Lufthansa Cargo has reported positive results for the full year 2024, proving a contrast to Lufthansa Airlines “disappointing” results.
Revenues were up 10% to €3.3bn and operating income was up 9% to €3.4bn. These outpaced and surpassed the cargo division's operating expenses which were up 7% to €3.1bn. EBIT was up 18% to €252 million.
During the company's earnings call, management said: “Whenever there's crisis in the world, usually cargo peaks. That's what's happening right now. The world has become much less predictable. That's why we see very strong cargo and the wide world might staying somewhat less predictable for some time.”
The company said for this reason it has “optimism” for 2025 cargo performance. Management added that didn't hold a “pessimistic outlook” of potential US tariff impact.
Lufthansa Cargo's adjusted EBIT margin improved 0.3 percentage point to 7.7%. Available freight capacity was up 9% to 13.7bn freight tonne kilometres in 2024. Sales were up 14% to 8.5bn freight tonne kilometres. Average cargo load factor improved 2.7 percentage points to 61.9%.
The division closed the year on a high with the fourth quarter accounting for €199 million of the adjusted EBIT for the full year — marking the best fourth quarter of the company's history aside from the years impacted by the pandemic (2020 to 2022).
“We initiated and successfully implemented a variety of measures in 2024 to further enhance our quality and especially our customer satisfaction,” said Lufthansa Cargo chief financial officer and labour director Frank Bauer. “At the same time, we are strongly focused on cost efficiency and productivity to mitigate increased location costs and inflation-related cost increases.”
The company said it will continue to focus on expanding its offerings throughout 2025. With the integration of ITA Airways, it expects new opportunities for customers in the short term along with partners at Swiss WorldCargo.
In addition to its own 12 777F cargo aircraft and four A321Fs, the cargo division uses the belly capacities of Lufthansa Airlines, Austrian Airlines, Brussels Airlines, Discover Airlines, and SunExpress. The company's joint venture with DHL Express also operates 22 777F aircraft. Lufthansa Cargo is responsible for marketing the capacities of six of these aircraf.t