Lufthansa Technik has significantly increased both revenue and earnings in the 2023 financial year despite a persistently challenging environment. Revenue grew by around one billion to 6.547 billion euros (previous year: 5.550 billion euros, up 18%), returning to the pre-Covid level of the record revenue year 2019.
In a statement, Lufthansa Technik said it benefited from the high demand for aircraft maintenance, repair and overhaul (MRO). “The company utilised the dynamic development in air traffic worldwide for further growth despite the tense situation with suppliers and with the recruitment of qualified personnel and underlined its claim to remain the dominant player in the MRO sector”, it said.
“We made the best possible use of the past year and made a comeback and found new strength after the debilitating years of the Covid crisis,” says Soeren Stark, CEO of Lufthansa Technik. “We want to continue to grow from this position. We still have big plans for Lufthansa Technik and with Ambition 2030 we have developed an ambitious plan that we are in the process of implementing.”
The programme for the coming years includes investing extensively in the expansion of the core business, expanding sites and the international presence by potentially making acquisitions, as well as expanding digital business models. “We aim to increase our revenue to over 10 billion euros with a double-digit earnings margin by 2030,” says Soeren Stark. “Our goal is to generate earnings of over 1 billion euros. The technical support business for engines and aircraft components will be a disproportionately high growth driver.”
The company said that customers are rewarding the efforts to constantly develop Lufthansa Technik further. Last year, the company signed some 1,000 new contracts with a contract volume of 8 billion euros. This included signing new long-term contracts for the supply of components with several airlines. For example, an agreement was concluded for the first time between Hawaiian Airlines and Lufthansa Technik for the supply of components for the airline’s Airbus A330ceo and A321neo fleets. As a result, Lufthansa Technik is further expanding its market share in the area of MRO services for Airbus aircraft in the United States.
Lufthansa Technik has also expanded its collaboration to support Emirates’ Airbus A380s, of which the Dubai-based airline is by far the largest operator. Up to October 2026, Lufthansa Technik will overhaul a further 23 Emirates A380s at Lufthansa Technik Philippines in Manila, as well as the main landing gear of the A380 at Lufthansa Technik Landing Gear Services UK in London.
Lufthansa Technik demonstrates its leading role in engine maintenance with the first overhaul of a LEAP-1B engine, the powerplant of the Boeing 737 MAX. Lufthansa Technik was the first independent MRO provider worldwide to conclude a service agreement for the two engines LEAP-1A (Airbus A320neo) and LEAP-1B, thus securing access to the fleets of the future.
2023 was the second-best sales year yet. At the end of the financial year, Lufthansa Technik was providing support for some 4,600 aircraft under long-term component contracts. “We remain the partner of choice for hundreds of airlines around the world. We would like to thank our customers for the trust they have placed in us,” says Soeren Stark. “This trust is what motivates us to stay on our successful course. With our passion for aviation and the enthusiasm of our many thousands of employees for the company, we are confident that we can exploit our opportunities.”
Last year, 22,870 people worked for the company worldwide. This increased the number of employees by nearly 2,500 compared to last year and is expected to increase to nearly 25,000 in the course of this year. “We would like to thank our employees for their special commitment and their willingness to constantly change and improve our company,” says Soeren Stark.
Lufthansa Technik responds to the high demand for qualified specialists with various national and international recruiting measures. The company is also exploring new avenues. Last year, for example, the “Senior Experts” program started, which specifically addresses people of retirement age who previously worked at Lufthansa Technik or other companies and who would like to continue contributing their expertise after the regular end of their careers.
