“Today, we reflect on a challenging second quarter that was once again marked by multiple geopolitical crises and uncertainties. Despite our further improvement in load factor and a significant increase in yield, we were unable to fully offset the considerable rise in fuel costs. The continued strong global demand for air travel—primarily in the premium classes—had a particularly positive impact. Our numerous investments in premium products such as Allegris, Swiss Senses, and the FOX service upgrade are beginning to pay off. At the core Lufthansa brand, all three elements of the turnaround program are now taking effect: fleet and product renewal is making visible progress, capacity at the highly efficient Discover Airlines and Lufthansa City Airlines is being continuously expanded, and competitiveness is being enhanced through numerous productivity and efficiency measures. At the same time, the positive trend in the cargo business continues. Lufthansa Cargo significantly increased its operating profit, achieving a margin of over 11 percent in the second quarter. Lufthansa Technik also delivered a solid second quarter and increased its revenue by 11 percent. Especially in a volatile environment, it is apparent that our business model is robust, adaptable, and increasingly resilient.”

Second-quarter 2026 result shaped by high kerosene prices

The Lufthansa Group increased its revenue in the second quarter of 2026 by eight percent year on year to 11.1 billion euros (prior year: 10.3 billion euros). The company recorded an operating profit (Adjusted EBIT) of 383 million euros, a significant decline compared to last year (prior year: 870 million euros). The primary drivers of the earnings decline were fuel costs that were approximately 750 million euros above the prior-year level, as well as financial burdens of at least 150 million euros caused by strikes. Offsetting these were improved yields, which were more than 13 percent above the prior-year level on Asian routes.

The Adjusted EBIT margin contracted to 3.4 percent (prior year: 8.4 percent). Group net income also declined to 123 million euros (prior year: 1.0 billion euros), mainly due to a lower operating result, valuation effects, and one-off tax effects in the prior year. Adjusted free cash flow fell to -365 million euros (prior year: 138 million euros).

Network airlines partially offset costs through strong demand

The Group's network airlines offered 3 percent less capacity in the second quarter than in the comparable prior-year quarter, with the decline attributable primarily to six strike days in April as well as the group-wide optimization of short-haul operations, including the removal of CityLine's flight operations from the schedule. The load factor of the group network carriers edged up slightly to 81.6 percent and unit revenues rose sharply by 6.4 percent year on year. Both figures underscore robust demand. This demand strength was driven in particular by the premium segment and by Asian routes.

Due to the sharp rise in kerosene prices resulting from the conflict in the Middle East, fuel costs at the network airlines rose by more than 600 million euros year on year. Unit costs excluding fuel and emissions expenses increased by 3.1 percent year on year mainly as a result of the lower capacity. The key cost drivers were higher personnel expenses and depreciation. Taking last year's capacity into account, unit costs rose by only about one percent, which demonstrates the consistent cost discipline in the core business.

Overall, the network airlines generated an Adjusted EBIT of 137 million euros, 490 million euros less than in the prior year. This figure also includes an equity result that was 108 million euros lower than in the prior year, attributable mainly to negative currency driven valuation effect of lease liabilities at ITA Airways.

Point-to-point airlines record strong intra-European demand

Eurowings reduced its capacity by six percent compared to the second quarter of the prior year. Unit revenues rose by 9.4 percent, driven primarily by a strong European business. Against the backdrop of the crisis in the Middle East, Eurowings has temporarily suspended flights to the Gulf region — which had previously seen strong growth — and is instead operating additional routes to the Mediterranean region.

Unit costs excluding fuel and emissions expenses rose by 10.9 percent, driven in particular by the reduced capacity as well as higher expenditure on aircraft maintenance and increased charges for fees, catering and personnel in preparation for the introduction of the Boeing 737-8 MAX into the fleet.

The equity result from the SunExpress joint venture was 29 million euros below the prior-year level, due primarily to a challenging demand environment on routes to Turkey.

Overall, Adjusted EBIT in the point-to-point airlines segment fell by 101 million euros in the second quarter of 2026 to -37 million euros. Here too, the primary driver was the sharp rise in fuel prices, which caused a cost increase of 71 million euros year on year.

Lufthansa Technik and Lufthansa Cargo post earnings increases

Demand for Lufthansa Technik's maintenance, repair and overhaul services remains consistently high. Revenue rose by 11 percent year on year to 2.2 billion euros (prior year: 2.0 billion euros), with revenue from external customers even increasing by 23 percent. Operating profit (Adjusted EBIT) of 157 million euros slightly exceeded the prior-year level (prior year: 149 million euros).

Lufthansa Cargo was able to expand its capacity in the second quarter by two percent year on year. This was attributable in particular to increased cargo space capacities, including the marketing of ITA Airways' belly capacity.

Against the backdrop of the crisis in the Middle East, demand in the air freight business remained persistently high. Consequently, yields rose considerably by 27 percent year on year. Unit costs were higher than the previous year, though this was due to passed-on kerosene costs. Overall, Lufthansa Cargo generated a markedly improved Adjusted EBIT of 116 million euros (prior year: 73 million euros).

The Lufthansa Group's balance sheet remains consistently stable

Operating cash flow fell by approximately 600 million euros in the first half to around 2.3 billion euros. The change is primarily driven by a lower operating result as well as lower advance ticket payments as of end of June, owing to shorter booking cycles compared to the prior year. Net investments of 1.0 billion euros (prior year: 1.6 billion euros) were attributable mainly to final payments for eight aircraft deliveries as well as advance payments for future fleet additions. Adjusted free cash flow in the first half of 2026 stood at 1.0 billion euros, roughly in line with the prior-year level.

The Group also maintained a stable balance sheet in the second quarter of 2026. As of 30 June 2026, net financial debt including net pension obligations stood at 8.3 billion euros, in line with the level at year-end 2025. As of end of June 2026, total liquidity available to the company amounted to 10.7 billion euros, likewise matching the figure at year-end 2025.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

“The second quarter was characterized by exceptionally high fuel costs and heightened geopolitical uncertainty. Nevertheless, thanks to robust demand, rising yields and the strong performance of Lufthansa Cargo, we were able to achieve a positive result. At the same time, our balance sheet remains consistently strong at 10.7 billion euros in liquidity. Even though uncertainties for the second half of the year remain high, we are confident that the consistent execution of our strategy, cost discipline, network optimizations and persistently high demand will offset a significant portion of the cost increases. However, the growing volatility of fuel prices in recent times, as well as the considerably shorter booking cycles in the passenger airline business, are making forecasting increasingly difficult. For this reason, we are now projecting a full-year earnings range of 1.7 to 2.2 billion euros in Adjusted EBIT — the upper end of this range therefore continues to represent a result significantly above the prior year.”

Outlook: Range added due to high kerosene price volatility

The Lufthansa Group now expects an Adjusted EBIT of between 1.7 and 2.2 billion euros for fiscal year 2026. The upper end of the range continues to represent a result significantly above the prior year and thus remains in line with the previous earnings ambition. The range reflects the heightened uncertainty stemming from high kerosene price volatility and shortened booking cycles in the passenger business. Key influencing factors for the further earnings development include the trajectory of fuel costs, unit revenues, the operational stability of flight operations and the air freight business. The Lufthansa Group now expects full-year capacity to be in line with the prior-year level. The forecast for Adjusted free cash flow of approximately 0.9 billion euros remains unchanged.

Further information

Further information on the results of individual business segments will be published in the report for the second quarter of 2026. This will be published simultaneously with this press release on 4 August 2026 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/investor-relations.html.

Traffic figures for the second quarter of 2026 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html

Carsten Spohr, CEO of the Lufthansa Group, says: “The Lufthansa Group stands for a long-standing, trusted, and strategic partnership with Portugal. For decades, we have been investing in Portugal, creating and securing skilled jobs, and connecting the country with Europe. Our interest in taking a stake in our Star Alliance partner TAP Air Portugal is the next logical step. We want to strengthen Portugal’s national airline as part of the Lufthansa Group and as the leading airline for the South Atlantic, with Lisbon as a strategic hub. With SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways, we have demonstrated how the European integration of our Lufthansa Group secures prospects and growth for our home markets and hubs.”

The Lufthansa Group has been active in Portugal for more than 70 years. Currently, the Group’s airlines offer 353 weekly flights to and from Portugal. The company employs over 500 skilled professionals in the country. With the construction of a new Lufthansa Technik facility for the repair of engine parts and aircraft components in Santa Maria da Feira near Porto, this number is expected to rise to over 1,000 by 2030. The Lufthansa Group’s offer to Portugal therefore goes beyond a financial investment. It combines seven decades of industrial presence with rising employment figures and growing investments, complemented by social engagement. Not least, the recent establishment of help alliance Portugal, the aid organization’s first European location outside Germany, demonstrates Portugal’s great importance to the Lufthansa Group. In this way, the Lufthansa Group is presenting an offer that combines strategic, industrial, social, and financial aspects.

The Lufthansa Group has already successfully developed national airlines such as SWISS, Austrian Airlines, Brussels Airlines, and most recently ITA Airways, while preserving their national identities. As the largest airline group outside the U.S., the Group offers the necessary scale, experience, and financial stability to create sustainable value and strengthen TAP Air Portugal’s role as the country’s ambassador around the world.

The partnership would strengthen Lisbon’s position as a strategically important Atlantic hub within the Lufthansa Group’s network. Connectivity between Europe and other regions, such as Latin America, Africa, and North America, could be expanded.

The Portuguese Prime Minister said: “We are here for the benefit of the country, promoting a development strategy alongside our partners, Lufthansa Technik and Lufthansa Group. We are the primary stakeholders in ensuring the longevity of this partnership. I am confident that we will reinforce our political, economic, and working relationship with Germany.”

The new facility of Lufthansa Technik Portugal, a wholly owned subsidiary of Lufthansa Technik, is dedicated to the repair of engine parts and aircraft components. As part of the Lufthansa Group, Lufthansa Technik is the world’s leading provider of aircraft maintenance, repair and overhaul (MRO) services. With its three-digit million-euro investment in Portugal, the company will further expand its capabilities and strengthen its global network. Start of operations is expected in 2028.

Carsten Spohr, CEO Lufthansa Group, stated: “Today’s groundbreaking in Santa Maria da Feira is a visible and powerful symbol of what the Lufthansa Group stands for in Portugal: a reliable, long-term industrial partner. For more than 70 years, we have been present in this country. With this investment by Lufthansa Technik, we are creating 700 highly skilled jobs and positioning Portugal as a cornerstone of European aviation maintenance. Portugal has become one of the most strategically important locations for our Group beyond our home markets, and this facility reflects the confidence we place in Portuguese talent, capabilities, and ambition. This depth of commitment across industry and innovation also underpins our strong interest in TAP Air Portugal as a natural extension of the partnership with Portugal we have been building for decades – with the country serving as Europe’s gateway to South America, Africa and the Portuguese-speaking world.”

The groundbreaking marks a visible milestone for the Lufthansa Group in Portugal within a broader industrial vision. This investment extends well beyond a single facility, spanning maintenance excellence, a new TravelTech and AI Hub in Northern Portugal and a new Portuguese entity of help alliance, the aid organization of the Lufthansa Group, Associação help alliance Portugal. It is the first time a help alliance organization has been founded outside of Germany in Europe, underscoring the social commitment of the Lufthansa Group in the home market. The Group’s engagement in Portugal reflects a multi-dimensional approach: today, seven Lufthansa Group airline brands (Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, Edelweiss, Eurowings and Discover Airlines) operate 353 weekly flights to the Portuguese destinations Lisbon, Porto, Faro, Madeira and the Azores. With more than 500 employees already working across the Lufthansa Group’s entities in Portugal, and a combined ambition to create in total more than 1,000 direct jobs across various businesses in the years ahead, the Lufthansa Group is establishing one of its most significant employment platforms outside its home markets.

Harald Gloy, Chief Operations Officer of Lufthansa Technik, commented at the event: “Lufthansa Technik has big plans and strong ambitions, and Portugal will be a key pillar of our continued growth and long-term success. With this new facility in Santa Maria da Feira, we will put a key part of our strategy into action and build a site that will play an important role in the aviation industry. Establishing Lufthansa Technik Portugal here was only possible due to the close and trusted partnership we have built with Portuguese policymakers. Therefore, I would like to sincerely thank the Government, the trade and investment agency AICEP and the City of Santa Maria da Feira for their strong support and shared commitment. Today’s groundbreaking marks the start of an exciting chapter and clearly demonstrates what can be achieved when the right partners work closely together with a common purpose.”

During the event, Lufthansa Technik Portugal and AICEP (Agência para o Investimento e Comércio Externo de Portugal) also signed their final agreement on investment incentives for economic development – further underscoring AICEP’s strong support, which has been instrumental in making the construction of the new facility possible.

Madalena Oliveira e Silva, Chairwoman and CEO of AICEP, said: “The investment contract being signed today represents one of the most significant aerospace projects ever supported by AICEP. By creating 700 highly qualified jobs and bringing cutting-edge capabilities to Portugal, this investment will reinforce the country’s position as a leading aviation and MRO hub in Europe. We are proud to have been side by side with Lufthansa Technik throughout this process and look forward to supporting the company’s continued growth and success in Portugal. The groundbreaking ceremony of Lufthansa Technik’s new facility in Santa Maria da Feira marks an important milestone for Portugal’s aerospace industry and a strong vote of confidence in the country.”

Also Amadeu Albergaria, the Mayor of Santa Maria da Feira, has closely supported the project since its inception in 2024 and stated in his speech: “The groundbreaking ceremony of Lufthansa Technik is a milestone in the recent history of Santa Maria da Feira and a source of particular pride for me, both as a citizen and as Mayor of Santa Maria da Feira. This structural investment opens a new chapter for our region, bringing more industry, more skilled jobs, more development, and greater international recognition.”

Torsten Raabe, Managing Director of Lufthansa Technik Portugal, added: “Standing here today to celebrate the groundbreaking of Lufthansa Technik Portugal is deeply meaningful to me personally, and it is a tribute to the entire team that has worked so hard to bring us to this point and lay the foundation for what lies ahead. It is great to see what we have already achieved together and how we will keep building on it in the years to come. We will create something truly significant for Lufthansa Technik Portugal and for everyone who joins us on this journey.”

Caption: (from left to right) Torsten Raabe (Managing Director of Lufthansa Technik Portugal), Madalena Oliveira e Silva (Chairwoman and CEO of AICEP), Harald Gloy (Chief Operations Officer of  Lufthansa Technik), Luís Montenegro ( Prime Minister of Portugal), Carsten Spohr (CEO Lufthansa Group), Manuel Castro Almeida (Minister of Economy), Amadeu Albergaria (Mayor of Santa Maria da Feira) und Daniela Schlegel (German Ambassador).

By a large majority, they thereby granted discharge to the members of the Executive Board and the Supervisory Board for the fiscal year 2025.

The agenda items for the Annual General Meeting included, among other things, the appropriation of retained earnings, which provides for the distribution of a dividend of 0.33 euros per share, as well as the election of members of the Supervisory Board of Deutsche Lufthansa AG. Dr. Johannes Teyssen, former Chairman of the Executive Board and CEO of E.ON SE, and Wolfgang Nickl, member of the Executive Board and CFO of Bayer AG, were newly elected to the Supervisory Board. Karl Gernandt, Chairman of the Board of Directors of Kühne Holding AG, was re-elected to the Supervisory Board.

The shareholders bid farewell to Dr. Karl-Ludwig Kley, who had been a member of the Supervisory Board since 2013 and its Chairman since 2017. In his speech, CEO Carsten Spohr addressed Karl-Ludwig Kley and thanked him for his service: “You have shaped our transformation. Our shared path to success, with its highs, lows, achievements, and crises. And especially during crises, you have always been a unique source of support for me personally.”

Following the conclusion of the Annual General Meeting, the Supervisory Board elected Dr. Johannes Teyssen as its new Chairman at its constituent meeting.

The acquisition of the additional 49 percent stake will take place at a previously agreed purchase price of 325 million euros. The transaction is subject to regulatory approvals, primarily from the European Commission and the U.S. Department of Justice (DOJ), and is expected to close in the first quarter of 2027. Following this, ITA Airways will be fully integrated into the Lufthansa Group, both organizationally and financially.

Since 17 January 2025, Deutsche Lufthansa AG has held a 41 percent stake in ITA Airways as a minority shareholder. Upon the conclusion of the purchase agreement with the Italian Ministry of Economy and Finance (MEF) in June 2023, an annually recurring option for Deutsche Lufthansa AG to acquire an additional 49 percent stake in ITA Airways was agreed upon. This option is now being exercised along with the accompanying acquisition of a majority stake in the Italian flagship carrier. The seller is the MEF, which will initially continue to hold the remaining 10 percent of the shares in ITA Airways. In 2028, this tranche may also be acquired by Lufthansa.

Carsten Spohr, CEO of the Lufthansa Group and Chairman of the Executive Board of Deutsche Lufthansa AG, said at today’s Annual General Meeting:
“Following the acquisition of the first 41 percent stake in ITA Airways last year, we promised the fastest airline integration in our history. We aimed to complete all major integration steps into the Lufthansa Group within just 18 months.

We have not only kept this promise. We were even faster: All customer-facing interfaces are already integrated today—with the exception of North Atlantic flights, where, as is well known, regulatory approval for our merger is still pending.

Passengers already experience ITA Airways as an integrated part of the Lufthansa Group. With unified booking, sales, and fare systems, the Miles and More frequent flyer program, Star Alliance membership, and access to our global network of premium lounges.

Integration is also progressing in the cargo business. Since last year, Lufthansa Cargo has been marketing ITA Airways’ cargo capacity, which alone corresponds to the additional capacity of three Boeing 777 freighters. In light of this success story, we decided to exercise our option to acquire an additional 49 percent stake as early as June of this year.”

Note to editors:
ITA Airways' key figures are available at this link About us | ITA Airways

The election of members of the Supervisory Board is also on the agenda. In addition to the proposal to elect Dr. Johannes Teyssen, former Chairman of the Executive Board and CEO of E.ON SE, and Wolfgang Nickl, member of the Executive Board and CFO of Bayer AG, the agenda also includes a proposal for the re-election of Karl Gernandt, Chairman of the Board of Directors of Kühne Holding AG, to the Supervisory Board.

Other agenda items include, among other things, the cancellation and creation of a new Authorized Capital A and a new Contingent Capital.

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, says: “By ordering 20 additional long-haul aircraft, we are making a sustainable investment in the future of the Lufthansa Group. It is a clear commitment to a modern fleet, to premium quality, and to further reducing CO2 emissions. After all, aircraft featuring the latest technology are the most powerful tool for more climate-friendly air travel. The state-of-the-art Airbus A350 and Boeing 787 are more fuel-efficient, quieter, and have lower emissions than their respective predecessors. We are thus continuing the largest fleet modernization in our history.” 

The Airbus A350-900 and the Boeing 787-9 will replace older and therefore less efficient models starting in 2032. The decision regarding which airline and which hub the ordered aircraft will be deployed at will be made at a later date. 

The gradual standardization of the fleet reduces complexity and increases efficiency, operational flexibility and operational stability. At the same time, maintenance and operating costs will be reduced. Additionally, further synergies will arise, for example in the areas of cockpit and cabin crew licensing and spare parts management. 

Including today’s order, the Lufthansa Group currently has a total of 232 state-of-the-art aircraft on its order list, including 107 next-generation long-haul aircraft. 
 

"In the first quarter, we significantly improved on the previous year’s financial results, with Adjusted EBIT up by 110 million euros and net income up by 220 million euros. Group revenue rose by eight percent to 8.7 billion euros — a new record for a first quarter. We are achieving what we set out to do and delivering on what we promised. From our customers' perspective, this applies in particular to our product and fleet renewal. With seven new aircraft deliveries, including five long-haul aircraft, we are fully on track in the first quarter of the year.

But the ongoing crisis in the Middle East, combined with rising fuel costs and operational constraints, poses enormous challenges for the world as a whole, for global air travel, and for our company as well. However, we are resilient in our ability to absorb these impacts. This applies both to our above-average hedging against fuel price fluctuations and to our multi-hub, multi-airline strategy, which provides us with greater flexibility in our route network and fleet development. Complemented by a successful Lufthansa Cargo and Lufthansa Technik, together with our team of 110,000 employees, we will therefore — as so often in the 100 years of our history — emerge from this crisis even stronger.”

Significantly improved result in first quarter 2026

Lufthansa Group increased its revenue in the first quarter of 2026 by eight percent year-on-year to 8.7 billion euros (prior year: 8.1 billion euros). The company posted an operating loss (Adjusted EBIT) of 612 million euros, a significant improvement compared to the previous year (prior year: -722 million euros).

The Adjusted EBIT margin improved to -7.0 percent (prior year: -8.9 percent). The net income rose to -665 million euros (prior year: -885 million euros). Adjusted Free Cash Flow increased by 65 percent to 1.4 billion euros (prior year: 835 million euros).

Network airlines benefit from high demand and network flexibility

The Group's Network Airlines kept their capacity nearly stable compared to the first quarter of the prior year. Slight growth in long-haul traffic compensated for minor capacity reductions in short- and medium-haul segments. Seat load factor increased to 81.9 percent, and unit revenues rose by 3.3 percent compared to the prior year. Both metrics were primarily driven by a strong surge in demand in March following capacity reductions via Middle Eastern hubs. This also significantly overcompensated for the fact that some connections to destinations in the Middle East could no longer be served.

Lufthansa Group's airlines adjusted their flight schedules in response to increased demand, particularly on Asia and Africa routes, adding additional flights. The strong demand was also reflected in higher yields in the premium segment. Unit costs excluding fuel and emission expenses increased by 2.5 percent compared to the prior year. This resulted from lower-than-planned capacity growth while costs increased due to higher personnel expenses and depreciation. Overall, the Network Airlines' Adjusted EBIT amounted to -605 million euros, representing an improvement of 135 million euros compared to the prior year.

Point-to-Point Airlines shift capacity from Gulf region to Europe

Eurowings increased its capacity by five percent compared to the first quarter of the prior year. Unit revenues rose by 6.8 percent, primarily due to strong European business in March. Against the backdrop of the Middle East crisis, Eurowings has temporarily removed flights to the previously high-growth Gulf region from its program.

Unit costs excluding fuel and emission expenses increased by 5.1 percent, primarily due to higher maintenance expenses and costs from weather-related flight irregularities.

The equity result from the SunExpress joint venture was 10 million euros below the prior year due to the challenging market situation in Turkey.

Overall, Adjusted EBIT in the Point-to-Point Airlines segment decreased by 14 million euros to -215 million euros in the first quarter of 2026.

Lufthansa Technik and Lufthansa Cargo with strong earnings contribution

Demand for maintenance, repair, and overhaul services as well as other products from Lufthansa Technik remains consistently high. Revenue increased by 12 percent compared to the prior year to 2.3 billion euros (prior year: 2.0 billion euros), with revenue from business with external customers rising by as much as 19 percent. Material shortages in the global market weighed on the result, as did personnel shortages and costs for necessary qualification measures, so that the operating result (Adjusted EBIT) of 158 million euros remained at prior-year level (prior year: 161 million euros).

Lufthansa Cargo substantially expanded its capacity by seven percent in the first quarter compared to the prior year. This was primarily due to increased belly capacity, including through the marketing of ITA Airways' cargo space.

Against the backdrop of the Middle East crisis, momentum in the air cargo business continued to accelerate towards the end of the quarter. Particularly in March, yields improved further compared to the prior year. At the same time, unit costs were four percent below the prior year thanks to lower maintenance expenses and consistent cost management. Overall, Lufthansa Cargo achieved a significantly improved Adjusted EBIT of 83 million euros (prior year: 62 million euros).

Increased Adjusted Free Cash Flow further reduces net debt

Operating cash flow rose to around 2.1 billion euros in the first quarter (prior year: 1.8 billion euros). The development is primarily based on a strong increase in liabilities due to increased business activity. Combined with reduced net capital expenditures thanks to proceeds from aircraft sales, this led to an improvement in Adjusted Free Cash Flow to 1.4 billion euros (prior year: 835 million euros).

The Group also maintained a strong balance sheet in the first quarter of 2026. Net debt of 5.3 billion euros was significantly below the level at year-end 2025 (December 31, 2025: 6.4 billion euros). Net pension obligations amounted to 1.9 billion euros and were thus at the level of year-end 2025 (December 31, 2025: 1.9 billion euros). At the end of March 2026, the company had liquidity of 10.3 billion euros available (December 31, 2025: 10.7 billion euros).

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

"We are satisfied with the first quarter: the earnings improvement of 110 million euros already represents a substantial portion of what we had planned for the full year. At the same time, the current situation compels us to rigorously examine every lever available to reduce costs, improve efficiency, and mitigate risks in order to maintain our ability to act decisively. Our annual profit will likely be lower than originally anticipated. Nevertheless, based on current booking trends, we expect to be able to largely offset the high fuel costs successively - especially in the second half of the year. And the cargo business, which continues to perform well, provides additional support to the earnings situation. Provided there are no fuel supply bottlenecks or further strikes, I therefore remain confident, despite increased risks, that we can achieve a full year result significantly above prior-year levels."

Outlook under increased uncertainty: opportunities and risks persist

Global demand for air travel remains high and continues to prove resilient even in times of crisis. Against this backdrop, Lufthansa Group again expects a strong travel summer. Additional momentum comes from shifts in passenger flows: travelers are increasingly shifting from airports in the Gulf region to Lufthansa Group hubs against the backdrop of the Middle East crisis.

At the same time, the current closure of the Strait of Hormuz is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices. This places a substantial burden on the cost base of Lufthansa Group airlines. Although kerosene requirements for the current year are already approximately 80 percent hedged through fuel price hedging via derivatives on various petroleum products, the increased kerosene prices currently lead to additional costs of 1.7 billion euros in 2026. The Group intends to offset this additional financial burden in the following quarters through increased revenue from ticket sales, optimized network planning, and further cost-saving measures. While no restrictions in kerosene supply are currently expected at any of the Lufthansa Group hubs, potentially reduced fuel availability later in the year represents an additional risk factor.

Due to these uncertainty factors, the risk-opportunity profile has shifted toward risks. Nevertheless, Lufthansa Group maintains its guidance for the full year to achieve an operating result (Adjusted EBIT) significantly above the prior year (1,960 million euros).

Further information

Further information on the results of individual business segments will be published in the quarterly report. This will be published at the same time as this press release on May 6, 2026, at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/investor-relations.html

The traffic figures will also be published at 7:00 a.m. CEST at Traffic figures - Lufthansa Group Investor Relations

In addition, Lufthansa is planning to offer around 540 additional flights in Europe from its hubs in Frankfurt and Munich for the period between April and October 2026, serving both high-demand tourist destinations in Southern Europe as well as selected destinations in the far North. Among other things, capacity to the Iberian Peninsula, Greece, and Italy will be significantly expanded.

Around 700 flights from Austrian Airlines from Vienna, over 100 flights from SWISS from Zurich, and around 170 flights from Brussels Airlines from Brussels are to be added. Thus, the offering of the Lufthansa Group Airlines expands to around 1,600 additional departures from their hubs, distributed throughout summer 2026.

The additional capacities are being created through an adjustment of the flight program for the Middle East, whereby free resources can be efficiently utilized. This measure enables Lufthansa and the other airlines of the Group to respond flexibly to the changed booking behavior of travelers, influenced by geopolitical developments.

With the expansion of the summer flight program, the airlines of the Lufthansa Group are creating a greater choice of travel connections and improving availability during the peak travel season.

However, the geopolitical environment remains highly volatile, characterized by short-term changes and market fluctuations. In particular, sharp increases in ticket prices due to higher fuel costs could impact demand. At present, however, demand for travel remains high, even though ticket price increases have already been implemented.

Nevertheless, in parallel with the expansion of flight offerings, the airlines of the Lufthansa Group are currently developing and evaluating scenarios to enable a rapid response to changes in the market environment, for example through the cancellation of unprofitable routes or the early retirement of older aircraft.

Michael Niggemann, Member of the Executive Board of Deutsche Lufthansa AG responsible for Human Resources and Legal Affairs, says:

“This agreement sends a clear message in times of geopolitical crises and their resulting impact on the global economy: We are a responsible employer for our employees. Furthermore, the long-term nature of the agreement guarantees reliability. This provides a solid foundation for continuing to invest in the Lufthansa Group and thus also in the future of our employees.

After challenging negotiations, we succeeded in reaching a good compromise together at the negotiating table – without industrial action and without burdens - to our customers or additional economic disruptions. This was only possible because both sides were aware of their collective bargaining responsibilities toward the Lufthansa Group and there was a shared commitment to reaching an agreement. With this understanding as a foundation, we have agreed that we also intend to coordinate crisis measures in terms of safeguarding jobs, should the impact of the geopolitical conflicts on the Lufthansa Group intensify.”

Key points of the agreement:

• Employees of Lufthansa Technik and Lufthansa Cargo will receive a 2.2 percent pay increase retroactive – from January 1, 2026. A further increase of 2.4 percent will follow on March 1, 2027.
• Ground staff at Deutsche Lufthansa AG will receive a 2.2 percent pay increase effective January 1, 2027. A further increase of 2.4 percent will take effect on March 1, 2027. The delayed payment of the first stage of the pay increase is due to the challenging economic situation at Lufthansa Airlines.
• The Ground Staff Collective Bargaining Agreement (VTV) has a minimum term of 26 months, effective retroactively as of January 1, 2026.

The conclusion of the collective bargaining agreement is subject to approval by the relevant committees.

“Exactly 100 years ago, the first Lufthansa was founded. The values of that time – quality, reliability, and connectivity – continue to make us successful today. Last year we were able to significantly increase the Group's operating profit and achieved the highest revenue in our history. Our results demonstrate the resilience and stability of the Group. I would like to express my sincere thanks to our guests for their loyalty and to all our employees for their great commitment.

Lufthansa Airlines' turnaround program continues to be a top priority, so that the operational improvements at our core brand will be followed by economic progress this year.

The war in the Middle East proves once again how exposed air traffic is and how vulnerable it remains, even though the industry is now more resilient to crises than it used to be. The massive concentration of global traffic flows via the Gulf hubs is increasingly proving to be a geopolitical Achilles' heel. This makes it even more important not to further disadvantage European airlines and hubs. Europe's sovereignty requires the ability to maintain its own connections to global markets.

In 2026, we will continue to consistently implement our strategy through internationalization, fleet renewal, and efficiency improvements. Our anniversary year makes us proud of our past – and at the same time commits us to the future. We will continue to consistently expand our position as the leading airline group outside the US."

Results

In 2025, the Lufthansa Group generated the highest revenue in its history. Revenue rose by five percent compared with the previous year to 39.6 billion euros (previous year: 37.6 billion euros).

The Group significantly increased its operating profit (Adjusted EBIT) to 2 billion euros (previous year: 1.6 billion euros). As a result, the operating margin improved to 4.9 percent (previous year: 4.4 percent). At 1.3 billion euros, consolidated net income remained at the previous year's level (previous year: 1.4 billion euros) as it was affected by valuation effects on loss carry forwards. Excluding this effect, Net Income would have increased in line with the operating result.

The capacity offered in the passenger airline business increased by four percent last year, while the seat load factor remained constant. In addition, the continuous stabilization of flight operations resulted in substantially lower expenses for flight irregularities (362 million euros less compared to 2024), which had a positive effect on both operating profit and customer satisfaction. The increase in Adjusted EBIT was also supported by the guests’ continued high willingness to pay for ancillary services. This generated additional revenue, particularly through the premium product Lufthansa Allegris. In addition, lower kerosene prices and a weak US dollar led to cost savings of 500 million euros compared with the previous year.

 

Passenger airlines increase earnings

The airlines of the Lufthansa Group welcomed 135 million guests on board their aircraft last year, an increase of three percent compared with the previous year.

The seat load factor once again reached a record level of 83.2 percent (previous year: 83.1 percent). Revenue of the passenger airlines increased by three percent year-on-year to 30.1 billion euros. Combined, they generated an operating profit (Adjusted EBIT) of 1.1 billion euros – four percent above the previous year. ITA Airways made a positive contribution to earnings of 90 million euros.

This increase in earnings was achieved in an extremely challenging environment. The situation in the Middle East and other geopolitical tensions, temporary demand weakness in the third quarter, particularly on the North Atlantic and in Europe, and ongoing delays in the delivery of new aircraft required a high degree of flexibility from all airlines. As a result, yields came under pressure and fell by 1.3 percent in 2025 compared to the previous year on a currency-adjusted basis. 

The decline in average yields was offset by higher revenues from ancillary services, which rose by 15 percent. In sum, the currency-adjusted unit revenues (RASK) remained stable at the previous year's level.

Unit costs (CASK) rose by 1.9 percent compared with the previous year due to ongoing cost inflation, particularly in fees, materials, and personnel costs. However, the cost development improved over the course of the year. In the fourth quarter of 2025, unit costs remained stable compared with the same period of the previous year, whereas in the first half of the year they increased by 3.6 percent.

Notably, the core brand Lufthansa Airlines increased its annual result by around 250 million euros compared with the previous year and thereby returned to a positive Adjusted EBIT margin of 0.9 percent. The improvement reflects the progress in the implementation of the transformation program Turnaround.

The Lufthansa Airlines Turnaround-program will also contribute to a sustainable increase in earnings in 2026. A cumulative gross earnings effect of around 1.5 billion euros is expected for the current year, rising to around 2.5 billion euros by 2028.

The main drivers for increased profitability at Lufthansa Airlines are the modernization of the fleet with modern, fuel-efficient aircraft such as the Boeing 787, the continuing growth of Lufthansa City Airlines and Discover Airlines, as well as around 700 other individual measures, more than half of which are expected to be implemented by the end of 2026.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG, says:

"Last year was a transition year marked by important turning points: the Turnaround program at Lufthansa Airlines gained momentum, as well as our fleet modernization. Both will continue in 2026 and noticeably benefit our profitability. In the medium term, we want to achieve an Adjusted EBIT margin of eight to ten percent and have taken important steps toward this goal.

Nevertheless, challenges and uncertainties remain for our company and the entire industry, these days primarily driven by the situation in the Middle East. The crisis there makes it more difficult to provide an earnings forecast at present. Nevertheless, we remain optimistic about the future: we are facing the challenges and for 2026 again expect Adjusted EBIT to significantly increase to prior year."

Lufthansa Cargo improves earnings, Lufthansa Technik defies tariffs

Lufthansa Cargo continued the positive operational and financial development of 2024 over the last year amongst other reasons due to stable market demand and strong business in Asia. For the full year 2025, the company generated an operating profit of 324 million euros (2024: 251 million euros). This represents a strong increase of almost 30 percent compared to the previous year.

Global demand for maintenance and repair services (MRO) also continues to rise. Lufthansa Technik was able to conclude new contracts with a total volume of 8.8 billion euros, which ensures planning security and revenue growth for the coming years. The operating result was impacted by the development of the US dollar and tariffs. Nevertheless, Lufthansa Technik generated an operating profit of 603 million euros (previous year: 607 million euros). Lufthansa Technik has successfully implemented measures to counteract the effects of the exchange rate and the US tariffs. For example, logistics flows were specifically adjusted.

Adjusted free cash flow significantly higher than expected, balance sheet remains strong

In 2025, the Lufthansa Group generated an operating cash flow of 4 billion euros (previous year: 3.9 billion euros). The increase is attributable to the rise in operating profit and tax refunds. Due to lower net investments than originally planned, primarily because of delays in aircraft deliveries, the Adjusted Free Cashflow amounted to 1.2 billion euros in the full year (previous year: 840 million euros).

Increased profit sharing for shareholders

The Lufthansa Group intends for its shareholders to participate in the success of the company through a dividend in line with its policy of distributing between 20 and 40 percent of consolidated net income. For the financial year 2025, the Executive Board and Supervisory Board will therefore propose a dividend of 0.33 euro per share to the Annual General Meeting on May 12, 2026. This corresponds to dividend increase of ten percent compared to the previous year and a dividend yield of four percent on the year-end share price. The payout ratio will thereby rise to 30 percent (previous year: 26 percent).

Outlook

Following a transitional year in 2025 for the Lufthansa Group and Lufthansa Airlines in particular, the transformation of the company will continue to gain momentum. 

For the full year, the Group targets a further increase in revenue and a significant improvement in earnings, as well as a further improvement in its operating margin. A further capacity expansion of around four percent for the passenger airlines and the ongoing fleet renewal with the expansion of premium offerings will contribute to achieving this target.

However, developments in the Middle East and the associated geopolitical consequences for the global economy increase the medium- and long-term forecast uncertainty. Disruptions to supply chains in the Strait of Hormuz are leading to increased volatility in the oil markets. At the same time, however, the Lufthansa Group has recorded a sharp rise in demand for long-haul flights since the weekend, particularly on routes to and from Asia and Africa. The Group is therefore considering extra frequencies, for example to Singapore, India, China, and South Africa.

The Lufthansa Group's fleet modernization will reach its peak this year and next. In 2026, a new aircraft will be delivered on average nearly every week, and by the end of the year, new generation aircraft will amount to around 30 percent of the fleet. The capacity growth of the passenger airlines will focus almost exclusively on long-haul routes, while the capacity on short-haul routes is expected to remain stable, partly driven by a more efficient alignment of the hubs in Frankfurt, Munich, Zurich, Vienna, Brussels, and Rome.

Further progress in the Turnaround program and the consistent modernization of the fleet will have a positive impact on Lufthansa Airlines' results. In addition, Lufthansa Airlines expects to limit the increase in unit costs to half the inflation rate.

Due to continued strong demand in their markets, Lufthansa Cargo and Lufthansa Technik are also expected to see a clear increase in revenue compared with the previous year.

Further information

Further information on the results of individual business segments will be published in the annual report. This will be published at the same time as this press release on March 6, 2026, at 7:00 a.m. CET at https://investor-relations.lufthansagroup.com/en/investor-relations.html

The annual press conference will be streamed live from 10:00 a.m. CET at http://www.lufthansagroup.com.

The traffic figures for 2025 will also be published at 7:00 a.m. at Traffic figures - Lufthansa Group Investor Relations

The agreement is specifically designed to capitalize on new growth opportunities arising from the recently concluded free trade agreement between India—the world's most populous country—and the European Union (EU). The EU states are India's largest trading partners for goods. Bilateral trade in goods currently totals €180 billion per year. Both economic powers account not only for a quarter of the world's population, but also for a quarter of the world’s gross domestic product (GDP). The latest agreement creates nothing less than the world's largest free trade area.

Carsten Spohr, Chairman of the Executive Board of Deutsche Lufthansa AG and Chief Executive Officer of the Lufthansa Group:

"Today's agreement with our long-standing Star Alliance partner Air India is a strong signal of our mutual determination to open a new chapter in aviation between the EU and India following the landmark trade agreement between both economic regions. Together with Air India, we will strengthen our access to the aviation market with the highest growth rates worldwide. The Lufthansa Group is already the most successful and most popular European airline group among customers in India. In the future, we will contribute to deepening economic and cultural relations between India and Europe with even more connections. With our new long-haul aircraft and Lufthansa Allegris and SWISS Senses on board, we are offering a significantly improved premium travel experience in all classes on more and more routes, including to India.”

Campbell Wilson, Chief Executive Officer and Managing Director, Air India: “This milestone in our deepening relationship with the Lufthansa Group is great news for travellers and enterprises alike between India and Europe. As Air India continues to expand its global footprint with a fast-modernising fleet and transformed product and service offerings, this framework enables us to explore closer cooperation on multiple fronts to meet the growing trade, commerce, and people-to-people ties between our respective regions. This would unlock greater value for our common customers and respective shareholders, and we look forward to progressing these initiatives together with the Lufthansa Group.”

The immense growth of the Indian aviation market with a rapidly growing and affluent middle class offers enormous potential. Routes between the European home markets and India have already become the second most important premium market for long-haul flights for the Lufthansa Group after the USA. Deepening cooperation with Air India, the country's largest long-haul airline and a long-standing partner of the Lufthansa Group, opens up additional growth potential for both partners.

Currently, the Lufthansa Group airlines and Air India offer codeshare flights on 146 routes to 22 countries. The joint network comprises 15 Indian and 27 European destinations. Lufthansa offers its customers the most connections to India from Frankfurt: to Delhi, Mumbai, Chennai, Bangalore, and Hyderabad. From the 5-star hub Munich, Delhi, Mumbai, and Bangalore are served. While SWISS flies from Zurich to Delhi and Mumbai, ITA Airways connects Rome with Delhi. This means that the newest member of the Lufthansa Group, ITA Airways, is also part of the Memorandum of Understanding. This extensive offering is complemented by Air India with long-haul connections from Delhi to Frankfurt, Zurich, Vienna, and Milan as well as from Mumbai to Frankfurt.

The Memorandum of Understanding signed today focuses in a first step on expanding and jointly marketing flight offerings with the goal of providing customers with a better connected and seamless travel experience between the Lufthansa Group's home markets—Germany, Austria, Switzerland, Belgium, Italy—and India. A second step envisions incorporating the remaining EU countries and the Indian subcontinent. The exact scope, including specific routes and markets, will be determined following the completion of the commercial Joint Business Agreement, subject to required regulatory and antitrust approvals.

Looking ahead, the cooperation is to be expanded in several areas, particularly regarding the customer travel experience. The focus will be on further coordination of flight schedules and route networks in selected markets so that passengers can benefit from better connections and shorter transfer times. In addition, both partners want to combine their sales and marketing activities for flights between the Lufthansa Group's European home markets and India, better integrate frequent flyer programs, and optimize airport processes for improved customer comfort.

Lufthansa can look back on more than 60 years of shared history with India. The airline first landed in Delhi as early as 1959. This connection has been continuously expanded. A codeshare agreement with Air India has existed since 2004, and in 2014 the Indian airline joined the Star Alliance co-founded by Lufthansa. In February 2025, the Lufthansa Group and Air India announced the expansion of codeshare agreements between Lufthansa, SWISS, Austrian Airlines, and Air India.

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, says:

"The Lufthansa Group welcomes the Portuguese government's privatization process. Our goal is to strengthen Portugal's global connectivity, preserve TAP's Portuguese identity, and ensure the airline's sustainable growth. TAP Air Portugal is of great strategic importance to the European aviation industry. As a long-standing partner in the Star Alliance and with our extensive investments in Portugal, we continue to see the Lufthansa Group as the best partner for TAP and for Portugal."

The Lufthansa Group has been active in Portugal for more than 70 years. The Group's airlines currently offer more than 280 weekly flights to and from Portugal. The company employs over 400 skilled workers in the country. With the construction of a new Lufthansa Technik site for the repair of engine parts and aircraft components in Santa Maria da Feira near Porto, this number is set to rise to 1,000 by 2030. A cooperation would strengthen Lisbon's position as an Atlantic hub in the Lufthansa Group network. Connectivity between Europe and other regions of the world, such as South America, Africa, and North America, could be expanded.

The Lufthansa Group has always been a driver of consolidation in Europe. It has successfully strengthened national airlines such as SWISS, Austrian Airlines, Brussels Airlines, and most recently ITA Airways, while preserving their national identities. As the global number one outside the US, the Group offers the necessary size, experience, and financial stability to create sustainable value and strengthen TAP Air Portugal's role as an ambassador for the country around the world.

In front of analysts and investors, the company reaffirmed its goal of adapting the Group's organizational and operational structure in order to reorganize cooperation and responsibilities within the Group. The aim is to achieve closer and more networked cooperation between group functions and airlines in order to leverage synergies and increase efficiency. In order to create sustainable value for customers, shareholders, and employees, the company is focusing on four strategic pillars under the umbrella of the group:

Network Airlines Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways: The airlines will move even closer together in the future as a result of adjustments to the organizational structure and processes and even deeper integration. This will clarify responsibilities, promote collaboration, and speed up decision-making processes. Group-wide steering of all commercial offer management (e.g., short- and medium-haul network management for all hub airlines) will increase productivity and efficiency. The airlines are also benefiting from continued strong global demand for air travel. This demand is being met by a tight offer due to ongoing delays in the supply chains of aircraft and engine manufacturers, which is having a positive effect on average revenues and load factors. The Lufthansa Group plays an active role in consolidation in Europe and is impressively demonstrating this through the rapid integration of ITA Airways. Existing transformation programs, such as “Turnaround” at the core brand Lufthansa Airlines, are being consistently implemented with the aim of significantly strengthening earnings performance. The largest fleet modernization in the company's history is a key strategic element for future viability and increased profitability, and a clear commitment to innovation, sustainability, and premium quality. The Lufthansa Group expects to add more than 230 new aircraft by 2030, including 100 long-haul aircraft.

Point-to-point with Eurowings: Following its successful restructuring and repositioning as a value airline for Europe, accompanied by significant increases in earnings, the Eurowings success story is set to continue. In particular, Eurowings is consistently expanding its leisure travel offerings. The tour operator Eurowings Holidays, which was spun off in spring 2025, is bringing innovation and dynamism to the tourism business – with the clear goal of growing rapidly and becoming one of the top ten German tour operators. Further momentum is provided by the largest fleet renewal in the history of Eurowings, which will lead to significantly lower operating costs. With the gradual integration of new short- and medium-haul jets (40 Boeing 737-8 MAX), Eurowings will operate one of the youngest fleets in European aviation.

MRO with Lufthansa Technik: The global market leader in aircraft technical support is on track with the implementation of its “Ambition 2030” program for the future. Comprehensive investments in the growth of its core business, the expansion of locations and international presence, for example in Canada and Portugal, as well as the extension of digital business models are expected to significantly increase revenue and profit by 2030 and further secure the company's future viability. In addition to its business with commercial airlines, Lufthansa Technik is pushing ahead with the development of its new “Defense” division in order to establish itself in this growth area.

Logistics with Lufthansa Cargo. Lufthansa Cargo is benefiting particularly from growing demand in the e-commerce business and opportunities arising from the volatility of global markets. The expansion of cargo capacities at Europe's largest cargo airline, significant investments of 600 million euros in the central cargo hub at Frankfurt Airport, and the consistent expansion of automation and digitalization are increasing Lufthansa Cargo's profitability with the aim of becoming one of the top three global players in the air cargo sector.

Consistent transformation

2025 and the coming years will be marked by significant investments and comprehensive adjustments for the Lufthansa Group. In particular, fleet renewal and future programs such as “Turnaround” at Lufthansa Airlines are part of a comprehensive change aimed at strengthening the Lufthansa Group in the long term and increasing productivity, efficiency, and profitability. These new measures are already delivering tangible positive effects.

The Lufthansa Group will also drive forward its digital transformation in the coming years. By consolidating all IT functions in one Executive Board department and combining the digital units and competencies from the ‘Digital Hangar’ with the ‘Innovation & Tech Factory’ in a new central role, the aim is to significantly expand digital expertise.

Another value driver is the Lufthansa Group's customer loyalty program “Miles & More”. It is planned to increase the number of active members by 50 percent by 2030. Following the announcement of Deutsche Bank as a new partner for the Miles & More credit card and the strategic partnership with Marriott Bonvoy, the areas of Loyalty, Payment, Partnerships, and Retail Media are to be consistently expanded as growth areas for the Group in the coming years.

New medium-term financial targets

As a result, the Lufthansa Group expects significantly increased profitability by the end of the decade. The company is therefore setting itself new ambitious medium-term financial targets. These are aimed at exceeding the Lufthansa Group's historical results.

Ultimately, all of the initiatives mentioned pursue a clear common goal: to position the company for the future and achieve sustainably attractive returns for shareholders. To this end, the company aims to achieve the following financial targets in the period 2028-2030:

·         Adjusted EBIT margin of 8 to 10 percent

·         Adjusted ROCE (Return on Capital Employed) before taxes of 15 to 20 percent

·         Adjusted Free Cash Flow of over 2.5 billion euros per year

Financial strength will continue to be the basis for achieving the financial targets. As is currently the case, the Lufthansa Group will continue to strive for an investment grade rating from leading rating agencies in the future. To hedge against potential crises, the Lufthansa Group will continue to maintain a conservative minimum liquidity of 8 to 10 billion euros.

In addition, the company will adhere to its existing dividend policy, which provides for a distribution of 20 to 40 percent of consolidated net income to shareholders.

Integrated cooperation within the Lufthansa Group will lead to significant changes in the processes and structures governing cooperation between Group companies in the future. On this basis, the Lufthansa Group is reviewing which activities will no longer be necessary in the future, for example due to duplication of work. In particular, the profound changes brought about by digitalization and the increased use of artificial intelligence will lead to greater efficiency in many areas and processes. Due to these developments and structural adjustments, the Lufthansa Group plans to cut a total of around 4,000 jobs worldwide by 2030, the majority of which will be in Germany. This will be done in consultation with the social partners. The focus will be on administrative rather than operational roles.

More information you can find here: https://investor-relations.lufthansagroup.com/en/events/capital-markets-day-2025.html 

On the recommendation of the Nomination Committee, Johannes Teyssen is to be proposed for election to the Supervisory Board at the Lufthansa Annual General Meeting on May 12, 2026.

Following his election by the Annual General Meeting, he is to be elected Chairman of the Supervisory Board by the Supervisory Board and succeed Karl-Ludwig Kley.

Karl-Ludwig Kley will then step down from the Supervisory Board of Deutsche Lufthansa AG at the end of his regular term of office after 13 years, eight of which he served as Chairman.

It has been clearly defined that the airlines will continue to make their own decisions about the customer experience of their guests. This applies, for example, to the in-flight product, catering, lounges in the home markets, and passenger service. The hub airlines will also remain responsible for the management of their respective flight operations and operational flight services.

In areas that are less visible to passengers, cooperation between airlines within the group will become even more integrated and connected, as is already the case in the area of loyalty with “Miles and More” or in the further development of the award-winning customer app. The App was developed centrally within the group, but the design and offers are tailored to the respective airlines.

In the future, network management for short- and medium-haul flights of all hub airlines will also be steered group-wide. This will be done in close coordination with the airlines. This model has already been successfully established for ten years for the long-haul offerings. This means that the steering of the entire commercial offering management will now be bundled under the responsibility of group-wide airline functions. Guests who already use more than one group company for their travel will benefit from an even better coordinated range of services. In addition, efficiency will increase, and decisions can be made more quickly.

Cooperation within the group will in future be managed primarily via so-called “Group Function Boards.” These boards include representatives from both the airlines and the group functions. Chaired by the respective Group Executive Board member responsible, topics will be discussed, evaluated, and decided upon transparently in a collaborative manner. In the Hub Steering Board, for example, these are primarily customer-related issues. In addition, a “Functional Financial Controller” will be represented on the boards for financial management. There will be a total of four “Group Function Boards”: Hub Steering, Technology, HR, and Finance.

To further strengthen digitalization and innovation, the IT functions will be consolidated in the department headed by CTO Grazia Vittadini. In addition, the digital units and competencies from the ‘Digital Hangar’ will be bundled with the ‘Innovation & Tech Factory’ in a new, central role in order to drive forward the technological progress of the Lufthansa Group. This further development will create group-wide central digital expertise in the areas of operations, customer, commercial, and corporate.

The target implementation date for the changes is January 1, 2026.

The repurchase price per 2025 Bond tendered under the Repurchase Invitation was set at 100.6 percent of the principal amount per 2025 Bond (equal to EUR 100,600 per 2025 Bond). The Company will also pay interest accrued on the purchased 2025 Bonds from and including the interest payment date for the 2025 Bonds immediately preceding the Invitation Settlement Date (as described below) to but excluding the Invitation Settlement Date.

The Company has decided to repurchase EUR 300 million of the convertible bonds due in 2025, which represents 50 percent of the outstanding principal amount. To fund this repurchase, the Company plans to use proceeds from the successful placement of EUR 600 million convertible bonds due 2032, announced yesterday.

Following the completion of the repurchase, an aggregate principal amount of EUR 300 million of the outstanding 2025 Bonds will remain in circulation.

Settlement of the Repurchase Invitations is expected to take place on 11 September 2025 (the "Invitation Settlement Date").

Disclaimers:

This announcement and the information contained herein is restricted and may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Australia, South Africa, Japan or any other jurisdiction where such publication, distribution or release would be unlawful. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Further, this announcement is for information purposes only and is not an offer of, or a solicitation of an offer to purchase, sell or subscribe for, securities in any jurisdiction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is an advertisement within the meaning of Regulation (EU) 2017/1129, as amended (the "EU Prospectus Regulation") and the Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") (the "UK Prospectus Regulation"), and does not constitute an offer of, or a solicitation of an offer to purchase, sell or subscribe for, any securities of the Company or of any of its subsidiaries in the United States of America, Australia, South Africa, Japan or any other jurisdiction in which offers of, or a solicitation of an offer to purchase, sell or subscribe for, securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer or offer to purchase, sell or subscribe in any jurisdiction. The Bonds and the Shares offered or offered to be purchased, sold or subscribed for will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, pledged, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The securities referred to herein have not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the securities referred to herein. No public offering of, or solicitation of an offer to purchase, sell or subscribe for, securities of the Company is being made in the United States or any such other jurisdiction.

No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No prospectus or offering document has been or will be prepared in connection with the offering of, or solicitation of an offer to purchase, sell or subscribe for, the securities referred to herein. The securities referred to herein may not be offered, and no solicitation of an offer to purchase, sell or subscribe for, such securities may be made, to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the securities referred to herein in such jurisdiction.

In the United Kingdom, this announcement is only directed at "qualified investors" within the meaning of the UK Prospectus Regulation who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc. (all such persons together being referred to as "Relevant Persons")). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area the placement of, and invitation to submit any offer to purchase, sell or subscribe for, any securities described in this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129, as amended.

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Bonds have been subject to a product approval process, which has determined that: (i) the target market for the Bonds is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels. The target market assessment is without prejudice to the requirements of any contractual or legal selling restrictions in relation to any offering of the Bonds and/or the underlying shares. For the avoidance of doubt, the target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any action whatsoever with respect to the Bonds.

The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a "Retail Investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MIFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of article 4(1) of MIFID II and (iii) in the UK, a person who is one (or more) of (i) a retail client within the meaning of Regulation (EU) no 2017/565 as it forms part of UK domestic law by virtue of the EUWA or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 of the UK (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "EU PRIIPs Regulation") or the EU PRIIPS Regulation as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Bonds or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the EU PRIIPs Regulation and/or the UK PRIIPS Regulation.

No action has been taken that would permit an offering or an acquisition of, or a solicitation of an offer to purchase, sell or subscribe for, the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement does not constitute a recommendation or advice concerning the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities. Investors should consult a professional advisor as to the suitability of the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities for the person concerned.

This announcement may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "targets", "plans", "aims", "projects", "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of the Company and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this announcement. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

The Dealer Managers are acting exclusively for the Company and no-one else in connection with the Offering. They will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering of the Bonds, the Dealer Managers and any of their affiliates may take up a portion of the Bonds in the Offering and/or may acquire ordinary shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such Bonds, ordinary shares and other securities of the Company or its group or related investments in connection with the Offering or otherwise. In addition, the Dealer Managers and any of their affiliates may enter into financing arrangements (including swaps, warrants or contracts for differences) with investors in connection with which the Dealer Managers and any of their affiliates may from time to time acquire, hold or dispose of Bonds ordinary shares and/or other securities or derivate positions in such securities. The Dealer Managers and their affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Dealer Managers or any of their respective directors, officers, employees, affiliates, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Issuer, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

Till Streichert, CFO of Lufthansa, says: “We are very pleased with the successful issuance of a new convertible bond at highly attractive conditions. The success of the transaction was based on strong investor demand and the strong recent performance of our share price. Our solid balance sheet and investment grade rating provides us access to a wide and diverse range of financing instruments. Combining the issuance with a partial tender offer for our outstanding convertible bond further increased its attractiveness and aligns the interests of all stakeholders. The oversubscription of multiple times once again highlights the capital market’s confidence in our company.”

Unless previously converted, redeemed or repurchased and cancelled, the Bonds will be redeemed on 10 September 2032 at their accreted redemption amount, which was set at 102.66 percent of their principal amount. Investors also have the possibility to convert the bonds into new and/or existing no-par value ordinary registered shares of the company. The initial conversion price was set at EUR 10.7550, representing a conversion premium of 42.5 percent above the reference share price of EUR 7.5474.

Deutsche Lufthansa AG intends to use the proceeds from the offering to finance the Convertible Bonds Tender Offer (as announced earlier today) and for general corporate purposes including the refinancing of existing debt.

Deutsche Lufthansa AG has agreed not to offer any shares or equity-linked securities within a period of 90 calendar days after the settlement of the offering, and not to enter into any transaction having a similar economic effect, subject to customary ex­emptions.

Disclaimers:

This announcement and the information contained herein is restricted and may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions), Australia, South Africa, Japan or any other jurisdiction where such publication, distribution or release would be unlawful. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Further, this announcement is for information purposes only and is not an offer of, or a solicitation of an offer to purchase, sell or subscribe for, securities in any jurisdiction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is an advertisement within the meaning of Regulation (EU) 2017/1129, as amended (the "EU Prospectus Regulation") and the Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA") (the "UK Prospectus Regulation"), and does not constitute an offer of, or a solicitation of an offer to purchase, sell or subscribe for, any securities of the Company or of any of its subsidiaries in the United States of America, Australia, South Africa, Japan or any other jurisdiction in which offers of, or a solicitation of an offer to purchase, sell or subscribe for, securities would be prohibited by applicable law. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer or offer to purchase, sell or subscribe in any jurisdiction. The Bonds and the Shares offered or offered to be purchased, sold or subscribed for will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, pledged, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The securities referred to herein have not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the securities referred to herein. No public offering of, or solicitation of an offer to purchase, sell or subscribe for, securities of the Company is being made in the United States or any such other jurisdiction.

No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. No prospectus or offering document has been or will be prepared in connection with the offering of, or solicitation of an offer to purchase, sell or subscribe for, the securities referred to herein. The securities referred to herein may not be offered, and no solicitation of an offer to purchase, sell or subscribe for, such securities may be made, to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the securities referred to herein in such jurisdiction.

In the United Kingdom, this announcement is only directed at "qualified investors" within the meaning of the UK Prospectus Regulation who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc. (all such persons together being referred to as "Relevant Persons")). This document must not be acted on, or relied upon, by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In member states of the European Economic Area the placement of, and invitation to submit any offer to purchase, sell or subscribe for, any securities described in this announcement is directed exclusively at persons who are "qualified investors" within the meaning of Regulation (EU) 2017/1129, as amended.

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Bonds have been subject to a product approval process, which has determined that: (i) the target market for the Bonds is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels. The target market assessment is without prejudice to the requirements of any contractual or legal selling restrictions in relation to any offering of the Bonds and/or the underlying shares. For the avoidance of doubt, the target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any action whatsoever with respect to the Bonds.

The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a "Retail Investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MIFID II; (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of article 4(1) of MIFID II and (iii) in the UK, a person who is one (or more) of (i) a retail client within the meaning of Regulation (EU) no 2017/565 as it forms part of UK domestic law by virtue of the EUWA or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 of the UK (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "EU PRIIPs Regulation") or the EU PRIIPS Regulation as it forms part of UK domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Bonds or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the EU PRIIPs Regulation and/or the UK PRIIPS Regulation.

No action has been taken that would permit an offering or an acquisition of, or a solicitation of an offer to purchase, sell or subscribe for, the securities or a distribution of this announcement in any jurisdiction where such action would be unlawful. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement does not constitute a recommendation or advice concerning the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities. Investors should consult a professional advisor as to the suitability of the placement of, or invitation to submit any offer to purchase, sell or subscribe for, any securities for the person concerned.

This announcement may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "targets", "plans", "aims", "projects", "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of the Company and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this announcement. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.

The Joint Bookrunners are acting exclusively for the Company and no-one else in connection with the Offering. They will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering of the Bonds, the Joint Bookrunners and any of their affiliates may take up a portion of the Bonds in the Offering and/or may acquire ordinary shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such Bonds, ordinary shares and other securities of the Company or its group or related investments in connection with the Offering or otherwise. In addition, the Joint Bookrunners and any of their affiliates may enter into financing arrangements (including swaps, warrants or contracts for differences) with investors in connection with which the Joint Bookrunners and any of their affiliates may from time to time acquire, hold or dispose of Bonds ordinary shares and/or other securities or derivate positions in such securities. The Joint Bookrunners and their affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Joint Bookrunners or any of their respective directors, officers, employees, affiliates, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Issuer, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

"The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group's financial success.

We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world's largest airline group outside the US."

Results

In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year's figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

Passenger numbers and traffic development

In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

The passenger airlines' revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

Lufthansa Airlines continues to implement Turnaround program

Lufthansa Airlines' Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik's revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways' South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo's route network.

Balance sheet strengthened, debt reduced

The Lufthansa Group's operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year's level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group's available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

"We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year's level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

Outlook

Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

The company continues to expect Adjusted Free Cashflow to remain at the previous year's level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group's largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group's fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

Further information

Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.

The shareholders thereby approved the actions of the members of the Executive Board and the Supervisory Board for the 2024 financial year by a large majority.

The items on the agenda of the Annual General Meeting included the appropriation of balance sheet profits, which provides for the distribution of a dividend of EUR 0.30 per share, and the election of members of the Supervisory Board. Erich Clementi, Dr. Astrid Stange, and Angela Titzrath were re-elected to the Supervisory Board. Dr. Alexis von Hoensbroech, Chief Executive Officer of Canadian airline the WestJet Airlines, was newly elected to the Supervisory Board.

During the Annual General Meeting, shareholders can speak through live video contributions in which they may ask questions about the agenda.

A total of nine items are on the agenda for the 72nd Annual General Meeting. The items on the agenda include the appropriation of balance sheet profits. A dividend of EUR 0.30 per share will be proposed. This corresponds to a payout ratio of 26 percent of Group net profits and a dividend yield of around five percent on the current Lufthansa share price. The aim is for shareholders to participate in the company's success once again.

Other items on the agenda include the approval of the amended executive board compensation system, the election of members of the supervisory board, and an amendment to the articles of association to enable virtual general meetings.

“Global demand for air travel continues to grow. Despite all the geopolitical uncertainties, we therefore remain on course for growth, are optimistic about the summer, and are sticking to our positive outlook for 2025. In the first quarter, our airlines were able to sell their expanded capacity at higher yields in the market. Our revenue improved by ten percent compared with the previous year, with Lufthansa Cargo and Lufthansa Technik also contributing with their strong performance. On the North Atlantic, the number of guests rose by more than seven percent in the first quarter, with higher load factors and better yields. Demand continues to be robust for the second quarter. I am pleased that our guests are benefiting from significantly improved punctuality and stability, particularly with our core brand Lufthansa. Operationally, we had our best start to the year in ten years. I would therefore like to express my special thanks to all crew members, technicians, and employees at the airports and in the operations centers of our airlines, who contributed to this success with their great commitment.”

Results for the first quarter of 2025

The Lufthansa Group increased its revenue in the first quarter of 2025 by ten percent compared to the previous year to 8.1 billion euros (previous year: 7.4 billion euros). The company posted an operating loss (adjusted EBIT) of 722 million euros; a significant improvement compared to the previous year (previous year: -849 million euros).

The adjusted EBIT margin improved to -8.9 percent (previous year: -11.5 percent). The Group result fell to -885 million euros (previous year: -734 million euros).

Significantly improved punctuality and operational stability

The Group's airlines expanded their capacity by almost five percent compared with the first quarter of the previous year. Load factors declined slightly to 78.7 percent. Thanks to moderate growth compared with previous years, the operational stability and punctuality of the passenger airlines improved significantly despite the rising number of flights. In operational terms, the core brand Lufthansa had its best start to a year in ten years. At the Frankfurt hub alone, 20,000 fewer hotel beds had to be booked for guests in the first quarter than in the same period in 2024. Direct compensation payments for flight delays and cancellations fell groupwide by 52 percent to EUR 47 million (previous year: EUR 98 million) due to significantly improved operational stability.

Cost increases weigh on passenger airline results

Revenue from passenger airlines rose by six percent in the first quarter to 5.9 billion euros (previous year: 5.6 billion euros). The operating result of the Lufthansa Group Passenger Airlines declined slightly with an adjusted EBIT of -934 million euros compared to the previous year (previous year: adjusted EBIT: -918 million euros).

Yields rose by 0.4 percent on average year-on-year driven by consistently high demand. Unit revenues (RASK) were 2.7 percent higher than in the previous year, partly due to significantly lower compensation payments to passengers compared with the strike-hit first quarter of the previous year.

Unit costs (CASK) excluding fuel and emissions expenses rose by 3.1 percent compared with the same quarter last year due to general cost increases. The main cost drivers were fee increases at system partners such as air traffic control (+19 percent) and airports, as well as high-cost inflation for maintenance services.

In addition, the seasonal shift of the usually strong Easter travel season, which fell in the first quarter last year, also had an impact on earnings development. Without this shift, the passenger airlines would have significantly improved their earnings compared with the previous year.

Strong first quarter on the North Atlantic

Demand for air travel to and from North America remained strong in the first quarter. The number of passengers rose by 7.1 percent compared with the previous year. Load factors were also higher than in the previous year, with the seat load factor 0.7 percentage points above the 2024 figure. Average revenues for flights to and from North America also developed positively in the first quarter. They rose by 6.7 percent compared with the first three months of the previous year.

Currently, demand in the US sales region continues to rise. In March, Lufthansa Group airlines carried around 25 percent more passengers from the US to Europe than in the same month last year.

Lufthansa Technik and Lufthansa Cargo continue positive trends

Demand for maintenance, overhaul and repair services and other products offered by Lufthansa Technik remains high. Revenue rose by 18 percent compared with the previous year to 2.0 billion euros (previous year: 1.7 billion euros). Adjusted EBIT rose by 49 percent to a new record level of 161 million euros (previous year: 108 million euros [1]).

In the logistics segment, capacity increased by seven percent due to the expansion of freight capacity in passenger aircraft because of a further increase in traffic volume and the addition of another Boeing 777 freighter, while sales also increased by nine percent. Average revenues rose by around 12 percent compared with the same quarter last year. Unit costs were reduced slightly thanks to successful cost management. As a result, Lufthansa Cargo generated a significantly improved adjusted EBIT of 62 million euros in the first quarter (previous year: -22 million euros).

Positive adjusted free cash flow further reduces net debt

Operating cash flow rose to around 1.8 billion euros in the first quarter (previous year: 1.3 billion euros). The change is mainly due to improved working capital in relation to a seasonal increase in ticket sales. Including a decline in net capital expenditure, Adjusted free cash flow improved to 835 million euros (previous year: 305 million euros).

The Group further strengthened its balance sheet in the first quarter of 2025. Net debt decreased to 5.3 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell to 2.2 billion euros due to interest rates (December 31, 2024: 2.6 billion euros). At the end of March 2025, the company had total liquidity of 11.4 billion euros (December 31, 2024: 11.0 billion euros).

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

“We are in a period of high volatility. In this environment, it is good news that we are making progress as planned on issues within our control, such as our turnaround program at Lufthansa Airlines. At the same time, we are keeping an eye on market risks. We are well prepared to respond should these materialize. However, it is not just about risks, but also about positive factors that are already supporting our earnings performance today, such as favorable fuel prices and exchange rates. These can help to offset the financial effects of any changes in demand. Overall, we therefore remain confident that we will be able to achieve a full-year result significantly above the previous year's level.”

Outlook

Global demand for air travel remains strong. The Lufthansa Group therefore expects another strong summer travel season overall.

The most popular vacation destinations are Mediterranean destinations, especially Spain, Italy, and Greece. Demand for long-haul travel also remains steady. This also applies to flights to and from North America, where ticket sales for the second quarter are up on the previous year.

Nevertheless, macroeconomic uncertainties, particularly the trade tensions between the US, the EU and other regions, are making it difficult to forecast the coming quarters accurately. Visibility for the third quarter remains limited.

The Lufthansa Group has set up a task force to closely monitor current developments and, if necessary, respond quickly and flexibly to any weakening in demand, for example by adjusting capacity. The company also believes that potential market changes offer opportunities. For example, a further decline in kerosene prices could counteract temporary fluctuations in demand.

Despite the uncertainties, the Lufthansa Group is confirming its forecast for the full year with an operating result (adjusted EBIT) significantly above the previous year (1,645 million euros).

Further information

Further information on the results of individual business segments will be published in the report for the first quarter of 2025. This will be published simultaneously with this press release on April 29, 2025, at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/investor-relations.html.

The traffic figures for the first quarter of 2025 will also be published at 07:00 CEST at https://investor-relations.lufthansagroup.com/en/publications/traffic-figures.html.

[1] Since the beginning of the 2025 fiscal year, Lufthansa Industry Solutions, which was previously part of the MRO division, has been allocated to the other companies and Group functions. The previous year's figures have been adjusted accordingly.

“Aviation is and remains an industry of the future with sustained strong demand. Especially in unstable times, it enables international understanding through cultural and economic exchange. At the Lufthansa Group, we can look back on the strongest year in our history in terms of revenue, with a new load factor record. I would therefore like to thank our guests for their loyalty and all our employees for their great commitment.

Looking back, 2024 was a year of two halves for the Lufthansa Group. In the first six months, we still had to cope with a significant decline in operating profit – due, among other things, to strikes, delayed aircraft deliveries and operational challenges at our hubs.

The trend was reversed in the course of the year with two consecutive quarters in which we generated revenue of over 10 billion euros each for the first time, and in the fourth quarter we exceeded the previous year's profit.

The further internationalization of the Lufthansa Group through the integration of ITA Airways, the significantly improved stability in flight operations and the growing satisfaction of our customers – all this shows that our strategy is right and our measures are taking effect. However, there is no question that we now also have to achieve an economic turnaround for our core brand Lufthansa. This year, 2025, will be a year of transformation for us with a clear goal: to further strengthen our position as the global number one outside the United States.”

Earnings

In 2024, the Group increased its revenue by six percent year on year to EUR 37.6 billion (previous year: EUR 35.4 billion), due to the higher flight offering. It was thus the year with the highest revenue in the history of the Lufthansa Group. The Group generated an operating profit (Adjusted EBIT) of EUR 1.6 billion (previous year: EUR 2.7 billion), with an operating margin of 4.4 percent (previous year: 7.6 percent).

The decline compared to the previous year is due to various effects, particularly in the first half of the year: strikes weighed on the Passenger Airlines with around EUR 450 million. The airlines also had to absorb a significant decline in average yields at the beginning of the summer due to the large industry-wide increase in capacity. Significantly higher costs, especially in Germany, also had a negative impact. Productivity in flight operations also suffered from further delays in aircraft deliveries. Also thanks to lower interest burdens compared to the previous year, the net profit fell less sharply than the operating result and reached EUR 1.4 billion (previous year: EUR 1.7 billion).

Lufthansa Group Passenger Airlines expand capacity

In 2024, the Lufthansa Group airlines welcomed 131 million guests on board their aircraft, an increase of seven percent over the previous year. The passenger load factor rose to a record level of 83.1 percent (previous year: 82.9 percent). In terms of the passenger load factor, the summer months of July and August were not only the strongest months of last year, with a load factor of almost 88 percent, but also among the strongest in the company's history.

Due to industry-wide capacity growth, average yields in 2024 fell by 2.6 percent year on year, with a significant improvement in performance over the course of the year. Average yields varied greatly across the different traffic regions: while the decline was below two percent in most regions, they fell significantly in the Asia/Pacific region, by almost 10 percent. Unit revenues (RASK) benefited from an increased seat load factor compared to 2023, but the underlying revenue was weighed down by high compensation payments due to flight irregularities, causing unit revenues to fall by 4.3 percent overall. Unit costs increased by 1.9 percent year on year due to the effects of strikes and persistent cost inflation, particularly in fees, materials and personnel costs.

Overall, the Group's passenger airlines generated Adjusted EBIT of EUR 1.0 billion in 2024 (previous year: EUR 2.0 billion). The decline in the passenger airlines' operating profit is mainly due to the decline in Lufthansa Airlines' earnings by EUR 948 million. Delayed deliveries of new aircraft forced Lufthansa Airlines to keep aircraft in service for longer, which, together with higher location and personnel costs and increased expenses for compensation for flight irregularities, weighed disproportionately on earnings.

SWISS almost matched its record result from the previous year and exceeded the EUR 800 million Adjusted EBIT mark for the second time. Eurowings repeated its good result from the previous year and again posted an Adjusted EBIT of over EUR 200 million. Brussels Airlines achieved the highest profit in its history at EUR 60 million and Austrian Airlines posted an Adjusted EBIT of EUR 76 million.

Turnaround program at Lufthansa Airlines makes noticeable progress

Lufthansa Airlines is resolutely pursuing its turnaround program, which was initiated eight months ago, with the aim of improving efficiency, reducing complexity and increasing product quality – to ensure the long-term competitiveness of the airline.  The package of measures is initially focusing on operational stability. In the first two months of 2025, Lufthansa Airlines already saw a noticeable improvement in punctuality and regularity. The establishment of “City Airlines” is proving to be the strategically right cornerstone for operating European short-haul flights more efficiently and cost-effectively.

The turnaround program will continuously contribute to improving the earnings of Lufthansa Airlines. In 2026, the measures are expected to achieve a gross effect of around EUR 1.5 billion on EBIT, and in 2028 of around EUR 2.5 billion.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG, says:

“This year, we expect moderate capacity growth of around 4 percent. This will help to support our revenue growth, secure valuable market shares, stabilise our earnings and further improve our operations. Nevertheless, current challenges will persist. These include delays in aircraft deliveries and ever-present cost pressures. We therefore regard 2025 as a transition year in which we will lay the foundations for future increases in profitability. Nevertheless, progress will be clearly visible in every respect. This will also be reflected in our Adjusted EBIT, which we expect to be significantly higher than in the previous year.”

Lufthansa Technik and Lufthansa Cargo improve results

In 2024, Lufthansa Technik benefited from the sustained high volume of air travel and the resulting increase in demand for maintenance, repair and overhaul (MRO) services worldwide. As the global market leader in the MRO sector, Lufthansa Technik was able to capitalize on this and conclude new contracts with a total volume of EUR 7.5 billion. This ensures planning security and revenue growth for the company over the next few years. In the past financial year, Lufthansa Technik generated an Adjusted EBIT of EUR 635 million (previous year: EUR 628 million). By 2027, the company will build a new plant in Portugal for the repair of engine parts and aircraft components. The plan is to create 700 new jobs there.

The airfreight business continued to recover over the course of 2024. Lufthansa Cargo generated an operating profit of EUR 251 million for the full year (previous year: EUR 219 million), of which EUR 199 million was attributable to the fourth quarter, which is traditionally strong for airfreight (previous year: EUR 30 million). This development not only confirms the expected normalization in the airfreight market but is also the result of strict cost management that enables profitable growth. Lufthansa Cargo benefited particularly from strong e-commerce business from Asia. Thanks to its own freighter fleet, capacities could be shifted from the North Atlantic to Asia/Pacific.

Adjusted free cash flow clearly positive, balance sheet remains strong

In 2024, the Lufthansa Group generated an operating cash flow of EUR 3.9 billion (previous year: EUR 4.9 billion). Thus, the operating cash flow decreased in the same range as the operating result compared to the previous year. Considering net capital expenditure, primarily on new, fuel-efficient aircraft, the year ended with an adjusted free cash flow of EUR 840 million (previous year: EUR 1.8 billion).

Compared to the end of the year, available liquidity increased by around half a billion euros to EUR 11.0 billion. At the same time, net debt to banks at year-end 2024 was at the same level as at year-end 2023 at EUR 5.7 billion (December 31, 2023: EUR 5.7 billion). Net pension liabilities decreased slightly to EUR 2.6 billion (December 31, 2023: EUR 2.7 billion). The leverage ratio, measured in terms of the key figure adjusted net debt/adjusted EBITDA, increased slightly from 1.7 to 2.0 due to earnings.

Stable profit participation for shareholders

As in the previous year, shareholders are to participate in the company's profits again. For the financial year 2024, the Executive Board and Supervisory Board will propose a dividend of EUR 0.30 per share at the Annual General Meeting on May 6, 2025. This corresponds to the same amount as last year. At almost five percent, the dividend yield on the year-end share price is higher than last year (just under four percent). The payout ratio is 26 percent (previous year: 21 percent). The proposed payout is in line with the Lufthansa Group's dividend policy, according to which between 20 and 40 percent of net profit (2024: EUR 1.4 billion) is distributed to shareholders.

Fast integration of ITA Airways

The expansion of the multi-hub, multi-airline and multi-brand model through the integration of ITA Airways, with its strong home market in Italy and its 5-star Rome hub, creates further growth opportunities for the Lufthansa Group in 2025. The complete integration of ITA Airways is expected to be completed after just 18 months. The relocation of ITA Airways in Munich and Frankfurt will be completed by the start of the summer flight schedule at the end of March, in order to facilitate transfer connections. Mutual lounge access, the merger of the frequent flyer programs and the introduction of code shares have already been implemented in recent days and weeks. With ITA Airways, the number of employees in the Group will grow by 5,000 and the size of the Group fleet by 100 to 830 aircraft.

Lufthansa Group introduces umbrella brand strategy

The Lufthansa Group will introduce a new umbrella brand strategy in 2025. The aim is to make the advantages of the Group even more tangible for guests. In addition, the synergies that arise from the interaction of the various airlines are to be made more usable in an integrated way. Today, around half of all transfer passengers at the Lufthansa Group already use more than one of the Group's airlines. They benefit from the complementary route networks, shared ground infrastructure and the world's leading app. Under the LUFTHANSA GROUP umbrella brand, the connections between the individual brands and how they interact in the airline group will be made more transparent and clearly recognizable in the future.

Outlook

The company expects demand for air travel to remain high, which is also reflected in a positive trend in bookings at the beginning of 2025. The order situation in the MRO segment also points to continued strong demand for maintenance services. Lufthansa Cargo expects to benefit from continued growth in e-commerce and an improved cost position.

At the same time, 2025 will be a year of transition for the Lufthansa Group. The turnaround program at Lufthansa Airlines is a top strategic priority and will lay the foundation for a sustainable increase in earnings. The first measures will already take effect in the current year, but the turnaround program will not yet reach its full potential.

As part of the largest fleet modernization in its history, the Lufthansa Group expects to take delivery of a new, highly efficient aircraft every two weeks during the current year. Overall, the order list includes around 250 aircraft, of which 100 are long-haul aircraft.

The renewal of the fleet and the investments in the premium offering have a direct impact on customer satisfaction. Currently, nine Airbus A350s are already equipped with Allegris, seven of which also have the new First Class on board. This year, SWISS is investing more than ever before in improving its Economy Class. In the second half of the year, SWISS Senses will then be introduced on SWISS long-haul routes.

Based on the strong demand for flight tickets, the Lufthansa Group plans to expand the seating capacity of its passenger airlines by around four percent compared to the previous year. The company expects a further increase in revenue as a result.

Overall, the Group expects Adjusted EBIT in the 2025 financial year to be significantly higher than in the previous year. For 2025, the Lufthansa Group expects net capital expenditure of between EUR 2.7 and 3.3 billion and free cash flow at the previous year's level.

Further information

Further information on the results of individual business segments will be published in the annual report. This will be published at the same time as this press release on March 6, 2025 at 7:00 a.m. CET at https://investor-relations.lufthansagroup.com/en/investor-relations.html

The annual press conference will be streamed live at Home - Lufthansa Group from 9:30 a.m. CET. The analyst call will be streamed live at https://investor-relations.lufthansagroup.com/en/publications/financial-reports.html from 12:30 p.m. CET.

The traffic figures for 2024 will also be published at 7:00 a.m. at https://investor-relations.lufthansagroup.com/en/publications/traffic-figures.html.

Dr Thomas Enders will resign from the Supervisory Board at his own request at the end of the Annual General Meeting on 6 May 2025. 

The Supervisory Board proposes to the Annual General Meeting on 6 May 2025 that Dr Alexis von Hoensbroech (54), CEO of the Canadian airline WestJet, be elected to the Supervisory Board for a term of three years to fill the vacant position.

With immediate effect, 36 million Miles & More members can earn and redeem miles on all ITA Airways flights. At the same time, the 2.7 million members of the ITA Airways frequent flyer program Volare can earn and redeem their points on all flights operated by Lufthansa, SWISS, Austrian Airlines and Brussels Airlines.

With the start of the summer flight schedule on March 30, 2025, passengers of ITA Airways and Lufthansa Group can enjoy the following benefits:

Under one roof in Frankfurt and Munich: Using the same terminal is an essential prerequisite for quick and comfortable transfers at the Lufthansa Group's hubs. With the start of the upcoming summer flight schedule, ITA Airways will move into the Lufthansa Airlines terminals in Frankfurt and Munich – into Terminal 1 in Frankfurt and into Terminal 2 in Munich. This will significantly reduce passengers' transfer times. At all other hubs of the group, as well as in Rome-Fiumicino and Milan-Linate, the Lufthansa Group airlines already offer their flights in the same terminal areas as ITA Airways.

Lounge access: Starting 30 March, ITA Airways passengers will also be able to visit and use the approximately 130 lounges of the Lufthansa Group and its partners on their travels. The lounges of ITA Airways will also be open to Lufthansa Group passengers from this date.

Code sharing: By adding ITA Airways flights to the route networks of Lufthansa Group Airlines, customers will have more choice and greater flexibility. With the start of the summer flight schedule, more than 100 flight connections will initially share their flight numbers and can thus be more easily combined. These code-shares make it possible to combine flights of different airlines in the group into a single booking. Once fully implemented, this code-sharing will give ITA Airways passengers access to over 250 destinations of the Lufthansa Group. For passengers of the Lufthansa Group airlines, the offer will be expanded to include ITA Airways domestic flights to Sicily, Sardinia, Calabria and Puglia. All codeshare connections can be booked from 25 February through all global sales channels, including online and via the Lufthansa Group and ITA Airways apps.

Coordinated flight schedules between the hubs: The flight connections between the Lufthansa Group's hubs (Frankfurt, Munich, Zurich, Vienna and Brussels) and ITA Airways' two main airports (Rome and Milan) are optimized and better distributed throughout the day to offer guests more travel flexibility. Coordinated departure times mean less waiting time for guests and better connections to long-haul destinations.

Change of airline alliance: In the future, ITA Airways passengers will also be able to take advantage of all the product benefits of the Lufthansa Group. The Italian airline's admission to Star Alliance, the biggest global aviation alliance, is of crucial importance for this. Preparations have already begun. ITA Airways' official accession to the Star Alliance is planned for the first half of 2026. Accordingly, ITA Airways already initiated the withdrawal from the SkyTeam alliance.

The cooperation between ITA Airways and Lufthansa Cargo is also to be quickly intensified in the airfreight sector. The first joint offers for freight customers will be available on selected routes as early as the upcoming summer.

Carsten Spohr, CEO of Deutsche Lufthansa AG, says: “Now that ITA Airways has become a member of our airline family a few days ago, we want to push ahead with the merger quickly, so that ITA and its passengers, as well as the guests of our other passenger airlines, can quickly benefit from the advantages of an expanded Lufthansa Group. We are also confident that ITA Airways will realize a profit as early as this year. All in all, we are convinced that today, the start of the integration of ITA Airways into the Lufthansa Group, marks the beginning of a joint success story for customers, employees and shareholders of ITA Airways and the Lufthansa Group.”

With a quarterly profit of EUR 213 million, Lufthansa Airlines' result was around EUR 300 million lower compared to previous year (EUR 515 million). Overall, Lufthansa Airlines recorded a half-year loss of EUR -427 million (previous year: profit of EUR 149 million). Lufthansa Airlines is particularly affected by the challenges posed by the negative market trend and by inefficiencies in the flight operations of Lufthansa and Cityline, also due to delayed aircraft delivery. It is becoming increasingly challenging for Lufthansa Airlines to break even for the full year. To counteract this, a comprehensive turnaround program is being launched.

For the other passenger airlines as well as Lufthansa Technik and Lufthansa Cargo, earnings for the second half of the year are expected to be broadly at previous year's level, in some cases higher.

Therefore, for the full year 2024, Lufthansa Group now expects an Adj. EBIT in the range of EUR 1.4 to 1.8 billion (previously: around EUR 2.2 billion). This outlook is largely dependent on the earnings development at Lufthansa Airlines and the traditionally important fourth quarter at Lufthansa Cargo.

Adjusted free cash flow is expected to be significantly below 1bn EUR (previously: at least 1bn EUR), based on the new Adj. EBIT guidance and given uncertainties around capex development in the second half of the year.

The Group will provide further details on the financial outlook when it publishes its final results for the second quarter on 31 July.

The Supervisory Board also recommends that the Annual General Meeting on 7 May 2024 re-elect Dr Thomas Enders, former CEO of Airbus SE, Mr. Harald Krüger, former Chairman of the Management Board of Bayerische Motorenwerke Aktiengesellschaft, and Ms Britta Seeger, member of the Management Board of Mercedes-Benz Group AG.

The election shall be for three years in each case until the 2027 Annual General Meeting.