Airline maintains revenue but faces pressure from rising costs and softer demand; invests in fleet renewal and service quality
Swiss International Air Lines (SWISS) reported an operating result (Adjusted EBIT) of CHF 411.2 million for the first nine months of 2025, down 19% year-on-year from CHF 505 million. Total revenues held steady at CHF 4.2 billion, but profitability was constrained by rising costs, capacity limits, and a decline in transatlantic demand.
CFO Dennis Weber said the results reflected a “challenging market environment,” citing lower demand on North American routes — SWISS’s most profitable market — and ongoing cost inflation driven by charges, environmental levies, and higher personnel expenses.
“Falling demand and rising costs are putting pressure on our margins,” Weber said. “While lower fuel prices and improved operational stability helped, we must now focus on keeping costs in check to maintain our competitiveness.”
Operational performance improved markedly: on-time departures rose to 68.1%, up more than five percentage points year-on-year, while short-notice cancellations were nearly halved. However, growth remained constrained by engine shortages and crew availability, limiting capacity expansion to just 1.7%. Passenger numbers edged up 0.8% to nearly 14 million.
The third quarter, typically SWISS’s strongest, delivered an Adjusted EBIT of CHF 216.2 million, down 10% year-on-year, with revenues declining 5% to CHF 1.48 billion.
Despite near-term headwinds, SWISS is pressing ahead with its fleet renewal and product upgrades. The airline recently received its first Airbus A350 featuring the new SWISS Senses cabin, marking “a new era” in passenger comfort and efficiency. A second A350 will follow by year-end, with ten on order.
CEO Jens Fehlinger said SWISS is investing heavily in training, process improvements, and long-term efficiency gains:
“We see 2026 as a transitional year as we integrate new aircraft and procedures. But these investments will strengthen our foundation for sustainable growth and improved results from 2027 onward.”
While current conditions limit growth, SWISS remains focused on enhancing efficiency, stability, and service quality to secure its position as Switzerland’s leading airline in an increasingly competitive environment.