Commentary & Deal Flow

Reoffer: 5.7yr: MS+110bp / 99.879 / 4.153%
Benchmark: 5.7yr: DBR 0 15-Feb-32 @ 84.75 / B+122.8 / HR 105

Final Books: >€2.4bn. Peak book in excess of €2.65bn.

Launched: 5.7yr: €750m @ MS+110bp - Books in excess of €2.65bn
IPTs: 5.7yr: MS+140/150bp

• Issuer: Deutsche Lufthansa Aktiengesellschaft (Ticker: LHAGR, Country: Germany)
• Issuer LEI: 529900PH63HYJ86ASW55
• Issuer Rating: Baa3 (stable) by Moody’s, BBB- (stable) by S&P and BBB- (stable) by Fitch
• Exp. Issue Rating: Baa3 by Moody’s, BBB- by S&P and BBB- by Fitch
• Format: Senior, unsecured, Reg S Bearer, TEFRA D
• Trade Date: 19-May-26
• Settlement Date: 27-May-26 (T+6)
• Maturity: 27-Jan-32
• Tranche: 5.7-year
• Size: €750m
• Reoffer: MS+110 / 4.153% / 99.879
• Benchmark: DBR 0 15-Feb-32 + 122.8 (px 84.75). HR 105
• Coupon: 4.125% Fixed, Annual, ACT/ACT (ICMA), Short First
• Payment Days: Following, unadjusted
• ISIN: XS3376351055
• Early Redemption: Tax Call, CoC, Clean-up Call (75%), 3m Par Call
• Docs: Debt Issuance Programme dated 23-Apr-26, as supplemented on 8-May-26 / Lux. Listing Regulated Market / German Law / €1k+1k
• Selling Restrictions: As per Debt Issuance Programme dated 23-Apr-26, as supplemented on 8-May-26
• UoP: General corporate purposes including repayment of existing debt
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties, professional clients and retail clients. No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared.
• Global Coordinators: BNP Paribas (B&D), Citigroup, ING
• Joint Bookrunners: BNP Paribas (B&D), Citigroup, ING, Bank of China, DZ Bank, Erste Group, LBBW
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.luxse.com/programme/Programme-DtscheLufthansa/13610
• Timing: Priced. TOE 15:50 UKT. FTT 16:15 UKT