LUFTHANSA : Corporate Contact: Key Takeaways

Research evidence excerpt

LUFTHANSA : Corporate Contact: Key Takeaways

EQUITIES

TRANSPORT & INFRA.

LUFTHANSA OUTPERFORMPRICE* EUR9.1  TARGET PRICE EUR10 (UPSIDE 10%)

LUFTHANSA ADR OUTPERFORMPRICE* USD10.4  TARGET PRICE USD11.6 (UPSIDE 11%)

FLASH NOTE

Corporate Contact: Key Takeaways

22 JUNE 2026 Securities Research Report Production time: 13:41* (London time)

Research Analyst & Publishing Entities

James Hollins BNP Paribas London Branch (+44) 203 430 8438 james.hollins@uk.bnpparibas.com

What happened?

We have spoken to Lufthansa, which is due to report its Q226 results on 4 August 2026, and highlight there has been

no change to full-year guidance. As a result of the trends for Q226, we see the possibility of material consensus EBIT

downgrades for the quarter. However, given the favourable recent movement in fuel pricing and ongoing robust

demand, Lufthansa may be on track to retain its FY26 guide (EBIT >10% higher y/y), implying FY26 consensus

upgrades.

BNPP View:

Our key conclusions from the call are as follows:

The group had guided at Q126 to a strong unit revenue following the start of the Middle East conflict, mainly on the

Europe-AsiaPac network. This strength has seemingly continued, and we surmise that unit revenue (RASK) is tracking

up mid-single digit % y/y in Q226, incorporating the guided 8%pts improvement against pre-conflict expectations.

AsiaPac remains the standout region, while the group’s short-haul operations remain positive (excluding Turkey).

Transatlantic Premium demand (notably US Point of Sale) also remains strong, but with some softness in Economy.

The group had guided to the six days of strikes in April as a EUR150m headwind in Q226. There have not been any

further strikes, although we would expect capacity down by around 3-4% y/y in the quarter.