Lufthansa Group Delivers Record €12.2 Billion Third-Quarter Revenue

Deutsche Lufthansa AG has reported its strongest quarterly revenue performance in corporate history, generating €12.24 billion in consolidated revenue during the third quarter of 2026. The milestone represents a nine percent increase compared to the €11.23 billion recorded during the third quarter of 2025. Despite facing an unexpected €543 million surge in quarterly jet fuel spending driven by elevated global crude prices and Middle East air corridor diversions, the German aviation group raised its adjusted operating profit (Adjusted EBIT) by six percent year-over-year to €1.41 billion.

## Commercial Outperformance Across Network Carriers The record top-line performance was underpinned by exceptionally resilient international passenger demand across core premium and long-haul intercontinental routes. Network airlines—comprising Lufthansa Airlines, SWISS, Austrian Airlines, and Brussels Airlines—expanded capacity by 1.6 percent in available seat-kilometres, marking their first quarterly capacity growth of 2026. Intercontinental operations performed strongly across South American, African, and transatlantic corridors, allowing the group to secure an average yield improvement of 6.8 percent despite a 1.3 percentage point dip in passenger load factors to 86.2 percent.

Cost control outside of volatile fuel expenditure proved vital in protecting group operating margins, which settled at a healthy 11.5 percent. Unit costs excluding fuel and carbon emissions across passenger airlines increased by merely 0.5 percent, well below broader European inflation benchmarks. Individual airline units posted varied quarterly contributions: SWISS achieved an adjusted EBIT of €295 million, Austrian Airlines contributed €140 million, and Brussels Airlines delivered a record €84 million. However, core mainline carrier Lufthansa Airlines saw operating profit decline from €454 million to €300 million, impacted by residual strike-related disruption costs and elevated airport fees.

## Cargo and MRO Units Propel Group Earnings The group's diversified business portfolio provided crucial earnings insulation against mainline airline cost pressures. Air freight arm Lufthansa Cargo delivered a standout quarter, more than tripling its adjusted EBIT to €162 million from €49 million a year earlier, achieving a robust operating margin of 15.6 percent. Cargo capacity climbed five percent, assisted by belly-hold freight access on ITA Airways aircraft, while freight yields jumped 22 percent amid persistent Red Sea maritime supply bottlenecks.

Maintenance, repair, and overhaul subsidiary Lufthansa Technik also posted double-digit operational gains, raising revenue by 20 percent to €2.33 billion as global airlines outsourced engine overhauls and component maintenance. The technical division generated €200 million in adjusted EBIT, up 54 percent year-over-year. In European point-to-point operations, low-cost carrier Eurowings generated €214 million in adjusted EBIT, supported by a €103 million contribution from its SunExpress leisure joint venture.

## Fuel Headwinds and Strategic Fleet Realignment Consolidated third-quarter net income rose to €1.26 billion, compared to €966 million in the prior-year period, supported by operational expansion and favourable financial valuation items. Free cash flow remained steady at €793 million, supporting an overall liquidity reserve of €11.76 billion and helping reduce net debt to €7.25 billion.

Addressing ongoing macroeconomic risks, Chief Executive Carsten Spohr reaffirmed the group's commitment to accelerating the structural financial turnaround of mainline Lufthansa Airlines, targeting gross annual profit improvements of €1.5 billion. With anticipated full-year fuel expenditure climbing to €9.3 billion, Lufthansa Group narrowed its full-year 2026 adjusted EBIT guidance to a corridor between €1.7 billion and €2.0 billion. The group continues to execute major strategic fleet transitions, including activating options for 20 Boeing 737-10 aircraft and advancing regulatory clearances to expand its equity holdings in TAP Air Portugal and ITA Airways.