Lufthansa Group: Further Deleverage With Strong Execution (Rating Upgrade)

  • Lufthansa's Q1 2025 results show a 10% sales growth and improved adjusted EBIT, despite a net income loss of €885 million. Strong cash flow and reduced net debt to €5.3 billion, driven by increased ticket sales and operational excellence. Record sales and EBIT in the MRO division and fuel cost savings bolster the investment thesis and support a positive outlook for DLAKF.