Stronger first quarter for KLM, but fuel prices put pressure on the rest of 2026

KLM Group realized a turnover of €3.0 billion in the first quarter of 2026, almost the same as a year earlier. The operational result improved by more than €84 million to -€114 million, partly thanks to a strong operation, capacity growth and the Back on Track improvement program. From the second quarter, KLM expects that the consequences of the geopolitical uncertainty will become highly visible.

KLM CEO, Marjan Rintel: “The results for the first quarter show that we are taking good steps with a strong operation and our improvement program, despite the difficult start of the year due to the extreme winter weather in January. From the second quarter, we expect increasing pressure on results due to ongoing geopolitical uncertainty and sharply increased fuel prices. That is precisely why cost control, a stable operation and focus on the implementation of our improvement program remain much needed.”

Structural cost control
The Back on Track improvement program contributed €159 million in savings and additional revenue above expectations to the result in the first quarter. Partly as a result, the cost increase was limited, despite higher airport charges, collective labor agreement wage increases and the financial impact as a result of extreme winter weather. The current developments at the same time emphasize the need for the announced transformation and cost control to make KLM more resilient structurally. An important milestone in the first quarter is the proposed acquisition of KLM Catering Services by Gategroup. In addition, as part of the transformation, KLM is starting a participation program with colleagues from various departments and with stakeholders who are closely involved with KLM. The objective is to develop future scenarios for KLM towards 2030.

Transavia, Cargo and Engineering & Maintenance
At Transavia, turnover in the first quarter of 2026 was in line with the same period a year earlier. The pressure on turnover resulting from the conflict in the Middle East and snow disruptions was partially offset by lower costs. At Cargo, the wintry weather at the beginning of the year resulted in lower volumes and pressure on revenues. Revenues recovered in March. At Engineering & Maintenance, the result improved compared to last year.

Looking forward
KLM CFO, Bas Brouns: “We cannot fully pass on the high fuel prices resulting from geopolitical uncertainty to our customers. That puts pressure on the profitability of our operation. Therefore, we have taken measures to respond quickly to the changing circumstances, including through adjustments to the network and tight management of our cash position. Only then can we continue to invest in KLM’s future.”

The press release from Air France-KLM Group regarding the first quarter 2026 can be read here.