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Executive Summary
Condor closed fiscal year 2024/25 with record operating results, posting EBIT of 151 million euros on revenue of 2.35 billion euros, with 9.6 million passengers flown, and the airline expects to cross the ten-million passenger mark in the current fiscal year that began in October 2025.
Fleet renewal is running on two tracks: an 18-strong Airbus A330neo widebody fleet that will grow to 25 by 2031, and a short and medium-haul replacement plan for up to 43 A320neo family aircraft targeted for delivery by 2029.
The summer 2026 schedule added 13 European city routes from Frankfurt, including London Gatwick 3x daily, plus new long-haul services to Abu Dhabi with Etihad, Cairo, La Réunion, Sanya, Tel Aviv and returning routes to Chicago and Windhoek in 2027.
Ownership is moving to a single shareholder: majority owner Attestor is on track to acquire the German government’s 49 percent stake and complete full ownership by 30 September 2026, after which CEO Peter Gerber has openly discussed a strategic partner from the Gulf.
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Here’s what you get in this analysis report:
Condor Company Profile: Key Facts
Condor Performance Analysis - Is Condor Thriving or Struggling?
Condor Growth Drivers, Key Services and Products
Condor Fleet Analysis
Fleet size and composition (September 2026)
Fleet age and efficiency
Aircraft type strategy: why Airbus, why NEO
Cabin configuration strategy
Fleet strategy: what “network airline” means for the fleet
Maintenance and technical operations
Condor Route Network Strategy, Major Destinations and Analysis
Major Operational Bases (Hubs)
Condor Competitive Position
Who Condor competes with
Head-to-head comparisons
Latest Strategic Contexts
Key Risks
How Condor Got Here
Commercial Model Deep Dive: How Condor Actually Makes Money
Seasonality and Operational Discipline
Sustainability, SAF and the Regulatory Cost Stack
What the 2026/27 Watchlist Looks Like
My Final Thoughts
Official Sources and Data
Introduction
Condor spent the past six years surviving the collapse of parent Thomas Cook, a pandemic bailout, a failed sale to LOT Polish Airlines’ parent PGL, and the unilateral termination of the Lufthansa feeder-flight agreement that once fed a third of its long-haul passengers into Frankfurt.
The airline is now the largest independent leisure carrier in Germany, running a fully re-fleeted long-haul operation and rebuilding a European short-haul network from scratch.
Everything about Condor’s next few quarters is unusual for a leisure airline.
A single financial owner will consolidate control on 30 September 2026, the airline will move from Terminal 1 to the new Frankfurt Terminal 3 in 2027, and the CEO has confirmed a Gulf carrier is a plausible next home.
Let’s analyze everything in detail.
Condor Company Profile: Key Facts
Company: Condor Flugdienst GmbH
Founded: 1955 (first flight 1956)
Headquarters: Neu-Isenburg, near Frankfurt am Main, Germany
CEO: Peter Gerber (since 1 February 2024)
CFO: Dag Jessel (succeeded Björn Walther in 2025)
CCO: Pierre Dominique Prümm (new role from 1 August 2025)
Ownership: Attestor Ltd. 51% / SG Luftfahrtgesellschaft (Federal
Republic of Germany + State of Hesse) 49%
(Attestor buyout of the state stake expected 30 Sept 2026)
Main hub: Frankfurt (FRA)
Secondary bases: Düsseldorf, Munich, Hamburg, Berlin, Leipzig,
Stuttgart, Hannover (eight German departure airports)
Fleet (Sep 2026): ~70 aircraft in operation (18 A330-900neo long-haul,
plus A320neo / A321neo / A320ceo / A321ceo / 757-300)
Employees: ~5,000
FY 2024/25 EBIT: €151 million (record)
FY 2024/25 revenue: €2.35 billion
FY 2024/25 pax: 9.6 million
Livery: Stripes (blue, sunshine, sea, sunset, beach, island)
IATA / ICAO: DE / CFG
Partners: Alaska Airlines, Emirates, Etihad, Marabu, JetBlue,
Turkish Airlines, WestJet, and other bilateral codeshares
Condor Performance Analysis - Is Condor Thriving or Struggling?
The headline numbers say record year
Fiscal year 2024/25, which closed at the end of September 2025, produced the strongest operating result in the airline’s post-Thomas Cook era. EBIT rose roughly 25 percent to €151 million, revenue climbed 11 percent to €2.35 billion, and passenger volume grew 13 percent to 9.6 million.
The improvement was carried by full A330neo utilisation, disciplined pricing on core Caribbean, Mexico, US West Coast and Indian Ocean routes, and by ancillary revenue lifted through the airline’s own website channel.
Condor headline metrics, fiscal year comparison
FY 2018/19: 9.4m pax, €1.7bn revenue, €57m EBIT (pre-pandemic baseline)
FY 2024/25: 9.6m pax, €2.35bn revenue, €151m EBIT (record)
FY 2025/26: >10m pax expected, revenue growth guided by management
The story underneath is more complicated
Alongside the record profit, CFO Björn Walther announced his departure and the airline confirmed that the loss of the Lufthansa Special Prorate Agreement had cost double-digit millions of euros. Condor was forced to build a European feeder network of its own after the Higher Regional Court Düsseldorf sided with Lufthansa in August 2025.
That investment is real cash out the door, and the load factors on long-haul routes have only just returned to the levels seen during the cooperation period.
Growth is therefore