Lufthansa Group Reports First Quarter 2026 Net Loss of €665 Million or €0.55 per Share

Lufthansa Group has reported a first quarter net loss of €665 million or (€0.55) per share on a year-over-year increase in revenue of 8.0 percent to €8.7 billion.  At March 31, 2026, the company had total available liquidity of €10.3 billion.

Lufthansa Group Reports First Quarter 2026 Financial Results - Courtesy Lufthansa Group

On Wednesday (May 6, 2026), Lufthansa Group reported their first quarter financial results for the period ending March 31, 2026.  The Group reported a first quarter net loss of €665 million or (€0.55) per share on a year-over-year increase in revenue of 8.0 percent to €8.7 billion.  At March 31, 2026, the company had total available liquidity of €10.3 billion.  During the first quarter, Lufthansa Group’s Network Airlines kept their capacity nearly stable compared to the same period last year.  The Group’s load factor increased to 81.9 percent, while unit revenues rose by 3.3 percent compared to the prior year, primarily driven by a strong surge in demand in March following capacity reductions via Middle Eastern hubs.  The Group’s airlines also adjusted their flight schedules in response to increased demand, particularly on routes to Asia and Africa routes.  

In Wednesday’s announcement, Deutsche Lufthansa AG’s Chairman and CEO, Carsten Spohr, said,

“In the first quarter, we significantly improved on the previous year’s financial results, with Adjusted EBIT up by 110 million euros and net income up by 220 million euros.  Group revenue rose by eight percent to 8.7 billion euros — a new record for a first quarter.  We are achieving what we set out to do and delivering on what we promised.  From our customers’ perspective, this applies in particular to our product and fleet renewal.  With seven new aircraft deliveries, including five long-haul aircraft, we are fully on track in the first quarter of the year.

“But the ongoing crisis in the Middle East, combined with rising fuel costs and operational constraints, poses enormous challenges for the world as a whole, for global air travel, and for our company as well.  However, we are resilient in our ability to absorb these impacts.  This applies both to our above-average hedging against fuel price fluctuations and to our multi-hub, multi-airline strategy, which provides us with greater flexibility in our route network and fleet development.  Complemented by a successful Lufthansa Cargo and Lufthansa Technik, together with our team of 110,000 employees, we will therefore — as so often in the 100 years of our history — emerge from this crisis even stronger.”

Also commenting on the company’s financial results, Deutsche Lufthansa AG’s Chief Financial Officer, Till Streichert, said,

“We are satisfied with the first quarter: the earnings improvement of 110 million euros already represents a substantial portion of what we had planned for the full year.  At the same time, the current situation compels us to rigorously examine every lever available to reduce costs, improve efficiency, and mitigate risks in order to maintain our ability to act decisively.  Our annual profit will likely be lower than originally anticipated. Nevertheless, based on current booking trends, we expect to be able to largely offset the high fuel costs successively - especially in the second half of the year.  And the cargo business, which continues to perform well, provides additional support to the earnings situation.  Provided there are no fuel supply bottlenecks or further strikes, I therefore remain confident, despite increased risks, that we can achieve a full year result significantly above prior-year levels.”

Lufthansa Group's First Quarter 2026 Financial and Operational Highlights - Courtesy Lufthansa Group

Demand for maintenance, repair, and overhaul (MRO) services and other products from Lufthansa Technik remained consistently high during the period.  Revenue increased by 12 percent compared to the prior year to €2.3 billion (prior year: €2.0 billion euros), with revenue from business with external customers rising by as much as 19 percent.  Material shortages in the global market weighed on the result, as did personnel shortages and costs for necessary qualification measures, so that the operating result (Adjusted EBIT) of €158 million remained at the prior-year level (prior year: €161 million).

Lufthansa Cargo substantially expanded their capacity by seven percent in the first quarter compared to the prior year. This was primarily due to increased belly-hold capacity, including through the marketing of ITA Airways’ cargo space.  Overall, Lufthansa Cargo achieved a significantly improved Adjusted EBIT of €83 million (prior year: €62 million).

The Group also maintained a strong balance sheet in the first quarter of 2026.  The company’s net debt of €5.3 billion was significantly below the level at year-end 2025 (December 31, 2025: €6.4 billion).  Net pension obligations amounted to €1.9 billion, the same level as year-end 2025. At the end of March 2026, the company had liquidity of €10.3 billion available (December 31, 2025: €10.7 billion euros).  First quarter 2026 financial results from select Lufthansa Group airlines are available here: Austrian Airlines, Brussels Airlines, and SWISS.

Source: Deutsche Lufthansa AG