Lufthansa Group posted second-quarter revenue of €11.1 billion, an 8% increase from €10.3 billion a year earlier, marking a quarterly record. Yet adjusted EBIT fell to €383 million from €870 million in Q2 2025, a 56% decline that missed analyst expectations near €477 million. Net profit dropped 88% to €123 million, weighed down by the absence of a positive tax effect that had flattered the prior-year comparison.
The earnings gap was driven almost entirely by fuel. Kerosene costs rose by roughly €750 million year on year, a surge linked to the U.S.–Iran conflict that began in late February. Chief Executive Carsten Spohr said the group improved its load factor and achieved a significant increase in yield, but those gains could not fully offset the fuel bill. Shares fell 10.35% in early Frankfurt trading, hitting their lowest level since March.
Premium demand remained a bright spot. Spohr noted that strong global travel demand, particularly in premium cabins, supported yields. Investments in premium products such as Allegris, Swiss Senses, and the FOX service upgrade are starting to contribute. Lufthansa Cargo lifted its operating margin above 11%, and Lufthansa Technik grew revenue by 11%. The core brand's turnaround program — fleet renewal, expansion of Discover Airlines and Lufthansa City Airlines, and productivity measures — is now active across all three levers.