Lufthansa Group generates operating profit of €1.1 billion in third quarter 2022

Lufthansa Group has reported that revenue almost doubled compared to last year (+93%), reaching €10.1 billion in the third quarter (previous year: €5.2 billion).

The company generated an Adjusted EBIT of €1.1 billion in the third quarter of 2022, including an impact from strikes of around €70 million. In the same period last year, operating profit was €251 million. The operating margin amounted to 11.2% (prior year: 4.8%). Net income increased significantly in the third quarter to €809 million (previous year: €-72 million).

The number of passengers travelling on board of the passenger airlines increased significantly in the third quarter compared with the previous year. Between July and September, more than 33 million passengers flew with the airlines of the Lufthansa Group (previous year: 20 million).

Lufthansa Cargo again achieved a record result. Although airfreight capacities on passenger aircraft are increasing again due to the continuation of air traffic recovery especially on the North Atlantic, average yields remain well above pre-crisis levels, especially on routes to Asia. Adjusted EBIT in the third quarter rose to €331 million (previous year: €302 million), an increase of 10% compared to last year’s already very strong performance. In the first nine months of the year, Lufthansa Cargo has thus already achieved an operating profit of €1.3 billion (previous year: €943 million) and is on course for a full-year result even above last year’s record €1.5 billion.

In the third quarter, Lufthansa Technik benefited from the high demand for air travel and the associated demand from airlines worldwide for maintenance and repair services. The volume of business was already back at around 90% of the pre-crisis level. Lufthansa Technik generated an Adjusted EBIT of €177 million in the third quarter (previous year: €149 million), the best quarter ever for the company. The forecast for the annual result was raised again. Lufthansa Technik is thus also heading for a new record for the full year (£1.00 = €1.16 at time of publication).