The cargo airline increased its traffic volume in Q3, nearly tripled its operating profit to 162 million euros (previous year: 49 million euros) and achieved an Adjusted EBIT margin of 15.6% (previous year: 6.0%). In addition, Lufthansa Cargo, SWISS WorldCargo, All Nippon Airways, and Nippon Cargo Airlines announced the signing of a memorandum of understanding (MoU); their mutual goal is to enhance cooperation in the air cargo market between Japan and Europe.
The mood at LH Cargo’s headquarters at Frankfurt Airport could hardly be better following the presentation of the freight carrier’s Q3 / 2026 results. This is evidenced by the remarks of CFO Gregor Schleussner: “We were able to increase both our offered cargo capacity by 5% and the volume of cargo sold by 11% compared to the same period last year. The additional capacity was made possible primarily by increased belly capacity within the Lufthansa Group, including ITA’s capacity. In the third quarter, we improved load factor by three percentage points year-over-year to 63.5%.
High margins
The executive went on to say: “This is only possible because we’ve kept costs under control while achieving growth. Our margin after the first nine months stands at 12.2 percent (+4.8% compared to the previous year) and gives us the necessary financial strength for our planned growth and investments in the future, such as in LCCevo, Europe’s most modern cargo hub, or the acquisition of LUG aircargo handling GmbH.”
LUG offers ground handling services at Frankfurt, Munich, and Hamburg.
LUG will remain independent, says Bauer
Commenting on the acquisition, COO Frank Bauer said: “Becoming part of Lufthansa Cargo opens up additional growth opportunities for LUG.” The executive assured customers that LUG’s business with other carriers will continue and remain an integral part of the ground handling agent’s business model despite its integration into LH Cargo. “LUG will remain an independent partner for its existing and future customers,” Bauer stressed.
The LUG acquisition still needs to receive antitrust clearance from the EU competition watchdogs.
Interlining agreement signed…
On Friday (06NOV26) Lufthansa Cargo, SWISS WorldCargo, All Nippon Airways and Nippon Cargo Airlines signed a Memorandum of Understanding (MoU) aimed at enhancing their cooperation in the air cargo market by aligning their route network between Europe and Japan and offering the market additional capacity options. The alliance is limited to interlining; there are no rate arrangements, emphasizes Jan Paulin, spokesperson for LH Cargo. Such arrangements would only be conceivable after deeper integration and a joint venture agreement.
Such an accord had been in place between LH Cargo and ANA Cargo from 2014 to 2023 but was shelved due to acquisition talks between ANA Holding and Nippon Cargo Airlines. Finally, both carriers concluded the deal on 01APR25. Starting 01APR27, the unified air cargo business of the Japanese capacity providers will be launched as “ANA Nippon Cargo.” Negotiations regarding routing issues and joint sales activities are expected to officially begin only then.
