Deutsche Lufthansa (LHA) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record revenue of €39.6 billion in 2025, up 5% year-over-year, with operating profit (Adjusted EBIT) of €2 billion, a 20% increase from the prior year.

• Celebrated 100 years, highlighting transformation, operational stability, and global expansion, while acknowledging historical challenges and current geopolitical risks.

• Passenger numbers rose to 135 million, a 3% increase, with seat load factor at a record 83.2%.

• Significant progress in the turnaround program led to improved punctuality, reliability, and financial performance in 2025.

• The group remains focused on connecting Europe globally, expanding partnerships, and investing in premium products and digitalization.

Financial highlights

• Adjusted EBIT reached €2 billion, up 20% year-over-year, with Lufthansa Airlines contributing €148 million.

• Consolidated net income was €1.3 billion, stable year-over-year, with a 19% increase in operative result to €315 million.

• Revenue approached €40 billion, driven by capacity growth and favorable fuel prices.

• Lufthansa Cargo achieved adjusted EBIT of €324 million, up nearly 30% year-over-year, driven by strong Asian demand.

• Dividend proposal of €0.33 per share, a 10% increase, with a 30% distribution ratio.

Outlook and guidance

• Capacity expansion of around 4% planned for 2026, with expectations of improved results despite Middle East uncertainties.

• Confident in achieving medium-term targets: EBIT margin of 8–10% and equity ratio above 20%.

• Ongoing fleet modernization and premium product rollout to drive future growth, with new aircraft deliveries averaging nearly one per week in 2026.

• Lufthansa Airlines aims to limit unit cost increases to half the inflation rate.

• Earnings for 2026 expected to significantly exceed 2025, though forecast uncertainty is heightened due to Middle East tensions.