Due to the strong increase in demand for air travel over the course of the year, the Lufthansa Group nearly doubled its revenue to 32.8 billion euros in the financial year 2022 (previous year: 16.8 billion).
In the financial year 2022, the company generated an Adjusted EBIT of 1.5 billion euros (previous year: -1.7 billion euros) and thereby returned to a clearly positive result despite high cost inflation, especially regarding fuel costs. The Adjusted EBIT margin improved accordingly to 4.6 percent (previous year: -9.9 percent). Net income was 791 million euros - a significant improvement on the previous year (2021: -2.2 billion euros).
During the last year, significantly more people flew with the airlines of the Lufthansa Group than in 2021. In total, 102 million passengers were welcomed on board, more than twice as many as in 2021 (previous year: 47 million).
Following the strong increase in demand for air travel, the number of offered flights was expanded significantly over the course of the year. In the summer of 2022, global shortages in the airline industry led to a short-term overload of the overall system. To relieve the system, airlines around the world cancelled numerous flights, which stabilized flight operations. Overall, the capacity offered by the passenger airlines of Lufthansa Group was 72 percent compared to the pre-crisis year of 2019. In the first quarter of 2022, capacity had just amounted to 57 percent of pre-crisis levels. The seat load factor of 79.8 percent in 2022 was 18.2 percentage points higher than the previous year (61.6 percent).
The year 2022 in the Passenger Airlines segment was divided into two parts: While earnings at the beginning of the year were still heavily impacted by the spread of the Omicron virus variant and the associated travel restrictions, the Passenger Airlines benefited from a significant increase in demand for airline tickets over the course of the year.
Passenger airline revenues increased by 148 percent year-on-year to 22.8 billion euros in the financial year 2022 (previous year: 9.2 billion) due to the significant increase in passenger traffic and higher yields.
Adjusted EBIT at Passenger Airlines improved significantly in the past fiscal year, at an operating loss of -300 million euros (previous year: -3.3 billion euros). Due to strong demand and continued limited capacity, average yields increased significantly, especially in the second half of the year. In 2022, yields were 16 percent higher than the pre-crisis level in 2019, with the increase in the fourth quarter amounting to 21 percent. The passenger airlines were thus able to achieve a clearly positive Adjusted EBIT in the third and fourth quarters of the year despite the significant cost inflation. SWISS and Austrian Airlines also generated an operating profit for the full year 2022 (SWISS Adjusted EBIT: 476 million euros; Austrian Airlines Adjusted EBIT: 3 million euros).
The positive earnings trend in the Logistics segment continued in the financial year 2022. Lufthansa Cargo benefited from the persistently high demand for airfreight. The market-wide supply was still lower in 2022 than before the pandemic due to the missing belly capacities of passenger aircraft. Yields increased in all traffic regions of Lufthansa Cargo and were 21 percent higher overall than in the previous year. Yields thereby reached a record level in Lufthansa Cargo's history and were 136 percent above the pre-crisis level of 2019. Adjusted EBIT rose by 7 percent year-on-year to 1.6 billion euros (previous year: 1.5 billion euros) - also an absolute record in its company's history.
Due to the strong global increase in demand for air travel and the accompanying growth in demand for maintenance and repair services, Lufthansa Technik's earnings increased to a record level in the financial year 2022, too. Adjusted EBIT improved by 41 percent year-on-year to 511 million euros (previous year: 362 million euros).
The Catering segment faced particular challenges from high inflation and the tight labor market in North America. Nevertheless, the LSG group was able to report a positive business development. Revenue increased by almost 80 percent and Adjusted EBIT improved on a like-for-like basis, i.e. excluding the subsidies under the US CARES Act in the previous year. The Adjusted EBIT loss in 2022 amounted to 11 million euros.
Corporate responsibility, that is to say sustainable and responsible entrepreneurial practice, is an integral part of our corporate strategy. It means that we are committed to creating added value for our customers, employees and investors and to meeting our responsibilities toward the environment and society.