SWISS stays in the black in Q1 2025 despite Easter shift and rising costs

Swiss International Air Lines (SWISS) reported a modest CHF 3 million Adjusted EBIT for Q1 2025, down from CHF 31 million in the same period last year, largely due to the Easter holiday shifting into Q2 and inflation-driven cost pressures. Revenues rose 2% year-on-year to CHF 1.22 billion, as strong cargo performance and lower fuel prices helped offset higher personnel and navigation-related costs.

Key takeaways:

• Passenger traffic: 3.7 million passengers flown (flat vs. Q1 2024), on 32,000 flights (+3%). Capacity rose 6.4%, but load factor fell to 78.1% (-2.6 pts).

• Operational performance: Punctuality improved to 79% (+4 pts), with a schedule stability of 98%, thanks to fewer short-notice disruptions.

• Cost pressures: Personnel and navigation charges outpaced growth, but fuel prices were lower year-on-year.

• Cargo: Continued to support profitability, helping cushion the passenger business’s seasonal weakness.

• Outlook: SWISS expects Q2 earnings to rise sharply thanks to the Easter effect and strong U.S. demand, but warns of risks from global tariff conflicts.

CEO Jens Fehlinger emphasised investments in reliability and customer experience, with CHF 1 billion annually going toward product upgrades, including the arrival of the Airbus A350-900 with the new “SWISS Senses” cabin in H2 2025.