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  "documentTitle": "2025 Annual Report",
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  "notes": "Page 027 of Lufthansa Group Annual Report 2025.",
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      "text": "The Lufthansa Group's long-term financial strategy continues to focus on ensuring a low level of gearing, primarily by achieving strong free cash flows and optimising net indebtedness.",
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      "text": "Adjusted net debt/Adjusted EBITDA: 1.8",
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      "text": "Continuous dividend distribution aimed for. The Company plans for its shareholders to regularly participate directly in its success with an attractive dividend.",
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      "text": "Net indebtedness stood at EUR 6,406m at the end of the 2025 financial year... net pension obligations declined by 26% to EUR 1,902m... the ratio of Adjusted net debt/Adjusted EBITDA fell to 1.8 (previous year: 2.0) as of year-end 2025.",
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      "text": "Sale-and-leaseback transactions to finance the modernisation of the fleet were completed in the reporting year: a total of 19 aircraft were sold to lessors and then leased back.",
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      "text": "Liquidity expected to amount to between EUR 8bn and EUR 10bn in future. The coronavirus pandemic demonstrated that a sufficient level of minimum liquidity is vital in the event of global crises.",
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      "text": "In line with the dividend policy, the Executive Board and Supervisory Board will table a proposal at the Annual General Meeting on 12 May 2026 to distribute a dividend of EUR 0.33 per share to shareholders for the 2025 financial year. This represents a total dividend payment of EUR 396m or 30% of net profit for 2025.",
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      "text": "The Lufthansa Group is extensively investing in the modernisation of its fleet... The allocation of new aircraft to the different airlines and bases follows value-based criteria and is continuously optimised.",
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