Deutsche Lufthansa AG

Quarterly Report • May 8, 2024

1st Interim Report January – March 2024

CONNECTING PEOPLE, CULTURES AND ECONOMIES IN A SUSTAINABLE WAY

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THE LUFTHANSA GROUP

KEY FIG UR ES
		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Rev nd ult enu e a res
Tot al re ven ue	€m	7,39 2	7,0 17	5
of w hich ffic tra rev enu e	€m	5,9 03	5,70 8	3
Ope rati inco ng me	€m	8,17 5	7,69 1	6
Ope rati ng e xpe nse s	€m	9,0 11	7,94 6	13
Adj ed EBI TDA ust	€m	-27 9	272
Adj ed EBI T ust	€m	-84 9	-27 3	-211
EBI T	€m	-87 1	-30 4	-187
fit/ Net loss pro	€m	-73 4	-46 7	-57

KEY FIGURES (CONTINUED)

		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
s2) Tra ffic fig ure
Flig hts	ber num	196 ,971	185 ,08 5	6
Pas sen ger s	tho nds usa	24, 359	21,7 28	12
Ava ilab le s -kilo eat met res	mill ions	66, 871	59, 447	12
Rev at-k ilom etre enu e se s	mill ions	53, 273	47,4 05	12
Pas loa d fa cto sen ger r	%	79.7	79.7	0.0 pts
Ava ilab le c -kilo o to met arg nne res	mill ions	3,8 10	3,4 57	10
Rev kilo ton met enu e ca rgo ne- res	mill ions	2,2 59	2,0 31	11
Car load fac tor go	%	59. 3	58. 7	0.6 pts

1) Without acquisition of equity investments. 2) Previous year's figures have been adjusted. Date of publication: 30 April 2024.

CONTENTS

date

19 Forecast

3 Interim management report

4 Events after the reporting

18 Opportunities and risk report

5 Financial performance

11 Business segments

3 Course of business

3 Significant events

21 Interim financial statements 36 Further information

36 Declaration by the

37 Credits/Contact

legal representatives

Financial calendar 2024

• 21 Consolidated income statement
  • 22 Consolidated statement of
• comprehensive income
  • 23 Consolidated statement of financial position
  • 25 Consolidated statement of
    • changes in shareholders'
    • equity
  • 26 Consolidated cash flow
  • statement
  • 27 Notes

Key balance sheet and cash flow statement figures

Tot al a ts sse	€m	47,3 58	44, 904	5
Equ ity	€m	9,5 74	7,5 50	27
Net ind ebt edn ess	€m	5,5 31	6,71 7	-18
Net nsio n ob liga tion pe s	€m	2,4 23	1,99 2	22
Rat io o f ne t de bt+ sion ob liga tion uity net s to pen eq	rati o	45: 55	54: 46
Cas h fl from ing iviti erat act ow op es	€m	1,31 1	1,58 1	-17
s1) Gro apit al e ndit ss c xpe ure	€m	924	1,00 0	-8
Net pita l ex ditu ca pen res	€m	940	1,04 0	-10
Adj d fr ash flo uste ee c w	€m	305	482	-37
fita bilit
Key y fi pro gur es
Adj ed EBI TDA ust rgin ma	%	-3.8	3.9	-7.7 pts
Adj ed EBI T m ust in arg	%	-11.5	-3.9	-7.6 pts
EBI T m in arg	%	-11.8	-4.3	-7.5 pts
Luf tha sh nsa are
Sha of 3 1 M h rice re p as arc	€	7.28	10.2 6	-29
Ear r sh ning s pe are	€	-0.6 1	-0.3 9	-56
Em plo yee s
Em ploy of 3 1 M h ees as arc	ber num	98, 739	112, 392	-12

COURSE OF BUSINESS

OVERVIEW OF THE COURSE OF BUSINESS

Course of business of the Lufthansa Group significantly impacted by strikes

• — The Lufthansa Group posted a decline in operating and financial performance in the first quarter of 2024, with a number of strikes by different employee groups of the Lufthansa Group and by employees at system partners having a particularly negative impact.
• — Capacity in the passenger business was increased by 12% compared to the previous year; compared with the precrisis level in 2019, capacity was 84%; however, capacity failed to meet the original plan, mainly due to strikes.
• — Overall, revenue at the Lufthansa Group increased by 5% year-on-year to EUR 7,392m (previous year: EUR 7,017m), primarily due to the further expansion of the flight programme and strong growth in the MRO business segment.
• — However, the Lufthansa Group's earnings deteriorated year-on-year in the first quarter of 2024; Adjusted EBIT was EUR -849m (previous year: EUR -273m); the strikes had a negative impact of around EUR 350m on earnings; the Adjusted EBIT margin in the reporting period was -11.5% (previous year: -3.9%).

— The MRO business segment reported positive Adjusted EBIT also in the first quarter of 2024 due to continued strong demand for MRO services; however, earnings in the Logistics business segment declined owing to a challenging industry environment in relation to the high basis for comparison from the previous year.

↗ Business segments, p. 11.

• — Despite the operating loss, Adjusted free cash flow in the first quarter of 2024 was positive at EUR 305m (previous year: EUR 482m); inflows from advance ticket payments in particular compensated for the negative result.
• —The balance sheet was further strengthened in the first quarter of 2024; net indebtedness was EUR 151m lower than at the end of 2023 at EUR 5,531m (31 December 2023: EUR 5,682m) due to the positive free cash flow; net pension obligations fell by EUR 253m to EUR 2,423m (31 December 2023: EUR 2,676m) due to the interest
  • rate. ↗ Financial performance, p. 5.

SIGNIFICANT EVENTS

Moody's raises rating for Deutsche Lufthansa AG to investment grade

• — The rating agency Moody's lifted its rating for Deutsche Lufthansa AG from Ba1 to the investment grade level Baa3 on 18 January 2024; according to Moody's, the upgrade is based on the improvement in operating profitability in 2023.
• — The upgrade by Moody's means that Deutsche Lufthansa AG is again rated investment grade by all the leading rating agencies.

Lufthansa Group once again receives top rating in prestigious CDP climate ranking

—In February 2024, the 2023 global climate ranking compiled by the non-profit organisation CDP (previously known as the Carbon Disclosure Project) awarded the Lufthansa Group the top rating of "A-" for its carbon reduction strategy and its implementation, which confirms the previous year's rating.

Supervisory Board adopts wide-ranging reorganisation of the Executive Board

— The Supervisory Board of Deutsche Lufthansa AG voted to carry out a wide-ranging reorganisation of the Executive Board at its meeting on 22 February 2024; the Executive Board will be reduced from six to five membersand areasof responsibility will be reorganised.

— Christina Foerster, Harry Hohmeister and Detlef Kayser will leave the Executive Board as of 30 June 2024, and Remco Steenbergen will leave the Executive Board at the close of 7 May 2024, the date of the Annual General Meeting.

• —New members Grazia Vittadini and Dieter Vranckx will be appointed to the Executive Board as of 1 July 2024.
  • o Grazia Vittadini, previously at Rolls-Royce Holdings plc, London, as Chief Technology Officer and member of the Executive Team and most recently active as a special consultant, will lead the MRO and IT function as Chief Technology Officer, which also includes responsibility for sustainability; she will receive a contract with a term of three years.
  • o Dieter Vranckx, currently CEO of SWISS International Airlines, has been appointed to the Executive Board for Global Markets and Commercial Management Hubs; he will also receive a three-year contract; the areas of Customer Experience and Group Brand Management, which were previously part of Brand Management & Sustainability, are now also his responsibility.
• — A new appointment is to be made for the Executive Board member responsible for Finance; until the position is filled, Michael Niggemann will lead the finance function provisionally in addition to his responsibility on the Executive Board for Human Resources, Logistics and Non-Hub Traffic (previously Human Resources and Infrastructure).

Nominations for election to the Supervisory Board of Deutsche Lufthansa AG

—On 6 March 2024, the Supervisory Board of Deutsche Lufthansa AG resolved to propose to the Annual General Meeting on 7 May 2024 that Sara Hennicken, CFO of Fresenius Management SE, be elected to the Supervisory Board; the mandate of Michael Kerkloh, former Chairman of the Executive Board of Flughafen München GmbH, ends at the end of the Annual General Meeting on 7 May 2024.

• — The Supervisory Board also recommends that the Annual General Meeting reappoint Dr Thomas Enders, former CEO of Airbus SE, Harald Krüger, former Chairman of the Executive Board of Bayerische Motorenwerke Aktiengesellschaft, and Britta Seeger, member of the Executive Board of Mercedes-Benz Group AG.
• — The members are to be elected for a three-year term up to the 2027 Annual General Meeting.

Deutsche Lufthansa AG and ver.di reach new wage agreement

• — On 28 March 2024, Employers' Federation for Air Transport Companies (AGVL) and the trade union Vereinigte Dienstleistungsgewerkschaft e. V. (ver.di) reached a wage agreement for the approximately 20,000 ground staff of Deutsche Lufthansa AG, Lufthansa Technik, Lufthansa Cargo and other companies following successful arbitration.
• — The wage agreement has a term of at least 24 months and offers, in particular, average wage increases of around 12.5% in two phases as well as the payment of inflation compensation bonuses totalling EUR 3,000 net.

— ver.di had previously called for multiple strikes.

EVENTS AFTER THE REPORTING PERIOD

Deutsche Lufthans AG and UFO reach consensus on long-term wage agreement

— Employers' Federation for Air Transport Companies (AGVL) and the cabin staff union Unabhängige Flugbegleiter Organisation e.V. (UFO) reached a longterm wage agreement for the approximately 19,000 cabin crew at Lufthansa Airlines on 11 April 2024.

• — The wage agreement has a term of at least 36 months and offers a wage increase totalling 16.5% in several phases over this term.
• —UFO had previously called for a two-day strike.

Lufthansa Group adjusts full-year forecast

• — On 15 April 2024, the Lufthansa Group made an ad-hoc announcement on its preliminary results for the first quarter of 2024 and an adjustment to its earnings forecast for financial year 2024.
• — Due in particular to the financial impact of the various strikes in the first quarter of 2024, the Lufthansa Group forecasts Adjusted EBIT of around EUR 2.2bn for the 2024 financial year; previously, Adjusted EBIT was forecast at the previous year's level (previous year: EUR 2.7bn). ↗ Forecast, p. 19.

Austrian Airlines and the vida trade union agree on new collective agreement

• —On 25 April 2024, Austrian Airlines and the trade union vida and the works council Bord agreed on a collective agreement for around 2,400 flight attendants and around 1,000 pilots.
• — The collective agreement runs until December 2026 and offers, in particular, average salary increases of around 19.4% in three stages and a peace obligation during the term of the agreement.
• — The agreement is subject to a positive vote by the vida trade union.

FINANCIAL PERFORMANCE

EARNINGS POSITION

Traffic revenue for Lufthansa Group airlines up by 3% year-on-year

• — Capacity (available seat-kilometres) at the Passenger Airlines in the Lufthansa Group increased by 12% in the first quarter of 2024 compared with the previous year; compared with the pre-crisis level, i.e. the first quarter of the 2019 financial year, capacity came to 84%; sales (revenue seat-kilometres) were also up 12% on the previous year; the passenger load factor was 79.7%, on par with the previous year; traffic revenue in the passenger business increased by 7% to EUR 5,146m (previous year: EUR 4,806m).
• — The Lufthansa Group's cargo business declined in the first quarter of 2024 due to the challenging industry environment and the high comparative basis from the previous year; capacity (available cargo tonne-kilometres) was 10% higher than in the previous year due to increased belly capacities in the Passenger Airlines segment; sales (revenue cargo tonne-kilometres) increased by 11% compared with the previous year; the cargo load factor rose by 0.6 percentage points to 59.3%; however, traffic revenue in the cargo business fell by 16% to EUR 757m (previous year: EUR 902m) due to lower yields.
• —Compared with the previous year, traffic revenue at Lufthansa Group airlines rose overall in the first quarter of 2024 by 3% to EUR 5,903m (previous year: EUR 5,708m).

Revenue up by 5% year-on-year

• — Other revenue increased by 14% to EUR 1,489m (previous year: EUR 1,309m), mainly due to the increase in business activities and the associated higher volume of income in the MRO business segment.
• —Revenue (comprising traffic revenue and other revenue) increased by 5% to EUR 7,392m (previous year: EUR 7,017m); other operating income rose by 16% to EUR 783m (previous year: EUR 674m) due in particular to capitalised internal expenses; operating income went up by 6% to EUR 8,175m (previous year: EUR 7,691m).

Operating expenses up 13% on last year

• — Operating expenses at the Lufthansa Group rose by 13% year-on-year in the first quarter of 2024 to EUR 9,011m (previous year: EUR 7,946m); this was mainly due to the expansion of business operations, cost increases related to inflation and the effects of strikes.
• —The cost of materials and services at the Lufthansa Group came to EUR 4,892m, an increase of 12% on the previous year (previous year: EUR 4,372m).
• o Fuel expenses of EUR 1,688m were flat year-on-year (previous year: EUR 1,686m) despite the increase in consumption due to the expansion of the flight programme; this increase in consumption was offset by the fall in prices for both crude oil and jet crack (price difference between crude oil and kerosene) and currency effects; the result of price hedging was EUR 20m (previous year: EUR -26m).
• o Fees and charges increased by 15% to EUR 1,046m in the first quarter of 2024 (previous year: EUR 909m), primarily due to business growth and price increases at the airports.
• o Expenses for other raw materials, consumables and supplies and purchased goods went up by 16% to EUR 769m (previous year: EUR 661m), particularly in the MRO business segment, due to increased business activity and higher costs for ETS certificates.
• o Expenses for external MRO services increased by 42% to EUR 645m (previous year: EUR 455m), primarily due to high capacity utilisation at Lufthansa Technik, which resulted in increased use of external MRO service providers.
• o Expenses for passenger assistance in connection with flight irregularities, due in particular to strikes, rose by 50% to EUR 63m (previous year: EUR 42m); this does not include compensation payments to passengers for flight delays and cancellations, which are recognised as revenue reductions and amounted to EUR 98m (previous year: EUR 34m).

REVENUE, INCOME AND EXPENSES

in € m	Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Tra ffic rev enu e	5,9 03	5,70 8	3
Oth er r eve nue	1,48 9	1,30 9	14
Tot al r eve nue	7,3 92	7,0 17	5
Oth atin g in er o per com e	783	674	16
Tot al o atin g in per com e	8,17 5	7,6 91	6
Cos t of als and teri vice ma ser s	4,8 92	4,3 72	12
of w hich fue l	1,68 8	1,68 6	0
of w hich oth eria ls, c mat er r aw on able d su ppl ies and sum s an pu r cha sed ods go	769	661	16
of w hich fee d c harg s an es	1,04 6	909	15
of w hich al ext ern MR O ices serv	645	455	42
Sta ff c ost s	2,2 54	1,91 9	17
Dep iatio rec n	570	545	5
Oth atin er o per g ex pen ses	1,29 5	1,110	17
Tot al o atin per g e xpe nse s	9,0 11	7,9 46	13
Ope rati lt fr ity ng resu om equ inve stm ent s	-13	-18	28
Adj ed EBI T ust	-84 9	-27 3	-211
Tot al re cilia tion EB IT con	-22	-31	29
EBI T	-87 1	-30 4	-18 7
Net int st ere	-82	-90	9
Oth er f cial inan ite ms	14	-136
Pro fit/ loss be fore inco tax me es	-93 9	-53 0	-77
Inco tax me es	208	109	91
Pro fit/ loss fro ont inu ing m c ope ra tion s	-73 1	-42 1	-74
Pro fit/ loss fro m d ued isco ntin op era tion s	–	-44
Pro fit/ loss aft er i tax nco me es	-73 1	-46 5	-57
fit/ Pro loss ribu tab le att inor ity inte to m rest s	-3	-2	-50
Net fit/ loss ribu tab le t har att pro o s e hold of D sch e L ufth a A G eut ers ans	-73 4	-46 7	-57

—Operational staff costs went up by 17% to EUR 2,254m in the first quarter of 2024 (previous year: EUR 1,919m); this increase was due in particular to the 8% expansion in the

headcount (adjusted for the sale of the catering business), wage and salary increases under collective agreements, one-off payments and the rise in accrued variable remuneration components.

• —Depreciation and amortisation of EUR 570m was 5% above the previous year (previous year: EUR 545m) and related mainly to aircraft and reserve engines.
• —Other operating expenses rose by 17% to EUR 1,295m (previous year: EUR 1,110m) in particular due to higher foreign currency losses as well as increased sales and marketing costs and higher travel expenses for crew following the expansion of flight operations.

Adjusted EBIT down to EUR -849m

• — The operating result from equity investments in the first quarter of 2024 came to EUR -13m (previous year: EUR -18m); the item mainly includes the negative result from the Sun Express joint venture.
• — As a result, Adjusted EBIT in the first quarter fell to EUR -849m (previous year: EUR -273m); the strikes at various Lufthansa Group companies and external system partners had a direct and indirect negative impact on earnings of around EUR 350m; the Adjusted EBIT margin, i.e. the ratio of Adjusted EBIT to revenue, decreased to -11.5% (previous year: -3.9%).
• — In the first quarter of 2024, EBIT amounted to EUR -871m (previous year: EUR -304m); in contrast to Adjusted EBIT, this mainly comprises personnel-related restructuring expenses of EUR 10m, expenses in connection with the purchase and sale of parts of the company totalling EUR 8m and book losses of EUR 5m; in the previous year, the adjustments included impairment losses on aircraft held for sale and book losses on aircraft and reserve engines.

—Net interest improved to EUR -82m (previous year: EUR -90m), partly thanks to lower net indebtedness.

• —Other financial items amounted to EUR 14m (previous year: EUR -136m) and include positive effects from the recognition in profit or loss of the convertible bond and short-term securities investments, which were partially offset by ineffective components of the currency hedges.
• —The income tax result amounted to EUR 208m (previous year: EUR 109m); at 22%, the effective tax ratio for continuing operations was below the expected tax rate of 25%, mainly due to the fact that deferred taxes on negative results at companies with a history of losses were not recognised.
• — This results in earnings after income taxes of EUR -731m (previous year: EUR -465m).
• — The net result attributable to shareholders of Deutsche Lufthansa AG in the first quarter of 2024 came to EUR -734m (previous year: EUR -467m).
• — Earnings per share amounted to EUR -0.61 (previous year: EUR -0.39).

RECONCILIATION OF RESULTS

		Jan - M ar 2 024		Jan - M ar 2 023
in € m	Inco me sta tem ent	Rec iliat ion onc Adj ed EBI T ust	Inco me stat ent em	Rec iliat ion onc Adj ed EBI T ust
Tot al r eve nue	7,3 92		7,0 17
Cha s in inv orie d w ork form ed by e ntit d ca pita lise d ent nge s an per y an	241		124
Oth atin g in er o per com e	545		552
of w hich bo ok g ains		-2		-1
of w hich ite- ital and held for sal ets ets wr ups on cap ass ass e		–		-1
of w hich ite- bac ks o f pr ovis for turi ign ifica nt l itig atio and bu sine bina tion truc sts st wr ons res ng e xpe nse s, s n co ss c om s co		–		-1
of w hich oth ord inar y in xtra er e com e		–		-1
Tot al o atin g in per com e	8,17 8	-2	7,6 93	-4
Cos f m rials d se rvic ts o ate an es	-4,8 92		-4,3 71
of w hich rdin f m rial ext ts o ate rao ary cos		–		–
Sta ff c ost s	-2,2 64		-1,9 22
of w hich ice ts/s ettl st s ent pa erv cos em s		–		–
of w hich turi truc res ng e xpe nse s		10		3
Dep iatio rec n	-57 0		-54 5
of w hich im pair nt l me oss es		–		–
Oth atin er o per g ex pen ses	-1,3 10		-1,14 1
of w hich im pair nt l s he ld f ale set me oss es o n as or s		–		13
of w hich es i rred fro m b ook los exp ens ncu ses		5		10
of w hich f sig nific liti ant gat ion exp ens es o		–		–
of w hich f bu sine bina tion exp ens es o ss c om s		8		8
of w hich oth ord xtra inar er e y ex pen ses		1		1
Tot al o atin per g e xpe nse s	-9,0 36	24	-7,9 79	35
Pro fit/ loss fro atin ctiv itie m o per g a s	-85 8		-28 6
Res ult f uity inv est nts rom eq me	-13		-18
of w hich nt l ted for he e eth od im pair n in tme nts usi ng t quit me oss es o ves acc oun y m		–		–
EBI T	-87 1		-30 4
Tot al a of ncil iatio n A djus ted EB IT unt mo reco		22		31
Adj ed EBI T ust		-84 9		-27 3
Dep iatio rec n		570		545
Adj ed EBI TDA ust		-27 9		272

FINANCIAL POSITION

Impact of the agreed sale of AirPlus on the financial position

• — The Lufthansa Group has signed a contract for the sale of AirPlus Servicekarten GmbH.
• — Following the decision to sell the AirPlus activities, and under the rules of IFRS 5, from 30 June 2023, all assets and liabilities from the respective individual items of the statement of financial position were reclassified to the items "Assets held for sale" and "Liabilities in connection with assets held for sale".
• — The consolidated cash flow statement still also includes the AirPlus business activities.

Investment volume down by 8% year-on-year

• — The Lufthansa Group's gross capital expenditure fell by 8% in the first quarter of 2024 year-on-year to EUR 924m (previous year: EUR 1,000m) and primarily consisted of final payments for three delivered aircraft, capitalised major maintenance events and advance payments on future aircraft purchases.
• — Overall, the net cash outflow from investing activities – in particular, taking into consideration payments for spare parts for aircraft and income from the sale of assets as well as interest and dividends – dropped by 10% to EUR 940m (previous year: EUR 1,040m).

EUR 1.3bn generated in cash flow from operating activities

— Despite the negative operating results, the Lufthansa Group generated positive operating cash flow of EUR 1,311m in the first quarter of 2024; however, this was 17% below the prior-year level (previous year: EUR 1,581m); this change is largely due to the decrease in EBITDA,

which was partially offset by the increase in other assets and liabilities.

— The inflow from the change in working capital amounted to EUR 1,496m in the first quarter of 2024 (previous year: EUR 1,547m); this was related to higher liabilities from unused flight documents, which increased by EUR 2,308m in the reporting period (previous year: EUR 2,314m); effects from increased receivables and contract assets had an effect of EUR -736m (previous year: EUR -630m); this increase is mainly linked to the seasonal rise in sales of flight documents; all developments also include the changes in the balance sheet values of AirPlus recognised under "Assets and liabilities held for sale".

Adjusted free cash flow comes to EUR 305m

— Adjusted free cash flow fell by 37% to EUR 305m in the first quarter of 2024 (previous year: EUR 482m); the decline in operating cash flow was partially offset by lower net investments.

1) Capital payments of operating lease liabilities within cash flow from financing activities.

Repayment of liabilities results in cash outflow

• — The balance of financing activities resulted in a net cash outflow of EUR 401m (previous year: EUR 336m).
• — This arose from repayments in the overall amount of EUR 237m, mainly due to aircraft financing along with interest and dividend payments of EUR 193m, and compared with the cash inflow from new financing measures in the amount of EUR 29m, which was primarily attributable to asset-backed security (ABS) financing at AirPlus.

Total available liquidity increases to EUR 10.8bn

• — Balance-sheet liquidity (total of cash, current securities and fixed-term deposits) came to EUR 8,274m as of 31 March 2024 (31 December 2023: EUR 8,265m); of this amount, EUR 7,672m was available centrally at Deutsche Lufthansa AG; in addition, cash and cash equivalents held by the AirPlus Group, which was being held for sale, amounted to EUR 75m.
• — In addition, unused credit lines amounted to EUR 2,547m (31 December 2023: EUR 2,097m); the centrally available revolving credit line was increased from the previous level of EUR 2.0bn to EUR 2.5bn in the first quarter of 2024.
• —As of 31 March 2024, the Company therefore had EUR 10,821m of available liquidity in total (31 December 2023: EUR 10,362m).

NET ASSETS

Impact of the agreed sale of AirPlus on net assets

— In line with IFRS 5, the assets and liabilities attributable to AirPlus have been presented separately in the statement of financial position as of 31 March 2024 as "Assets held for sale" and "Liabilities in connection with assets held for sale".

Total assets climb by EUR 2.0bn

— As of 31 March 2024, total Group assets rose by EUR 2,037m over year-end 2023 to EUR 47,358m (31 December 2023: EUR 45,321m).

Non-current assets up by EUR 499m

• — As of 31 March 2024, non-current assets of EUR 30,271m were EUR 499m higher than at the end of 2023 (31 December 2023: EUR 29,772m); the items aircraft and reserve engines (EUR +366m), derivative financial instruments (EUR +71m), deferred tax assets (EUR +65m), loans and receivables (EUR +62m) and repairable spare parts for aircraft (EUR +54m) all recorded increases; this was offset by the decline in other property, plant and equipment (EUR -83m).
• —The value of aircraft and reserve engines increased to EUR 17,830m (31 December 2023: EUR 17,464m); investments in new aircraft, major maintenance events and advance payments made on existing orders exceeded scheduled depreciation and disposals; as of 31 March 2024, the Lufthansa Group's fleet comprised a total of 724 aircraft (31 December 2023: 721 aircraft).

Current assets increase by EUR 1.5bn

• — Current assets increased by EUR 1,538m to EUR 17,087m as of 31 March 2024 (31 December 2023: EUR 15,549m); trade and other receivables increased by EUR 630m, particularly in connection with ticket sales, and derivative financial instruments by EUR 290m; cash and cash equivalents decreased by EUR 325m, while current securities and similar investments went up by EUR 334m.
• — The increase in assets held for sale (EUR +437m) is attributable to the assets of AirPlus and primarily concerned trade receivables.

Non-current provisions and liabilities down by EUR 1.1bn

• — As of 31 March 2024, non-current provisions and liabilities decreased by EUR 1,125m to EUR 14,737m (31 December 2023: EUR 15,862m).
• — Non-current borrowing of EUR 10,200m was EUR 855m lower than at year-end 2023 (31 December 2023: EUR 11,055m); this decrease is mainly due to maturity reclassifications.
• — Net pension obligations, i.e. pension provisions less asset surpluses for individual pension plans – which are reported separately under non-current assets – came to EUR 2,423m, which is EUR 253m below the level at the end of 2023 (31 December 2023: EUR 2,676m); pension provisions decreased by EUR 251m to EUR 2,644m (31 December 2023: EUR 2,895m); the interest rate used to discount the pension obligations in Germany and Austria rose by 0.1 percentage points to 3.7% and in Switzerland by 0.1 percentage points to 1.5%; the resulting positive overall effect on obligations was further strengthened by the equally positive valuation effect on plan assets totalling EUR 259m.

CALCULATION OF NET INDEBTEDNESS

	31.0 3.2 024	31.1 2.2 023	Cha nge
	in € m	in € m	in %
Bon ds	-6,1 67	-6,2 24	1
Bor er`s te l row no oan s	-1,14 6	-1,14 3	0
Cre dit line s	-20	-21	5
Airc raft fin ing anc	-3,7 25	-3,8 02	2
Lea sing liab ilitie s	-2,5 68	-2,5 68	0
Oth er b win orro gs	-175	-185	5
Fina ncia l lia bilit ies	-13 ,80 1	-13 ,94 3	1
Ban k ov erd raft	-4	-4	0
Gro ind ebt edn up ess	-13 ,80 5	-13 ,94 7	1
Cas h an d ca sh e alen quiv ts	1,26 5	1,59 0	-20
Inte be arin ities d si mila rest g se cur an r inve stm ent s	7,0 09	6,6 75	5
Net ind ebt edn ess	-5,5 31	-5,6 82	3
Pen sion visi pro ons	-2,6 44	-2,8 95	9
Pen sion rplu su s	221	219	1
Net nsio blig atio pe n o ns	-2,4 23	-2,6 76	9
Net ind ebt edn d n et p ion ess an ens obl igat ions	-7,9 54	-8,3 58	5

Current provisions and liabilities increase by EUR 3.3bn

— As of 31 March 2024, current provisions and liabilities went up by EUR 3,297m to EUR 23,047m (31 December 2023: EUR 19,750m), primarily as a result of the increase in liabilities from unused flight tickets (EUR +2,308m) due to the seasonal rise in ticket sales and the upward trend in current financial liabilities (EUR +713m) as a result of maturity reclassifications; the increase in liabilities in connection with assets held for sale (EUR +186m) was mainly attributable to the increase in liabilities from the AirPlus credit card business.

Shareholders' equity down by EUR 135m

• — As of 31 March 2024, shareholders' equity stood at EUR 9,574m, EUR 135m lower than at the end of 2023 (31 December 2023: EUR 9,709m); the loss in the first quarter of 2024 was nearly offset by the increase in retained earnings and other neutral reserves.
• — Positive free cash flow brought net indebtedness down to EUR 5,531m, a EUR 151m reduction on year-end 2023 (31 December 2023: EUR 5,682m).
• — The sum of net indebtedness and net pension obligations in relation to shareholders' equity, was 45:55 as of 31 March 2024 (31 December 2023: 46:54).
• — Adjusted net debt, the sum of net indebtedness and net pension obligations less 50% of the hybrid bond issued in 2015, decreased by EUR 404m compared with year-end 2023 to EUR 7,707m (31 December 2023: EUR 8,111m).
• — The ratio of Adjusted net debt/Adjusted EBITDA in the last twelve months was 1.8 as of 31 March 2024 (31 December 2023: 1.7).

BUSINESS SEGMENTS

PASSENGER AIRLINES BUSINESS SEGMENT

KEY FIGURES

	Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
€m	5,5 62	5,2 11	7
€m	5,14 6	4,8 06	7
€m	5,78 6	5,5 14	5
€m	6,6 78	5,9 97	11
€m	-47 2	-91	-419
€m	-918	-512	-79
€m	-92 0	-53 1	-73
%	-16. 5	-9.8	-6.7 pts
€m	808	774	4
ber num	62, 603	57,8 60	8
ber num	194 ,46 1	182 ,60 2	6
tho nds usa	24, 359	21,7 28	12
mill ions	66, 871	59, 447	12
mill ions	53, 273	47,4 05	12
%	79.7	79.7	0.0 pts

1) Previous year's figures have been adjusted.

• — In the first quarter of 2024, the operating and financial performance of the Lufthansa Group's Passenger Airlines segment deteriorated significantly year-on-year, in particular due to the effects of the widespread strikes by various employee groups within the Group and at system partners.
• — Despite flight cancellations mainly due to strikes, the capacity offered by Passenger Airlines in the first quarter of 2024 was 12% higher than in the previous year, and thus at 84% of its pre-crisis level in 2019; the number of flights increased 6% compared with the previous year; sales were 12% higher, and the passenger load factor was 79.7%, which is on a par with the previous year.
• — Mainly as a result of the increase in traffic relative to the previous year, traffic revenue in the Passenger Airlines segment increased by 7% year-on-year to EUR 5,146m (previous year: EUR 4,806m); revenue of EUR 5,562m was also 7% higher than last year (previous year: EUR 5,211m); yields fell by 2.5% year-on-year.
• — Unit revenues dropped by 6.3% year-on-year due to lower yields, increased compensation payments to passengers and a decline in income from the leasing of belly capacities to Lufthansa Cargo; direct compensation payments for flight delays and cancellations are recognised as reductions in revenue and totalled EUR 98m (previous year: EUR 34m).

• — At EUR 6,678m, operating expenses were 11% above the level of the previous year (previous year: EUR 5,997m); within the cost of materials, fees and charges (EUR +130m) and MRO expenses (EUR +103m) increased in particular compared with the previous year; staff costs (EUR +225m) rose due to salary increases agreed in collective bargaining agreements, one-off payments and higher variable remuneration components, and the 8% expansion of the workforce; expenses for passenger assistance in connection with flight irregularities rose by EUR 21m to EUR 63m (previous year: EUR 42m).

• —Unit costs (CASK) without fuel and emissions trading expenses rose by 2.9% compared with the previous year; the lower capacity growth compared with the original planning had a negative effect.

• —Adjusted EBIT for Passenger Airlines came to EUR -918m in the first quarter of 2024 (previous year: EUR -512m), and EBIT came to EUR -920m (previous year: EUR -531m).
• — Segment capital expenditure was up by 4% to EUR 808m (previous year: EUR 774m) and primarily related to advance payments for aircraft orders, major maintenance events and final payments for new aircraft received.
• —The number of employees as of 31 March 2024 showed an 8% year-on-year increase to 62,603 (previous year: 57,860), above all due to new employee hires in the operational areas as a result of expanding business operations.

		Jan – M ar 2 024	Jan – M ar 2 023	Cha in % nge	Exc han rate ge- adju d c han ste ge in %
Yie lds	€ C ent	8.8	9.0	-2.5	-2.4
Uni ue ( RAS K) t re ven	€ C ent	8.4	9.0	-6.3	-5.7
Uni st ( CAS K) e xclu ding fue l an d e adin t co mis sion s tr g	€ C ent	7.3	7.1	2.9	2.5

TRENDS IN TRAFFIC REGIONS

	Tra ffic rev enu e		Num ber of p ass eng ers		Ava ilab le s -kilo eat met res		Rev at-k ilom etre enu e se s		Pas loa d fa cto sen ger r
	Jan – M ar 2 024	Cha nge	Jan – M ar 2 024	Cha nge	Jan – M ar 2 024	Cha nge	Jan – M ar 2 024	Cha nge	Jan – M ar 2 024	Cha nge
	in € m	in %	in t hou ds san	in %	in m illio ns	in %	in m illio ns	in %	in %	in p ts
Eur ope	1,96 9	12	19,1 74	13	23, 206	13	18,0 90	15	78. 0	1.3 pts
Am eric a	1,37 6	9	2,27 8	8	21,8 76	8	17,3 19	8	79.2	-0.3 pts
Asi a/P acif ic	795	13	1,30 6	26	12,6 01	31	10,3 65	26	82. 3	-3.4 pts
Mid dle Eas t/A fric a	556	-1	1,60 1	-3	9,18 8	2	7,49 9	3	81.6	0.5 pts
Non allo cab le	450	-13
Tot al	5,14 6	7	24, 359	12	66, 871	12	53, 273	12	79. 7	0.0 pts

Lufthansa Airlines1)

KEY FIG UR ES		Jan – M ar 202 4	Jan – M ar 202 3	Cha nge in %
Rev enu e	€m	3,16 5	3,0 52	4
Tot al o atin g in per com e	€m	3,3 12	3,2 55	2
Ope rati ng e xpe nse s	€m	3,9 51	3,6 16	9
Adj ed EBI TDA ust	€m	-44 6	-166	-169
Adj ed EBI T ust	€m	-64 0	-36 6	-75
EBI T	€m	-64 1	-38 1	-68
Em ploy of 3 1.03 ees as	ber num	37,6 31	35, 072	7
Flig hts	ber num	98, 753	95, 186	4
s2) Pas sen ger	tho nds usa	12,5 66	11,4 25	10
res2 ) Ava ilab le s -kilo eat met	mill ions	38, 682	34, 563	12
s2) Rev at-k ilom etre enu e se	mill ions	30, 478	27,4 24	11
Pas loa d fa cto sen ger r	%	78. 8	79.3	-0.5 pts

SWISS1)

KEY FIG UR ES		Jan – M ar 202 4	Jan – M ar 202 3	Cha nge in %
Rev enu e	€m	1,33 3	1,19 7	11
Tot al o atin g in per com e	€m	1,41 1	1,24 1	14
Ope rati ng e xpe nse s	€m	1,37 8	1,16 4	18
Adj ed EBI TDA ust	€m	138	184	-25
Adj ed EBI T ust	€m	33	77	-57
EBI T	€m	33	77	-57
Em ploy of 3 1.03 ees as	ber num	10,1 95	9,0 89	12
Flig hts	ber num	34, 359	30, 061	14
Pas sen ger s	tho nds usa	4,2 80	3,6 69	17
Ava ilab le s -kilo eat met res	mill ions	13,5 06	11,9 58	13
Rev at-k ilom etre enu e se s	mill ions	11,0 50	9,77 3	13
Pas loa d fa cto sen ger r	%	81.8	81.7	0.1 pts

Austrian Airlines

KEY FIG UR ES		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Rev enu e	€m	403	400	1
Tot al o atin g in per com e	€m	415	413	0
Ope rati ng e xpe nse s	€m	538	486	11
Adj ed EBI TDA ust	€m	-97	-46	-111
Adj ed EBI T ust	€m	-122	-73	-67
EBI T	€m	-124	-73	-70
Em ploy of 3 1.03 ees as	ber num	6,2 09	5,76 6	8
Flig hts	ber num	22,2 48	21,2 38	5
Pas sen ger s	tho nds usa	2,5 12	2,2 54	11
Ava ilab le s -kilo eat met res	mill ions	5,16 7	4,6 66	11
Rev at-k ilom etre enu e se s	mill ions	3,9 77	3,6 03	10
Pas loa d fa cto sen ger r	%	77.0	77.2	-0.2 pts

1) Including regional partners and Discover Airlines. 2) Previous year's figures have been adjusted.

• — To expand its capacity and in view of delays in the delivery of new long-haul aircraft, Lufthansa Airlines is reactivating its A380 fleet; in March 2024, the fifth aircraft of this type entered service at the Munich hub; three more A380s are scheduled to be reactivated in 2024 and 2025.
• — Revenue at Lufthansa Airlines rose by 4% to EUR 3,165m in the first quarter of 2024 (previous year: EUR 3,052m); the strikes in particular had a negative impact.
• — At EUR 3,951m, operating expenses were 9% higher yearon-year (previous year: EUR 3,616m), primarily due to increased staff costs as a result of the rise in the number of employees, collective wage agreements, increased expenses for technical services and higher fees and charges.
• — Adjusted EBIT came to EUR -640m in the first quarter of 2024 (previous year: EUR -366m); EBIT totalled EUR -641m (previous year: EUR -381m).

1) Including Edelweiss Air.

• — In the first quarter of 2024, revenue at SWISS was EUR 1,333m, which is an increase of 11% year-on-year due to the expansion of flight operations (previous year: EUR 1,197m).
• — Operating expenses increased by 18% year-on-year to EUR 1,378m (previous year: EUR 1,164m), primarily due to higher staff and MRO expenses as well as higher fees and charges.
• — Adjusted EBIT and EBIT at SWISS were both down on the previous year by 57% to EUR 33m (previous year: EUR 77m).
• — Austrian Airlines is continuing its efforts to modernise its fleet; the airline took delivery of a Boeing 787-9 in the first quarter of 2024, which is scheduled to commence flight operations on long-haul routes from the middle of the year.
• — Revenue at Austrian Airlines rose by 1% to EUR 403m in the first quarter of 2024 compared with the previous year (previous year: EUR 400m); the strikes in particular had a negative impact on revenue.
• — At EUR 538m, operating expenses were 11% higher yearon-year (previous year: EUR 486m), in particular due to increased expenses from flight irregularities, higher staff costs and greater technical expenses and fees and charges.
• — The Adjusted EBIT of Austrian Airlines was EUR -122m in the first quarter of 2024 (previous year: EUR -73m); EBIT amounted to EUR -124m (previous year: EUR -73m).

Brussels Airlines

KEY FIG UR ES		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Rev enu e	€m	289	280	3
Tot al o atin g in per com e	€m	299	307	-3
Ope rati ng e xpe nse s	€m	357	350	2
Adj ed EBI TDA ust	€m	-31	-16	-94
Adj ed EBI T ust	€m	-58	-43	-35
EBI T	€m	-58	-44	-32
of 3 1.03 Em ploy ees as	ber num	3,4 75	3,3 11	5
hts1 ) Flig	ber num	12,9 76	12,5 34	4
s1) Pas sen ger	tho nds usa	1,66 3	1,59 2	4
res1 ) Ava ilab le s -kilo eat met	mill ions	3,72 4	3,74 4	-1
s1) Rev at-k ilom etre enu e se	mill ions	2,9 75	2,9 37	1
r1) Pas loa d fa cto sen ger	%	79.9	78.4	1.5 pts

Eurowings

KEY FIG UR ES		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Rev enu e	€m	420	327	28
Tot al o atin g in per com e	€m	424	359	18
Ope rati ng e xpe nse s	€m	535	438	22
Adj ed EBI TDA ust	€m	-103	-63	-63
Adj ed EBI T ust	€m	-137	-103	-33
EBI T	€m	-137	-104	-32
Em ploy of 3 1.03 ees as	ber num	5,0 93	4,6 22	10
Flig hts	ber num	26, 125	23, 583	11
Pas sen ger s	tho nds usa	3,3 38	2,78 8	20
Ava ilab le s -kilo eat met res	mill ions	5,79 2	4,5 16	28
Rev at-k ilom etre enu e se s	mill ions	4,79 3	3,6 67	31
Pas loa d fa cto sen ger r	%	82. 8	81.2	1.6 pts

—Adjusted EBIT at Eurowings fell by 33% to EUR -137m (previous year: EUR -103m); this includes a result from equity investments from SunExpress of EUR -26m (previous year: EUR -24m); EBIT, at EUR -137m, was also 32% below the level of the previous year (previous year: EUR -104m).

1) Previous year's figures have been adjusted.

• — Brussels Airlines is continuing to expand its fleet, taking delivery of its third A320neo in the first quarter of 2024.
• — In the first quarter of 2024, increased flight operations enabled revenue at Brussels Airlines to rise by 3% to EUR 289m (previous year: EUR 280m).
• — Operating expenses increased by 2% to EUR 357m (previous year: EUR 350m) due to increased MRO expenses and staff costs as well as higher fees and charges.
• — Adjusted EBIT at Brussels Airlines in the first quarter of 2024 was EUR -58m (previous year: EUR -43m); EBIT was also EUR -58m (previous year: EUR -44m).
• — Eurowings took delivery of its fifth brand-new Airbus A321neo in the first quarter of 2024; the planned delivery of its eighth A320neo in the second quarter of 2024 will round off Eurowings' neo fleet.
• — In the first quarter of 2024, Eurowings registered a strong level of demand, particularly for tourist flights in the Easter season; revenue increased by 28% to EUR 420m year-on-year due to higher volumes and prices (previous year: EUR 327m); operating income rose by a total of 18% to EUR 424m (previous year: EUR 359m); this includes a decline in other operating income, primarily due to oneoff effects in the previous year.
• — Operating expenses increased by 22% to EUR 535m (previous year: EUR 438m), primarily due to the volumeand price-related increases in fees and charges, higher MRO expenses due to the expansion of the flight programme and increased staff costs.

LOGISTICS BUSINESS SEGMENT KEY FIGURES

		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Rev enu e	€m	691	823	-16
of w hich ffic tra rev enu e	€m	641	775	-17
Tot al o atin g in per com e	€m	712	848	-16
Ope rati ng e xpe nse s	€m	737	703	5
Adj ed EBI TDA ust	€m	27	195	-86
Adj ed EBI T ust	€m	-22	151
EBI T	€m	-23	149
Adj ed EBI T m ust in arg	%	-3.2	18.3	-21. 5 p ts
Seg al e ndit nt c apit me xpe ure	€m	8	146	-95
Em ploy of 3 1.03 ees as	ber num	4,18 2	4,0 90	2
Ava ilab le c -kilo o to met arg nne res	mill ions	3,0 14	2,8 21	7
Rev kilo ton met enu e ca rgo ne- res	mill ions	1,90 8	1,72 7	10
Car load fac tor go	%	63. 3	61.2	2.1 pts

• — Operating performance in the Logistics segment declined in the first quarter of 2024 as a result of the challenging market environment in airfreight as well as due to strikes and the strong basis for comparison from the previous year.
• —Capacity was up by 7% year-on-year, mainly due to the expansion of passenger flight operations and the resulting increase in belly capacities; sales increased by 10% year-on-year; the cargo load factor rose by 2.1 percentage points to 63.3% (previous year: 61.2%); however, yields fell in all of Lufthansa Cargo's traffic areas and were down 25.0% overall on the previous year; in the previous year, high demand as a result of global supply chain disruptions combined with limited supply had significantly supported the earnings trend.
• — Lufthansa Cargo's participation in the IATA ONE Record initiative represents a significant step forward in the airfreight industry's digital transformation; since March 2024, companies involved in the airfreight transportation chain have been able to exchange shipment details with each other through ONE Record and benefit from digital shipment tracking.
• — In the first quarter of 2024, lower yields resulted in a 17% year-on-year decline in traffic revenue at Lufthansa Cargo to EUR 641m (previous year: EUR 775m), and revenue fell by 16% to EUR 691m (previous year: EUR 823m).
• — Operating expenses rose by 5% to EUR 737m (previous year: EUR 703m); increased staff costs due to wage and salary increases as well as higher depreciation and fees and charges were partially offset by lower fuel costs.
• — In the first quarter of 2024, Adjusted EBIT declined yearon-year to EUR -22m (previous year: EUR 151m).
• — EBIT came to EUR -23m (previous year: EUR 149m).
• — Segment capital expenditure totalled EUR 8m in the first quarter of 2024 (previous year: EUR 146m); the previous year included advance payments for two 777F cargo aircraft in particular.
• — As of 31 March 2024, the number of employees had increased year-on-year by 2% to 4,182 (previous year: 4,090).

TRENDS IN TRAFFIC REGIONS

	Tra ffic rev enu e		Ava ilab le c -kilo o to met arg nne res		Rev kilo ton met enu e ca rgo ne- res		Car load fac tor go
	Jan - M ar 2 024	Cha nge	Jan - M ar 2 024	Cha nge	Jan - M ar 2 024	Cha nge	Jan - M ar 2 024	Cha nge
	in € m	in %	illio in m ns	in %	illio in m ns	in %	in %	in p ts
Eur ope	52	-19	164	10	75	7	45. 9	-1.3 pts
Am eric a	268	-17	1,39 9	1	838	5	59. 9	1.9 pts
Asi a/P acif ic	259	-20	1,17 4	15	845	18	72.0	1.5 pts
Mid dle Eas t/A fric a	62	-5	277	1	150	9	54. 1	3.6 pts
Tot al	641	-17	3,0 14	7	1,90 8	10	63. 3	2.1 pts

MRO BUSINESS SEGMENT KEY FIGURES

		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Rev enu e	€m	1,77 0	1,53 7	15
of w hich wit h co anie s of the Lu ftha Gr mp nsa oup	€m	582	508	15
Tot al o atin g in per com e	€m	1,87 1	1,63 5	14
Ope rati ng e xpe nse s	€m	1,74 9	1,49 6	17
Adj ed EBI TDA ust	€m	156	174	-10
Adj ed EBI T ust	€m	116	135	-14
EBI T	€m	112	135	-17
Adj ed EBI T m ust in arg	%	6.6	8.8	-2.2 pts
Seg al e ndit nt c apit me xpe ure s	€m	31	21	48
Em ploy of 3 1.03 ees as	ber num	23, 133	21,0 23	10

• — Lufthansa Technik recorded an increase in revenue in the first quarter of 2024 as a result of the continued rise in the number of flights, which led to a surge in demand for maintenance and repair services.
• — Lufthansa Technik's revenue climbed accordingly by 15% year-on-year to EUR 1,770m (previous year: EUR 1,537m); work stoppages due to strikes had a negative impact on revenue development.
• — Operating expenses went up by 17% to EUR 1,749m (previous year: EUR 1,496m); this was mainly due to the volume- and price-related increase in the cost of materials and services and higher staff costs.
• — Adjusted EBIT fell by 14% to EUR 116m (previous year: EUR 135m); this decline is primarily due to strike-related work stoppages, which were not offset in the reporting period.
• — EBIT came to EUR 112m (previous year: EUR 135m); the difference compared with the Adjusted EBIT is primarily due to restructuring expenses.
• — Segment capital expenditure went up by 48% to EUR 31m in the reporting period (previous year: EUR 21m).
• —As of 31 March 2024, the number of employees fell yearon-year by 10% to 23,133 (previous year: 21,023).

ADDITIONAL BUSINESSES AND GROUP FUNCTIONS

KEY FIG UR ES
		Jan - M ar 202 4	Jan - M ar 202 3	Cha nge in %
Ope rati inco ng me	€m	871	762	14
Ope rati ng e xpe nse s	€m	908	801	13
Adj ed EBI TDA ust	€m	6	-2
Adj ed EBI T ust	€m	-20	-30	33
EBI T	€m	-35	-39	10
Seg apit al e ndit nt c me xpe ure s	€m	28	5	460
of 3 1.03 Em ploy ees as	ber num	8,8 21	8,0 87	9

— On 20 June 2023, the Lufthansa Group signed a contract with SEB Kort Bank AB of Stockholm (Sweden) for the sale of the AirPlus Group; the transaction is expected to be completed in the summer of 2024, subject to the necessary preparations and external approvals, primarily from various financial supervisory authorities.

↗ Financial performance, p. 5.

• — Higher revenue and exchange rate gains, especially in the areas of IT services and training, caused operating income from the Additional Businesses and Group Functions to increase in the first quarter of 2024 by 14% to EUR 871m (previous year: EUR 762m).
• — Operating expenses rose by 13% to EUR 908m (previous year: EUR 801m), in particular due to higher foreign exchange rate losses and increased commercial activity at the companies.
• —Adjusted EBIT amounted to EUR -20m (previous year: EUR -30m), supported primarily by an improvement in earnings at AirPlus and LAT and a positive result from equity investments; EBIT totalled EUR -35m (previous year: EUR -39m).
• — The number of employees as of 31 March 2024 was up by 9% year-on-year to 8,821 (previous year: 8,087); the number of employees in Group Functions increased by 6%.

OPPORTUNITIES AND RISK REPORT

The opportunities and risks for the Group described in detail in the Annual Report 2023 have materialised or developed as follows:

• — The Lufthansa Group continues to be confronted with risks resulting from problems with the materials in components of Pratt & Whitney PW1000G engines. Significant changes in risk are primarily evident in the increased confidence that current negotiations with Pratt & Whitney to compensate for financial losses will significantly reduce risk.
• — The escalation of the Middle East conflict, increasingly directly between state actors, could have a significant impact on the security and economic situation of the whole world. Potential financial losses for Deutsche Lufthansa AG could result from primary effects, such as operational risks, the cancellation of individual or regional destinations and overflights and the volatility of flight programmes. However, secondary effects in particular, including higher costs due to rising oil prices, a fall in passenger numbers, higher insurance premiums, additional fuel costs due to airspace closures and more stringent security requirements, may have a significant impact.

—The cabin staff union Unabhängige Flugbegleiter Organisation e. V. (UFO) terminated the collective agreements on wages (VTV) and part-time work (TV TZ) for the flight attendants at Deutsche Lufthansa as of year-end 2023. The negotiations that began in December 2023 continued in 2024 and an agreement was reached for the wage settlement. This has significantly reduced the risk of strikes by flight attendants at Deutsche Lufthansa AG. The tariff partners have agreed additional dates to discuss other outstanding collective bargaining topics. On 28 March 2024, Employer's Federation for Air Transport Companies (AGVL) and the trade union Vereinigte Dienstleistungsgewerkschaft e. V. (ver.di) reached a wage agreement for the collective bargaining agreements for ground staff, including those at Deutsche Lufthansa AG, Lufthansa Technik and Lufthansa Cargo, eliminating the risk of strike action on this issue. Explanations on other risks arising from industrial actions can be found in the 2023 Annual Report.

Taking all known circumstances and the scenario assumed in the financial planning into account, no risks have currently been identified that either on their own or as a whole could jeopardise the continued existence of the Lufthansa Group.

FORECAST

Outlook subject to material uncertainties

• — In view of the short booking cycles in the passenger business, the fact that freight business is driven mainly by the spot market, and uncertainties in the macroeconomic and geopolitical environment, the financial outlook for the Lufthansa Group is subject to a high degree of uncertainty.
• — The operating and financial performance is also subject to the further developments in Russia's war of aggression against Ukraine and the Middle East conflict, particularly their impact on fuel costs.
• — Uncertainty in the macroeconomic outlook, particularly the effects on the economy of the steps taken by the major central banks worldwide to combat inflation, may potentially have a material influence on customer demand. ↗ Opportunities and risk report, p. 18.

Further capacity expansion planned

• — Notwithstanding the uncertainties mentioned above, the Lufthansa Group assumes that demand will be strong enough in 2024 for sales to continue to rise; in addition to the private travel segment, where demand is forecast to exceed its pre-crisis level, a contribution will come from the further recovery in demand in the business travel segment; for this reason, flight capacity is to be expanded further.
• — Overall, the Lufthansa Group anticipates that available capacity for Passenger Airlines in 2024 will be around 92% of its pre-crisis level in 2019.
• — The Group assumes that the airlines of the Lufthansa Group will receive up to 30 new aircraft in 2024; however, due to production problems and delays in certification,

there have been repeated postponements in planned aircraft deliveries throughout the industry, which means that the company's capacity forecast is still subject to uncertainties despite the reduction already made compared with the original assumption; these uncertainties also apply to the expectation that the European air traffic system will be stable enough to support the planned increase in traffic.

Lufthansa Group revenue expected to rise significantly

—The Lufthansa Group expects revenue to increase significantly in the 2024 financial year in comparison with the previous year; the main drivers are expected to be further capacity growth in the Passenger Airlines segment and anticipated growth in the Logistics and MRO segments.

Lufthansa Group forecasts Adjusted EBIT of around EUR 2.2bn

• —The Lufthansa Group expects that revenue growth will be offset by ongoing cost inflation; however, the additional strain caused by various strikes, both by various employee groups within the Group and by the employees of system partners, during the first half of 2024 will probably lead to a year-on-year decline in earnings; overall, the Lufthansa Group expects Adjusted EBIT of around EUR 2.2bn for financial year 2024.
• — The Lufthansa Group stands by its goal of generating a sustainable Adjusted EBIT margin in excess of 8%; the Group is striving to achieve this target margin as soon as possible.

Stable earnings performance forecast in the Logistics and MRO business segments; Passenger Airlines expected to decline

• —For the Passenger Airlines segment, the Lufthansa Group is expecting a significant increase in revenue based on strong demand and the planned capacity expansion in 2024; unit revenues for Passenger Airlines are expected to fall by a low single-digit percentage compared with the previous year; economies of scale within the fixed cost base due to capacity expansion and efficiency improvements are unlikely to fully offset the expected cost increases, particularly in the areas of staff and fees, as well as additional costs due to strikes; accordingly, unit costs for the Passenger Airlines (excluding expenses for fuel and emissions certificates) are expected to increase in the low single-digit percentage range compared with the previous year; excluding strike costs, unit costs are expected to remain stable compared with the previous year, and Adjusted EBIT for Passenger Airlines in the 2024 financial year is predicted to be below the previous year's level.
• — After the global market returned to normal following the coronavirus pandemic, the Lufthansa Group is expecting a significant increase in revenue again in the Logistics segment; cost rises due to inflation are forecast to be partially offset by structural savings and efficiency gains; Adjusted EBIT in the Logistics segment will therefore be roughly at the same level as the previous year.
• — In the MRO business segment, revenue is expected to pick up significantly while an Adjusted EBIT figure at the same level as in the previous year is anticipated; this reflects the continued growth of the MRO market together with inflation-related cost increases.

INTERIM MANAGEMENT REPORT Forecast

Adjusted free cash flow of at least EUR 1.0bn expected

• — Net capital expenditure by the Lufthansa Group in 2024 is expected to be roughly the same as in the previous year; this will mainly be for capital expenditure in aircraft; cash inflows from sale-and-lease-back agreements will partly offset higher gross investments.
• — Including the forecast earnings development, Adjusted free cash flow for the Group is projected to be at least EUR 1.0bn in the 2024 financial year, depending largely on the earnings performance and advance ticket payments; cash flow from advance ticket payments in 2024 depends above all on demand in the second half of the year, which is subject to high forecasting uncertainty at the time of reporting.

Further details on the Group's financial outlook can be found in the ↗ Annual Report 2023 starting on p. 143

INTERIM FINANCIAL STATEMENTS

CO NS OL IDA TED IN CO ME ST ATE ME NT
in € m	ar 2 024 Jan - M	ar 2 023 Jan - M
Tra ffic rev enu e	5,9 03	5,70 8
Oth er r eve nue	1,48 9	1,30 9
Tot al r eve nue	7,3 92	7,0 17
Cha d w ork form ed by e d ca lise d s in inv orie ntit pita ent nge s an per y an	241	124
e¹⁾ Oth atin g in er o per com	545	552
Cos t of als and teri vice ma ser s	-4,8 92	-4,3 71
Sta ff c ost s	-2,2 64	-1,9 22
nt²⁾ Dep d im iatio rtis atio pair rec n, a mo n an me	-57 0	-54 5
³⁾ Oth atin er o per g ex pen ses	-1,3 10	-1,14 1
Pro fit/ loss fro atin ctiv itie m o per g a s	-85 8	-28 6
Res ult of e ted for he e eth od quit y in tme nts usi ng t quit ves acc oun y m	-24	-27
Res ult of o the uity inv est nts r eq me	11	9
Inte rest inc om e	64	43
Inte rest exp ens es	-146	-133
Oth er f cial inan ite ms	14	-136
Fina l re sult ncia	-81	-24 4
Pro fit/ loss be fore inc e ta om xes	-93 9	-53 0
Inco tax me es	208	109
Pro fit/ loss fro inu ing rati ont m c ope ons	-73 1	-42 1
Pro fit/ loss fro m d isco ntin ued ions erat op	–	-44
Pro fit/ loss aft er i tax nco me es	-73 1	-46 5
The reof fit/ loss ribu tab le to rolli inte att ont rest pro no n-c ng s	3	2
The f ne ofit /los trib ble har eho lde f D sch e L ufth a A G t pr s at uta to s eut reo rs o ans	-73 4	-46 7
€ Bas ic e ing har e in arn s p er s	-0.6 1	-0.3 9
of w hich fro inui atio ont m c ng o per ns	-0.6 1	-0.3 5
of w hich fro m d isco ntin ued ions erat op	–	-0.0 4

¹⁾ The total amount includes EUR 14m (previous year: EUR 24m) from the reversal of write-downs and allowances on receivables.

^²⁾ The total amount includes EUR 0m (previous year: EUR 0m) for write-downs on non-current receivables.

^³⁾ The total amount includes EUR 10m (previous year: EUR 10m) for the recognition of loss allowances on current receivables.

CO NS OL IDA TED ST ATE ME NT OF CO MP REH ENS IVE IN CO ME
in € m	ar 2 024 Jan - M	ar 2 023 Jan - M
Pro fit/ loss aft er i tax nco me es	-73 1	-46 5
Oth hen sive inc er c om pre om e
Oth hen sive inc ith sub clas sifi ion he inco
t re cat to t sta tem ent er c om pre om e w seq uen me Diff s fr latio ere nce om cur ren rans n	-96	-37
cy t Sub f fin ial a t fa lue hou t ef fec fit a nd loss ir va wit t m nt o ts a t on uen eas ure me anc sse	1	-7
seq pro Sub f he h fl dge hed t m nt o	632	-39 4
seq uen eas ure me s - cas ow ge rese rve Sub f he dge f he dge t m nt o ts o	110	-36
seq uen eas ure me s - cos s Oth hen sive inc e fr inve d fo the tho d stm ent nte
ing uity er c om pre om om s ac cou r us eq me Oth d in nise d d irec tly in e	– 1	–
quit er e xpe nse s an com e re cog y Inco n it s in oth hen sive inc tax	-175	– 91
me es o em er c om pre om e	473	-38 3
Oth hen itho ubs lass ific the sive inc atio inc ut s ent n to e st ate nt er c om pre om e w equ rec om me
Rev alua tion of def ined -be nef it p ion plan ens s	260	-57
Sub f fin ial a t fa ir va lue t m nt o ts a seq uen eas ure me anc sse	–	–
Oth hen sive inc e fr inve d fo ing the uity tho d stm ent nte er c om pre om om s ac cou r us eq me	–	2
Oth d in d d tly nise irec in e quit er e xpe nse s an com e re cog y	–	–
Inco oth hen tax n it s in sive inc me es o em er c om pre om e	-38	48
	222	-7
Oth hen sive inc e af inco ter tax er c om pre om me es	695	-39 0
Tot al c hen sive inc om pre om e	-36	-85 5
The reof reh ibut able lling ive inco int attr to ntro sts co mp ens me non co ere	4	2
G The f co reh ive inco ibu tab le t har eho lde f D sch e L ufth a A attr eut reo mp ens me o s rs o ans	-40	-85 7

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ASSETS

in € m	31/ 03/ 202 4	31/1 2/2 023	31/ 03/ 202 3
fe¹⁾ Inta ngib le a ith an i nde fini sef ul li ts w te u sse	1,00 0	1,02 2	992
Oth er i ngib le a nta ts sse	317	333	336
Airc raft d re gine an serv e en s	17,8 30	17,4 64	16,3 87
Rep aira ble for air craf arts t spa re p	2,5 02	2,4 48	2,12 7
nt2) Pro plan d o the uip ty, t an per r eq me	2,8 30	2,9 13	2,9 25
Inve d fo the tho d stm ent nte ing uity s ac cou r us eq me	454	465	322
Oth quit y in tme nts er e ves	242	233	232
Non t se ities -cu rren cur	21	20	39
Loa nd ivab les ns a rece	1,03 0	968	538
Der fina l ins ivat ive ncia trum ent s	730	659	945
Def d c harg nd paid erre es a pre exp ens es	82	79	86
Effe able ctiv e in ceiv e ta com x re s	109	109	63
Def d ta set erre x as s	3,12 4	3,0 59	3,2 03
Non t as set -cu rren s	30, 271	29, 772	28, 195
Inve ries nto	976	961	791
Con trac t as set s	376	312	281
Tra de ivab les and oth ivab les rece er r ece	53 4,5	3,9 23	4,8 96
Der ivat ive fina ncia l ins trum ent s	727	437	633
Def d c harg nd paid erre es a pre exp ens es	327	235	243
Effe ctiv e in ceiv able e ta com x re s	308	307	234
Inte be arin ities d si mila r inv rest est nts g se cur an me	7,0 09	6,6 75	7,0 79
Cas h an d ca sh e quiv alen ts	1,26 5	1,59 0	1,28 2
Ass held for sal ets e	1,54 6	1,10 9	1,27 0
Cur t as set ren s	17,0 87	15,5 49	16,7 09

Total assets 47,358 45,321 44,904

1) Including Goodwill.

2) These include investment property of EUR 30m (as of 31.12.2023: EUR 30m).

CO NS OL ST OF CIA OS ITIO SH EHO RS' EQ S IDA TED ATE ME NT FIN AN L P N - AR LDE UIT Y A ND LIA BIL ITIE
in € m	31/ 03/ 202 4	31/1 2/2 023	31/ 03/ 202 3
Issu ed ital cap	3,0 63	3,0 63	3,0 60
Cap ital rese rve	258	258	252
Ret d e aine ings arn	4,4 09	2,5 14	2,8 50
Oth ral r eut er n ese rves	2,5 34	2,15 1	1,79 3
Net fit/ loss pro	-73 4	3 1,67	-46 7
G Equ ity ibu tab le t har eho lde f D sch e L ufth a A attr eut o s rs o ans	9,5 30	9,6 59	88 7,4
Min orit y in tere sts	44	50	62
Sha reh old ' eq uity ers	9,5 74	9,7 09	7,5 50
Pen sion visi pro ons	2,6 44	2,8 95	2,0 56
Oth isio er p rov ns	887	764	785
Bor ings row	10,2 00	11,0 55	13,1 54
Con t lia bilit ies trac	30	26	29
Oth er f cial liab ilitie inan s	47	55	21
Adv ed, def d in d o the n-fi cial liab ilitie ent ceiv anc e p aym s re erre com e an r no nan s	66	67	48
Der fina l ins ivat ive ncia trum ent s	337	495	367
Def d ta x lia bilit ies erre	526	505	519
Non ovis ion d li abi litie t pr -cu rren s an s	37 14,7	15,8 62	16,9 79
Oth isio er p rov ns	868	876	834
Bor ings row	3,6 01	2,8 88	1,90 6
Tra de able d ot her fina l lia bilit ncia ies pay s an	5,9 63	5,9 05	5,2 92
Con from d fl t lia bilit ies ight do trac ent un use cum s	7,28 9	4,9 81	7,21 3
Oth liab ilitie ont ract er c s	2,75 3	2,77 0	2,5 31
Adv ceiv ed, def d in d o the n-fi cial liab ilitie ent anc e p aym s re erre com e an r no nan s	887	722	844
Der ivat ive fina ncia l ins trum ent s	146	263	594
Effe ctiv e in x ob liga tion e ta com s	684	675	549
Liab ilitie s in ctio ith held for sal ets co nne n w ass e	856	670	612
Cur d li abi litie ovis ions t pr ren an s	23, 047	19,7 50	20, 375

Total shareholders' equity and liabilities 47,358 45,321 44,904

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

in € m	Issu ed ital cap	Cap ital rese rve	Fair val ue nt mea sure me of f cial inan inst ent rum s	Cur ren cy diff ere nce s	Rev alua tion (du rese rve e to b usin ess bina s) tion com	Oth er tral neu rese rves	Tot al oth er tral neu res erv es	Ret d aine ning ear s	Net fit/ pro loss	Equ ity ibu tab le attr har eho lde to s rs of D sch eut e Luf tha AG nsa	Non trol ling con inte rest s	Tot al sha reh old ' ers ity equ
As of 0 1/0 1/2 023	3,0 60	252	913	739	236	346	2,2 34	2,0 68	791	8,4 05	69	8,4 74
Rec lass ifica tion s	–	–	-	–	–	–	–	791	-79 1	–	–	–
Div ide nds Luft han hare hold ers/ min orit y in to tere sts sa s	–	–	–	–	–	–	–	–	–	–	-9	-9
Con soli dat ed fit/ loss ribu tab le to Lu ftha net att pro nsa sha reh old ers/ min orit ies	–	–	–	–	–	–	–	–	-46 7	-46 7	2	-46 5
Oth d in d d tly nise irec in e quit er e xpe nse s an com e re cog y	–	–	-34 4	-37	–	-	-38 1	-9	–	-39 0	–	-39 0
Hed ults lass ified fro fina l as ging ncia set s to res rec m n on- uisi tion sts acq co	–	–	-60	–	–	–	-60	–	–	-60	–	-60
As of 3 1/0 3/2 023	3,0 60	252	509	702	236	346	1,79 3	2,8 50	-46 7	7,4 88	62	7,5 50
As of 0 1/0 1/2 024	3,0 63	258	560	1,00 9	236	346	2,15 1	2,5 14	1,67 3	9,6 59	50	9,7 09
Rec lass ifica tion s	–	–	-	–	–	–	–	1,67 3	-1,6 73	–	–	–
Div ide nds Luft han hare hold ers/ to min orit y in tere sts sa s	–	–	–	–	–	–	–	–	–	–	-10	-10
Em ploy hare ee s pro gra mm es	–	–	–	–	–	3	3	–	–	3	–	3
Con soli dat ed fit/ loss ribu tab le to Lu ftha net att pro nsa sha reh old ers/ min orit ies	–	–	–	–	–	–	–	–	-73 4	-73 4	3	-73 1
Oth d in d d tly nise irec in e quit er e xpe nse s an com e re cog y	–	–	568	-96	–	-	472	222	–	694	1	695
Hed ging ults lass ified fro fina ncia l as set s to res rec m n on- uisi tion sts acq co	–	–	-92	–	–	–	-92	–	–	-92	–	-92
of 3 1/0 3/2 024 As	3,0 63	258	1,03 6	913	236	349	2,5 34	09 4,4	-73 4	9,5 30	44	9,5 74

CONSOLIDATED CASH FLOW STATEMENT

in € m	Jan - M ar 202 4	Jan - M ar 202 3
Cas h a nd h e vale of iod qui nts at s tart cas per	1,66 8	1,78 4
Net fit/ loss be fore fro d a nd d ued inc inue isco ntin ions e ta ont erat pro om xes m c op	-93 9	-57 5
Dep d im nt l iatio rtis atio pair nt a ts rec n, a mo n an me oss es o n no n-c urre sse (net of rsal s) reve	577	602
Dep d im nt l iatio rtis atio pair t as set rec n, a mo n an me oss es o n cu rren s (net of rsal s) reve	36	-10
Net ds o n d sal of n ispo rent ets pro cee on- cur ass	4	8
Res ult of e quit y in tme nts ves	13	16
Net int st ere	82	92
Inco nts/ bur reim tax ent me pay me sem s	-14	-11
Sig nific ash es/ inco ant no n-c exp ens me	-92	37
Cha rad ork ital in t ing nge e w cap	1,49 6	1,54 7
Cha in o the s/s hare hold ers' uity d lia bilit ies set nge r as eq an	148	-125
Cas h fl from ting tivi ties ow op era ac	1,31 1	1,58 1
Cap ital end itur e fo pla nd e qui d in gib le a rty, nt a ent tan ts exp r pr ope pm an sse	-90 1	-99 6
Cap ital end itur e fo r fin ial i stm ent exp anc nve s	-23	-4
Add itio ns/ loss aira ble of airc raft to arts rep spa re p	-92	-85
Pro ds f dis al o f no olid d sh ate cee rom pos n-c ons are s	-	-
Pro ds f dis al o f co lida ted sha cee rom pos nso res	-	-
Cas h ou tflo for uisi tion s of olid d sh ate ws acq no n-c ons ares	-19	-8
Cas h ou tflo for uisi tion s of lida ted sha ws acq co nso res	-	-
Pro ds f dis al o f in gib le a plan d e qui d o the r fin ial i tan ts, ty, t an ent st cee rom pos sse pro per pm an anc nve nts me	34	21
Inte inc rest om e	49	23
Div ide nds eive d rec	12	9
Net sh f /us ed in i stin ctiv itie ca rom nve g a s	-94 0	-1,0 40
Pur cha f se ities /fu nd inve stm ent se o cur s	-2,4 93	-3,4 69
Dis al o f se ities /fu nd inve stm ent pos cur s	2,19 4	2,8 98
Net sh f /us ed nd h m in i stin ent tivi ties ca rom nve g a cas ana gem ac	-1,2 39	-1,6 11

CONSOLIDATED CASH FLOW STATEMENT (continued)

in € m	Jan - M ar 202 4	Jan - M ar 202 3
Tra ctio ns b rolli inte ont rest nsa y no n-c ng s	-	-
Non t bo ing -cu rren rrow	29	74
Rep of t bo ing ent aym non -cu rren rrow	-23 7	-25 0
Div ide nds id pa	-10	-9
Inte id rest pa	-183	-151
Net sh f /us ed in f inan cin ctiv itie ca rom g a s	-40 1	-33 6
Net se/ dec ash d c ash lent inc in c uiva rea rea se an eq s	-32 9	-36 6
Cha s du latio n d iffe e to cy t nge cu rren rans ren ces	1	-4
Cas h a nd h e vale 31/ 03/ 202 4 qui nts cas	1,34 0	1,41 4
Les sh a nd c ash lent s of s he ld f ale f 31 Ma uiva anie s ca eq co mp or s as o r	75	132
Cas h a nd h e vale of c cla ssif ied as h eld for le a s of 31 Ma qui nts ies not cas om pan sa r	1,26 5	1,28 2
Inte be d si mila rest arin ities r inv est nts g se cur an me	7,0 09	7,0 79
Liq uid ity	8,2 74	8,3 61
Net e/d liq uidi inc e in ty reas ecr eas	284	-84

NOTES

1 Applied standards, changes in the group of consolidated companies and accounting principles

The consolidated financial statements of Deutsche Lufthansa AG and its subsidiaries have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as applicable in the European Union (EU), taking account of interpretations by the IFRS Interpretations Committee (IFRIC). This interim report as of 31 March 2024 has been prepared in condensed form in accordance with IAS 34.

In preparing the interim financial statements, the standards and interpretations applicable as of 1 January 2024 have been applied. The interim financial statements as of 31 March 2024 have been prepared using the same accounting policies as those on which the preceding consolidated financial statements as of 31 December 2023 were based. The standards and interpretations mandatory from 1 January 2024 onwards had no effect on the Group's net assets, financial and earnings position, and no restatements resulting from new standards were necessary.

No significant changes to the group of consolidated companies occurred in the reporting period.

2 Matters of significance for the interim financial statements and going concern status

In the first three months of 2024, the performance of the business activities of the Lufthansa Group companies was negative. A number of strikes by different employee groups within the Group and by employees at system partners had a particularly negative impact on results in the amount of approximately EUR 350m. Capacity in the passenger business increased but failed to reach the original targets, mainly due to strikes. Revenue in the Logistics business segment fell due to declining yields and the high comparative basis from the previous year. Growth in the MRO business segment continued to be driven by strong demand for maintenance and repair services.

The positive change in trade working capital was the main driver of the significantly positive cash flow from operating activities in the reporting period. This was primarily due to cash inflows from ticket sales.

As of 31 March 2024, Deutsche Lufthansa AG had centrally available liquidity of EUR 7.7bn. Decentralised bank and cash balances came to a further EUR 0.6 bn. Moreover, a revolving free credit line of EUR 2.5bn is still available as of the reporting date. Altogether, the Lufthansa Group's available liquidity therefore comes to EUR 10.8bn.

Based on macroeconomic trends and expected customer behaviour, the Lufthansa Group regularly updates its profit and liquidity planning to reflect the changing parameters for its forecast course of business. The principal factors of uncertainty at the moment are the general economic outlook, especially in Germany, ongoing supply chain problems and the potential repercussions of political crises (war in Ukraine, Middle East). There are further uncertainties in connection with the public and political debate on climate protection.

Taking into account the corporate planning and the resulting liquidity planning, the further potential funding measures and the uncertainties about the future course of business, the Company's Executive Board considers the Group's liquidity to be secure for the next 18 months. The consolidated financial statements have therefore been prepared on a going concern basis.

3 Notes to the income statement, statement of financial position and cash flow statement

OTHER OPERATING REVENUE BY AREA OF OPERATIONS

TOTAL REVENUE

TRAFFIC REVENUE BY AREA OF OPERATIONS

in € m	202 4	¹⁾ Eur ope	Nor th ¹⁾ rica ame	Cen tral and Sou th a¹⁾ Am eric	Asi a/ ⁾ ific¹ Pac	Mid dle t¹⁾ Eas	⁾ ica¹ Afr
Pas -Air line sen ger s	5,2 62	3,8 90	861	66	286	72	87
Ge Luf tha n A irlin nsa rma es	2,8 85
²⁾ SW ISS	1,30 0
Aus tria n A irlin es	384
Bru ls sse	273
²⁾ Eur owi ngs	420
Log istic s	641	292	73	22	219	11	24
Tot al	5,9 03

				Cen tral and
in € m	202 4	¹⁾ Eur ope	Nor th a¹⁾ Am eric	Sou th a¹⁾ Am eric	Asi a/ ific¹ ⁾ Pac	Mid dle t¹⁾ Eas	ica¹ ⁾ Afr
MR O	1,18 8	391	369	36	290	67	35
MR O s ices erv	1,02 9
Oth atin er o per g re ven ue	159
Pas -Air line sen ger s	133	117	8	1	6	–	1
Log istic s	37	21	11	–	3	2	–
Add nal Bus d G itio ines ses an rou p Fun ctio ns	131	92	11	5	15	5	3
IT s ices erv	48
Tra vel nt man age me	65
Oth er	18
Tot al	1,48 9

^¹⁾ Traffic revenue is allocated to the original location of sale.

^²⁾ Disclosure of traffic revenue, including belly revenue; this is reported in the segment reporting in the reconciliation column.

TRAFFIC REVENUE BY AREA OF OPERATIONS

in € m	202 3	¹⁾ Eur ope	Nor th ¹⁾ rica ame	Cen tral and Sou th a¹⁾ Am eric	Asi a/ ⁾ ific¹ Pac	Mid dle t¹⁾ Eas	⁾ ica¹ Afr
Pas -Air line sen ger s	4,9 33	3,5 50	793	91	325	86	88
Luf Ge tha n A irlin nsa rma es	2,78 5
²⁾ SW ISS	8 1,17
Aus tria n A irlin es	381
Bru ls A irlin sse es	263
²⁾ Eur owi ngs	326
Log istic s	775	421	90	27	207	12	18
Tot al	5,7 08

OT HE R O PER ATI NG RE VE NU E B Y A	REA OF OP	ERA TIO NS
in € m	202 3	¹⁾ Eur ope	th- Am Nor a¹⁾ eric	Cen tral and Sou th a¹⁾ Am eric	Asi a/ ⁾ ific¹ Pac	Mid dle t¹⁾ Eas	ica¹ ⁾ Afr
MR O	1,02 9	402	325	43	183	53	23
MR O s ices erv	857
Oth atin er o per g re ven ue	172
Pas -Air line sen ger s	126	114	5	1	4	1	1
Log istic s	36	20	12	–	2	2	–
Add nal Bus d G itio ines ses an rou p Fun ctio ns	118	81	10	5	16	4	2
IT s ices erv	42
Tra vel nt man age me	61
Oth er	15
Tot al	1,30 9

1) Other operating revenue is allocated according to the original location of sale.

¹⁾ Other operating revenue is allocated according to the original location of sale.

^¹⁾ Traffic revenue is allocated to the original location of sale.

^²⁾ Disclosure of traffic revenue, including belly revenue; this is reported in the segment reporting in the reconciliation column.

AIRCRAFT AND RESERVE ENGINES

Three newly purchased aircraft entered service in the reporting period.

DEFERRED TAXES

The deferred tax assets recognised on tax loss carry-forwards were again deemed to have a realisable value because the losses were caused by a temporary exogenous shock and the Company assumes that sufficient positive taxable profits will be available in the foreseeable future to set off against them. In Germany, tax loss carry-forwards are not subject to any restrictions regarding the period of time in which they can be used.

ASSETS CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS

ASSETS HELD FOR SALE AND CORRESPONDING LIABILITIES

in € m	31/ 03/ 202 4	31/1 2/2 023	31/ 03/ 202 3
Ass ets
Inta ngib le A ts sse	27	27	43
Airc raft d re gine an serv e en s	–	–	302
Lan d a nd buil ding s	7	7	246
Oth er f ixed ets ass	7	6	158
Fina ncia l as set s	32	31	48
Tra de ivab les rece	1,36 3	931	202
Cas h an d ca sh e alen quiv ts	75	78	131
Oth ts er a sse	35	29	140
	1,54 6	1,10 9	1,27 0
Liab iliti es
Pen sion visi pro ons	8	8	28
Oth isio er p rov ns	36	36	51
the reof nt no n-c urre	6	6	15
Bor ings row	297	279	151
the reof nt no n-c urre	3	3	117
Oth er L iabi litie s	515	347	382
the reof nt no n-c urre	–	–	47
	856	670	612

As of 31 March 2024, assets with a carrying amount of EUR 1,546m were held for sale. The related liabilities amounted to EUR 856m. All the assets and liabilities held for sale stem from the contract signed on 20 June 2023 with SEB Kort Bank AB from Stockholm for the sale of the AirPlus Group. The AirPlus Group is part of Additional Businesses and Group Functions.

The assets and liabilities of the Catering segment, which was sold in October 2023, and six Airbus A380 aircraft were reported as held for sale as of 31 March 2023. The profit/loss from discontinued operations reported in the previous year also related to the Catering segment.

In shareholders' equity, the other neutral reserves item includes accumulated income of EUR 22m and the reserve for currency translation differences includes EUR 9m in accumulated income attributable to the assets and liabilities of the AirPlus Group held for sale.

PENSION PROVISIONS

The discount rate used to calculate the pension obligations in Germany was 3.7% (31 December 2023: 3.6%), and an interest rate of 1.5% (31 December 2023: 1.4%) was used to calculate the obligations in Switzerland.

4Seasonality

The Group's business is mainly exposed to seasonal effects via the Passenger Airlines business segment. As such, revenue in the first and fourth quarters is generally lower, since people travel less, while higher revenue and operating earnings are normally generated in the second and third quarters.

5 Contingencies and events after the reporting period

CONTINGENT LIABILITIES

in € m	31/ 03/ 202 4	31/1 2/2 023
Fro bills of han and ch nte nte m g uara es, exc ge equ e g uara es	2,0 80	2,0 38
Fro nty trac ts m w arra con	179	199
ral f Fro idin llate hird rtie s lia bilit ies or t m p rov g co -pa	19	19
	2,2 78	2,2 56

Provisions for other contingent liabilities were not created because their utilisation was not sufficiently probable. The potential financial effect of these provisions on the result would have been EUR 18m (as of 31 December 2023: EUR 18m).

As of 31 March 2024, the tax risks for which no provisions were recognised amounted to some EUR 400m (as of 31 December 2023: EUR 400m).

At the end of March 2024, there were order commitments of EUR 20.6bn for capital expenditure on property, plant and equipment, including repairable spare parts, and for intangible assets. As of 31 December 2023, the order commitments came to EUR 20.5bn.

EVENTS AFTER THE REPORTING PERIOD

Employers' Federation for Air Transport Companies (AGVL) and the cabin staff union Unabhängige Flugbegleiter Organisation e.V. (UFO) reached a long-term wage agreement for the approximately 19,000 cabin crew at Lufthansa Airlines on 11 April 2024. The wage agreement has a term of at least 36 months and offers a wage increase totalling 16.5% in several phases over this term. UFO had previously called for a two-day strike.

On April 25, 2024, Austrian Airlines and the trade union vida and the works council Bord agreed on a collective agreement for around 2,400 flight attendants and around 1,000 pilots. The collective agreement runs until December 2026 and offers, in particular, average salary increases of around 19.4% in three stages and a peace obligation during the term of the agreement. The agreement is subject to a positive vote by the vida trade union.

6 Financial instruments and financial liabilities

FINANCIAL INSTRUMENTS

The following tables show financial assets and liabilities held at fair value by level in the fair value hierarchy. The levels are defined as follows:

Level 1: Financial instruments traded on active markets, the quoted prices for which are taken for measurement unchanged.

Level 2: Measurement is made by means of valuation methods with parameters derived directly or indirectly from observable market data.

Level 3: Measurement is made by means of valuation methods with parameters not based exclusively on observable market data.

As of 31 March 2024, the breakdown of financial assets and liabilities recognised at fair value by measurement category was as follows:

FAIR VALUE HIERARCHY OF ASSETS AS OF 31/03/2024

in € m	Lev el 1	Lev el 2	Lev el 3	Tot al
t fa rofi Fin ial a ir v alue thr h p d lo ts a t an anc sse oug ss	25 5,5	1	24	50 5,5
Fina ncia l de riva tive s cl ified held for ding tra ass as	–	1	–	1
Sec urit ies	5,5 25	–	–	5,5 25
Inve stm ent s	–	–	24	24
fina eff t of Der ivat ive ncia l ins hich ive a h edg trum ent ect s w are an par rela shi ing tion p	–	1,45 6	–	1,45 6
Fina l as fai lue thro ugh oth hen ncia set s at sive inc r va er c om pre om e	–	1,14 9	–	1,14 9
Equ ity inst ent rum s	–	–	–	–
Deb t in stru nts me	–	1,14 9	–	1,14 9
Tot al a ts sse	5,5 25	2,6 06	24	8,15 5

FAIR VALUE HIERARCHY OF LIABILITIES AS OF 31/03/2024

in € m	Lev el 1	el 2 Lev	el 2 Lev	Tot al
Fina ncia l lia bilit ies at f air v alue thr h p rofi los t or oug s	–	-60 2	–	-60 2
Der ivat ive fina ncia l ins fai lue thro ugh fit o r los trum ent s at r va pro s	–	-4	–	-4
Der ivat ive fina ncia l ins hich effe ctiv of a he dgi trum ent art s w are an e p ng rela tion ship	–	-48 0	–	-48 0
Tot al li abi litie s	–	-1,0 86	–	-1,0 86

In the case of the Level 3 equity investments, the acquisition costs are considered the best estimate of fair value for reasons of materiality.

As of 31 December 2023, the breakdown of financial assets and liabilities recognised at fair value by measurement category was as follows:

FAIR VALUE HIERARCHY OF ASSETS AS OF 31/12/2023

in € m	Lev el 1	Lev el 2	Lev el 3	Tot al
Fin ial a t fa alue thr h p rofi d lo ts a ir v t an anc sse oug ss	5,16 0	105	24	5,2 89
Fina ncia l de riva tive s cl ified held for ding tra ass as	–	2	–	2
Sec urit ies	0 5,16	103	–	5,2 63
Inve stm ent s	–	–	24	24
Der fina l ins hich eff t of a h edg ivat ive ncia trum ent ect ive s w are an par rela shi ing tion p	–	1,09 4	–	1,09 4
Fina ncia l as fai lue thro ugh oth hen sive inc set s at r va er c om pre om e	–	1,13 6	–	1,13 6
Equ ity inst ent rum s	–	–	–	–
Deb t in stru nts me	–	1,13 6	–	1,13 6
Tot al a ts sse	5,16 0	2,3 35	24	7,5 19

FAI R V ALU E H IER AR CH Y O F L IAB ILIT IES AS OF 31/ 12/ 202 3
in € m	Lev el 1	Lev el 2	Lev el 2	Tot al
Fina l lia bilit at f alue thr h p rofi los ncia ies air v t or oug s	–	-64 3	–	-64 3
Der ivat ive fina ncia l ins fai lue thro ugh fit o r los trum ent s at r va pro s	–	-7	–	-7
Der ivat ive fina ncia l ins hich effe ctiv of a he dgi trum ent art s w are an e p ng rela tion ship	–	-75 1	–	-75 1
Tot al li abi litie s	–	01 -1,4	–	01 -1,4

The fair values of interest rate derivatives correspond to their respective market values, which are measured using appropriate financial and mathematical methods, such as discounting expected future cash flows. Discounting takes market standard interest rates and the residual term of the respective instruments into account. Forward currency transactions and swaps are individually discounted to the reporting date based on their respective futures rates and the appropriate interest rate curve. The market prices of currency options and the options used to hedge fuel prices are determined using acknowledged option pricing models.

The fair values of debt instruments also correspond to their respective market values, which are measured using appropriate mathematical methods, such as discounting expected future cash flows. Discounting takes market standard interest rates and the residual term of the respective instruments into account.

The carrying amount for cash, trade receivables, other receivables, trade payables and other liabilities is assumed to be a realistic estimate of fair value.

FINANCIAL LIABILITIES

The following table shows the carrying amounts and fair values of the individual classes of financial liabilities. For bonds, the fair values correspond to the stock market quotations. The fair values for the other financial debts were determined on the basis of the interest rates applicable at the balance sheet date for the corresponding residual terms/redemption structures using accessible market information (Bloomberg).

FIN AN CIA L L IAB ILIT IES
	31/ 03/ 202 4		31/1 2/2 023
in € m	Car ryin g unt amo	Ma rket valu e	Car ryin g unt amo	Ma rket valu e
Bon ds	6,16 7	6,0 31	6,2 24	6,0 18
Bor er's te l row no oan s	1,14 6	1,16 4	3 1,14	2 1,15
Cre dit line s	20	16	21	18
Airc raft fin ing anc	3,72 6	3,8 35	3,8 02	3,9 65
Oth er b win orro gs	174	179	185	192
Tot al	11,2 33	11,2 25	11,3 75	11,3 45
Lea sing liab ilitie s	2,5 68	n.a.	2,5 68	n.a.
Tot al	13,8 01		13,9 43

Earnings per share

EARNINGS PER SHARE

7

		31/ 03/ 202 4	31/ 03/ 202 3
Bas ic e ing har arn s p er s e	€	– 0 .61	– 0 .39
Con soli dat ed fit/ loss net pro	€m	– 73 4	– 4 67
We ight ed ber of sha ave rag e n um res		1,19 01,1 02 6,6	1,19 85, 5,4 644

Diluted earnings matched basic earnings.

8 Issued capital

SHARE CAPITAL

Deutsche Lufthansa AG's share capital totals EUR 3,063,342,970.88. It is divided into 1,196,618,348 registered shares with transfer restrictions, with each share representing EUR 2.56 of share capital.

AUTHORISED CAPITAL

Executive Board until 9 May 2025, subject to approval by the Supervisory Board, to increase the Company's share capital by up to EUR 1,000,000,000 by issuing new registered shares on one or more occasions for payment in cash or in kind (Authorised Capital A). In certain cases, the shareholders' subscription rights can be excluded with the approval of the Supervisory Board.

A resolution passed at the Annual General Meeting on 9 May 2023 authorised the Executive Board until 8 May 2028, subject to approval by the Supervisory Board, to increase the share capital by EUR 100,000,000 by issuing new registered shares to employees (Authorised Capital B) for payment in cash. Existing shareholders' subscription rights are excluded. In the period up to 31 March 2024, the issued capital was increased under this authorisation by a total of EUR 2,899,722.24, with the result that Authorised Capital B still amounted to EUR 97,100,277.76 as of the reporting date.

The Executive Board is authorised, in the event of the fulfilment of the requirements stipulated in Section 4 Paragraph 3 of the German Aviation Compliance Documentation Act (LuftNaSiG) and with the consent of the Supervisory Board, to increase the issued capital by up to 10% by issuing new shares in return for payment in cash and without subscription rights for existing shareholders. The issue price for the new shares must be determined subject to the agreement of the Supervisory Board and may not be significantly lower than the market price. The authorisation may only be made use of insofar as this is necessary in order to achieve the non-applicability of the conditions stipulated in Section 4 Paragraph 3 Luft-NaSiG.

The Executive Board is authorised, according to Section 5 Paragraph 2 LuftNaSiG and subject to the approval of the Supervisory Board, to require shareholders to sell some or all of their shares and to provide the Company with proof of this sale without delay insofar as this is necessary for compliance with the requirements for the maintenance of air traffic rights and in the sequence prescribed in Section 5 Paragraph 3 LuftNaSiG, subject to an appropriate time limit and while indicating the legal consequence which would otherwise be possible of the loss of their shares in accordance with Section 5 Paragraph 7 LuftNaSiG.

CONTINGENT CAPITAL

A resolution of the Annual General Meeting on 5 May 2020 increased the Company's contingent capital by up to EUR 122,417,728. The contingent capital increase serves to provide shares to the holders or creditors of conversion and/or option rights from convertible bonds that may be issued by the Company or its Group companies until 4 May 2025. In certain cases, the shareholders' subscription rights can be excluded with the approval of the Supervisory Board.

On 10 May 2022, the Annual General Meeting increased the Company's contingent capital by up to EUR 306,044,326.40. The contingent capital increase serves to provide shares to the holders or creditors of conversion and/or option rights from convertible bonds that may be issued by the Company or its Group companies until 9 May 2027. In certain cases, the shareholders' subscription rights can be excluded with the approval of the Supervisory Board.

AUTHORISATION TO PURCHASE TREASURY SHARES

A resolution passed at the Annual General Meeting held on 9 May 2023 authorised the Executive Board pursuant to Section 71 Paragraph 1 No. 8 of the German Stock Corporation Act (AktG) to purchase treasury shares until 8 May 2028. The acquisition is limited to 10% of current share capital and can be purchased on the stock exchange or by a public purchase offer to all shareholders. The authorisation states that the Executive Board can use the shares in particular for the purposes defined in the resolution passed at the Annual General Meeting. According to the resolution of the Annual General Meeting held on 9 May 2023, the Executive Board is also authorised to purchase treasury shares by means of derivatives and to conclude corresponding derivative transactions.

As of 31 March 2024, the number of treasury shares totalled 17,246.

9Segment reporting

Segmentation has not been changed compared with the financial statements as of 31 December 2023.

SEGMENT INFORMATION FOR THE REPORTING SEGMENTS Jan - Mar 2024

in € m	Pas Air line sen ger s	Log istic s	MR O	Tot al re tab le por rati ent ope ng s egm s	Add nal Bus itio ines ses and Gr Fu nct ions oup	Rec iliat ion onc	Gro up
Ext al re ern ven ue	5,3 95	678	1,18 8	7,26 1	131	–	7,39 2
of w hich ffic tra rev enu e	5,14 6	641	–	5,78 7	–	116	5,9 03
Inte ent r-se gm rev enu e	167	13	582	762	132	-89 4	–
Tot al r eve nue	62 5,5	691	0 1,77	8,0 23	263	-89 4	7,3 92
Oth atin g in er o per com e	224	21	101	346	608	-171	783
Op ting inc era om e	5,7 86	712	1,87 1	8,3 69	871	-1,0 65	8,17 5
Op ting era ex pen ses	6,6 78	737	1,74 9	9,16 4	908	-1,0 61	9,0 11
of w hich f m rials st o ate co	3,79 6	514	1,05 0	5,3 60	105	-57 3	4,8 92
of w hich ff c sta ost	1,46 6	111	452	2,0 29	226	-1	2,2 54
of w hich de ciat ion and orti ion sat pre am	446	49	40	535	26	9	570
of w hich oth atin er o per g ex pen ses	970	63	207	1,24 0	551	-49 6	1,29 5
Op of e ting ult qui ty i stm ent era res nve s	-26	3	-6	-29	17	-1	-13
of w hich ult of i d fo ing the uity tho d stm ent nte res nve s ac cou r us eq me	-26	3	-6	-29	5	–	-24
T1) Adj ed EBI ust	-91 8	-22	116	-82 4	-20	-5	-84 9
Rec iliat ion item onc s	-2	-1	-4	-7	-15	–	-22
Imp airm los /ga ins ent ses	–	–	–	–	–	–	–
Effe from nsio isio ns & turi cts truc pe n p rov res ng	–	–	-2	-2	-7	-1	-10
Res ult of d ispo sal of a ts sse	-3	–	–	-3	–	–	-3
Oth ncil iatio n it er r eco em s	1	-1	-2	-2	-8	1	-9
EBI T	-92 0	-23	112	-83 1	-35	-5	-87 1
Oth er f inan cial ult res							-68
Pro fit/ loss be fore inc e ta om xes							-93 9
ed2 ) Cap ital ploy em	7,0 54	2,2 54	4,2 03	13,5 11	1,94 0	-40 2	15,0 49
of w hich fro ted for he e eth od m in tme nts usi ng t quit ves acc oun y m	229	46	157	432	34	-12	454
Seg al e ndit nt c apit me xpe ure	808	8	31	847	28	68	943
of w hich fro ted for he e eth od m in tme nts usi ng t quit ves acc oun y m	–	–	8	8	–	–	8
Num ber of e loye t th d of riod mp es a e en pe	62, 603	4,18 2	23, 133	89, 918	8,8 21	–	98, 739

1) For detailed reconciliation from EBIT to Adjusted EBIT ↗ table "reconciliation of results", p. 7, in the interim management report.

2) The capital employed results from total assets adjusted for non-operating items, (deferred taxes, positive market values, derivatives) less cash and cash equivalents and less certain non-interest bearing liabilities (including trade payables and liabilities from unused flight documents).

SEGMENT INFORMATION FOR THE REPORTING SEGMENTS Jan - Mar 2023

in € m	Pas Air line sen ger s	Log istic s	MR O	Tot al re tab le por rati ent ope ng s egm s	Add itio nal Bus ines ses and Gr Fu ions nct oup	ion3 ) Rec iliat onc	Gro up
Ext al re ern ven ue	5,0 53	811	1,02 9	6,8 93	118	6	7,0 17
of w hich ffic tra rev enu e	4,8 06	775	–	5,5 81	–	127	5,70 8
Inte ent r-se gm rev enu e	158	12	508	678	95	-773	–
Tot al r eve nue	5,2 11	823	1,53 7	7,5 71	213	-76 7	7,0 17
Oth atin g in er o per com e	303	25	98	426	549	-30 1	674
Op ting inc era om e	5,5 14	848	1,63 5	7,9 97	762	-1,0 68	7,6 91
Op ting era ex pen ses	5,9 97	703	1,49 6	8,19 6	801	-1,0 51	7,9 46
of w hich f m rials st o ate co	3,4 47	491	903	4,8 41	92	-56 1	4,3 72
of w hich ff c sta ost	1,24 1	99	377	1,71 7	202	–	1,91 9
of w hich de ciat ion and orti ion sat pre am	421	44	39	504	28	13	545
of w hich oth atin er o per g ex pen ses	888	69	177	1,13 4	479	-50 3	1,110
Op ult of e ting qui ty i stm ent era res nve s	-29	6	-4	-27	9	–	-18
of w hich ult of i d fo the tho d stm ent nte ing uity res nve s ac cou r us eq me	-24	1	-4	-27	1	-1	-27
T1) Adj ed EBI ust	-51 2	151	135	-22 6	-30	-17	-27 3
Rec iliat ion item onc s	-19	-2	–	-21	-9	-1	-31
Imp los /ga airm ins ent ses	-13	-1	1	-13	–	2	-11
Effe from nsio isio cts pe n p rov ns	–	–	–	–	-2	-1	-3
Res ult of d sal of a ispo ts sse	-6	–	-2	-8	–	-1	-9
Oth ncil iatio n it er r eco em s	–	-1	1	–	-7	-1	-8
EBI T	-53 1	149	135	-24 7	-39	-18	-30 4
Oth er f cial ult inan res							-22 6
Pro fit/ loss be fore inc e ta om xes							-53 0
ed2 ) Cap ital ploy em	6,3 58	2,24 3	3,8 30	12,4 31	1,39 3	177	14,0 01
of w hich fro ted for he e eth od m in tme nts usi ng t quit ves acc oun y m	101	44	154	299	22	1	322
Seg al e ndit apit nt c me xpe ure	774	146	21	941	5	62	1,00 8
of w hich fro ted for he e eth od m in usi quit tme nts ng t ves acc oun y m	–	–	5	5	–	–	5
Num ber of e loye t th d o f pe riod mp es a e en	57,8 60	4,0 90	21,0 23	82, 973	8,0 87	21,3 32	112, 392

1) For detailed reconciliation from EBIT to Adjusted EBIT ↗ table "reconciliation of results", p. 7, in the interim management report.

2) The capital employed results from total assets adjusted for non-operating items (deferred taxes, positive market values, derivatives), less cash and cash equivalents and less certain non-interest bearing liabilities (including trade payables and liabilities from unused flight documents). Amounts restated for Passenger Airlines, MRO, Additional Businesses and Group Functions and in total due to change in allocation.

3) Presentation in the overview changed due to the disposal of the Catering segment in 2023 (Catering column and corresponding elimination in the reconciliation column removed)

		202 4		202 3
in € m	Tra ffic 1) reve nue	Oth er rati ope ng reve nue	Tot al rev enu e	Tra ffic 1) reve nue	Oth er rati ope ng reve nue	Tot al rev enu e
Eur ope	4,18 2	621	4,8 03	3,9 71	617	4,5 88
the reof Ge rma ny	2,0 22	220	2,24 2	1,69 2	266	1,95 8
Nor th A rica me	934	399	1,33 3	883	352	1,23 5
the reof US A	844	293	1,13 7	782	289	1,07 1
Cen tral d S h A rica out an me	88	42	130	118	49	167
Asi a/P acif ic	505	314	819	532	205	737
Mid dle Eas t	83	74	157	98	60	158
Afr ica	111	39	150	106	26	132
Tot al	5,9 03	1,48 9	7,3 92	5,7 08	1,30 9	7,0 13

11 Published standards that have not yet been applied

Amendments of accounting standards which have been approved by the IASB as of the date of publication of this report and are applicable for financial years beginning after 1 January 2024 have no effect on the presentation of the net assets, financial and earnings position. The effects of IFRS 18, Presentation and Disclosure in Financial Statements, which was published on 9 April 2024 and is applicable from 1 January 2027, have not yet been assessed. Further information on the amendments resolved as of the preparation date of the interim financial statements is provided in ↗ Note 3 of the notes to the consolidated financial statements 2023 (Annual Report 2023, p. 166ff.)

^¹⁾ Allocated according to the original location of sale.

10 Related party disclosures

As stated in ↗ Note 51 to the 2023 consolidated financial statements (Annual Report 2023, p. 255ff.), the segments in the Lufthansa Group render numerous services to related parties within the scope of their ordinary business activities and also receive services from them. These extensive supply and service relationships take place unchanged on the basis of market prices. There were no significant changes as of the reporting date. The contractual relationships with the group of related parties described in the ↗ Remuneration Report 2023 (Annual Report 2023, p. 278ff.) and in the notes to the consolidated financial statements 2023 in ↗ Note 52 (Annual Report 2023, p. 258) also still exist unchanged, but are not of material significance for the Group.

DECLARATION BY THE LEGAL REPRESENTATIVES

We declare that to the best of our knowledge and according to the applicable accounting standards for interim reporting, the consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Frankfurt, 25 April 2024

The Executive Board

Carsten Spohr Chairman of the Executive Board

Harry Hohmeister Member of the Executive Board Global Markets & Network

Michael Niggemann Member of the Executive Board Human Resources & Infrastructure Labor Director

Christina Foerster Member of the Executive Board Brand & Sustainability

Detlef Kayser Member of the Executive Board Fleet & Technology

Remco Steenbergen Member of the Executive Board Finance

CREDITS

Published by Deutsche Lufthansa AG Venloer Str. 151 – 153 50672 Cologne Germany

Entered in the Commercial Register of Cologne District Court under HRB 2168

Editorial staff

Dennis Weber (Editor) Patrick Winter Malte Happel

CONTACT

Dennis Weber + 49 69 696 – 28008

Tim Müller + 49 69 696 – 28002

Cornelia Beier

• 49 69 696 – 28001

Deutsche Lufthansa AG Investor Relations LAC, Airportring 60546 Frankfurt/Main Germany Phone: + 49 69 696 – 28008 E-Mail: investor.relations@dlh.de

The Lufthansa 1st Interim Report is a translation of the original German Lufthansa Zwischenbericht 1/2024. Please note that only the German version is legally binding.

The latest financial information on the internet: ↗ www.lufthansagroup.com/investor-relations

Disclaimer in respect of forward-looking statements

Information published in the 1st Interim Report 2024, with regard to the future development of the Lufthansa Group and its subsidiaries consists purely of forecasts and assessments and not of definitive facts. Its purpose is exclusively informational, and can be identified by the use of such cautionary terms as "believe", "expect", "forecast", "intend", "project", "plan", "estimate", "anticipate", "can", "could", "should" or "endeavour". These forward-looking statements are based on discernible information, facts and expectations available at the time that the statements were made. They are therefore subject to a number of risks, uncertainties and factors, including, but not limited to, those described in disclosures, in particular in the Opportunities and risk report in the Annual Report. Should one or more of these risks occur, or should the underlying expectations or assumptions fail to materialise, this could have a significant effect (either positive or negative) on the actual results.

It is possible that the Group's actual results and development may differ materially from the results forecast in the forward-looking statements. Lufthansa does not assume any obligation, nor does it intend, to adapt forward-looking statements to accommodate events or developments that may occur at some later date. Accordingly, it neither expressly nor conclusively accepts liability, nor gives any guarantee, for the actuality, accuracy and completeness of this data and information.

Note

Unless stated otherwise, all change figures refer to the corresponding period from the previous year. Due to rounding, some of the figures may not add up precisely to the stated totals, and percentages may not precisely reflect the absolute figures.

FINANCIAL CALENDAR 2024

7 Ma y	An l Ge l Me ing 2 0 2 4 et nu a ne ra
3 1 Ju ly	Re lea f 2n d Int Re im ort se o er p Ja Ju 2 0 2 4 nu ary ne –
2 9 Oc be to r	Re lea f 3r d Int Re im ort se o er p Ja Se be 2 0 2 4 tem nu ary p r –