Lufthansa’s Mixed Q3 Results: Passenger Growth vs. Profit Drop

Lufthansa Group shared its Q3 2025 financial update, showing mixed results amid challenging market conditions.

The company reported a net profit of €966 million (~$1.12 billion), a 12 percent decrease compared to €1.10 billion (~$1.27 billion) from the same quarter last year, primarily due to unfavorable tax impacts.

Earnings per share also fell, dropping to €0.81 ($0.94) from €0.92 ($1.06) the previous year.

Despite these dips, revenue grew 4 percent year-over-year, reaching a record €11.2 billion (~$12.9 billion), driven by a 1 percent increase in transport revenue. Adjusted EBITDA slipped slightly, down 1 percent to €1.92 billion (~$2.22 billion).

Meanwhile, Lufthansa’s adjusted free cash flow soared to €818 million (~$955 million), more than six times what it made in Q3 2024, aided mainly by delays in aircraft deliveries.

Looking at the first nine months of 2025, Lufthansa recorded a net income of €1.09 billion (~$1.26 billion), representing a solid 32 percent increase over the same period last year, with revenue up 5 percent to nearly €29.6 billion (~$34.2 billion). Adjusted EBIT rose 26 percent to €1.48 billion (~$1.71 billion).

Despite a 3 percent increase in passenger numbers to 42 million in Q3, the company faced challenges, including competitive European flight markets, resulting in a 2.2 percent decline in average seat revenue.

Nonetheless, cost discipline and efficiency measures kept unit cost increases to a minimum. The Lufthansa Cargo division continued its positive performance, contributing to the group's overall financial stability.

Earlier this month, Lufthansa expanded its joint venture with Singapore Airlines by adding Brussels Airlines. This addition expands the network, providing improved connections and increased travel options between Singapore, Belgium, and beyond.

Photo by Sevcan Alkan on Unsplash