Opportunities at an individual level

Employees and managers in the Lufthansa Group identify opportunities in the course of established processes and continuous market observation. Opportunity management is also an integral part of the annual strategy and planning processes.

Opportunities that, in an overall assessment, are considered advantageous for the development of the Lufthansa Group are pursued by means of defined steps.

In this report, opportunities are defined as possible future developments or events which may lead to a deviation from plans that is positive for the Company.

Macroeconomic opportunities
Economic environment

The Lufthansa Group’s forecast for 2024 is based on the expectation that future macroeconomic conditions and sector developments will correspond to the description given in the ↗ Forecast. If the global economy performs better than forecast, this is expected to have a positive effect on the Lufthansa Group’s business. Future revenue and earnings for the Lufthansa Group may, in this case, exceed the current forecast. As a global company, the Lufthansa Group can also benefit from positive developments outside its own home markets.

Opportunities beyond those specifically planned by the Lufthansa Group for the years ahead could arise if Russia’s invasion of Ukraine comes to an end swiftly. The lifting of restrictions in international air traffic and an end to the negative impacts on energy markets, which are a burden for broad sections of the economy and consumers, could have a positive effect on costs and demand for the Lufthansa Group.

Ongoing stimulus measures and a faster than previously expected reduction in interest rates in the main global economies could also lead to a further upswing in demand and thus to higher revenue for the Lufthansa Group.

Sector-specific opportunities
Development of markets and competition

In line with the expectations of the International Air Transport Association (IATA), the Lufthansa Group’s forecasts assume that the airline industry will continue to grow as a whole, despite global challenges such as ongoing resource bottlenecks and rising inflation.
Compared with the level before the coronavirus pandemic, the Company is expecting the private travel segment to perform much better than the business travel segment. Additional opportunities could arise for the Company, leading to an improvement in earnings, if procurement markets develop better than forecast and demand, especially for business travel, is stronger. One condition for this is stable political conditions, and capacity growth in the overall market that is aligned with changes in demand.

Market consolidation

The consolidation trend in the fragmented European airline sector that was briefly interrupted by the coronavirus pandemic accelerated again in the reporting year.

The Lufthansa Group remains willing and able to play an active role in consolidating the market and seizing opportunities as they arise, in order to increase its market relevance.

Technical innovations

The entire aviation industry is particularly dependent on developments and innovations by aircraft manufacturers and technology partners. In view of the increasing focus on climate protection and stricter climate legislation, the development of technologies with lower or no emissions could accelerate and be ready for the market earlier.

Company-specific opportunities
Initiatives to promote cooperation and increased efficiency throughout the Company

The Lufthansa Group has a company-wide cultural initiative to promote cooperation across the hierarchy, in order to act more efficiently and flexibly in future. This also entails creating the conditions for generating reasonable profits on a long-term basis by cutting costs and increasing efficiency.

Additional opportunities for the Lufthansa Group would arise if the steps taken are more successful than planned and additional measures with a positive earnings impact are identified and implemented. Net profit for the period could develop better than forecast on the whole in both cases. ↗ Risk of failure to achieve cost-cutting targets

Fleet modernisation

The Lufthansa Group benefits from strategically renewing its fleet. Modernising and simplifying the fleet structure helps to cut emissions, increase fuel efficiency and reduce maintenance and staff costs, thus directly improving earnings.

For the Lufthansa Group, additional opportunities would arise if the optimisation of the Group fleet and the positive earnings effect could be realised faster than expected as a result of favourable purchasing opportunities and the resolution of bottlenecks in the supply chain.

Partnerships and cooperation

Partnerships with other airlines are important to strengthen the market presence in key traffic regions. The Lufthansa Group’s successful joint ventures are therefore being developed and partnerships expanded in all key markets.

The Lufthansa Group airlines based in economically strong regions are attractive as partners for other airlines and intermodal partners, such as railway companies, within Europe and elsewhere. Connecting new markets as part of existing and new cooperation agreements gives the Company the opportunity to reach additional customers and generate revenue.

Development of customised products and services

The further sharpening of the customer focus is a core element of the Lufthansa Group’s strategy. The key aspects here are individualisation, digitalisation and sustainability. Developing new, innovative and sustainable products and services on the ground and on board, which are tailored to the individual needs of customers along the entire travel chain, creates opportunities for increasing income.

Digitalisation and innovations

It is vital to consistently exploit the potential for innovation and digitalisation in order to stay relevant in a market environment that is defined by higher customer expectations of digital services and competitive pressure to be efficient.
Efficiency gains, cost savings and additional income that exceed planned amounts as a result of innovation and digitisation represent an opportunity for the Lufthansa Group.


Sustainability aspects play an increasingly important role for the Lufthansa Group. The Lufthansa Group therefore assumes its responsibility for the climate and the environment and works continuously to improve its ecological efficiency. Technology partnerships across sectors in the field of sustainable aviation fuels present opportunities for the Lufthansa Group to gain early economic benefits from new technologies. The Lufthansa Group’s particular commitment to sustainability, which is reflected in its above-average performance in the main CSR ratings, also opens up more opportunities for the Company in several areas as sustainability aspects are playing an increasingly important role for customers and capital markets alike. The increasing relevance of the subject could also result in the Lufthansa Group obtaining better financing conditions than companies that are less committed.

Additional opportunities exist in terms of customers, because customers focused on sustainability could prefer the Lufthansa Group to other competitors on the basis of its commitment and the possibility of offsetting carbon emissions. Meeting the demand for certified offsets is becoming increasingly important, especially in the business travel and airfreight segments. The Lufthansa Group’s pioneering role here creates particular opportunities.

Opportunities from the legislative framework

Political decisions at national and European level continue to exert a strong impact on the international aviation sector and thus also on the Lufthansa Group. Opportunities from improvements in the regulatory framework could arise for the airlines in the Lufthansa Group from the faster implementation of the Single European Sky project to harmonise air traffic control across Europe. In addition to reducing the costs of air traffic control, the implementation of the project would result in significantly shorter flight routes in Europe and therefore to savings on fuel consumption and emissions. ↗ Legal and regulatory factors

In addition, the lifting of the extensive sanctions related to Russia’s war of aggression against Ukraine could lead to a better business performance by the Company than expected.

More competition-neutral EU climate legislation could have a positive impact on future developments by reducing the competitive disadvantages for the airlines in the Lufthansa Group compared with carriers from outside Europe.

Finally, greater government funding for the research and development of sustainable technologies, in particular sustainable fuels, could enable these technologies to get to the market faster, increase their availability and reduce their price. This could reduce emissions faster and deliver associated positive effects on costs and income.

Financial opportunities

Financial market developments also represent opportunities for the Lufthansa Group. Favourable changes in fuel prices, exchange rates, interest rates or a higher credit rating than in the assumptions used for planning and forecasting may result in lower expenses, higher income, a reduction in liabilities and better financing conditions.

Since changes in fuel prices, exchange rates and interest rates are material risks as defined in the Lufthansa Group’s risk management system, the relevant comments can be found in the chapter ↗ Financial risks.

Lufthansa Group Annual Report 2023