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In particular, a market-related decline in yields
in all traffic regions – especially in Asia – had a negative impact. Unit costs
of the Group’s passenger airlines in the second quarter were at previous year's
level. Adjusted free cash flow of Lufthansa Group amounted to EUR 573 million.
With a quarterly profit of EUR 213 million,
Lufthansa Airlines' result was around EUR 300 million lower compared to
previous year (EUR 515 million). Overall, Lufthansa Airlines recorded a
half-year loss of EUR -427 million (previous year: profit of EUR 149 million).
Lufthansa Airlines is particularly affected by the challenges posed by the
negative market trend and by inefficiencies in the flight operations of
Lufthansa and Cityline, also due to delayed aircraft delivery. It is becoming
increasingly challenging for Lufthansa Airlines to break even for the full
year. To counteract this, a comprehensive turnaround program is being launched.
For the other passenger airlines as well as
Lufthansa Technik and Lufthansa Cargo, earnings for the second half of the year
are expected to be broadly at previous year's level, in some cases higher.
Therefore, for the full year 2024, Lufthansa Group
now expects an Adj. EBIT in the range of EUR 1.4 to 1.8 billion (previously:
around EUR 2.2 billion). This outlook is largely dependent on the earnings
development at Lufthansa Airlines and the traditionally important fourth
quarter at Lufthansa Cargo.
Adjusted free cash flow is expected to be
significantly below 1bn EUR (previously: at least 1bn EUR), based on the new
Adj. EBIT guidance and given uncertainties around capex development in the
second half of the year.
The Group will provide further details on the
financial outlook when it publishes its final results for the second quarter on
31 July.
Image
Credit: © Lufthansa Group
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