Earnings performance
Result from operating activities of EUR -731m
The loss from operating activities of EUR -731m in the 2025 financial year is roughly half that of the previous year (previous year: EUR -1,445m). Revenue was virtually unchanged year-on-year, but the significantly lower cost of materials and services in the 2025 financial year contributed to the earnings improvement.
Financial result of EUR 1,004m
The financial result dropped to EUR 1,004m (previous year: EUR 1,816m). The positive result from equity investments of EUR 1,601m (previous year: EUR 1,826m) was offset by net interest income of EUR -493m (previous year: EUR 87m) and other financial items of EUR -104m (previous year: EUR -97m).
| T083 | Income statement for Deutsche Lufthansa AG in accordance with HGB | ||
|---|---|---|---|
| in €m | 2025 | 2024 | |
| Traffic revenue | 14,245 | 14,330 | |
| Other revenue | 1,525 | 1,482 | |
| Total revenue | 15,770 | 15,812 | |
| Other operating income | 1,612 | 1,277 | |
| Cost of materials and services | -10,723 | -11,288 | |
| Staff costs | -4,103 | -3,858 | |
| Depreciation, amortisation and impairment | -331 | -393 | |
| Other operating expenses | -2,956 | -2,995 | |
| Profit/loss from operating activities | -731 | -1,445 | |
| Result from equity investments | 1,601 | 1,826 | |
| Net interest | -493 | 87 | |
| Impairment of investments and current securities | -104 | -97 | |
| Financial result | 1,004 | 1,816 | |
| Current income taxes | 122 | 109 | |
| Deferred income taxes | -321 | -73 | |
| Earnings after taxes | 74 | 407 | |
| Other taxes | -30 | -35 | |
| Net profit | 44 | 372 | |
| Transfer to other retained earnings | – | -13 | |
| Transfers from retained earnings | 352 | – | |
| Distributable profit | 396 | 359 | |
The result from equity investments includes profit and loss transfers of EUR 1,360m (previous year: EUR 1,503m) and other income from investments of EUR 241m (previous year: EUR 323m).
The drop in the result from equity investments is principally due to the result of Eurowings GmbH, where a loss of EUR -216m (previous year: EUR -27m) had to be settled. Lufthansa Cityline GmbH also reported a greater loss of EUR –97m (previous year: EUR –55m). Lufthansa Commercial Holding GmbH increased its earnings contribution again year-on-year, however, transferring profits of EUR 1,413m (previous year: EUR 1,369m). Earnings from Miles & More GmbH of EUR 180m (previous year: EUR 185m) and Delvag AG of EUR 20m (previous year: EUR 24m) were both slightly down on the previous year. Truffle Holding AG (previously LSG Lufthansa Service Holding AG) transferred profits of EUR 60m (previous year: EUR 7m). Other income from investments mainly comprised dividends from Austrian leasing companies of EUR 238m (previous year: EUR 260m).
Following two successive years of positive net interest income, net interest in the 2025 financial year was negative again for the first time at EUR -493m (previous year: EUR 87m). The decline is mainly due to a much lower market valuation of EUR 234m (previous year: EUR 728m) for the pension fund assets held to meet retirement benefit obligations and to the higher interest of EUR 373m accrued on pension provisions (previous year: EUR 265m).
Impairment losses of EUR 104m on investments and current securities recognised in the financial result were higher than in the previous year (EUR 97 m). They were due largely to impairments on two securities held in the portfolio because of lower market values.
Net profit for the year of EUR 44m
The operating result and financial result add up to EUR 273m (previous year: EUR 371m). The negative income tax result of EUR -199m (previous year: EUR 36m) stems mainly from the lower tax rate used to calculate deferred taxes from 2028 onwards. Other tax expenses in the reporting year came to EUR 30m (previous year: EUR 35m). Altogether, net profit of EUR 44m was recognised for the 2025 financial year (previous year: EUR 372m).