Lufthansa cuts 2026 earnings outlook as fuel costs rise

Lufthansa has lowered the top end of its 2026 earnings forecast, saying higher kerosene prices have made its previous best-case outcome unlikely.

The German airline group now expects adjusted operating profit (EBIT) of €1.7bn to €2bn, down from a previous range of €1.7bn to €2.2bn. It said fuel costs were expected to be about €600m higher than forecast three months earlier.

Lufthansa described the change as a refinement of its outlook, as less than three months of the financial year remained. It said the increase in fuel prices was the reason the upper end of its earlier earnings range no longer appeared likely.

The group reported adjusted EBIT of €1.407bn for July to September, up 6 per cent year on year. Net profit attributable to Lufthansa shareholders rose 30 per cent to €1.257bn. For the first nine months of 2026, however, adjusted EBIT fell 20 per cent to €1.178bn, while net profit declined 35 per cent to €715m.

Lufthansa said strong demand, particularly on Asian routes, supported passenger traffic, but higher kerosene prices and temporary route cancellations linked to the Middle East crisis weighed on performance. Strikes in February, March and April also had a negative impact.

Fuel expenses for the first nine months rose 21 per cent year on year to €6.722bn. The company said the increase reflected higher prices, partly offset by currency effects and lower fuel consumption. Its report also warns that fuel-price volatility, geopolitical uncertainty and short booking cycles are making forecasts more difficult.

Lufthansa continues to expect a clear increase in revenue for 2026 and adjusted free cash flow of about €900m. The outlook remains subject to uncertainty, the company said.