State withdraws from Condor: Attestor takes over 100 percent

The federal government and the state of Hesse are withdrawing from the second largest German airline Condor. At the end of August 2027, the British majority shareholder Attestor will take over the remaining 49 percent shares, which were previously held by the federal government and the state of Hesse via SG Flugzeuggesellschaft.

Attestor is using a purchase option that was already agreed upon when the financial investor joined in 2021, Condor announced in Frankfurt. “The completion of the takeover (closing) is planned for August 31, 2027.”

After the insolvency of the then parent company Thomas Cook and the consequences of the corona pandemic, the federal government and the state of Hesse stepped in in the middle of the crisis. Condor repaid the state aid early in spring 2026. This was a loan from the KfW development bank worth 175 million euros.

Condor is restructuring its business

Condor is now rearranging its shareholder structure. No further information, such as financial details, was provided. The airline, which has more than 5,000 employees and a fleet of around 60 aircraft, has already significantly restructured its business in recent years.

The airline has renewed its long-haul fleet, is also expanding its short- and medium-haul fleet and is further developing its city flight network as a feeder to the Frankfurt hub. Own feeders are important for Condor as Lufthansa has terminated the previous feeder contract.

Condor also moved back to Frankfurt Airport after the airline had previously moved its headquarters to the suburb of Neu-Isenburg for cost reasons.

Difficult economic situation

However, Attestor is taking over the remaining Condor shares in a difficult economic situation. In the past 2024/25 financial year (ending September 30), operating earnings before interest and taxes (EBIT) rose by a quarter to 151 million euros, as Condor announced in April. The number of passengers also climbed by 13 percent to a good 9.6 million people.

The bottom line is that the loss grew by 13.7 percent to 110.43 million euros. The reason was internal loan interest from Attestor and high leasing valuations of the mostly very young aircraft.

In addition, increased fuel prices as a result of the Iran war are putting a strain on the aviation industry. Air passengers have to prepare for further rising ticket prices, said Condor boss Peter Gerber at an event in Frankfurt at the end of August, also with a view to the situation in the Persian Gulf.