On a preliminary basis, the Lufthansa Group generated an adjusted EBIT of €686 million in the second quarter of 2024 (previous year: €1.1 billion). A market-related decline in average yields in all traffic regions, particularly in Asia, had a negative impact. The unit costs of the passenger airlines remained at the previous year's level in the second quarter. The Group's adjusted free cash flow was €573 million.
With a quarterly profit of €213 million, Lufthansa Airlines' result was approximately €300 million below the previous year (previous year: €515 million). Overall, Lufthansa Airlines recorded a half-year loss of €427 million (previous year: profit of €149 million). Lufthansa Airlines is particularly affected by challenges arising from the negative market development and inefficiencies in the Lufthansa and Cityline flight operations, including delayed aircraft deliveries. Achieving a balanced full-year result is becoming increasingly challenging for Lufthansa Airlines. To counteract this, an extensive turnaround programme is being launched.
For the other passenger airlines as well as Lufthansa Technik and Lufthansa Cargo, results for the second half of the year are expected to be essentially at the same level as the previous year, with some parts being higher.
An adjusted EBIT of €1.4 to €1.8 billion is now expected for the full year (previously: around €2.2 billion). The outlook depends largely on the earnings development at Lufthansa Airlines and the traditionally important fourth quarter at Lufthansa Cargo.
Adjusted free cash flow is expected to be well below €1 billion (previously: at least €1 billion), based on the latest earnings forecast, subject to uncertainties regarding investment volumes in the second half of the year.
The Group will provide further details on its financial outlook when it publishes its final second-quarter results on July 31. (€1.00 = US$1.09 at time of publication).
