Lufthansa Group has reported a second quarter net profit of €801 million or €0.74 per share on a year-over-year increase in revenue of 17 percent to €9.4 billion. The Group also achieved a record second quarter EBIT of €1.1 billion.
On Thursday (August 3, 2023), the Lufthansa Group reported their financial results for the second quarter ending June 30, 2023. The company reported a second quarter net profit of €801 million or €0.74 per share on a year-over-year increase in revenue of 17 percent to €9.4 billion. SWISS, Austrian Airlines, Brussels Airlines, Eurowings and Lufthansa Technik all reported their highest second quarter results ever. Lufthansa Group also achieved a record second quarter EBIT of €1.1 billion, compared to €392 million during the same period last year. At June 30, 2023, the Group had access to €10.8 billion in total liquidity.
In Thursday’s announcement, Lufthansa Group’s CEO, Carsten Spohr, said,
“Thanks to the great efforts of our employees, we were able to avoid a situation like last summer and once again offer our customers a more stable operation. Whether on the ground, in the cockpit, in the cabin or in our maintenance hangars, it was our employees worldwide who made reliable flight operations and the financially best second quarter in our history possible. Thus, our clear focus on stability has proven to be the right choice for our customers, our employees and our shareholders. Besides that, we have sharpened our strategic focus with agreements on the sale of LSG Group and AirPlus as well as the agreement to acquire ITA.
“Our outlook indicates a continued positive development for customers, employees and shareholders: The specified profit forecast clearly shows that we are well on track to achieve the capital market targets we have set ourselves for the medium term. This enables us to make the planned investments in premium quality for our customers. The simultaneous continuation of our recruitment campaign with more than 1,000 new hires per month also creates new prospects for our employees. And last but not least, there is a special outlook for our Lufthansa long-haul fleet. Two more A380s will return to scheduled service this year, with more to follow along with new Boeing 787s and Airbus A350s in the coming year, into which we look with great optimism.”
Also commenting on the Group’s financial results, Deutsche Lufthansa AG’s Chief Financial Officer, Remco Steenbergen, added,
“I am proud that all passenger airlines were able to generate a strong operating result and that we achieved a record result in the second quarter. Lufthansa Group has shown over the past few years that it delivers on its promises. This also applies to the development of our portfolio, where we have made significant progress in our transformation into an Airline Group. In the coming months we will continue to work on getting as close as possible to our 2024 targets already in the current year.”
Lufthansa Group's Second Quarter 2023 Financial Results and Key Figures - Courtesy Lufthansa
Lufthansa Group’s net debt decreased to €5.9 billion at the end of the second quarter compared to €6.9 billion at December 31, 2022. The company continues to invest over €2.0 billion annually in modern, fuel efficient aircraft and will acquire around 200 new generation jets by 2030, including Airbus A350s, Boeing 787 Dreamliners, Boeing 777-9s and Airbus A320neo Family aircraft.
During May, Lufthansa agreed to take a 41 percent stake in Italian flag carrier ITA Airways, while retaining the right to acquire the remaining shares at a later date. The transaction is subject to approval by the relevant authorities, which is expected by the end of 2023.
Select individual Group airline results are available here: Austrian Airlines, Brussels Airlines, SWISS.
Source: Lufthansa Group