Lufthansa share

Lufthansa share price up 36% over the course of the year

From a 2024 year-end closing price of EUR 6.18, the Lufthansa share was volatile over the course of 2025, in a market environment characterised by geopolitical uncertainty, macroeconomic challenges and sector-specific fluctuations. Having reached a low for the year of EUR 5.56 on 13 January 2025, Lufthansa’s share price recovered considerably in the period up to mid-March. This rebound was driven, in particular, by the strong demand on transatlantic routes at the start of the year as well as the outlook for the year 2025 as a whole, which was published in March. From the second half of March onwards, in particular growing trade policy tensions between the United States and key trading partners such as China and the EU resulted in a highly volatile general market trend, which also affected the airline sector. Towards the end of the first quarter, fears of a slowdown in demand on the North Atlantic route were a key factor behind the drop in Lufthansa’s share price. The share price recovered again steadily from April. The declining price of kerosene together with favourable exchange rate effects played a key role here. The fact that Lufthansa stood by its positive overall earnings forecast for the 2025 financial year – despite global turbulence at a geopolitical level in particular – supported the positive share price trend over the remainder of the year. In late September, the upward trend was temporarily interrupted by the heightened probability of a strike affecting Lufthansa’s core business. However, overall in the fourth quarter the share price performance was shaped in particular by the messages communicated at our Capital Markets Day on 29 September 2025 regarding our strategy, value drivers and ambitious mid-term financial targets. Following the publication of our Q3 results in late October the capital market clearly believed in Lufthansa Airlines’ turnaround, which was reflected in the positive performance at year end. On 18 December 2025, the share price reached an annual high of EUR 8.66.

On 31 December 2025, the Lufthansa share was trading at EUR 8.41. The share price therefore increased by 36% over the course of the 2025 financial year. The share prices of key competitors AirFrance-KLM and IAG rose by a similar amount. On 31 December 2025, the MDAX benchmark index was 20% higher than at the end of 2024.

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

At the Annual General Meeting for the financial year 2025, the Executive Board and Supervisory Board of Deutsche Lufthansa AG will propose the distribution of a dividend of EUR 0.33 per share, in line with the applicable dividend policy. This represents a dividend ratio of 30% of Group profits and a dividend yield of 3.9%, based on the Lufthansa share’s closing price for the year. ↗ Financial strategy and value-based management, Earnings position.

Analyst assessments largely unchanged year-on-year

At year-end 2025, of the 21 equity analysts covering the Company (previous year: 22), four (previous year: three) recommended buying the share, 13 (previous year: 16) holding it, and four (previous year: three) selling it. Analysts’ assessments were more or less unchanged compared with the previous year, since the prevailing stable market environment with limited capacities and a high level of demand continues to be countered by persistent structural uncertainty in the key transatlantic traffic segment. In particular, unanswered questions regarding the sustained mitigation of cost inflation, the progress achieved in Lufthansa Airlines’ turnaround programme and the continued risk of strikes had an adverse effect on reassessments. Towards the end of the year, market perception improved slightly as the mid-term targets announced on the Capital Markets Day were increasingly seen as achievable following an in-depth analysis. The average target price at year-end 2025 was EUR 8.00, with a range of EUR 5.40 to EUR 12.00.

Share of German shareholders in the Company remains high

In order to safeguard bilateral air traffic agreements and protect its operating licence, the German Aviation Compliance Documentation Act (Luftverkehrsnachweissicherungsgesetz – LuftNaSiG) requires Lufthansa to provide evidence that a majority of its shares are held by German shareholders or shareholders in EU member states. For this reason, all Lufthansa shares are registered shares with transfer restrictions.

At the end of 2025, the shareholders’ register showed that German shareholders held 72.7% of the shares (previous year: 79.3%). The second largest group, with 11.7%, was shareholders from the USA. Shareholders from Ireland accounted for 5.6% of the issued capital. They were followed by Luxembourg with 2.6%, the United Kingdom with 1.3% and France with 1.2%. This ensured that the requirements of the German Aviation Compliance Documentation Act (LuftNaSiG) were met.

On the basis of the voting rights notifications received, Kühne Aviation GmbH remained the largest shareholder at year-end 2025 with 15.01%.

According to Deutsche Börse’s definition, 85% of Lufthansa shares were in free float. As of the reporting date, 56% (previous year: 49%) of the shares were held by institutional investors and 44% by private individuals (previous year: 51%). The number of shareholders declined year-on-year to 529,000 (previous year: 590,000), but remained high by historical standards. The shareholder structure is updated quarterly and published on the website ↗ www.lufthansagroup.com/investor-relations. The notifications on voting rights received by the Company from shareholders and published during the 2025 financial year are also available there.

Lufthansa share is featured in the MDAX and other important indices

The Lufthansa share is part of the MDAX. At year-end, the share had an index weighting of 4.0%. With market capitalisation of EUR 8.6bn, adjusted for the free float, the Lufthansa Group came in at number 33 (previous year: 40) in the ranking of DAX companies (including the DAX 40) published by Deutsche Börse at year-end. The average daily trading volume of the share in 2025 was 7,058,655 shares (previous year: 6,048,725).

The Lufthansa share is also included in many classic international share indices. It is also represented in several sustainability indices, such as the MSCI EMU ESG, the MDAX ESG Screened and the FTSE4Good Europe Index.

American Depositary Receipts (ADRs) offer an alternative to equity investment

In addition to its stock market listing in Germany, investors who are only allowed to invest in securities denominated in US dollars can also gain exposure to the Lufthansa Group via the Sponsored American Depositary Receipt Program (ADR). The programme is managed by Deutsche Bank Trust Company Americas. Lufthansa ADRs are also registered on the standardised trading and information platform OTCQX. At year-end 2025, 11,555,553 ADRs were in circulation (31 December 2024: 13,149,480). Based on the 1:1 ratio to the share, this corresponds to around 1% of the issued capital.

Lufthansa Group pursues intensive dialogue with investors

As in prior years, the Lufthansa Group once again provided its investors with timely and comprehensive information in the 2025 financial year. In addition to its quarterly reporting, the Executive Board and Investor Relations team held a large number of roadshows and investor conferences to discuss with institutional investors the current developments at the Group and its operating environment in 2025. The Chairman of the Supervisory Board also met investors in the context of a roadshow in early 2025, mainly to discuss corporate governance topics and the Company’s steps to reduce its emissions. In-depth discussions were also held with investors in debt instruments.

In May 2025, the Group met with around 1,500 shareholders who attended the Annual General Meeting, which was held online.

At a Capital Markets Day which took place in September 2025, the Lufthansa Group’s strategic orientation was explained and new mid-term financial targets announced. ↗ Financial strategy and value-based management.

All publications, financial reports, presentations, the quarterly shareholder information letter and the latest news are available at ↗ www.lufthansagroup.com/investor-relations. The site also contains the financial calendar and the dates of all the conferences and shareholder events that the Lufthansa Group will be attending.