Deutsche Lufthansa AG — Call Transcript 2026

Ladies and gentlemen, shareholders, and looking around the room here, Lufthanseaten, and of course, a warm welcome to everybody logged in online. It's my pleasure to welcome you to the 73rd annual general meeting of Deutsche Lufthansa AG. Also, on behalf of my executive board team, Grazia Vittadini, Till Streichert, Michael Niggemann, and Dieter Vranckx. We look forward to the dialogue with you today. Today, for the first time since 2019, finally back here in person. Now, we usually report to you at the annual general meeting on the past financial year. In this very special anniversary year, I would like to broaden our perspective and reflect on the first 100 years of our history. In 1926, the first Lufthansa was founded in Berlin. It was the result of a merger of Junkers Luftverkehr and Aero Lloyd. Junkers, as an aircraft manufacturer and operator, brought with it great technical expertise and the blue and yellow colors. Deutscher Aero Lloyd was a passenger and cargo airline. Its emblem was the crane. This gave rise to a business model that to this day defines your company, ladies and gentlemen. Passenger transport, air cargo, and technical services under the roof of an iconic brand. From the very beginning, the young airline was part of the infrastructure and an important driver of our export nation. At the time, Berlin was the third largest city in the world. Ambitious companies were conquering international markets with trade connections from Asia all the way to Latin America. Right at the forefront, Lufthansa. It offered a dense route network of domestic German and European scheduled flights, but at the same time, with great pioneering spirit, the first intercontinental flight routes were explored. The Pamir flights over the roof of the world remain legendary to this day in aviation. By the way, we would have needed a much larger stage for an annual general meeting back then because in 1926, the founding year of the first Lufthansa, the supervisory board had 64 members. Today, you can see that the emphasis is on quality over quantity in the supervisory board, but we'll come back to that in more detail in due course. Let's get back to our history for now. The darkest chapters of our history ensued as of 1933. The airline was increasingly incorporated into the establishment of a new air force. The first Lufthansa became an instrument of the Nazi regime. We are consciously confronting this period in our anniversary year because this is also part of our history and because we can only call upon our heritage if it is accompanied by responsibility. With the end of the war, the first Lufthansa also ceased to have a reason to exist. It was grounded, banned, and liquidated. While air travel flourished around the world after the Second World War, Germany could only look on. For 10 years, post-war Germany was forbidden from operating its own airline. That is why the second Lufthansa was not able to restart flight operations until 1955. The company in which you hold shares today was inaugurated, and that with the help of the United States, because there were neither German aircraft nor licensed German pilots. American pilots who just 10 years earlier had been flying combat missions over Germany were now training young German Lufthansa aviators in the cockpits of American aircraft because there were no German aircraft. In the 1950s, for that new start, the Lockheed Super Star was emblematic. You can see that behind me and will be exhibited in our new Hangar One conference and visitor center in Frankfurt. It's not only an icon of aviation, but also a symbol of the transatlantic partnership. This partnership is once again the subject of much discussion. It has been an uninterrupted cornerstone of our business success from 1955 to this day, and ladies and gentlemen, a foundation and pillar of our Western world. The exchange between peoples is a good indicator of the quality of relations between Europe and the United States. Measured in flight passengers crossing the North Atlantic daily aboard our now 60 flights per day, the transatlantic partnership has never been stronger than today. However, even upon the launch of the second Lufthansa in the 1950s, North Atlantic routes, including the LH400, formed the backbone of the long-haul schedule. Thus the crane, after its late restart, as I've already alluded to, embarked on an unparalleled catch-up race. This was particularly challenging because, as is well-known to this day, our home market, Germany, has no catchment area comparable in size to London or Paris. Nevertheless, Lufthansa soon caught up again with the global airline industry. Decades shaped by the economic miracle and growth. The 1990s, however, were then entirely defined by privatization and necessary restructuring. The state stepped back as a shareholder. Private shareholders increasingly took over and in doing so gave Lufthansa entrepreneurial freedom. They thus enabled the turnaround needed at the time. For decades, we've been able to rely on your support. I would like to thank you, our shareholders, for this support. Ladies and gentlemen, you place your trust and invest your capital in the most important success factors of this company, in aircraft. As now, cutting-edge technology making the most effective contribution to climate protection more than any ideology. Even more so in people who make up our Lufthansa. Thank you very much on behalf of all the colleagues. This video shows our colleagues at our 100th anniversary celebrations in Munich, and for the final picture, we brought together all of the different departments required to operate one single modern long-haul aircraft. 24 pilots, 100 cabin crew members, 20 technicians, and 80 employees at stations, ground handling, cargo, flight training, IT, and administration. In total, each aircraft of this size creates and secures precisely these 220 jobs for Lufthansa employees, and each and every one of them shapes our company. Our unique company surely also shapes the life of each one of them. I'd therefore like to take this opportunity to extend my heartfelt gratitude to all of the more than 100,000 employees of our group, this unique team. Some are here with us in the room, some are joining us online. Thank you very much indeed, thank you for the applause. Your trust in this team and our company paid off again over the past year. The Lufthansa share gained 36% in value, performing significantly better than DAX and MDAX. Including the dividend, you enjoyed a total return of over 40% in 2025. For the past financial year, we are today proposing a dividend of EUR 0.33 per share. That is 10% more than the previous year. The total distribution of profit of approximately EUR 400 million corresponds thus to a payout ratio of approximately 30%. You participate in the increased profit of your company, as do those who generated it. Because we've paid out performance-related variable remuneration of a similar magnitude to our employees covered by collective agreements. That brings me to the report on the past financial year. We deliberately designated 2025 as a transformation year because we are carrying out numerous transformation processes, and as such, it was a very successful year. The turnaround program of our core, Lufthansa Airlines, is by far the most important part of our transformation. We made significant progress in that regard in 2025. Above all, in terms of operational performance. The crane was flying punctually and reliably again in 2025, as our customers and shareholders rightly expect of us. That's what you expect of the management with metrics last achieved 10 years ago. Including ITA Airways, our passenger airlines were able to welcome over 150 million passengers on board our aircraft. I would like to express my sincere thanks to our customers at this point for their loyalty and allegiance, and I am sure I am also able to do this on your behalf. Outside of Lufthansa Airlines, the group looks back on one of the best years in its history. Overall, the group generated a group revenue of EUR 39.6 billion, thus bringing us closer to the EUR 40 billion mark than ever before. We were able to increase the group's operating result, our adjusted EBIT, by 20% to EUR 2 billion, and we thereby achieved a margin of 5%. With a revenue share of EUR 30 billion, all passenger airlines were profitable and contributed well over half of the group's operating profit. Lufthansa Airlines did indeed improve year on year, however, achieved only a modest plus of EUR 140 million and thus a margin of 0.9%. The successful execution of the turnaround therefore remains our priority within Lufthansa Airline. Already this year, the program is expected to deliver an earnings impact of EUR 1.5 billion and some EUR 2.5 billion by the end of 2028. These improvements will be achieved with three main levers. Firstly, the modernization of our fleet and products. Last year alone, Lufthansa Airlines took delivery of nine out of a total of 23 new aircraft. The fleet renewal is gathering more speed this year. Of the group's total 44 new deliveries, so we're talking about pretty much one new aircraft each week, 20 long-haul jets alone will go to Lufthansa Airlines, and they are all equipped with our new Allegris premium cabin, which has been extremely well received by our customers thus far. This is borne out by our customer satisfaction scores, which improved by more than 1/4 last year. Incidentally, that's a positive trend that continued into the first quarter of this year. Allegris also delights our financial controllers because in the new cabin, our guests can specifically choose between different seating options and the associated additional income in the seven-digit range already significantly exceeded our expectations this year, which were already optimistic, and they continue to do so. The second turnaround lever lies in the accelerated growth of Lufthansa City Airlines and Discover Airlines. Both airlines are now highly cost-efficient and are now an integral part of our offering in Frankfurt and Munich. The third lever of the turnaround encompasses many hundreds of individual measures for additional savings, additional efficiency, and additional revenues. With these three levers, we aim to achieve our medium-term margin target of 8%-10% in the core of the group as well. Our most profitable passenger airline, Swiss, is already operating at that level today. It landed another pleasing result last year, even if it did remain a little bit below the previous year with an adjusted EBIT of EUR 600 million. Austrian Airlines slightly improved its result and contributed EUR 81 million to the passenger airline's profit. Posting an adjusted EBIT of EUR 28 million, Brussels Airlines was unfortunately significantly below the previous year. Eurowings was recognized as the best airline in Europe in its segment last year, achieving an adjusted EBIT of EUR 132 million. The positive development of Lufthansa Cargo continued in the reporting year. With EUR 324 million, it improved its full-year result by 30%. I can safely say that our air cargo delivered in 2025 as well. The same applies to Lufthansa Technik. With an operating result of EUR 603 million, it almost matched the previous year's record level. It's particularly pleasing that our youngest group airline, ITA Airways, has already made a positive contribution to the group's success with EUR 90 million. That amount is reported in the income from equity investments because ITA, as a 41% minority holding, is not yet fully consolidated. However, that is set to change soon. Last year, we promised you, our shareholders, the fastest airline integration in our history. Within just 18 months of taking over the first 41% tranche, we wanted to have largely completed the integration into our hub system. Not only have we kept that promise, we've actually exceeded it. All customer-facing interfaces are already integrated today, with the exception of North Atlantic flights, where regulatory approval for our merger is, as is well-known, still pending. Passengers already experience ITA Airways as an integrated part of the Lufthansa Group with unified booking, sales, and fare systems with the Miles & More frequent flyer program, Star Alliance membership, and access to our global network of premium lounges. Integration is also making progress in the cargo business. Lufthansa Cargo has been marketing ITA Airways cargo capacity since last year, which alone equates to the additional capacity of three Boeing 777 freighters. In the light of this success story, we have decided to already exercise our option to acquire a further 49% in June of this year. ITA will thereby also be organizationally and financially fully integrated in the Lufthansa Group as of 2027. It will contribute financially to the group's success and create sustainable value for you, ladies and gentlemen. You can see that we have some Italy fans here in the room with us, and quite right. Now, I started by speaking about the first and the second eras of Lufthansa. The first ended in ruins in 1945. The second began in 1955 and then transitioned after the turn of the millennium into the current third era. Deutsche Lufthansa AG became the nucleus of a European Lufthansa Group. The acquisition of Swiss in 2005, Brussels Airlines in 2008, Austrian Airlines in 2009 laid the foundations for our current multi-hub and multi-airline system. Still, with Lufthansa as the core brand in Munich and Frankfurt at the center and national network airlines in Zurich, Brussels, Vienna, and now also in Rome. We grow to create value for you. Where necessary, we also consolidate. With the recently completed early grounding of CityLine following the closure of the equally non-viable, unfortunately non-viable SunExpress Deutschland and Germanwings, we have now completed the strategic consolidation of our German passenger flight operations. Together, we want to find perspectives for the affected employees in other areas of the group. Strategically, we are now efficiently positioned for the future, however. With our core brand at the center complemented by Lufthansa City Airlines as a feeder airline, the leisure focus of Discover Airlines and Eurowings as a point-to-point specialist for flights outside our hubs. Added to that, we have our globally leading Lufthansa Technik and Lufthansa Cargo as further pillars of our business model. That is how we have been able to and how we can compensate in Germany for our historical and geographical disadvantage of not having a catchment area and hub the size of London or Paris. That is our strategy. That is our recipe for success, and that is our path into the future. Of course, on paper, a homogeneous group with just one airline, one hub, just one brand in one segment would be simpler, like the model employed by most of our state-owned competitors. However, this is simply not an option we have. As a national airline with only one home market, we would no longer stand a chance in global competition. Lufthansa is thus emblematic of Europe because this logic also applies to our home continent. No single European country can take on the world powers of the U.S.A. or China or India as equals or conclude free trade agreements, as recently with Latin America or India. In a united Europe, however, anything is possible. For us in aviation, too, pooling resources and networks and leveraging synergies under the roof of a strong group is therefore a strategic necessity to be able to remain at the high level globally, and we are proud to be implementing that with increasing success. With EUR 40 billion in revenue and a group fleet of 840 aircraft, your company, the Lufthansa Group, is number one in Europe and the world's largest airline group outside the U.S.A. We've achieved this because we have successfully capitalized on growth and internationalization, and we will continue to do so in the future. Already today, less than 20% of our revenues originate in Germany. Less than half of our network airlines aircraft are based at our German hubs, Frankfurt and Munich. Yet we are nevertheless affected disproportionately by the excessively high costs of Germany as an aviation location. We must continue to minimize this disadvantage and seize additional international growth opportunities with investments in ITA Airways or, for example, in new technical facilities in Porto and Calgary. However, as a consequence, this also means that Germany will participate less and less in the global success of the Lufthansa Group. We must continue to urge policymakers to translate the growing awareness of the aviation sector situation into genuine, tangible relief from these huge locational disadvantages. We, of course, have to do our part as well. The more international we are, the more important our ability to successfully integrate organizations and cultures will become. We've set ourselves the goal of making cooperation within our group even more rigorous and efficient. On the one hand, because our customers want to use the breadth of our airlines offering as seamlessly as possible. On the other hand, of course, to simply become even more profitable. By committing ourselves to medium-term financial targets, we have made a pledge to you, our shareholders. By 2030 at the latest, we want and shall raise our margin to a level of 8%-10% and in doing so, increase the return on capital employed to 15%-20%. At the same time, we've set ourselves the goal of generating at least EUR 2.5 billion in free cash flow per year. Achieving these targets is also part of the evolution into the third era of our history that I've already alluded to. Thank you very much, Mr. Speaker. We're taking a group of airlines and transforming them into a synergistic and integrated Lufthansa Group with clear rules, not only for cooperation and collaboration, but also with clear rules for the allocation of your capital. There will still be room for entrepreneurial independence, brands, and market responsibility, but significantly more commonalities within the group, more synergies. In particular amongst our passenger airlines, we have made a great step in standardizing processes, consolidating networks, and merging organizational units. We are simplifying structures and pooling tasks. Our umbrella brand, Lufthansa Group, which as of now will bear the Crane emblem, is becoming the ever more visible common thread there. Through its presence, for example, on all group aircraft, it interacts directly with our passengers who will also see the Crane on their boarding pass when they check in with Eurowings, Edelweiss or Air Dolomiti, or if they go into an ITA Airways lounge in Rome or Milan. The Lufthansa Group brand symbolizes and embodies us as a European airline group. Our consistent evolution into the Lufthansa Group encounters, like any change, doubt and resistance at times. After more than 35 years as a Lufthanseat, I am deeply convinced that all Lufthansa employees, including those who give voice to their protest, carry the Crane in their hearts and want to secure the success of our company, of your company. Ladies and gentlemen, amongst those who carry the Crane in their hearts is also our Supervisory Board Chairman, Karl-Ludwig Kley. Today is his last day of work. Ms. Kley is here in the front row, and she'll be happy to see him more often at home. Mr. Kley, you have helped to shape the further development of our company for many, many years. You've been a member of the supervisory board since 2013 and its Chairman since 2017. Prior to that, from 1998-2006, you were Lufthansa CFO. In two of the eras I've spoken about, you therefore bore crucial responsibility. In doing so, you've been key to our transformation, our shared path of success with its highs and lows, its achievements and crises alike. Especially in times of crisis, you were always an unparalleled support for me personally. I would like to thank you very much indeed for that. What lots of people perhaps don't know is that before Mr. Kley, there was already a prominent figure from Cologne on the Supervisory Board of Lufthansa, Konrad Adenauer. He was already in the supervisory board of the first Lufthansa in 1926, and in 1949, he became Federal Chancellor of Germany. Mr. Kley, we're very, very curious and intrigued to see what you intend to do. There's not much after the Supervisory Board of Lufthansa. Mr. Adenauer managed it. In any case, I think on behalf of everybody here, we can thank you wholeheartedly for everything you've done for our Lufthansa and wish you all the best. We wish you all the best of health and the greatest of courage for your great tasks ahead. Ms. Kley, thank you for letting him spend more time with me than with you. Maybe we would have been able to swap roles at some stage, but without such support at home, nobody would be able to achieve what Mr. Kley did. Thank you very much indeed to you as well. Ladies and gentlemen, this year, we are celebrating the 100th anniversary of our founding. We have grown through crises over the decades and emerged stronger from each of them, and it will be the same this time. That is my pledge. Aviation has been a growth industry for 100 years, and it will remain so in the future. Despite all of the challenges and changes, we must continue to preserve aviation as a bridge to the world. Where we have bridges, we create understanding and with that peace. I think if we look at the newspapers, we can see that the role of aviation has rarely been more important than it is today. Hence, our mission for the future remains, as it has been from the very beginning, to connect people, cultures, and economies in a sustainable way. Thanks to the Lufthansa worldwide, and also thanks to you, shareholders, we have evolved from the first Lufthansa in its modest beginnings of 1926 into the Lufthansa Group of 2026. You are all part of this unique success story. I thank you for your trust. Please continue to put your faith in us. Thank you very much. Thank you, Mr. Spohr. I had definitely planned not to feel this moved. It didn't work out as you have seen. Because of this, I'd like to briefly inform you on the work of the supervisory board in order to come back to a more better effect-like style. Thank you for your words. They really moved me. I'd like to report briefly on the work of the supervisory board, because you'll find the more extensive version in the annual accounts that were made available to you. In the last year and also in 2026, the political situation came evermore into the focus of our meetings. Aviation is always the subject of rules and regulations and state intervention. In the course of the past 10 years, this effect has become ever stronger, especially the willingness of the European Union to create new rules and the cost burden in Germany are becoming a greater competitive burden for Lufthansa. Also, there's the more difficult geopolitical situation, which really has a major influence in our business. Ever more faster and more flexible reactions on our part become necessary. As the supervisory board, we dealt with these questions intensively. Another area was the competitive situation, especially the competition from Gulf State Airlines. This required many measures that the management board reported on. Before this background, the implementation of the strategies decided by the supervisory board and the management board were a point of reference for our meetings. In 2026, we dealt with the following strategic topics: the modernization of the fleet, the further internationalization, with the acquisition of ITA Airways in view, our locations for Lufthansa Technik, and the further progress of the turnaround program of Lufthansa Airlines, and the continuation of our IT and digitalization strategy. At every meeting, we discussed things intensively with the management board, especially when it comes to the economic situation and the earning situation. We also discussed customer satisfaction and measures to continuously improve customer satisfaction. These things were presented by the management board and discussed by us. I spent nine years as Chairman of the Supervisory Board, and this time ends today. I'd like to make a few personal comments on this. Don't worry. This is very factual and not emotional at all. 2018 and 2019 were characterized by an overall overhaul of our governance systems. In 2023, the work of the supervisory board was added to by the further development of the ESG committee, and this is now an innovation and technology and sustainability committee. The reactions from institutional investors to all of these areas were very positive. Of course, it is difficult to really fulfill the wishes of all of our investors. On the one hand, different investors have different points of view, and in some cases, very difficult to harmonize these different viewpoints. Sometimes the expectations of the investors to the governance of a company change all the time. Sometimes it's hard to catch up. I'd like to point out to you this regards the financial report 2025. You know, some of these important things, we only learned in 2026, so that makes it hard to take these things into account. You know that for many years it has been a personal project of mine to really focus the requirements of corporate governance to those areas that generate value. You know me as someone from Cologne. You know, as I sometimes say, the remainder, you know, leave it aside. The second focus of the work of the supervisory board was the strategy of the company. The strategy process was reset, and every year the strategy discussion is an important item on the agenda in the supervisory board meetings in the second half. At every supervisory board meeting, we look at implementation of the strategy. In 2022-2023, we had to pull together to survive the COVID-19 crisis and to maintain the company. From then on, we had to stabilize the airline operation and to initiate and implement the stabilization program of the airline. During the past two years, we're able to focus more on the implementation of the strategy and the exercise of the option to buy 90% of ITA Airways is a milestone within these strategic projects, within the strategic project that I mentioned. Since I have a personal relationship to Italy, I'm very happy that on the last day of my tenure, I can say that ITA Airways will become part and parcel of the Lufthansa Airlines. Benvenuta, Italy, ITA. With the end of this AGM, the terms of Karl Gernandt, Wolfgang Nickl, and Carsten Knobel will end. Carsten Knobel told me that he will not stand for election again. He has been a member of the supervisory board since 2017. With his expert knowledge and years of experience and his career at Henkel all the way to the CEO of the company, he really enriched the work of the supervisory board, and he was a very important member of the audit committee. At yesterday's supervisory board meeting, I thanked him for his work, and I'll do it again on behalf of this body and personally. Dear shareholders, as you know, I will not be standing for re-election to the supervisory board either. Altogether, we will have three new elections for seats on the supervisory board. This will be handled under item 6 on the agenda. The supervisory board proposals that you re-elect Karl Gernandt and elect Wolfgang Nickl and Johannes Teyssen as new members of the supervisory board for a term of three years each. You already know Mr. Gernandt as a current member of the supervisory board. Wolfgang Nickl until May 2026, was the CFO of Bayer, and he's standing for election to the supervisory board for the first time. He was unable to come personally, but we have a video message of his where he would like to introduce himself. Shareholders, my name is Wolfgang Nickl. [Non-English content] Johannes Teyssen, former CEO of E.ON, has been nominated to succeed me as member and Chairman of the Supervisory Board. Since this is his first time standing for election to the supervisory board, Mr. Teyssen will introduce himself to you personally. Chairman, dear Karl-Ludwig, ladies and gentlemen, shareholders, and members of the supervisory board and management board, I'm Johannes Teyssen. I'd like to ask you for your support and for your vote as a member of the supervisory board. Starting tomorrow, with your support, I'm supposed to follow in the footsteps of Karl-Ludwig Kley. You should know who you want to give your trust for this task. My wife and I live in Düsseldorf. We are happy with four adult sons and three small grandchildren, our family. In this country we have deep roots, and we're happy to live free in a unified Europe. Some of you may know me from my time as the CEO of E.ON, a position I held for many years. In the past five years, I was the President of the Administrative Council of a Swiss energy company, and I was in a global British company. I worked in several scientific, cultural, and social institutions in Germany and near our home in Düsseldorf. Lufthansa Group is of great importance beyond Germany's borders for safe and stable connections of people and companies and for the transport of critical goods all over the world. Especially at times of increasing geopolitical threats and tensions, we are here to help people between Frankfurt, Brussels, Zurich, and Rome. These people need independence and autonomy, there's no other way we can live safely as Europeans in this new world and holding our own in global competition. For this, Lufthansa needs the support of politicians, of society, and we need the respective framework conditions. Building up on the proud 100-year history of our company, it is incumbent upon the company itself to provide for a safe future of Lufthansa. We need to better and more efficiently govern our business than anybody else could. Every day we need to win the trust of our customers again and again. Yes, for you, our shareholders, we need to earn the cost of capital, and we need to do this in the way that you expect because this is your company, after all. We at the supervisory board and management board know this, and every employee should know that we are only keeping your assets safe in this company. I worked in many capital-intensive industries from energy to steel. I learned about good governance and appreciated good governance both in Germany and Switzerland and England, and I've been able to go through major transformations in companies. Now I like to work for your Lufthansa Group to make sure that it holds its own in competition, that it satisfies its customers, and that the employees are happy, and that your interests as investors are also addressed. I'm not an aviation or logistics expert. In the past weeks and months, I really prepared myself. I visited almost all of the units of Lufthansa Group. I talked to people from the board and lots of executives and experts. I dealt with the challenges that I have to expect. I have great respect for this task and what Karl-Ludwig Kley did over many years. Now I look forward to this. Please give me your trust and your support so that together with the management board and the supervisory board and with all of the colleagues at Lufthansa, I can move along this way in the years to come. Thank you for your attention. Thank you, dear Johannes. I now move on to the remaining items on the agenda that I will now call. Under agenda item 2, you will decide whether the cash dividend of EUR 0.33 per share should be distributed. Under agenda items 3 and 4, a decision will be made on the approval of the actions of the members of the executive board and the supervisory board. Under agenda item 5, you will vote on the approval of the 2025 remuneration report. Agenda item 6 is the election of the supervisory board members that we just presented. Agenda item 7 concerns the renewal of authorized capital A with the option to exclude subscription rights. Agenda item 8 is the authorization to issue financial instruments with the option to exclude subscription rights, the creation of conditional capital. Agenda item 9 concerns the election of the auditors. The supervisory board proposes that EY be reelected as auditors and group auditors. In addition, EY is also to be appointed as the auditors of the sustainability reporting as a precautionary measure should such an audit be required following the transposition of European law into German law. Details of all agenda items and proposed resolutions are included in the convening notice of this meeting. I will now determine the attendance. Overall, taking into account postal votes, 615,588,821 shares will be represented, corresponding to 51.33% of our share capital. The attendance list can be inspected at any time in the foyer. At this point, the public part of our broadcasting ends. Shareholders, you have followed this stream up until now without having logged in. I kindly request you to go to the online service login page. To all the other spectators, I would like to say thank you for your attention, your interest in Lufthansa. Many thanks.

Speaker 1: Ladies and gentlemen, shareholders, and looking around the room here, Lufthanseaten, and of course, a warm welcome to everybody logged in online. It's my pleasure to welcome you to the 73rd annual general meeting of Deutsche Lufthansa AG. Also, on behalf of my executive board team, Grazia Vittadini, Till Streichert, Michael Niggemann, and Dieter Vranckx. We look forward to the dialogue with you today. Today, for the first time since 2019, finally back here in person. Now, we usually report to you at the annual general meeting on the past financial year. In this very special anniversary year, I would like to broaden our perspective and reflect on the first 100 years of our history. In 1926, the first Lufthansa was founded in Berlin. It was the result of a merger of Junkers Luftverkehr and Aero Lloyd. Ladies and gentlemen, shareholders, and looking around the room here, Lufthanseaten, and of course, a warm welcome to everybody logged in online. ladies and gentlemen shareholders and looking around the room here lufthanseaten and of course a warm welcome to everybody logged in online It's my pleasure to welcome you to the 73rd annual general meeting of Deutsche Lufthansa AG. it's my pleasure to welcome you to the 73rd annual general meeting of deutsche lufthansa ag Also, on behalf of my executive board team, Grazia Vittadini, Till Streichert, Michael Niggemann, and Dieter Vranckx. also on behalf of my executive board team grazia vittadini till streichert michael niggemann and dieter vranckx We look forward to the dialogue with you today. we look forward to the dialogue with you today Today, for the first time since 2019, finally back here in person. today for the first time since 2019 finally back here in person Now, we usually report to you at the annual general meeting on the past financial year. now we usually report to you at the annual general meeting on the past financial year In this very special anniversary year, I would like to broaden our perspective and reflect on the first 100 years of our history. in this very special anniversary year i would like to broaden our perspective and reflect on the first 100 years of our history In 1926, the first Lufthansa was founded in Berlin. in 1926 the first lufthansa was founded in berlin It was the result of a merger of Junkers Luftverkehr and Aero Lloyd. it was the result of a merger of junkers luftverkehr and aero lloyd Junkers, as an aircraft manufacturer and operator, brought with it great technical expertise and the blue and yellow colors. Deutscher Aero Lloyd was a passenger and cargo airline. Its emblem was the crane. This gave rise to a business model that to this day defines your company, ladies and gentlemen. Passenger transport, air cargo, and technical services under the roof of an iconic brand. From the very beginning, the young airline was part of the infrastructure and an important driver of our export nation. At the time, Berlin was the third largest city in the world. Ambitious companies were conquering international markets with trade connections from Asia all the way to Latin America. Right at the forefront, Lufthansa. It offered a dense route network of domestic German and European scheduled flights, but at the same time, with great pioneering spirit, the first intercontinental flight routes were explored. Junkers, as an aircraft manufacturer and operator, brought with it great technical expertise and the blue and yellow colors. junkers as an aircraft manufacturer and operator brought with it great technical expertise and the blue and yellow colors Deutscher Aero Lloyd was a passenger and cargo airline. deutscher aero lloyd was a passenger and cargo airline Its emblem was the crane. its emblem was the crane This gave rise to a business model that to this day defines your company, ladies and gentlemen. this gave rise to a business model that to this day defines your company ladies and gentlemen Passenger transport, air cargo, and technical services under the roof of an iconic brand. passenger transport air cargo and technical services under the roof of an iconic brand From the very beginning, the young airline was part of the infrastructure and an important driver of our export nation. from the very beginning the young airline was part of the infrastructure and an important driver of our export nation At the time, Berlin was the third largest city in the world. at the time berlin was the third largest city in the world Ambitious companies were conquering international markets with trade connections from Asia all the way to Latin America. ambitious companies were conquering international markets with trade connections from asia all the way to latin america Right at the forefront, Lufthansa. right at the forefront lufthansa It offered a dense route network of domestic German and European scheduled flights, but at the same time, with great pioneering spirit, the first intercontinental flight routes were explored. it offered a dense route network of domestic german and european scheduled flights but at the same time with great pioneering spirit the first intercontinental flight routes were explored The Pamir flights over the roof of the world remain legendary to this day in aviation. By the way, we would have needed a much larger stage for an annual general meeting back then because in 1926, the founding year of the first Lufthansa, the supervisory board had 64 members. Today, you can see that the emphasis is on quality over quantity in the supervisory board, but we'll come back to that in more detail in due course. Let's get back to our history for now. The darkest chapters of our history ensued as of 1933. The airline was increasingly incorporated into the establishment of a new air force. The first Lufthansa became an instrument of the Nazi regime. The Pamir flights over the roof of the world remain legendary to this day in aviation. the pamir flights over the roof of the world remain legendary to this day in aviation By the way, we would have needed a much larger stage for an annual general meeting back then because in 1926, the founding year of the first Lufthansa, the supervisory board had 64 members. by the way we would have needed a much larger stage for an annual general meeting back then because in 1926 the founding year of the first lufthansa the supervisory board had 64 members Today, you can see that the emphasis is on quality over quantity in the supervisory board, but we'll come back to that in more detail in due course. today you can see that the emphasis is on quality over quantity in the supervisory board but we'll come back to that in more detail in due course Let's get back to our history for now. let's get back to our history for now The darkest chapters of our history ensued as of 1933. the darkest chapters of our history ensued as of 1933 The airline was increasingly incorporated into the establishment of a new air force. the airline was increasingly incorporated into the establishment of a new air force The first Lufthansa became an instrument of the Nazi regime. the first lufthansa became an instrument of the nazi regime We are consciously confronting this period in our anniversary year because this is also part of our history and because we can only call upon our heritage if it is accompanied by responsibility. With the end of the war, the first Lufthansa also ceased to have a reason to exist. It was grounded, banned, and liquidated. While air travel flourished around the world after the Second World War, Germany could only look on. For 10 years, post-war Germany was forbidden from operating its own airline. That is why the second Lufthansa was not able to restart flight operations until 1955. The company in which you hold shares today was inaugurated, and that with the help of the United States, because there were neither German aircraft nor licensed German pilots. We are consciously confronting this period in our anniversary year because this is also part of our history and because we can only call upon our heritage if it is accompanied by responsibility. we are consciously confronting this period in our anniversary year because this is also part of our history and because we can only call upon our heritage if it is accompanied by responsibility With the end of the war, the first Lufthansa also ceased to have a reason to exist. with the end of the war the first lufthansa also ceased to have a reason to exist It was grounded, banned, and liquidated. it was grounded banned and liquidated While air travel flourished around the world after the Second World War, Germany could only look on. while air travel flourished around the world after the second world war germany could only look on For 10 years, post-war Germany was forbidden from operating its own airline. for 10 years post-war germany was forbidden from operating its own airline That is why the second Lufthansa was not able to restart flight operations until 1955. that is why the second lufthansa was not able to restart flight operations until 1955 The company in which you hold shares today was inaugurated, and that with the help of the United States, because there were neither German aircraft nor licensed German pilots. the company in which you hold shares today was inaugurated and that with the help of the united states because there were neither german aircraft nor licensed german pilots American pilots who just 10 years earlier had been flying combat missions over Germany were now training young German Lufthansa aviators in the cockpits of American aircraft because there were no German aircraft. In the 1950s, for that new start, the Lockheed Super Star was emblematic. You can see that behind me and will be exhibited in our new Hangar One conference and visitor center in Frankfurt. It's not only an icon of aviation, but also a symbol of the transatlantic partnership. This partnership is once again the subject of much discussion. It has been an uninterrupted cornerstone of our business success from 1955 to this day, and ladies and gentlemen, a foundation and pillar of our Western world. The exchange between peoples is a good indicator of the quality of relations between Europe and the United States. American pilots who just 10 years earlier had been flying combat missions over Germany were now training young German Lufthansa aviators in the cockpits of American aircraft because there were no German aircraft. american pilots who just 10 years earlier had been flying combat missions over germany were now training young german lufthansa aviators in the cockpits of american aircraft because there were no german aircraft In the 1950s, for that new start, the Lockheed Super Star was emblematic. in the 1950s for that new start the lockheed super star was emblematic You can see that behind me and will be exhibited in our new Hangar One conference and visitor center in Frankfurt. you can see that behind me and will be exhibited in our new hangar one conference and visitor center in frankfurt It's not only an icon of aviation, but also a symbol of the transatlantic partnership. it's not only an icon of aviation but also a symbol of the transatlantic partnership This partnership is once again the subject of much discussion. this partnership is once again the subject of much discussion It has been an uninterrupted cornerstone of our business success from 1955 to this day, and ladies and gentlemen, a foundation and pillar of our Western world. it has been an uninterrupted cornerstone of our business success from 1955 to this day and ladies and gentlemen a foundation and pillar of our western world The exchange between peoples is a good indicator of the quality of relations between Europe and the United States. the exchange between peoples is a good indicator of the quality of relations between europe and the united states Measured in flight passengers crossing the North Atlantic daily aboard our now 60 flights per day, the transatlantic partnership has never been stronger than today. However, even upon the launch of the second Lufthansa in the 1950s, North Atlantic routes, including the LH400, formed the backbone of the long-haul schedule. Thus the crane, after its late restart, as I've already alluded to, embarked on an unparalleled catch-up race. This was particularly challenging because, as is well-known to this day, our home market, Germany, has no catchment area comparable in size to London or Paris. Nevertheless, Lufthansa soon caught up again with the global airline industry. Decades shaped by the economic miracle and growth. The 1990s, however, were then entirely defined by privatization and necessary restructuring. The state stepped back as a shareholder. Private shareholders increasingly took over and in doing so gave Lufthansa entrepreneurial freedom. Measured in flight passengers crossing the North Atlantic daily aboard our now 60 flights per day, the transatlantic partnership has never been stronger than today. measured in flight passengers crossing the north atlantic daily aboard our now 60 flights per day the transatlantic partnership has never been stronger than today However, even upon the launch of the second Lufthansa in the 1950s, North Atlantic routes, including the LH400, formed the backbone of the long-haul schedule. however, even upon the launch of the second lufthansa in the 1950s north atlantic routes including the lh400 formed the backbone of the long-haul schedule Thus the crane, after its late restart, as I've already alluded to, embarked on an unparalleled catch-up race. This was particularly challenging because, as is well- known to this day, our home market, Germany, has no catchment area comparable in size to London or Paris. thus the crane after its late restart as i've already alluded to embarked on an unparalleled catch-up race. this was particularly challenging because as is well- known to this day our home market germany has no catchment area comparable in size to london or paris Nevertheless, Lufthansa soon caught up again with the global airline industry. nevertheless, lufthansa soon caught up again with the global airline industry Decades shaped by the economic miracle and growth. decades shaped by the economic miracle and growth The 1990s, however, were then entirely defined by privatization and necessary restructuring. the 1990s however were then entirely defined by privatization and necessary restructuring The state stepped back as a shareholder. the state stepped back as a shareholder Private shareholders increasingly took over and in doing so gave Lufthansa entrepreneurial freedom. private shareholders increasingly took over and in doing so gave lufthansa entrepreneurial freedom They thus enabled the turnaround needed at the time. For decades, we've been able to rely on your support. I would like to thank you, our shareholders, for this support. Ladies and gentlemen, you place your trust and invest your capital in the most important success factors of this company, in aircraft. As now, cutting-edge technology making the most effective contribution to climate protection more than any ideology. Even more so in people who make up our Lufthansa. Thank you very much on behalf of all the colleagues. This video shows our colleagues at our 100th anniversary celebrations in Munich, and for the final picture, we brought together all of the different departments required to operate one single modern long-haul aircraft. 24 pilots, 100 cabin crew members, 20 technicians, and 80 employees at stations, ground handling, cargo, flight training, IT, and administration. They thus enabled the turnaround needed at the time. they thus enabled the turnaround needed at the time For decades, we've been able to rely on your support. for decades we've been able to rely on your support I would like to thank you, our shareholders, for this support. i would like to thank you our shareholders for this support Ladies and gentlemen, you place your trust and invest your capital in the most important success factors of this company, in aircraft. ladies and gentlemen you place your trust and invest your capital in the most important success factors of this company in aircraft As now, cutting-edge technology making the most effective contribution to climate protection more than any ideology. as now cutting-edge technology making the most effective contribution to climate protection more than any ideology Even more so in people who make up our Lufthansa. even more so in people who make up our lufthansa Thank you very much on behalf of all the colleagues. thank you very much on behalf of all the colleagues This video shows our colleagues at our 100th anniversary celebrations in Munich, and for the final picture, we brought together all of the different departments required to operate one single modern long-haul aircraft. 24 pilots, 100 cabin crew members, 20 technicians, and 80 employees at stations, ground handling, cargo, flight training, IT, and administration. this video shows our colleagues at our 100th anniversary celebrations in munich, and for the final picture we brought together all of the different departments required to operate one single modern long-haul aircraft 24 pilots 100 cabin crew members 20 technicians and 80 employees at stations ground handling cargo flight training it and administration In total, each aircraft of this size creates and secures precisely these 220 jobs for Lufthansa employees, and each and every one of them shapes our company. Our unique company surely also shapes the life of each one of them. I'd therefore like to take this opportunity to extend my heartfelt gratitude to all of the more than 100,000 employees of our group, this unique team. Some are here with us in the room, some are joining us online. Thank you very much indeed, thank you for the applause. Your trust in this team and our company paid off again over the past year. The Lufthansa share gained 36% in value, performing significantly better than DAX and MDAX. Including the dividend, you enjoyed a total return of over 40% in 2025. In total, each aircraft of this size creates and secures precisely these 220 jobs for Lufthansa employees, and each and every one of them shapes our company. in total each aircraft of this size creates and secures precisely these 220 jobs for lufthansa employees and each and every one of them shapes our company Our unique company surely also shapes the life of each one of them. our unique company surely also shapes the life of each one of them I'd therefore like to take this opportunity to extend my heartfelt gratitude to all of the more than 100,000 employees of our group, this unique team. i'd therefore like to take this opportunity to extend my heartfelt gratitude to all of the more than 100,000 employees of our group this unique team Some are here with us in the room, some are joining us online. some are here with us in the room some are joining us online Thank you very much indeed, thank you for the applause. thank you very much indeed thank you for the applause Your trust in this team and our company paid off again over the past year. your trust in this team and our company paid off again over the past year The Lufthansa share gained 36% in value, performing significantly better than DAX and MDAX. the lufthansa share gained 36% in value performing significantly better than dax and mdax Including the dividend, you enjoyed a total return of over 40% in 2025. including the dividend you enjoyed a total return of over 40% in 2025 For the past financial year, we are today proposing a dividend of EUR 0.33 per share. That is 10% more than the previous year. The total distribution of profit of approximately EUR 400 million corresponds thus to a payout ratio of approximately 30%. You participate in the increased profit of your company, as do those who generated it. Because we've paid out performance-related variable remuneration of a similar magnitude to our employees covered by collective agreements. That brings me to the report on the past financial year. We deliberately designated 2025 as a transformation year because we are carrying out numerous transformation processes, and as such, it was a very successful year. The turnaround program of our core, Lufthansa Airlines, is by far the most important part of our transformation. We made significant progress in that regard in 2025. For the past financial year, we are today proposing a dividend of EUR 0.33 per share. for the past financial year we are today proposing a dividend of eur 0.33 per share That is 10% more than the previous year. that is 10% more than the previous year The total distribution of profit of approximately EUR 400 million corresponds thus to a payout ratio of approximately 30%. the total distribution of profit of approximately eur 400 million corresponds thus to a payout ratio of approximately 30% You participate in the increased profit of your company, as do those who generated it. you participate in the increased profit of your company as do those who generated it Because we've paid out performance-related variable remuneration of a similar magnitude to our employees covered by collective agreements. because we've paid out performance-related variable remuneration of a similar magnitude to our employees covered by collective agreements That brings me to the report on the past financial year. that brings me to the report on the past financial year We deliberately designated 2025 as a transformation year because we are carrying out numerous transformation processes, and as such, it was a very successful year. we deliberately designated 2025 as a transformation year because we are carrying out numerous transformation processes and as such it was a very successful year The turnaround program of our core, Lufthansa Airlines, is by far the most important part of our transformation. the turnaround program of our core lufthansa airlines is by far the most important part of our transformation We made significant progress in that regard in 2025. we made significant progress in that regard in 2025 Above all, in terms of operational performance. The crane was flying punctually and reliably again in 2025, as our customers and shareholders rightly expect of us. That's what you expect of the management with metrics last achieved 10 years ago. Including ITA Airways, our passenger airlines were able to welcome over 150 million passengers on board our aircraft. I would like to express my sincere thanks to our customers at this point for their loyalty and allegiance, and I am sure I am also able to do this on your behalf. Outside of Lufthansa Airlines, the group looks back on one of the best years in its history. Overall, the group generated a group revenue of EUR 39.6 billion, thus bringing us closer to the EUR 40 billion mark than ever before. Above all, in terms of operational performance. above all in terms of operational performance The crane was flying punctually and reliably again in 2025, as our customers and shareholders rightly expect of us. the crane was flying punctually and reliably again in 2025 as our customers and shareholders rightly expect of us That's what you expect of the management with metrics last achieved 10 years ago. that's what you expect of the management with metrics last achieved 10 years ago Including ITA Airways, our passenger airlines were able to welcome over 150 million passengers on board our aircraft. including ita airways our passenger airlines were able to welcome over 150 million passengers on board our aircraft I would like to express my sincere thanks to our customers at this point for their loyalty and allegiance, and I am sure I am also able to do this on your behalf. Outside of Lufthansa Airlines, the group looks back on one of the best years in its history. i would like to express my sincere thanks to our customers at this point for their loyalty and allegiance and i am sure i am also able to do this on your behalf. outside of lufthansa airlines the group looks back on one of the best years in its history Overall, the group generated a group revenue of EUR 39.6 billion, thus bringing us closer to the EUR 40 billion mark than ever before. overall the group generated a group revenue of eur 39.6 billion thus bringing us closer to the eur 40 billion mark than ever before We were able to increase the group's operating result, our adjusted EBIT, by 20% to EUR 2 billion, and we thereby achieved a margin of 5%. With a revenue share of EUR 30 billion, all passenger airlines were profitable and contributed well over half of the group's operating profit. Lufthansa Airlines did indeed improve year on year, however, achieved only a modest plus of EUR 140 million and thus a margin of 0.9%. The successful execution of the turnaround therefore remains our priority within Lufthansa Airline. Already this year, the program is expected to deliver an earnings impact of EUR 1.5 billion and some EUR 2.5 billion by the end of 2028. These improvements will be achieved with three main levers. Firstly, the modernization of our fleet and products. We were able to increase the group's operating result, our adjusted EBIT, by 20% to EUR 2 billion, and we thereby achieved a margin of 5%. we were able to increase the group's operating result our adjusted ebit by 20% to eur 2 billion and we thereby achieved a margin of 5% With a revenue share of EUR 30 billion, all passenger airlines were profitable and contributed well over half of the group's operating profit. with a revenue share of eur 30 billion all passenger airlines were profitable and contributed well over half of the group's operating profit Lufthansa Airlines did indeed improve year on year, however, achieved only a modest plus of EUR 140 million and thus a margin of 0.9%. lufthansa airlines did indeed improve year on year however achieved only a modest plus of eur 140 million and thus a margin of 0.9% The successful execution of the turnaround therefore remains our priority within Lufthansa Airline. the successful execution of the turnaround therefore remains our priority within lufthansa airline Already this year, the program is expected to deliver an earnings impact of EUR 1.5 billion and some EUR 2.5 billion by the end of 2028. already this year the program is expected to deliver an earnings impact of eur 1.5 billion and some eur 2.5 billion by the end of 2028 These improvements will be achieved with three main levers. these improvements will be achieved with three main levers Firstly, the modernization of our fleet and products. firstly the modernization of our fleet and products Last year alone, Lufthansa Airlines took delivery of nine out of a total of 23 new aircraft. The fleet renewal is gathering more speed this year. Of the group's total 44 new deliveries, so we're talking about pretty much one new aircraft each week, 20 long-haul jets alone will go to Lufthansa Airlines, and they are all equipped with our new Allegris premium cabin, which has been extremely well received by our customers thus far. This is borne out by our customer satisfaction scores, which improved by more than 1/4 last year. Incidentally, that's a positive trend that continued into the first quarter of this year. Last year alone, Lufthansa Airlines took delivery of nine out of a total of 23 new aircraft. last year alone lufthansa airlines took delivery of nine out of a total of 23 new aircraft The fleet renewal is gathering more speed this year. the fleet renewal is gathering more speed this year Of the group's total 44 new deliveries, so we're talking about pretty much one new aircraft each week, 20 long-haul jets alone will go to Lufthansa Airlines, and they are all equipped with our new Allegris premium cabin, which has been extremely well received by our customers thus far. of the group's total 44 new deliveries so we're talking about pretty much one new aircraft each week 20 long-haul jets alone will go to lufthansa airlines and they are all equipped with our new allegris premium cabin which has been extremely well received by our customers thus far This is borne out by our customer satisfaction scores, which improved by more than 1/4 last year. this is borne out by our customer satisfaction scores which improved by more than 1/4 last year Incidentally, that's a positive trend that continued into the first quarter of this year. incidentally that's a positive trend that continued into the first quarter of this year Allegris also delights our financial controllers because in the new cabin, our guests can specifically choose between different seating options and the associated additional income in the seven-digit range already significantly exceeded our expectations this year, which were already optimistic, and they continue to do so. The second turnaround lever lies in the accelerated growth of Lufthansa City Airlines and Discover Airlines. Both airlines are now highly cost-efficient and are now an integral part of our offering in Frankfurt and Munich. The third lever of the turnaround encompasses many hundreds of individual measures for additional savings, additional efficiency, and additional revenues. With these three levers, we aim to achieve our medium-term margin target of 8%-10% in the core of the group as well. Our most profitable passenger airline, Swiss, is already operating at that level today. Allegris also delights our financial controllers because in the new cabin, our guests can specifically choose between different seating options and the associated additional income in the seven-digit range already significantly exceeded our expectations this year, which were already optimistic, and they continue to do so. allegris also delights our financial controllers because in the new cabin our guests can specifically choose between different seating options and the associated additional income in the seven-digit range already significantly exceeded our expectations this year which were already optimistic and they continue to do so The second turnaround lever lies in the accelerated growth of Lufthansa City Airlines and Discover Airlines. the second turnaround lever lies in the accelerated growth of lufthansa city airlines and discover airlines Both airlines are now highly cost-efficient and are now an integral part of our offering in Frankfurt and Munich. both airlines are now highly cost-efficient and are now an integral part of our offering in frankfurt and munich The third lever of the turnaround encompasses many hundreds of individual measures for additional savings, additional efficiency, and additional revenues. the third lever of the turnaround encompasses many hundreds of individual measures for additional savings additional efficiency and additional revenues With these three levers, we aim to achieve our medium-term margin target of 8%-10% in the core of the group as well. with these three levers we aim to achieve our medium-term margin target of 8%-10% in the core of the group as well Our most profitable passenger airline, Swiss, is already operating at that level today. our most profitable passenger airline swiss is already operating at that level today It landed another pleasing result last year, even if it did remain a little bit below the previous year with an adjusted EBIT of EUR 600 million. Austrian Airlines slightly improved its result and contributed EUR 81 million to the passenger airline's profit. Posting an adjusted EBIT of EUR 28 million, Brussels Airlines was unfortunately significantly below the previous year. Eurowings was recognized as the best airline in Europe in its segment last year, achieving an adjusted EBIT of EUR 132 million. The positive development of Lufthansa Cargo continued in the reporting year. With EUR 324 million, it improved its full-year result by 30%. I can safely say that our air cargo delivered in 2025 as well. The same applies to Lufthansa Technik. It landed another pleasing result last year, even if it did remain a little bit below the previous year with an adjusted EBIT of EUR 600 million. it landed another pleasing result last year even if it did remain a little bit below the previous year with an adjusted ebit of eur 600 million Austrian Airlines slightly improved its result and contributed EUR 81 million to the passenger airline's profit. austrian airlines slightly improved its result and contributed eur 81 million to the passenger airline's profit Posting an adjusted EBIT of EUR 28 million, Brussels Airlines was unfortunately significantly below the previous year. posting an adjusted ebit of eur 28 million brussels airlines was unfortunately significantly below the previous year Eurowings was recognized as the best airline in Europe in its segment last year, achieving an adjusted EBIT of EUR 132 million. eurowings was recognized as the best airline in europe in its segment last year achieving an adjusted ebit of eur 132 million The positive development of Lufthansa Cargo continued in the reporting year. the positive development of lufthansa cargo continued in the reporting year With EUR 324 million, it improved its full-year result by 30%. with eur 324 million it improved its full-year result by 30% I can safely say that our air cargo delivered in 2025 as well. i can safely say that our air cargo delivered in 2025 as well The same applies to Lufthansa Technik. the same applies to lufthansa technik With an operating result of EUR 603 million, it almost matched the previous year's record level. It's particularly pleasing that our youngest group airline, ITA Airways, has already made a positive contribution to the group's success with EUR 90 million. That amount is reported in the income from equity investments because ITA, as a 41% minority holding, is not yet fully consolidated. However, that is set to change soon. Last year, we promised you, our shareholders, the fastest airline integration in our history. Within just 18 months of taking over the first 41% tranche, we wanted to have largely completed the integration into our hub system. Not only have we kept that promise, we've actually exceeded it. All customer-facing interfaces are already integrated today, with the exception of North Atlantic flights, where regulatory approval for our merger is, as is well-known, still pending. With an operating result of EUR 603 million, it almost matched the previous year's record level. with an operating result of eur 603 million it almost matched the previous year's record level It's particularly pleasing that our youngest group airline, ITA Airways, has already made a positive contribution to the group's success with EUR 90 million. it's particularly pleasing that our youngest group airline ita airways has already made a positive contribution to the group's success with eur 90 million That amount is reported in the income from equity investments because ITA, as a 41% minority holding, is not yet fully consolidated. that amount is reported in the income from equity investments because ita as a 41% minority holding is not yet fully consolidated However, that is set to change soon. however that is set to change soon Last year, we promised you, our shareholders, the fastest airline integration in our history. last year we promised you our shareholders the fastest airline integration in our history Within just 18 months of taking over the first 41% tranche, we wanted to have largely completed the integration into our hub system. within just 18 months of taking over the first 41% tranche we wanted to have largely completed the integration into our hub system Not only have we kept that promise, we've actually exceeded it. not only have we kept that promise we've actually exceeded it All customer-facing interfaces are already integrated today, with the exception of North Atlantic flights, where regulatory approval for our merger is, as is well- known, still pending. all customer-facing interfaces are already integrated today with the exception of north atlantic flights where regulatory approval for our merger is as is well- known still pending Passengers already experience ITA Airways as an integrated part of the Lufthansa Group with unified booking, sales, and fare systems with the Miles & More frequent flyer program, Star Alliance membership, and access to our global network of premium lounges. Integration is also making progress in the cargo business. Lufthansa Cargo has been marketing ITA Airways cargo capacity since last year, which alone equates to the additional capacity of three Boeing 777 freighters. In the light of this success story, we have decided to already exercise our option to acquire a further 49% in June of this year. ITA will thereby also be organizationally and financially fully integrated in the Lufthansa Group as of 2027. It will contribute financially to the group's success and create sustainable value for you, ladies and gentlemen. Passengers already experience ITA Airways as an integrated part of the Lufthansa Group with unified booking, sales, and fare systems with the Miles & More frequent flyer program, Star Alliance membership, and access to our global network of premium lounges. passengers already experience ita airways as an integrated part of the lufthansa group with unified booking sales and fare systems with the miles & more frequent flyer program star alliance membership and access to our global network of premium lounges Integration is also making progress in the cargo business. integration is also making progress in the cargo business Lufthansa Cargo has been marketing ITA Airways cargo capacity since last year, which alone equates to the additional capacity of three Boeing 777 freighters. In the light of this success story, we have decided to already exercise our option to acquire a further 49% in June of this year. lufthansa cargo has been marketing ita airways cargo capacity since last year which alone equates to the additional capacity of three boeing 777 freighters. in the light of this success story we have decided to already exercise our option to acquire a further 49% in june of this year ITA will thereby also be organizationally and financially fully integrated in the Lufthansa Group as of 2027. ita will thereby also be organizationally and financially fully integrated in the lufthansa group as of 2027 It will contribute financially to the group's success and create sustainable value for you, ladies and gentlemen. it will contribute financially to the group's success and create sustainable value for you ladies and gentlemen You can see that we have some Italy fans here in the room with us, and quite right. Now, I started by speaking about the first and the second eras of Lufthansa. The first ended in ruins in 1945. The second began in 1955 and then transitioned after the turn of the millennium into the current third era. Deutsche Lufthansa AG became the nucleus of a European Lufthansa Group. The acquisition of Swiss in 2005, Brussels Airlines in 2008, Austrian Airlines in 2009 laid the foundations for our current multi-hub and multi-airline system. Still, with Lufthansa as the core brand in Munich and Frankfurt at the center and national network airlines in Zurich, Brussels, Vienna, and now also in Rome. We grow to create value for you. Where necessary, we also consolidate. You can see that we have some Italy fans here in the room with us, and quite right. you can see that we have some italy fans here in the room with us and quite right Now, I started by speaking about the first and the second eras of Lufthansa. now, i started by speaking about the first and the second eras of lufthansa The first ended in ruins in 1945. the first ended in ruins in 1945 The second began in 1955 and then transitioned after the turn of the millennium into the current third era. the second began in 1955 and then transitioned after the turn of the millennium into the current third era Deutsche Lufthansa AG became the nucleus of a European Lufthansa Group. deutsche lufthansa ag became the nucleus of a european lufthansa group The acquisition of Swiss in 2005, Brussels Airlines in 2008, Austrian Airlines in 2009 laid the foundations for our current multi-hub and multi-airline system. the acquisition of swiss in 2005 brussels airlines in 2008 austrian airlines in 2009 laid the foundations for our current multi-hub and multi-airline system Still, with Lufthansa as the core brand in Munich and Frankfurt at the center and national network airlines in Zurich, Brussels, Vienna, and now also in Rome. still with lufthansa as the core brand in munich and frankfurt at the center and national network airlines in zurich brussels vienna and now also in rome We grow to create value for you. we grow to create value for you Where necessary, we also consolidate. where necessary we also consolidate With the recently completed early grounding of CityLine following the closure of the equally non-viable, unfortunately non-viable SunExpress Deutschland and Germanwings, we have now completed the strategic consolidation of our German passenger flight operations. Together, we want to find perspectives for the affected employees in other areas of the group. Strategically, we are now efficiently positioned for the future, however. With our core brand at the center complemented by Lufthansa City Airlines as a feeder airline, the leisure focus of Discover Airlines and Eurowings as a point-to-point specialist for flights outside our hubs. Added to that, we have our globally leading Lufthansa Technik and Lufthansa Cargo as further pillars of our business model. That is how we have been able to and how we can compensate in Germany for our historical and geographical disadvantage of not having a catchment area and hub the size of London or Paris. With the recently completed early grounding of CityLine following the closure of the equally non-viable, unfortunately non-viable SunExpress Deutschland and Germanwings, we have now completed the strategic consolidation of our German passenger flight operations. with the recently completed early grounding of cityline following the closure of the equally non-viable unfortunately non-viable sunexpress deutschland and germanwings we have now completed the strategic consolidation of our german passenger flight operations Together, we want to find perspectives for the affected employees in other areas of the group. together we want to find perspectives for the affected employees in other areas of the group Strategically, we are now efficiently positioned for the future, however. strategically we are now efficiently positioned for the future however With our core brand at the center complemented by Lufthansa City Airlines as a feeder airline, the leisure focus of Discover Airlines and Eurowings as a point-to-point specialist for flights outside our hubs. with our core brand at the center complemented by lufthansa city airlines as a feeder airline the leisure focus of discover airlines and eurowings as a point-to-point specialist for flights outside our hubs Added to that, we have our globally leading Lufthansa Technik and Lufthansa Cargo as further pillars of our business model. added to that we have our globally leading lufthansa technik and lufthansa cargo as further pillars of our business model That is how we have been able to and how we can compensate in Germany for our historical and geographical disadvantage of not having a catchment area and hub the size of London or Paris. that is how we have been able to and how we can compensate in germany for our historical and geographical disadvantage of not having a catchment area and hub the size of london or paris That is our strategy. That is our recipe for success, and that is our path into the future. Of course, on paper, a homogeneous group with just one airline, one hub, just one brand in one segment would be simpler, like the model employed by most of our state-owned competitors. However, this is simply not an option we have. As a national airline with only one home market, we would no longer stand a chance in global competition. Lufthansa is thus emblematic of Europe because this logic also applies to our home continent. No single European country can take on the world powers of the U.S.A. or China or India as equals or conclude free trade agreements, as recently with Latin America or India. In a united Europe, however, anything is possible. That is our strategy. that is our strategy That is our recipe for success, and that is our path into the future. that is our recipe for success and that is our path into the future Of course, on paper, a homogeneous group with just one airline, one hub, just one brand in one segment would be simpler, like the model employed by most of our state-owned competitors. of course on paper a homogeneous group with just one airline one hub just one brand in one segment would be simpler like the model employed by most of our state-owned competitors However, this is simply not an option we have. however, this is simply not an option we have As a national airline with only one home market, we would no longer stand a chance in global competition. as a national airline with only one home market we would no longer stand a chance in global competition Lufthansa is thus emblematic of Europe because this logic also applies to our home continent. lufthansa is thus emblematic of europe because this logic also applies to our home continent No single European country can take on the world powers of the U.S.A. or China or India as equals or conclude free trade agreements, as recently with Latin America or India. no single european country can take on the world powers of the u.s.a or china or india as equals or conclude free trade agreements as recently with latin america or india In a united Europe, however, anything is possible. in a united europe however anything is possible For us in aviation, too, pooling resources and networks and leveraging synergies under the roof of a strong group is therefore a strategic necessity to be able to remain at the high level globally, and we are proud to be implementing that with increasing success. With EUR 40 billion in revenue and a group fleet of 840 aircraft, your company, the Lufthansa Group, is number one in Europe and the world's largest airline group outside the U.S.A. We've achieved this because we have successfully capitalized on growth and internationalization, and we will continue to do so in the future. Already today, less than 20% of our revenues originate in Germany. Less than half of our network airlines aircraft are based at our German hubs, Frankfurt and Munich. Yet we are nevertheless affected disproportionately by the excessively high costs of Germany as an aviation location. For us in aviation, too, pooling resources and networks and leveraging synergies under the roof of a strong group is therefore a strategic necessity to be able to remain at the high level globally, and we are proud to be implementing that with increasing success. for us in aviation too pooling resources and networks and leveraging synergies under the roof of a strong group is therefore a strategic necessity to be able to remain at the high level globally and we are proud to be implementing that with increasing success With EUR 40 billion in revenue and a group fleet of 840 aircraft, your company, the Lufthansa Group, is number one in Europe and the world's largest airline group outside the U.S.A. with eur 40 billion in revenue and a group fleet of 840 aircraft your company the lufthansa group is number one in europe and the world's largest airline group outside the u.s.a We've achieved this because we have successfully capitalized on growth and internationalization, and we will continue to do so in the future. we've achieved this because we have successfully capitalized on growth and internationalization and we will continue to do so in the future Already today, less than 20% of our revenues originate in Germany. already today less than 20% of our revenues originate in germany Less than half of our network airlines aircraft are based at our German hubs, Frankfurt and Munich. less than half of our network airlines aircraft are based at our german hubs frankfurt and munich Yet we are nevertheless affected disproportionately by the excessively high costs of Germany as an aviation location. yet we are nevertheless affected disproportionately by the excessively high costs of germany as an aviation location We must continue to minimize this disadvantage and seize additional international growth opportunities with investments in ITA Airways or, for example, in new technical facilities in Porto and Calgary. However, as a consequence, this also means that Germany will participate less and less in the global success of the Lufthansa Group. We must continue to urge policymakers to translate the growing awareness of the aviation sector situation into genuine, tangible relief from these huge locational disadvantages. We, of course, have to do our part as well. The more international we are, the more important our ability to successfully integrate organizations and cultures will become. We've set ourselves the goal of making cooperation within our group even more rigorous and efficient. On the one hand, because our customers want to use the breadth of our airlines offering as seamlessly as possible. We must continue to minimize this disadvantage and seize additional international growth opportunities with investments in ITA Airways or, for example, in new technical facilities in Porto and Calgary. we must continue to minimize this disadvantage and seize additional international growth opportunities with investments in ita airways or for example in new technical facilities in porto and calgary However, as a consequence, this also means that Germany will participate less and less in the global success of the Lufthansa Group. however, as a consequence this also means that germany will participate less and less in the global success of the lufthansa group We must continue to urge policymakers to translate the growing awareness of the aviation sector situation into genuine, tangible relief from these huge locational disadvantages. we must continue to urge policymakers to translate the growing awareness of the aviation sector situation into genuine tangible relief from these huge locational disadvantages We, of course, have to do our part as well. we of course have to do our part as well The more international we are, the more important our ability to successfully integrate organizations and cultures will become. We've set ourselves the goal of making cooperation within our group even more rigorous and efficient. the more international we are the more important our ability to successfully integrate organizations and cultures will become. we've set ourselves the goal of making cooperation within our group even more rigorous and efficient On the one hand, because our customers want to use the breadth of our airlines offering as seamlessly as possible. on the one hand because our customers want to use the breadth of our airlines offering as seamlessly as possible On the other hand, of course, to simply become even more profitable. By committing ourselves to medium-term financial targets, we have made a pledge to you, our shareholders. By 2030 at the latest, we want and shall raise our margin to a level of 8%-10% and in doing so, increase the return on capital employed to 15%-20%. At the same time, we've set ourselves the goal of generating at least EUR 2.5 billion in free cash flow per year. Achieving these targets is also part of the evolution into the third era of our history that I've already alluded to. Thank you very much, Mr. Speaker. On the other hand, of course, to simply become even more profitable. on the other hand of course to simply become even more profitable By committing ourselves to medium-term financial targets, we have made a pledge to you, our shareholders. by committing ourselves to medium-term financial targets we have made a pledge to you our shareholders By 2030 at the latest, we want and shall raise our margin to a level of 8%-10% and in doing so, increase the return on capital employed to 15%-20%. by 2030 at the latest we want and shall raise our margin to a level of 8%-10% and in doing so increase the return on capital employed to 15%-20% At the same time, we've set ourselves the goal of generating at least EUR 2.5 billion in free cash flow per year. at the same time we've set ourselves the goal of generating at least eur 2.5 billion in free cash flow per year Achieving these targets is also part of the evolution into the third era of our history that I've already alluded to. achieving these targets is also part of the evolution into the third era of our history that i've already alluded to Thank you very much, Mr. Speaker. thank you very much mr speaker We're taking a group of airlines and transforming them into a synergistic and integrated Lufthansa Group with clear rules, not only for cooperation and collaboration, but also with clear rules for the allocation of your capital. There will still be room for entrepreneurial independence, brands, and market responsibility, but significantly more commonalities within the group, more synergies. In particular amongst our passenger airlines, we have made a great step in standardizing processes, consolidating networks, and merging organizational units. We are simplifying structures and pooling tasks. Our umbrella brand, Lufthansa Group, which as of now will bear the Crane emblem, is becoming the ever more visible common thread there. We're taking a group of airlines and transforming them into a synergistic and integrated Lufthansa Group with clear rules, not only for cooperation and collaboration, but also with clear rules for the allocation of your capital. we're taking a group of airlines and transforming them into a synergistic and integrated lufthansa group with clear rules not only for cooperation and collaboration but also with clear rules for the allocation of your capital There will still be room for entrepreneurial independence, brands, and market responsibility, but significantly more commonalities within the group, more synergies. there will still be room for entrepreneurial independence brands and market responsibility but significantly more commonalities within the group more synergies In particular amongst our passenger airlines, we have made a great step in standardizing processes, consolidating networks, and merging organizational units. in particular amongst our passenger airlines we have made a great step in standardizing processes consolidating networks and merging organizational units We are simplifying structures and pooling tasks. we are simplifying structures and pooling tasks Our umbrella brand, Lufthansa Group, which as of now will bear the Crane emblem, is becoming the ever more visible common thread there. our umbrella brand lufthansa group which as of now will bear the crane emblem is becoming the ever more visible common thread there Through its presence, for example, on all group aircraft, it interacts directly with our passengers who will also see the Crane on their boarding pass when they check in with Eurowings, Edelweiss or Air Dolomiti, or if they go into an ITA Airways lounge in Rome or Milan. The Lufthansa Group brand symbolizes and embodies us as a European airline group. Our consistent evolution into the Lufthansa Group encounters, like any change, doubt and resistance at times. After more than 35 years as a Lufthanseat, I am deeply convinced that all Lufthansa employees, including those who give voice to their protest, carry the Crane in their hearts and want to secure the success of our company, of your company. Ladies and gentlemen, amongst those who carry the Crane in their hearts is also our Supervisory Board Chairman, Karl-Ludwig Kley. Today is his last day of work. Through its presence, for example, on all group aircraft, it interacts directly with our passengers who will also see the Crane on their boarding pass when they check in with Eurowings, Edelweiss or Air Dolomiti, or if they go into an ITA Airways lounge in Rome or Milan. through its presence for example on all group aircraft it interacts directly with our passengers who will also see the crane on their boarding pass when they check in with eurowings edelweiss or air dolomiti or if they go into an ita airways lounge in rome or milan The Lufthansa Group brand symbolizes and embodies us as a European airline group. the lufthansa group brand symbolizes and embodies us as a european airline group Our consistent evolution into the Lufthansa Group encounters, like any change, doubt and resistance at times. our consistent evolution into the lufthansa group encounters like any change doubt and resistance at times After more than 35 years as a Lufthanseat, I am deeply convinced that all Lufthansa employees, including those who give voice to their protest, carry the Crane in their hearts and want to secure the success of our company, of your company. after more than 35 years as a lufthanseat i am deeply convinced that all lufthansa employees including those who give voice to their protest carry the crane in their hearts and want to secure the success of our company of your company Ladies and gentlemen, amongst those who carry the Crane in their hearts is also our Supervisory Board Chairman, Karl-Ludwig Kley. ladies and gentlemen amongst those who carry the crane in their hearts is also our supervisory board chairman karl-ludwig kley Today is his last day of work. today is his last day of work Ms. Kley is here in the front row, and she'll be happy to see him more often at home. Mr. Kley, you have helped to shape the further development of our company for many, many years. You've been a member of the supervisory board since 2013 and its Chairman since 2017. Prior to that, from 1998-2006, you were Lufthansa CFO. In two of the eras I've spoken about, you therefore bore crucial responsibility. In doing so, you've been key to our transformation, our shared path of success with its highs and lows, its achievements and crises alike. Especially in times of crisis, you were always an unparalleled support for me personally. I would like to thank you very much indeed for that. Ms. Kley is here in the front row, and she'll be happy to see him more often at home. ms kley is here in the front row and she'll be happy to see him more often at home Mr. Kley, you have helped to shape the further development of our company for many, many years. mr kley you have helped to shape the further development of our company for many many years You've been a member of the supervisory board since 2013 and its Chairman since 2017. you've been a member of the supervisory board since 2013 and its chairman since 2017 Prior to that, from 1998-2 006, you were Lufthansa CFO. prior to that from 1998-2 006 you were lufthansa cfo In two of the eras I've spoken about, you therefore bore crucial responsibility. in two of the eras i've spoken about you therefore bore crucial responsibility In doing so, you've been key to our transformation, our shared path of success with its highs and lows, its achievements and crises alike. in doing so you've been key to our transformation our shared path of success with its highs and lows its achievements and crises alike Especially in times of crisis, you were always an unparalleled support for me personally. especially in times of crisis you were always an unparalleled support for me personally I would like to thank you very much indeed for that. i would like to thank you very much indeed for that What lots of people perhaps don't know is that before Mr. Kley, there was already a prominent figure from Cologne on the Supervisory Board of Lufthansa, Konrad Adenauer. He was already in the supervisory board of the first Lufthansa in 1926, and in 1949, he became Federal Chancellor of Germany. Mr. Kley, we're very, very curious and intrigued to see what you intend to do. There's not much after the Supervisory Board of Lufthansa. Mr. Adenauer managed it. In any case, I think on behalf of everybody here, we can thank you wholeheartedly for everything you've done for our Lufthansa and wish you all the best. We wish you all the best of health and the greatest of courage for your great tasks ahead. Ms. Kley, thank you for letting him spend more time with me than with you. What lots of people perhaps don't know is that before Mr. Kley, there was already a prominent figure from Cologne on the Supervisory Board of Lufthansa, Konrad Adenauer. what lots of people perhaps don't know is that before mr kley there was already a prominent figure from cologne on the supervisory board of lufthansa konrad adenauer He was already in the supervisory board of the first Lufthansa in 1926, and in 1949, he became Federal Chancellor of Germany. he was already in the supervisory board of the first lufthansa in 1926 and in 1949 he became federal chancellor of germany Mr. Kley, we're very, very curious and intrigued to see what you intend to do. mr kley we're very very curious and intrigued to see what you intend to do There's not much after the Supervisory Board of Lufthansa. there's not much after the supervisory board of lufthansa Mr. Adenauer managed it. mr adenauer managed it In any case, I think on behalf of everybody here, we can thank you wholeheartedly for everything you've done for our Lufthansa and wish you all the best. in any case i think on behalf of everybody here we can thank you wholeheartedly for everything you've done for our lufthansa and wish you all the best We wish you all the best of health and the greatest of courage for your great tasks ahead. we wish you all the best of health and the greatest of courage for your great tasks ahead Ms. Kley, thank you for letting him spend more time with me than with you. ms kley thank you for letting him spend more time with me than with you Maybe we would have been able to swap roles at some stage, but without such support at home, nobody would be able to achieve what Mr. Kley did. Thank you very much indeed to you as well. Ladies and gentlemen, this year, we are celebrating the 100th anniversary of our founding. We have grown through crises over the decades and emerged stronger from each of them, and it will be the same this time. That is my pledge. Aviation has been a growth industry for 100 years, and it will remain so in the future. Despite all of the challenges and changes, we must continue to preserve aviation as a bridge to the world. Where we have bridges, we create understanding and with that peace. Maybe we would have been able to swap roles at some stage, but without such support at home, nobody would be able to achieve what Mr. Kley did. maybe we would have been able to swap roles at some stage but without such support at home nobody would be able to achieve what mr. kley did Thank you very much indeed to you as well. thank you very much indeed to you as well Ladies and gentlemen, this year, we are celebrating the 100th anniversary of our founding. We have grown through crises over the decades and emerged stronger from each of them, and it will be the same this time. ladies and gentlemen this year we are celebrating the 100th anniversary of our founding. we have grown through crises over the decades and emerged stronger from each of them and it will be the same this time That is my pledge. that is my pledge Aviation has been a growth industry for 100 years, and it will remain so in the future. aviation has been a growth industry for 100 years and it will remain so in the future Despite all of the challenges and changes, we must continue to preserve aviation as a bridge to the world. despite all of the challenges and changes we must continue to preserve aviation as a bridge to the world Where we have bridges, we create understanding and with that peace. where we have bridges we create understanding and with that peace I think if we look at the newspapers, we can see that the role of aviation has rarely been more important than it is today. Hence, our mission for the future remains, as it has been from the very beginning, to connect people, cultures, and economies in a sustainable way. Thanks to the Lufthansa worldwide, and also thanks to you, shareholders, we have evolved from the first Lufthansa in its modest beginnings of 1926 into the Lufthansa Group of 2026. You are all part of this unique success story. I thank you for your trust. Please continue to put your faith in us. Thank you very much. I think if we look at the newspapers, we can see that the role of aviation has rarely been more important than it is today. i think if we look at the newspapers we can see that the role of aviation has rarely been more important than it is today Hence, our mission for the future remains, as it has been from the very beginning, to connect people, cultures, and economies in a sustainable way. hence our mission for the future remains as it has been from the very beginning to connect people cultures and economies in a sustainable way Thanks to the Lufthansa worldwide, and also thanks to you, shareholders, we have evolved from the first Lufthansa in its modest beginnings of 1926 into the Lufthansa Group of 2026. thanks to the lufthansa worldwide and also thanks to you shareholders we have evolved from the first lufthansa in its modest beginnings of 1926 into the lufthansa group of 2026 You are all part of this unique success story. you are all part of this unique success story I thank you for your trust. i thank you for your trust Please continue to put your faith in us. please continue to put your faith in us Thank you very much. thank you very much

Speaker 3: Thank you, Mr. Spohr. I had definitely planned not to feel this moved. It didn't work out as you have seen. Because of this, I'd like to briefly inform you on the work of the supervisory board in order to come back to a more better effect-like style. Thank you for your words. They really moved me. I'd like to report briefly on the work of the supervisory board, because you'll find the more extensive version in the annual accounts that were made available to you. In the last year and also in 2026, the political situation came evermore into the focus of our meetings. Aviation is always the subject of rules and regulations and state intervention. Thank you, Mr. Spohr. thank you mr spohr I had definitely planned not to feel this moved. i had definitely planned not to feel this moved It didn't work out as you have seen. it didn't work out as you have seen Because of this, I'd like to briefly inform you on the work of the supervisory board in order to come back to a more better effect-like style. because of this i'd like to briefly inform you on the work of the supervisory board in order to come back to a more better effect-like style Thank you for your words. thank you for your words They really moved me. they really moved me I'd like to report briefly on the work of the supervisory board, because you'll find the more extensive version in the annual accounts that were made available to you. i'd like to report briefly on the work of the supervisory board because you'll find the more extensive version in the annual accounts that were made available to you In the last year and also in 2026, the political situation came evermore into the focus of our meetings. in the last year and also in 2026 the political situation came evermore into the focus of our meetings Aviation is always the subject of rules and regulations and state intervention. aviation is always the subject of rules and regulations and state intervention In the course of the past 10 years, this effect has become ever stronger, especially the willingness of the European Union to create new rules and the cost burden in Germany are becoming a greater competitive burden for Lufthansa. Also, there's the more difficult geopolitical situation, which really has a major influence in our business. Ever more faster and more flexible reactions on our part become necessary. As the supervisory board, we dealt with these questions intensively. Another area was the competitive situation, especially the competition from Gulf State Airlines. This required many measures that the management board reported on. Before this background, the implementation of the strategies decided by the supervisory board and the management board were a point of reference for our meetings. In the course of the past 10 years, this effect has become ever stronger, especially the willingness of the European Union to create new rules and the cost burden in Germany are becoming a greater competitive burden for Lufthansa. in the course of the past 10 years this effect has become ever stronger especially the willingness of the european union to create new rules and the cost burden in germany are becoming a greater competitive burden for lufthansa Also, there's the more difficult geopolitical situation, which really has a major influence in our business. also, there's the more difficult geopolitical situation which really has a major influence in our business Ever more faster and more flexible reactions on our part become necessary. ever more faster and more flexible reactions on our part become necessary As the supervisory board, we dealt with these questions intensively. as the supervisory board we dealt with these questions intensively Another area was the competitive situation, especially the competition from Gulf State Airlines. another area was the competitive situation especially the competition from gulf state airlines This required many measures that the management board reported on. this required many measures that the management board reported on Before this background, the implementation of the strategies decided by the supervisory board and the management board were a point of reference for our meetings. before this background the implementation of the strategies decided by the supervisory board and the management board were a point of reference for our meetings In 2026, we dealt with the following strategic topics: the modernization of the fleet, the further internationalization, with the acquisition of ITA Airways in view, our locations for Lufthansa Technik, and the further progress of the turnaround program of Lufthansa Airlines, and the continuation of our IT and digitalization strategy. At every meeting, we discussed things intensively with the management board, especially when it comes to the economic situation and the earning situation. We also discussed customer satisfaction and measures to continuously improve customer satisfaction. These things were presented by the management board and discussed by us. I spent nine years as Chairman of the Supervisory Board, and this time ends today. I'd like to make a few personal comments on this. Don't worry. This is very factual and not emotional at all. In 2026, we dealt with the following strategic topics: the modernization of the fleet, the further internationalization, with the acquisition of ITA Airways in view, our locations for Lufthansa Technik, and the further progress of the turnaround program of Lufthansa Airlines, and the continuation of our IT and digitalization strategy. in 2026 we dealt with the following strategic topics the modernization of the fleet the further internationalization with the acquisition of ita airways in view our locations for lufthansa technik and the further progress of the turnaround program of lufthansa airlines and the continuation of our it and digitalization strategy At every meeting, we discussed things intensively with the management board, especially when it comes to the economic situation and the earning situation. at every meeting we discussed things intensively with the management board especially when it comes to the economic situation and the earning situation We also discussed customer satisfaction and measures to continuously improve customer satisfaction. we also discussed customer satisfaction and measures to continuously improve customer satisfaction These things were presented by the management board and discussed by us. these things were presented by the management board and discussed by us I spent nine years as Chairman of the Supervisory Board, and this time ends today. i spent nine years as chairman of the supervisory board and this time ends today I'd like to make a few personal comments on this. i'd like to make a few personal comments on this Don't worry. don't worry This is very factual and not emotional at all. this is very factual and not emotional at all 2018 and 2019 were characterized by an overall overhaul of our governance systems. In 2023, the work of the supervisory board was added to by the further development of the ESG committee, and this is now an innovation and technology and sustainability committee. The reactions from institutional investors to all of these areas were very positive. Of course, it is difficult to really fulfill the wishes of all of our investors. On the one hand, different investors have different points of view, and in some cases, very difficult to harmonize these different viewpoints. Sometimes the expectations of the investors to the governance of a company change all the time. Sometimes it's hard to catch up. I'd like to point out to you this regards the financial report 2025. 2018 and 2019 were characterized by an overall overhaul of our governance systems. 2018 and 2019 were characterized by an overall overhaul of our governance systems In 2023, the work of the supervisory board was added to by the further development of the ESG committee, and this is now an innovation and technology and sustainability committee. in 2023 the work of the supervisory board was added to by the further development of the esg committee and this is now an innovation and technology and sustainability committee The reactions from institutional investors to all of these areas were very positive. the reactions from institutional investors to all of these areas were very positive Of course, it is difficult to really fulfill the wishes of all of our investors. of course it is difficult to really fulfill the wishes of all of our investors On the one hand, different investors have different points of view, and in some cases, very difficult to harmonize these different viewpoints. on the one hand different investors have different points of view and in some cases very difficult to harmonize these different viewpoints Sometimes the expectations of the investors to the governance of a company change all the time. sometimes the expectations of the investors to the governance of a company change all the time Sometimes it's hard to catch up. I'd like to point out to you this regards the financial report 2025. sometimes it's hard to catch up. i'd like to point out to you this regards the financial report 2025 You know, some of these important things, we only learned in 2026, so that makes it hard to take these things into account. You know that for many years it has been a personal project of mine to really focus the requirements of corporate governance to those areas that generate value. You know me as someone from Cologne. You know, as I sometimes say, the remainder, you know, leave it aside. The second focus of the work of the supervisory board was the strategy of the company. The strategy process was reset, and every year the strategy discussion is an important item on the agenda in the supervisory board meetings in the second half. At every supervisory board meeting, we look at implementation of the strategy. You know, some of these important things, we only learned in 2026, so that makes it hard to take these things into account. you know some of these important things we only learned in 2026 so that makes it hard to take these things into account You know that for many years it has been a personal project of mine to really focus the requirements of corporate governance to those areas that generate value. you know that for many years it has been a personal project of mine to really focus the requirements of corporate governance to those areas that generate value You know me as someone from Cologne. you know me as someone from cologne You know, as I sometimes say, the remainder, you know, leave it aside. you know as i sometimes say the remainder you know leave it aside The second focus of the work of the supervisory board was the strategy of the company. the second focus of the work of the supervisory board was the strategy of the company The strategy process was reset, and every year the strategy discussion is an important item on the agenda in the supervisory board meetings in the second half. the strategy process was reset and every year the strategy discussion is an important item on the agenda in the supervisory board meetings in the second half At every supervisory board meeting, we look at implementation of the strategy. at every supervisory board meeting we look at implementation of the strategy In 2022-2023, we had to pull together to survive the COVID-19 crisis and to maintain the company. From then on, we had to stabilize the airline operation and to initiate and implement the stabilization program of the airline. During the past two years, we're able to focus more on the implementation of the strategy and the exercise of the option to buy 90% of ITA Airways is a milestone within these strategic projects, within the strategic project that I mentioned. Since I have a personal relationship to Italy, I'm very happy that on the last day of my tenure, I can say that ITA Airways will become part and parcel of the Lufthansa Airlines. Benvenuta, Italy, ITA. In 2022-2023, we had to pull together to survive the COVID-19 crisis and to maintain the company. in 2022-2023 we had to pull together to survive the covid-19 crisis and to maintain the company From then on, we had to stabilize the airline operation and to initiate and implement the stabilization program of the airline. from then on we had to stabilize the airline operation and to initiate and implement the stabilization program of the airline During the past two years, we're able to focus more on the implementation of the strategy and the exercise of the option to buy 90% of ITA Airways is a milestone within these strategic projects, within the strategic project that I mentioned. during the past two years we're able to focus more on the implementation of the strategy and the exercise of the option to buy 90% of ita airways is a milestone within these strategic projects within the strategic project that i mentioned Since I have a personal relationship to Italy, I'm very happy that on the last day of my tenure, I can say that ITA Airways will become part and parcel of the Lufthansa Airlines. since i have a personal relationship to italy i'm very happy that on the last day of my tenure i can say that ita airways will become part and parcel of the lufthansa airlines Benvenuta, Italy, ITA. benvenuta italy ita With the end of this AGM, the terms of Karl Gernandt, Wolfgang Nickl, and Carsten Knobel will end. Carsten Knobel told me that he will not stand for election again. He has been a member of the supervisory board since 2017. With his expert knowledge and years of experience and his career at Henkel all the way to the CEO of the company, he really enriched the work of the supervisory board, and he was a very important member of the audit committee. At yesterday's supervisory board meeting, I thanked him for his work, and I'll do it again on behalf of this body and personally. Dear shareholders, as you know, I will not be standing for re-election to the supervisory board either. Altogether, we will have three new elections for seats on the supervisory board. With the end of this AGM, the terms of Karl Gernandt , Wolfgang Nickl, and Carsten Knobel will end. with the end of this agm the terms of karl gernandt wolfgang nickl and carsten knobel will end Carsten Knobel told me that he will not stand for election again. carsten knobel told me that he will not stand for election again He has been a member of the supervisory board since 2017. he has been a member of the supervisory board since 2017 With his expert knowledge and years of experience and his career at Henkel all the way to the CEO of the company, he really enriched the work of the supervisory board, and he was a very important member of the audit committee. with his expert knowledge and years of experience and his career at henkel all the way to the ceo of the company he really enriched the work of the supervisory board and he was a very important member of the audit committee At yesterday's supervisory board meeting, I thanked him for his work, and I'll do it again on behalf of this body and personally. at yesterday's supervisory board meeting i thanked him for his work and i'll do it again on behalf of this body and personally Dear shareholders, as you know, I will not be standing for re-election to the supervisory board either. dear shareholders as you know i will not be standing for re-election to the supervisory board either Altogether, we will have three new elections for seats on the supervisory board. altogether we will have three new elections for seats on the supervisory board This will be handled under item 6 on the agenda. The supervisory board proposals that you re-elect Karl Gernandt and elect Wolfgang Nickl and Johannes Teyssen as new members of the supervisory board for a term of three years each. You already know Mr. Gernandt as a current member of the supervisory board. Wolfgang Nickl until May 2026, was the CFO of Bayer, and he's standing for election to the supervisory board for the first time. He was unable to come personally, but we have a video message of his where he would like to introduce himself. This will be handled under item 6 on the agenda. this will be handled under item 6 on the agenda The supervisory board proposals that you re-elect Karl Gernandt and elect Wolfgang Nickl and Johannes Teyssen as new members of the supervisory board for a term of three years each. the supervisory board proposals that you re-elect karl gernandt and elect wolfgang nickl and johannes teyssen as new members of the supervisory board for a term of three years each You already know Mr. Gernandt as a current member of the supervisory board. you already know mr gernandt as a current member of the supervisory board Wolfgang Nickl until May 2026, was the CFO of Bayer, and he's standing for election to the supervisory board for the first time. wolfgang nickl until may 2026 was the cfo of bayer and he's standing for election to the supervisory board for the first time He was unable to come personally, but we have a video message of his where he would like to introduce himself. he was unable to come personally but we have a video message of his where he would like to introduce himself

Speaker 4: Shareholders, my name is Wolfgang Nickl. [Non-English content] Shareholders, my name is Wolfgang Nickl. shareholders my name is wolfgang nickl [non-english content] [Non-English content] shareholders my name is wolfgang nickl [non-english content]

Speaker 3: Johannes Teyssen, former CEO of E.ON, has been nominated to succeed me as member and Chairman of the Supervisory Board. Since this is his first time standing for election to the supervisory board, Mr. Teyssen will introduce himself to you personally. Johannes Teyssen, former CEO of E.ON, has been nominated to succeed me as member and Chairman of the Supervisory Board. johannes teyssen former ceo of e.on has been nominated to succeed me as member and chairman of the supervisory board Since this is his first time standing for election to the supervisory board, Mr. Teyssen will introduce himself to you personally. since this is his first time standing for election to the supervisory board mr teyssen will introduce himself to you personally

Speaker 2: Chairman, dear Karl-Ludwig, ladies and gentlemen, shareholders, and members of the supervisory board and management board, I'm Johannes Teyssen. I'd like to ask you for your support and for your vote as a member of the supervisory board. Starting tomorrow, with your support, I'm supposed to follow in the footsteps of Karl-Ludwig Kley. You should know who you want to give your trust for this task. My wife and I live in Düsseldorf. We are happy with four adult sons and three small grandchildren, our family. In this country we have deep roots, and we're happy to live free in a unified Europe. Some of you may know me from my time as the CEO of E.ON, a position I held for many years. Chairman, dear Karl-Ludwig, ladies and gentlemen, shareholders, and members of the supervisory board and management board, I'm Johannes Teyssen. chairman dear karl-ludwig ladies and gentlemen shareholders and members of the supervisory board and management board i'm johannes teyssen I'd like to ask you for your support and for your vote as a member of the supervisory board. i'd like to ask you for your support and for your vote as a member of the supervisory board Starting tomorrow, with your support, I'm supposed to follow in the footsteps of Karl-Ludwig Kley . starting tomorrow with your support i'm supposed to follow in the footsteps of karl-ludwig kley You should know who you want to give your trust for this task. you should know who you want to give your trust for this task My wife and I live in Düsseldorf. my wife and i live in düsseldorf We are happy with four adult sons and three small grandchildren, our family. we are happy with four adult sons and three small grandchildren our family In this country we have deep roots, and we're happy to live free in a unified Europe. in this country we have deep roots and we're happy to live free in a unified europe Some of you may know me from my time as the CEO of E.ON, a position I held for many years. some of you may know me from my time as the ceo of e.on a position i held for many years In the past five years, I was the President of the Administrative Council of a Swiss energy company, and I was in a global British company. I worked in several scientific, cultural, and social institutions in Germany and near our home in Düsseldorf. Lufthansa Group is of great importance beyond Germany's borders for safe and stable connections of people and companies and for the transport of critical goods all over the world. Especially at times of increasing geopolitical threats and tensions, we are here to help people between Frankfurt, Brussels, Zurich, and Rome. These people need independence and autonomy, there's no other way we can live safely as Europeans in this new world and holding our own in global competition. For this, Lufthansa needs the support of politicians, of society, and we need the respective framework conditions. In the past five years, I was the President of the Administrative Council of a Swiss energy company, and I was in a global British company. in the past five years i was the president of the administrative council of a swiss energy company and i was in a global british company I worked in several scientific, cultural, and social institutions in Germany and near our home in Düsseldorf. i worked in several scientific cultural and social institutions in germany and near our home in düsseldorf Lufthansa Group is of great importance beyond Germany's borders for safe and stable connections of people and companies and for the transport of critical goods all over the world. lufthansa group is of great importance beyond germany's borders for safe and stable connections of people and companies and for the transport of critical goods all over the world Especially at times of increasing geopolitical threats and tensions, we are here to help people between Frankfurt, Brussels, Zurich, and Rome. especially at times of increasing geopolitical threats and tensions we are here to help people between frankfurt brussels zurich and rome These people need independence and autonomy, there's no other way we can live safely as Europeans in this new world and holding our own in global competition. these people need independence and autonomy there's no other way we can live safely as europeans in this new world and holding our own in global competition For this, Lufthansa needs the support of politicians, of society, and we need the respective framework conditions. for this lufthansa needs the support of politicians of society and we need the respective framework conditions Building up on the proud 100-year history of our company, it is incumbent upon the company itself to provide for a safe future of Lufthansa. We need to better and more efficiently govern our business than anybody else could. Every day we need to win the trust of our customers again and again. Yes, for you, our shareholders, we need to earn the cost of capital, and we need to do this in the way that you expect because this is your company, after all. We at the supervisory board and management board know this, and every employee should know that we are only keeping your assets safe in this company. I worked in many capital-intensive industries from energy to steel. Building up on the proud 100- year history of our company, it is incumbent upon the company itself to provide for a safe future of Lufthansa. building up on the proud 100- year history of our company it is incumbent upon the company itself to provide for a safe future of lufthansa We need to better and more efficiently govern our business than anybody else could. we need to better and more efficiently govern our business than anybody else could Every day we need to win the trust of our customers again and again. every day we need to win the trust of our customers again and again Yes, for you, our shareholders, we need to earn the cost of capital, and we need to do this in the way that you expect because this is your company, after all. yes for you our shareholders we need to earn the cost of capital and we need to do this in the way that you expect because this is your company after all We at the supervisory board and management board know this, and every employee should know that we are only keeping your assets safe in this company. we at the supervisory board and management board know this and every employee should know that we are only keeping your assets safe in this company I worked in many capital-intensive industries from energy to steel. i worked in many capital-intensive industries from energy to steel I learned about good governance and appreciated good governance both in Germany and Switzerland and England, and I've been able to go through major transformations in companies. Now I like to work for your Lufthansa Group to make sure that it holds its own in competition, that it satisfies its customers, and that the employees are happy, and that your interests as investors are also addressed. I'm not an aviation or logistics expert. In the past weeks and months, I really prepared myself. I visited almost all of the units of Lufthansa Group. I talked to people from the board and lots of executives and experts. I dealt with the challenges that I have to expect. I learned about good governance and appreciated good governance both in Germany and Switzerland and England, and I've been able to go through major transformations in companies. i learned about good governance and appreciated good governance both in germany and switzerland and england and i've been able to go through major transformations in companies Now I like to work for your Lufthansa Group to make sure that it holds its own in competition, that it satisfies its customers, and that the employees are happy, and that your interests as investors are also addressed. now i like to work for your lufthansa group to make sure that it holds its own in competition that it satisfies its customers and that the employees are happy and that your interests as investors are also addressed I'm not an aviation or logistics expert. i'm not an aviation or logistics expert In the past weeks and months, I really prepared myself. in the past weeks and months i really prepared myself I visited almost all of the units of Lufthansa Group. i visited almost all of the units of lufthansa group I talked to people from the board and lots of executives and experts. i talked to people from the board and lots of executives and experts I dealt with the challenges that I have to expect. i dealt with the challenges that i have to expect I have great respect for this task and what Karl-Ludwig Kley did over many years. Now I look forward to this. Please give me your trust and your support so that together with the management board and the supervisory board and with all of the colleagues at Lufthansa, I can move along this way in the years to come. Thank you for your attention. I have great respect for this task and what Karl-Ludwig Kley did over many years. i have great respect for this task and what karl-ludwig kley did over many years Now I look forward to this. now i look forward to this Please give me your trust and your support so that together with the management board and the supervisory board and with all of the colleagues at Lufthansa, I can move along this way in the years to come. please give me your trust and your support so that together with the management board and the supervisory board and with all of the colleagues at lufthansa i can move along this way in the years to come Thank you for your attention. thank you for your attention

Speaker 3: Thank you, dear Johannes. I now move on to the remaining items on the agenda that I will now call. Under agenda item 2, you will decide whether the cash dividend of EUR 0.33 per share should be distributed. Under agenda items 3 and 4, a decision will be made on the approval of the actions of the members of the executive board and the supervisory board. Under agenda item 5, you will vote on the approval of the 2025 remuneration report. Agenda item 6 is the election of the supervisory board members that we just presented. Agenda item 7 concerns the renewal of authorized capital A with the option to exclude subscription rights. Agenda item 8 is the authorization to issue financial instruments with the option to exclude subscription rights, the creation of conditional capital. Thank you, dear Johannes. thank you dear johannes I now move on to the remaining items on the agenda that I will now call. i now move on to the remaining items on the agenda that i will now call Under agenda item 2, you will decide whether the cash dividend of EUR 0.33 per share should be distributed. under agenda item 2 you will decide whether the cash dividend of eur 0.33 per share should be distributed Under agenda items 3 and 4, a decision will be made on the approval of the actions of the members of the executive board and the supervisory board. under agenda items 3 and 4 a decision will be made on the approval of the actions of the members of the executive board and the supervisory board Under agenda item 5, you will vote on the approval of the 2025 remuneration report. under agenda item 5 you will vote on the approval of the 2025 remuneration report Agenda item 6 is the election of the supervisory board members that we just presented. agenda item 6 is the election of the supervisory board members that we just presented Agenda item 7 concerns the renewal of authorized capital A with the option to exclude subscription rights. agenda item 7 concerns the renewal of authorized capital a with the option to exclude subscription rights Agenda item 8 is the authorization to issue financial instruments with the option to exclude subscription rights, the creation of conditional capital. agenda item 8 is the authorization to issue financial instruments with the option to exclude subscription rights the creation of conditional capital Agenda item 9 concerns the election of the auditors. The supervisory board proposes that EY be reelected as auditors and group auditors. In addition, EY is also to be appointed as the auditors of the sustainability reporting as a precautionary measure should such an audit be required following the transposition of European law into German law. Details of all agenda items and proposed resolutions are included in the convening notice of this meeting. I will now determine the attendance. Overall, taking into account postal votes, 615,588,821 shares will be represented, corresponding to 51.33% of our share capital. The attendance list can be inspected at any time in the foyer. At this point, the public part of our broadcasting ends. Agenda item 9 concerns the election of the auditors. agenda item 9 concerns the election of the auditors The supervisory board proposes that EY be reelected as auditors and group auditors. the supervisory board proposes that ey be reelected as auditors and group auditors In addition, EY is also to be appointed as the auditors of the sustainability reporting as a precautionary measure should such an audit be required following the transposition of European law into German law. in addition ey is also to be appointed as the auditors of the sustainability reporting as a precautionary measure should such an audit be required following the transposition of european law into german law Details of all agenda items and proposed resolutions are included in the convening notice of this meeting. details of all agenda items and proposed resolutions are included in the convening notice of this meeting I will now determine the attendance. i will now determine the attendance Overall, taking into account postal votes, 615,588,821 shares will be represented, corresponding to 51.33% of our share capital. overall taking into account postal votes 615,588,821 shares will be represented corresponding to 51.33% of our share capital The attendance list can be inspected at any time in the foyer. the attendance list can be inspected at any time in the foyer At this point, the public part of our broadcasting ends. at this point the public part of our broadcasting ends Shareholders, you have followed this stream up until now without having logged in. I kindly request you to go to the online service login page. To all the other spectators, I would like to say thank you for your attention, your interest in Lufthansa. Many thanks. Shareholders, you have followed this stream up until now without having logged in. shareholders you have followed this stream up until now without having logged in I kindly request you to go to the online service login page. i kindly request you to go to the online service login page To all the other spectators, I would like to say thank you for your attention, your interest in Lufthansa. to all the other spectators i would like to say thank you for your attention your interest in lufthansa Many thanks. many thanks