Earnings position

Revenue and income

Traffic increased, traffic revenue up 3%

Driven by ongoing strong demand for air travel, the Lufthansa Group Passenger Airlines expanded their capacity (available seat-kilometres) by 4% year-on-year in 2025. The number of flights increased by 2% year-on-year. Sales (revenue seat-kilometres) likewise grew by 4%. The airlines in the Lufthansa Group carried around 135 million passengers in total in the 2025 financial year, 3% more than in the previous year. The passenger load factor rose slightly by 0.1 percentage points to 83.2%. Traffic revenue in the passenger business picked up by 3% to EUR 28,623m (previous year: EUR 27,869m). This increase is based on the growth in traffic, higher ancillary revenues and lower compensation payments due to irregularities in flight operations, while yields declined.

In the Lufthansa Group’s cargo business, capacity (available cargo tonne-kilometres) was 6% higher than in the previous year due to the delivery of a B777F freighter in the second half of 2024 and increased belly capacities of the Passenger Airlines. The figure was notably boosted by the marketing of ITA Airways freight capacities, which began in the middle of the year. Sales (revenue cargo tonne-kilometres) likewise grew by 6% by comparison with the previous year. The cargo load factor was up 0.1 percentage points to 58.3%. Traffic revenue in the cargo business rose by 4% to EUR 3,702m due to stronger sales (previous year: EUR 3,569m).

Overall traffic revenue for Lufthansa Group airlines increased in the reporting year by 3% to EUR 32,325m year-on-year (previous year: EUR 31,439m).

Further information on the regional breakdown of traffic revenue for the Passenger Airlines and Logistics segments can be found in the chapters ↗ Business segments.

Other revenue up 18%

Other revenue improved by 18% year-on-year to EUR 7,272m (previous year: EUR 6,142m). The increase was mainly due to higher revenue from third-party business in the MRO segment. This expansion of business activities is in line with the medium-term growth programme, “Ambition 2030”. Demand was significantly positive, both for repair and maintenance services and in the other service areas. The negative influence of exchange rate movements for the US dollar was noticeable.

Revenue up 5%

Revenue, which consists of traffic revenue plus other revenue, increased by 5% in the 2025 financial year to EUR 39,597m (previous year: EUR 37,581m).

Further information on the regional distribution of revenue can be found in the ↗ Notes to the consolidated financial statements, Notes to the segment reporting.

Changes in inventories and work performed by entity and capitalised fell by 10% to EUR 858m due to a lower volume of maintenance work performed by Lufthansa Technik within the Group (previous year: EUR 954m). Other operating income rose by 2% to EUR 2,043m (previous year: EUR 2,007m), mainly as a result of higher exchange rate gains.

Therefore, total operating income increased by 5% in the 2025 financial year to EUR 42,498m (previous year: EUR 40,542m).

Expenses

Cost of materials and services increase by 5%

The cost of operating materials and services for the Lufthansa Group in the 2025 financial year was 5% higher than in the previous year at EUR 23,581m (previous year: EUR 22,393m). The increase stems from the expansion of the business and price-related cost increases.

Within the cost of materials and services, fuel expenses decreased by 7% to EUR 7,271m (previous year: EUR 7,785m). The effects of a higher level of consumption (+2%) as a result of the expanded flight programme were more than offset by the decline in prices for kerosene (⁠-⁠5% including hedging) – which was partly offset by the additional costs of blending sustainable aviation fuels (SAF) – and currency effects (⁠-⁠4%). The result of price hedging was EUR ⁠-⁠254m (previous year: EUR ⁠-⁠139m).

Expenses for other raw materials, consumables and supplies, and purchased goods went up by 18% to EUR 3,837m (previous year: EUR 3,260m), due particularly to increased business activity and higher purchasing prices in the MRO business segment as well as higher expenses for emissions certificates.

Fees and charges increased by 10% to EUR 5,541m (previous year: EUR 5,020m), primarily due to price increases for government-levied air traffic control and airport fees. For instance, aviation security fees rose by 18% year-on-year.

For this reason, expenses for external MRO services rose by 16% to EUR 3,025m (previous year: EUR 2,600m). This is largely due to the high capacity utilisation at Lufthansa Technik as a result of business expansion, and to a high volume of maintenance work for engine types serviced by Lufthansa Technik’s joint venture partners, which are therefore presented as external MRO services.

The expansion of passenger business brought about an 8% increase in expenses for in-flight services to EUR 1,241m (previous year: EUR 1,144m).

Greater use was made of chartered aircraft to cover capacity bottlenecks and gain seasonal flexibility, with the result that charter expenses rose by 12% to EUR 1,197m (previous year: EUR 1,073m). Expenses for passenger assistance in connection with flight irregularities due to strikes and operational difficulties at German airports fell by 37% to EUR 229m (previous year: EUR 364m). This decline is primarily due to the stabilisation of flight operations in Germany. In addition, the figures for the previous year were impacted by the strikes in the first half of 2024. Direct compensation payments to passengers for flight delays and cancellations, which are recognised as revenue reductions, decreased by 49% to EUR 244m (previous year: EUR 479m). In total, expenses and compensation payments went down by 44% year-on-year to EUR 473m (previous year: EUR 843m).

Operating staff costs up 7%

Operating staff costs of EUR 9,639m in the reporting year were 7% higher than in the previous year (previous year: EUR 8,992m). This increase was due to salary increases agreed in collective bargaining agreements, accruals for bonus payments and the 3% expansion in the headcount (adjusted for the sale of AirPlus).

Depreciation and amortisation up by 1%

Depreciation and amortisation amounted to EUR 2,369m in the 2025 financial year and were thus 1% higher than in the previous year (previous year: EUR 2,337m). This mainly related to aircraft and reserve engines (EUR 1,908m, previous year: EUR 1,867m).

Other operating expenses down by 3%

Other operating expenses were down 3% to EUR 5,210m (previous year: EUR 5,375m) mainly due to lower losses reported on currency translations of foreign currency transactions.

Operating expenses up by 4% in total

Overall, operating expenses for the Lufthansa Group rose by 4% in the 2025 financial year to EUR 40,799m (previous year: EUR 39,097m).

Earnings performance

Adjusted EBIT improves to EUR 2.0bn

The operating result from equity investments went up in the reporting year by 31% to EUR 261m (previous year: EUR 200m). This item comprises, among other things, the pro rata positive result from the ITA Airways joint venture, which was strongly affected by foreign currency valuation effects, as well as the positive performance of Lufthansa’s SunExpress joint venture and the Terminal 2 joint venture at Munich Airport.

Overall, Adjusted EBIT for the Lufthansa Group improved by 19% in financial year 2025 to EUR 1,960m (previous year: EUR 1,645m). The Adjusted EBIT margin, i.e. the ratio of Adjusted EBIT to revenue, rose by 0.5 percentage points to 4.9% (previous year: 4.4%).

Adjusted EBIT in the Passenger Airlines business segment amounted to EUR 1,087m (previous year: EUR 1,046m). Adjusted EBIT in the Logistics segment increased to EUR 324m (previous year: EUR 251m). The MRO segment reported Adjusted EBIT of EUR 603m (previous year: EUR 607m). The Additional businesses and group functions, which under IFRS 8 do not require separate reporting, reduced the Group’s Adjusted EBIT by a total of EUR ⁠-⁠92m (previous year: EUR ⁠-⁠144m).

EBIT of EUR 2.0bn

Based on EBIT, as a key performance indicator, Adjusted EBIT is adjusted for clearly defined, non-plannable earnings components for the purpose of better comparability. ↗ Financial strategy and value-based management.

EBIT improved by 17% in 2025, to EUR 2,030m (previous year: EUR 1,731m). The difference relative to Adjusted EBIT was therefore EUR 70m (previous year: EUR 86m).

The adjustments mainly comprise book gains, especially from sales of aircraft (EUR 99m) and reversals of provisions recognised for extraordinary legal risks and restructuring (EUR 59m), offset by impairment losses, particularly for aircraft held for sale (EUR 38m), restructuring expenses and valuation effects for pensions (EUR 28m).

Profit from operating activities went up by 15% in the 2025 financial year to EUR 1,769m (previous year: EUR 1,542m).

Financial result comes to EUR 151m

The financial result came to EUR 151m in the 2025 financial year (previous year: EUR 34m). The result from equity investments included in this figure was EUR 261m (previous year: EUR 189m).

Net interest came to EUR ⁠-⁠216m (previous year: EUR ⁠-⁠149m). Interest income fell due partly to lower short-term interest rates and also because less interest was owed on income tax claims from tax inspections than in the previous year. Lower interest expenses for aircraft financing only partly compensated for this effect. The corresponding interest payments also attract interest at short-term floating rates by means of interest rate derivatives.

Other financial items came to EUR 106m (previous year: EUR ⁠-⁠6m). This increase is mainly based on the measurement through profit or loss of non-hedged financial liabilities in foreign currencies and convertible bonds as well as the measurement through profit or loss of the non-effective portion of derivatives.

Income taxes came to EUR ⁠-⁠564m (previous year: EUR ⁠-⁠176m). At 29%, the effective tax ratio for continuing operations was above the expected tax rate of 25%. The resolved future corporation tax cut in Germany led to negative valuation effects for deferred taxes which were partly recognisable through profit or loss as tax expense. Tax-free income from investments and other income as well as positive outcomes of tax audits in Germany in particular reduced tax rates, however.

The result from continuing operations therefore came to EUR 1,356m (previous year: EUR 1,400m).

As in the previous year, the profit/loss from discontinued operations relates to adjustments to the disposal gain from the sale of the companies in the Catering segment in 2023 and amounted to EUR 7m (previous year: EUR ⁠-⁠7m).

After taking minority interests of EUR ⁠-⁠24m (previous year: EUR ⁠-⁠13m) into account, the net profit for the period attributable to the shareholders of Deutsche Lufthansa AG amounted to EUR 1,339m (previous year: EUR 1,380m).

Earnings per share amounted to EUR 1.12 (previous year: EUR 1.15). ↗ Notes to the consolidated financial statements, Note 16.

Executive Board and Supervisory Board propose dividend of EUR 0.33 per share

In principle, the Lufthansa Group’s dividend policy is to distribute to its shareholders 20% to 40% of net profit, adjusted for non-recurring gains and losses. One condition for the payment of a dividend is that the net profit for the year as shown in the individual financial statements of Deutsche Lufthansa AG that are drawn up under German commercial law allows for a distribution of the relevant amount. ↗ Financial strategy and value-based management, Forecast.

Deutsche Lufthansa AG reports a net profit for the year of EUR 44m for the 2025 financial year. Following the transfer of EUR 352m from retained earnings, distributable profit comes to EUR 396m.

In line with the dividend policy, the Executive Board and Supervisory Board of Deutsche Lufthansa AG will table a proposal at the Annual General Meeting on 12 May 2026 to distribute a dividend of EUR 0.33 per share to shareholders for the 2025 financial year. This represents a total dividend of EUR 396m or 30% of net profit for 2025.