To our shareholders
Letter from Marc-Dominic Nettesheim,
Head of Investor Relations
In the aviation industry, the first quarter is the weakest of the year due to seasonal factors. Nevertheless, the Lufthansa Group had a successful start in 2025. Our Passenger Airlines carried 24 million passengers, matching last year’s figures, despite the Easter travel wave shifting to the second quarter this year.
At EUR 8.1bn, the Lufthansa Group's revenue was 10 percent higher than the previous year and exceeded the EUR 8bn mark for the first time in a first quarter. This was mainly driven by a healthy demand environment and a 4.6 percent increase in production. We improved our Adjusted EBIT by EUR 127m to EUR -722m. Even without the Easter effect, which accounts for around EUR 80m. The Lufthansa Group's earnings performance is also significantly influenced by the strong results in the Logistics and MRO business segments.
In the first quarter of 2025, we continued to focus on our strategic priorities. In January 2025, we completed the acquisition of the 41% stake in ITA Airways and successfully initiated the integration process. Furthermore, the turnaround program of our core brand remains our highest priority. We are fully committed to reestablishing Lufthansa Airlines as the proud flagship of our Group - and we are clearly moving in the right direction.
The basis for this is, above all, punctual and reliable flight operations. We're finally able to offer our passengers this again at our hubs in Munich and Frankfurt. Operationally, we had our strongest start to the year since 2016. Operational performance – measured in terms of regularity and punctuality – is now stable again at our Passenger Airlines, exceeding pre-pandemic levels. This means we are well prepared for a busy summer season with high traffic and passenger volumes. And in our industry, it is well known that good operational performance is also the basis for positive financial development.
At the same time, we are experiencing a global political situation characterized by increased uncertainty and volatility. For us as the Lufthansa Group, it is clear that our structure and strategic measures have made us significantly more resilient, which now provides us with valuable buffers. Nevertheless, we remain vigilant regarding our geopolitical and macroeconomic environment. Airlines have always been exposed to unforeseen developments.
Also this time, we are well prepared. Should the introduction of tariffs actually escalate, leading to a slowdown in the global economy, we would be able to respond quickly. We could further reduce our growth for the rest of the year and retire older aircraft types earlier than planned.
However, the current developments also bring advantages for our business. The fall in oil prices is providing us with enormous relief on the cost side. In addition, the incoming German government has announced plans to stimulate the economy through massive infrastructure and military investment and other measures, which could trigger a special effect in Germany. And it is not only planning to initiate what we hope will be a sustainable reduction in our location costs, but also to correct the currently one-sided distribution of the costs of EU climate protection regulations.
In a world that we perceive as increasingly volatile, air travel is proving to be a stable anchor. While other industries are facing even greater uncertainty, we are confirming our positive outlook for fiscal year 2025 and continue to expect a clear increase in revenue and Adjusted EBIT significantly above the previous year.
Together, we will push ahead with the development of the Lufthansa Group and create added value for all – for our passengers, our employees and our shareholders.
Many thanks for accompanying us on this journey.
Head of Investor Relations
Deutsche Lufthansa AG
Revenue €m
Adjusted EBIT €m
The Lufthansa Group’s Passenger Airlines have further increased traffic due to continued high demand for air travel. Capacity rose by 5% year-on-year in the first quarter of 2025. It should be noted that the figures for the previous year were still impacted by the strikes in the first quarter of 2024.
Initial successes of Lufthansa Airlines' turnaround program have already had a positive impact on operational stability. Overall, the levels of punctuality and regularity achieved by the Lufthansa Group’s Passenger Airlines in the first quarter of 2025 surpassed their pre-crisis levels in the first quarter of 2019 for the first time.
The Passenger Airlines’ Adjusted EBIT fell by 2% to EUR -934m (previous year: EUR -918m), even though the financial burdens which had arisen due to strikes in the previous year were no longer applicable. The key factors here were the sharp rise in fees and charges and other cost increases. By comparison with the previous year, earnings performance has also been affected by the fact that the typically high-demand Easter travel period had, in the previous year, fallen in the first quarter of the year.
In the Logistics business segment, the positive operational and financial developments which were already appar-ent in the second half of 2024 continued in the first quarter of 2025. Lufthansa Cargo achieved a positive Adjusted EBIT of EUR 62m, which was EUR 84m higher than in the previous year (previous year: EUR -22m).
Adjusted EBIT in the MRO business segment rose by 49% to EUR 161m (previous year: EUR 108m) due to continued strong demand for MRO services in the first quarter of 2025. Lufthansa Technik thus achieved another record result.
Revenue at the Lufthansa Group increased by 10% year-on-year to EUR 8,127m (previous year: EUR 7,392m) due to the expansion of the flight programme, rising yields and strong growth in the Logistics and MRO business segments.
The Adjusted EBIT of the Lufthansa Group came to EUR -722m in the first quarter of 2025 (previous year: EUR -849m). Its result thus improved by 15% year-on-year. The Adjusted EBIT margin amounted to -8.9% (previous year: -11.5%).
The Lufthansa Group achieved a positive Adjusted free cash flow in the first quarter of 2025. At EUR 835m, this was 174% higher than in the previous year (previous year: EUR 305m). This increase reflects positive working capital effects, lower net capital expenditure and improved earnings.
Due to the positive free cash flow, which exceeded interest and dividend payments, net indebtedness amounted to EUR 5,280m, a EUR 464m decline on year-end 2024 (31 December 2024: EUR 5,744m).
Net pension obligations declined by EUR 357m to EUR 2,209m (31 December 2024: EUR 2,566m). This development was mainly due to interest rates but was partly offset by the negative market trend for the plan assets.
The ratio of Adjusted net debt/Adjusted EBITDA in the past twelve months stood at 1.7 as of 31 March 2025 and was thus lower than at the end of 2024 (31 December 2024: 2.0).
| Jan - Mar 2025 | Jan - Mar 2024 | Change in % | ||
|---|---|---|---|---|
| Total revenue | €m | 8,127 | 7,392 | 10 |
| of which traffic revenue | €m | 6,366 | 5,903 | 8 |
| Operating income | €m | 8,827 | 8,175 | 8 |
| Operating expenses | €m | 9,511 | 9,011 | 6 |
| Adjusted EBITDA | €m | -121 | -279 | 57 |
| Adjusted EBIT | €m | -722 | -849 | 15 |
| EBIT | €m | -741 | -871 | 15 |
| Net profit/loss | €m | -885 | -734 | -21 |
| Jan – Mar 2025 | Jan – Mar 2025 | Change in % | ||
|---|---|---|---|---|
| Total assets | €m | 48,140 | 47,358 | 2 |
| Equity | €m | 10,537 | 9,574 | 10 |
| Net indebtedness | €m | 5,280 | 5,531 | -5 |
| Net pension obligations | €m | 2,209 | 2,423 | -9 |
| Cash flow from operating activities1) | €m | 1,766 | 1,300 | 36 |
| Gross capital expenditure | €m | 819 | 924 | -11 |
| Net capital expenditure | €m | 1,157 | 929 | 25 |
| Adjusted free cash flow | €m | 835 | 305 | 174 |
| Jan – Mar 2025 | Jan – Mar 2024 | Change in % | ||
|---|---|---|---|---|
| Adjusted EBITDA margin | % | -1.5 | -3.8 | 2.3 pts |
| Adjusted EBIT margin | % | -8.9 | -11.5 | 2.6 pts |
| EBIT margin | % | -9.1 | -11.8 | 2.7 pts |
| Jan – Mar 2025 | Jan – Mar 2024 | Change in % | ||
|---|---|---|---|---|
| Share price as of 31 March | € | 6.70 | 7.28 | -8 |
| Earnings per share | € | -0.74 | -0.61 | -21 |
| Jan – Mar 2025 | Jan – Mar 2024 | Change in % | ||
|---|---|---|---|---|
| Employees as of 31 March | number | 102,574 | 98,739 | 4 |
| Jan – Mar 2025 | Jan – Mar 2024 | Change in % | ||
|---|---|---|---|---|
| Flights | number | 204,175 | 196,971 | 4 |
| Passengers | thousands | 24,291 | 24,359 | 0 |
| Available seat-kilometres | millions | 69,921 | 66,871 | 5 |
| Revenue seat-kilometres | millions | 55,019 | 53,273 | 3 |
| Passenger load factor | % | 78.7 | 79.7 | -1.0 pts |
| Available cargo tonne-kilometres | millions | 4,111 | 3,810 | 8 |
| Revenue cargo tonne-kilometres | millions | 2,448 | 2,259 | 8 |
| Cargo load factor | % | 59.5 | 59.3 | 0.2 pts |
1) Previous year's figures have been adjusted
Date of publication: 29 April 2025
Based on a closing price of EUR 6.18 at the end of 2024, Lufthansa shares performed well overall in the first three months of the 2025 financial year.
After an initial period of weakness due to industrial action in German aviation and relatively high crude oil prices, Lufthansa shares reached their low for the quarter of EUR 5.56 on 13 January 2025. This was followed by a steady recovery in the share price, which reached its quarterly high of EUR 8.06 on 6 March 2025. The main drivers of this rise were the publication of the results for the full year 2024, which were slightly above market expectations, and the positive outlook for the 2025 financial year. Furthermore, declining kerosene prices had a positive impact on Lufthansa's share price performance. In the second half of March, heightened trade tensions between the United States and key trading partners such as China and the EU led to very volatile market conditions overall, which also affected the airline sector. Fears of a slowdown in demand on North Atlantic routes led to a decline in the Lufthansa share price towards the end of the quarter. The Lufthansa share closed the quarter on 31 March 2025 at EUR 6.70. This represents an increase of 9% compared with the beginning of the year.
The MDAX rose by 7% over the same period. Within the European airline sector, competitors performed unevenly. Air France-KLM shares rose by 6%, while IAG shares fell by 14% after a very strong share price performance last year. Low-cost carriers easyJet (-21%) and Ryanair (-1%) saw their share prices fall, while WIZZair gained 5%, mainly due to the possible reopening of Russian airspace. Regulatory conditions and general macroeconomic uncertainties led to volatile performance among European airline stocks, which continued into the beginning of the second quarter.
In view of the short booking cycles in the passenger business, the fact that freight business is mainly driven by the spot market, doubts about the exact delivery dates for new aircraft and uncertainties relating to the macroeconomic and geopolitical environment, the financial outlook for the Lufthansa Group is subject to a certain degree of uncertainty.
Opportunities for the operating and financial outlook arise, among other things, from the further development of fuel prices, exchange rates, the price of ETS certificates, the decisions of the new German federal government, and a potential end to Russia's war of aggression against Ukraine.
Risks exist, among other things, with regard to possible tariffs, for example in connection with aircraft deliveries and spare parts procurement. At the same time, tariffs may aggravate trade tensions between the USA and key trade partners such as China and the EU, which may lead to an economic slowdown. This might adversely impact customer demand, particularly on connections to North America, the Lufthansa Group’s second most important traffic region.
The outlook for the Lufthansa Group for the 2025 financial year remains unchanged by comparison with the forecast provided in the Annual Report 2024. The opportunities and risks cited above by way of examples were already applicable at that time. However, since the publication of the Annual Report 2024 the balance of risks and opportunities has shifted in favour of risks, even if these have not yet materialised.
The Lufthansa Group thus continues to anticipate that available capacity for the Passenger Airlines in 2025 will be around 4% higher than in the previous financial year.
For the 2025 financial year, the Lufthansa Group continues to predict a clear increase in revenue and Adjusted EBIT significantly higher than in the previous year.
The Lufthansa Group’s net capital expenditure in the 2025 financial year is expected to be between EUR 2.7bn and EUR 3.3bn.
Based on the forecast earnings performance, Adjusted free cash flow in the 2025 financial year is envisaged to be roughly on par with the previous year’s level.
The outlook for the Lufthansa Group’s business segments likewise remains unchanged by comparison with the information provided in the Annual Report 2024.
| Result for 2024 | Forcast for 2025 |
|---|---|---|
Revenue | 37.581 | clear increase |
Adjusted EBIT | 1.645 | significantly above previous year |
Net capital expenditure | 2.392 | between EUR 2.7bn and EUR 3.3bn |
Adjusted free cash flow | 840 | roughly on par with previous year |
Deutsche Lufthansa AG has invited its shareholders to attend the 72nd Annual General Meeting on 6 May 2025 at 10:00 a.m. The meeting will once again be held virtually.
The Annual General Meeting will be broadcast as a live stream on the Lufthansa Group website. Shareholders can participate in the voting via the online services. The registration deadline is 29 April 2025, midnight.
The main content of the speech by Carsten Spohr, Chairman of the Executive Board of Deutsche Lufthansa AG, will be published on the website in advance of the meeting. This will give shareholders the opportunity to refer to the content of the speech when asking questions. Questions on the agenda may be submitted via live video contribution on the day of the Annual General Meeting using the online services, provided that the shareholder has duly registered for the Annual General Meeting.
The agenda items for the Annual General Meeting include the election of members of the Supervisory Board. The Supervisory Board of Deutsche Lufthansa AG recommends the election of Astrid Stange, CEO of ELEMENT Insurance AG, Angela Titzrath, CEO of Hamburger Hafen und Logistik AG, and Erich Clementi, Chairman of the Supervisory Board of E.ON SE. Thomas Enders, former CEO of Airbus SE, will step down at the end of the Annual General Meeting on 6 May 2025. The Supervisory Board proposes to the Annual General Meeting that Alexis von Hoensbroech, CEO of the Canadian airline WestJet, be elected to the Supervisory Board to fill the vacant seat. The election is for a term of three years until the 2028 Annual General Meeting.
Other items on the agenda include the appropriation of balance sheet profits and the distribution of a dividend of EUR 0.30 per share, the approval of the remuneration report and the amended remuneration system for the members of the Executive Board, and the amendment to the Articles of Association to enable virtual Annual General Meetings until 2027.
Deutsche Lufthansa AG’s acquisition of a 41% stake in ITA Airways was completed on 17 January 2025 by means of a EUR 325m capital contribution. The Italian airline is thus expanding the Lufthansa Group’s network as its fifth network airline. Jörg Eberhart, previously Head of Strategy & Organizational Development at the Lufthansa Group, and Lorenza Maggio, previously Vice President Sales EMEA Lufthansa Group Airlines, have been appointed to the five-member Board of Directors and the operational management of ITA Airways.
Since then, the integration of ITA Airways into the Lufthansa Group has been progressing. Miles & More participants have been able to collect miles from ITA Airways since late March 2025, and ITA Airways and Lufthansa Group passengers have had access to each airline’s lounges since then. In addition, ITA Airways’ flights from Frankfurt and Munich are now handled at the terminals of the Lufthansa Group airlines and over 100 flight connections are offered as codeshares.
ITA Airways also received official approval in early April 2025 to begin the intergration process into Star Alliance.
On 29 January 2025, the Lufthansa Group signed a purchase agreement for convertible bonds that represents a 10% stake in the Latvian airline airBaltic. The transaction price was EUR 14m. In addition, the Lufthansa Group will receive a seat on the Supervisory Board of airBaltic. Closing of the transaction is planned in the second quarter of this year, subject to anti-trust approval.
The transaction builds on the existing wet lease contract between the Lufthansa Group and airBaltic and is intended to strengthen airBaltic as a strategic partner. The commercial cooperation allows Lufthansa Group to improve the quality of its network and to add additional markets. Additionally, a further development of the wet lease services in line with our customer expectations is planned.
airBaltic is Latvia’s national and largest airline with its headquarters and hub in Riga and operates a fleet of 50 modern and fuel-efficient Airbus A220 aircraft. The Lufthansa Group has been working with airBaltic since 2019, which has proven itself to be a reliable and valuable partner.
The convertible bonds will be converted to common shares if airBaltic goes public. In this case, the Lufthansa Group’s stake will not fall below 5%.
On 8 January 2025, Deutsche Lufthansa AG successfully issued an unsecured euro hybrid bond with a total volume of EUR 500m. This bond bears interest at 5.25% per annum and has a term of 30 years, with a first issuer call date after six years, i.e. on 15 January 2031.
A hybrid bond is a subordinated form of financing that, due to its long term, is evaluated by rating agencies with a 50% equity credit and thus contributes to further strengthening the rating profile of Deutsche Lufthansa AG. The company had already successfully issued a hybrid bond in 2015, which was refinanced early as part of the current transaction. Its repayment is planned for the next call date on February 12, 2026.
Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG, says: "The successful transaction at the start of the year highlights the capital market's confidence in our company and reaffirms our broad access to various financing instruments. The favorable market environment combined with strong investor demand enabled us to secure a placement at highly competitive financing terms. With a six-year term until first repayment date, this issuance complements our maturity profile perfectly."
The Lufthansa Group is strengthening customer service across its network airlines at the start of the summer flight schedule.
In recent months, for example, the range of digital services available via the app has been significantly expanded. Not only can individual travel plans be easily changed, but passengers also receive much better support in the event of last-minute flight schedule changes.
Passengers whose travel plans have changed can now conveniently and easily rebook themselves via the familiar digital channels – even if they have an existing seat reservation. Previously, it was necessary to contact a service centre to do this.
In addition, travellers with an AirTag can now use AirTag Location to securely share the location of their baggage with baggage tracing, speeding up delivery in the event of delayed baggage.
A newly established Help Centre now provides travellers with targeted advice on their service requests, with individual prioritisation for urgent matters, such as a flight within the next eight hours. In addition, the AI chat assistant, which can resolve many service requests, is also available in Italian, French and Spanish.
We are at your disposal to answer your questions.
Head of Investor Relations
Analyst and Investor Communication
Information published in this Shareholder Information with regard to the future development of the Lufthansa Group and its subsidiaries consists purely of forecasts and assessments and not of definitive historical facts. Its purpose is exclusively informational and is identified by the use of such terms as ‘believe’, ‘expect’, ‘forecast’, ‘intend’, ‘project’, ‘plan’, ‘estimate’, ‘assume’ and ‘endeavour’. These forward-looking statements are based on all discernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their publication.
Since forward-looking statements are by their nature subject to uncertainties and imponderable risk factors – such as changes in underlying economic conditions – and rest on assumptions that may not, or divergently occur, it is possible that the Group’s actual results and development may differ materially from those implied by the forecasts. The Lufthansa Group makes a point of checking and updating the information it publishes. It cannot, however, assume any obligation to adapt forward-looking statements to accommodate events or developments that may occur at some later date. Accordingly, it neither expressly nor conclusively accepts liability, nor gives any guarantee for the actuality, accuracy or completeness of this data and information.
The Lufthansa Group is a global aviation group with a total of more than 580 subsidiaries and equity investments.
Corporate responsibility, that is to say sustainable and responsible entrepreneurial practice, is an integral part of our corporate strategy. It means that we are committed to creating added value for our customers, employees and investors and to meeting our responsibilities toward the environment and society.
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