Cargolux continues to fly high, but the going is getting tougher. In 2025, the Luxembourg-based air freight company generated revenue of $3.406bn (up 3.2% on 2024) and a net profit of $465m (up 3.8%), an increase compared with 2024. A solid performance in an environment described as “tense and volatile”. This comes despite the Court of Justice of the European Union (CJEU) upholding, at the end of February, the fine of €80m imposed on the company in the air freight cartel case.

As Europe’s leading all-cargo airline, the Luxembourg-based air freight giant operates a fleet of around 30 Boeing 747s and serves more than 50 destinations worldwide, with a business model focused on transporting goods for manufacturers, logistics providers and e-commerce giants. This positioning continues to yield results, even if the momentum is no longer quite as buoyant.

“The results we have achieved this year […] reflect the work carried out in 2025” and “Cargolux’s DNA”, insists CEO Richard Forson, which is also celebrating the company’s 55th anniversary this year. Behind this sense of satisfaction, a more nuanced picture is emerging. Last year, the group described it as a “truly remarkable year”, driven by a sharp rise in demand and a booming e-commerce sector. In 2025, this growth is more a matter of resilience than acceleration.

Still in the world’s top 10

Volumes remain strong, with over a million tonnes carried, and a stable load factor of 65%. However, the sector is facing a number of well-identified headwinds: conflicts in the Middle East and Ukraine, trade tensions, airspace restrictions and soaring fuel prices. All these factors have a direct impact on routes and margins. Cargolux is relying on its operational flexibility to absorb these shocks, by rapidly adjusting its network and focusing on charter flights. Such agility has become essential in a sector where commercial routes can change overnight. The company thus remains in the global top 10 for air freight.

At the same time, operational indicators point to a slight slowdown in activity. Cargolux logged 149,269 flight hours in 2025, compared with 153,129 a year earlier, with daily aircraft utilisation falling to 13 hours and 37 minutes. The load factor stood at 65%, compared with 66.2% in 2024, whilst volumes carried fell below the 1.1 million tonne mark. In other words, the airline is becoming even more profitable, but with aircraft utilised slightly less than at the peak of the previous year.

Caution for 2026

The contrast with 2024 is clear. Whilst results are still improving, this is due less to expanding demand and more to the ability to weather shocks. E-commerce, driven in particular by trade flows between China, Europe and the United States, remains a key pillar, but its future is becoming more uncertain as regulations change and trade tensions intensify.

The group is taking a cautious approach to 2026. “Making forecasts […] remains a difficult task,” admits Cargolux, citing “rapid geopolitical changes” and tariff measures that could hamper global trade. Against this backdrop, the giant is relying less on a new surge in growth and more on its resilience, which has become its key strategic asset.