Lufthansa Group: 2023 is Third Best Financial Result in History

Tails of Lufthansa Group aircraft.
Photo Credit: Lufthansa Group
Len Varley - Assistant Editor 6 Min Read
6 Min Read

In the financial year 2023, the Lufthansa Group marked a significant milestone in its history by achieving the third-best financial result ever recorded. This success can be attributed to the sustained high demand for air travel and the remarkable performance of Lufthansa Technik, among other factors.

The Lufthansa Group now expects a continued increase in the demand for flight tickets in the current year.

Demand is already high, especially for flights during the Easter and summer vacation periods.

We take a look at the Group’s 2023 successes, which saw revenue increase by 15 percent and a 20 per cent increase in passenger numbers.

2023 Financial Performance Overview

The financial indicators for 2023 depict a robust performance by the Lufthansa Group. Revenue soared to 35.4 billion euros, a notable increase from the previous year’s 30.9 billion euros.

The operating profit, measured as Adjusted EBIT, witnessed a substantial surge, reaching 2.7 billion euros compared to 1.5 billion euros in the previous year.

This surge in operating profit led to an improved Adjusted EBIT margin of 7.6 percent, up from 4.9 percent in the prior year.

The Lufthansa Group sign in front of the airline Group's headquarters.
Photo Credit: Lufthansa Group

Moreover, the net profit more than doubled, reaching 1.7 billion euros, compared to 790 million euros in the previous year.

The return on capital employed (Adjusted ROCE) also experienced a significant rise, surpassing the 2024 target value of ten percent ahead of schedule, reaching 13.1 percent.

For the first time, all passenger airlines in the Group reported an operating profit. SWISS, Austrian Airlines, Brussels Airlines and Eurowings all achieved record results.

Passenger Numbers and Traffic

Despite the challenges posed by the ongoing global situation, the desire to travel remained robust in 2023.

The Lufthansa Group witnessed a substantial increase in passenger numbers, with a total of 123 million passengers traveling, marking a 20 percent increase compared to the previous year.

This surge in demand prompted the airlines to expand their flight offerings by 14 percent, totaling 946,000 flights.

The seat load factor also witnessed an improvement, reaching around 83 percent, returning to pre-crisis levels.

A Lufthansa Airbus A350 in flight.
Photo Credits: Lufthansa

Capacity Planning and Flight Operations

Stable flight operations remained a top priority for the Lufthansa Group in 2023. Despite challenges, 98 percent of all flights were executed as planned.

However, the required buffers in the system led to decreased productivity compared to pre-crisis levels, particularly for the core Lufthansa brand.

Passenger Airlines Revenue and Profit

The high demand and increased capacity translated into significant revenue growth for the passenger airlines segment, reaching 28.3 billion euros in 2023.

Yields also experienced a positive trend, primarily driven by strong demand in the leisure travel segment.

Despite cost inflation, the segment reported a positive Adjusted EBIT of 2.0 billion euros, a significant improvement from the previous year.

An Airbus A380 parked at Lufthansa Technik Philippines maintenance hangar

Lufthansa Technik Performance

Lufthansa Technik continued its impressive performance in 2023, generating a record operating profit of 628 million euros.

Despite challenges such as strained supply chains and rising costs, the company maintained its growth trajectory.

With its “Ambition 2030” growth plan, Lufthansa Technik aims to further expand its core business and invest in digital business models.

Lufthansa Cargo Performance

In 2023, Lufthansa Cargo witnessed a normalization in demand for air freight. Despite this, the company managed to increase its capacity by seven percent compared to the previous year.

Lufthansa Cargo generated an Adjusted EBIT of 219 million euros, maintaining a strong operating margin of 7.4 percent.

A Lufthansa Cargo A321 freighter on the tarmac.

Aircraft Deliveries

The Lufthansa Group is currently undergoing the largest fleet modernization in its history. In 2024, the company expects to take delivery of more than 30 new aircraft.

These include widebody jets such as the Boeing 787-9 “Dreamliners” and Airbus A350-900s. A double-digit number of Boeing 787-9 “Dreamliners”, eight Airbus A350-900s and one Boeing 777 freighter will be delivered to the company.

All these long-haul aircraft will fly for Lufthansa Airlines and Lufthansa Cargo.This modernization effort aims to enhance customer comfort and reduce CO2 emissions significantly.

Render of a City Airlines Airbus in flight.


Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG, says: “The Lufthansa Group has regained its financial strength.”

“I would like to thank our customers for their continued loyalty and each and every one of our approximately 100,000 employees. With their above-average commitment, they made 2023 one of the three best years in Lufthansa Group’s history.”

The financial year 2023 proved to be a remarkable period for the Lufthansa Group, characterized by significant revenue growth and improved profitability.

Despite challenges, the company’s strategic initiatives and focus on customer experience and operational excellence have yielded commendable results.

The Lufthansa Group has marked a significant milestone in its history, achieving the third-best financial result ever recorded in 2023.
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