Aviation Industry: approx. 70%
Logistics Industry: approx. 15%
Technology and Maintenance: approx. 10%
Catering and Other Services: approx. 5%

TOP 3 Markets:

1. Germany: approx. 30%
2. USA: approx. 25%
3. China: approx. 15%

Deutsche Lufthansa AG generates the majority of its revenue from the aviation industry, which represents the main part of the business. In addition to passenger transport, logistics, especially through the freight subsidiary Lufthansa Cargo, plays a significant role. Technology and maintenance as well as catering and other services complement the portfolio.

Germany remains the largest market for Lufthansa, followed by the USA, which is strongly represented through transatlantic flights and partnerships. China is also an important market as it plays a central role in the Asian air transport network. These markets are crucial for the strategic orientation and growth of Lufthansa.

Production: No direct production of physical products

Deutsche Lufthansa AG is primarily a service company in the aviation sector and does not produce physical products in the traditional sense. Its main activities include passenger and freight transport, aircraft maintenance and servicing, as well as catering services.

However, Lufthansa Technik, a subsidiary, offers maintenance, repair, and overhaul (MRO) services worldwide. These services are provided at various locations around the world, with significant centers in Germany, such as Hamburg and Frankfurt, as well as in other international cities.

Lufthansa Catering, also a subsidiary, produces meals for airline passengers in various kitchens worldwide, with significant production facilities located near major airports.

Current Strategy: Focus on Sustainability and Digitalization (2025)

Deutsche Lufthansa AG is pursuing a strategy that is strongly oriented towards sustainability and digitalization. The company is investing significantly in modernizing its fleet to reduce CO2 emissions and increase efficiency. This includes acquiring new, fuel-efficient aircraft and implementing sustainable fuels.

In addition, Lufthansa is focusing on digitalization to optimize operational processes and enhance the customer experience. This involves expanding digital platforms and using data analytics to personalize services.

Another key focus is on expanding into high-growth markets, particularly in Asia, to strengthen global presence and tap into new revenue sources.

Main Imported Raw Materials/Components:

• Kerosene
• Aircraft parts and components
• Onboard catering

Countries of Origin:

• Kerosene: Mainly from OPEC countries, especially Saudi Arabia and the United Arab Emirates.
• Aircraft parts and components: USA (Boeing), France and Germany (Airbus), Canada (Bombardier).
• Onboard catering: Various European countries, depending on the catering partner and regional offerings.

Deutsche Lufthansa AG imports a variety of raw materials and components necessary for the operation of its aircraft and the provision of services. Kerosene is the most significant raw material as it represents the largest cost factor in its operational business. The origin of kerosene is heavily dependent on global oil producers, with OPEC countries playing a central role.

Aircraft parts and components are sourced from major aircraft manufacturers such as Boeing and Airbus, with the USA and European countries being the main suppliers. These parts are essential for the maintenance and operation of the aircraft fleet.

For onboard catering, Lufthansa collaborates with various catering companies that source their products from different European countries. The selection of food can vary depending on the flight route and regional preferences.

Market share in Europe: Approximately 15% (2024, estimate)
Fleet size: Over 700 aircraft (2023)
Passenger numbers: Over 100 million annually (2023)

Deutsche Lufthansa AG has a significant competitive advantage as one of the largest airlines in Europe. With an estimated market share of around 15% in Europe, it is a dominant player in the European aviation market.

The fleet size of over 700 aircraft enables Lufthansa to cover a wide network of destinations, appealing to both business and leisure travelers. Additionally, the company benefits from strong brand recognition and a comprehensive frequent flyer program that promotes customer loyalty.

Another advantage is its membership in the Star Alliance, which provides access to a global network and additional synergies. Despite intense competition from low-cost carriers and other major airlines, Lufthansa remains competitive through its strategic positioning and continuous investments in fleet modernization and service innovations.

Institutional Investor Share: 65% (estimated for 2025 based on historical data)

Insider Buys/Sells: No significant transactions reported in the last year

The institutional investor share in Deutsche Lufthansa AG traditionally stands at about two-thirds, indicating the trust of large investors in the company's long-term stability and profitability. These investors include pension funds, investment funds, and other major financial institutions.

In 2025, no significant insider buys or sells were reported, suggesting a stable assessment of the company's value by management. This can be interpreted as a sign that management does not expect short-term fluctuations in the stock price.

Market share of Deutsche Lufthansa AG: 12% (2025, estimated)

Main competitors and their market shares:

1. Ryanair Holdings plc: 15%
2. International Airlines Group (IAG): 14%
3. Air France-KLM: 13%
4. Deutsche Lufthansa AG: 12%
5. easyJet plc: 10%
6. Turkish Airlines: 9%
7. Wizz Air Holdings plc: 8%
8. Norwegian Air Shuttle ASA: 6%
9. SAS AB: 5%
10. Finnair Oyj: 4%

Moat of Deutsche Lufthansa AG:

Deutsche Lufthansa AG has a moderate moat, primarily characterized by its strong brand recognition, extensive networks, and alliances such as the Star Alliance. These factors provide a certain level of protection against new market entrants and enable the company to maintain a loyal customer base.

However, compared to its competitors, Lufthansa faces challenges, especially in terms of cost structure and efficiency, where low-cost carriers like Ryanair and easyJet have advantages. These competitors have a stronger moat in the form of lower operating costs and an aggressive pricing strategy.

In summary, while Lufthansa has some competitive advantages, these are somewhat offset by the more efficient business models of low-cost carriers. Lufthansa's moat is present but not as pronounced as some of its competitors.

Revenue Growth: 8.5% (2024) Passenger Growth: 6.2% (2024) Capacity Utilization: 82% (2024)

In 2024, Deutsche Lufthansa AG recorded a revenue growth of 8.5%. This growth is mainly attributed to the recovery of the travel industry after the pandemic and the increased demand in international air travel. The 6.2% increase in passengers underscores the rising demand for air travel.

The 82% capacity utilization indicates that the airline is efficiently using its capacities, which is a positive sign for operational efficiency. Additionally, Lufthansa has invested in modernizing its fleet in recent years, leading to improved fuel efficiency and lower operating costs.

Overall, these factors suggest that Deutsche Lufthansa AG is well positioned to benefit from the recovery of the travel industry. However, investors should also keep an eye on geopolitical risks and fuel price volatility, which could affect profitability.

Dividend: 0.80 EUR per share (2024)

In 2024, Deutsche Lufthansa AG distributed a dividend of 0.80 EUR per share. This marks a return to dividend payments after a period of restraint due to the financial challenges during the COVID-19 pandemic.

The reliability of dividend payments depends on several factors, including the financial recovery of the aviation industry, the company's operational performance, and the general economic situation. In recent years, Lufthansa has taken measures to reduce costs and increase efficiency, which supports its ability to pay dividends.

Analysts expect that the dividend policy could remain stable in the coming years, provided that no new significant economic or operational challenges arise.