Earnings call transcript: Lufthansa Q3 2025 sees revenue rise, stock jumps

Deutsche Lufthansa AG reported its third-quarter earnings for 2025, showing a 4% increase in total revenue to €11.2 billion compared to the previous year. The company’s stock surged 9.41% following the announcement, reflecting positive investor sentiment. This increase was driven by robust performance in several segments, including passenger airlines and cargo operations. The introduction of new premium cabin products and expanded routes contributed to the positive outlook.

Key Takeaways

• Lufthansa’s Q3 2025 revenue increased by 4% year-over-year to €11.2 billion.
• The stock price rose by 9.41% after the earnings announcement.
• Passenger airlines revenue saw a modest increase, while ancillary revenues rose by 13%.
• The company launched new premium cabins and expanded its fleet with Boeing 787 Dreamliners.
• Lufthansa maintained its position as Europe’s leading airline group.

Company Performance

Lufthansa’s performance in Q3 2025 was marked by steady growth across its key segments. Passenger airlines revenue grew by 1% to €8.9 billion, and ancillary revenues rose significantly by 13%, highlighting the company’s ability to capitalize on additional revenue streams. Cargo operations also showed improvement, with adjusted EBIT increasing by €11 million year-over-year to €49 million. The Maintenance, Repair, and Overhaul (MRO) segment experienced a 10% growth, driven by a 28% increase in third-party business.

Financial Highlights

• Total revenue: €11.2 billion (+4% YoY)
• Adjusted EBIT: €1.3 billion (stable YoY)
• Ancillary revenues: +13% YoY
• Passenger airlines revenue: €8.9 billion (+1% YoY)
• Cargo adjusted EBIT: €49 million (+€11 million YoY)
• MRO segment revenue: +10% YoY

Market Reaction

Lufthansa’s stock price saw a significant increase of 9.41% following the earnings release, closing at €37.75. This positive movement can be attributed to the company’s solid financial performance and strategic initiatives, such as fleet modernization and route expansion. The stock is currently trading near its 52-week high of €39, indicating strong investor confidence.

Outlook & Guidance

Lufthansa expects its adjusted EBIT for 2025 to be significantly above the prior year, driven by continued demand recovery and strategic initiatives. The company plans to grow its long-haul capacity by mid to high single digits in 2026 and aims for an 8-10% adjusted EBIT margin by 2028-2030. Fleet modernization and productivity improvements remain a focus, along with stable free cash flow expectations for 2026.

Executive Commentary

CEO Carsten Spohr emphasized the favorable market environment, stating, "We are operating in a favorable market environment characterized by resilient and rising travel demand." He also highlighted the company’s resilience, noting, "Our industry has become more resilient and so have we." Spohr reiterated the goal of enhancing profitability, saying, "We want and must make our group, especially our core airline, also more profitable."

Risks and Challenges

• Supply chain disruptions could impact fleet modernization plans.
• Economic uncertainties may affect travel demand.
• Competition from other global and regional airlines remains intense.
• Regulatory changes in key markets could pose challenges.
• Fluctuations in fuel prices may impact operating costs.

Q&A

During the earnings call, analysts raised questions about the cargo market dynamics and unit revenue calculations. Executives clarified expectations for the Boeing 787 certification and delivery timelines and discussed the asset allocation strategy across group airlines. These discussions provided insights into Lufthansa’s strategic priorities and operational challenges.

Full transcript - Deutsche Lufthansa AG (LHA) Q3 2025:

Moritz, Call Operator: Ladies and gentlemen, welcome to The Lufthansa Group Q3 2025 results conference call. I’m Moritz, your call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing STAR and 1 on your telephone. For operator assistance, please press STAR and 0. The conference must not be recorded for publication or broadcast at this time. It’s my pleasure to hand over to Marc-Dominic Nettesheim, Head of Investor Relations. Please go ahead, sir.

Till Streichert, CFO, Lufthansa Group: Thank you and welcome, ladies and gentlemen, from our side to the presentation of.

Carsten Spohr, CEO, Lufthansa Group: Our third quarter results, 2025.

Till Streichert, CFO, Lufthansa Group: With me on the call today are our CEO, Carsten Spohr, and our CFO, Till Streichert.

Carsten Spohr, CEO, Lufthansa Group: Both will present our results for this third quarter and discuss the commercial.

Till Streichert, CFO, Lufthansa Group: Outlook for the remaining three months of the year. Afterwards, you will have the opportunity to ask questions. Like always, please limit yourself to two questions so that everybody else has a chance to participate in Q and A.

Carsten Spohr, CEO, Lufthansa Group: Thank you very much. With that, Carsten, now over to you.

Till Streichert, CFO, Lufthansa Group: Yeah, thank you, Marc.

Carsten Spohr, CEO, Lufthansa Group: To all of you, a warm welcome also from my side. It’s just a few weeks since we met many of you at our Capital Markets Day in September. Today, following this, I’m pleased to share our third quarter figures with you, together of course with Till Streichert on my right here. As you have read from the figures published this morning, we can report rather positive developments for the quarter, with quite a few aspects and KPIs showing improvements. The most important one for sure, we are well on track in terms of regularity and punctuality of our flight operations, which serves in the end as a basis for all other improvements we’ll be talking about later today. Let me nevertheless start with a macro view of the whole industry.

The global aviation sector continues to boom, and over the next 20 years, at least according to IATA forecast, the global passenger numbers will once again double. I think there’s very few industries in the world, at least in the real economy, that can count on such a reliable and long-term upward trend in demand. In the current aviation landscape, strong demand growth meets limited supply, very likely for many years to come. This combination obviously generally works in our favor, even though of course there are downsides on the operational side with delayed aircraft. We’ll also be touching on this in a minute. Overall, as by now the fourth largest allied group in the world and as number one in Europe, our passenger airlines are globally well positioned to benefit from this global high demand, especially premium classes. We’ll come to that as well.

On top of that, the supply constraints also provide enormous momentum for the MRO sector worldwide. Aging fleets ultimately drive higher maintenance demand and that ensures stable and recurring revenues for Lufthansa Technik. Even though we had some setbacks this quarter due to tariffs, Till will elaborate on that. This balanced portfolio provides stability in macroeconomic turbulence times. On top of it, of course, we have Lufthansa Cargo, where we also own a business that can even benefit from these current global uncertainties. Our industry has become more resilient and so have we in the Lufthansa Group. Through collective efforts and focus, we have regained network stability that sets the foundation for our future profitable growth. The core, as mentioned before, of our whole business model remains a stable flight operation.

In this regard, the summer 2025 clearly marked a turning point, especially if you compare to the three summers before. This came not for free. We had massively invested into stabilizing the system. We have, for example, extended scheduled flight times. We have brought up the share of aircraft reserves. We have increased connecting times in our hubs. All this was well worth it. Stabilization came. On top, of course, significant reduction in irregularity cost allowed us to also have a positive impact in our financial numbers. Now, of course, looking into the future, starting in 2026, it will be efficiency enhancements that we will have on the top of our agenda. This fortunately goes hand in hand with the biggest fleet renewal of our company’s history. Just three weeks ago, our first Dreamliner with the new cabin on board took off to Toronto. We will get further 787s.

Till Streichert, CFO, Lufthansa Group: Almost.

Carsten Spohr, CEO, Lufthansa Group: By the week, actually more than by the week. We get two this week alone and we’ll bring the number up to 34 total very soon. Until the end of the year, we will have received at least eight brand new Dreamliners, at least according to the updated information from Boeing. On top of that, on behalf of Airbus, we were able to get and receive the first 350-900 for Swiss with a new product, Swiss Senses, on board also just two weeks ago. Now our premium long haul product, Allegris, is not only available in Munich, but also in Frankfurt and in Zurich. Ladies and gentlemen, let me take a look at the numbers. In Q3, we were able to further expand our capacities, particularly on the North Atlantic.

Despite the somewhat cautious booking situation in spring caused by the tariff announcement around Easter, we in the end experienced a well booked summer. Globally, we have seen moderate capacity growth of 3.2% compared to the previous year. Partly by this, total revenue has increased by almost $300 million to $11.2 billion. Sorry, by $500 million, reaching $11.2 billion. Our adjusted EBIT for the third quarter remains stable at $1.3 billion, more or less on par with last year. Year to date though, we can report an improvement of already $300 million versus 2024, showing some nice progress on this promise of significantly improved results for the whole year. Key driver of our financial success again is and has been the stabilization of our flight operations. Regularity in Q3 was at 99%. Departure punctuality improved by more than 10 percentage points compared to last year.

This brings me to our capacity allocation. Year to date, we have mainly grown on our European domestic European routes and on our North Atlantic routes. While the third quarter indeed showed some but anticipated yield softness in these regions, the North Atlantic was still our most important profit pool. Of course, as you well know, supported by our successful joint venture with United and Air Canada. It is worth to note that the yield softness is of course also partly currency driven. Excluding currency effects, our RASK actually remains stable versus the prior year. Looking ahead, we plan continued growth on the North Atlantic in line with the market. Also, given that capacity wise we are still somewhat lagging behind our peers compared to pre-pandemic levels.

Growth on the continental network nevertheless will be more limited, more or less stable, less than 2% with capacity discipline translating for sure into improved booking outlooks. In terms of load factor and yields in Asia, we remain cautious regarding growth given our unfortunately continued structural disadvantage due to the closure of the Russian airspace. However, increased demand to Japan, South Korea, and India give us confidence in the winter schedule. This year we offer 43 weekly flights to Japan and South Korea and even 64 weekly flights to India. As a matter of fact, Frankfurt Tokyo has become our best selling route in terms of revenue going forward. We are also optimistic again for the Middle East. Already now we are seeing a significant recovery on our important route to Tel Aviv.

We’re also happy to reopen Tehran again, which is also contributing to our commercial success in this part of the world. Not only the Middle East. Services are picking up. Bookings across all traffic regions reflect a positive trend not only for the coming months in 2025, but also for the first visible weeks in 2026. Up until January, the booked load factor is consistently above last year’s level and balanced capacity growth is helping, as mentioned, to stabilize yields compared to the third quarter. Yield decline clearly slows down in the months ahead despite ongoing headwinds from the weaker U.S. dollar. Combined with a favorable seat load factor development, that means our unit revenues are stabilizing also on the North Atlantic again and we like others and our American peers already communicate on this as well.

We are benefiting in our industry from an extending and extending and extending summer season. I recall that a few years ago I called it the endless summer, but even then I didn’t realize that one day summer will last until Christmas. That’s more or less what we see right now. Very nice bookings to leisure destinations all the way through the late fall. Even more important, especially for Lufthansa and our business model, is the fact that premium bookings remain above last year’s levels. Also finally, corporate sales are gaining some further traction. Summarizing, our booking outlook is robust and we are well positioned to capture further upside as demand continues to recover more and more. With that I hand over to Till who will now guide you through the detailed figures of the third quarter. Thank you, Till, over to you.

Till Streichert, CFO, Lufthansa Group: Yes, thank you Carsten and a warm welcome also from my side. Thank you for joining us today to discuss our Q3 results and also the financial outlook for the rest of the year. Let me get started. In the third quarter, revenues increased by 4% compared to prior year, driven by a 3% capacity increase as well as robust growth in both our cargo and MRO divisions. This reflects the resilience of our core business and you can see also the ongoing high demand for air travel, air cargo, and MRO services in the passenger airline business. Notably, ancillary revenues rose by an impressive 13% compared to the previous year and this growth is a strong proof point of the effectiveness of our evolving offering structure.

You can see also the success of our digital initiatives across the airlines which continue to drive new revenue potential on top of the classic ticket sales. On the cost side, we benefited from lower fuel costs with the positive impact of €170 million in the third quarter compared to prior year. At the same time, we continue to observe rising cost in other line items, many of which affect the sector, the entire industry as a whole. Fees and charges increased by 9% year-on-year with ATC cost alone rising by 17%. Airport-related passenger charges and handling charges also saw double-digit increases, mainly in our home market in Germany. In the end, the anticipated head and tailwinds offset each other and that resulted in a third quarter adjusted EBIT of €1.3 billion, pretty much on par with last year.

The adjusted EBIT margin is 11.9%, which is slightly 0.6 percentage points below the previous year’s level. Now, when looking at EBIT, the Q3 development included a substantial one-off effect on the tax side where we recorded an increase by €121 million net. This increase is largely driven by the so-called German tax booster announced earlier this year and while the initiative to gradually reduce German corporate tax rates in the future will eventually have a positive impact, it initially led to a revaluation of our deferred tax assets resulting in a higher tax burden in the quarter. At the same time, our financial result increased by around €128 million compared to the previous year and that’s mainly due to currency translation and market valuation effects. As a result, net income decreased by approximately €130 million. Let’s now take a closer look at the results of our passenger airline business.

Revenues rose by 1% to €8.9 billion in the third quarter and the adjusted EBIT amounted to €1.2 billion, which is in line with last year’s result. This is a solid achievement given the market environment. In the third quarter, we increased capacity by 3.2% compared to the prior year with a strategic focus on our key markets. As anticipated, unit revenues declined by 2.2% during the quarter and the positive revenue effect from higher seat load factors, increasing ancillary revenues, and fewer IRAC events mitigated but did not fully compensate the negative effects from lower yields. There were two primary drivers behind the yield softness: a highly competitive environment in the COND business and the anticipated temporary slowdown in North Atlantic demand, which was intensified by a weak U.S. dollar exchange rate. Adjusted for the currency effects, unit revenues were largely on par with the previous year’s level.

While unit revenues in the third quarter showed the expected dip, we kept our unit cost position firmly under control. As a result, ex-fuel unit cost only increased by 0.5% despite the previously mentioned cost pressures. A flat task at Lufthansa Airlines contributed significantly, and that is for me a reflection of early proof points of our transformation success, resulting in an improved operating result for Lufthansa Airlines despite the challenging trading environment. This underscores as well our unwavering focus on executing on the turnaround program, and that remains a crucial catalyst for driving profitability in the quarters and years to come. Let’s have a closer look at the positive effects of the turnaround program on our 2025 results, and here it is worth highlighting the progress that we’ve made.

The program is delivering tangible and measurable results with a positive effect on adjusted EBIT of around €500 million until year end. That’s a full year figure, and that is also delivering on our target that we’ve set for ourselves. As mentioned before, this rapid progress already had a positive effect on our unit cost, resulting in year-to-date unit cost reduction of 1.4 percentage points at Lufthansa Airlines. For Q3, unit cost of Lufthansa Airlines increased by just 0.1%, so almost flat.

Carsten Spohr, CEO, Lufthansa Group: This shows that the effect from the.

Till Streichert, CFO, Lufthansa Group: Turnaround program materialize in the second half of the year as expected. Key drivers for the cost improvement revolve around re-established operational stability, laying the foundation also for further optimal for future optimization. In addition, structural adjustments such as the successful renegotiation of several MRO contracts as well as our commitment to focus growth on more cost-efficient AOCs are starting to pay off. Citi Airlines has grown to 11 aircraft by the end of September, and we recently announced the allocation of four of our A350s to DSCOVR. In addition to the cost benefits already realized, the program has also achieved meaningful progress on the revenue side. Measures include the realization of pricing uplifts through new tools and the continuous rollout of our new cabin product Allegris, clearly one of the key drivers of the increase in ancillary revenues per passenger.

With many additional measures in implementation for the years to come, the effects of our turnaround will enable profitable growth for Lufthansa Airlines in the years to come. Let us now move to one of our other strong pillars, Lufthansa Cargo, and this year’s positive trend remains unabated. The adjusted EBIT reached €49 million in the third quarter, an increase of €11 million compared to the previous year. With that, our year-to-date operating result stands at €184 million, which is an impressive increase of €132 million or 250% compared to last year. A very strong first nine months in comparison to last year. This result was primarily volume driven, with chargeable weight up by 11% in Q3 compared to the previous year, compensating for slightly softer base yields.

The volume increase was also a result of higher capacity due to one additional new 777 freighter and the marketing of ITA Airways belly capacities, which started during summer this year. Our points of sale in Europe and the Asia Pacific region have shown particular strength. The Asian e-commerce business remains our most important growth driver here, and frequent charter flights to and from China, built at preset rates, ensure regular revenue streams and provide also a degree of predictability in what is normally a business model that is known for its high short-term dynamics. Proactive cost management also shown positive results at Lufthansa Cargo. Ex fuel unit cost decreased by 6% versus prior year, and that was driven by a reduction in mainly IT cost and also higher crew productivity.

Looking ahead, the fourth quarter is expected to deliver this year’s strongest result in line with the usual seasonality of airfreight, and all in all, Lufthansa Cargo therewith remains well on track to deliver a full year result significantly above last year’s level. Let me now provide you with an update on our MRO segment’s performance and outlook as well. Lufthansa Technik’s positive top line outlook was once again confirmed by a growing market and a strong customer order book. Revenue grew by 10% in the third quarter, driven by a strong 28% growth of third party business, which is particularly encouraging. At the same time, adjusted EBIT amounted to €130 million, a decline of €31 million compared to the previous year.

This negative result and this margin development was driven by ramp-up efforts in new facilities such as Portugal and Calgary and substantial external headwinds including supply chain disruptions, currency effects, and mainly tariffs at €13 million. This impact of tariffs alone makes up more than 40% of the adjusted EBIT decline in the third quarter.

Carsten Spohr, CEO, Lufthansa Group: That is just for the third quarter.

Till Streichert, CFO, Lufthansa Group: Lufthansa Technik has already started implementing countermeasures to limit the impact of tariffs on the results going forward, for example, through the redirection of production flows. As an example, material from customer locations in Canada or South America is no longer shipped via our logistics hub in the U.S., and including these measures, we expect to limit the full year net effect of the tariffs to about €50 million and to mitigate the impact in the upcoming years as well. Looking ahead, we expect a more positive development for Q4. In particular, the output growth in the engine segment is encouraging, which will be a key driver for future profitable growth.

Please keep in mind here, despite the tariffs that we are facing this year, that the MRO business is a marathon, not a sprint, and what matters is that the demand environment overall is healthy and intact, and our Ambition 2030 strategy remains firmly on track. Let’s now turn back to the group level and have a look at our cash flow. In the first nine months of the year, the operating cash flow amounted to €3.9 billion, an increase of €600 million compared to the previous year. The improvement was primarily driven by a stronger operating result as well as tax repayments, with each of these two items contributing roughly €300 million. Moreover, net capital expenditure was €200 million lower than last year, and one of the reasons was the decrease in gross CapEx of €100 million due to the delays of our Dreamliner deliveries.

All of these effects improved our adjusted free cash flow, which amounted to €1.8 billion at the end of September. Until year end, we still expect to take delivery of between seven to ten Dreamliners, some of which were delayed from previous quarters. There was also a shift of CapEx, and some of it will come through. This will come through obviously in the fourth quarter. For the full year 2025, we stick to our guidance and expect adjusted free cash flow to be broadly stable versus 2024. Our balance sheet strengthened further. Our strong liquidity position, currently at €11.9 billion, ensures that we are well positioned for the upcoming aircraft deliveries and debt maturities as well. At the end of September, net debt amounted to €5.1 billion, which represents a decline of €600 million compared to prior year. This improvement is mainly attributable to the strong cash flow generation.

The key highlight in September was the successful issuance of a new €600 million convertible bond at an annual 0% coupon rate. At the same time, as you know, we took the opportunity to buy back half of our existing convertible bond. These actions further optimized our capital structure and also demonstrate our proactive approach to financial management. Net pension obligations decreased by roughly €500 million to €2.1 billion, primarily driven by an increase in the discount rate. Our leverage ratio at the end of the third quarter was 1.6 times, reflecting a continuous downward trend since the end of last year. Now, moving over to fuel cost. Since the start of this year, our fuel cost has developed in a highly favorable way and I’m pleased to confirm that this positive trend persists.

Our Q3 fuel bill of €1.7 billion was in line with our expectations and was also substantially below prior year. For the full year 2025, we expect fuel cost to amount to about €7.3 billion, roughly in line with our previous guidance and thereof €7.1 billion related to fossil fuel only, representing a reduction of €700 million compared to last year. The remaining €200 million relate to additional cost for sustainable aviation fuel. Given the favorable fuel price during the first half of October, we also decided to execute additional hedges for the remainder of 2025. Even going beyond our regular target hedge ratio of 85% for 2026, we have already hedged our passenger airlines business at a rate of 71%, ensuring continued protection against fuel price volatility next year. Let me now close by commenting on our financial outlook.

Taking into consideration our year-to-date result improvement of €300 million and our positive outlook for the rest of the year, we again confirm our 2025 adjusted EBIT guidance for the group, achieving a result significantly above prior year’s level. Let me give you some more details on our outlook for Q4 to underline our positive expectations for the rest of the year. On capacity, we will continue our focused and disciplined growth path with an envisaged AFK growth of about 4%. On unit revenues, we see a more positive demand environment in Q4 than the one we experienced in Q3 and we do expect RASK to be flat compared to last year’s level on unit cost. I mentioned before that the Lufthansa Airlines turnaround program is proving successful and for the first nine months of this year we’ve seen a unit cost increase across the group of 2.5%.

That’s for the entire passenger airlines and for the last quarter we expect the CASC increase to be below this figure, to be below what we had year to date. For Lufthansa Technik, we expect a stable Q4 adjusted EBIT compared to last year, and given the negative external factors, mainly tariffs and currency movements, this means that Lufthansa Technik will most likely not be able to achieve a clear increase in profits this year. As described before, we’ve taken action to mitigate those effects going forward and we stick to our mid-term outlook of €1 billion adjusted EBIT in 2030. As every year, we will provide you with guidance on 2026 alongside our full year 2025 communication in March next year. However, I can already with the direction of what we plan for next year.

Regarding capacity growth, we will focus on long-haul as described during our capital markets day, and next year we are planning long-haul growth in the mid to high single-digit region, while we expect almost no short-haul growth. In total, we want to continue this year’s disciplined growth with about a 4% year-on-year increase in ASK. Also, I expect to see progress in the modernization of our fleet. We expect that this will lead to a reduction of reserve aircraft on the ground, which will improve aircraft productivity. Our clear goal is asset utilization, improved asset utilization, and hence also our profitability next year. This will be enabled by new aircraft delivery, which Carsten will comment on in more detail in a few minutes. However, I can already tell you that we expect the delivery of twice as much long-haul aircraft in 2026 than this year.

Finally, let me reiterate that for 2026 we continue to believe that the Lufthansa Airlines turnaround program will achieve a gross EBIT impact of €1.5 billion and we will achieve an adjusted free cash flow, this is now for the group, of broadly on the same level as 2025. To summarize, we keep delivering with a confirmed and a refined full year guidance for this year and we have delivered there with tangible proof points. Also on the main value levers mentioned at our Capital Markets Day and for the upcoming months, we do see a more positive demand environment, which already today gives us reason to also believe that in a good start into 2026. With that, let me hand back to Carsten, who will provide you with some more thoughts on the strategic outlook, including insights on fleet and customer development.

Carsten Spohr, CEO, Lufthansa Group: Yeah Till, thank you very much. Indeed, part of the optimism we are portraying here today and one of the facts why we are convinced that we’re on a good path today is driven by our comprehensive fleet modernization and harmonization. After years of waiting, which was added on by Covid, we have finally reached a point where we take delivery of a new aircraft more or less every week. Out of the total 230 next generation aircraft in our order book, we anticipate more than 50 deliveries until the end of next year. Obviously, all these aircraft, freighters aside, are equipped with our premium products, which delights customers, which also excites our flight crews, and obviously will also add to the excitement of our shareholders when it turns into additional profits.

Flights with the premium cabin Allegris and Swiss Senses, now as mentioned before in my opening, take off from our biggest hubs, Munich, Frankfurt, and Zurich. On the high yield routes, or the highest yield routes, these include selling our exclusive new first class suites. When you talk about business class, we don’t only receive outstanding passenger feedback, but we also see above expectations, I must say, a high willingness to pay extra for the first time, individualized seating options we offer. Our most profitable compartment continues to be premium economy. This will grow by 50% by the end of the decade. As you also know, we will also equip existing Lufthansa and Swiss sub fleets, including our flagships 747-8 and the 777 at Swiss, with the new products.

In total, the new product will already be available on one third of the widebody fleet by the end of the coming year. By 2027, this applies to roughly 70%. By the end of the decade, every long haul aircraft of Lufthansa and Swiss will fly with our new premium products. On the capital markets day, we presented how we enhance and harmonize our offers and products. Our aim is, as expressed there, to further integrate all activities across our group and realize even more synergies. For example, our increasingly popular airline app, which already serves all group airlines, or at least group hub airlines, and is hosted by one single group wide IT platform. To further enhance the physical travel experience, we have invested €70 million in onboard improvements just at our core brand Lufthansa alone.

For our loyal Miles & More customers, we are offering new opportunities to earn and redeem. For example, together with the Marriott group or also in partnership with Deutsche Bank, where we’re just launching a new credit card. If you put all these initiatives together, they contribute to significantly improved customer satisfaction, which has increased by an unheard of 8 percentage points in the third quarter compared to the year before. Not only on customer satisfaction, but in all dimensions, we want to continue obviously our successful development. Looking ahead, we want and must make our group, especially our core airline, also more profitable. Again, the fundamentals of our business for this have never been stronger. We are also, as mentioned in the opening, operating in a favorable market environment characterized by resilient and rising travel demand on the one hand and supply constraints persisting on the other hand.

This supports a continuing capacity discipline across the industry and therefore supports strong yields across all our markets. Over the past decades, we have transformed from a national flag carrier of Germany into Europe’s leading multi-hub airline network. This group, as you know, is built on four strong strategic pillars: integrated network airlines with now six hubs, complemented by a strong point-to-point carrier, world-leading MRO business, and very flexible cargo operations. Each of them contributes to our resilience and value creation. We are therefore confident to achieve a full year 2025 result significantly above prior year’s levels, the targets which we are reaffirming today. Also midterm, we will significantly further increase our profitability level, targeting an adjusted EBIT margin of 8% to 10% between 2028 and 2030.

We’re proud to say that we deliver on our promises and we look forward to providing you with further and tangible proof points soon. For now though, we’re looking forward to your questions. Thank you.

Moritz, Call Operator: Ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their phone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. In the interest of time, please limit yourself to two questions only. Anyone who has a question may press star one at this time. The first question comes from Jaime Bann Rowbotham from Deutsche Bank. Please go ahead.

Morning gentlemen. Two areas I wanted to explore. The first is on the Q4 unit revenue comment. Perhaps you’d clarify if the flat RASK guide for Q4 includes what you currently see on currency, that is we should compare it to the 2.2% decline in Q3 as opposed to the 0.4% decline which excluded FX. In terms of the stabilization of the intra-European trend coming from growing ASK at less than 1% compared to 5.5% in Q3, I can understand how this helps the yields, but it must hamper a bit the narrowbody aircraft utilization which we saw at the CMD was running low. Just keen to understand how you balance that. Second area was cargo. Till, you mentioned visibility is low in cargo given the short cycle nature of the business.

I just wondered if you’d be willing to say what might be a sensible range of profit outcomes for Q4 relative to the circa €200 million of operating profit delivered last year. I’m just conscious that figure could halve and you’d still have about 30% year-on-year growth. Significant growth in full year adjusted EBIT, thanks very much.

Till Streichert, CFO, Lufthansa Group: Yes, good morning Jaime. Let me start with the second question first, just on cargo. You’re quite right, we had last year an exceptionally strong year where actually out of the $250 million profit we made $200 million just in the last quarter. We don’t even need that in this quarter to already achieve comfortably our target of significantly above. Can I be more specific in terms of what I do expect for cargo? Difficult to say without now kind of specifying really our guidance which we stayed away from. I’d like to leave it with that.

We have seen obviously year to date very good performance and you can see also in the third quarter the strong volume demand which we are quite positive about even after, you know, air freight traffic streams or air freight streams have kind of reorganized a bit globally post the so-called liberation day and we are participating in that and drivers of this volume is really the belly capacity, the added commercialization of belly capacity and the freighter added capacity. This makes me positive. Of course we now need to see how the last two months are going to come out. All in all, clear and I would say optimistic confirmation of our significantly above for cargo RAS guidance. Your first question in terms of FX.

You’re quite right the comment in terms of improving RAS guidance and stabilization there in terms of year over year is basically a like for like. There’s no FX assumption that changes the changes in there. Let me remind you as well that we had seen already during the third quarter between July, August and into September. September was already a month that was notably better in terms of RASC evolution. Which one?

Moritz, Call Operator: The next question would come from James Hollands from BNP Paribas. Please go ahead.

Yeah, thanks very much. First of all for Carsten, just on that corporate strength, it’s not something we’ve seen for a while. It’s certainly something the U.S. names were flagging. Wondering if you could sort of run us through if that’s sort of a big acceleration as we’ve come into the autumn where it’s particularly strong. Is it U.S. inbound to Europe? Is it maybe in Germany, first time in a long time. Maybe signs of this fiscal stimulus working. Just run us through on the corporate side there and then. Secondly, I hate to be that person in the room but maybe get your view on the likelihood of a strike. Take us behind the scenes of whether. Obviously the media have got their views on what’s going on, but just get your views on likelihood of strike. Be great.

Carsten Spohr, CEO, Lufthansa Group: Thanks.

Till Streichert, CFO, Lufthansa Group: Yeah.

Carsten Spohr, CEO, Lufthansa Group: Hello James. I think we’ve missed one question from before. Utilization of our COND fleet. If you would go down further. It’s the opposite. We are probably looking at 2% growth on COND with the same fleet size. Take that as a thumb rule. You see an increase in productivity by at least 2% more production of the same fleet. James, corporate strength indeed. The U.S. carriers and also our people of course leading the shutdown aside, don’t forget our largest customer is the U.S. Government. Recent weeks put aside, we see some development from the U.S. Also, Germany is at least not aggressively growing, but somewhat growing on volumes. Tech industry is strong, for example, consulting is strong, finance industry is strong. It’s not crazy, the growth. Compared to what we have seen now for quite a few years, it was worth mentioning it.

Likelihood of a strike by the pilots. In the end, the union has to answer. As we already said before, we have done our yearly staff survey and the biggest improvement in satisfaction comes from the pilots. The pilots also expressed not worries about their pensions, which are already quite high, but rather express worries about their future and future growth and future careers. As we always allocate strike cost as personnel cost, any strike would increase the cost disadvantage of the main line and decrease perspectives and careers even further. Putting all that together, I think there’s room as our Head of HR offered to talk about future perspectives rather than additional pensions. We just cannot afford and are willing to raise further. Also, in terms of fairness to the pilots in the other airlines, I think that’s about what Darian can say about that today.

Thanks very much. Can I just come back on that? The U.S. government shutdown, maybe just give us your thoughts on what you’re seeing very near term. I assume U.S. inbound corporate, given that your largest customer has taken a hit, and maybe whether you sense there’s a feeling that there’s a bit of reticence from some Europeans going to the U.S. because there might be delays or whatever. Just to get your view would be great. Thank you.

I think there was a very special event, not event effect, sorry for my language, coming out of the Easter tariff announcements. The so-called Liberation Day Till referred to, that was the time around Easter when Germans booked their late summer holidays. Surely, we saw some softness out of Europe, especially Germany, Austria, Switzerland, and Denmark. Funny enough, to the U.S. we never saw that. Coming out of the U.S., there, of course, the yield was impacted by the currency. I think that what people have been seeing a little bit in Q3, and we forecasted that in Q1 and Q2, if you recall, is already softening and the effect is softening. We’ll see a more positive outlook on Q4 and also in the first weeks of 2026. The shutdown in general is, of course, affecting U.S.

carriers a lot more than it affects us because the main travel from the U.S. government is domestic U.S., but also U.S. with our joint venture partner United enjoying some nice business from the U.S. government, which, of course, is slow now. I don’t think the shutdown will eventually last too much longer either.

Okay, cool.

Till Streichert, CFO, Lufthansa Group: Thanks a lot.

Moritz, Call Operator: The next question comes from Harry J. Gowers from J.P. Morgan. Please go ahead.

Yeah, morning gents. First question, can I just ask on your, you’ve got the slide, I think Slide 6, which kind of shows the bookings outlook and kind of the RASK development into Q4. First question, I think October is missing from that chart. Could you give any commentary on what you’ve seen in the bookings for October? Is your flat RASK guide for Q4 just what you see in the books at the moment, or have you made any further assumptions on how bookings and pricing will actually evolve over November and December? Till, maybe one for you, could you just clarify or kind of narrow down the range a little bit on ex-fuel CASK for Q4?

I think you said the guidance would be below the 2.5% you’ve seen year to date, but are you going to see an ex-fuel CASK which is higher than the 0.5% that you saw in Q3? What exactly would be driving that?

Till Streichert, CFO, Lufthansa Group: Thanks a lot. Thanks, Harry. I’ll start with the second question, then we’ll work backwards to the first one on CASC. As I said, we’ve got year to date 2.5% CASC growth. Remember the quarterly trajectory was basically we had 3% and 4% CASC growth in the first and second quarter. Now third 0.5%. Pretty pleased with that movement from the 0.5% in the third quarter up to something which is below the 2.5%. I expect that MRO, we’re going to be one of the drivers which goes up in the last quarter a bit. We’ve got the usual drivers as well on additional cost evolution from ATC, from fees and charges, et cetera, et cetera. For me, what we said throughout the year, this half one versus half two is starting to materialize where CASC is coming down.

That’s for me, if you just say I look at half one and half two, clearly an effect of the materialization of the Lufthansa Airlines turnaround. In the same way also for the other airlines that are all running their efficiency drives. That’s on CASC. On RASK, what we’ve shown there is basically page six is really what we’ve got on the books. There are no, you know, that’s what we see in terms of seats sold at the seat load factor that we’ve got right now. Your question. October. October was, I mean we’ve almost closed. It was good. For the third quarter what we said is clearly better trading environment and resulting into this positive evolution from the third quarter where we obviously saw that as a dip. Here again the comment that throughout the quarter September was already notably better than July and August.

Understood.

Thanks a lot.

Moritz, Call Operator: The next question comes from Jarrod Castle from UBS. Please go ahead.

Till Streichert, CFO, Lufthansa Group: Thanks.

Good morning everyone. You’re still talking about a material increase in adjusted EBIT. Consensus is €1.9 billion, give or take, versus at €1.6 billion, give or take, last year. From where you stand today, do you see risk on the upside or the downside? Are you comfortable with kind of where consensus is, just any broad color? I know you’ve still got two months left of the year. Secondly, the balance sheet continues to de-gear. Just thinking about the dividend payout ratio, are you or the board thinking more towards the top end of the 20% to 40% of net income guidance for this year, or is it a little bit too soon? Thanks.

Look, in terms of, let me not comment specifically on the consensus. We’ve given a bit of color of course on the fourth quarter with RAS casc, also a bit of explanation on what I expect to happen on Lufthansa Technik and Cargo. I don’t want to be specific on that. We’ve given the elements. I think you get to a good picture with that and I would probably leave it more or less with that element or with that answer. If you would see us uncomfortable, obviously we would have said something. Let me put it like that. Finally, on the dividend, on the dividend policy which we did reconfirm at the capital markets day of 20% to 40% in place, this is a healthy dividend and the exact payout ratio within that range, we will obviously detail further down the line when we’ve got the full year results.

You can imagine, and that is what I also highlighted at the CMD, of course I want that our dividend per share continues to grow driven by the improving operating performance as a key driver of it. The strength of the balance sheet as a backdrop and the lower leverage is helpful. I’m very happy with that. Also here let me just highlight the fourth quarter. I do expect still to have aircraft deliveries and CapEx outflow. With that I did reconfirm that I expect free cash flow to be broadly stable versus prior year. With that you’ve got the key elements put together.

Okay, thanks very much, Till.

Moritz, Call Operator: The next question comes from Muneeba Kayani from Bank of America. Please go ahead.

Thank you for taking my questions. Just going back to Slide 6 and thank you for that. It’s very helpful. The bookings number, just to clarify, the dark blue in there, is that kind of comparing to bookings at the same time last year in terms of the year-on-year increase, and then just kind of when you’re seeing that yield improvement, is there any specific region that is driving that or is it across the board? You point out premium yields above previous year for every month. What are you seeing on the main cabin, please? On the unit cost side, in your 2026 guidance you’re talking about fleet productivity. Till, you’ve talked about unit costs getting trends, getting better in the second half of the year.

I know you’re not giving guidance specifically on next year, but broadly, how are you thinking about unit costs on the passenger airlines in 2026? Thank you.

Till Streichert, CFO, Lufthansa Group: I’m Oniba. That was three questions. The first one just quickly. Yes, you are right, that’s a year-on-year comparison. Nothing else. The dark blue bookings number on slide 6. The second question on yield evolution. We have in fact seen an improvement in all traffic regions, albeit I would actually also highlight that intercont is probably improving, is improving more. I expect it to improve more than cond. In terms of cabin class premium, this is the same theme that we’ve seen also before. Premium continues to be doing better than basically economy class. Your third question in terms of CASK evolution, I’ll answer it from two angles. One is what I said also at the CMD. Longer term, I do expect that our CASK growth, we are able to clearly beat inflation on CASK.

When we now talk about 2026 specifically, please bear in mind that we will be giving guidance and further details closer to the time, beginning of March. For now, all of the drivers that you highlighted, asset utilization, productivity gains, turnaround, improvement, playing into it, you can almost roll forward a bit also from what we’ve started to do and seen in 2025 as proof points. Again, the flat CASK at Lufthansa Airlines in the third quarter, and again bear with me, I’m not saying that this will be now flat for the next quarters to come. There will always be a bit of volatility, but a 0.1% CASK increase at Lufthansa Airlines only in Q3 is a big success.

Thank you.

Moritz, Call Operator: The next question comes from Conor Dwyer from Citi. Please go ahead.

Hey guys, thanks very much for the question. The first was on basically your comments around next year on long-haul. You talk about the mid to high single-digit capacity growth and I accept that obviously that will have good implications on the unit cost side. How are you thinking about the risks there from a unit revenue perspective? That a lot of that just gets eaten up by some of the pricing pressures that may bring. Secondly, on technicians, as you said, very strong revenue growth at third parties but quite a bit of a pullback on the internal revenue side. Just wondering what exactly is that reflecting. Is that basically the need to fly planes because you’re tied on capacity, slow deliveries, or anything else that I may not have thought of? Thanks very much.

Till Streichert, CFO, Lufthansa Group: It was a little hard to really understand. I’ll start and you please just repeat where we don’t answer your question fully. Okay, sure. I’ll go with Technik first because there I think I got it. To repeat, 10% revenue growth, that was good indeed. The third party business over indexed 28% growth, which for me is actually extremely good because you obviously take it from the market. In terms of internal business, I think you were questioning, is that a problem that we are scaling back there? I’m not aware. I mean obviously mathematically there’s a little bit of a shift, but again what matters is the external revenue because that’s where you are usually in long term contracts, going into long term contracts and building basically business. I hope that answers the Technik question.

I was really just wondering, basically, is that weaker internal revenue basically the need to fly the planes, and that some maintenance actually internally is going to be coming more so through the winter in that regard.

Sorry, I struggled. Can you just repeat again?

Yes, the question was more so around with the internal revenue being a bit, let’s say, less in the peak summer. Is that reflecting the need to fly the plane currently and do the work through the winter? Because you’re kind of tight on capacity.

At the moment, the need to fly.

You’re basically charging less internal revenue on the maintenance business. Is that basically reflecting the fact that at the moment you need the plane flying and more work is to come that is on the internal revenue side through winter?

Yeah, look. No, this is mathematical. I would actually think this is more mathematical. What’s happening here? I wouldn’t read too much into the internal revenue generation or whether there are shifts in terms of, you know, business. I mean obviously this is also driven by just what’s happened in terms of MROs that we use internally with Lufthansa Technik. We haven’t.

Yeah, that’s fine. The other question basically around the risk of medium to high capacity growth into next year in long-haul, what the risks are basically around unit revenue there even though there is obviously some unit cost benefits from doing that.

Carsten Spohr, CEO, Lufthansa Group: I think the major effect on longer growth next year is North Atlantic, and there we are still lagging behind our peers compared to pre-Covid. If you draw a line from 2019 to where we are north of lending capacity, we have a little catch up to do, and 2026 is going to be another catch up year. We don’t see a risk on the yield side because we’re basically catching up to demand overhang. Don’t forget the new airplane. Don’t forget the new airplanes we’ll be using to a large degree on the North Atlantic as well.

Yeah, that’s enough on the next slide. Okay, cool. Thank you very much.

Moritz, Call Operator: The next question comes from Antoine Madre from Bernstein. Please go ahead.

Good morning. Two questions please. First, is the free cash flow guide for 2026 more on the safe side with the current turnaround and the current fuel price level? Maybe you could give some colors.

Till Streichert, CFO, Lufthansa Group: On the 2026 CapEx.

We saw that the 777X is now expected for 2027. Does that further delay the fleet simplification initiative? Thank you.

Hi Antoine. Let me start with the free cash flow guide. We’ll technically speak about that when we speak in March next year. Let me reiterate what I also guided at the Capital Markets Day. I do expect that 2026 free cash flow should be broadly on the same level as 2025 and also 2024. As a reminder, I do expect progression in terms of earnings improvement. This will improve as well operating cash flow. We do have, and we’ve given you also, the schedule on the fleet renewal. The next two to three years will be the years where we’ve got elevated fleet renewal and also elevated gross CapEx, and in combination with utilizing also more sale and leasebacks. We have arrived at the conclusion of a broad free cash flow target. Broadly stable free cash flow target for 2026. Further details to come when we speak in March.

Carsten Spohr, CEO, Lufthansa Group: On the delays or additional delays on the 777X. We never expected the airplane to be in operation commercially in 2026, so we are scheduling the aircraft earliest summer 2027. There’s no need yet to make any changes to our plans so far, and we’ll see where it goes from here.

Moritz, Call Operator: The next question comes from Andrew Lobbenberg from Barclays. Please go ahead.

Hi there. Can I just carry on from the 777 question and go to the 787 question? I think there’s been stuff in the press about how the approval of the seats might be challenged by the U.S. Government slowdown. How confident are you on the timing of the approval of the Allegris seats other than the front row in the 787? Does that impact your willingness or enthusiasm to take delivery of the seven or eight aircraft to come in the balance of Q4? My second question would come down to the RASC, because obviously we’ve been dancing between the flat RASC, excluding FX, and the 2% negative RASC, which I think is your headline number. In your regional RASC, down in the appendix, which I think is just the pure airline tickets, that number is negative 5% for Q3.

Could you perhaps explain to us a little bit about the difference between the regional RASC number and the headline RASC number, and how should we think about how big the differences are and how those differences evolve in terms of irregularity or ancillaries or whatever? Thank you.

Till Streichert, CFO, Lufthansa Group: Andrew.

Carsten Spohr, CEO, Lufthansa Group: I start with the first one. So far the shutdown has an impact on some delays by days of the deliveries of the aircraft. I’ll come to the certification in a minute. Therefore, we don’t expect 10 aircraft anymore this year, but rather probably around 8. 6 we have scheduled to fly. That’s the minimum which we would need to achieve to not have any changes in our published schedules. We’re pretty optimistic to be above 6, as I said 8, probably the most likely shot as of today. We do not yet see delays due to the shutdown in the certification part. This is basically all paperwork which has to be done. We’re still confident to get that done by the end of the year. We all have learned there’s always question marks when it comes to the triangle between Boeing, Collins, and the FAA.

I can only say what we know as of today and again that the confidence of my team on the ground in the U.S. still tells us end of the year is feasible, then maybe even the last aircraft would already arrive with unblocked seats. Also, quickly afterwards we can unblock the seats of the aircraft which are already across the pond in Europe.

Till Streichert, CFO, Lufthansa Group: Hi, Andrew. I’ll take the question on RASC. The figure of minus 2% that we are referring to here for the third quarter in terms of RASC evolution includes ancillaries, cargo revenues, and also the revenue benefit from less IRREG events. What you are referring to in terms of the regional RASK in the appendix is excluding exactly those three line items. There’s no ancillaries, no cargo belly, no benefit from irregularities. In terms of dynamics going forward, I still do expect that we are going to improve further on Urex. You should see that basically helping. I do expect that on the cargo belly, over time, also contribution continues to evolve positively, and ancillaries, as you can see right now, is growing strongly. With Allegris rollout gaining pace, you should see actually even on that one, a stronger contribution.

It’s just important to distinguish between what we show as a regional RASC, which is RASC1A, and the one that is basically RASC3, including everything.

When we think of the numbers and compute and do our modeling, is there some double count of your RASK with the belly compared to what’s in the cargo business?

Now there’s no double counting. This is strictly or this is kind of mutually exclusive and collectively exhaustive, allocated in the reporting.

What fun. Thank you.

Moritz, Call Operator: The next question comes from Stephen Furlong from Davy, please go ahead.

Yeah, good morning. We talked about Boeing. Can we just ask about Airbus? They announced a slowdown in the production rate of the A220. Is that something that worries you or not? I think it’s gone from 14 to 12. The other question I just want to ask about cargo, which is performing very well in general. It tends to be, I guess, a division or product that is very, even more volatile, let’s say, than the passenger business. Maybe just talk about some of the structural things that are happening that maybe would suggest that the cargo business and profitability be more enduring than perhaps the volatility in the past, not just of Lufthansa, but the industry. Thank you.

Carsten Spohr, CEO, Lufthansa Group: No, so far on the 220 we don’t expect any delays. I actually just met with the Airbus management last week. We’re still confident that our 42 A220s we have ordered for Lufthansa City Airlines will be starting to be delivered end of next year and will come on time. On cargo, two thoughts. First of all, it’s still a volatile business, but one wave seems to more or less compensate the other. There are so many trends now in the industry compared to the old days when there was only one or two mega trends that I think you see one wave on top of the other. Like, I don’t know if you’re a sailor, that happens in the harbor in the end, then the waves kind of, then you know, it’s kind of zeroing out. That’s one of them. I think more important is another one.

As you well know, Steve, we talked about this before. Cargo has two elements. There’s the so-called planned air cargo. Think about pharmaceuticals, think about valuables, think about consumer e-commerce. Then there’s the unplanned cargo which is mainly B2B spare parts to keep factories around the world going and so on. You see clearly a shift, at least in Lufthansa Cargo, which tends to be more high-end cargo. We see a more shift towards the valuables, pharmaceuticals and especially to e-commerce. E-commerce is always what you.

Till Streichert, CFO, Lufthansa Group: Call planned Lufthansa Cargo.

Carsten Spohr, CEO, Lufthansa Group: You always send your fashion products from China by cargo, and not only when something goes wrong in the supply chain, which happens on the more B2B-driven cargo providing factories. I think that could be a reason why things become a little bit less volatile. I would still call cargo volatile. It just, as I said before, has worked in our favor over the last years because the predictability of supply chains has come down, and therefore even the unpredictable, high volatile cargo has helped us to support our profitability. I wouldn’t want to be a forecaster here on this, but this is how we look at things, and that’s why the optimism for cargo is going on.

Got it. Thanks, Carsten.

There’s even an argument which is not new, but which proves to be right even more. Remember when I see you in London, I say I wish I had the home base of London. How nice must it be to run an airline in Heathrow. That’s true for passengers. When it comes to cargo, Frankfurt is, I think, for cargo what London is for passengers. Amazon has just announced to shift additional cargo streams via Frankfurt. Here, surely our biggest hub is a major advantage, while on the passenger side, things probably look more fun in Paris or London.

Moritz, Call Operator: The next question comes from Antonio Duarte from Goodbody. Please go ahead.

Good morning, gentlemen. As you have seen, the reallocation of assets to more efficient routes. Talking about summer next year and into the future, could you give us some colors on which airlines you’re planning to expand the most, considering different EBIT margins between these? Following on this topic as well, we have seen year-on-year improvements in your Lufthansa Airlines EBIT margin this quarter. Could you also talk us a bit about any targets you have going to Q4 and maybe into next year? Thank you.

Carsten Spohr, CEO, Lufthansa Group: Antonio, I hope I got your first question right. Since some time, and I would definitely say since coming out of COVID, beyond operational requirements, we really allocate aircraft and growth according to Rossi principle. Where do we return investments highest, and that means currently those airlines which have a favorable cost position—think about Discover, think about Edelweiss, think about Lufthansa City Airlines, but also ITA. We’re looking at additional growth due to their cost position and due to their market opportunities to somewhat underserved home market Rome. That’s what we do. That Rossi principle also internally clearly communicated to unions, to our staff, I think will help us to make sure that the right alliance grows. On Lufthansa Airlines, I want to repeat what I said. First, we had to stabilize operations. We did. Now customer satisfaction had to be stabilized. It is going on while we speak.

Allegris plays a role also. Punctuality plays a role, also the $70 million of improvements we invested on board, and therefore I think as still pointed out, we are optimistic to perform on track with our Lufthansa Airlines turnaround program.

Thank you.

Moritz, Call Operator: Ladies and gentlemen. This was the last question. I would now like to turn the conference back over to Marc-Dominic Nettesheim for any closing remarks.

Till Streichert, CFO, Lufthansa Group: Thanks to all of you. Thanks to you, Carsten and Till.

Carsten Spohr, CEO, Lufthansa Group: Your answers and thanks to all of the interested participants for your questions. We’re looking forward from the Investor Relations.

Till Streichert, CFO, Lufthansa Group: Team, to continue our dialogue and for now we wish you a great afternoon.

Carsten Spohr, CEO, Lufthansa Group: Talk to you soon. Bye bye from Frankfurt.

Moritz, Call Operator: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

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