Lufthansa Group, which includes several of the largest network carriers in Europe and is celebrating its 100th anniversary, has posted its 2025 results, with the group ending the year with a slight improvement in operating margin but lower net profit than in 2024.
Record-breaking revenue
Lufthansa Group ended 2025 with revenues of €39.5 billion ($45.7 billion), a 5% improvement year-on-year (YoY), while its operating profit, or adjusted earnings before interest and taxes (EBIT), was €2 billion ($2.3 billion), up 19% compared to 2024. Operating margin improved by 0.5 percentage points to 5.1%.
Group-wide capacity, measured in available seat kilometers, increased by 4% YoY, while the average load factor was basically flat, up 0.1 percentage points. However, Lufthansa Group pointed out that while its airlines improved their overall profit, external factors, including softening demand in the North Atlantic and Europe markets, resulted in yields falling 1.3% YoY.
“The decline in average yields was offset by higher revenues from ancillary services, which rose by 15%. In sum, the currency-adjusted unit revenues (RASK) remained stable at the previous year's level.”
Lufthansa Group’s unit costs were up 1.9% YoY.
Carsten Spohr, the Chief Executive Officer (CEO) of Lufthansa Group, stated that the company had managed to “significantly increase the Group's operating profit and achieved the highest revenue in our history” in 2025, with its results showcasing the group’s “resilience and stability.”
Rytis Beresnevicius
Lufthansa’s improvements
Lufthansa, the flagship of the group, has been slowly turning its fortunes around since it announced its turnaround program in 2024, delivering an EBIT profit of €178 million ($206.1 million) in 2025 compared to a loss of €116 million ($134.3 million) in 2024. The program remains “a top priority” for Lufthansa Group, Spohr said.
“The main drivers for increased profitability at Lufthansa Airlines are the modernization of the fleet with modern, fuel-efficient aircraft such as the Boeing 787, the continuing growth of Lufthansa City Airlines and Discover Airlines, as well as around 700 other individual measures, more than half of which are expected to be implemented by the end of 2026.”
The German airline was one of two Lufthansa Group airlines to improve its operating margin in 2025. The other was Austrian Airlines, while Brussels Airlines, Eurowings, and Swiss International Air Lines (SWISS) ended the year with a lower operating margin.
Out of the five reporting entities, only one improved its unit revenues YoY: Lufthansa. However, the group confirmed that yields fell across all five airlines, except for Brussels Airlines, which reported yields that “were on a par with last year.”
While Lufthansa Group does not disclose ITA Airways’ full results, it said that the Italian carrier “made a positive contribution to earnings of” €90 million ($104.2 million).
Expanding capacity in 2026
In its outlook, Lufthansa Group noted that while it plans to grow its revenues and capacity, “developments in the Middle East and the associated geopolitical consequences for the global economy increase the medium- and long-term forecast uncertainty.”
According to the company, supply chain disruptions are resulting in increased volatility in oil markets. At the same time, the group has seen “a sharp rise in demand for long-haul flights since the weekend, particularly on routes to and from Asia and Africa.”
As a result, the group has added extra flights to destinations in Southeast Asia and South Africa.
“The Lufthansa Group's fleet modernization will reach its peak this year and next. In 2026, a new aircraft will be delivered on average nearly every week, and by the end of the year, new generation aircraft will amount to around 30 percent of the fleet.”
The group concluded that the airlines’ capacity growth “will focus almost exclusively on long-haul routes, while the capacity on short-haul routes is expected to remain stable.”
Rytis Beresnevicius
