With reference to certain reports published in recent days regarding ITA Airways’ economic and financial results for the second quarter and first half of 2026, the Company considers it appropriate to provide some contextual elements to support a correct interpretation of the figures.

The net result for the second quarter of 2026 was negative for € 29 million, while the first half recorded a negative result of approximately € 140 million. This performance is mainly attributable to the effects arising from the accounting adjustment of payables and receivables denominated in foreign currencies, primarily in US dollars, to period-end exchange rates.

The significant appreciation of the euro against the dollar recorded in the first six months of the year generated a largely accounting-related negative impact, which does not reflect the Company’s industrial and operating performance. 

The impact arising from exchange ratefluctuations is a non-operating component of the result and does not affect the Company’s ability to generate value through its core business operations.By contrast, operating performance shows positive results: in the second quarter of 2026, ITA Airways recorded positive EBIT of € 37 million, € 3 million above budget. In the first half, EBIT stood at € 4 million, improving by approximately € 75 million compared with budget forecasts, which indicated a negative result of € 71 million, and by approximately € 50 million compared with the same period in 2025.

These results confirm the strength of the Company’s industrial performance, achieved in a context marked by high volatility in foreign exchange markets and by geopolitical tensions affecting the Middle East during the semester, with impacts on the entire air transport sector.

The operating results reflect the gradual consolidation of the Company’s development path,supported by the integration with the Lufthansa Group and the growth of commercial activities.

“The operating results achieved in the second quarter and first half confirm that ITA Airways ismoving in the right direction. In a complex economic and geopolitical environment for the airtransport sector, we recorded positive EBIT both in the quarter and in the half-year, withresults above budget forecasts and improving compared with last year", said Joerg Eberhart,Chief Executive Officer and General Manager of ITA Airways. “These results are evenmore significant considering that we have so far benefited from only part of the expected synergies with the Lufthansa Group. We are already close to operating break-even and areconfident that the progressive development of further synergies, supported by the expected increase of Lufthansa’s stake to 90%, will help consolidate the Company’s profitability in astructural and sustainable way”.

Excluding foreign exchange effects, the period shows a positive operating trend consistentwith the Company’s development path, confirming the validity of the actions undertaken to strengthen its competitiveness and efficiency over the long term.While the overall environment remains marked by international economic uncertainty, market volatility and persistent geopolitical tensions, ITA Airways confirms a prudent outlook for thesecond half of the year and continues to monitor developments in the macroeconomic andmarket context, with the aim of consolidating the improvement in operating performance recorded in the first half.