Net assets
Total assets up by EUR 1.3bn
Total Group assets as of 31 December 2025 increased by EUR 1,342m over year-end 2024 to EUR 48,394m (31 December 2024: EUR 47,052m).
Non-current assets were up EUR 1,500m at EUR 32,236m (31 December 2024: EUR 30,736m). This accounts for 67% of total assets as of year-end 2025. Current assets fell by EUR 158m to EUR 16,158m (31 December 2024: EUR 16,316m). Their share of total assets at year-end 2025 was 33%.
Shareholders’ equity was up EUR 117m at EUR 11,711m (31 December 2024: EUR 11,594m). Altogether, non-current funding accounted for 59% of total assets (31 December 2024: 58%). Non-current financing covered 88% of non-current assets (31 December 2024: 89%). Current funding came to 41% of total assets (31 December 2024: 42%).
Assets
Non-current assets up by EUR 1.5bn
At year-end 2025, non-current assets of EUR 32,236m were EUR 1,500m higher than at year-end 2024 (31 December 2024: EUR 30,736m).
In particular, aircraft and reserve engines (EUR +992m), loans and receivables (EUR +681m), other property, plant and equipment (EUR +359m) and equity investments accounted for using the equity method (EUR +437m) all increased. This was offset by a decline in derivative financial instruments (EUR -583m).
The value of aircraft and reserve engines came to EUR 19,820m as of year-end 2025 (31 December 2024: EUR 18,828m). Depreciation and disposals were exceeded by capital expenditure on 23 new aircraft (seven Boeing B787-9s, two Airbus A350s, 14 A320/321s, plus four aircraft purchased at the end of their lease), major maintenance events, advance payments on existing orders and additions of right-of-use assets for aircraft. As of 31 December 2025, the Lufthansa Group fleet consisted of 737 aircraft (31 December 2024: 735 aircraft). ↗ Fleet.
Loans and non-current receivables increased, in particular due to the higher values of plan assets for pension plans with surplus cover.
The increase in equity investments accounted for using the equity method related, in particular, to the acquisition of a 41% stake in ITA Airways.
Other property, plant and equipment increased due to ongoing investments (particularly the expansion of the Frankfurt freight centre) and new leases (including lounges and other areas at Frankfurt Airport).
Declining market values of derivative financial instruments have resulted, above all, from the US dollar exchange rate trend.
Current assets down by EUR 158m
Current assets as of 31 December 2025 were down by EUR 158m at EUR 16,158m (31 December 2024: EUR 16,316m).
Increases were reported in particular for assets held for sale (EUR +389m) resulting from the reclassification of eight aircraft due to be sold in 2026 in the course of planned sale and leaseback transactions or disposals.
Trade receivables and other receivables (EUR +329m) were higher due particularly to payments made to hedge the negative market value of hedging transactions for financial liabilities and the higher volume of ETS certificates.
The decline in bank balances and cash in hand (EUR -630m) in combination with interest-bearing securities and similar investments (EUR +290m) was due to cash outflows from financing activities.
The value of short-term derivative financial instruments, mainly investment hedges, fell primarily due to changes in the USD exchange rate (EUR -463m).
Liabilities
Shareholders’ equity up by EUR 117m, equity ratio down to 24.2%
Shareholders’ equity as of 31 December 2025 increased by EUR 117m over year-end 2024 to EUR 11,711m (31 December 2024: EUR 11,594m). The growth in retained earnings (EUR +1,076m) due to the retained earnings from the previous year and positive valuation effects in pensions was partially offset by the valuation-related decrease in other neutral reserves (EUR -975m).
The equity ratio therefore decreased by 0.4 percentage points compared with year-end 2024 to 24.2% (31 December 2024: 24.6%).
| T024 | Development of consolidated earnings, equity, equity ratio and return on equity | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | |||
| Profit/loss after income taxes1) | €m | 1,363 | 1,393 | 1,689 | 804 | -2,193 | |
| Equity1) | €m | 11,711 | 11,594 | 9,709 | 8,474 | 4,490 | |
| Equity ratio1) | % | 24.2 | 24.6 | 21.4 | 19.6 | 10.6 | |
| Return on equity1) | % | 11.6 | 12.0 | 17.4 | 9.5 | -48.8 | |
| 1) Including minority interests. | |||||||
Non-current provisions and liabilities increase by EUR 865m
As of 31 December 2025, non-current provisions and liabilities rose by EUR 865m to EUR 16,742m (31 December 2024: EUR 15,877m).
At EUR 12,106m, non-current borrowing was EUR 693m higher than at year-end 2024 (31 December 2024: EUR 11,413m). The increase as a result of new financing arrangements, including a convertible bond, a hybrid bond and eight borrower’s note loans, was partly compensated by the maturity-related reclassification of non-current liabilities to current liabilities and negative currency translation effects.
Pension provisions were down by EUR 328m to EUR 2,364m (31 December 2024: EUR 2,692m). The decrease includes negative net valuation effects of EUR -543m. Interest rate-related decreases in obligations in the amount of EUR -577m were partly offset by negative valuation effects with a volume of EUR 34m for plan assets. The interest rates used to discount pension obligations rose by 0.6 percentage points to 4.2% in Germany and by 0.3 percentage points to 1.3% in Switzerland.
Net pension obligations, i.e. pension provisions less asset surpluses at some pension plans, which are presented separately in non-current assets, decreased by EUR 664m to EUR 1,902m (31 December 2024: EUR 2,566m).
Current provisions and liabilities increase by EUR 360m
As of 31 December 2025, current provisions and liabilities were up by EUR 360m to EUR 19,941m (31 December 2024: EUR 19,581m).
Increases were reported particularly in liabilities from unused flight documents (EUR +206m) due to higher ticket sales, higher derivative instruments due to exchange rate movements (EUR +190m), higher other contract liabilities to customers, especially in the MRO segment (EUR +130m) and higher trade payables and other liabilities (EUR +118m), mainly from higher accruals for employee profit-sharing. These increases were offset in particular by lower financial liabilities due to repayments (EUR -389m).
EUR 662m year-on-year increase in net indebtedness
Despite the positive free cash flow, at EUR 6,406m, net indebtedness at year-end 2025 was up by EUR 662m on year-end 2024 (31 December 2024: EUR 5,744m) due to interest and dividend payments and additional lease liabilities and in particular sale-and-leaseback transactions.
Adjusted net debt, the sum of net indebtedness and net pension obligations less 50% of the hybrid bonds issued in 2015 and 2025, fell by EUR 252m to EUR 7,811m compared with year-end 2024 (31 December 2024: EUR 8,063m).
The ratio of Adjusted net debt/Adjusted EBITDA in the last twelve months was therefore 1.8 as of 31 December 2025 (31 December 2024: 2.0).
| T025 | Calculation of net indebtedness | |||
|---|---|---|---|---|
| 2025 | 2024 | Change | ||
| in €m | in €m | in % | ||
| Bonds | -6,736 | -6,969 | 3 | |
| Borrower’s note loans | -470 | -395 | -19 | |
| Credit lines | -24 | -26 | 8 | |
| Aircraft financing | -3,716 | -3,798 | 2 | |
| Lease liabilities | -3,459 | -2,887 | -20 | |
| Other financial debt | -122 | -148 | 18 | |
| Financial liabilities | -14,527 | -14,223 | -2 | |
| Other bank borrowing | -27 | -9 | -200 | |
| Group indebtedness | -14,554 | -14,232 | -2 | |
| Bank balances, cash in hand and time deposits (4–12 months) | 2,325 | 2,465 | -6 | |
| Securities | 5,823 | 6,023 | -3 | |
| Net indebtedness | -6,406 | -5,744 | -12 | |
| Pension provisions | -2,364 | -2,692 | 12 | |
| Pension surpluses | 462 | 126 | 267 | |
| Net pension obligation | -1,902 | -2,566 | 26 | |
| Net indebtedness and net pension obligations | -8,308 | -8,310 | 0 | |