Overview of business developments and comparison with original forecast

Lufthansa Group reports positive performance in reporting year

The Lufthansa Group performed well overall in the 2025 financial year.

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. Traffic was adversely affected by the situation in the Middle East, temporarily slower demand in the third quarter, particularly on North Atlantic routes, but also in Europe, and ongoing delays in the delivery of new aircraft. 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. Despite ongoing inflation in the industry, the turnaround measures also slowed the rise in unit costs at Lufthansa Airlines.

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.

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).

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. ↗ Business segments.

Lufthansa Group’s Adjusted EBIT rises to EUR 1,960m

Despite declining yields in its passenger business, the Lufthansa Group’s revenue increased by 5% year-on-year to EUR 39,597m (previous year: EUR 37,581m) due to the expansion of its flight programme, increased ancillary revenues and strong growth in its Logistics and MRO business segments. In the 2025 financial year, operating income climbed 5% overall to reach EUR 42,498m (previous year: EUR 40,542m).

Operating expenses at the Lufthansa Group were up 4% to EUR 40,799m (previous year: EUR 39,097m), due in particular to increased costs for fees and charges and human resources. Lower fuel costs, reduced costs arising from strikes and irregularities in flight operations as well as exchange rate effects partially offset this.

Overall, Adjusted EBIT for the Lufthansa Group improved by 19% to EUR 1,960m (previous year: EUR 1,645m). The Adjusted EBIT margin improved by 0.5 percentage points to 4.9% (previous year: 4.4%).

The net result attributable to shareholders of Deutsche Lufthansa AG in the reporting year came to EUR 1,339m (previous year: EUR 1,380m). ↗ Earnings position.

Positive Adjusted free cash flow of EUR 1,188m generated

The Lufthansa Group’s cash flow from operating activities rose year-on-year in the 2025 financial year by 4% to EUR 4,037m (previous year: EUR 3,892m), due primarily to the increase in Adjusted EBITDA. Net capital expenditure amounted to EUR 2,460m in the reporting year and was thus 9% lower than in the previous year (previous year: EUR 2,698m).

The Lufthansa Group therefore generated positive Adjusted free cash flow in the 2025 financial year. At EUR 1,188m, this was 41% higher than in the previous year (previous year: EUR 840m). ↗ Financial position.

Lufthansa Group posts strong balance sheet

At year-end 2025, the Lufthansa Group again had a strong balance sheet. Despite the positive free cash flow, at EUR 6,406m, net indebtedness was up EUR 662m on year-end 2024 (31 December 2024: EUR 5,744m) due to interest and dividend payments and lease financing. However, net pension obligations were down EUR 664m to EUR 1,902m (31 December 2024: EUR 2,566m) due to interest rates. Equity as of 31 December 2025 increased by EUR 117m over year-end 2024 to EUR 11,711m (31 December 2024: EUR 11,594m).

At the end of the 2025 financial year, the Group had available liquidity of EUR 10.7bn (previous year: EUR 11.0bn). ↗ Financial position.

Forecast for key performance indicators met

The Lufthansa Group prepared and announced its outlook for the 2025 financial year with the publication of the Annual Report 2024 on 6 March 2025. There were no significant changes to the forecast over the course of the year.

The Lufthansa Group predicted a clear increase in revenue and Adjusted EBIT significantly higher than in the previous year. The forecasts were met, with revenue increasing by 5% and Adjusted EBIT rising by 19%.

Net capital expenditure was predicted to be between EUR 2.7bn and EUR 3.3bn. At EUR 2,460m, it was below this range, partly due to delayed aircraft deliveries.

Adjusted free cash flow was expected to be roughly on par with the previous year. Adjusted free cash flow was 41% up on the previous year at EUR 1,188m, also because of the delayed aircraft deliveries.

The forecast of a slight reduction in specific CO₂ emissions in the 2025 financial year was also met with a decline of 2%.