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Deutsche Lufthansa (LHA) investor relations material

Deutsche Lufthansa Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 delivered robust operational and financial performance, with revenue up 4% to €11.2bn and adjusted EBIT stable at €1,331m, supported by improved regularity and punctuality.

  • Strong demand in both passenger and cargo segments, with premium bookings and corporate sales showing notable growth.

  • Premium product rollouts, digitalization initiatives, and strategic investments in fleet renewal are underway, with over 50 new aircraft deliveries expected by end of next year.

  • Customer satisfaction increased, driven by product and service enhancements.

  • Operational stability at record levels, with 99% regularity and improved punctuality.

Financial highlights

  • Q3 revenue rose 4% year-over-year to €11.2bn, with operating income up 3% to €11.7bn.

  • Adjusted EBIT for Q3 was €1.3bn, margin at 11.9% (down 0.6ppt YoY); net income at €966m, down 12% due to a one-off tax effect.

  • Adjusted free cash flow surged to €818m from €128m in Q3 2024; net debt reduced to €5.1bn.

  • Fuel costs decreased 8% YoY; staff costs rose 6%.

  • Operating cash flow for the first nine months reached €3.9bn, up €600m year-over-year.

Outlook and guidance

  • FY2025 guidance confirmed: ASK to increase ~4% vs. 2024, adjusted EBIT to significantly increase, net CAPEX €2.7–3.3bn, and stable adjusted free cash flow.

  • Disciplined growth to continue, focusing on long-haul capacity in 2026, with mid to high single-digit growth planned.

  • Adjusted free cash flow for 2025 and 2026 projected to remain broadly stable.

  • Mid-term target for adjusted EBIT margin is 8%-10% between 2028 and 2030.

  • Dividend payout policy remains at 20–40% of net income.

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Frequently asked questions

Deutsche Lufthansa AG is engaged in the tourist and freight transport, airport services and flight catering businesses. The company operates through four segments: Passenger Airlines; IT Services, Sales & Services and Other Activities. The Passenger Airlines segment offers scheduled flights to over 150 destinations worldwide, as well as long-distance travel by bus, train and ships. The company is based in Cologne, Germany.

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