Despite increasing sales and progress in restructuring, Lufthansa remains on a turbulent course.
CEO Carsten Spohr, who was visibly optimistic just a few weeks ago, must now admit that the recovery is progressing more slowly than hoped. Although revenue rose by 5 percent to just under 30 billion euros in the first nine months of 2025, profits have recently shrunk – and without the absence of the massive strikes from the previous year, the balance sheet would look significantly weaker.
Industry experts see pressure on earnings especially in long-haul business. Analyst Harry Gowers (JPMorgan) warns that Lufthansa is being hit particularly hard by the industry's weakness: "Prices are under pressure, and flight schedules indicate a continued slowdown." In addition, there is self-inflicted stress - pilots are demanding higher salaries, and strikes are looming again.
Politics is not coming to Lufthansa's aid at the moment. Despite earlier promises, fees for air traffic control and passenger screenings continue to rise. Spohr remains combative: “We still have a long way to go.” Yet many in the company are doubtful and wonder if this path will eventually lead to calmer skies.







