Financials Lufthansa

Equities

LHA

DE0008232125

Airlines

Market Closed - Xetra Other stock markets 11:35:25 2025-06-13 EDT			5-day change	1st Jan Change
6.882 ^EUR	-2.77%		-3.83%	+11.43%

06-13	Airlines suspend flights after Israel strikes Iran	RE
06-13	Middle East airspace shut after Israel strikes Iran, airlines cancel flights	RE

Projected Income Statement: Lufthansa

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	13,589	16,811	32,770	35,442	37,581	39,813	41,439	43,344
Change	-	23.71%	94.93%	8.15%	6.04%	5.94%	4.09%	4.6%
EBITDA ¹	-2,537	33	3,786	4,910	3,982	4,376	4,914	5,307
Change	-	101.3%	11,372.73%	29.69%	-18.9%	9.89%	12.3%	8%
EBIT ¹	-5,451	-2,349	1,509	2,682	1,645	1,912	2,341	2,629
Change	-	56.91%	164.24%	77.73%	-38.67%	16.24%	22.45%	12.3%
Interest Paid ¹	-334	-441	-419	-356	-153	-263.8	-322.2	-295.9
Earnings before Tax (EBT) ¹	-8,631	-2,606	1,050	2,317	1,576	1,585	2,040	2,362
Change	-	69.81%	140.29%	120.67%	-31.98%	0.56%	28.7%	15.78%
Net income ¹	-6,725	-2,191	791	1,673	1,380	1,195	1,605	1,861
Change	-	67.42%	136.1%	111.5%	-17.51%	-13.39%	34.26%	15.98%
Announcement Date	3/4/21	3/3/22	3/3/23	3/7/24	3/6/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,894	2,660	2,594	2,560	3,211	5,207	5,833	5,363	8,462	10,068	8,877	7,017	9,389	10,275	8,761	7,392	10,007	10,738	9,444	8,127	10,420	11,161	9,689
Change	-	40.44%	-2.48%	-1.31%	25.43%	62.16%	12.02%	-8.06%	57.78%	18.98%	-11.83%	-20.95%	33.8%	9.44%	-14.73%	-15.63%	35.38%	7.3%	-12.05%	-13.95%	28.21%	7.12%	-13.2%
EBITDA ¹	-	-	-	-569	-	531	-	-28	958	1,706	1,150	-	1,508	2,026	973	-279	1,257	1,937	1,067	-121	1,482	2,070	901.8
Change	-	-	-	-	-	-	-	-	3,521.43%	78.08%	-32.59%	-	-	34.35%	-51.97%	-128.67%	550.54%	54.1%	-44.91%	-111.34%	1,324.41%	39.7%	-56.43%
EBIT ¹	-1,700	-1,262	-1,290	-1,143	-952	17	-271	-591	393	1,132	575	-273	965	1,468	402	-849	686	1,340	468	-722	845.5	1,373	281.6
Change	-	25.76%	-2.22%	11.4%	16.71%	101.79%	-1,694.12%	-118.08%	166.5%	188.04%	-49.2%	-147.48%	453.48%	52.12%	-72.62%	-311.19%	180.8%	95.34%	-65.07%	-254.27%	217.1%	62.4%	-79.49%
Charge d'intérêts	-103	-77	-	-	-95	-119	-109	-83	-129	-95	-112	-	-	-78	-	-82	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-1,743	-2,493	-1,719	-1,313	-921	-84	-288	-690	356	1,078	306	-530	1,086	1,489	297	-939	572	1,353	590	-	-	-	-
Change	-	-43.03%	31.05%	23.62%	29.86%	90.88%	-242.86%	-139.58%	151.59%	202.81%	-71.61%	-273.2%	304.91%	37.11%	-80.05%	-416.16%	160.92%	136.54%	-56.39%	-	-	-	-
Net income ¹	-1,500	-1,967	-1,141	-1,049	-756	-72	-314	-584	259	809	307	-467	881	1,192	67	-734	469	1,095	550	-885	418.4	704.7	337.1
Change	-	-31.13%	41.99%	8.06%	27.93%	90.48%	-336.11%	-85.99%	144.35%	212.36%	-62.05%	-252.12%	288.65%	35.3%	-94.38%	-1,195.52%	163.9%	133.48%	-49.77%	-260.91%	147.27%	68.44%	-52.17%
Announcement Date	8/6/20	11/5/20	3/4/21	4/29/21	8/5/21	11/3/21	3/3/22	5/5/22	8/5/22	10/27/22	3/3/23	5/3/23	8/3/23	11/2/23	3/7/24	4/30/24	7/31/24	10/29/24	3/6/25	4/29/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1
Net sales ¹	5,771	13,825	16,406
Change	-	139.56%	18.67%
EBITDA	-	-	-
Change	-	-	-
EBIT ¹	-2,095	-198	453
Change	-	90.55%	328.79%
Charge d'intérêts	-213	-212	-
Earnings before Tax (EBT) ¹	-2,234	-334	511
Change	-	85.05%	252.99%
Net income ¹	-1,805	-325	414
Change	-	81.99%	227.38%
Announcement Date	8/5/21	8/5/22	8/3/23

¹EUR in Million

Estimates

Forecast Balance Sheet: Lufthansa

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,922	9,023	6,871	5,682	5,744	5,714	5,114	4,592
Change	-	-9.06%	-23.85%	-17.3%	1.09%	-0.52%	-10.5%	-10.21%
Announcement Date	3/4/21	3/3/22	3/3/23	3/7/24	3/6/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Lufthansa

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,273	1,329	2,286	4,115	3,743	3,170	3,200	3,302
Change	-	4.4%	72.01%	80.01%	-9.04%	-15.32%	0.97%	3.18%
Free Cash Flow (FCF) ¹	-3,669	-855	2,882	2,134	840	1,282	1,294	1,500
Change	-	76.7%	437.08%	-25.95%	-60.64%	52.56%	0.94%	15.98%
Announcement Date	3/4/21	3/3/22	3/3/23	3/7/24	3/6/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Lufthansa

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-18.67%	0.2%	11.55%	13.85%	10.6%	10.99%	11.86%	12.24%
EBIT Margin (%)	-40.11%	-13.97%	4.6%	7.57%	4.38%	4.8%	5.65%	6.07%
EBT Margin (%)	-63.51%	-15.5%	3.2%	6.54%	4.19%	3.98%	4.92%	5.45%
Net margin (%)	-49.49%	-13.03%	2.41%	4.72%	3.67%	3%	3.87%	4.29%
FCF margin (%)	-27%	-5.09%	8.79%	6.02%	2.24%	3.22%	3.12%	3.46%
FCF / Net Income (%)	54.56%	39.02%	364.35%	127.56%	60.87%	107.22%	80.61%	80.61%
Profitability
ROA	-16.37%	-5.34%	1.84%	3.77%	2.99%	2.43%	2.69%	3.06%
ROE	-487.8%	-75.59%	12.31%	18.62%	13.02%	9.94%	12.11%	12.91%
Financial Health
Leverage (Debt/EBITDA)	-3.91x	273.42x	1.81x	1.16x	1.44x	1.31x	1.04x	0.87x
Debt / Free cash flow	-2.7x	-10.55x	2.38x	2.66x	6.84x	4.46x	3.95x	3.06x
Capital Intensity
CAPEX / Current Assets (%)	9.37%	7.91%	6.98%	11.61%	9.96%	7.96%	7.72%	7.62%
CAPEX / EBITDA (%)	-50.18%	4,027.27%	60.38%	83.81%	94%	72.43%	65.12%	62.22%
CAPEX / FCF (%)	-34.7%	-155.44%	79.32%	192.83%	445.6%	247.33%	247.39%	220.07%
Items per share
Cash flow per share ¹	-4.33	0.8367	4.325	4.138	3.228	3.655	3.572	3.931
Change	-	119.32%	416.88%	-4.32%	-21.99%	13.24%	-2.27%	10.03%
Dividend per Share ¹	-	-	-	0.3	0.3	0.2785	0.3308	0.3873
Change	-	-	-	-	0%	-7.18%	18.8%	17.07%
Book Value Per Share ¹	2.253	3.722	7.031	8.083	9.645	10.45	11.46	12.63
Change	-	65.18%	88.88%	14.97%	19.33%	8.36%	9.67%	10.18%
EPS ¹	-12.51	-2.99	0.66	1.4	1.15	0.9995	1.285	1.505
Change	-	76.1%	122.07%	112.12%	-17.86%	-13.09%	28.54%	17.16%
Nbr of stocks (in thousands)	597,743	1,195,486	1,195,486	1,195,486	1,198,299	1,198,293	1,198,293	1,198,293
Announcement Date	3/4/21	3/3/22	3/3/23	3/7/24	3/6/25	-	-	-