To our shareholders
Letter from Marc-Dominic Nettesheim,
Head of Investor Relations
The Lufthansa Group achieved a positive business performance in the first nine months of fiscal year 2025 – with many aspects showing improvement.
There are several reasons for this, the most important being: operationally, we are on a very good path and fully on track with all our forecasts. Three months ago, we expressed confidence that, after three disappointing summers, we would finally achieve a significant improvement in our operational performance. Confidence has turned into certainty. With a regularity of over 99% and punctuality improved by ten percentage points compared to summer 2024, we look back on one of the best operational summer in ten years.
Following this encouraging operational turning point, we are now also seeing the success of the economic turnaround in our core business. On the one hand, thanks to consistent cost management. On the other hand, due to rising booking volumes for the fourth quarter. The trend toward an increasingly extended travel season, stretching deep into the fourth quarter, continues. In this respect, 2025 is not only an operational turning point but also economically a step in the right direction.
The fact that we are on a very good path today is also driven by our comprehensive fleet modernization and harmonization. After years of waiting, we have finally reached a point where new aircraft are arriving almost weekly, which we are gradually integrating into our fleet and operations. Of the total 230 next-generation aircraft we expect by 2032, we anticipate over 50 deliveries by the end of next year. This fleet rollover is complemented by retrofitting the latest premium equipment in aircraft types we will continue to use on intercontinental routes for a long time – such as the Boeing 747-8 at Lufthansa or the 777 at SWISS.
In parallel to fleet modernization, we will redesign our umbrella brand “Lufthansa Group” later this year and firmly anchor it as a unifying element of our airline group for our passengers. Our customers, many employees, and our shareholders want even stronger integration and harmonization of our offerings and services. The new brand identity represents the progress we are making on this path.
Looking ahead, we can, want, and must make our organization even more efficient as part of this process. This is also part of our promise for the future: we aim to develop aviation sustainably, advance new technologies, and open up new markets. To this end, we will further drive our internationalization.
With ITA Airways, we took an important step forward this year and gained Rome as an internationally leading hub, further strengthening our global presence. At the same time, Lufthansa Technik’s investment projects in Porto and Calgary are on schedule.
Our passenger airlines are focusing even more on premium experiences across the entire travel chain: from the app to lounges, catering, and onboard comfort. They benefit from robust demand – not only in our strong home markets of Germany, Switzerland, Austria, Belgium, and Italy.
Meanwhile, Lufthansa Technik is expanding its globally leading position in aircraft maintenance, repair, and overhaul.
We have set ourselves a medium-term target of an Adjusted EBIT margin of 8–10%, aim to achieve a 15–20% return on invested capital, and generate at least EUR 2.5 billion in free cash flow. We promised this to the capital market at our Capital Markets Day at the end of September – and we will deliver.
This quarter, we have once again proven that we keep our word and confirm our forecasts even under geopolitically challenging conditions.
Together, we want to lead the company successfully into the future – thank you for accompanying us on this journey.
Head of Investor Relations
Deutsche Lufthansa AG
Revenue €m
Adjusted EBIT €m
Overall, the Lufthansa Group achieved a positive earnings development in the first nine months of the 2025 financial year.
The Lufthansa Group’s Passenger Airlines further increased their volume of traffic due to the continued high level of demand for air travel, and to holiday destinations especially. Capacity increased by 4% year-on-year in the reporting period.
Lufthansa Airlines is forging ahead with its turnaround programme, and this is having a substantial positive effect on operational stability. Overall, in the reporting period the Lufthansa Group’s Passenger Airlines posted their highest levels of punctuality and regularity since the start of the coronavirus pandemic.
The Passenger Airlines’ Adjusted EBIT improved by 11% year-on-year in the reporting period to EUR 914m (previous year: EUR 825m).
In the Logistics business segment, the positive operating and financial development continued. Lufthansa Cargo expanded its volume of traffic and achieved an Adjusted EBIT of EUR 184m, which was EUR 254% higher than in the previous year (previous year: EUR 52m).
In the MRO business segment, Adjusted EBIT fell by 6% in the reporting period to EUR 440m (previous year: EUR 466m) due to the devaluation of the US dollar, higher tariffs as well as inflation- and growth-related cost increases.
Despite declining yields in its passenger business, the Lufthansa Group’s revenue increased by 5% year-on-year to EUR 29,648m (previous year: EUR 28,137m) due to the expansion of its flight programme, increased ancillary revenues and strong growth in its Logistics and MRO business segments.
Operating expenses at the Lufthansa Group were up by 5% to EUR 30,467m (previous year: EUR 29,140m), in particular due to the increased costs for fees and charges and human resources. Lower fuel costs, reduced costs arising from strikes and irregularities in flight operations as well as exchange rate effects partially offset this.
The Lufthansa Group’s Adjusted EBIT came to EUR 1,480m in the reporting period (previous year: EUR 1,177m). Its result thus improved by 26% year-on-year.
The Adjusted EBIT margin improved by 0.8 percentage points to 5.0% (previous year: 4.2%).
The Lufthansa Group achieved a positive Adjusted free cash flow in the reporting period. At EUR 1,842m, this was 83% higher than in the previous year (previous year: EUR 1,006m). This increase is based on the rise in operating cash flow and reduced net capital expenditure.
Operating cash flow increased by 83% to EUR 1,842m (previous year: EUR 1,006m) due to the higher EBITDA figure, supported by cash inflows from taxes in connection with tax audits completed in Germany. Negative working capital effects partially offset this.
Due to its free cash flow, which exceeded interest and dividend payments, as of 30 September 2025 net indebtedness amounted to EUR 5,116m, a EUR 628m decrease on year-end 2024 (31 December 2024: EUR 5,744m).
Net pension obligations decreased by EUR 438m to EUR 2,128m (31 December 2024: EUR 2,566m), primarily due to the increase in the discount rate.
The ratio of Adjusted net debt/Adjusted EBITDA in the past twelve months stood at 1.6 as of 30 September 2025 and was thus lower than at the end of 2024 (31 December 2024: 2.0).
As of 30 September 2025, the Lufthansa Group had EUR 11,938m of available liquidity in total (31 December 2024: (EUR 11,036m).
| Jan - Sep 2025 | Jan - Sep 2024 | Change in % | ||
|---|---|---|---|---|
| Total revenue | €m | 29,648 | 28,137 | 5 |
| of which traffic revenue | €m | 24,361 | 23,578 | 3 |
| Operating income | €m | 31,697 | 30,179 | 5 |
| Operating expenses | €m | 30,467 | 29,140 | 5 |
| Adjusted EBITDA | €m | 3,270 | 2,915 | 12 |
| Adjusted EBIT | €m | 1,480 | 1,177 | 26 |
| EBIT | €m | 1,463 | 1,249 | 17 |
| Net profit/loss | €m | 1,093 | 830 | 32 |
| Jan – Sep 2025 | Jan – Sep 2025 | Change in % | ||
|---|---|---|---|---|
| Total assets | €m | 48,827 | 46,439 | 5 |
| Equity | €m | 11,420 | 10,212 | 12 |
| Net indebtedness | €m | 5,116 | 5,104 | 0 |
| Net pension obligations | €m | 2,128 | 2,581 | -18 |
| Cash flow from operating activities1) | €m | 3,939 | 3,303 | 19 |
| Gross capital expenditures | €m | 2,318 | 2,433 | -5 |
| Net capital expenditures1) | €m | 2,156 | 1,695 | 27 |
| Adjusted free cash flow | €m | 1,842 | 1,006 | 83 |
| Jan – Sep 2025 | Jan – Sep 2024 | Change in % | ||
|---|---|---|---|---|
| Adjusted EBITDA margin | % | 11.0 | 10.4 | 0.6 pts |
| Adjusted EBIT margin | % | 5.0 | 4.2 | 0.8 pts |
| EBIT margin | % | 4.9 | 4.4 | 0.5 pts |
| Jan – Sep 2025 | Jan – Sep 2024 | Change in % | ||
|---|---|---|---|---|
| Share price as of 30 September | € | 7.21 | 6.58 | 10 |
| Earnings per share | € | 0.91 | 0.69 | 32 |
| Jan – Sep 2025 | Jan – Sep 2024 | Change in % | ||
|---|---|---|---|---|
| Employees as of 30 September | number | 103,630 | 100,518 | 3 |
| Jan – Sep 2025 | Jan – Sep 2024 | Change in % | ||
|---|---|---|---|---|
| Flights | number | 776.161 | 755.310 | 3 |
| Passengers | thousands | 103.091 | 100.609 | 2 |
| Available seat-kilometres | millions | 256.640 | 247.152 | 4 |
| Revenue seat-kilometres | millions | 213.312 | 206.094 | 4 |
| Passenger load factor | % | 83,1 | 83,4 | -0,3 P. |
| Available cargo tonne-kilometres1) | millions | 13.447 | 12.711 | 6 |
| Revenue cargo tonne-kilometres1) | millions | 7.774 | 7.288 | 7 |
| Cargo load factor1) | % | 57,8 | 57,3 | 0,5 P. |
1) Previous year's figures have been adjusted
Date of publication: 30 October 2025
Starting from a year-end closing price of EUR 6.18 in 2024, the Lufthansa share developed in a volatile manner between 1 January and 30 September 2025, in a market environment characterized by geopolitical uncertainties, macroeconomic challenges, and industry-specific fluctuations.
After reaching its lowest point of the year at EUR 5.56 on 13 January 2025, the share experienced a significant recovery until mid-March. Key drivers of this increase were the publication of the full-year 2024 results, which slightly exceeded market expectations, and the positive outlook for fiscal year 2025. In addition, declining kerosene prices had a positive impact on the share price trend.
From the second half of March, intensified trade tensions between the United States and major trading partners such as China and the EU led to highly volatile overall market developments, which also affected the airline sector. Concerns about a slowdown in demand on the North Atlantic route caused the Lufthansa share price to decline toward the end of the first quarter.
Since April, the share price has risen again, reaching its highest level of the year so far at EUR 8.35 on 19 August 2025. On 30 September 2025, the price stood at EUR 7.21, around 17% higher than at the beginning of the year.
The MDAX also developed positively during the same period, rising by 17%. Air France-KLM shares gained around 41%, IAG shares rose by 28%. Shares of low-cost carriers easyJet (-17%) and WIZZair (-18%) showed losses, while Ryanair’s share price increased by 40%.
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 the approval of the cabin layout as well as uncertainties relating to the macroeconomic and geopolitical environment, the financial outlook for the Lufthansa Group is subject to a certain degree of uncertainty.
Factors such as the exchange rate trends, the price of ETS certificates and a positive trend for unit revenues in the Passenger Airlines business segment in the fourth quarter represent opportunities for the operational and financial outlook.
Risks apply due to factors including possible tariffs, for example in connection with the procurement of spare parts – particularly in relation to the raw materials these contain, such as steel and aluminium. 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. Factors including the tariffs on pharmaceutical products announced by the US government constitute an earnings risk for the Logistics business segment.
The Lufthansa Group continues to anticipate that available capacity for the Passenger Airlines in the 2025 financial year will be around 4% higher than in the previous 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.
Net capital expenditure in the 2025 financial year, excluding the acquisition/sale of shares, 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 anticipated to be roughly in line with the previous year’s level.
At its Capital Markets Day, which took place in Munich on 29 September 2025, the Lufthansa Group set out its strategic orientation and published new medium-term financial targets.
It intends to maximise the synergies within the Group by consistently expanding its integrated and networked cooperation model. In addition, transformation programmes and fleet modernisations for the network airlines are intended to pave the way to greater profitability. This is intended to deliver attractive long-term yields for shareholders. Moreover, in the period from 2028-2030 the Company aims to realise an Adjusted EBIT margin of between 8-10%, a pre-tax Adjusted ROCE (return on capital employed) of between 15-20% and Adjusted free cash flow in excess of EUR 2.5bn per year.
It aims to maintain a strong balance sheet as a basis for the realisation of its financial targets. For this purpose, in future the Lufthansa Group aims to secure sound investment grade ratings from leading rating agencies. To guard against possible crises, the Lufthansa Group will continue to maintain a conservative minimum liquidity level of between EUR 8 and 10bn.
In addition, the Company will adhere to its current dividend policy which envisages the distribution of between 20 and 40% of the Group’s net profit to its shareholders.
Moreover, the Lufthansa Group reaffirmed its objective of adjusting the Group’s organisational and operational structure in order to rearrange cooperation and responsibilities within the Group. It aims to achieve tighter and more networked cooperation between Group Functions and airlines to leverage synergies and for greater efficiency.
In addition, by 2030 the Company intends to shed a total of around 4,000 administrative positions worldwide.
The Lufthansa Group is reorganizing cooperation within the company. The changes affect not only the structure of the organization, but even more so the processes, the financial management framework, and cross-group collaboration. This will bring the airlines within the group closer together and enable them to operate in an even more integrated manner in the future. The aim is to strengthen and expand the market position of the network airlines Lufthansa Airlines, SWISS, Austrian Airlines, and Brussels Airlines in particular. Efficiency and profitability are also set to increase.
It has been clearly defined that the airlines will continue to make their own decisions about the customer experience of their guests. This applies, for example, to the in-flight product, catering, lounges in the home markets, and passenger service. The network airlines will also remain responsible for the management of their respective flight operations and operational flight services.
In areas that are less visible to passengers, cooperation between airlines within the group will become even more integrated and connected, as is already the case in the area of loyalty with “Miles and More” or in the further development of the award-winning customer app. The app was developed centrally within the group, but the design and offers are tailored to the respective airlines.
In the future, network management for short- and medium-haul flights of all network airlines will also be steered group-wide. This will be done in close coordination with the airlines. This model has already been successfully established for ten years for the long-haul offerings. This means that the steering of the entire commercial offering management will now be bundled under the responsibility of group-wide airline functions. Guests who already use more than one group company for their travel will benefit from an even better coordinated range of services. In addition, efficiency will increase, and decisions can be made more quickly.
The Supervisory Board of Deutsche Lufthansa AG announced on 16 September 2025 that on the recommendation of the Nomination Committee, Johannes Teyssen is to be proposed for election to the Supervisory Board at the Lufthansa Annual General Meeting on May 12, 2026.
Following his election by the Annual General Meeting, he is to be elected Chairman of the Supervisory Board by the Supervisory Board and succeed Karl-Ludwig Kley.
Karl-Ludwig Kley will then step down from the Supervisory Board of Deutsche Lufthansa AG at the end of his regular term of office after 13 years, eight of which he served as Chairman.
Lufthansa Airlines welcomes the first Dreamliner with the Allegris cabin in Frankfurt: End of August, the Boeing 787-9 with the new interior in all classes landed at Frankfurt Airport from Seattle, WA. The newest member of the Lufthansa Airlines’ fleet has been used since 9 October 2025, initially on flights from Frankfurt to Toronto, Canada. This year alone, Lufthansa expects up to nine more Boeing 787-9s at its largest hub in Frankfurt — equivalent to one new delivery every two weeks.
"I am particularly pleased that we can now offer our guests the premium Allegris experience in Frankfurt," said Jens Ritter, CEO of Lufthansa Airlines. “With the arrival of the Boeing 787-9, the modernization of our long-haul fleet at our largest hub is now also receiving a major boost. This will enable us to use significantly quieter and fuel-efficient aircraft types featuring the latest technology for our guests in Frankfurt as well.”
The state-of-the-art 'Dreamliner' long-haul aircraft consumes on average only around 2.5 litres of kerosene per passenger and 100 kilometres of flight distance. That is approximately 25 percent less than its predecessor model. Lufthansa Airlines has ordered 29 Boeing 787-9s. In total, the airline expects to have 78 modern long-haul aircraft with Allegris on board in the next few years – the largest fleet modernization in its history.
The Boeing 787-9 offers travellers with Lufthansa Allegris in Frankfurt a new, improved travel experience.
Lufthansa Allegris has been in use on long-haul flights from Munich since summer 2024.
On 3 September 2025, Deutsche Lufthansa AG successfully placed unsecured and unsubordinated convertible bonds in an aggregate principal amount of EUR 600m. The bonds have a denomination of EUR 100,000 per bond, and a fixed coupon of 0% percent per annum. The transaction was multiple times oversubscribed.
Till Streichert, CFO of Deutsche Lufthansa AG, says: “We are very pleased with the successful issuance of a new convertible bond at highly attractive conditions. The success of the transaction was based on strong investor demand and the strong recent performance of our share price. Our solid balance sheet and investment grade rating provides us access to a wide and diverse range of financing instruments. Combining the issuance with a partial tender offer for our outstanding convertible bond further increased its attractiveness and aligns the interests of all stakeholders. The oversubscription of multiple times once again highlights the capital market’s confidence in our company.”
Deutsche Lufthansa AG intends to use the proceeds from the offering to finance the convertible bonds tender offer and for general corporate purposes including the refinancing of existing debt.
We are at your disposal to answer your questions.
Head of Investor Relations
Analyst and Investor Communication
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 aroud 240 subsidiaries.
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