Deutsche Lufthansa (LHA) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered robust financial and operational performance, with revenue growth of 4% to €11.2bn and stable adjusted EBIT, supported by strong demand, operational stability, and cost management.

• Operational stability reached record levels, with 99% regularity and improved punctuality, enhancing customer satisfaction.

• Premium product rollouts, digitalization, and fleet modernization—including new aircraft deliveries—advanced, driving customer satisfaction.

• Earnings and cash flow improved year-over-year, with adjusted free cash flow surging 83% and net indebtedness decreasing.

Financial highlights

• Q3 revenue rose 4% year-over-year to €11.2bn, with adjusted EBIT at €1.3bn and margin at 11.9%, down 0.6 percentage points.

• Net income decreased by approximately €130m due to a one-off tax effect, despite a €128m improvement in financial result.

• Adjusted free cash flow at end of September was €1.8bn, up sharply year-over-year.

• Fuel costs decreased 8% year-over-year; staff costs rose 6%.

• Net debt at end of September was €5.1bn, down €600m year-over-year.

Outlook and guidance

• 2025 adjusted EBIT is expected to be significantly above 2024, with Q4 capacity growth of about 4%.

• RASK for Q4 is guided to be flat year-over-year, with unit cost increases expected to be below year-to-date levels.

• For 2026, long-haul capacity growth is planned in the mid to high single digits, with almost no short-haul growth.

• Free cash flow for 2025 and 2026 is expected to remain broadly stable.

• Dividend policy of 20%-40% of net income reaffirmed.