markets establish new partnerships In addition to this, our passengers will also be profiting from many product improvements immediately. in addition to this our passengers will also be profiting from many product improvements immediately Within the framework of the future onboarding experience in the Lufthansa corporate alone, we are investing EUR 70 million for the benefit of our guests. within the framework of the future onboarding experience in the lufthansa corporate alone we are investing eur 70 million for the benefit of our guests With Starlink, we are already providing the fastest internet link on board all our aircraft, but even on the ground, we will be better. We are modernizing all the Zurich, Vienna, and Rome, and we are doing our utmost lounge of ITA. In this month, we will celebrate the access to Star Alliance and the frequent flyer more or less in treatment together with more than 107,000 highly committed employees from 160 nations, we will for 100 years that is connecting people, cultures, and economies in a sustainable manner. With back to this, we have a unique unparalleled capital, our culture, our employees, and together the Lufthansa spirit. With Starlink, we are already providing the fastest internet link on board all our aircraft, but even on the ground, we will be better. with starlink we are already providing the fastest internet link on board all our aircraft but even on the ground we will be better We are modernizing all the Zurich, Vienna, and Rome, and we are doing our utmost lounge of ITA. we are modernizing all the zurich vienna and rome and we are doing our utmost lounge of ita In this month, we will celebrate the access to Star Alliance and the frequent flyer more or less in treatment together with more than 107,000 highly committed employees from 160 nations, we will for 100 years that is connecting people, cultures, and economies in a sustainable manner. in this month we will celebrate the access to star alliance and the frequent flyer more or less in treatment together with more than 107,000 highly committed employees from 160 nations we will for 100 years that is connecting people cultures and economies in a sustainable manner With back to this, we have a unique unparalleled capital, our culture, our employees, and together the Lufthansa spirit. with back to this we have a unique unparalleled capital our culture our employees and together the lufthansa spirit When here in this building, we are looking back at the establishment of the first Lufthansa, we have every reason to be proud, but also full of optimism for the future yet to come. Now I'm looking forward to your questions. Thank you very much indeed. When here in this building, we are looking back at the establishment of the first Lufthansa, we have every reason to be proud, but also full of optimism for the future yet to come. when here in this building we are looking back at the establishment of the first lufthansa we have every reason to be proud but also full of optimism for the future yet to come Now I'm looking forward to your questions. now i'm looking forward to your questions Thank you very much indeed. thank you very much indeed

Speaker 1: Thank you very much, Carsten Spohr. Thank you very much, Till Streichert, for your remarks. Now we're moving on to your questions. Please, you also have the opportunity right here for the colleague to come with a microphone. Miss Wind, please. Thank you very much, Carsten Spohr. thank you very much carsten spohr Thank you very much, Till Streichert, for your remarks. thank you very much till streichert for your remarks Now we're moving on to your questions. now we're moving on to your questions Please, you also have the opportunity right here for the colleague to come with a microphone. please you also have the opportunity right here for the colleague to come with a microphone Miss Wind, please. miss wind please

Speaker 6: Good morning, sir. Where will you focus? That is, which set go up now? You said that you have better development in this respect and also the longer flight times because you will have to avoid the crisis regions. Good morning, sir. good morning sir Where will you focus? where will you focus That is, which set go up now? that is which set go up now You said that you have better development in this respect and also the longer flight times because you will have to avoid the crisis regions. you said that you have better development in this respect and also the longer flight times because you will have to avoid the crisis regions

Speaker 7: I'm going to start with the aircraft, with the capacities. Where do they come from? First of all, we've got 10-and-odd freighters, we've got sufficient capacities. Our flights to Bangkok have already been published, and high and daily also situation allows for it, which alarm is available. This will can increase in travel possibilities for people who are stuck in those. The fleet of the Gulf carriers which has been decommissioned, this has quite an impact. Of course, it'll go on. In three days we will be able to publish these flights on top of the 1st flights into Bangkok we've already published. Concerning fuel we've got four to take part of that, also this has been solid. Our hedging will also go into 2020. I'm going to start with the aircraft, with the capacities. i'm going to start with the aircraft with the capacities Where do they come from? where do they come from First of all, we've got 10- and- odd freighters , we've got sufficient capacities. first of all we've got 10- and- odd freighters we've got sufficient capacities Our flights to Bangkok have already been published, and high and daily also situation allows for it, which alarm is available. our flights to bangkok have already been published and high and daily also situation allows for it which alarm is available This will can increase in travel possibilities for people who are stuck in those. this will can increase in travel possibilities for people who are stuck in those The fleet of the Gulf carriers which has been decommissioned, this has quite an impact. the fleet of the gulf carriers which has been decommissioned this has quite an impact Of course, it'll go on. of course it'll go on In three days we will be able to publish these flights on top of the 1st flights into Bangkok we've already published. in three days we will be able to publish these flights on top of the 1st flights into bangkok we've already published Concerning fuel we've got four to take part of that, also this has been solid. concerning fuel we've got four to take part of that also this has been solid Our hedging will also go into 2020. our hedging will also go into 2020 At the end of the day is how we compare to our competitors or a higher fuel bill main the way they are at the moment. I believe this is the case given the announcement made by President Trump yesterday in the event. Longer this goes a few are more exposed to it because they're less hedged, so we have to expect prices to increase. This is level estimate of this. My second increase and be the impact of this on the perception of investors. At the end of the day is how we compare to our competitors or a higher fuel bill main the way they are at the moment. at the end of the day is how we compare to our competitors or a higher fuel bill main the way they are at the moment I believe this is the case given the announcement made by President Trump yesterday in the event. i believe this is the case given the announcement made by president trump yesterday in the event Longer this goes a few are more exposed to it because they're less hedged, so we have to expect prices to increase. longer this goes a few are more exposed to it because they're less hedged so we have to expect prices to increase This is level e stimate of this. this is level e stimate of this My second increase and be the impact of this on the perception of investors. my second increase and be the impact of this on the perception of investors

Speaker 1: We're going on with Lisa Schmelzer. Thank you. We're going on with Lisa Schmelzer. we're going on with lisa schmelzer thank you Thank you. we're going on with lisa schmelzer thank you

Speaker 5: What is the difference for an TecDAX or DAX company? How difficult that they talked about emission cost? Expecting the next five-10 years change to all the European regulations. The defense activities of Lufthansa Technik, what is the current situation? What is the difference for an TecDAX or DAX company? what is the difference for an tecdax or dax company How difficult that they talked about emission cost? how difficult that they talked about emission cost Expecting the next five-10 years change to all the European regulations. expecting the next five-10 years change to all the european regulations The defense activities of Lufthansa Technik, what is the current situation? the defense activities of lufthansa technik what is the current situation

Speaker 2: Active in study questions. Concerning the emissions costs and the certificates, well, for the coming year, we have an impact of EUR 200 million roughly, which results from the reduction gone away completely. This is, you know, given the measures from the turnaround program, this is what we have to offset. For DAX though, we were situation is as it is. Let me tell you very frankly, after the matches, before the match, cards are given out again and again after every match. It is still our plan to improve our results, and I think this will also be reflected in generating values for the shareholders. It will also be reflected in the share. Sufficient opportunities already alluded to it. The hedging strategy itself, conceptually, is rather solid. Some hedges were less and it's in. For the time being, it is too early. Active in study questions. active in study questions Concerning the emissions costs and the certificates, well, for the coming year, we have an impact of EUR 200 million roughly, which results from the reduction gone away completely. concerning the emissions costs and the certificates well for the coming year we have an impact of eur 200 million roughly which results from the reduction gone away completely This is, you know, given the measures from the turnaround program, this is what we have to offset. this is you know given the measures from the turnaround program this is what we have to offset For DAX though, we were situation is as it is. for dax though we were situation is as it is Let me tell you very frankly, after the matches, before the match, cards are given out again and again after every match. let me tell you very frankly after the matches before the match cards are given out again and again after every match It is still our plan to improve our results, and I think this will also be reflected in generating values for the shareholders. it is still our plan to improve our results and i think this will also be reflected in generating values for the shareholders It will also be reflected in the share. it will also be reflected in the share Sufficient opportunities already alluded to it. sufficient opportunities already alluded to it The hedging strategy itself, conceptually, is rather solid. the hedging strategy itself conceptually is rather solid Some hedges were less and it's in. some hedges were less and it's in For the time being, it is too early. for the time being it is too early

Speaker 5: A follow-up question for the benefit of those who are watching us remotely. There are new contacts for fuel hedging. Very short. Now business from the defense side or what is being planned? A follow-up question for the benefit of those who are watching us remotely. a follow-up question for the benefit of those who are watching us remotely There are new contacts for fuel hedging. there are new contacts for fuel hedging Very short. very short Now business from the defense side or what is being planned? now business from the defense side or what is being planned

Speaker 2: Both. We are already actively working with the German Army with respect to the flight operations, first that is the reconnaissance plane for submarines. This is an ongoing project, there are other things which might be important for the Chinook the Army will be getting. We are also track Arab planes, and we need European partners, the German Army happening and because of the Europe, where we maintenance will have to be outsourced to private players, private companies. There will be opportunities for Lufthansa Technik, even more so than the last seven days. Both. both We are already actively working with the German Army with respect to the flight operations, first that is the reconnaissance plane for submarines. we are already actively working with the german army with respect to the flight operations first that is the reconnaissance plane for submarines This is an ongoing project, there are other things which might be important for the Chinook the Army will be getting. this is an ongoing project there are other things which might be important for the chinook the army will be getting We are also track Arab planes, and we need European partners, the German Army happening and because of the Europe, where we maintenance will have to be outsourced to private players, private companies. we are also track arab planes and we need european partners the german army happening and because of the europe where we maintenance will have to be outsourced to private players private companies There will be opportunities for Lufthansa Technik, even more so than the last seven days. there will be opportunities for lufthansa technik even more so than the last seven days

Speaker 1: I've got four further questions from Portugal, virtually from ECO. He is asking if Lufthansa is planning ending offer. The question is to look into the financials and the operating, the strengths and weaknesses of that airline. Carsten Spohr, please. I've got four further questions from Portugal, virtually from ECO. i've got four further questions from portugal virtually from eco He is asking if Lufthansa is planning ending offer. he is asking if lufthansa is planning ending offer The question is to look into the financials and the operating, the strengths and weaknesses of that airline. the question is to look into the financials and the operating the strengths and weaknesses of that airline Carsten Spohr, please. carsten spohr please

Speaker 2: We want to keep this process addition for the known, that is how to main less exploiting synergies of the Lufthansa Group. Portugal as such could become a very good strategic aviation partner because even now we are building a site of Lufthansa Technik in Portugal. We are tracking whether the site of the air force might be in the Lufthansa Group. These are three exciting projects which demonstrate the strategic relevance of Portugal, and we will pursue it. Financial components are the left-hand side, go to our files by their media in the second row place. You have the floor, and you will get the microphone. We want to keep this process addition for the known, that is how to main less exploiting synergies of the Lufthansa Group. we want to keep this process addition for the known that is how to main less exploiting synergies of the lufthansa group Portugal as such could become a very good strategic aviation partner because even now we are building a site of Lufthansa Technik in Portugal. portugal as such could become a very good strategic aviation partner because even now we are building a site of lufthansa technik in portugal We are tracking whether the site of the air force might be in the Lufthansa Group. we are tracking whether the site of the air force might be in the lufthansa group These are three exciting projects which demonstrate the strategic relevance of Portugal, and we will pursue it. these are three exciting projects which demonstrate the strategic relevance of portugal and we will pursue it Financial components are the left-hand side, go to our files by their media in the second row place. financial components are the left-hand side go to our files by their media in the second row place You have the floor, and you will get the microphone. you have the floor and you will get the microphone

Speaker 7: To know if the prices, because it's rather low compared to other DAX companies, if it's sufficient, and then the active latent. You are expecting to see less profit going forward and the external MRO but from external through the equity ratio. Last two or three years, actually, we've kept it quite stable. Action A is about the crisis resilience volatility. I would like to point out to you that we have at the end of the year, we were above the upper end of this corridor. As far as crisis resilience and actually relevant in the final end or hidden taxes exactly. Aggressive reduction of corporation taxes, which had been announced by the German government for the next few years. That is, if you have fate of the future, and thus they will be going down. This is the effect. To know if the prices, because it's rather low compared to other DAX companies, if it's sufficient, and then the active latent. to know if the prices because it's rather low compared to other dax companies if it's sufficient and then the active latent You are expecting to see less profit going forward and the external MRO but from external through the equity ratio. you are expecting to see less profit going forward and the external mro but from external through the equity ratio Last two or three years, actually, we've kept it quite stable. last two or three years actually we've kept it quite stable Action A is about the crisis resilience volatility. action a is about the crisis resilience volatility I would like to point out to you that we have at the end of the year, we were above the upper end of this corridor. i would like to point out to you that we have at the end of the year we were above the upper end of this corridor As far as crisis resilience and actually relevant in the final end or hidden taxes exactly. as far as crisis resilience and actually relevant in the final end or hidden taxes exactly Aggressive reduction of corporation taxes, which had been announced by the German government for the next few years. aggressive reduction of corporation taxes which had been announced by the german government for the next few years That is, if you have fate of the future, and thus they will be going down. that is if you have fate of the future and thus they will be going down This is the effect. this is the effect

Speaker 2: Indeed. Lufthansa Technik, who's the perfect partner, but some assignments where Lufthansa Technik can operate more profitably. Of course, as a group, 50% external and 50. We want to keep it that way. As I said, which our airlines wouldn't pay internally because it that way. It's not as if we want to breed an internal monopolist, and it wouldn't be as successful if they knew have to, they would Lufthansa Technik also handed over to Technik. Indeed. indeed Lufthansa Technik, who's the perfect partner, but some assignments where Lufthansa Technik can operate more profitably. lufthansa technik who's the perfect partner but some assignments where lufthansa technik can operate more profitably Of course, as a group, 50% external and 50. of course as a group 50% external and 50 We want to keep it that way. we want to keep it that way As I said, which our airlines wouldn't pay internally because it that way. as i said which our airlines wouldn't pay internally because it that way It's not as if we want to breed an internal monopolist, and it wouldn't be as successful if they knew have to, they would Lufthansa Technik also handed over to Technik. it's not as if we want to breed an internal monopolist and it wouldn't be as successful if they knew have to they would lufthansa technik also handed over to technik

Speaker 1: Ilona Wissenbach from Reuters, please. Next. Ilona Wissenbach from Reuters, please. ilona wissenbach from reuters please Next. next

Speaker 4: Concerning the North Atlantic, the ITB said that bookings made by travelers, there are hints that things are going down this year. Even though demand from Americans coming to Europe would I wanted to know concerning ITA Airways. For some time, it's been can we expect that this is going to happen? ITA has actually generated profits, this building block was achieved, perhaps you can tell us when this will happen. Concerning the North Atlantic, the ITB said that bookings made by travelers, there are hints that things are going down this year. concerning the north atlantic the itb said that bookings made by travelers there are hints that things are going down this year Even though demand from Americans coming to Europe would I wanted to know concerning ITA Airways. even though demand from americans coming to europe would i wanted to know concerning ita airways For some time, it's been can we expect that this is going to happen? for some time it's been can we expect that this is going to happen ITA has actually generated profits, this building block was achieved, perhaps you can tell us when this will happen. ita has actually generated profits this building block was achieved perhaps you can tell us when this will happen

Speaker 2: Yeah. When you talk about the ITB and Lufthansa, we are indeed obvious, but this is being more than confident. The shift of the passengers to North Atlantic, that is to more travelers from the United States, might even go up by up to 60% in the to 40%. We must look at the current figures. The Americans, Sure. We sell each and every seat to the one with the highest offer. There this is a very dynamic situation, but I believe I can tell you that what we succeeded in 2025, that is growing in both direction from the US, we grew by 2025 also in the North Atlantic route. There might be more growth towards the US have record offerings and also for the North Atlantic. Yeah. yeah When you talk about the ITB and Lufthansa, we are indeed obvious, but this is being more than confident. when you talk about the itb and lufthansa we are indeed obvious but this is being more than confident The shift of the passengers to North Atlantic, that is to more travelers from the United States, might even go up by up to 60% in the to 40%. the shift of the passengers to north atlantic that is to more travelers from the united states might even go up by up to 60% in the to 40% We must look at the current figures. we must look at the current figures The Americans, Sure. the americans sure We sell each and every seat to the one with the highest offer. we sell each and every seat to the one with the highest offer There this is a very dynamic situation, but I believe I can tell you that what we succeeded in 2025, that is growing in both direction from the US, we grew by 2025 also in the North Atlantic route. there this is a very dynamic situation but i believe i can tell you that what we succeeded in 2025 that is growing in both direction from the us we grew by 2025 also in the north atlantic route There might be more growth towards the US have record offerings and also for the North Atlantic. there might be more growth towards the us have record offerings and also for the north atlantic It's March now, so we haven't made the decision yet. You heard not only from me that this is developing quite well. It may not yet made. Now I'm reading out Peter Kempel's question from FT. I'm reading it off my iPad, which chimes in well with now flying into the US given the events which we are observing in the Middle East. It's a bit too early to assess the shift of these trends. What we're now seeing, the record bookings, incoming bookings, there are 75% alone more sales for the month of April in our booking system towards Asia. There is a lot that there are many people who wanted to fly with other airlines, but there will be a shift of travel streams as far as the Gulf itself is concerned, where the attractiveness will suffer. It's March now, so we haven't made the decision yet. it's march now so we haven't made the decision yet You heard not only from me that this is developing quite well. you heard not only from me that this is developing quite well It may not yet made. it may not yet made Now I'm reading out Peter Kempel's question from FT. now i'm reading out peter kempel's question from ft I'm reading it off my iPad, which chimes in well with now flying into the US given the events which we are observing in the Middle East. i'm reading it off my ipad which chimes in well with now flying into the us given the events which we are observing in the middle east It's a bit too early to assess the shift of these trends. it's a bit too early to assess the shift of these trends What we're now seeing, the record bookings, incoming bookings, there are 75% alone more sales for the month of April in our booking system towards Asia. what we're now seeing the record bookings incoming bookings there are 75% alone more sales for the month of april in our booking system towards asia There is a lot that there are many people who wanted to fly with other airlines, but there will be a shift of travel streams as far as the Gulf itself is concerned, where the attractiveness will suffer. there is a lot that there are many people who wanted to fly with other airlines but there will be a shift of travel streams as far as the gulf itself is concerned where the attractiveness will suffer Also important and significant as in the last few years, I think brand. In the United States, we are even the market leader for these routes and the brands Lufthansa and SWISS actually stand as the profit from these so-called soft factors, but we will also profit from the hard factors mentioned by Till Streichert because of our better hedging, or we did more hedging than others. Because of the expected price increases, we can certainly actually attract more customers and generate more profits. Also important and significant as in the last few years, I think brand. also important and significant as in the last few years i think brand In the United States, we are even the market leader for these routes and the brands Lufthansa and SWISS actually stand as the profit from these so-called soft factors, but we will also profit from the hard factors mentioned by Till Streichert because of our better hedging, or we did more hedging than others. in the united states we are even the market leader for these routes and the brands lufthansa and swiss actually stand as the profit from these so-called soft factors but we will also profit from the hard factors mentioned by till streichert because of our better hedging or we did more hedging than others Because of the expected price increases, we can certainly actually attract more customers and generate more profits. because of the expected price increases we can certainly actually attract more customers and generate more profits

Speaker 1: Thank you very much. Carl Schleker, the third row on the right-hand side. The microphone is coming, and then we can get started with your question. Just a brief moment. Mr. Schleker, please. Thank you very much. thank you very much Carl Schleker, the third row on the right-hand side. carl schleker the third row on the right-hand side The microphone is coming, and then we can get started with your question. the microphone is coming and then we can get started with your question Just a brief moment. just a brief moment Mr. Schleker, please. mr schleker please

Speaker 10: Good morning all together. Perhaps you could tell us concerning the fleet renewal. Yeah, a lot Mr. Spohr said. The second question, you've got collective bargaining issues on the table at the moment, ground at the moment. Industrial actions are put on hold, but this is not going to be this way in the long run. What's the current situation and your plans for Frankfurt Airport? There are airport, are there also use Terminal 3 after rebuilding works have been completed? Good morning all together. good morning all together Perhaps you could tell us concerning the fleet renewal. perhaps you could tell us concerning the fleet renewal Yeah, a lot Mr. Spohr said. yeah a lot mr spohr said The second question, you've got collective bargaining issues on the table at the moment, ground at the moment. the second question you've got collective bargaining issues on the table at the moment ground at the moment Industrial actions are put on hold, but this is not going to be this way in the long run. industrial actions are put on hold but this is not going to be this way in the long run What's the current situation and your plans for Frankfurt Airport? what's the current situation and your plans for frankfurt airport There are airport, are there also use Terminal 3 after rebuilding works have been completed? there are airport are there also use terminal 3 after rebuilding works have been completed

Speaker 2: CapEx. See you a bit better. Yeah, yeah. That's right. EUR two and a half billion includes approximately Technik and our cargo segment. Capital expenditure and also in craft sales and lease back. The figure you should remember for the aircraft, which we got in 2025, is, of course, higher. You touch upon collective bargaining contracts. We always have open collective bargaining contracts in aviation. This is the structure of the thing, even if you own something 100% to will be so great of classics. All employees to whom I talk, especially pilots, they want prospects. They do not want to shrink. They want to grow. Strikes always lead to higher costs. Even if we say there is no leeway for higher costs, the strike itself also reduces or leads to higher costs. CapEx. capex See you a bit better. see you a bit better Yeah, yeah. yeah yeah That's right. that's right EUR two and a half billion includes approximately Technik and our cargo segment. eur two and a half billion includes approximately technik and our cargo segment Capital expenditure and also in craft sales and lease back. capital expenditure and also in craft sales and lease back The figure you should remember for the aircraft, which we got in 2025, is, of course, higher. the figure you should remember for the aircraft which we got in 2025 is of course higher You touch upon collective bargaining contracts. you touch upon collective bargaining contracts We always have open collective bargaining contracts in aviation. we always have open collective bargaining contracts in aviation This is the structure of the thing, even if you own something 100% to will be so great of classics. this is the structure of the thing even if you own something 100% to will be so great of classics All employees to whom I talk, especially pilots, they want prospects. all employees to whom i talk especially pilots they want prospects They do not want to shrink. they do not want to shrink They want to grow. they want to grow Strikes always lead to higher costs. strikes always lead to higher costs Even if we say there is no leeway for higher costs, the strike itself also reduces or leads to higher costs. even if we say there is no leeway for higher costs the strike itself also reduces or leads to higher costs I don't think we're in for strike waves as was the case in 2013 or 2016. We're talking to UFO, we're also talking to ver.di. Meetings are being planned, we've also made offers to get together with other players as well. Concerning Fraport, yes, these talks have been ongoing for months or years. Imagine that these talks haven't really shown any results. Very soon, we will have to decide if we want to make a big investment decision in Munich, the satellite terminal, or if we want joint infrastructure, make a joint effort. Need for both, within the next. I don't think we're in for strike waves as was the case in 2013 or 2016. i don't think we're in for strike waves as was the case in 2013 or 2016 We're talking to UFO, we're also talking to ver.di. we're talking to ufo we're also talking to ver.di Meetings are being planned, we've also made offers to get together with other players as well. meetings are being planned we've also made offers to get together with other players as well Concerning Fraport, yes, these talks have been ongoing for months or years. concerning fraport yes these talks have been ongoing for months or years Imagine that these talks haven't really shown any results. imagine that these talks haven't really shown any results Very soon, we will have to decide if we want to make a big investment decision in Munich, the satellite terminal, or if we want joint infrastructure, make a joint effort. very soon we will have to decide if we want to make a big investment decision in munich the satellite terminal or if we want joint infrastructure make a joint effort Need for both, within the next. need for both within the next

Speaker 1: Thank you. Christian Ebner will ask the next question, third row, but on the opposite side. Please wait for the microphone. Mr. Ebner, good morning. Thank you. thank you Christian Ebner will ask the next question, third row, but on the opposite side. christian ebner will ask the next question third row but on the opposite side Please wait for the microphone. please wait for the microphone Mr. Ebner, good morning. mr ebner good morning

Speaker 3: Good morning. I've got two questions. On the one hand, today Eurowings is flying an aircraft to Riyadh. Could you tell us for the group how many customers or passengers of tourism subsidiaries are still in this crisis region, and how do you want to get them back? My first question. You have explained that you are not as a hub. What will be the long-term changes resulting from this? Good morning. good morning I've got two questions. i've got two questions On the one hand, today Eurowings is flying an aircraft to Riyadh. on the one hand today eurowings is flying an aircraft to riyadh Could you tell us for the group how many customers or passengers of tourism subsidiaries are still in this crisis region, and how do you want to get them back? could you tell us for the group how many customers or passengers of tourism subsidiaries are still in this crisis region and how do you want to get them back My first question. my first question You have explained that you are not as a hub. you have explained that you are not as a hub What will be the long-term changes resulting from this? what will be the long-term changes resulting from this

Speaker 2: The experience of prior crises have shown that people easily forget such negative situations. Already been planned or have already been carried out. The first hop. If there should be more need, we've five home governments, and if they need more, we will carry out more flights. Exact number of to help guests from other tour operators or other airlines. I don't think they will do that again as quickly, and we will try to get them home. The situation allows for it. Concerning your second question, the pilot of the Riyadh aircraft has. Because, given the security situation, we believe and the pilot believes that too that this was the right decision. This goes to show how difficult the predictability of such flights is, and this is true for the Eurowings flight as well. The experience of prior crises have shown that people easily forget such negative situations. the experience of prior crises have shown that people easily forget such negative situations Already been planned or have already been carried out. already been planned or have already been carried out The first hop. the first hop If there should be more need, we've five home governments, and if they need more, we will carry out more flights. if there should be more need we've five home governments and if they need more we will carry out more flights Exact number of to help guests from other tour operators or other airlines. exact number of to help guests from other tour operators or other airlines I don't think they will do that again as quickly, and we will try to get them home. i don't think they will do that again as quickly and we will try to get them home The situation allows for it. the situation allows for it Concerning your second question, the pilot of the Riyadh aircraft has. concerning your second question the pilot of the riyadh aircraft has Because, given the security situation, we believe and the pilot believes that too that this was the right decision. because given the security situation we believe and the pilot believes that too that this was the right decision This goes to show how difficult the predictability of such flights is, and this is true for the Eurowings flight as well. this goes to show how difficult the predictability of such flights is and this is true for the eurowings flight as well There are this fly. This is no reason for us to fly. Third question. I wish I could give you an answer. There will be both. There will be people who've large scale. we are in for both, and if you send a lot of long-haul flights into the world, you will have to adapt to both developments. Bangkok, Singapore, Delhi, Shanghai, and others are destinations. also people who have, are now being booked on additional flights, which we are going to offer in the coming days. In the long term, what this means for the world as a whole not only for aviation. There are this fly. there are this fly This is no reason for us to fly. this is no reason for us to fly Third question. third question I wish I could give you an answer. i wish i could give you an answer There will be both. there will be both There will be people who've large scale. we are in for both, and if you send a lot of long-haul flights into the world, you will have to adapt to both developments. there will be people who've large scale we are in for both and if you send a lot of long-haul flights into the world you will have to adapt to both developments Bangkok, Singapore, Delhi, Shanghai, and others are destinations. also people who have, are now being booked on additional flights, which we are going to offer in the coming days. bangkok singapore delhi shanghai and others are destinations also people who have are now being booked on additional flights which we are going to offer in the coming days In the long term, what this means for the world as a whole not only for aviation. in the long term what this means for the world as a whole not only for aviation

Speaker 1: Please wait for the microphone. Please wait for the microphone. please wait for the microphone

Speaker 13: Question. Yeah, exactly. What Group, that is Eurowings Holidays, I mean, these are included. How many people are still in the region? That is people you are responsible for. You are flying on behalf of the government. That's great. There may also be other people you are responsible for yourself. How many are there? Question. question Yeah, exactly. yeah exactly What Group, that is Eurowings Holidays, I mean, these are included. what group that is eurowings holidays i mean these are included How many people are still in the region? how many people are still in the region That is people you are responsible for. that is people you are responsible for You are flying on behalf of the government. you are flying on behalf of the government That's great. that's great There may also be other people you are responsible for yourself. there may also be other people you are responsible for yourself How many are there? how many are there

Speaker 2: There's not the These regions either be to go there even if they open up for an hour or so, or because they can't go there at all, or because the capacities on the ground are craft. Of course, we don't have the to come home, plus the passengers from the other airlines. If so, security comes first also in such reduces. There's not the These regions either be to go there even if they open up for an hour or so, or because they can't go there at all, or because the capacities on the ground are craft. there's not the these regions either be to go there even if they open up for an hour or so or because they can't go there at all or because the capacities on the ground are craft Of course, we don't have the to come home, plus the passengers from the other airlines. of course we don't have the to come home plus the passengers from the other airlines If so, security comes first also in such reduces. if so security comes first also in such reduces

Speaker 1: The other side, Timo Montkowski, followed by Timo Nowack. First you, please, Mr. Timo Montkowski. Thank you. The other side, Timo Montkowski, followed by Timo Nowack. the other side timo montkowski followed by timo nowack First you, please, Mr. Timo Montkowski. first you please mr timo montkowski Thank you. thank you

Speaker 11: Thank you. I would also like to ask a question about the evacuation flights. I just want to understand this better. The Riyadh flight was deviated to Cairo. Is that one of Lufthansa Classic, or was that the Eurowings? No, it was a Lufthansa Classic flight. Let us stay with Riyadh fly back from Cairo. It's very dynamic indeed. While we are sitting here, passengers are being driven there from Dubai. It's more than 1,000 kilometers. They say on the Internet site that everybody should weigh off whether they want to use a land route, a ground route, because they are not aware of the risks, of the dangers. Is that the ideal solution? At the very beginning, you talked about the trade agreement between the European Union and India. Thank you. thank you I would also like to ask a question about the evacuation flights. i would also like to ask a question about the evacuation flights I just want to understand this better. i just want to understand this better The Riyadh flight was deviated to Cairo. the riyadh flight was deviated to cairo Is that one of Lufthansa Classic, or was that the Eurowings? is that one of lufthansa classic or was that the eurowings No, it was a Lufthansa Classic flight. no it was a lufthansa classic flight Let us stay with Riyadh fly back from Cairo. let us stay with riyadh fly back from cairo It's very dynamic indeed. it's very dynamic indeed While we are sitting here, passengers are being driven there from Dubai. while we are sitting here passengers are being driven there from dubai It's more than 1,000 kilometers. it's more than 1,000 kilometers They say on the Internet site that everybody should weigh off whether they want to use a land route, a ground route, because they are not aware of the risks, of the dangers. they say on the internet site that everybody should weigh off whether they want to use a land route a ground route because they are not aware of the risks of the dangers Is that the ideal solution? is that the ideal solution At the very beginning, you talked about the trade agreement between the European Union and India. at the very beginning you talked about the trade agreement between the european union and india Please tell me what this will mean for the development of your traffic. What are the current options for you, and what are you hoping for? There is not yet a new aviation agreement. It's not part of this trade agreement. At the very end, could you perhaps expand on the air politics? They're trying to find an investor. Would this be an option to include a smaller company? Please tell me what this will mean for the development of your traffic. please tell me what this will mean for the development of your traffic What are the current options for you, and what are you hoping for? what are the current options for you and what are you hoping for There is not yet a new aviation agreement. there is not yet a new aviation agreement It's not part of this trade agreement. it's not part of this trade agreement At the very end, could you perhaps expand on the air politics? at the very end could you perhaps expand on the air politics They're trying to find an investor. they're trying to find an investor Would this be an option to include a smaller company? would this be an option to include a smaller company

Speaker 2: Which the federal government follows when they say you have to decide for yourselves if you want to travel or not. I can only say the same thing. Lufthansa can't decide if someone wants to take the bus to go to Riyadh or if you prefer waiting in Dubai for the airport to open. Given the security-related closure of airspaces, we are bound to what is possible. Sometimes the Iranians send out a coincidence. They want to spread uncertainty, but you've known me for a while. Security comes first. This is not about making money. People can help people with safety. One world visa and potent airports, their rights. Of course, I don't envy the people who are on the ground whom we are in touch with, the situation. Which the federal government follows when they say you have to decide for yourselves if you want to travel or not. which the federal government follows when they say you have to decide for yourselves if you want to travel or not I can only say the same thing. i can only say the same thing Lufthansa can't decide if someone wants to take the bus to go to Riyadh or if you prefer waiting in Dubai for the airport to open. lufthansa can't decide if someone wants to take the bus to go to riyadh or if you prefer waiting in dubai for the airport to open Given the security-related closure of airspaces, we are bound to what is possible. given the security-related closure of airspaces we are bound to what is possible Sometimes the Iranians send out a coincidence. sometimes the iranians send out a coincidence They want to spread uncertainty, but you've known me for a while. they want to spread uncertainty but you've known me for a while Security comes first. security comes first This is not about making money. this is not about making money People can help people with safety. people can help people with safety One world visa and potent airports, their rights. one world visa and potent airports their rights Of course, I don't envy the people who are on the ground whom we are in touch with, the situation. of course i don't envy the people who are on the ground whom we are in touch with the situation You have to try and strike a balance in order to generate growth rather than if you do things single-handedly. This includes our partnership with India, and we've got more connections to Europe. As you've said rightly, the negotiations haven't come to an end yet. airBaltic, we don't have any plans to increase our 10% share just yet. You have to try and strike a balance in order to generate growth rather than if you do things single-handedly. you have to try and strike a balance in order to generate growth rather than if you do things single-handedly This includes our partnership with India, and we've got more connections to Europe. this includes our partnership with india and we've got more connections to europe As you've said rightly, the negotiations haven't come to an end yet. airBaltic, we don't have any plans to increase our 10% share just yet. as you've said rightly the negotiations haven't come to an end yet airbaltic we don't have any plans to increase our 10% share just yet

Speaker 8: Question. Thank you. You've rightly said that nobody can tell whether Doha would be at. What is happening there is really an opening in the Gulf carrier hand, your India, Japan, and long-haul business. Would you fly over Russia? Because there is. If the situation there escalates, would the destinations you cannot fly to at all be? Question. question Thank you. thank you You've rightly said that nobody can tell whether Doha would be at. you've rightly said that nobody can tell whether doha would be at What is happening there is really an opening in the Gulf carrier hand, your India, Japan, and long-haul business. what is happening there is really an opening in the gulf carrier hand your india japan and long-haul business Would you fly over Russia? would you fly over russia Because there is. because there is If the situation there escalates, would the destinations you cannot fly to at all be? if the situation there escalates would the destinations you cannot fly to at all be

Speaker 2: We hear a lot about that, which, I think it's too early to tell. I do believe that geopolitically speaking, to bundle journalistic streams on the ground. This would lead to a discussion on the sovereignty of Europe. Of course, these states need their carriers in order to assert themselves on the world map. We all believe this will come back. The discussion has to be about Europe in order to be independent, and this will see a new dynamism. We see the same thing if it's profitable. I've mentioned Asia, I've mentioned Korea. Southeast Asia, Kuala Lumpur is the first. There's things that in South happen if you are profitable. There are two open corridors to Asia, as you said, either via Afghanistan and Pakistan or via Saudi Arabia. We hear a lot about that, which, I think it's too early to tell. we hear a lot about that which i think it's too early to tell I do believe that geopolitically speaking, to bundle journalistic streams on the ground. i do believe that geopolitically speaking to bundle journalistic streams on the ground This would lead to a discussion on the sovereignty of Europe. this would lead to a discussion on the sovereignty of europe Of course, these states need their carriers in order to assert themselves on the world map. of course these states need their carriers in order to assert themselves on the world map We all believe this will come back. we all believe this will come back The discussion has to be about Europe in order to be independent, and this will see a new dynamism. the discussion has to be about europe in order to be independent and this will see a new dynamism We see the same thing if it's profitable. we see the same thing if it's profitable I've mentioned Asia, I've mentioned Korea. i've mentioned asia i've mentioned korea Southeast Asia, Kuala Lumpur is the first. southeast asia kuala lumpur is the first There's things that in South happen if you are profitable. there's things that in south happen if you are profitable There are two open corridors to Asia, as you said, either via Afghanistan and Pakistan or via Saudi Arabia. there are two open corridors to asia as you said either via afghanistan and pakistan or via saudi arabia There are not more opportunities or possibilities to come to Southeast Asia. Just as our partners in France, we also use these two corridors. If they too were closed, then of course you could wonder if Asia is still reachable at all, but they're still open, and we don't believe that something will change concerning that. There are not more opportunities or possibilities to come to Southeast Asia. there are not more opportunities or possibilities to come to southeast asia Just as our partners in France, we also use these two corridors. just as our partners in france we also use these two corridors If they too were closed, then of course you could wonder if Asia is still reachable at all, but they're still open, and we don't believe that something will change concerning that. if they too were closed then of course you could wonder if asia is still reachable at all but they're still open and we don't believe that something will change concerning that

Speaker 1: Thank you for the question, Mr. Nowack. The next request for the floor is from Mr. Tom Boon from Simple Flying. Please. Thank you for the question, Mr. Nowack. thank you for the question mr nowack The next request for the floor is from Mr. Tom Boon from Simple Flying. the next request for the floor is from mr tom boon from simple flying Please. please

Speaker 9: Hello. A question in English, if I may. Regarding the fleet renewal, firstly, how confident are you that you will finally get the first 777-9s next year? If they're further delayed, are they gonna delay your retirements for the A340s, the 747-400s, et cetera? Also, what do you see as the long-term future in the Lufthansa Group for the 747-8s and the A380s? Hello. hello A question in English, if I may. a question in english if i may Regarding the fleet renewal, firstly, how confident are you that you will finally get the first 777-9s next year? regarding the fleet renewal firstly how confident are you that you will finally get the first 777-9s next year If they're further delayed, are they gonna delay your retirements for the A340s, the 747-400s, et cetera? if they're further delayed are they gonna delay your retirements for the a340s the 747-400s et cetera Also, what do you see as the long-term future in the Lufthansa Group for the 747-8s and the A380s? also what do you see as the long-term future in the lufthansa group for the 747-8s and the a380s

Speaker 2: Both questions are closely connected. The 777X, we don't expect it only in 2027, but in the first quarter of 27. After our talks with Boeing, we also expect that the aircraft will come in the first quarter, so we can use it in summer. I will also be going to Seattle to check if they are still around after so many years, I'm still confident that they will come in 2027. How long the others two will still be flying? That very much depends on how the delivery of the big aircraft manufacturers, how this will go on in the coming years, we're talking about the 30s, how stable that will be. Of course, you also fly an older aircraft if you have to. The Airbus A340-300, for example, we're still flying it this year before it's decommissioned. Both questions are closely connected. both questions are closely connected The 777X, we don't expect it only in 2027, but in the first quarter of 27. the 777x we don't expect it only in 2027 but in the first quarter of 27 After our talks with Boeing, we also expect that the aircraft will come in the first quarter, so we can use it in summer. after our talks with boeing we also expect that the aircraft will come in the first quarter so we can use it in summer I will also be going to Seattle to check if they are still around after so many years, I'm still confident that they will come in 2027. i will also be going to seattle to check if they are still around after so many years i'm still confident that they will come in 2027 How long the others two will still be flying? how long the others two will still be flying That very much depends on how the delivery of the big aircraft manufacturers, how this will go on in the coming years, we're talking about the 30s, how stable that will be. that very much depends on how the delivery of the big aircraft manufacturers how this will go on in the coming years we're talking about the 30s how stable that will be Of course, you also fly an older aircraft if you have to. of course you also fly an older aircraft if you have to The Airbus A340-300, for example, we're still flying it this year before it's decommissioned. the airbus a340-300 for example we're still flying it this year before it's decommissioned A prognosis into the 2030s, this is rather difficult, could be that some aircraft fly longer for some years. The next Airbus A380 will come back from Dresden, and this will have the Allegris business class cabin. We're even investing in old aircraft. They're refurbished because we believe in these aircraft. You also have to see that Lufthansa is one of the few aircraft which has a strong premium and a strong cargo share, which makes the aircraft a good aircraft. We have a lot of premium, we have a lot of cargo, and therefore it's an ideal aircraft and will be flying well into the next decade as well. There's a similar question being asked remotely by Mr. Spaeth. Greetings to Hamburg. A prognosis into the 2030s, this is rather difficult, could be that some aircraft fly longer for some years. a prognosis into the 2030s this is rather difficult could be that some aircraft fly longer for some years The next Airbus A380 will come back from Dresden, and this will have the Allegris business class cabin. the next airbus a380 will come back from dresden and this will have the allegris business class cabin We're even investing in old aircraft. we're even investing in old aircraft They're refurbished because we believe in these aircraft. they're refurbished because we believe in these aircraft You also have to see that Lufthansa is one of the few aircraft which has a strong premium and a strong cargo share, which makes the aircraft a good aircraft. you also have to see that lufthansa is one of the few aircraft which has a strong premium and a strong cargo share which makes the aircraft a good aircraft We have a lot of premium, we have a lot of cargo, and therefore it's an ideal aircraft and will be flying well into the next decade as well. we have a lot of premium we have a lot of cargo and therefore it's an ideal aircraft and will be flying well into the next decade as well There's a similar question being asked remotely by Mr. Spaeth. there's a similar question being asked remotely by mr spaeth Greetings to Hamburg. greetings to hamburg The question is how in the fleets of the All and Axis business class, how this can be divided into Allegris as a line fit and how much there would be added as a retrofit in the aircraft, eight and 747. Well, before the end of the year 2026, we will have 40 Allegris aircraft. Before the first quarter 2027, so for a few weeks more, all of them will be refurbished. The question is how in the fleets of the All and Axis business class, how this can be divided into Allegris as a line fit and how much there would be added as a retrofit in the aircraft, eight and 747. the question is how in the fleets of the all and axis business class how this can be divided into allegris as a line fit and how much there would be added as a retrofit in the aircraft eight and 747 Well, before the end of the year 2026, we will have 40 Allegris aircraft. well before the end of the year 2026 we will have 40 allegris aircraft Before the first quarter 2027, so for a few weeks more, all of them will be refurbished. before the first quarter 2027 so for a few weeks more all of them will be refurbished

Speaker 1: There is a question by Mr. Krüger from WirtschaftsWoche in the last row on my right-hand side. Please, go ahead. There is a question by Mr. Krüger from WirtschaftsWoche in the last row on my right-hand side. there is a question by mr krüger from wirtschaftswoche in the last row on my right-hand side Please, go ahead. please go ahead

Speaker 12: I've got two questions, please. What about the financial impact of the delayed delivery of the aircraft? I mean, you mentioned only the 10 Neos. My second question is the location related cost. Costs are supposed to be reduced in the summer in Germany. Is this perhaps only a drop in the bucket? When you talk about fees, you're talking about a takeoff, but not the airports. Are the airports also important factor in Germany? I've got two questions, please. i've got two questions please What about the financial impact of the delayed delivery of the aircraft? what about the financial impact of the delayed delivery of the aircraft I mean, you mentioned only the 10 Neos. i mean you mentioned only the 10 neos My second question is the location related cost. my second question is the location related cost Costs are supposed to be reduced in the summer in Germany. costs are supposed to be reduced in the summer in germany Is this perhaps only a drop in the bucket? is this perhaps only a drop in the bucket When you talk about fees, you're talking about a takeoff, but not the airports. when you talk about fees you're talking about a takeoff but not the airports Are the airports also important factor in Germany? are the airports also important factor in germany

Speaker 2: Well, the question concerning the cost of aircraft delays can't really be answered because it's still part of negotiations with Boeing and whoever is responsible for the delays. We're talking about compensation payments which will then include discounts for the next delivery. This is a dynamic process where we try to offset as much of the damage created as possible. Concerning Germany as a location, well, we're taking back an increase. This is the first step. We're taking back the increase of the aviation and tax. This can only be the first step, so you're not seeing a great deal of growth in domestic German routes, which are still 20% beyond the hubs of what they used to be before COVID. These increases are not enough to stimulate that. Well, the question concerning the cost of aircraft delays can't really be answered because it's still part of negotiations with Boeing and whoever is responsible for the delays. well the question concerning the cost of aircraft delays can't really be answered because it's still part of negotiations with boeing and whoever is responsible for the delays We're talking about compensation payments which will then include discounts for the next delivery. we're talking about compensation payments which will then include discounts for the next delivery This is a dynamic process where we try to offset as much of the damage created as possible. this is a dynamic process where we try to offset as much of the damage created as possible Concerning Germany as a location, well, we're taking back an increase. concerning germany as a location well we're taking back an increase This is the first step. this is the first step We're taking back the increase of the aviation and tax. we're taking back the increase of the aviation and tax This can only be the first step, so you're not seeing a great deal of growth in domestic German routes, which are still 20% beyond the hubs of what they used to be before COVID. this can only be the first step so you're not seeing a great deal of growth in domestic german routes which are still 20% beyond the hubs of what they used to be before covid These increases are not enough to stimulate that. these increases are not enough to stimulate that This brings me to the second part of my answer. I'm very happy about the fact that for the first time in decades, Berlin and the federal states have recognized that aviation has a problem. We've said so for many years. No one believed us. When the decrease in Germany was so strong compared to other European countries, you couldn't negate that anymore. You could see that things changed. I'm happy that Berlin is listening to us, and we're starting a dialogue with them and the country. Responsible for the airports, we have the most expensive airports in Europe, and you don't always have the possibilities, you know, that you can redirect traffic to Rome or Munich. You can do that less when it comes to Düsseldorf or Hamburg, because this is about local traffic. This brings me to the second part of my answer. this brings me to the second part of my answer I'm very happy about the fact that for the first time in decades, Berlin and the federal states have recognized that aviation has a problem. i'm very happy about the fact that for the first time in decades berlin and the federal states have recognized that aviation has a problem We've said so for many years. we've said so for many years No one believed us. no one believed us When the decrease in Germany was so strong compared to other European countries, you couldn't negate that anymore. when the decrease in germany was so strong compared to other european countries you couldn't negate that anymore You could see that things changed. you could see that things changed I'm happy that Berlin is listening to us, and we're starting a dialogue with them and the country. i'm happy that berlin is listening to us and we're starting a dialogue with them and the country Responsible for the airports, we have the most expensive airports in Europe, and you don't always have the possibilities, you know, that you can redirect traffic to Rome or Munich. responsible for the airports we have the most expensive airports in europe and you don't always have the possibilities you know that you can redirect traffic to rome or munich You can do that less when it comes to Düsseldorf or Hamburg, because this is about local traffic. you can do that less when it comes to düsseldorf or hamburg because this is about local traffic If you look at Berlin, for example, costs are too high, but the airports know that, and this is why I think the dead point of the discussion lays behind us. If you look at Berlin, for example, costs are too high, but the airports know that, and this is why I think the dead point of the discussion lays behind us. if you look at berlin for example costs are too high but the airports know that and this is why i think the dead point of the discussion lays behind us

Speaker 1: The next question by Mr. Xiang, followed by Mrs. Haxel and Mr. Weyer. Mr. Xiang first, please, and you will get the microphone. The next question by Mr. Xiang, followed by Mrs. Haxel and Mr. Weyer. the next question by mr xiang followed by mrs haxel and mr weyer Mr. Xiang first, please, and you will get the microphone. mr xiang first please and you will get the microphone

Speaker 14: Mr. Spohr. You said that North America is the most important global market for Lufthansa. My question is that with respect to Asian routes, that is routes towards China.How about the flights to Beijing, Shanghai, what is the role of the Asian market in the strategy of Lufthansa? Mr. Spohr. mr spohr You said that North America is the most important global market for Lufthansa. My question is that with respect to Asian routes, that is routes towards China. you said that north america is the most important global market for lufthansa my question is that with respect to asian routes that is routes towards china How about the flights to Beijing, Shanghai, what is the role of the Asian market in the strategy of Lufthansa? how about the flights to beijing shanghai what is the role of the asian market in the strategy of lufthansa

Speaker 2: Well, thank you. It's quite an interesting question because for many years the order has been North America first, second most important market, China. Now India has overtaken China and has become our second most important market. The reduced flights to China have been successful, but the route offer is not as great as it used to be because the closure of the Russian airspace means that we have to take other routes and the Chinese aircraft can just fly through the Russian airspace. It's been profitable, but we will only be able to expand that if we are also possible to fly through the Russian airspace once it's open again, or if everyone has to fly around it, and then we could grow as well. Well, thank you. well thank you It's quite an interesting question because for many years the order has been North America first, second most important market, China. it's quite an interesting question because for many years the order has been north america first second most important market china Now India has overtaken China and has become our second most important market. now india has overtaken china and has become our second most important market The reduced flights to China have been successful, but the route offer is not as great as it used to be because the closure of the Russian airspace means that we have to take other routes and the Chinese aircraft can just fly through the Russian airspace. the reduced flights to china have been successful but the route offer is not as great as it used to be because the closure of the russian airspace means that we have to take other routes and the chinese aircraft can just fly through the russian airspace It's been profitable, but we will only be able to expand that if we are also possible to fly through the Russian airspace once it's open again, or if everyone has to fly around it, and then we could grow as well. it's been profitable but we will only be able to expand that if we are also possible to fly through the russian airspace once it's open again or if everyone has to fly around it and then we could grow as well Now things are asymmetric and therefore I don't see a lot of growth potential, with the exception of some flights, for example, Shanghai, because there are so many Europeans who want to go back and also so many Europeans want to go to Shanghai. That additional flights, are justified, and they also have to fly around the Russian airspace. Now things are asymmetric and therefore I don't see a lot of growth potential, with the exception of some flights, for example, Shanghai, because there are so many Europeans who want to go back and also so many Europeans want to go to Shanghai. now things are asymmetric and therefore i don't see a lot of growth potential with the exception of some flights for example shanghai because there are so many europeans who want to go back and also so many europeans want to go to shanghai That additional flights, are justified, and they also have to fly around the Russian airspace. that additional flights are justified and they also have to fly around the russian airspace

Speaker 1: Mrs. Haxel, please, on my left in the third row. You have the floor, please. Sorry. No, first Mr. Weyer and then you. Yeah. Sorry. It's difficult for me to see you because you're behind the camera. Mrs. Haxel, please, on my left in the third row. mrs haxel please on my left in the third row You have the floor, please. you have the floor please Sorry. sorry No, first Mr. Weyer and then you. no first mr weyer and then you Yeah. yeah Sorry. sorry It's difficult for me to see you because you're behind the camera. it's difficult for me to see you because you're behind the camera

Speaker 15: Thank you. I've got a question about a completely different subject, that is tariffs. You said that Lufthansa Technik was impacted by tariffs, and you took some remedial action. What specifically did you do? What are the consequences of the Supreme Court ruling? That is, do you want to demand back paid tariffs? Thank you. thank you I've got a question about a completely different subject, that is tariffs. i've got a question about a completely different subject that is tariffs You said that Lufthansa Technik was impacted by tariffs, and you took some remedial action. you said that lufthansa technik was impacted by tariffs and you took some remedial action What specifically did you do? what specifically did you do What are the consequences of the Supreme Court ruling? what are the consequences of the supreme court ruling That is, do you want to demand back paid tariffs? that is do you want to demand back paid tariffs

Speaker 2: Concerning measures, just as others, we've tried to optimize product streams, and if input cost increase, then you have to pass them down, partially at least. This is also what we did as a mitigating measure. Since the Supreme Court verdict, this is quite clear. We follow this very closely. Once the opportunity opens up to use this and to demand the tariffs back, we will do so. Concerning measures, just as others, we've tried to optimize product streams, and if input cost increase, then you have to pass them down, partially at least. concerning measures just as others we've tried to optimize product streams and if input cost increase then you have to pass them down partially at least This is also what we did as a mitigating measure. this is also what we did as a mitigating measure Since the Supreme Court verdict, this is quite clear. since the supreme court verdict this is quite clear We follow this very closely. we follow this very closely Once the opportunity opens up to use this and to demand the tariffs back, we will do so. once the opportunity opens up to use this and to demand the tariffs back we will do so

Speaker 15: Again, a question about the routes to Asia. Mr. Spohr, you said that there are two options with respect to airspaces where you may fly as a German operator. Is it getting a bit tight if you want to expand the capacities? We could see after or at the beginning of the war in Ukraine that actually, the capacity of the airspace was too low. What are the options? Prices are also going up. I want to ask a question about the new aircraft you're expecting. Airbus has a very disappointing delivery target for the current year, and they pointed fingers at Pratt & Whitney. To what extent does this affect the deliveries of the jets you are expecting? Again, a question about the routes to Asia. Mr. again a question about the routes to asia. mr Spohr, you said that there are two options with respect to airspaces where you may fly as a German operator. spohr you said that there are two options with respect to airspaces where you may fly as a german operator Is it getting a bit tight if you want to expand the capacities? is it getting a bit tight if you want to expand the capacities We could see after or at the beginning of the war in Ukraine that actually, the capacity of the airspace was too low. we could see after or at the beginning of the war in ukraine that actually the capacity of the airspace was too low What are the options? what are the options Prices are also going up. prices are also going up I want to ask a question about the new aircraft you're expecting. i want to ask a question about the new aircraft you're expecting Airbus has a very disappointing delivery target for the current year, and they pointed fingers at Pratt & Whitney. airbus has a very disappointing delivery target for the current year and they pointed fingers at pratt & whitney To what extent does this affect the deliveries of the jets you are expecting? to what extent does this affect the deliveries of the jets you are expecting

Speaker 2: Concerning Asia-Pacific, well, tight wouldn't be the right term because usually, aircraft don't come as close to you as these two we have here now. It also depends on weather, for example, when the corridor is smaller because due to weather conditions, you can't use the whole airspace, and this can give rise to delays or flight schedules being changed. You also asked about our competitors also. This can lead to delays, but that we've reached a point that it grows to the point that we don't have any space for each other anymore. This is not the case, because there are loads of aircraft from Abu Dhabi and Doha, which are not using the routes and those routes anymore. Yes, it is a bit of a hassle. Which is even more difficult is if Whitney doesn't deliver spare parts. Concerning Asia-Pacific, well, tight wouldn't be the right term because usually, aircraft don't come as close to you as these two we have here now. concerning asia-pacific well tight wouldn't be the right term because usually aircraft don't come as close to you as these two we have here now It also depends on weather, for example, when the corridor is smaller because due to weather conditions, you can't use the whole airspace, and this can give rise to delays or flight schedules being changed. it also depends on weather for example when the corridor is smaller because due to weather conditions you can't use the whole airspace and this can give rise to delays or flight schedules being changed You also asked about our competitors also. you also asked about our competitors also This can lead to delays, but that we've reached a point that it grows to the point that we don't have any space for each other anymore. this can lead to delays but that we've reached a point that it grows to the point that we don't have any space for each other anymore This is not the case, because there are loads of aircraft from Abu Dhabi and Doha, which are not using the routes and those routes anymore. this is not the case because there are loads of aircraft from abu dhabi and doha which are not using the routes and those routes anymore Yes, it is a bit of a hassle. yes it is a bit of a hassle Which is even more difficult is if Whitney doesn't deliver spare parts. which is even more difficult is if whitney doesn't deliver spare parts

Speaker 7: What they do is ride delivering spare parts to those who are using their gear, for example, Lufthansa. If you then have still parts, you know, which are still there, you can give them to Airbus, for example. What they do is ride delivering spare parts to those who are using their gear, for example, Lufthansa. what they do is ride delivering spare parts to those who are using their gear for example lufthansa If you then have still parts, you know, which are still there, you can give them to Airbus, for example. if you then have still parts you know which are still there you can give them to airbus for example

Speaker 1: Thank you, Mr. Weyer, for your question. I've got another question from Portugal, and this is being asked by several colleagues in Lisbon, Ana Suspiro, André Cabrita-Mendes, José Mão, and José Nicolau de Melo. All of them want to know, please, what the future of TAP might be like as part of the Lufthansa Group, whether Lisbon would remain a hub, or whether they would have to go back into the second row of the hubs of Lufthansa, and whether the TAP as a group airline might maintain its independence. Thank you, Mr. Weyer, for your question. thank you mr weyer for your question I've got another question from Portugal, and this is being asked by several colleagues in Lisbon, Ana Suspiro, André Cabrita-Mendes, José Mão , and José Nicolau de Melo. i've got another question from portugal and this is being asked by several colleagues in lisbon ana suspiro andré cabrita-mendes josé mão and josé nicolau de melo All of them want to know, please, what the future of TAP might be like as part of the Lufthansa Group, whether Lisbon would remain a hub, or whether they would have to go back into the second row of the hubs of Lufthansa, and whether the TAP as a group airline might maintain its independence. all of them want to know please what the future of tap might be like as part of the lufthansa group whether lisbon would remain a hub or whether they would have to go back into the second row of the hubs of lufthansa and whether the tap as a group airline might maintain its independence

Speaker 2: Thank you very much. That's a good question. Just have a look at the European map. Have a look where Lufthansa has its hub, and then you can see what our, or what unique positions, Portugal would have. Our competitors are already big in the South Atlantic. Some have a hub in Madrid, some have a hub in Paris, which are much closer to Portugal, and this means the threat for a hub in Portugal and Lisbon would be much greater, which would be another argument for the Lufthansa Group. As I said, the process is just being started, but the European map is not going to be changed in the process. Thank you very much. thank you very much That's a good question. that's a good question Just have a look at the European map. just have a look at the european map Have a look where Lufthansa has its hub, and then you can see what our, or what unique positions, Portugal would have. have a look where lufthansa has its hub and then you can see what our or what unique positions portugal would have Our competitors are already big in the South Atlantic. our competitors are already big in the south atlantic Some have a hub in Madrid, some have a hub in Paris, which are much closer to Portugal, and this means the threat for a hub in Portugal and Lisbon would be much greater, which would be another argument for the Lufthansa Group. some have a hub in madrid some have a hub in paris which are much closer to portugal and this means the threat for a hub in portugal and lisbon would be much greater which would be another argument for the lufthansa group As I said, the process is just being started, but the European map is not going to be changed in the process. as i said the process is just being started but the european map is not going to be changed in the process

Speaker 1: From Anabela Campos, also from Lisbon, the question as to whether Lufthansa has already talked with the Portuguese government about this and whether they expect the European Commission to actually approve the takeover of shares. That is, would this be permitted? From Anabela Campos, also from Lisbon, the question as to whether Lufthansa has already talked with the Portuguese government about this and whether they expect the European Commission to actually approve the takeover of shares. from anabela campos also from lisbon the question as to whether lufthansa has already talked with the portuguese government about this and whether they expect the european commission to actually approve the takeover of shares That is, would this be permitted? that is would this be permitted

Speaker 2: I believe it's too early to say that, but the answer I just gave also applies to the question where competition is most difficult. We are the smallest compared to our two competitors, and Lisbon would have a bit of a unique selling point for us. Therefore, the antitrust question is not as important for us as for our competitors. Of course, we're talking to the government because we have to add one more thing. This transaction, even it might be strategically interesting, we will only be going to do it if we create a profit also for our stakeholders, and this depends on costs and prices, which have to be paid. This, what my competitor in London said, I can only repeat this as well, is also about the shareholders. It's too early to make a statement on that. I believe it's too early to say that, but the answer I just gave also applies to the question where competition is most difficult. i believe it's too early to say that but the answer i just gave also applies to the question where competition is most difficult We are the smallest compared to our two competitors, and Lisbon would have a bit of a unique selling point for us. we are the smallest compared to our two competitors and lisbon would have a bit of a unique selling point for us Therefore, the antitrust question is not as important for us as for our competitors. therefore the antitrust question is not as important for us as for our competitors Of course, we're talking to the government because we have to add one more thing. of course we're talking to the government because we have to add one more thing This transaction, even it might be strategically interesting, we will only be going to do it if we create a profit also for our stakeholders, and this depends on costs and prices, which have to be paid. this transaction even it might be strategically interesting we will only be going to do it if we create a profit also for our stakeholders and this depends on costs and prices which have to be paid This, what my competitor in London said, I can only repeat this as well, is also about the shareholders. this what my competitor in london said i can only repeat this as well is also about the shareholders It's too early to make a statement on that. it's too early to make a statement on that

Speaker 1: A question from the Netherlands for Mr. Streichert about the turnaround. The question is whether additional actions are required in the turnaround because of the geopolitical situation in the Middle East, there might be additional costs which would have to be compensated for. A question from the Netherlands for Mr. Streichert about the turnaround. a question from the netherlands for mr streichert about the turnaround The question is whether additional actions are required in the turnaround because of the geopolitical situation in the Middle East, there might be additional costs which would have to be compensated for. the question is whether additional actions are required in the turnaround because of the geopolitical situation in the middle east there might be additional costs which would have to be compensated for

Speaker 7: Well, the answer is clearly no. I don't see any connection there. The turnaround program itself is going well. The cost increases on the fuel bill, which we might be in for, well, I rather think the increase in demand can offset that. The turnaround program itself is something which we work on with a great deal of discipline. Of course, if on short no notice there is the possibility to scale and adjust things in order to realize a profit short term, we would do that, of course. Well, the answer is clearly no. well the answer is clearly no I don't see any connection there. i don't see any connection there The turnaround program itself is going well. the turnaround program itself is going well The cost increases on the fuel bill, which we might be in for, well, I rather think the increase in demand can offset that. the cost increases on the fuel bill which we might be in for well i rather think the increase in demand can offset that The turnaround program itself is something which we work on with a great deal of discipline. the turnaround program itself is something which we work on with a great deal of discipline Of course, if on short no notice there is the possibility to scale and adjust things in order to realize a profit short term, we would do that, of course. of course if on short no notice there is the possibility to scale and adjust things in order to realize a profit short term we would do that of course

Speaker 1: Thank you. Mr. Kottermanos from Frankfurt, well, it's a pity you're not here. You're missing something. We are in a beautiful hangar. Your question is about Discover Airlines and Lufthansa Airline. That is the question as to whether the contribution to the profit of Discover Airline, or the other way around, whether Lufthansa Airline could also do without the profit generated by Discover. Would it have been positive? Thank you. thank you Mr. Kottermanos from Frankfurt, well, it's a pity you're not here. mr kottermanos from frankfurt well it's a pity you're not here You're missing something. you're missing something We are in a beautiful hangar. we are in a beautiful hangar Your question is about Discover Airlines and Lufthansa Airline. your question is about discover airlines and lufthansa airline That is the question as to whether the contribution to the profit of Discover Airline, or the other way around, whether Lufthansa Airline could also do without the profit generated by Discover. that is the question as to whether the contribution to the profit of discover airline or the other way around whether lufthansa airline could also do without the profit generated by discover Would it have been positive? would it have been positive

Speaker 7: Quite a clever question. It would be a lot smaller without Discover, and this goes to show how important Discover has become and how important competitive cost structures are. I can tell you that. Quite a clever question. quite a clever question It would be a lot smaller without Discover , and this goes to show how important Discover has become and how important competitive cost structures are. it would be a lot smaller without discover and this goes to show how important discover has become and how important competitive cost structures are I can tell you that. i can tell you that

Speaker 1: These are all the questions I've got on my iPad, but there is another request for the floor. Please go ahead. These are all the questions I've got on my iPad, but there is another request for the floor. these are all the questions i've got on my ipad but there is another request for the floor Please go ahead. please go ahead

Speaker 16: Perhaps a question about different subsidiaries, because they have lower profits that is lower by 26%, lower turnover. Why is SWISS going down? They are saying competitive pressure, higher fees and charges and bottlenecks in the operation. Could expand on this? What will be the extent of cost reduction measures? As to the competitive pressure all in all for Lufthansa, in 2025, who did you feel most? Was it really the Gulf carriers or the no-frill airlines such as Ryanair? Could you please expand on this? Perhaps a question about different subsidiaries, because they have lower profits that is lower by 26%, lower turnover. perhaps a question about different subsidiaries because they have lower profits that is lower by 26% lower turnover Why is SWISS going down? why is swiss going down They are saying competitive pressure, higher fees and charges and bottlenecks in the operation. they are saying competitive pressure higher fees and charges and bottlenecks in the operation Could expand on this? could expand on this What will be the extent of cost reduction measures? what will be the extent of cost reduction measures As to the competitive pressure all in all for Lufthansa, in 2025, who did you feel most? as to the competitive pressure all in all for lufthansa in 2025 who did you feel most Was it really the Gulf carriers or the no-frill airlines such as Ryanair? was it really the gulf carriers or the no-frill airlines such as ryanair Could you please expand on this? could you please expand on this

Speaker 7: One thing is important. You have to take 2024 as a benchmark where we have a one of effect. That was a good year for SWISS. You can't really count that. But one thing is clear, and Switzerland knows that, we don't have the productivity levels with SWISS which we have seen over many years. The last collective bargaining agreement has taken a lot of productivity away. The new Swiss boss is trying to make sure that we are not losing the market because the market in Zurich is the strongest we have. This is only about the strongest markets which Lufthansa in Frankfurt doesn't do, but we try to cover a lot of space, so competition is strong here. Who's the competitor which hurts as much? One thing is important. one thing is important You have to take 2024 as a benchmark where we have a one of effect. you have to take 2024 as a benchmark where we have a one of effect That was a good year for SWISS. that was a good year for swiss You can't really count that. you can't really count that But one thing is clear, and Switzerland knows that, we don't have the productivity levels with SWISS which we have seen over many years. but one thing is clear and switzerland knows that we don't have the productivity levels with swiss which we have seen over many years The last collective bargaining agreement has taken a lot of productivity away. the last collective bargaining agreement has taken a lot of productivity away The new Swiss boss is trying to make sure that we are not losing the market because the market in Zurich is the strongest we have. the new swiss boss is trying to make sure that we are not losing the market because the market in zurich is the strongest we have This is only about the strongest markets which Lufthansa in Frankfurt doesn't do, but we try to cover a lot of space, so competition is strong here. this is only about the strongest markets which lufthansa in frankfurt doesn't do but we try to cover a lot of space so competition is strong here Who's the competitor which hurts as much? who's the competitor which hurts as much Well, it's Air France because Air France and Lufthansa have the most overlap, so to speak. Your question rather is, who's especially aggressive? Who grows a lot? This can change, but it's important to look ahead what's going to happen in the years to come, and are we going to see a seizure at the Gulf? If yes, to which extent? I think this is a quite dynamic topic which changes a lot. Well, it's Air France because Air France and Lufthansa have the most overlap, so to speak. well it's air france because air france and lufthansa have the most overlap so to speak Your question rather is, who's especially aggressive? your question rather is who's especially aggressive Who grows a lot? who grows a lot This can change, but it's important to look ahead what's going to happen in the years to come, and are we going to see a seizure at the Gulf? this can change but it's important to look ahead what's going to happen in the years to come and are we going to see a seizure at the gulf If yes, to which extent? if yes to which extent I think this is a quite dynamic topic which changes a lot. i think this is a quite dynamic topic which changes a lot

Speaker 1: I was going to say I can't see any other requests. Timo Nowack, who is again requesting the floor. I was going to say I can't see any other requests. i was going to say i can't see any other requests Timo Nowack, who is again requesting the floor. timo nowack who is again requesting the floor

Speaker 8: The final question for you. Mr. Spohr, could you tell us more about the two expected aircraft in the retro livery? The final question for you. the final question for you Mr. Spohr, could you tell us more about the two expected aircraft in the retro livery? mr spohr could you tell us more about the two expected aircraft in the retro livery

Speaker 2: The A380, this is also about delivery delays. The aircraft is still in Toulouse and is going to be delivered in September. Not the anniversary delivery, there are also retro livery. One is already there. That's the Super Star delivery. What do they look like? What point in time are we looking at? I don't know if the rumors are right. You've heard we've also talked to our staff. What would you want an aircraft to look like? The talks are still ongoing. We wanted to listen to our employees, you are the first one to see a photograph. Yesterday, our jumbo landed in its anniversary livery, which is quite an eye-catcher. The A380, this is also about delivery delays. the a380 this is also about delivery delays The aircraft is still in Toulouse and is going to be delivered in September. the aircraft is still in toulouse and is going to be delivered in september Not the anniversary delivery, there are also retro livery. not the anniversary delivery there are also retro livery One is already there. one is already there That's the Super Star delivery. that's the super star delivery What do they look like? what do they look like What point in time are we looking at? what point in time are we looking at I don't know if the rumors are right. i don't know if the rumors are right You've heard we've also talked to our staff. you've heard we've also talked to our staff What would you want an aircraft to look like? what would you want an aircraft to look like The talks are still ongoing. the talks are still ongoing We wanted to listen to our employees, you are the first one to see a photograph. we wanted to listen to our employees you are the first one to see a photograph Yesterday, our jumbo landed in its anniversary livery, which is quite an eye-catcher. yesterday our jumbo landed in its anniversary livery which is quite an eye-catcher

Speaker 1: Thank you very much for your attention. Thank you very much for being here. 90 minutes of press conference. Thank you also to all those joining us online. We all wish you a nice sunny day here in Frankfurt and a nice weekend. Thank you very much and see you next time. Thank you very much for your attention. thank you very much for your attention Thank you very much for being here. 90 minutes of press conference. thank you very much for being here 90 minutes of press conference Thank you also to all those joining us online. thank you also to all those joining us online We all wish you a nice sunny day here in Frankfurt and a nice weekend. we all wish you a nice sunny day here in frankfurt and a nice weekend Thank you very much and see you next time. thank you very much and see you next time