Slides
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Frankfurt, 31 July 2025 Q2 2025 Results Carsten Spohr, CEO Till Streichert, CFO
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Frankfurt, 31 July 2025 Q2 2025 Results Carsten Spohr, CEO Review Q2 2025
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Page 3 Integration process is progressing fast ▪ Codeshares now also possible on long-haul flights ▪ LHG & ITA harmonize benefits for status customers ▪ First positive financial contribution to Lufthansa Group results Aviation industry has matured and become more resilient ▪ Geopolitical disruptions and economic uncertainty persist worldwide ▪ Europe needs to become more competitive and independent ▪ New government in Germany sets the right tone Strong operational performance in peak summer season ▪ Punctuality significantly better vs. PY ▪ Positive outcome of investments in services, offerings, and operational stability ▪ Digital services enhanced ▪ Top destinations: Mediterranean countries, Korea, Japan, Argentina Lufthansa Group has a positive summer, but macro trends stay on the radar Macro Update ITA Integration Summer Operations
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In Q2 significant improvements versus prior year have been achieved Page 4 EUR 871m Adjusted EBIT +185m vs. 2024 EUR 10.3bn Revenues +315m vs. 2024 Operational stability persists 99% regularity +8%p punctuality vs. 2024 Allegris 10 aircraft in operation Financial IRREG impact ASK +3.8% vs. 2024 -28% vs. 2024 Q2: EUR 109m revenue and cost effect
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North Atlantic Market-wide promotions put pressure on yields We grew profitably in H1 and we remain flexible regarding capacity also in H2 Page 5 Intra-European Group-wide CONT network steering planned leading to higher O&D share 4.9% LHG 3.9% TTL 3.9% LHG 4.1% TTL 0.6% LHG 6.8% TTL Outlook H2: LHG vs. Market Growth Rates compared to PY LHG (excl. ITA) growth rate in ASK vs. PY Total market growth rate in ASK vs. PY Source: FLASH data as of July 16 Southern hemisphere Positive momentum stabilizes ICONT yield Asia Pacific Moderate growth to further support yields and SLF Review H1: Robust demand environment vs. PY: ASK Growth Yield Continental North America South America Asia Pacific Africa/Middle East ICONT yields: +1.1% vs PY in H1, with NATL Q2 yield growth weaker than Q1 CONT yields: under pressure due to DACH region +5.9% +6.6% -1.2% -0.2% +1.8% -3.0% +1.9% +3.6% -0.5% -0.5%
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In Q2 Lufthansa Cargo doubles its operating result thanks to robust demand Page 6 Improved load factor 62.9% (+2.1%p vs. PY) Revenue of EUR 820m (+3% vs. PY) Start of ITA cooperation First flights from Buenos Aires, São Paulo, and Rio de Janeiro to Rome Exploiting high growth verticals e.g. semiconductor, eCommerce -8% Unit costs (excl. fuel) vs. PY +8% Volume growth vs. PY Adj. EBIT in EUR million (margin) Despite the burden of US tariffs, base yield proves to be robust 73 (8.9%) Q2 ’25 36 (4.5%) Q2 ’24 +37
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Record H1 result proves that Lufthansa T echnik remains on track for success Page 7 Adjusted EBIT in EUR million (margin) 1.956 Q2 ’25 1.809 Q2 ’24 +147 149 (7.6%) Q2 ‘25 197 (10.9%) Q2 ‘24 -48 Note: Lufthansa Technik results do not include Lufthansa Industry Solutions. Revenue in EUR million Market & Customers Superior organic growth ▪ Topline: +8% vs. PY driven by Component and Engine Services ▪ Expansion of production system, e. g. new facility in Portugal Strong EBIT contributions ▪ Q2 2025 Adj. EBIT: -24% vs. PY due to strong Q2 2024; record- high H1 albeit higher tariffs and weaker USD ▪ Uncertain development of tariffs and USD puts pressure on H2, however structural market demand remains strong ▪ Partnership with Air Canada strengthened: synergetic value proposition of Engine and Component overhaul ▪ With Air Transat, AVIATAR enters North America - now serving over 40 customers and 4,500 aircraftH1 vs. PY +5
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Frankfurt, 31 July 2025 Q2 2025 Results Till Streichert, CFO Financial Overview
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Against a challenging macro backdrop, Q2 delivered solid financial result during a transition year (in EUR million) Q2’25 Revenues 10,322 Operating income Q2’24 Change in % 10,007 +3 Operating expenses Material cost ex fuel Fuel cost Staff cost Depreciation 594 571 +4 Adjusted EBIT 871 686 +27 Adjusted EBIT margin 11,189 10,632 +5 10,452 9,969 +5 4,164 3,810 +9 1,857 2,148 -14 2,441 2,228 +10 8.4% 6.9% +1.5%p Variante A EBIT 861 659 +31 Net income 1,012 469 +116 Page 9 Adjusted free cashflow 138 573 -76
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Q2 production growth at passenger airlines according to plan – short-haul unit revenues and cost inflation as headwinds Page 10 1) Excluding fuel and emission costs 2) 41% of EAT in LHG’s Adj. EBIT Comments ▪ Moderate ASK growth (95% vs. 2019) ▪ Long-haul yields stable, particularly driven by Americas (yields ex FX on North Atlantic stable vs. PY) ▪ RASK negatively impacted by yield, positive impact from ancillary revenues and less IRREG ▪ Strong ITA result2) supported by re- evaluation of lease liabilities due to weak USD ▪ As anticipated CASK increase mainly driven by labor and location cost in EUR million Adjusted EBIT/(margin)Operational KPIs 690 (8.4%) Q2 ’25 581 (7.2%) Q2 ’24 +109 Q2 ’25 ASK [m] SLF vs. Q2 ’24 Yield Short-haul Long-haul RASK CASK1) 90,211 +3.8% 82.0% -0.2%p 9.5 €c -1.5% -3.6% +0.0% 9.3 €c -1.3% 6.5 €c +4.1%
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Lufthansa Airlines T urnaround with tangible impact on operational stability, cost, and revenue Page 11 LH & VL +6 +11 Jan Feb +11 Mar +15 Apr +10 May +14 Jun 2025 vs. PY [%p] Ø = 77% +11%p vs. PY Record-level H1 operational stability since 2016 H1 2025 Punctuality Significant reduction of financial irregularity impact Allegris demonstrates first monetarization success (+75% NPS in Business Class) Innovative and personalized Ancillary offer, drives results enabled by Digital Hangar >25% Ancillary Rev. vs. H1/24 Supplier efficiency increased (IT infrastructure, distribution, sales & marketing partner) New crew planning rules & systems implemented Ops efficiency and ground automation (e. g. AI-based flight steering tools) Gradual closure of customer service center in Canada driven by automation -35% IRREG cost vs. H1/24 up to 15% Yield uplift -300 FTE Staff Reduction +5% Crew Prod. uplift in 2026 EUR -25m EUR Cost p.a. EUR -10m EUR Cost p.a. Revenue Cost
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Adjusted Free Cashflow generation above prior year‘s level Page 12 H1 2025 Adjusted EBIT / Adjusted free cashflow in EUR million 149 Adjusted EBIT 1,261 D&A (incl. spare parts) Trade Working Capital -335 Other operating cashflow1) Operating cashflow -1,608 Net CAPEX -199 Repayments IFRS 16 leases Adjusted free cashflow2) 1,756 2,831 1,024 H1 ‘24: 2,688 H1 ‘24: 878 H1 ‘24: -163 1) Other non-cash items, change in other assets & liabilities, balance sheet variations, tax 2) Adjusted free cashflow in Q1 2025 was restated to EUR 886m
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Target liquidity: EUR 8 - 10bn Balance Sheet remains strong Page 13 Comments ▪ Four rating agencies with BBB- / Baa3 stable outlook ▪ Since the beginning of this year successful refinancing of EUR 1.4bn via aircraft financings, hybrid bond as well as promissory notes ▪ Strong liquidity position will support upcoming aircraft deliveries and debt maturities ▪ Stable leverage since Q1 2025 Net debt and net pension liabilities1) in EUR billion 2.2 5.5 30.06.2025 2.6 5.7 31.12.2024 7.7 8.32.6 8.6 30.06.2025 2.5 8.5 31.12.2024 11.1 11.0 2.0x Sustainability-linked RCF2) Balance sheet liquidity Net pension liability Net debt Liquidity in EUR billion 1) Incl. pension plan surpluses which may not be netted according to IFRS (June 30, 2025: EUR 243m; December 31, 2024: EUR 126m) 2) Including smaller other credit facility 1.7x Net debt / EBITDA
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1) Passenger Airlines and Logistics including existing hedges and into plane cost and assuming average rate of 1.132 USD/EUR for FY2025. 2) Hegde ratio for remaining FY 2025 comprises 48% hedge on gasoil and 33% hedge on Brent. 3) Depicted fuel expenses do not include cost related to voluntary SAF. 4) Average 2025 Brent ICE Crude oil future in $/bbl as of reporting date: 67.25 $/bbl. 5) Average 2025 Jet Crack Future as of reporting date: 22.43 $/bbl. Expected fuel price sensitivity after hedging (FY2025) | excl. SAFLHG fuel price exposure is well hedged in 2025 1), 2), 3) Avg. market price crude oil 4) (for months not yet realized) Avg. market price jet crack 5) (for months not yet realized) LH mixed JET rate (vs. 2025 FCT) in $/mt as of July 25, 2025 Q3 Hedge ratio [%] 82% Jet fuel price after hedge [$/mt] 826 FY2025 81% 816 Jet fuel volume [mio. tons] 2.7 9.7 Exp. fossil fuel cost [bn €] 1.91 6.97 Exp. residual cost for mand. SAF [bn €] 0.05 0.19 Exp. total fuel expense [bn €] 1.96 7.16 Page 14 97 843 850 858 865 872 87 834 844 851 858 866 77 815 829 841 850 857 67 794 803 816 830 841 57 781 792 800 810 824 47 752 768 782 791 800 37 720 736 752 768 780 12.5 17.5 22.5 27.5 32.5 Expected fuel cost of EUR 7.2 bn decreased by another EUR 0.1 bn compared to April guidance of EUR 7.3 billion
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FY2025 guidance confirmed Headwinds Tailwinds Uncertainty persists ✓ Favorable fuel and FX development ✓ Cargo and MRO business well on track ✓ LHA Turnaround Program progresses FY2025 guidance ? Demand on North Atlantic ? Global geopolitical tensions ? Tariff escalations ASK increase of around 4% vs. 2024 Adj. EBIT to significantly increase vs. 2024 Net CAPEX between EUR 2.7 – 3.3bn Adj. Free Cashflow expected stable vs. 2024 Dividend policy: payout of 20-40% of net income Page 15
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Frankfurt, 31 July 2025 Q2 2025 Results Carsten Spohr, CEO Strategic Outlook
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Delivery of 10 Allegris 787 before year-end important milestone in largest fleet rollover in history Page 17 31 38 417 2024 17 2025 2026 2027 2028 NewGen pros: 787-9 v. A340-300 -26% Fuel Cost (EUR p.a.) -30% Maintenance (EUR p.a.) -30% CO2 Emissions (g/RPK) The 787 ramp-up is a key milestone in harmonizing our ICONT fleet +20% Productivity (BH p.a.) 787 25% 33% 44% 54% 58% Boeing 787-9 NewGen Current Technology NewGen Share LHG ICONT fleet
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Enhanced customer experience by premiumization and advanced digitization Customer Satisfaction +8%p vs. PY74% Network Stability +3%p vs. PY98% App Satisfaction +0.2☆ vs. PY4.6☆ Service Center Accessibility +2%p vs. PY96% Page 18 Customer KPIs Q2 2025 ▪ Passport upload in App during check-in ▪ Improved gate, flight time & bag updates ▪ WhatsApp Servicing at Discover Airlines Enhanced Digital Experience . . . ▪ Re-opened First Class Lounge in MUC ▪ Double the number of Allegris aircraft in S26 ▪ Get Home Early for HON Circle members Premium Ground & Onboard Journey . . . ITA Integration Progress ▪ Expanded Lounge network to and via Italy ▪ Continuous harmonization of commercial offer ▪ Go-live of digital channels in preparation . . .
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Increased integration enhances value for all our stakeholders One Airline Group… …with many uplifts to come: Efficiency Programs (business unit specific approaches) Product Enhancements (Allegris, SWISS Senses, future onboard experience) Fleet renewal (orderbook with high NT share) Save the Date for our Capital Markets Day: September 29, 2025 Increased consistency (for customers and shareholders) Focused variety (regarding commercial customer value, cost savings or regulation) Leaner Processes (highly integrated Group functions) Page 19
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Appendix - supplementary information - Page 22
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T raffic Data Q2 2025 Page 23 Lufthansa Group - Publications - Traffic Figures Apr Passengers in 1,000 Available seat-kilometers (m) vs. 2024 May vs. 2024 Jun vs. 2024 Q2 vs. 2024 37,100 90,211 Revenue seat-kilometers (m) 73,943 Passenger load-factor (%) 82.0% Available Cargo tonne-kilometers (m) 4,627 Revenue Cargo tonne-kilometers (m) 2,666 Cargo load-factor (%) 57.6% Number of flights 278,826 Total Lufthansa Group Airlines 11,700 +5.6% 12,470 +2.1% 12,929 +2.3% +3.2% 28,992 +5.5% 30,880 +4.1% 30,339 +1.8% +3.8% 23,841 +6.9% 24,566 +2.3% 25,536 +1.5% +3.5% 82.2% +1.1%p 79.6% -1.4%p 84.2% -0.2%p -0.2%p 1,490 +4.6% 1,592 +5.8% 1,544 +0.4% +3.6% 866 +4.9% 908 +7.9% 891 +2.5% +5.1% 58.1% +0.2%p 57.0% +1.1%p 57.7% +1.2%p +0.8%p 88,294 +2.3% 96,299 +2.4% 94,233 +2.1% +2.3%
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Operating KPIs of Passenger Airlines by region vs. 2024 (unless stated otherwise) 1) Regional RASK is based on regional ticket revenues only (excluding e. g. ancillary revenues, cargo belly revenues and release of provision for unflown tickets) Europe Q2’25 ASK RPK SLF Regional RASK 1) Asia Pacific Q2’25 ASK RPK SLF Regional RASK 1) Africa / Middle East Q2’25 ASK RPK SLF Regional RASK 1) Americas Q2’25 ASK RPK SLF Regional RASK 1) North America South America +4.6% +2.4% -1.8%p -2.1% -1.4% +0.5% +1.5%p +3.4% -3.8% +7.9% -1.8% +1.5% +2.8%p +2.2% +6.4% +5.9% -0.4%p -4.2% Page 24 Total Q2’25 Number of flights ASK RPK SLF Yield Yield vs 2019 +2.3% +3.8% +3.5% -0.2%p -1.5% +18.3% Regional RASK -1.8% +4.1%CASK ex. fuel, ex. emissions cost
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Calculation of operational airline KPIs 1) RPK: Revenue Passenger Kilometers, 2) ASK: Available Seat Kilometers Passenger Airlines, Q2 2025 Yield 1) Traffic revenues (€m) 7,755 2) Not assignable (€m) 764 = 3) Basis for Yield (1)–(2) (€m) 6,992 4) RPK (m) 1) 73,943 Yield (3/4)*100 (€c) 9.5 RASK 1) Total Revenues (€m) 8,227 2) Other operating income (€m) 333 3) Reversal of provisions (€m) 61 4) FX losses (€m) -149 = 5) Basis for RASK (1)+(2)–(3)+(4) (€m) 8,349 6) ASK (m) 2) 90,211 RASK (5/6)*100 (€c) 9.3 CASK 1) Total operating expenses (€m) -7,965 2) Reversal of provisions (€m) 61 3) FX losses (€m) -149 4) Fuel expenses (€m) -1,773 5) Emission Trading (€m) -153 = 6) Basis for CASK (1)+(2)–(3)–(4)–(5) (€m) -5,829 7) ASK (m) 2 90,211 CASK –(6)/(7)*100 (€c) 6.5 Page 25
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Performance of Group Airlines in Q2 2025 Page 26 Q2 2025 ASK vs. 2019 Lufthansa Airlines SWISS Revenue [m EUR] Adj. EBIT [m EUR] Adj. EBIT margin Austrian Airlines Brussels Airlines Eurowings Passenger Airlines 88.5% 4,579 246 5.4% 99.1% 1,673 215 12.9% 98.4% 719 68 9.5% 86.2% 446 7 1.6% 129.0% 875 64 7.3% 94.8% 8,227 690 8.4%
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Group P&L Page 27 Lufthansa Group (in EUR m) Q2’25 Revenues Total operating income Q2’24 Operating expenses Of which fees & charges Of which fuel Of which staff Of which depreciation Result from equity investments Adjusted EBIT 871 686 Adjusted EBIT Margin 8.4% 6.9% Adjustments EBIT 861 659 Net interest income Other financial items EBT 1,000 572 Net income 10,322 10,007 11,189 10,632 10,452 9,969 1,469 1,326 1,857 2,148 2,441 2,228 594 571 134 23 -10 -27 -14 -38 153 -49 1,012 469 Income taxes 7 -99 Profit / loss from discontinued operations 11 0 Profit / loss attributable to minority interests -6 -4
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EBIT / Adjusted EBIT bridge Q2 2025 Page 28 861 871 EBIT (4) Net book gains 3 business combination and restructuring 11 Impairment losses and deviations 0 Others Adjusted EBIT in EUR million
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Adjusted EBIT / Net Income Q1 2025 Page 29 871 153 Adjusted EBIT (10) EBIT adjustments (14) Interest result Others 7 Tax result 11 Profit/loss from discontinued operations (6) Profit/loss attributable to minority interests Net Income 1,012 in EUR million
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Decrease in trade working capital mainly related to smaller increase in unflown ticket liabilities, combined with higher payouts for other payables Result from equity investments mainly driven by positive contribution from ITA Airways Cashflow statement Page 30 Lufthansa Group (in m EUR) Q2’ 25 vs. Q2’ 24 EBT (earnings before income taxes) 1,000 +428 Depreciation & amortization (incl. repairable MRO materials) 628 +14 Net proceeds from disposal of non-current assets -5 -13 Result of equity investments -134 -111 Net interest 14 -24 Income tax payments/reimbursements -67 -52 Significant non-cash-relevant expenses / income -228 -223 Change in trade working capital -112 -560 Change in other assets / liabilities -82 +167 Operating cash flow 1,014 -374 Capital expenditure (net) -777 -52 Free cash flow 237 -426 Adjusted Free cash flow 138 -435 Cash and cash equivalents as of 31.03.2025(excl. assets held for sale in 2024) 1,800 +166 Current securities 6,790 +397 Total Group liquidity 8,590 +563 1 Negative effect in non-cash-relevant income was driven by valuation effects of liabilities as well as reversal of provisions 2 1 2 3 3
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Multi-year financial overview Page 31 Lufthansa Group (in EUR million, as reported) 2016 2017 2018 20191 2020 2021 20224 2023 2024 Operating KPIs (change vs. prior year) Regional RASK ex currency -5.9% +1.9% -0.5% -2.5% -26.7% -6.1% -6.1% +11.0% -2.4% CASK ex currency, ex fuel2 -2.5% -1.8% -1.7% -1.5% +84.6% -25.8% -25.8% +2.3% +1.9% Profit & Loss Revenues 31,660 35,579 35,542 36,424 13,589 16,811 30,895 35,442 37,581 Fuel Cost 4,885 5,232 6,087 6,715 1,875 2,409 7,601 7,931 7,785 Adjusted EBIT 1,752 2,969 2,836 2,026 -5,451 -1,666 1,520 2,682 1,645 Adjusted EBIT Margin 5.5% 8.3% 8.0% 5.6% -40.1%. -9.9% 4.9% 7.6% 4.4% Balance Sheet Total Assets 34,697 35,778 38,213 42,659 39,484 42,538 43,335 45,321 47,052 Net Financial Debt and Pension Liabilities 11,065 8,000 9,354 13,321 19,453 15,563 8,864 8,358 8,310 Adjusted ROCE 7.0% 11.9% 10.6% 6.6% -16.7% -7.4% 7.6% 13.1% 7.2% Cash Flow statement Operating Cash Flow 3,246 5,368 4,109 4,030 -2,328 399 5,168 4,905 3,892 Capital expenditure (net) 2,108 3,251 3,859 3,448 962 1,119 2,286 2,771 2,392 Free Cash Flow3 1,138 2,117 288 203 -3,669 -1,049 2,526 1,846 840 1 2019 reported figures including effects from IFRS 15 treatment of compensation payments, 2017 restated for better comparability 2 Adjusted for pension effects in 2016 and 2017 as a result from the change from defined benefit to defined contribution 3 Adjusted free cash flow from 2018 onwards 4 2022 figures have been adjusted for discontinued operations (segment catering).
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*Mainly bilateral loans – does not include operating lease payments Maturity profile of borrowings as of June 30, 2025 Page 32 0 500 1,000 1,500 2,000 2,500 3,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 Straight Bond Hybrid Convertible Bond Schuldscheindarlehen Aircraft Finance (secured) Other*
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Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of this Presentation and the Company and Group undertake no obligation to update these forward-looking statements. Financial information of the Company or the Group as of and for the six-month period ended June 30, 2025 included in this Presentation is unaudited. The addition of the totals presented may result in rounding differences. In addition to figures prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”), this Presentation also includes certain non-GAAP financial performance measures. These non-GAAP measures have been included because we believe that investors may find them helpful to measure our performance as reported under the relevant IFRS measures. However, these non-GAAP measures should be considered only in addition to, but notin isolation or as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles, and other companies that report similarly named non-GAAP measures may define or calculate these financial performance measures in different ways. The Information contains certain supplemental measures of operating and financial performance that are not calculated in accordance with IFRS or the German Commercial Code (Handelsgesetzbuch) and German generally accepted accounting principles, and are therefore considered non-IFRS measures. The Group believes that such non-IFRS measures, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, may enhance the understandingof its financial performance by excluding items that are not classified as part of its ongoing operations. However, non-IFRS measures have important limitations as analytical tools and should not be considered in isolation, or as substitutes for, the analysis of the Group’s results of operations, financial position, and cash flows as reported under IFRS. The non-IFRS measures used by the Group may also differ from, and not be comparable to, similarly titled measures used by other companies. The Information is not, and should not be construed as, a prospectus, is not intended for potential investors and does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, in particular, it must not be used in making any investment decision. In member states of the European Economic Area (“EEA”) and the United Kingdom, the Information is only addressed to and directed at persons who are qualified investors within the meaning of Article 2(e) of the Prospectus Regulation (EU) 2017/1129, as amended (“Qualified Investors”). In addition, in the UK, the Information is addressed to and directed onlyat, and should only be relied on by, Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), and persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order or are persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as “relevant persons”). If you have received the Information and you are (i) in the UK and not a relevant person, or (ii) in the EEA and not a Qualified Investor, you must return this document immediately to the Company. Any investment or investment activity to which the Information relates is available only to relevant persons or will be engaged in only with relevant persons. Upon receipt of this Presentation, you warrant, represent, acknowledge and agree to and with the Company that (i) you are a relevant person (as defined above), (ii) you will not distribute, disclose or provide any Information or materialdiscussed today in any form, alone or as part of or incorporated into any other material, to any other person and (iii) you will not at any time have any discussion, correspondence or contact concerning this Presentation with any of the directors, employees or shareholders of the Company or its subsidiaries nor with any of their suppliers without the prior written consent of the Company.