Lufthansa Group recorded the highest quarterly revenue in its history in the third quarter of 2026, although its results reveal differences across its businesses. While air cargo and aircraft maintenance substantially increased their profits, the network airlines segment reported a decline in operating earnings. Lufthansa Airlines remains a particular challenge, with management announcing plans to accelerate its financial turnaround.

According to the published results, Group revenue rose nine percent year-on-year to €12.2 billion. Adjusted operating profit, measured by Adjusted EBIT, increased six percent to €1.4 billion, despite fuel costs rising by €543 million. However, the adjusted operating margin edged down from 11.9 to 11.5 percent, meaning profit growth did not fully keep pace with the increase in revenue.

Net income reached €1.3 billion, compared with €966 million a year earlier. In addition to the improved operating result, this reflected positive valuation effects and a negative tax effect that had weighed on the previous year’s earnings. Adjusted free cash flow for the quarter amounted to €793 million, slightly below the €818 million recorded a year earlier.

Passenger demand remained strong, particularly for premium travel and services to Asia and North America. The Group’s network airlines increased capacity by 1.6 percent, primarily on long-haul routes. Average yields rose 6.8 percent, while passenger load factor declined by 1.3 percentage points. Unit revenue increased by 5.2 percent.

Despite revenue growth and limiting the increase in unit costs excluding fuel and emissions to 0.5 percent, the network airlines’ Adjusted EBIT fell by €108 million to €853 million. Fuel costs in the segment rose by more than €400 million, which the Group attributed to higher jet fuel prices resulting from the conflict in the Middle East. SWISS, Austrian Airlines and Brussels Airlines improved their results, while Lufthansa Airlines faced not only higher fuel costs but also approximately €65 million in costs associated with strikes in the first half of the year.

Group CEO Carsten Spohr said that, following improvements in operational reliability and customer satisfaction, Lufthansa Airlines must accelerate its financial recovery. Additional action was announced alongside previously planned measures, with the aim of restoring the Group’s largest airline to a leading position in value creation as well.

Eurowings reduced capacity by 3.5 percent in the third quarter. Flights to the Gulf region were initially suspended because of the crisis in the Middle East and subsequently replaced mainly by shorter services to Southern Europe. Unit revenue rose ten percent, supported by strong demand, premium offerings and ancillary sales, while unit costs excluding fuel and emissions increased by 4.8 percent. The point-to-point airlines segment reported Adjusted EBIT of €214 million, up €16 million year-on-year. SunExpress also contributed to the result, with earnings accounted for under the equity method amounting to €103 million.

Lufthansa Technik and Lufthansa Cargo recorded considerably stronger growth. Lufthansa Technik’s revenue increased 20 percent to €2.3 billion, primarily driven by business with external customers. Adjusted EBIT rose 54 percent to €200 million, with the margin increasing to 8.6 percent.

Lufthansa Cargo more than tripled its operating profit, from €49 million to €162 million. Capacity increased five percent, supported by the inclusion of belly capacity on ITA Airways passenger aircraft, while cargo volumes grew seven percent. With demand remaining strong amid the crisis in the Middle East, yields were 22 percent higher than a year earlier, and the adjusted operating margin reached 15.6 percent.

However, the results for the first nine months also show pressure on cash flows. Operating cash flow declined by approximately €500 million to around €3.4 billion, reflecting lower operating profit and reduced ticket prepayments at the end of September, which the Group attributed to bookings being made closer to departure. Net investments fell from €1.8 billion to €1.2 billion, mainly because of higher proceeds from aircraft sale-and-leaseback transactions. Adjusted free cash flow for the first nine months amounted to €1.8 billion, broadly in line with the previous year.

Net debt, including net pension liabilities, stood at €7.3 billion at the end of September, €1 billion below its level at the end of 2025, while available liquidity reached €11.8 billion. For the full year, Lufthansa Group expects Adjusted EBIT of between €1.7 billion and €2 billion, with fuel costs of €9.3 billion. According to Chief Financial Officer Till Streichert, the final result will depend on demand, fuel prices and, in particular, Lufthansa Cargo’s performance in the fourth quarter.