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Annual Report

2025

Lufthansa Group generates an operating profit of EUR 2.0 bn

The Lufthansa Group reported a positive business and earnings performance in the reporting year. In a challenging environment the Passenger Airlines further increased their volume of traffic due to the continued high level of demand for air travel, and to holiday destinations especially. Positive performance also continued in the Logistics and MRO business segments.

All of the Lufthansa Group’s business segments and airlines reported a positive operating result in the 2025 financial year. Adjusted EBIT for the Lufthansa Group improved by 19% to EUR 1,960m (previous year: EUR 1,645m). The Adjusted EBIT margin increased by 0.5 percentage points to 4.9%.

As in previous years, shareholders will again participate in the Lufthansa Group’s positive result. The Executive Board and Supervisory Board will therefore table a proposal at the Annual General Meeting on 12 May 2026 to distribute a dividend of EUR 0.33 per share for the 2025 financial year.

  • Statement by Carsten Spohr
  • Interview with Till Streichert
The year 2025 was a year of transition – we achieved important turning points in many areas.

Carsten Spohr Chairman of the Executive Board

In 2026, we aim to make further progress towards achieving our mid-term targets – through our turnaround program as well as through our fleet modernisation.

Till Streichert Member of the Executive Board, Finance

100 years of Lufthansa

In 2026, Lufthansa will celebrate a significant anniversary: on January 6, 1926, 100 years ago, the first “Luft Hansa” was founded, and on April 6 of the same year, it made its maiden flight. This anniversary is not only a look back at the history of one of the most famous brands in aviation, but also a significant step into the future. It is a tribute to the pioneering spirit, innovation, and connection of people, cultures, and economies that has shaped Lufthansa for a century.

The story begins with the founding of the first Lufthansa, which was created from the merger of Junkers Luftverkehr and Deutscher Aero Lloyd. The merger laid the foundation for a success story in international aviation that continues to this day. But the journey has not always been easy. Lufthansa's history is marked by challenges, interruptions, and new beginnings that demonstrate the company's resilience and tireless spirit of innovation.

The darkest chapter in Lufthansa's history was the Nazi era. The first Lufthansa became part of the regime and its war crimes as well as criminal activities. Lufthansa is also taking its 100th anniversary as an opportunity to further examine the role of the first Lufthansa during the Nazi era. 

The legal foundation for today's Lufthansa was laid with the reestablishment of the second Lufthansa in 1953. Once again, it took a great pioneering spirit to dare to make a new start after the end of the war. In 1955, flight operations resumed and the journey of the newly founded Deutsche Lufthansa AG began.

Lufthansa's 100th anniversary will be a moment of contemplation, pride and reflection. At the same time, it is a bold look into the future and the start of the company's second century.

  • 1926

    The beginning

    On April 6, 1926, the first Luft Hansa aircraft takes off. Visionary expedition flights follow,  the route network expands beyond Europe. Technical innovation, entrepreneurial foresight, and bold decisions create new opportunities. They lay foundation for long-term success. It is the start of an eventful journey full of pioneering spirit, disruptions, and new beginnings.

  • 1930

    In the shadow of National Socialism

    The darkest chapter in the company's history: Lufthansa becomes part of the Nazi regime as well as its war crimes and criminal activities. The company supports military armament and trains pilots for the Luftwaffe. In civil aviation, milestones are achieved: in 1937, Lufthansa pilots cross the Pamir Mountains for the first time with two Junkers Ju 52 aircraft – a breakthrough for future flight routes to East Asia. And a new regular service now brings airmail to South America in record time.

  • 1940

    Times of war

    During World War II, Lufthansa is closely involved with the Luftwaffe and military arms production. From 1940 onwards, thousands of forced laborers work under discriminatory and inhumane conditions in the company's workshops. The end of the war also marks the definitive end of the first Lufthansa. The company is dissolved and later liquidated. The Allies prohibit Germany from engaging in any form of flight operations.

  • 1950

    A new start

    Germany is undergoing reconstruction – and aviation is also looking for a new beginning. Once again, a great pioneering spirit is needed to make a fresh start in 1953 and lay the foundation for the second Lufthansa. In 1955, the newly founded airline takes off for the first time. It continues traditions from the past while reinventing itself. Lufthansa reconnects Germany with the world. Modern aircraft, a growing network, and long-haul flights such as those to New York mark the beginning of a new era of international flying.

  • 1960

    The jet age

    Aviation accelerates: jet engines replace propellers, bringing speed, comfort and global reach. Lufthansa joins the jet age, making air travel accessible to more people than ever before. The decade also shapes Lufthansa’s identity, and the crane enters the circle.

  • 1970

    Turbulent times

    Political tension and global crises define the decade. The hijacking of the “Landshut” and its dramatic rescue in 1977 garner worldwide attention. Oil price shocks challenge the entire industry. Through uncertainty, Lufthansa keeps its course.

  • 1980

    New connections

    Lufthansa expands: Business Class elevates travel for corporate customers. The Airport Express brings the Lufthansa experience to the rails. And in 1990, in a historic moment, a Lufthansa aircraft lands in Berlin again for the first time since 1945.

  • 1990

    Towards a new millennium

    Transformation takes off. Lufthansa becomes a private company, Lufthansa Cargo and Lufthansa Technik emerge as independent entities. And with partners across the world, the airline founds the Star Alliance in 1997, today the largest global network in aviation: a strong foundation for the new millennium.

  • 2000

    A turning point

    The new millennium begins on a high note: Lufthansa is well positioned for a rapidly globalizing world and present across the globe. Then, September 11, 2001 changes everything. International aviation comes to a standstill, confronting airlines with unprecedented challenges. Lufthansa navigates one of the industry’s most defining crises.

  • 2010

    Growth meets responsibility

    With Lufthansa being the core brand, the Lufthansa Group evolves into a global aviation conglomerate that combines passenger airlines, air freight, and technical services under one roof. To meet rising mobility needs, the Group launches the largest fleet renewal in its history – focused on flying quieter, further and more efficiently. In 2015, the Germanwings crash deeply affects the public and the Lufthansa family.

  • 2020

    Charting the future together

    The Covid-19 pandemic brings public life and global aviation to a standstill. The impact is severe – Lufthansa receives temporary state support and repays it quickly, while flying thousands of travelers home on repatriation flights. The crisis shows: The Lufthansa family stands together and leads the Group into a stronger future.

Key figures 2025

  • 39.6

    Revenue

    in €bn

    +5%
  • 1960

    Adjusted EBIT

    in €m

    +19%
  • 4.9

    Adjusted EBIT margin

    in %

    +0.5 pts

Lufthansa Group sets out strategic orientation and provides details of new mid-term financial targets

The Lufthansa Group is reorganising collaboration across the Group. These changes not only affect the organisational structure, but even more so the processes, the financial steering framework and collaboration across the Group. This means the Network Airlines in the Group in particular are moving closer together and will operate in even more integrated manner in future. The aim is to strengthen and expand their market position, particularly for the Network Airlines Lufthansa Airlines, SWISS, Austrian Airlines and Brussels Airlines. Efficiency and profitability should likewise improve at the same time.

In addition, transformation programmes and fleet modernisations for the Network Airlines are intended to pave the way to greater profitability. This is intended to deliver attractive long-term returns for shareholders. In the period from 2028 to 2030 the Company aims to realise an Adjusted EBIT margin of 8% to 10%, a pre-tax Adjusted ROCE (return on capital employed) of 15% to 20% and Adjusted free cash flow in excess of EUR 2.5bn per year.

The Company’s employees form the basis for the successful ongoing development of the Group structure and strategy, and therefore the basis for the long-term success of the Lufthansa Group. Customers benefit from the enhancements to the premium travel experience. Shareholders participate in a sustainable increase in shareholder return.

  • Passenger Airlines

    1048

    Adjusted EBIT

    in €m

    +4%

    • Passenger Airlines

    The Passenger Airlines segment comprises the network airlines Lufthansa Airlines, SWISS, Austrian Airlines and Brussels Airlines – which offer their customers a premium experience, with high-quality products and services – as well as Eurowings, which is positioned as a value carrier focusing exclusively on point-to-point traffic on short- and medium-haul routes.

    The Passenger Airlines further increased its volume of traffic due to the continued high level of demand for air travel, and to holiday destinations in particular. Capacity increased overall year-on-year in the reporting year by 4%, with the passenger load factor virtually unchanged at 83.2%.

    Lufthansa Airlines is forging ahead with its turnaround pro­gramme, and this is having a substantial positive effect on operational stability. Overall, in the reporting year the Lufthansa Group’s Passenger Airlines achieved significantly better punctuality than in the previous year and posted their highest levels of regularity since the start of the coronavirus pan­demic.

    Adjusted EBIT for the Passenger Airlines improved year-on-year in 2025 by 4% to EUR 1,087m (previous year: EUR 1,046m). Lower kerosene prices reduced the cost position, whereas slightly weaker yields held back revenue growth.

  • Logistics

    324

    Adjusted EBIT

    in €m

    +29%

    • Logistics

    In addition to Lufthansa Cargo AG, the Logistics segment includes the airfreight container management specialist Jettainer group, the time:matters group, which specialises in time-critical shipments, CB Customs Broker, an EU customs clearance expert, heyworld GmbH, a provider of digital, mod­ular logistics solutions for cross-border e-commerce, and the Lufthansa Group’s 50% stake in the cargo airline AeroLogic.

    Positive performance continued in the Logistics segment, boosted by generally stable market demand, which was driven in particular by ongoing strong business from Asia. Lufthansa Cargo expanded its network by integrating SWISS WorldCargo into the United Airlines joint venture and start­ing to market belly capacities at ITA Airways. Lufthansa Cargo expanded its volume of traffic and achieved an Adjusted EBIT of EUR 324m, which was 29% higher than in the previous year (previous year: EUR 251m).

  • MRO

    603

    Adjusted EBIT

    in €m

    -1%

    • MRO

    Lufthansa Technik is the world’s leading manufacturer-independent provider of maintenance, repair and overhaul services (MRO) with a focus on civilian, commercially operated aircraft. Lufthansa Technik serves more than 800 customers worldwide, including OEMs, aircraft leasing companies, VIP jet operators, governments and armed forces as well as airlines.

    In the MRO segment, continued high demand for flights prompted a further rise in demand for maintenance and repair services. In the 2025 financial year, Adjusted EBIT was roughly stable year-on-year at EUR 603m (previous year: EUR 607m). The operating result was impacted by the depre­ciation of the US dollar, as well as inflation- and growth-related cost increases and higher tariffs. However, these effects were mitigated over the course of the year. Lufthansa Technik’s operating result in the fourth quarter of 2025 exceeded the figure for the same period of the previous year.

Stories from the 2025 financial year

  • ITA integration moving forward

    The acquisition of a 41% stake in ITA Airways by Deutsche Lufthansa AG was completed on 17 January 2025 by means of a EUR 326m capital contribution. As a result, the Italian airline is now part of the Lufthansa Group and the Group’s fifth network carrier. Jörg Eberhart, previously Head of Strategy & Organizational Development at the Lufthansa Group, and Lorenza Maggio, previously Vice President of Sales EMEA at Lufthansa Group Airlines, have been appointed to the five-member Board of Directors and the operational management of ITA Airways.

    The Lufthansa Group made substantial progress in its integration of ITA Airways over the course of the year. ITA Airways moved to the terminal areas for Lufthansa Group Airlines in Frankfurt and Munich at the end of March 2025. This means passengers benefit from faster transfer times. Since April 2025, ITA Airways has been officially included in the Star Alliance integration process. This represents a significant step towards its full integration within the Lufthansa Group’s global network. In addition, the Lufthansa Group and ITA Airways have expanded their code-share partnership. As well as European connections, selected joint long-haul flights are now also bookable, thus significantly improving the offering for passengers. Moreover, since 1 July 2025 status customers have benefited from harmonised benefits such as lounge access and priority services on flights operated by ITA Airways and the Lufthansa Group’s airlines. Lufthansa Cargo has also been marketing ITA Airways’ freight capacities on selected flight segments since June 2025.

  • Lufthansa reimagines the premium experience

    As the first Lufthansa approaches its 100th anniversary in 2026, Lufthansa Airlines is looking ahead. With the Future Onboard Experience (FOX), the airline is comprehensively enhancing the long‑haul travel experience, with a clear focus on individuality, comfort and genuine hospitality.

    This ambition is already reflected in the ongoing modernization of the fleet, including the introduction of the Boeing 787‑9 and Airbus A350‑900, as well as the new cabin product Allegris. Allegris offers guests an unprecedented level of choice and privacy. Recently, the new Business Class seats have also become bookable on selected long‑haul routes, making Lufthansa’s premium promise tangible for customers.

    With FOX, all onboard service elements will now be redesigned – across all travel classes and regardless of the cabin product installed. Greater flexibility in meal service, upgraded materials, newly developed tableware and high‑quality amenities further enhance the premium experience. At the same time, FOX builds on iconic Lufthansa Signature Moments, such as the First Class caviar service or the Avionic signature drink, and evolves them in a targeted way.

    FOX is scheduled to launch in spring 2026. With investments of more than €70 million within twelve months, Lufthansa Airlines underscores its ambition to remain a leading premium carrier in international air travel as it enters its second century.

  • Turnaround program is on track

    Lufthansa Airlines is consistently pursuing its turnaround programme to make itself fit for the future. The programme aims to strengthen operational stability and competitiveness and deliver gross earnings improvements of around EUR 1.5bn in 2026 and around EUR 2.5bn in 2028. More than 700 measures with an impact on earnings have been identified to date that will make a substantial contribution to meeting this target, more than half of which were already being implemented at the end of the reporting year. In the 2025 financial year, the activities in the turnaround programme at Lufthansa Airlines already delivered an earnings contribution of more than EUR 500m.

    Lufthansa Airlines made tangible progress in terms of operational stability in the reporting year. Targeted optimisation measures – especially in ground processes and crew planning – increased punctuality significantly. This lifted punctuality and regularity rates higher than before the outbreak of the coronavirus pandemic.

  • „SWISS Senses“ Takes Flight with the A350

    In the 2025 financial year, SWISS took delivery of its first Airbus A350‑900. The aircraft’s inaugural flight took place on 20 November 2025. With the introduction of the Airbus A350, SWISS is opening a new chapter in the further development of its premium long‑haul offering. The A350 is regarded as the most modern wide‑body aircraft in the world. Thanks to highly efficient engines and improved aerodynamics, it consumes significantly less fuel than previous models, produces correspondingly lower CO₂ emissions and is noticeably quieter. By 2029, a total of ten A350 aircraft are scheduled to join the SWISS fleet.

    At the same time, the A350 marks the premiere of SWISS Senses, SWISS’s new holistic onboard concept. It combines a modern cabin design, high‑quality materials, a carefully coordinated lighting and colour scheme, and an enhanced service and culinary experience. The aim is to engage all the senses and to bring the distinctive Swiss hospitality to life in a contemporary way.

    SWISS Senses embodies precision, quality and a focus on what truly matters – values that are deeply rooted in the DNA of SWISS. Together with the new A350 fleet, this creates a coherent premium experience that sustainably strengthens comfort, efficiency and emotional brand loyalty on long‑haul routes.

  • Eurowings Holidays: Launch of a Dedicated Tour Operator

    With the establishment of Eurowings Holidays, Eurowings is expanding its business model and entering the market as an independent tour operator. The aim is to offer customers fully integrated travel packages, combining flights and accommodation into a seamless and easy‑to‑book holiday experience.

    Eurowings Holidays brings together the strengths of the Eurowings brand – attractive flight offers, a strong European route network and a clear focus on leisure travel – with carefully curated hotel and package holiday products. The close integration of airline and tour operator expertise enables more efficient processes and allows offers to be tailored more precisely to customer needs.

  • Lufthansa Group airlines honoured with World Airline Awards 2025

    In 2025, the airlines of the Lufthansa Group once again demonstrated their strong competitive position in the international aviation market. Prestigious awards highlight the Group’s high quality standards and its consistent focus on service excellence, premium products and customer satisfaction across all market segments.

    At the Skytrax World Airline Awards 2025, several Lufthansa Group airlines were recognised for outstanding performance. Lufthansa Airlines received the award for World’s Most Family Friendly Airline. In addition, the Lufthansa First Class Terminal in Frankfurt was named the World’s Best First Class Lounge. Austrian Airlines impressed with its exceptional service quality and was honoured with the title “Best Airline Staff in Europe”. Eurowings was named Best Low-Cost Airline in Europe 2025, confirming the successful development of the airline into a leading European value carrier.

    SWISS also achieved outstanding results at the World Travel Awards 2025, particularly in the premium segment. The airline was awarded “Europe’s Leading Airline – Business Class 2025”, “Europe’s Leading Airline – First Class 2025”, and “World’s Leading Airline to Europe”. SWISS received the award for Best First Class for the fourth consecutive year, underlining the consistency of its premium strategy.

    These awards reflect the dedication of employees across the Lufthansa Group and the successful implementation of the Group’s quality and brand strategy, contributing significantly to the sustainable positioning of its airlines in the global market.

  • Lufthansa Cargo invests in the Frankfurt hub

    With substantial investments, Lufthansa Cargo is making a clear commitment to Frankfurt as a business location. In September 2024, Lufthansa Cargo presented the further development of its central cargo hub at Frankfurt Airport, with a total investment volume of nearly EUR 600 million. The cargo airline is pursuing a comprehensive modernization program through 2030, aimed at transforming the Lufthansa Cargo Center (LCC) into Europe’s most advanced air freight hub.

    Key milestones in 2025 included the structural completion of the first major construction phase, including the central high‑bay warehouse. This milestone paves the way for even more efficient and customer‑oriented cargo handling, supported by increased automation, modernized storage and conveyor technology, and faster cargo processing times. In addition, the first construction phase of the new “Lufthansa Cargo Campus” was completed at the end of 2025.

  • Lufthansa Technik continues to pursue its Ambition 2030 growth programme

    Lufthansa Technik is continuing to pursue its Ambition 2030 growth programme. This programme aims to expand Lufthansa Technik’s leading global position in the field of technical servicing for aircraft fleets. In the engine business in particular, a permanently increased level of demand for repair and overhaul services is expected, since the number of older engines in global flight operations remains high due to delays in deliveries of the newly developed engine types, while these new engine types require a higher level of maintenance intensity.

    The Ambition 2030 programme therefore envisages wide-ranging capital expenditure over the next few years for the expansion of core business, the extension of sites and an increased international presence (which may also be achieved through acquisitions) as well as the expansion of digital business models. The goal is to increase the company’s revenue to more than EUR 10bn and to achieve an Adjusted EBIT margin in excess of 10% by 2030.

Key figures 2025

  • 85.4

    Specific CO₂ emissions

    in g/passenger kilometre

    -2%
  • 103255

    Employees

    +2%
  • 135

    Passengers

    in millions

    +3%

Stories from the 2025 financial year

  • Lufthansa Group Expands Fuel Efficiency Program

    The Lufthansa Group is consistently advancing its company-wide ‘OPS Sustainability’ program. The goal is to make the operational processes of all Lufthansa Group airlines even more sustainable through efficiency improvements. Since 2022, more than 90 individual measures have already saved 54,000 tons of kerosene, thereby avoiding around 170,000 tons of CO2 emissions. This corresponds to the emissions of approximately 640 round-trip flights between Munich and New York with an Airbus A350-900.

    In the future, an additional 50,000 tons of CO2 are expected to be avoided annually. To achieve this, the Lufthansa Group is increasingly utilizing digital tools and data-driven decision models that enable more precise fuel planning. Improvements in flight operations, such as more efficient taxiing and approach procedures, demand-based water loading, and optimized flight planning, are also being implemented.

    Efficiency improvements are a key lever for more sustainable flying. The ‘OPS Sustainability’ program thus makes an important contribution to reducing the environmental impact.

  • Future technologies in aviation

    Flying has become significantly more efficient and quieter in recent decades. The greatest progress has come from advances in engine technology. At the same time, aircraft design has been continuously improved. The latest models, such as the Boeing Dreamliner and the Airbus A350, also feature optimized aerodynamics and lighter materials. Compared to their predecessors, they emit up to 30 percent less CO₂.

    The Lufthansa Group is also leveraging every available measure to make flying more climate-friendly. It invests billions annually in new aircraft, actively supports the scale-up of sustainable aviation fuel (SAF) markets, and continuously improves operational efficiency. In addition, the Group is involved in various initiatives to pave the way for forward-looking technologies and propulsion systems.

  • Passengers increasingly choose more sustainable ways to fly

    In 2025, more than five percent of Lufthansa Group passengers already chose one of our many options for more sustainable travel – for example through our Green Fares. Just four years ago, this share was still below 0.1 percent.

    To further encourage customer engagement, we introduced an additional incentive last autumn: Miles & More now awards Miles and Points when members book a CO₂ savings package. The tangible result: the amount of voluntary Sustainable Aviation Fuel (SAF) sold as part of our customer products has more than doubled compared to 2024.

    More SAF in the Lufthansa Group network means more CO₂ reduction – and another important step forward on our path to more sustainable aviation. This progress was only possible thanks to close cooperation across many departments and teams throughout the Group.

Lufthansa Group expects significant earnings increase in 2026

The Lufthansa Group anticipates the course of business in 2026 to be positive. This expectation is based in particular on the balance between intact demand and limited capacity in passenger traffic. The demand reflects the ongoing strong interest in travelling, especially in the leisure travel segment. The order situation in the MRO business segment is also an indication that demand remains strong.

A clear year-on-year increase in revenue is expected for the Lufthansa Group in the 2026 financial year. The Lufthansa Group expects Adjusted EBIT to be significantly higher in the 2026 financial year than in the previous year. Further capacity expansion at the Passenger Airlines, progress with the turnaround programme at Lufthansa Airlines, the expected development of fuel prices and expected growth in the Logistics and MRO business segments are likely to be main drivers in this regard.

Dates 2026

Financial calendar

  • Annual Report 2025
  • 1st Interim Report January – March 2026
  • Annual General Meeting 2026 in Frankfurt
  • 2nd Interim Report January – June 2026
  • 3rd Interim Report January – September 2026
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