Deutsche Lufthansa AG: Management Fireside Chat Key Takeaways

Research evidence excerpt

Deutsche Lufthansa AG: Management Fireside Chat Key Takeaways

Update

June 9, 2026 05:51 PM GMT

Morgan Stanley & Co. International plc+MDeutsche Lufthansa AG | Europe Axel Stasse

Equity Analyst

Management Fireside Chat Key Axel.Stasse@morganstanley.comOscar P Smyth +44 20 7425-2429

Research Associate

Oscar.Smyth@morganstanley.com +44 20 7425-6567

Takeaways

Deutsche Lufthansa AG (LHAG.DE, LHA GY)

Transport | Germany

Stock Rating Underweight

We hosted a virtual fireside discussion with Deutsche Lufthansa CFO Till Streichert Industry View In-Line

Price target €6.20

this afternoon. Below, we outline the key takeaways from the discussion. Please note Shr price, close (Jun 8, 2026) €8.28

52-Week Range €9.59-6.66

that these points reflect our interpretation of the conversation and should not be

Mkt cap, curr (mn) €9,899

considered verbatim statements. Net debt (12/26e) (mn)* €6,969

EV, curr (mn)* €18,704

Revenue & Booking Curve: The CFO remains constructive on the revenue outlook, * = GAAP or approximated based on GAAP

highlighting that yield outperformance is being driven by network mix and capacity Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

discipline. LHA has shifted from a volume-led to a yield-led strategy, reducing Sales / Revenue 39,597 42,506 44,692 46,224

capacity (eg. CityLine consolidation) and redeploying aircraft into higher-yield APAC/ (€mn)**

EBITDA (€mn)** 4,329 3,941 4,767 5,629

Africa markets. The group is particularly well positioned to benefit from these EBIT (€mn)** 1,960 1,536 2,266 2,978

EPS (€)** 1.05 0.68 1.34 1.91

dynamics, given its great exposure to APAC/Africa (27% of FY25 ASKs vs. 17% at

Prior EPS (€)** - - - -

IAG), where competitive intensity from ME and European carriers is relatively lower. ModelWare EPS (€) 1.05 0.68 1.34 1.91