Lufthansa Group reports strong Q2 2025 results, confirms full-year outlook

Lufthansa Group posted a strong performance in the second quarter of 2025, with Adjusted EBIT rising 27% to €871 million and net profit more than doubling to €1.01 billion, driven by low oil prices, strong transatlantic demand, and solid contributions from Lufthansa Cargo, Lufthansa Technik, and its ITA Airways investment.

The Group has reaffirmed its full-year forecast, expecting significantly higher profits than in 2024 despite ongoing economic and geopolitical headwinds.

Key Financials

• Revenue: €10.3 billion (+3% YoY)
• Adjusted EBIT: €871 million (Q2 2024: €686 million)
• Net profit: €1.01 billion (Q2 2024: €469 million)
• Passenger numbers: 61 million in H1 2025 (+2% YoY)
• Operating cash flow: €2.8 billion
• Adjusted Free Cashflow: €1.04 billion
• Net debt: Reduced to €5.5 billion

Business Segment Highlights

• Passenger Airlines:

  • Revenue: €8.2 billion (+3%)
  • Adjusted EBIT: €690 million
  • Load factor stable at 82% despite 4% capacity increase
  • RASK slightly down (-0.9%) due to price pressure in Europe
  • Unit costs (CASK) up 4.1% due to inflation and higher home-market costs

• Lufthansa Cargo:

  • Adjusted EBIT doubled to €73 million
  • Driven by demand for Asian e-commerce and sea freight bottlenecks
  • Began marketing ITA Airways’ South American belly capacity

• Lufthansa Technik:

  • Revenue: €2.0 billion (+8%)
  • Record Adjusted EBIT: €310 million in H1 2025
  • Benefiting from growing maintenance demand and fleet expansion

• ITA Airways Integration:

  • Contributing €91 million to Group EBIT
  • Joint bookings, customer benefits, and loyalty integration implemented
  • Full belly capacity marketing via Lufthansa Cargo underway

Strategic and Operational Updates:

• Turnaround Program for Lufthansa Airlines on track

  • Best punctuality/stability since 2016
  • Ancillary revenue up >25%
  • Canadian call centre closed for efficiency gains
  • Expected gross earnings effect: €1.5B (2026), €2.5B (2028)

• Fleet Renewal:

  • Up to 10 Boeing 787-9 Dreamliners with new Allegris product by year-end
  • Plan to operate 15 787-9s from Frankfurt by summer 2026

Outlook

• 2025 Adjusted EBIT expected to significantly exceed 2024 (€1.6B)
• Capacity growth: ~4%
• Adjusted Free Cashflow: stable (~€840M)
• Risks monitored: geopolitical crises, fuel costs, exchange rate volatility, short-term booking behaviour

CEO Carsten Spohr
“The Lufthansa Group remains on course… We are delivering strong results despite transformation challenges and competitive pressures from EU regulations. Our focus remains on operational stability, efficiency, and strengthening our global position.”