Lufthansa Trims 2026 Profit Outlook as Dubai Network Shrinks and TAP Deal Lands
Published on 11/14/2026 at 15:52 | Editorial boerse-global.de
Lufthansa Group has lowered the ceiling on its 2026 operating profit guidance, citing a heavier fuel bill, even as it booked record revenue in the third quarter and finalized the purchase of a minority stake in Portugal's TAP Air Portugal. The group now expects adjusted operating profit of between EUR 1.7 billion and EUR 2.0 billion for the year, down from an earlier forecast of up to EUR 2.2 billion.
Fuel costs for 2026 are projected at EUR 9.3 billion, EUR 543 million above the prior year, the company said. The guidance cut, announced on November 3, came alongside third-quarter figures that showed revenue of EUR 12.2 billion — a record for the period and a nine percent increase year on year. Adjusted operating profit for the quarter rose six percent to EUR 1.4 billion.
Dubai Pullback Leaves Frankfurt on the Sidelines
On the network side, the group confirmed on Wednesday that it would partially restore Dubai service, but only from two German gateways. Starting November 25, Lufthansa will fly from Munich to Dubai five times a week, while Eurowings will operate a daily Berlin–Dubai connection.
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The revival is deliberately narrow. Lufthansa's Frankfurt–Dubai route stays suspended for the remainder of the 2026/2027 winter schedule, and the Dubai services operated by Austrian Airlines, SWISS and ITA Airways will remain off the program through the end of March 2027. The group had already confirmed the Frankfurt suspension on Wednesday, and on Thursday it also paused flights to Saudi Arabia.
TAP Stake Signed at EUR 1.02 Billion
Alongside its quarterly update, Lufthansa Group and the Portuguese government signed the contract for an initial 44.9 percent stake in TAP Air Portugal. The purchase price is EUR 1.02 billion.
Analysts have been recalibrating their models in response to the mixed signals. One research house raised its price target on November 6 while keeping its rating unchanged, flagging higher fuel costs and the ambitious revenue-per-seat-kilometer growth required in the final quarter as headwinds. Investors, for their part, took the update in stride: Lufthansa shares closed Friday up 1.9 percent.
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