The Lufthansa Group announced strong results in the third quarter of the year, confirming its forecast for a significant increase in profitability in 2025. The group achieved an operating profit of 1.3 billion euros, maintaining the previous year’s performance, while revenue increased by 4% to 11.2 billion euros – the highest quarter in the company’s history.
Net consolidated profit stood at 1 billion euros, down 12% year-on-year, but in the first nine months of the year it amounted to 1.1 billion euros, up 300 million euros compared to 2024.
Positive balance for passenger airlines
The group’s passenger airlines carried 42 million passengers in the third quarter, compared to 40 million last year, with a load factor of 87.5%, while revenues increased marginally to 8.9 billion euros.
For the nine months, passenger airline revenues amounted to 23 billion euros, up 3%, with the operating result improving to 914 million euros from 825 million in 2024.
The positive course is attributed to the reduction in fuel costs, the absence of strikes and the improvement in operational stability. Schedule regularity reached 99%, while punctuality improved by 10 points. Savings from reduced flight irregularities exceeded 200 million euros.
Despite the competitive environment in Europe and the slowdown in demand in the transatlantic market, the cost per available seat (CASK) increased by only 0.5%, thanks to cost-cutting measures and the Lufthansa Airlines Turnaround Program.
Strong performance for Lufthansa Cargo
Lufthansa Cargo continued its upward trend, with an operating profit of 49 million euros, compared to 38 million last year, thanks to stable demand and a focus on efficient activities.
In contrast, Lufthansa Technik reported a decline in operating profit to 130 million euros (from 161 million), due to the impact of customs duties and currency differences, despite continued strong demand.
Strong cash flow and reduced debt
Adjusted free cash flow almost doubled to €1.8 billion in the nine months, thanks to better operating results, tax refunds and lower investments due to delays in new aircraft deliveries.
Net debt fell to €5.1 billion, while available liquidity strengthened to €11.9 billion.
Management statements
CEO Carsten Spohr called the third quarter “the best summer in a decade” for the airline business, with a regularity of more than 99% and a significant improvement in passenger and employee satisfaction.
“2025 marks a positive turning point, with cost improvements, increased efficiency and strong demand, especially in the premium segment,” he stressed. However, he expressed concern about Germany’s competitiveness, noting that domestic flights have halved since 2019 due to regulatory costs.
CFO Till Streichert added that despite subdued demand in the quarter, the company remained on target and expected significant profitability growth in 2025, with a focus on disciplined growth and the long-haul market in 2026.
Outlook
Lufthansa expects stable demand and occupancy for the fourth quarter, with planned revenue and passenger returns remaining at levels similar to 2024.
For the full year, the group confirms a forecast for an operating result of more than 1.6 billion euros and investments of 2.7-3.3 billion euros, mainly for fleet renewal.
