Swiss International Air Lines concluded the first half of 2026 with an adjusted operating profit (EBIT) of 189,3 million Swiss francs. This represents a slight decrease of 3,0 percent compared to the previous year's figure of 195,1 million Swiss francs.
The operating income of the Lufthansa Group subsidiary rose by 3,2 percent to CHF 2,77 billion during the same period. While continued strong passenger demand – particularly in higher booking classes on long-haul flights – and temporarily altered traffic flows in Asia supported the result, sharply increased fuel costs and ongoing aircraft maintenance expenses had a negative impact. To mitigate the financial pressure, management implemented cost-cutting and efficiency programs early on. The company views 2026 as a transition phase to consolidate cost structures and create the conditions for renewed growth from 2027 onwards.
Stress factors in the operational environment: fuel costs and fleet maintenance
Swiss's financial performance in the first half of 2026 was significantly impacted by developments in global commodity markets. Following the outbreak of geopolitical conflicts in the Middle East, the airline experienced drastic increases in aviation fuel prices. In the second quarter of 2026, the company's kerosene costs were approximately 50 percent higher than in the same quarter of the previous year. As fuel represents the largest single item in an airline's overall cost structure, existing financial instruments for hedging prices could only partially offset the increased burden.
In addition, the company recorded persistently high fleet maintenance expenses. Several short- and medium-haul aircraft of the A320neo family were affected by the industry-wide inspection and maintenance programs for Pratt & Whitney geared turbofan engines. These technical requirements resulted in longer aircraft downtimes and additional maintenance costs, which temporarily limited operational flexibility.
Demand trends, capacity management and special factors
Despite external cost drivers, market demand remained robust. In the first half of 2026, Swiss carried approximately 8,5 million passengers, representing an increase of 0,6 percent compared to the same period of the previous year. At the same time, the number of flights operated decreased by 4,1 percent to just over 67.400 takeoffs and landings. While the total available seat kilometers declined slightly by 0,8 percent, the number of available seat kilometers sold increased by 1,9 percent. This resulted in an improvement in the seat load factor of 2,2 percentage points.
In the second quarter of 2026, the airline temporarily benefited from changes in the international flight network. Due to capacity restrictions and the cancellation of certain routes by airlines from the Gulf region, numerous passengers switched to connections operated by European network carriers. This led to temporarily increased load factors and higher average revenues for Swiss, particularly on long-haul routes to Asia. With the gradual return to original capacity on the affected routes, this effect diminished over the course of the first half of the year.
Operational stability and crewing
Despite challenging conditions, the airline's operational performance remained almost at the same level as the previous year. In addition to geopolitical uncertainties, recurring extreme weather events in European airspace impacted the punctuality of flight operations. The on-time performance rate in the first half of 2026 was 72,4 percent, exactly matching the figure for the same period last year. At 96,7 percent, operational reliability was slightly below the previous year's figure of 97,3 percent.
The company has made progress in staffing its flights. While at the beginning of the year, a reduction in the annual flight offering was anticipated due to shortages in the cockpit and cabin crew, management now expects a stable annual offering compared to 2025. This development is supported by adjustments in pilot training and the supplementary use of partner companies through wet-lease agreements.
Strategic outlook and measures to increase efficiency
Against the backdrop of fluctuating fuel prices and shorter booking cycles in the passenger business, Swiss management is focusing on a strict consolidation of controllable costs. Chief Financial Officer Dennis Weber and Chief Executive Officer Jens Fehlinger emphasized that the implemented cost-cutting measures are showing initial results, but further efforts are needed to ensure long-term profitability.
For the full year 2026, the airline aims to further improve its cost structure and continue targeted investments in its product offerings and cabin amenities. The medium-term plan envisages laying the groundwork this year to gradually expand flight offerings and improve profitability from 2027 onwards.