Lufthansa Cargo第三季度收益增长，预计2026年调整后EBIT超过5亿欧元

Lufthansa Cargo

By Stuart Todd

4 November 2026

Lufthansa Cargo increased its base yields by 14% year on year in the third quarter, with strong demand and constrained capacity supporting pricing power, even as Middle Eastern airlines restored services.

Overall yields rose 22%, as the carrier also successfully passed-on higher fuel costs. Adjusted EBIT more than tripled, to €162m ($182), with margin reaching 15.6%, up from 6% a year ago.

Lufthansa Group CEO Carsten Spohr told analysts on a conference call in Frankfurt yesterday that the strong performance came during what is usually the seasonally weakest quarter for airfreight.

“The strong performance reflects a very robust demand environment. Capacity increased by 5%, driven by double-digit growth in belly capacity, mainly due to the now fully integrated belly capacity of [Italian airline] ITA. Chargeable weight increased by 7% and, as a result, load factors increased by more than three percentage points. At the same time, pricing remained very strong,” he said.

One forwarder told The Loadstar the drivers of cargo carriers’ pricing power, and the implications of returning Middle East capacity, differed between the major east–west trades, explaining: “Capacity is extremely tight on the Far East-North America tradelane – where obviously the return of Middle East capacity is not an issue – driven by phenomenal demand from the hyperscaler boom and which continues to pump up rates.”

Mr Spohr also highlighted the strength of Asian demand and Lufthansa Cargo’s growing exposure to transpacific flows.

He said: “Demand remains particularly strong in Asia-Pacific, with India standing out as a key growth market. Transpacific flows are becoming increasingly important for us, even though we’re on the other side of the world.

“Currently, demand is driven by express deliveries on the one hand and by high-margin verticals on the other. These include semiconductors and IT equipment, but also pharma and automotive.

“More broadly, Lufthansa Cargo continues to benefit from current supply chain disruptions around the world, but has also structurally improved its positioning by focusing on those markets and products that matter most in the air freight business and create the highest yields and value.”

In a more detailed review of Lufthansa Cargo’s Q3 performance, the group said strong market demand had continued “in the context of the significantly changed market environment due to the conflict in the Middle East and the corresponding reduction in competitors’ capacities in the region”.

Reduced market capacity and sharply higher fuel costs had led to a significant increase in yields compared with previous quarters.

Global revenue increased 26%, “with broad-based regional growth”, while ex-Asia yields were “robust, despite de minimis pressure”. Revenue from temperature-controlled freight rose 33% year on year.

Turning to the outlook, group CFO Till Streichert told analysts Lufthansa Cargo’s year-to-date earnings had reached €361m, with further upside expected for the full year.

“Adjusted EBIT of Lufthansa Cargo is likely to comfortably surpass €500m in full-year 2026, with possibly even more positive dynamics. While this upside potential is very likely to materialise, a high degree of uncertainty still remains, as visibility in the air freight business is usually limited to about two weeks booking in advance.”

On whether current pricing power would endure as Middle Eastern capacity returned, the forwarder pointed to signs of easing pressure on Asia-Europe.

“Emirates, Etihad, and Qatar Airways are maintaining substantially more normal operations, providing improved access to the region, and restoring a good deal of the capacity lost during the initial disruption earlier this year. There have been signs of stability in Asia-Europe rates of late. OK, they’re more than 10% higher year on year at the moment, but well short of the levels we saw earlier this year.

“However, escalation in hostilities between Saudi Arabia and the Houthis, and renewed concerns over a resumption of the US-Iran war, mean Gulf carriers are again wondering what lies around the corner.”