Annual Report 2022

We grow.
We shape.
We lead.

We grow. We shape. We lead.

The title of our annual report reflects our goal and our ambition: We are growing again. With our capacity for innovation, we are shaping the future of our industry. And we are therefore further expanding our position as Europe’s leading airline group.
Our employees are the key to this. It is they who make the difference relative to our competitors. Our passengers notice this every day, on board our aircraft and on the ground. The “We” principle is at the heart of everything we do, for it is only by working together that we will achieve our ambitious targets. Take off with us!

To our shareholders


The Lufthansa Group put the coronavirus pandemic behind it in the 2022 financial year. The recovery in demand was far stronger and unfolded far more rapidly than the industry experts had anticipated at the start of the year, prompting us to significantly expand our capacities again. Overall, in the past year we once again welcomed more than 100 million passengers on board our aircraft. This enabled us to achieve a positive Adjusted EBIT of EUR 1.5bn in the financial year 2022.

Statement from Carsten Spohr / 3 questions for Remco Steenbergen

Carsten Spohr, Chairman of the Executive Board, on the development of the Lufthansa Group in the financial year 2022

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Karl Ludwig Kley, Chairman of the Supervisory Board, on the activities of the Supervisory Board in the 2022 financial year.

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  • Lufthansa share price rises over the course of the year by 26%.
  • Share outperforms the market and principal competitors.
  • Number of shareholders remains on a high level. 

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Lufthansa share gains 26% in fiscal year 2022

Based on a 2021 year-end price of EUR 6.18, the price of the Lufthansa share significantly outperformed the market as a whole in 2022. The closing price at year-end 2022 was EUR 7.77. The share price therefore increased by 26% over the course of the 2022 financial year. The Lufthansa share thus performed significantly better than shares in the main competitors. The MDAX index fell by 28% over the same period.

Business model and strategy


The Lufthansa Group is one of the biggest airlines worldwide and a leading European airline group. In this role, the Lufthansa Group aims to continue to play a part in actively shaping the global airline market. It strives to follow its mission statement: the Lufthansa Group connects people, cultures and economies in a sustainable way. The financial strategy of the Lufthansa Group seeks to increase its Company value in a sustainable manner. It aims to further strengthen the Lufthansa Group balance sheet so that the Group can invest in future profitable growth and successfully overcome crises.

Mission statement of the Lufthansa Group

Lufthansa Group - "We change the world and the world changes us"

  • Lufthansa Group is a leading European airline group.
  • Its portfolio of companies consists of Passenger Airlines and Aviation Services.
  • A six-member Executive Board manages the Group.

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  • The Lufthansa Group’s market position as a leading European airline group is to be strengthened by means of an accelerated transformation.
  • Airlines form the core of the Lufthansa Group.
  • Focus on consistent alignment with customer needs, innovation and digitalisation as well as value-oriented management.
  • Sustainability and corporate responsibility are an established part of the Group strategy.

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  • Fleet modernisation progressing through acquisition of long-haul aircraft with the latest technology.
  • Fleet strategy continues to aim to standardise and reduce aircraft models.
  • Route network significantly expanded.

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  • Lufthansa Group creates prospects for employees.
  • Comprehensive range of recruiting measures successfully launched.
  • Large number of agreements with labour union and collective bargaining partners provide for stability and predictability.
  • Focus on new partnership between labour union partners.

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The business segments of the Lufthansa Group

The Lufthansa Group is a leading European airline group. The Passenger Airlines form the core of the Lufthansa Group, with their comprehensive networks in their home markets of Germany, Austria, Switzerland, Belgium and northern Italy. The passenger airline business is supplemented by Aviation Services that have synergies with the airlines.

Passenger Airlines

The Passenger Airlines segment comprises Lufthansa German Airlines, SWISS, Austrian Airlines and Brussels Airlines – which offer their customers a premium experience, with high-quality products and services – as well as Eurowings, which is positioned as a value carrier with an exclusive focus on point-to-point traffic.


In addition to Lufthansa Cargo AG, the Logistics segment includes the airfreight container management specialist Jettainer group, the time:matters subsidiary, which specialises in particularly urgent consignments, the subsidiary Heyworld, which specialises in tailored solutions for the e-commerce sector, and the investment in the cargo airline AeroLogic.


Lufthansa Technik is the world’s leading independent provider of maintenance, repair and overhaul services for civil commercial aircraft. Lufthansa Technik AG serves more than 800 customers worldwide, including OEMs, aircraft leasing companies, operators of VIP jets and governments, as well as airlines.


The LSG group offers a comprehensive range of products, concepts and services related to in-flight service as well as for other areas, such as retail and food producers. LSG Sky Chefs is a global food specialist with the highest hygiene and quality standards for airlines, the home delivery market and retail.

Group business performance


The financial year 2022 was again a challenging year. The start of the year was still impacted by the spread of the Omicron coronavirus variant. However, shortly thereafter demand picked up enormously and capacities were expanded so strongly within the span of a few months that the global air traffic system was at times overstretched during the summer months. This was mainly attributable to personnel shortages affecting airports, ground handling service providers, air traffic control and airlines. In addition, the war in Ukraine caused a significant rise in fuel prices. The Lufthansa Group has nonetheless returned to positive earnings.

Key figures 2022


in €bn


Adjusted EBIT
in €bn


Adjusted EBIT margin
in %


Adjusted free cash flow
in €bn

Course of business

  • World economic growth significantly slower in 2022 than in previous year.
  • Growth in Germany weaker than in other regions.
  • Euro depreciates against most main currencies.
  • Strong rise in inflation and interest rates.
  • Price of oil picks up considerably.

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  • Global passenger traffic stages a clear recovery from the effects of the coronavirus pandemic over the course of the 2022 financial year.
  • Airfreight market remains at very high level in historical terms.
  • MRO and airline catering markets also recover.

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  • Lufthansa Group leaves coronavirus crisis behind it.
  • Adjusted EBIT of EUR 1.5bn.
  • Passenger airlines significantly expand capacity again over the course of the year.
  • Lufthansa Cargo and Lufthansa Technik achieve record results.
  • All stabilisation measures successfully ended.
  • Significant improvement in balance sheet figures.
  • Important agreements signed with collective bargaining and labour union partners.

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  • Lufthansa Group returns to profitability: Adjusted EBIT reaches EUR 1.5bn.
  • Revenue up by 95%.
  • Adjusted free cash flow of EUR 2.5bn.
  • Significant improvement in balance sheet figures: equity increases to EUR 8.5bn, net indebtedness falls by EUR 2.2bn to EUR 6.9bn.
  • EUR 10.4bn of liquidity available.

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  • Consolidated Financial Statements of Deutsche Lufthansa AG.

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  • Key figures of Deutsche Lufthansa AG in the ten-year overview.

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Performance of the Lufthansa Group improves significantly

During the financial year, there was a significant increase in demand for air travel - both tourist travel and business travel. Accordingly, the capacity offered by the Passenger Airlines has been continuously expanded. Measured in terms of seat kilometres, it was 79% higher in the 2022 financial year than in the previous year and thus reached 72% of the pre-crisis level from 2019. In view of the significant recovery in demand and the limited supply for operational reasons, the Passenger Airlines managed to increase yields significantly.

The Lufthansa Group’s freight business in its Logistics business segment remained positive in the 2022 financial year, driven by continuing strong demand for freight capacities and high yields. In the MRO segment too, the global increase in the use of fleets resulted in increased demand for maintenance and repair services. In the Catering segment, the worldwide recovery of the airline industry boosted the LSG group’s positive course of business.

Due to the growing volume of business activities, traffic revenue for Lufthansa Group airlines in the reporting year rose by 118% year-on-year to EUR 25,846m (previous year: EUR 11,876m). Group revenue of EUR 32,770m was 95% higher than in the previous year (previous year: EUR 16,811m). In the 2022 financial year, the Lufthansa Group was able to achieve a positive Adjusted EBIT again, in the amount of EUR 1,509m (previous year: EUR -1,666m). The Adjusted EBIT margin amounted to 4.6% (previous year: -9.9%). Adjusted free cash flow came to EUR 2,526m (previous year: EUR -1,049m).

The Logistics and MRO segments made particularly positive earnings contributions and both achieved record results in the reporting year. The Passenger Airlines segment significantly reduced its operating loss year-on-year. SWISS and Austrian Airlines recorded another positive operating result. In the Catering segment, the operating result decreased compared to the previous year, primarily due to the absence of positive one-off effects in the previous year.

Business segments


Relaxed and comfortable flying requires a broad-based and specialized network. This network handles a wide range of important tasks: the implementation of detailed logistics concepts, the maintenance and provision of state-of-the-art technology, seamless airline operations, and catering that leaves nothing to be desired. Our goal in every area: maximum performance. Not only do we deliver this ourselves, but it goes without saying that we expect it from our partners as well.

Business performance

  • Passenger Airlines focusing on fleet modernisation and improvements to product and services.
  • Further expansion of sustainability activities planned.
  • Significant improvement in operating and financial performance over the course of the year.
  • Significant reduction of Adjusted EBIT loss.

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  • Lufthansa Cargo benefits from continuing strong demand for airfreight and again achieves record earnings.
  • Expansion of freighter fleet.
  • Enhanced profile for digital services.
  • Sustainable logistics solutions improve environmental footprint.

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  • Higher demand for flights leads to increased demand for MRO services.
  • Revenue up significantly on the previous year.
  • Volume of new business at record high.
  • Adjusted EBIT breaks new record.
  • Lufthansa Technik adds significantly to its digital services.

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  • Business profits from global recovery in the sector.
  • Earnings down on the previous year due to the absence of positive non-recurring effects.
  • New partnerships expand product portfolio.
  • Global sustainability agenda takes shape.

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  • AirPlus makes progress with renewing its IT and product environment.
  • Lufthansa Aviation Training profits from recovery in air travel.
  • Lufthansa Systems remains successful in airline IT market.
  • Earnings of Group Functions on par with previous year.

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We also aim to live up to our leading role in the industry in the area of corporate responsibility. Corporate responsibility 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. For these reasons, we continuously improve our measures to safeguard the climate and the environment, maintain responsible and fair relations with our employees, and as a company actively engage in numerous social concerns.



Absolute CO2 emissions
in million tonnes


specific CO2 emissions
per grammes/passenger-kilometre


  • Lufthansa Group aims to fulfil its role as a leading airline group, also in terms of sustainability.
  • Corporate responsibility is an integral part of the corporate strategy.
  • The combined non-financial declaration focuses on the aspects of environmental concerns, customer concerns, employee concerns, social concerns, business ethics and compliance, including anti-corruption and bribery as well as respect for human rights, and responsible supply chain management.

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The Lufthansa Group is now looking to the future. After the painful years of the pandemic, we are now back on our course of growth. Following the long period of constraints in their lives, people now have an even greater desire to travel. We assume that the economic recovery is set to continue in our passenger business in particular and that we will be able to continue to significantly expand our flight offer. Thus, we aim to make further progress towards the realisation of our medium-term targets in the 2023 financial year.

Lufthansa Group creates prospects for employees

The coronavirus crisis and its impacts have significantly affected the development of the Lufthansa Group. Over the course of the crisis, the Company adjusted its fleet and its workforce in line with the structural changes to the market situation.

With their know-how and wide-ranging talents, the employees of the Lufthansa Group are a key factor in its commercial success. They embody the aspiration of Lufthansa Group Airlines to be a premium brand for passengers, shaping passenger experience. Moreover, they ensure reliable flight operations and efficient administrative processes. This is particularly true of the current period which, following a course of business adversely affected by the crisis, is now characterized by a significant expansion in business activities and operational challenges throughout the aviation system.

To enable our envisaged growth, we have just launched one of the largest recruitment campaigns in the Company’s history and are hiring a large number of new colleagues in product-related and service-oriented fields in particular. We are therefore committed to a fair relationship with one another based on partnership, and to remaining an attractive employer. We attach great importance to offering our employees attractive prospects, since we aim to recruit and retain the best employees.

Significant increase in Adjusted EBIT expected

The Lufthansa Group assumes that demand will continue to rise over the course of the year. In addition to the private travel segment, where demand is forecast to be almost as high as before the crisis, a contribution will come from the further recovery in demand in the business travel segment.

Overall, the Lufthansa Group anticipates that available capacity for the passenger airlines in 2023 will be between 85% and 90% of its pre-crisis level. Capacity will therefore be around 20% higher than last year. The Group assumes that the European air traffic system will be stable enough to support the planned increase in traffic.

A significant year-on-year increase in revenue is forecast for the Lufthansa Group in 2023. This will principally be driven by a further recovery at the Passenger Airlines.

In the 2023 financial year, the Lufthansa Group expects Adjusted EBIT to improve significantly year-on-year, above all thanks to the positive performance forecast for the airlines, and further strong results in the Logistics and MRO segments.

Including the forecast earnings improvement and other improvements in working capital management, Adjusted free cash flow for the Group is therefore projected to be significantly positive, but below the previous year’s figure in 2023.

  • Lufthansa Group anticipates a further increase in demand in 2023.
  • Capacity should increase to 85% to 90% of its pre-crisis level.
  • Significant increases in revenue and Adjusted EBIT expected.

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  • The management of opportunities and risks is integrated into all business processes.
  • Risks are identified early, managed proactively and monitored.
  • Opportunities are exploited selectively.

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