Reported Earnings • Aug 04
Second quarter 2026 earnings released: EPS: €0.11 (vs €0.83 in 2Q 2025) Second quarter 2026 results: EPS: €0.11 (down from €0.83 in 2Q 2025). Revenue: €11.1b (up 7.9% from 2Q 2025). Net income: €130.0m (down 87% from 2Q 2025). Profit margin: 1.2% (down from 9.7% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • May 16
Deutsche Lufthansa Ag Appoints Dr. Johannes Teyssen as Chair of the Supervisory Board, Effective May 12, 2026 BP p.l.c. announced that Dr. Johannes Teyssen, a non-executive director of the Company, has been appointed as chair of the supervisory board of Deutsche Lufthansa AG, effective May 12, 2026. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 07
First quarter 2026 earnings released: €0.55 loss per share (vs €0.74 loss in 1Q 2025) First quarter 2026 results: €0.55 loss per share (improved from €0.74 loss in 1Q 2025). Revenue: €9.33b (up 15% from 1Q 2025). Net loss: €665.0m (loss narrowed 25% from 1Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Upcoming Dividend • May 06
Upcoming dividend of €0.33 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 18 May 2026. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Hungarian dividend payers (5.9%). Higher than average of industry peers (2.8%). Announcement • Apr 05
Deutsche Lufthansa AG, Annual General Meeting, May 12, 2026 Deutsche Lufthansa AG, Annual General Meeting, May 12, 2026, at 10:00 W. Europe Standard Time. Announcement • Apr 04
Deutsche Lufthansa AG announces Annual dividend, payable on May 18, 2026 Deutsche Lufthansa AG announced Annual dividend of EUR 0.3300 per share payable on May 18, 2026, ex-date on May 13, 2026 and record date on May 14, 2026. Declared Dividend • Apr 04
Dividend of €0.33 announced Shareholders will receive a dividend of €0.33. Ex-date: 13th May 2026 Payment date: 15th May 2026 Dividend yield will be 0.01%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hungarian stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: €1.11 (vs €1.16 in FY 2024) Full year 2025 results: EPS: €1.11 (down from €1.16 in FY 2024). Revenue: €39.7b (up 5.4% from FY 2024). Net income: €1.33b (down 4.0% from FY 2024). Profit margin: 3.4% (down from 3.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: €0.81 (vs €0.93 in 3Q 2024) Third quarter 2025 results: EPS: €0.81 (down from €0.93 in 3Q 2024). Revenue: €11.2b (up 4.3% from 3Q 2024). Net income: €970.0m (down 13% from 3Q 2024). Profit margin: 8.7% (down from 10% in 3Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: €0.83 (vs €0.39 in 2Q 2024) Second quarter 2025 results: EPS: €0.83 (up from €0.39 in 2Q 2024). Revenue: €10.3b (up 3.1% from 2Q 2024). Net income: €1.00b (up 113% from 2Q 2024). Profit margin: 9.7% (up from 4.7% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jun 20
Turkish Airlines Reportedly Explores Air Europa Stake as Bid Deadline Looms Turkish Airlines (Türk Hava Yollari Anonim Ortakligi (IBSE:THYAO)) is exploring making a bid for a minority stake in Air Europa (Air Europa Líneas Aéreas S.A.U.), the latest carrier to express interest in the Spanish airline, according to two sources with knowledge of the deal, with binding bids due in the coming weeks. Interested investors have been asked to submit binding bids by early July, one of the sources and two more said. The sources declined to be identified because the terms are confidential. Turkish Airlines' consideration of a bid is significant as there are few examples of carriers outside Europe buying shares in players in the region. The interest has been reported by Spanish online newspaper El Espanol. The deadline for binding bids has not previously been reported. Air France-KLM SA (ENXTPA:AF) and Lufthansa (Deutsche Lufthansa AG (XTRA:LHA)) are also in talks with Globalia (Globalia Corporación Empresarial, S.A.), the holding company of the family Hidalgo that founded the company, about buying a stake, Reuters reported previously. The airline makes just over a quarter of its revenues from Europe. It has a codeshare agreement with Air Europa. Turkish Airlines did not immediately respond to requests for comment, while its shareholder Turkey's Wealth Fund declined to comment. A representative for Globalia and the Hidalgo family said they did not want to comment on an ongoing operation because of confidentiality issues. Lufthansa declined to comment. An Air France-KLM spokesperson said the airline is interested in reinforcing its longstanding cooperation with Air Europa. Binding bids would mark the next phase of a prolonged sale process as Air Europa seeks to raise cash to repay a government loan granted during the pandemic. A previous plan had aimed for binding bids in May, two of the sources said. The process has faced delays due in part to disagreements between members of the Hidalgo family and concerns from interested airlines on the structure of the deal, according to the two sources and a fourth one said. The interested parties are working with advisers to structure bids in the hope that buying a minority stake of about 20% may put them in a better position to take control of the airline in the future, the two sources added. Some potential suitors have expressed concern over a lack of clarity about how they may be able to do that, according to the fourth person with knowledge of the talks. New Risk • May 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hungarian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.5% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Apr 30
First quarter 2025 earnings released: €0.74 loss per share (vs €0.61 loss in 1Q 2024) First quarter 2025 results: €0.74 loss per share (further deteriorated from €0.61 loss in 1Q 2024). Revenue: €8.13b (up 9.9% from 1Q 2024). Net loss: €885.0m (loss widened 21% from 1Q 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to Ft2,462. The fair value is estimated to be Ft3,197, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Mar 28
IAG to Consider Selling 20% Stake in Air Europa British Airways-owner International Consolidated Airlines Group S.A. (LSE:IAG) will consider selling its 20% stake in Air Europa (Air Europa Líneas Aéreas S.A.U.) as the Spanish airline's owner continues talks with Air France-KLM SA (ENXTPA:AF) and Deutsche Lufthansa AG (XTRA:LHA) to sell a stake in the company, IAG's Chief Executive Officer told Reuters. The move comes as European airlines have called for further consolidation of the sector, with many focusing on key routes in southern Europe as a target for expansion. "It's something that we are going to decide when (Globalia) take a decision about what they do with the company (Air Europa). We can stay or we can leave," IAG Chief Executive Officer Luis Gallego said on March 27, 2025. IAG scrapped a deal to buy Air Europa last year after it couldn't convince EU competition regulators that its proposed remedies were sufficient. Gallego said IAG was still interested in taking a stake in Portugal's TAP as IAG seeks to pursue a double-hub strategy in Iberia with Madrid and Lisbon as key points. However, elections in Portugal are set to delay TAP's sale, which means the conditions for any deal are still unclear. "If there is continuity with the current government, I think the process is going to be delayed maybe two, three months," Gallego said. "If there is a new government, I think we are going to have a bigger delay." He added that IAG's interest in TAP was contingent on its ability to be able to integrate the airline into its broader group and processes. "What we need to see is not only the stake, but also the freedom that you have to manage the company," he said. Announcement • Mar 27
Deutsche Lufthansa AG, Annual General Meeting, May 06, 2025 Deutsche Lufthansa AG, Annual General Meeting, May 06, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: €1.16 (vs €1.61 in FY 2023) Full year 2024 results: EPS: €1.16 (down from €1.61 in FY 2023). Revenue: €37.6b (up 6.1% from FY 2023). Net income: €1.39b (down 28% from FY 2023). Profit margin: 3.7% (down from 5.4% in FY 2023). Available seat kilometres (ASK): 326.18b (up 8.5% from FY 2023). Passenger load factor: 83.1% (up from 82.9% in FY 2023). Total aircraft: 735 (up by 14 from FY 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
Deutsche Lufthansa AG announces Annual dividend, payable on May 09, 2025 Deutsche Lufthansa AG announced Annual dividend of EUR 0.3000 per share payable on May 09, 2025, ex-date on May 07, 2025 and record date on May 08, 2025. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Ft3,234, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Airlines industry in Europe. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Ft1,523 per share. New Risk • Dec 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hungarian stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 13x cash flows per share). Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: €0.93 (vs €1.00 in 3Q 2023) Third quarter 2024 results: EPS: €0.93 (down from €1.00 in 3Q 2023). Revenue: €11.3b (up 9.8% from 3Q 2023). Net income: €1.11b (down 6.8% from 3Q 2023). Profit margin: 9.8% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Sep 12
Lufthansa Reportedly to Weigh Investment in Air Baltic Before Initial Public Offering Deutsche Lufthansa AG (XTRA:LHA) is considering taking a stake in Air Baltic Corporation AS ahead of the Latvian state-owned carrier’s proposed initial public offering, according to people familiar with the matter. Talks are at an early stage and no decision about an investment has been made, said the people, asking not to be identified discussing confidential deliberations. Air Baltic’s management has been gearing up for an IPO by the end of 2024, though Chief Executive Officer Martin Gauss has indicated it could also occur in the first half of 2025. Lufthansa declined to comment, as did AirBaltic. Latvia has said it plans to keep at least 25% of AirBaltic after the IPO. Its Ministry of Transport, which is managing the sale, declined to comment. An unidentified strategic investor is in talks with AirBaltic to acquire an initial 10% of the airline’s shares ahead of a public offering, Latvia’s public broadcaster reported on September 08, 2024, without saying where it got the information. Buy Or Sell Opportunity • Aug 15
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to Ft2,192. The fair value is estimated to be Ft1,813, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. New Risk • Aug 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 58% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (58% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: €0.39 (vs €0.73 in 2Q 2023) Second quarter 2024 results: EPS: €0.39 (down from €0.73 in 2Q 2023). Revenue: €10.4b (up 11% from 2Q 2023). Net income: €469.0m (down 46% from 2Q 2023). Profit margin: 4.5% (down from 9.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Aug 01
SEB Kort Bank AB completed the acquisition of Airplus International GmbH from Deutsche Lufthansa AG (XTRA:LHA). SEB Kort Bank AB signed an agreement to acquire Lufthansa AirPlus Servicekarten GmbH from Deutsche Lufthansa AG (XTRA:LHA) for €450 million on June 20, 2023. The consideration will be paid in cash. The transaction includes Lufthansa AirPlus Servicekarten GmbH in Neu-Isenburg as well as all international subsidiaries and branches of AirPlus. AirPlus will continue to be a member of the UATP global payments network after the sale; AirPlus’ employees as well as its many customers will join SEB Kort and SEB. AirPlus’ total revenues amounted to about €231 million in 2022. The transaction is subject to the necessary preparations and required external approvals, primarily from various financial regulators and is expected to close during the first half of 2024. J.P. Morgan and SEB Corporate Finance acted as financial advisors and Freshfields Bruckhaus Deringer as legal advisor to SEB and SEB Kort. Goldman Sachs acted as financial advisor to the Lufthansa Group. Andreas Löhdefink, Cornelia Topf, Patrick Kaffiné, Stefan Mayer, Ocka Stumm, Wolfgang Bosch, Alexander Fritzsche, Jacob von Andreae of Gleiss Lutz acted as legal advisor to Lufthansa Group. Daniel Rosvall, Caroline Krassén from Advokatfirman Vinge KB acted as legal advisors to Seb Kort Bank AB.
SEB Kort Bank AB completed the acquisition of Airplus International GmbH from Deutsche Lufthansa AG (XTRA:LHA) on August 1, 2024. The transaction has received fulfilment of regulatory approvals and closing conditions. Announcement • May 08
Deutsche Lufthansa AG Announces CFO Changes Deutsche Lufthansa AG announced that Till Streichert has been appointed by the Supervisory Board of the company to the company's Executive Board, and will assume the position of Chief Financial Officer (CFO) with responsibility for the company's Finance Division with effect from September 15, 2024. Till Streichert has been appointed for a three-year term of office which runs to September 14, 2027. The duties of the CFO of Deutsche Lufthansa AG will initially be performed by Executive Board member Michael Niggemann after the departure of Remco Steenbergen on May 7 of this year. Till Streichert will then assume responsibility for the Finance Division, which comprises Controlling Risk Management, Corporate Finance, Corporate Accounting, Investor Relations, Corporate Taxes, Financial Services and Mergers Acquisitions, from mid-September. Till Streichert is presently CFO of the Amadeus IT Group. He has held a range of global executive and financial management positions at a number of companies in his more-than-20-year career. These include T-Mobile in the UK, the Boston Consulting Group, Vodafone Romania and Vodacom South Africa. Till Streichert holds a doctorate in philosophy and a master's degree in political sciences philosophy from Leibniz University Hannover. He also completed the Executive Program at Singularity University in Mountain View, California (USA) in 2018. He is 50 years old. Upcoming Dividend • May 01
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 08 May 2024. Payment date: 13 May 2024. Trailing yield: 4.5%. Lower than top quartile of Hungarian dividend payers (7.4%). Higher than average of industry peers (2.2%). Reported Earnings • Apr 30
First quarter 2024 earnings released: €0.61 loss per share (vs €0.35 loss in 1Q 2023) First quarter 2024 results: €0.61 loss per share (further deteriorated from €0.35 loss in 1Q 2023). Revenue: €7.39b (up 5.3% from 1Q 2023). Net loss: €734.0m (loss widened 74% from 1Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Mar 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 58% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (58% net debt to equity). Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: €1.40 (vs €0.66 in FY 2022) Full year 2023 results: EPS: €1.40 (up from €0.66 in FY 2022). Revenue: €37.9b (up 15% from FY 2022). Net income: €1.92b (up 143% from FY 2022). Profit margin: 5.1% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Lufthansa Group Appoints Dieter Vranckx as Chief Commercial Officer, Effective 1 July 2024 SWISS CEO Dieter Vranckx has been appointed Chief Commercial Officer of the Lufthansa Group. He will take up his new duties on 1 July 2024. Vranckx will continue to serve SWISS as Deputy Chairman of the SWISS Board of Directors. Dieter Vranckx, CEO of Swiss International Air Lines (SWISS), has been appointed to the Lufthansa Group Executive Board responsible for 'Global Markets and Commercial Steering Hubs'. He will assume his new duties on 1 July 2024. The Lufthansa Group's 'Global Markets Commercial Steering Hubs' division will also be home to 'Customer Experience' and 'Group Brand Management', which have to date been part of the 'Brand Sustainability' division. In addition, after more than three years as SWISS CEO, Dieter Vranckx will in future serve as Deputy Chairman of the SWISS Board of Directors. Dieter Vranckx has been serving in the airline industry since 1998 in various executive capacities. He can already look back on some 20 years with the Lufthansa Group, and has spent over 17 years with SWISS and its predecessor Swissair. Before joining SWISS as its CEO in 2021, Vranckx (who is a Swiss and Belgian dual national) was CEO of sister Lufthansa Group carrier Brussels Airlines. And prior to this he served as Vice President Sales Marketing Lufthansa Group Airlines (Lufthansa, SWISS, Austrian Airlines, Brussels Airlines and Eurowings) for the Asia-Pacific region, based in Singapore. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Ft3,016, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Airlines industry in Europe. Total returns to shareholders of 11% over the past three years. Announcement • Nov 30
Lufthansa Technik to Remain Sole Property of Lufthansa Deutsche Lufthansa AG (XTRA:LHA) is to remain the sole shareholder of its aircraft maintenance business Lufthansa Technik AG after more than a year of deliberations on a possible divestment, the German airline group announced on November 29, 2023. As part of the release of its subsidary's Ambition 2030 growth programme, Lufthansa's executive board said it had decided not to pursue plans to sell a minority stake in Lufthansa Technik. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: €1.00 (vs €0.68 in 3Q 2022) Third quarter 2023 results: EPS: €1.00 (up from €0.68 in 3Q 2022). Revenue: €10.7b (up 6.2% from 3Q 2022). Net income: €1.19b (up 47% from 3Q 2022). Profit margin: 11% (up from 8.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Aug 31
Deutsche Lufthansa Reportedly Explores Sale of its Insurance Brokerage Unit Albatros and Insurance Business Delvag Deutsche Lufthansa AG (XTRA:LHA), the German airline, is looking to sell its insurance brokerage unit Albatros and insurance business Delvag, according to people familiar with the matter. The country’s largest carrier is working with advisers to find a buyer for the two units in a push to streamline operations, the people said, asking not to be identified because the discussions are confidential. Lufthansa has been selling non-core businesses in a bid to raise cash after Covid, as it focuses on consolidating Europe’s aviation market. The company is in the process of selling a minority stake in its maintenance unit and has offloaded the remainder of its catering business to private equity group Aurelius. At the same time, Lufthansa agreed to buy a stake in Italy’s Italia Trasporto Aereo S.P.A. (ITA Airways) in May. The sale of Albatros and Delvag would follow that strategic rationale. A representative for Lufthansa declined to comment. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: €0.73 (vs €0.22 in 2Q 2022) Second quarter 2023 results: EPS: €0.73 (up from €0.22 in 2Q 2022). Revenue: €9.99b (up 18% from 2Q 2022). Net income: €874.0m (up 238% from 2Q 2022). Profit margin: 8.7% (up from 3.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
Deutsche Lufthansa AG to Report Q1, 2024 Results on Apr 30, 2024 Deutsche Lufthansa AG announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Jun 22
SEB Kort Bank AB signed an agreement to acquire Lufthansa AirPlus Servicekarten GmbH from Deutsche Lufthansa AG (XTRA:LHA) for €450 million. SEB Kort Bank AB signed an agreement to acquire Lufthansa AirPlus Servicekarten GmbH from Deutsche Lufthansa AG (XTRA:LHA) for €450 million on June 21, 2023. The consideration is paid in cash. AirPlus’ total revenues amounted to about €231 million in 2022. In addition to Lufthansa AirPlus Servicekarten GmbH in Neu-Isenburg, the transaction includes all international subsidiaries and branches of AirPlus. AirPlus’ employees as well as its many customers will join SEB Kort and SEB. The transaction is subject to the relevant external approvals, primarily from various financial regulators and is expected to close during the first half of 2024. J.P. Morgan and SEB Corporate Finance acted as financial advisors and Freshfields Bruckhaus Deringer as legal advisor to SEB and SEB Kort. Goldman Sachs acted as financial advisor to the Lufthansa Group. Announcement • May 27
Deutsche Lufthansa AG (XTRA:LHA) signed an agreement to acquire 41% stake in Italia Trasporto Aereo S.P.A. from Ministero dell'Economia e delle Finanze for €330 million. Deutsche Lufthansa AG (XTRA:LHA) signed an agreement to acquire 41% stake in Italia Trasporto Aereo S.P.A. from Ministero dell'Economia e delle Finanze for €330 million on May 25, 2023. The acquisition will be made through capital increase. As part of the agreement, the MEF has also committed to a capital increase of €250 million into ITA. In addition, the MEF and Lufthansa agreed on options to enable a potential acquisition of the remaining shares by Lufthansa at a later date. The purchase price for the remaining shares will be based on the business development of ITA Airways. The contractual finalization of the agreement is expected to be completed shortly. As part of Lufthansa Group, ITA will remain a standalone airline with its own management and a strong brand identity - in line with Lufthansa Group's successful multi-hub, multi-brand and multi-AOC strategy. The deal is subject to approval from EU competition authorities. Jpmorgan Asset Management Europe Sarl (Italy Branch) acted as financial advisor to Italia Trasporto Aereo S.P.A. Announcement • May 24
Deutsche Lufthansa AG (XTRA:LHA) signed an agreement to acquire four additional Airbus A350-900s from Deucalion Aviation Limited. Deutsche Lufthansa AG (XTRA:LHA) signed an agreement to acquire four additional Airbus A350-900s from Deucalion Aviation Limited on May 23, 2023. The delivery of aircrafts are expected to take place in this year. Reported Earnings • May 07
First quarter 2023 earnings released: €0.35 loss per share (vs €0.49 loss in 1Q 2022) First quarter 2023 results: €0.35 loss per share (improved from €0.49 loss in 1Q 2022). Revenue: €7.57b (up 41% from 1Q 2022). Net loss: €423.0m (loss narrowed 28% from 1Q 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 06
Full year 2022 earnings released Full year 2022 results: Net income: €791.0m (up €3.00b from FY 2021). Available seat kilometres (ASK): 259.38b (up 79% from FY 2021). Passenger load factor: 79.8% (up from 61.6% in FY 2021). Operating revenue per available seat kilometre (Oper. RASK): €0.13 (up from €0.12 in FY 2021). Total aircraft: 710 (down by 3 from FY 2021). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jan 16
Lufthansa Reportedly Seen as Ready to Bid for ITA Airways Stake A bid from Deutsche Lufthansa AG (XTRA:LHA) for Italia Trasporto Aereo S.P.A. (ITA Airways) could come early next week, three sources familiar with the matter said on January 13, 2023, in a crucial step to speeding up the full privatisation of Italy’s state-owned company. The privatisation of ITA, which officially replaced loss-making Alitalia in 2021, has proved a headache for the Italian government which in December passed a decree to initially sell a minority stake in order to facilitate a full divestment. On Jan. 18 potential bidders will not be allowed to access ITA’s financial data anymore, two of the sources said, adding Lufthansa was the only credible potential bidder. A government official said a Lufthansa bid could land even before Jan. 18, signalling the new right-wing administration of Giorgia Meloni was confident of finalising the deal. Lufthansa declined to comment. The government decree allowed bidders to buy stakes through one or more capital increases and stipulated that another airline must end up with a majority stake in ITA after the privatisation process is concluded. One of the sources, who declined to be named, said Lufthansa could initially acquire a 40% stake through a capital increase worth between EUR 300 million and EUR 350 million. The German carrier had initially partnered with shipping group MSC to bid for ITA, but MSC said in November it was no longer interested in the transaction. The previous Italian government of Mario Draghi pledged more than 1 billion euros for ITA and under a deal with the European Union Rome could provide it with an additional 250 million this year. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: €0.68 (vs €0.15 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.68 (up from €0.15 loss in 3Q 2021). Revenue: €10.7b (up 105% from 3Q 2021). Net income: €809.0m (up €899.0m from 3Q 2021). Profit margin: 7.6% (up from net loss in 3Q 2021). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.22 (vs €1.26 loss in 2Q 2021) Second quarter 2022 results: EPS: €0.22 (up from €1.26 loss in 2Q 2021). Revenue: €8.96b (up 179% from 2Q 2021). Net income: €259.0m (up €1.02b from 2Q 2021). Profit margin: 2.9% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 27%, compared to a 85% growth forecast for the industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Aug 04
Deutsche Lufthansa AG to Report Fiscal Year 2022 Results on Mar 03, 2023 Deutsche Lufthansa AG announced that they will report fiscal year 2022 results on Mar 03, 2023 Reported Earnings • May 06
First quarter 2022 earnings released: €0.49 loss per share (vs €1.76 loss in 1Q 2021) First quarter 2022 results: €0.49 loss per share (up from €1.76 loss in 1Q 2021). Revenue: €5.78b (up 126% from 1Q 2021). Net loss: €584.0m (loss narrowed 44% from 1Q 2021). Over the next year, revenue is forecast to grow 47%, compared to a 162% growth forecast for the industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: €2.99 loss per share (up from €12.51 loss in FY 2020). Revenue: €18.4b (up 35% from FY 2020). Net loss: €2.19b (loss narrowed 67% from FY 2020). Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 47%, compared to a 161% growth forecast for the airlines industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 04
Third quarter 2021 earnings released: €0.15 loss per share (vs €3.80 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: €5.62b (up 111% from 3Q 2020). Net loss: €72.0m (loss narrowed 96% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
Second quarter 2021 earnings released: €1.26 loss per share (vs €3.12 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: €3.55b (up 87% from 2Q 2020). Net loss: €756.0m (loss narrowed 49% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Executive Departure • May 08
Member of Supervisory Board has left the company On the 4th of May, Stephan Sturm's tenure as Member of Supervisory Board ended after 6.0 years in the role. We don't have any record of a personal shareholding under Stephan's name. A total of 8 executives have left over the last 12 months. Reported Earnings • May 01
First quarter 2021 earnings released: €1.75 loss per share (vs €4.44 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: €2.88b (down 55% from 1Q 2020). Net loss: €1.05b (loss narrowed 51% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 07
Revenue misses expectations Revenue missed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 28%, compared to a 41% growth forecast for the Airlines industry in Europe. Reported Earnings • Mar 05
Full year 2020 earnings released: €12.51 loss per share (vs €2.55 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €15.5b (down 58% from FY 2019). Net loss: €6.73b (down €7.94b from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Executive Departure • Mar 04
Chief Executive Officer of Lufthansa Cargo Peter Gerber has left the company On the 1st of March, Peter Gerber, was replaced as CEO by Carsten Spohr. We don't have any record of a personal shareholding under Peter's name. A total of 9 executives have left over the last 12 months. Is New 90 Day High Low • Feb 23
New 90-day high: Ft4,165 The company is up 10.0% from its price of Ft3,786 on 25 November 2020. The Hungarian market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Airlines industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Ft7,557 per share. Is New 90 Day High Low • Dec 28
New 90-day high: Ft3,798 The company is up 43% from its price of Ft2,664 on 29 September 2020. The Hungarian market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Ft3,428 per share. Is New 90 Day High Low • Nov 11
New 90-day high: Ft3,450 The company is up 13% from its price of Ft3,056 on 13 August 2020. The Hungarian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Ft3,491 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 2.4% compared to a 15% decline forecast for the Airlines industry in Europe. 
