Outlook for the Lufthansa Group

Lufthansa Group anticipates positive course of business and tangible progress with the transformation in the 2026 financial year

Based on the forecasts provided for the performance of the economy as a whole and of the sectors in which it operates, 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.

While 2025 was a year of transition for the Lufthansa Group, in particular for Lufthansa Airlines, the transformation is set to accelerate in 2026. Now that flight operations have been successfully stabilised, their further optimisation is planned to start in the 2026 financial year. The ongoing fleet modernisation is set to culminate in 2026 and 2027 and will make a key contribution to this objective. By the end of 2026 around 29% of the aircraft in the Lufthansa Group are expected to be from the latest generation. The activities in the turnaround programme at Lufthansa Airlines, which already delivered an earnings contribution of more than EUR 500m in the 2025 financial year, will have an even greater impact in the 2026 financial year. A gross earnings contribution of around EUR 1.5bn in total is expected by year-end.

Outlook subject to uncertainties

Short-term booking cycles in the passenger business, the fact that the cargo business is largely driven by the spot market, uncertainty about the exact delivery dates of new aircraft, and the uncertainties in the geopolitical and macroeconomic environment mean that the financial outlook for the Lufthansa Group is subject to forecasting risk. Operating and financial performance is affected by the further course of Russia’s war of aggression against Ukraine and the unstable situation in the Middle East. Uncertainty in the macroeconomic outlook, particularly trade policy tensions, scarce resources and supply bottlenecks, along with the effects of anti-inflationary measures by the major central banks, may significantly impact customer demand.

Further capacity expansion planned

Subject to the uncertainties mentioned, the Lufthansa Group expects demand for air travel to continue to increase in 2026 compared with the previous year. Flight capacity will therefore be further expanded. The Lufthansa Group expects available capacity at the Network and Point-to-Point Airlines to increase by around 4% year-on-year in the 2026 financial year. Growth will be almost exclusively on long-haul routes, whereas capacity on short-haul routes should remain stable.

Revenue and result for the Lufthansa Group expected to increase

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.

Network Airlines, Logistics and MRO business segments expect positive earnings performance

The Lufthansa Group is expecting a clear increase in revenue for the Network Airlines business segment, based on ongoing strong demand and the planned capacity expansion in 2026. A significant year-on-year increase in Adjusted EBIT is expected.

A significant increase in revenue is expected for the Point-to-Point Airlines business segment. Adjusted EBIT is forecast to be between EUR 120m and EUR 140m. The uncertainty in the forecast is higher due to various factors, including the difficulty of predicting earnings contributions from the short-haul private travel segment, which is characterised by bookings at short notice.

The Lufthansa Group anticipates a clear increase in revenue for the Logistics business segment and a clear year-on-year increase in Adjusted EBIT. This is due to increasing business activity in relevant growth markets, such as Asia.

For the MRO business segment, a clear increase in revenue as well as a significant increase in Adjusted EBIT are expected.This anticipated development in revenue and earnings performance is driven by sustained strong demand for maintenance and repair services.

Adjusted free cash flow of around EUR 0.9bn expected

Net capital expenditure by the Lufthansa Group is expected to amount to around EUR 2.9bn in the 2026 financial year. Investments will largely be in aircraft. Higher gross capital expenditure will be partly offset by inflows from sale-and-lease-back agreements.

On the basis of the forecast earnings development, Adjusted free cash flow of around EUR 0.9bn is expected for the 2026 financial year.

The unpredictability of precise delivery dates for new aircraft is one of the main factors of uncertainty.

Slight reduction in CO₂ emissions per passenger-kilometre expected

In 2026 the Lufthansa Group aims to continue its progress in reducing its environmental footprint. The ongoing fleet modernisation in particular is expected to have a positive effect on the specific CO₂ emissions per passenger-kilometre. For this reason the Lufthansa Group expects specific CO₂ emissions to decline slightly year-on-year.