The Cargolux Group (Cargolux) reported a strong financial performance for its 2024 fiscal year, recording the highest results outside of the exceptional COVID-19 period. The company posted revenues of US$ 3,324 million and a profit after tax of US$ 448 million. This performance has further strengthened the Group’s balance sheet, enhancing its ability to remain resilient in an increasingly volatile market. Richard Forson, President & CEO of Cargolux, stated, “I am pleased to announce the exceptional results we have achieved in 2024. Our agile approach to business, and our people’s commitment to service excellence enabled Cargolux to swiftly adapt to changing market dynamics, securing yet another remarkable year.”
Operationally, 2024 was shaped by geopolitical challenges, notably the ongoing war in Ukraine and conflicts in the Middle East. These events increased operational costs and disrupted efficiency while affecting customer confidence. Despite these challenges, global demand for e-commerce shipments surged, especially in Asia, reshaping demand patterns and disrupting traditional seasonal trends. This shift, along with record demand for charter flights—including those driven by e-commerce—was a major contributor to the company’s robust performance. Cargolux’s ability to capitalize on these favorable market conditions through its agility, deep industry experience, and proactive approach was instrumental in achieving its strong financial results.
In 2024, Cargolux also saw notable developments across its subsidiaries. On May 1, Luxcargo Handling (LCH) successfully took over Luxair’s cargo ground handling operations at Luxembourg Airport. LCH aims to deliver seamless service to all customers and plans to invest in both infrastructure and technology to improve operational efficiency. Additionally, Cargolux’s subsidiary Aquarius Aerial Firefighting (AFF) launched its first mission in the summer of 2024, with three aircraft stationed in southern Spain. AFF supported the Spanish government in aerial firefighting efforts, and the successful deployment is helping the company establish itself as a reliable player in this specialized field. AFF’s fleet and team are growing in preparation for future missions.
Looking ahead to 2025, Cargolux is cautious in its outlook amid growing geopolitical and economic uncertainties. The introduction of U.S. import tariffs is expected to reduce demand for air cargo capacity and disrupt traditional trade routes. Continued global instability—including the war in Ukraine and Middle East conflicts—will likely affect operations and dampen customer confidence. Moreover, the aviation sector is under increasing pressure to meet sustainability goals. New EU regulations will raise operating costs for European carriers while giving an advantage to non-EU competitors not bound by the same rules. Cargolux emphasizes the need for collaborative efforts between regulators and industry players to find balanced, effective solutions.
