Dear Shareholders,

The Lufthansa Group developed extremely positively in the first half-year of 2023. Demand for air travel remains high, with no slowdown currently in sight in spite of the challenging macroeconomic environment. Our Passenger Airlines continued to expand their capacity accordingly, reaching around 90% of the pre-crisis level in the summer months.

Thanks to the strong development in demand, we were able to achieve a positive result in the first half-year of 2023. Adjusted EBIT improved from EUR -185m to EUR 812m. The result for the second quarter was a record: Adjusted EBIT has never been higher in a second quarter before. All of our business segments contributed to this development with positive earnings. Logistics was the only business segment to report a lower result than in the previous year due to the normalisation across the industry. We were also able to continue to strengthen our balance sheet and reduce debt.

In addition to the positive operational and financial development, we have made further significant progress. The second quarter of 2023 was a milestone in the Lufthansa Group’s ongoing development into an airline group. We announced three major M&A transactions in just three months. We found new owners for the LSG Group and AirPlus, which offer few synergies with our core business, thus laying the groundwork for a successful future for both companies. Our investment in ITA Airways also further strengthens our core business by expanding our market access in Italy and continuing to diversify our business internationally. Our “multi-hub, multi-brand and multi-AOC” strategy offers ideal conditions for the optimal continued development of ITA Airways and the realization of extensive synergies. We are currently preparing to assume joint operational control and make ITA Airways profitable immediately upon after receiving regulatory approvals.

Customer satisfaction is the central focus of all our activities. This year, we have achieved significantly more stability in the overall air traffic system compared to the previous year through extensive new employee hires, operational process improvements, especially in digital services, and close cooperation with our system partners. Nevertheless, bottlenecks remain, especially in air traffic control and ground handling services.

We expect to add more than 30 new aircraft this year as we continue our fleet modernisation. Preparations for the conversion of the Lufthansa long-haul fleet to our new “Allegris” cabin interior are in full swing. In future, our passengers will not only fly more comfortably and with a greater ability to personalise their journeys, but they will also have the opportunity to make their journeys more sustainable thanks to our recently introduced Green Fares.

The positive developments in the first six months of the financial year and current bookings make us optimistic for the remainder of the year. We expect a significant year-on-year increase in revenue and an Adjusted EBIT of at least EUR 2.6bn for the full year 2023. This puts us on track to achieve our 2024 targets of an Adjusted EBIT margin of at least 8% and an Adjusted ROCE of at least 10%.

We are pleased that you are accompanying us on our journey. And we look forward to welcoming you on board our aircraft again.

Dennis Weber

Head of Investor Relations
Deutsche Lufthansa AG

Key figures January - June 2023

16,406 (+26%)

Revenue €m


Adjusted EBIT €m

Financial Development January - June 2023

Course of Business

The course of business at the Lufthansa Group was shaped by strong demand for flights

The Lufthansa Group developed positively in the first half of 2023. The recovery in demand for air travel after the Coronavirus pandemic continued, and so passenger airline capacity was further expanded: in the first half of 2023, it was 19% above the previous year’s level. This corresponded to a 79% increase compared with the level in 2019.

Revenue at the Lufthansa Group rose by 26% year-on-year to EUR 16,406m (previous year: EUR 13,002m), primarily due to the further expansion of the flight programme, a higher passenger load factor and increased average yields.

The Lufthansa Group’s earnings improved significantly year-on-year in the first half of 2023. The Adjusted EBIT rose to EUR 812m (previous year: EUR -185m). Adjusted EBIT in the second quarter reached a record level of EUR 1,085m, and has never been higher in a previous second quarter. The Adjusted EBIT margin was 4.9% (previous year: -1.4%).

All business segments achieved positive Adjusted EBIT in the first half of 2023. Only the Logistics business segment saw a decline in earnings due to the return to normal across the industry.

Adjusted free cash flow fell by 63% to EUR 1,071m in the first half of 2023 (previous year: EUR 2,902m) due to the decline in operating cash flow and increased net investments. In the previous year, adjusted free cash flow was buoyed to a significant extent by the strong recovery in demand.

The balance sheet was further strengthened in the first half of 2023. Net indebtedness, at EUR 5,914m, was EUR 957m lower than the level at year-end 2022 (31 December 2022: EUR 6,871m) due to the positive free cash flow. Net pension obligations increased by EUR 319m to EUR 2,312m compared to the level at year-end 2022 (31 December 2022: EUR 1,993m). The interest rate used for discounting pension obligations decreased by 0.3 percentage points to 3.9%.

Key Figures Lufthansa Group

1) Previous year's figures have been adjusted due to the agreed sale of the LSG Group.

Date of publication: 03 May 2023.

Share Price Development

Lufthansa Share

Lufthansa share continues to gain in value in the first half of 2023

Starting from a year-end price of EUR 7.77 in 2022, the Lufthansa share continued to gain in value in the course of the first half of 2023. On 30 June 2023, the Lufthansa share was quoted at EUR 9.38. The share price thus recorded an increase of 21% in the period under review.

The Lufthansa share was thus able to continue its strong performance from the previous year. Since the beginning of the year it has benefited, like the other European airlines, particularly from the fact that financial analysts and investors expect strong demand in the summer season.

The Lufthansa share thus nevertheless performed weaker than the shares of its direct competitors. The shares of IAG and Air France-KLM gained 31% and 40% respectively. The share prices of the low-cost carriers, which had lost considerable value in 2022, rose significantly due to the expected summer season. The comparative index MDAX rose by 10% in the same period.

Performance of the Lufthansa Share

Financial year 2023


Lufthansa Group expects significant increases in revenue and Adjusted EBIT

Impact of the agreed LSG Group sale on the financial outlook

The agreed sale of the LSG Group to Aurelius is not expected to have any significant impact on the Group’s financial development in 2023. The earnings of the LSG Group will be consolidated up to the completion of the transaction, which is expected to occur in the third quarter of 2023.

Outlook subject to material uncertainties

In view of booking cycles in the passenger business which remain shorter than they were prior to the crisis and the largely spot market-driven cargo business together with the uncertain macroeconomic and geopolitical environment, the Lufthansa Group’s financial outlook is subject to a high level of forecast uncertainty. Its operating and financial performance depends on factors including the further course of the Russian war of aggression against Ukraine and its effects on fuel costs. Uncertainty in relation to the macroeconomic outlook may potentially have a significant effect on customer demand and may lead to higher than expected cost increases.

Lufthansa Group expects to see continued recovery in demand and further increase in capacity

The Lufthansa Group assumes that the positive course of business in the first half-year of 2023 will continue in the rest of the financial year. This expectation is based in particular on the ongoing strong demand, which in the first half-year of 2023 continued to be reflected in the form of continued positive developments in new bookings in the passenger business.

Accordingly, the Lufthansa Group assumes that demand will remain above the previous year's level in the course of the year. In addition to the leisure 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.

For this reason, flight capacity is to be continuously expanded over the course of the 2023 financial year, especially during the summer months. On long-haul routes, the increase in capacity will be primarily shaped by the expansion of connections to Asia, above all due to the opening of major markets such as China and Japan.

Overall, the Lufthansa Group anticipates that available capacity for the Passenger Airlines in the 2023 financial year to be around 85% of its pre-crisis level in 2019. Capacity will thus increase by around 20% on the previous year.

Lufthansa Group expects significant increases in revenue and Adjusted EBIT

The Lufthansa Group expects revenue to increase significantly in the 2023 financial year by comparison with the previous year. The continued recovery of the Passenger Airlines especially is expected to be the main factor here.

In the 2023 financial year, the Lufthansa Group expects Adjusted EBIT of at least EUR 2.6bn, primarily due to the expected positive development at the Passenger Airlines and a further positive performance in the MRO segment.

Adjusted free cash flow expected to be significantly positive

Net capital expenditure by the Lufthansa Group in the 2023 financial year is expected to be between EUR 2.5bn and EUR 3bn.

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 in the 2023 financial year, but below the previous year’s figure.



Lufthansa Group reaches agreement to acquire 41% of ITA Airways

On 25 May 2023, Deutsche Lufthansa AG and Italy’s Ministry of Economy and Finance reached an agreement on the acquisition of a non-controlling interest in the country’s national airline ITA Airways.

Deutsche Lufthansa AG will obtain a 41% stake in ITA Airways for EUR 325m within the framework of a capital increase. In addition, an agreement has been reached on options to purchase the remaining shares at a later date. The acquisition of the non-controlling interest is still subject to approval by the authorities, in particular the European competition authority.

ITA Airways will become the fifth network carrier in Lufthansa Group’s multi-brand and multi-hub system. Italy represents the most important market outside the Group’s home base countries and the United States. Italy is the third-largest economy in Europe in terms of gross domestic product, with a strong export-oriented economy. This is one among many reasons why business travel to and from Italy is important. For private travelers, the Mediterranean country is one of the most popular leisure destinations in the world.

Carsten Spohr, Chief Executive Officer of Deutsche Lufthansa AG says: “The agreement will lead to a win-win situation for Italy, ITA Airways and Lufthansa Group. And it is good news for Italian consumers and for Europe, because a stronger ITA will invigorate competition in the Italian market. As a young company with a modern fleet, and with its efficient and expanding hub in Rome, ITA is a perfect fit for Lufthansa Group. In Milan, ITA serves a strong catchment area which also offers potential for growth. As part of the Lufthansa Group family, ITA can develop into a sustainable and profitable airline, connecting Italy with Europe and the world. At the same time, this investment will enable us to continue our growth in one of our most important markets.”

Strategic alignment

Lufthansa Group sells payment specialist AirPlus to SEB Kort

On 20 June 2023, the Lufthansa Group signed a contract with SEB Kort Bank AB of Stockholm (Sweden) for the sale of the AirPlus Group. The purchase price is approximately EUR 450m.

Remco Steenbergen, Chief Financial Officer of Deutsche Lufthansa AG, says: "We are pleased to have found a strong new owner for AirPlus from the financial industry. SEB Kort brings along a great amount of experience in the payment business and has the full support of the AirPlus management. AirPlus is perfectly positioned in the market and, as part of a larger financial group, will be able to realize its potential better than in the Lufthansa Group. In turn, it enables us to focus even more on further improving the profitability and capital returns of the Lufthansa Group core business. My thanks goes to the employees of AirPlus. They have made their company a global leader in B2B payment services."

In addition to Lufthansa AirPlus Servicekarten GmbH in Neu-Isenburg, the transaction includes all international subsidiaries and branches of AirPlus. AirPlus will remain a member of the global payment network UATP after the sale. After completion of the transaction, AirPlus will focus on the further growth of the business with the support of the new owner, exploit opportunities in the B2B payment sector and continue to shape the market, leading with quality and innovation.

The transaction is expected to be completed in the first half of 2024, subject to the necessary preparations and external approvals, primarily from various financial regulators.

Annual General Meeting

Lufthansa shareholders approve all agenda items at Annual General Meeting

About 3,000 shareholders followed the virtual Annual General Meeting of Deutsche Lufthansa AG on 9 May 2023 online. A total of 42.41% of the share capital was represented. In sum, twelve agenda items were put to the vote at the Annual General Meeting.

The shareholders of the company approved the actions of the members of the Executive Board and the Supervisory Board for the 2022 financial year by a large majority.

Among the items on the agenda of the Annual General Meeting was the election of members of the Supervisory Board. Karl-Ludwig Kley, Chairman of the Supervisory Board, and Carsten Knobel, Chairman of the Executive Board and CEO of Henkel AG & Co. KGaA, were reelected as members of the Supervisory Board. Karl Gernandt, Executive Chairman of Kühne Holding AG, was newly elected to the Supervisory Board.


Lufthansa Group and Airbus mark delivery of 600th Lufthansa aircraft

The delivery to Lufthansa of its first Airbus A300B2 on February 9, 1976 laid the foundation for a strong partnership within European civil aviation that has now extended almost 50 years. With more than ten different Airbus aircraft types supplied since then to almost every air operator in the Lufthansa Group, on 24 May 2023, the 600th such aircraft – an Airbus A321neo – was handed over to Lufthansa in a formal ceremony at Airbus’s Hamburg-Finkenwerder site.

The Lufthansa Group also ordered  four additional ultra-modern Airbus A350-900 long-haul aircraft on 23 May 2023. The aircraft will be acquired from Deucalion Aviation Limited and delivered to the Group still this year.

The Lufthansa Group currently operates 21 Airbus A350-900s and has ordered five more A350-900s and ten A350-1000s as recently as March 2023. In total, the Lufthansa Group holds 38 firm orders for this highly efficient Airbus long-haul aircraft, making it the world's third-largest Airbus A350 customer.

Product & Services

Lufthansa Group further expands services for passengers

Lufthansa German Airlines expands its in-flight service and will offer more choice, entertainment and sustainability in the future. Starting in mid-August, Business Class passengers on long-haul flights from Germany will be able to choose from a wider selection of main dishes as early as one month and up to 24 hours before departure.

Another new feature on board Lufthansa long-haul flights is an expanded entertainment offering for kids and teens. In the future, the airline’s “e-journals” media library will offer young passengers an expanded age-appropriate reading selection in the Children's Media Box.

As early as 1 August, Lufthansa will be offering an expanded range of hot beverages in its Onboard Delights Service on European flights. A new, sustainable reusable cup made of recyclable plastic will be used, replacing the previous disposable cup with a plastic lid. In addition to high-quality, instant coffee specialties such as latte macchiato, three tea variants and hot chocolate will also be available for purchase in the new cup going forward. The passenger airlines of the Lufthansa Group have set themselves the goal of completely eliminating single-use plastic and single-use aluminum on board by 2025.

Another step toward reducing food waste is the "Onboard Delights Last Minute" initiative. Passengers have the opportunity to purchase fresh products that have not been sold by then shortly before landing on all flights to Frankfurt and Munich on which Onboard Delights are offered, at the lower price of a uniform 3.50 euros, and take them with them. Another new feature of Lufthansa Onboard Delights is that award miles can be collected and redeemed when purchasing food and beverages from the Onboard Delights range. At least one award mile is credited per euro when the Miles & More card is presented.


Your contacts at Investor Relations

We are at your disposal to answer your questions.

Dennis Weber

Head of Investor Relations

Tel.: +49 69 696 - 28008

Cornelia Beier

Analyst and Investor Communication

Tel.: +49 69 696 - 28001

Erika Müller

Private shareholders

Tel.: +49 69 696 - 33589

Disclaimer in respect of forward-looking statements

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.