Last year, the Lufthansa Group achieved the highest sales in its history and increased its operating result by double digits.
The cash flow was significantly better than forecast. This is due, among other things, to a higher supply. In addition, the Lufthansa core brand is profitable again, and the group recorded fewer costs for flight cancellations and delays. The freight business benefited from stable market demand and strong business in Asia. Shareholders are to receive a 3 cent higher dividend of 0.33 euros per share.
In the current year 2026, the offer is to be expanded by 4 percent, as was the case last year. The MDAX-listed airline group expects further sales growth, a “significant” increase in earnings and a further improvement in its margin, but pointed to increased forecast uncertainty due to the situation in the Middle East.
Group sales rose by 5 percent to 39.6 billion euros in the 2025 financial year. Adjusted earnings before interest and taxes (EBIT) increased by 19 percent to 1.96 billion euros. The adjusted EBIT margin improved from 4.4 percent in the previous year to 4.9 percent. Adjusted free cash flow grew by 41 percent to 1.19 billion euros. The group had forecast adjusted free cash flow at the previous year’s level of 849 million euros; analysts had expected 941 million.
Market observers unanimously saw sales at 39.9 billion euros and adjusted EBIT at 1.91 billion euros.
Lufthansa shares trying to recover – wants to improve profits
Lufthansa’s annual figures and outlook were initially well received by recently suffering investors in XETRA trading on Friday. At times it rose by 0.27 percent to 8.14 euros. The war with its impact on fuel prices and travel had recently pushed the price down to a low since mid-December near the 8 euro mark.
Industry expert Ruairi Cullinane from Canada’s RBC wrote in an initial comment that the airline exceeded expectations in the fourth quarter. The company is also planning a further significant increase in profits in 2026, which is positive given the recent price losses.
However, there are also critical voices: Alex Irving from Bernstein Research said that exceeded expectations in the fourth quarter were of “low quality” because they were mainly achieved in peripheral areas and influenced by consolidation effects. Regarding the outlook, the expert questions whether it takes into account the effects of the Iran war.
DOW JONES / FRANKFURT (dpa-AFX)
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