Lufthansa’s Strategic Crossroads: Kühne Deepens Stake as Fleet Orders and Fuel Costs Collide

The balance of power at Lufthansa is growing more concentrated, and the airline is simultaneously placing its biggest bet in years on new hardware. Klaus-Michael Kühne, the logistics billionaire who already held a commanding position among the carrier’s shareholders, has pushed his stake past the 20% mark via Kühne Aviation, with the door left wide open for further purchases over the next twelve months. The move, disclosed to BaFin and financed through equity and a shareholder loan from Kühne Holding, comes as management faces a messy mix of operational setbacks, volatile fuel costs, and a fresh political tailwind on ticket taxes.

While Kühne cements his influence — Karl Gernandt, his group’s representative, has sat on the supervisory board since May 2023 — the airline’s board has approved the acquisition of 20 next-generation long-haul jets from Airbus and Boeing, with a list price of $7.7 billion. Deliveries are slated to begin in 2032, signalling a long-term commitment to fleet renewal even as near-term profitability trails rivals. The fleet order coincides with a leadership change: Johannes Teyssen is taking over as chairman of the supervisory board from Karl-Ludwig Kley, tasked with closing the profit gap to IAG and Air France-KLM.

That operational gap remains stark. Across German airports, passenger numbers in April 2026 hit 17.01 million, down 7.5% from a year earlier. The slide reflects a six-day strike by Lufthansa cabin crew, the grounding of Lufthansa Cityline, uncertainty linked to the Iran conflict, and statistical distortions from the timing of Easter holidays. Against pre-crisis levels, traffic in the first months of the year was still 18.8% behind 2019, with flight movements off by a quarter. Only cargo has outperformed, running 6.2% above pre-pandemic levels.

Should investors sell immediately? Or is it worth buying Lufthansa?

On Thursday the Bundestag is set to vote on a reduction of the aviation tax, effective 1 July 2026, rolling rates back to their 2024 level. Short-haul levies would drop from €15.53 to €13.03, medium-haul to €33.01, and long-haul to €59.43. The industry welcomes the relief, but Lufthansa points out that a single Airbus A320 departure out of Frankfurt still incurs roughly €4,300 in taxes and fees, compared with just €690 in Madrid — a structural handicap the tax cut does not erase.

Meanwhile, rising oil prices are adding strain. Kerosene remains the airline’s largest variable cost, and geopolitical jitters in the Middle East keep the stock under pressure. Lufthansa shares traded at €7.85 on Thursday, losing 1.16% on the day and posting a year-to-date decline of 8.17%. The secondary article noted a slightly higher price of €7.88, reflecting a different trading session, but the downtrend is consistent. Chart watchers see resistance at €8.27, the 100-day moving average.

Beyond the numbers, the carrier is pressing ahead with its planned majority takeover of ITA Airways, aiming to secure a strong foothold in southern Europe and capture cost synergies in global distribution. The success of that deal, combined with Kühne’s growing influence and the long-delayed fleet renewal, will determine whether Lufthansa can break out of the current rut. For now, the twin forces — a powerful anchor shareholder consolidating control and a series of operational and cost headwinds — are pulling in opposite directions, leaving the stock stuck near multi-month lows.

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