Deutsche Lufthansa AG recorded the highest revenue quarter in its company history in the third quarter of 2024. With revenue of 10,7 billion euros, the group exceeded the previous year's figure by five percent.
In addition to high demand for air travel, the growth was also driven by the good development of the subsidiaries Lufthansa Technik and Lufthansa Cargo. Despite the positive results, the airline group remains faced with a number of challenges and is working consistently on its strategic direction and sustainability goals.
High demand drives sales and capacity utilization
The Lufthansa Group carried over 40 million passengers in the third quarter, an increase of six percent compared to the previous year. The average seat load factor rose to 87 percent, with August setting a new monthly record with a load factor of 88 percent. Lufthansa continued to record strong demand, particularly in the premium segment - Business and First Class - and booking figures for the fourth quarter are also above the previous year's level.
The high number of passengers and the stable cargo business gave the group an adjusted EBIT (operating profit) of 1,3 billion euros, although the operating margin fell slightly to 12,5 percent due to rising costs. Personnel costs, increased fees and delays in aircraft deliveries in particular had a negative impact on the balance sheet. However, these challenges are part of Lufthansa Airlines' future "turnaround" program, which includes making short-haul flights more efficient and modernizing the aircraft fleet.
Lufthansa Technik and Lufthansa Cargo as pillars
A significant portion of revenue comes from the subsidiaries Lufthansa Technik and Lufthansa Cargo, each of which made significant contributions to the overall result. Lufthansa Technik recorded an EBIT of 167 million euros in the third quarter, almost at the same level as the previous year. In particular, the increased demand for maintenance and repair services, brought about by the global recovery in air traffic, favored growth in this sector.
The cargo business also showed strong figures. Lufthansa Cargo generated an adjusted EBIT of 38 million euros in the third quarter, benefiting from the continued high demand for air cargo and strong e-commerce, particularly in the Asia-Pacific region. This positive development shows that Lufthansa Cargo is responding flexibly to changes in the air cargo market and shifting capacities internationally when necessary.
Investments in sustainability and modernization
In addition to operational measures, the Group has a strong focus on sustainability and modernization. The Lufthansa Group has set itself ambitious climate targets and aims to halve CO₂ emissions by 2030 and achieve CO₂ neutrality by 2050. To this end, the Group is investing heavily in fuel-efficient aircraft and sustainable aviation fuels (SAF). From 2024, "Green Fares" will also be available on long-haul routes, which include CO₂ compensation for passengers and contribute to climate protection.
In addition, Lufthansa plans to acquire a stake in the Italian airline ITA Airways, which is intended to strengthen the group's international presence. The planned expansion of the fleet and the progressive automation of processes are part of a strategy that is intended to further secure and expand market leadership in Europe.
Outlook
Lufthansa also expects stable demand for the fourth quarter and has set its earnings expectations for the full year at an adjusted EBIT of 1,4 to 1,8 billion euros. With the planned structural changes and ongoing modernization, the Lufthansa Group is pursuing the goal of emerging stronger from 2024 as the European industry leader.
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