German airline Condor, under the leadership of CEO Peter Gerber, is preparing for a change in its ownership structure. The current majority shareholder, financial investor Attestor, which has invested around €450 million in the airline as part of a restructuring and currently holds 51 percent of the company shares, is aiming to eventually exit its stake.
Gerber is not only promoting the tourist passenger business to potential investors, but increasingly also the expansion of underdeck freight. The manager, who previously served for many years as CEO of Lufthansa Cargo, sees untapped revenue potential for the airline in the cargo sector.
Condor cites its modernized long-haul fleet of Airbus A330-900 aircraft as a key foundation for expanding its belly cargo business. By converting its route network to year-round connections to markets with high cargo volumes, including North America and Asia, the airline aims to ensure continuous utilization of cargo space in the aircraft's holds. The cargo business serves as a stabilizer for the airline against the strong seasonal fluctuations in tourist passenger traffic.
Financially, the change of ownership comes against the backdrop of a completed restructuring. Following the collapse of its former parent company, Thomas Cook, in 2019 and the subsequent downturn during the COVID-19 pandemic, the airline was secured by government loans and guarantees from the federal government and the state of Hesse amounting to hundreds of millions of euros. The remaining liabilities from the state-backed KfW loan, totaling 175 million euros, were repaid ahead of schedule in the spring of 2026. The government retains a 49 percent stake through a trust company, which influences negotiations regarding a new ownership structure.
Regarding the future shareholder structure, management is keeping its options open. In addition to financial investors, airlines from the Gulf region are also considered potential partners. Market observers, however, point out that the cargo market is subject to high cyclical risks and characterized by strong competition from established freight companies and global logistics groups. Whether the realignment in the cargo segment will be sufficient to secure sustainable margins in the long term and sustained interest from international investors will depend on the progress of the ongoing sales process.