Marjan Rintel
Chief Executive Officer
Dear colleagues,
Summer is in full swing, and in the middle of this busy period we are announcing our results for the first half of the year. Operating profit came in at €68 million, an improvement of €92 million compared with last year. The improvement in the first half was driven in part by productivity gains, cost measures, and continued strong demand in both passenger and cargo transport. Despite this improvement, the result remains vulnerable and insufficient to call it a financially strong foundation. The operation is improving, but is not yet performing at the level needed.
We operate in a market with a great deal of uncertainty. Think of international tensions, fluctuating fuel prices, and intense competition. That is why further strengthening KLM is essential. We can see that the measures we are taking are having an impact. But we need to remain realistic: one good half year does not yet make KLM structurally strong and resilient. More is needed for that, especially because we are still dealing with uncertainty and rising costs.
At the same time, I am also looking forward to the great moments ahead of us, such as the arrival of our first Airbus A350, an important step in our fleet renewal. In addition, Air France-KLM’s binding offer for a stake in TAP Air Portugal creates new opportunities to further strengthen our position in Europe and our international network. Transformation: choices for our future We previously announced that KLM is accelerating its transformation. This necessary transformation will help us become financially healthy and remain attractive to customers and colleagues. This requires clear choices about our fleet, our service offering, and the way we organize our work. In addition to the ongoing Back on Track initiatives, through which we are significantly reducing costs and generating new revenue, the first important choices have now been made to further shape this transformation.
One example is the acquisition of KLM Catering Services by gategroup, which has now been completed. It marks the start of a new chapter: KCS remains an important partner for us, with the same expertise, but in a form that helps us become more efficient and stronger.
Another example can be seen in our maintenance activities. We have now shared a proposed decision with the Works Council to move part of the A320neo C-checks (thorough and intensive maintenance checks) to KLM UK. This gives us more flexibility and capacity within E&M at Schiphol, enabling us to improve our operation. Looking further ahead At the same time, we continue to operate in a world that is constantly changing. The geopolitical situation remains uncertain. For example, we are still not flying to Riyadh, Dammam, and Dubai this summer. Jet fuel prices also remain highly unpredictable. That is why, in addition to running our day-to-day operation, we are also working on KLM’s future.
The coming years are important for KLM’s future. The choices we make now about our fleet, our service offering, and the way we organize our work will determine how strong, competitive, and financially healthy we will be in the future. In doing so, we are not only looking at today’s challenges, but also at possible future developments and the choices those may require.
Open dialogue In recent months, a scenario team of about 40 people worked on different future scenarios for KLM. Together, they explored what the future could bring for KLM. The goal was to lay a stronger foundation for the choices ahead of us.
For KLM, this was a new kind of conversation, one that fits the times: an open and creative dialogue that helps us look ahead together. We also looked at what is currently happening within KLM. People with different backgrounds and perspectives took part in the process: from cockpit to cabin, from operations to senior management, and from the Works Council and unions to the AFKL Group. External parties also contributed their thinking, including Schiphol, the Ministry of Infrastructure and Water Management, the Ministry of Finance, and LVNL.
Four urgent scenarios Together, they developed four possible scenarios toward and for 2030. These are explicitly not recommendations or choices, but realistic images of the future showing what could happen to our company. All scenarios show a certain degree of urgency and confirm that we need to change. Because colleagues and external stakeholders contributed from different perspectives, the scenarios offer valuable insights. Differences of opinion are also a valuable part of the outcome.
The scenarios do not provide ready-made answers. However, they do help us develop a shared view of the future, recognize opportunities and risks earlier, and be better prepared for developments that could affect KLM.
The insights from the scenarios help the management team prepare, substantiate, and implement choices. These are choices that strengthen our operation and structurally improve KLM’s financial foundation. After the summer, these scenarios will be shared with all colleagues. Investing in the aviation of tomorrow We are also taking steps in other areas to create a better outlook for the future. Together with SkyNRG, we celebrated the start of construction of the first Dutch SAF plant. This is an important milestone in making our sector more sustainable. And through our collaboration with the Ministry of Defense, KLM technicians will apply their expertise in a unique social partnership. These are different initiatives, but they all show the same thing: KLM continues to invest in the future of our operation, our people, and the aviation of tomorrow. Toward a stronger European airline group On Wednesday, Air France-KLM submitted a binding offer to acquire a stake of up to 49.9% in TAP Air Portugal. This represents an important strategic opportunity for the Group, as TAP is one of the last major European airlines not yet part of a larger airline group. TAP’s network is highly complementary to Air France-KLM’s, particularly due to its strong position in the Brazilian market. A partnership would also create opportunities in passenger transport, cargo, loyalty programs and maintenance. The Portuguese government is expected to announce the next steps in the process later this summer. Summer vacation in full swing The summer vacation period is always one of the most intensive periods of the year. Thousands of passengers count on us every day. We can deliver this enormous operation thanks to you, our colleagues. I wish everyone success. And to those who still have a vacation ahead: enjoy!
Financial performance and outlook
In the first half of 2026, KLM generated revenue of €6.9 billion. That is 8% higher than in the same period last year. Our operating profit came in at €68 million, €92 million more than last year. This is a clear improvement, but the result is still insufficient. Staying on course in a changing world The first half of the year shows that the measures we have taken together are having an impact. At the same time, this period also shows that the world around us has changed permanently. This requires a KLM that is financially and operationally stronger than it is today.
In the past six months, revenue per seat increased, especially on routes to Asia and North and Central America. Thanks to these higher revenues, we were able to absorb a significant part of the increased fuel costs. But we also see how quickly results can change. External developments play a role in this, but so does our operation. Operational disruptions have a direct impact on our financial results. That underscores precisely why we must continue building a stronger KLM. We do not want to depend on favorable market conditions, but on our own strength. Structural improvement is possible We kept our costs under control thanks in part to productivity gains and our Back on Track improvement program. Back on Track contributed €315 million in the first half of the year. That is more than planned and shows that structural improvement is possible. Not simply by working harder, but above all by working smarter and making better choices.
We are moving in the right direction, but we are not there yet. KLM still does not have sufficient buffers to be future-proof. That is why we continue to critically assess investments. Not because we want to invest less, but precisely because we want to keep investing in what makes KLM stronger in the long term. Looking ahead The results provide confidence, but not comfort. Can we sit back? No. We simply do not know what the second half of the year will look like. Developments in the Middle East and the consequences for fuel prices, airspace, and trade flows remain difficult to predict. That is why we continue to focus on what we can influence: ensuring a reliable operation, further increasing our productivity, controlling costs, and investing wisely.
Over the past period, we have shown that we can make progress. Now it is important to maintain that momentum and further strengthen KLM. A financially strong KLM is not built in one good half year, but by continuing to make the right choices every day.
Bas Brouns
Chief Financial Officer
“The figures tell us where we stand, but not where we want to be. We are still far from the margin needed to make KLM structurally financially strong.”
Transavia
Transavia operated in a highly competitive market, where the focus on affordable vacation flights put margins under pressure.
Cargo
Cargo showed a clear improvement thanks to strong market demand, particularly from Asia.
Engineering & Maintenance
Engineering & Maintenance improved its result thanks to growth in external work and operational improvements.
First-half year figures 2026
Current operating profit for the first half year**
Second-quarter figures 2026
Current operating profit for the second quarter**
* COI (Current Operating Income) before IFRS18
** KLM reports under IFRS18 as of today. This is a change that will become mandatory for most listed, larger companies from 2027. KLM (and Air France KLM) have chosen to transition already in 2026. The biggest change is that COI (Current Operating Income) will be discontinued and replaced by AOP (Adjusted Operating Profit). AOP is reasonably comparable to COI. From now on, you will therefore see AOP in the financial results.
“A reliable operation is never finished; we work on it again every day. We look back on a period in which a great deal was asked of the operation. That makes it all the more positive that we achieved our targets for both departure punctuality and the percentage of passengers making their connection. This is an important achievement, made possible by the joint efforts of colleagues across the organization.”
Mathieu Essenberg
Chief Operating Officer
“A reliable operation is never finished; we work on it again every day. We look back on a period in which a great deal was asked of the operation. That makes it all the more positive that we achieved our targets for both departure punctuality and the percentage of passengers making their connection. This is an important achievement, made possible by the joint efforts of colleagues across the organization.”
Mathieu Essenberg
Chief Operating Officer
Our operation
The first half of the year was focused on further strengthening our operation. Every day, thousands of customers rely on KLM to do what we promise: that their flight operates, that they depart on time, that they make their connection, and that their baggage travels with them. That is what matters to our customers, and therefore to us as well. Thanks to the efforts of colleagues across the organization, we were well prepared for busy periods, such as the May vacation period.
To deliver on our promise: we fly, on time, with passengers and their baggage, we took targeted measures in recent months to make our operation more robust:
1. We improved staffing and resourcing (more people and equipment)
2. We built in additional buffers
3. We increased the fleet reserve
4. We expanded maintenance capacity
This created more room to absorb disruptions and further increase the reliability of our operation. Despite a challenging start to the year, we achieved our targets for total departure punctuality and the percentage of passengers making their connection. This is an important achievement and the result of the joint efforts of colleagues across the entire operation. At the same time, we know that a reliable operation requires continuous attention.
In June, we faced lower fleet availability at several moments due to technical disruptions and external factors. As a result, we had to adjust our schedule and cancel flights. This was unpleasant for our customers and demanded a great deal from our colleagues. This situation underscores how important a reliable and available fleet is to our operation. That is why we remain sharply focused on aircraft availability and continuously work on improvements to structurally strengthen our performance. External developments External developments also require our continuous attention. For example, the introduction of the European Entry/Exit System (EES) brings challenges. Together with Schiphol, we are working with the ministry, the EU, and the Royal Netherlands Marechaussee on improvements to processes and IT, so that the flow of passengers and crew can continue as smoothly as possible this summer.
In addition to the day-to-day operation, we are also taking steps for the future. An important milestone was KLM’s preliminary selection as one of the three ground handlers at Schiphol from 2027. This decision confirms that Schiphol has confidence in working with us. For KLM, this award means that we can retain control over our activities at Schiphol. It enables us to develop and carry out our ground-handling activities in the way we want. The start of the new situation with three ground handlers is planned for March 2027. In the coming months, we will work closely with Schiphol and the other selected parties to prepare and properly execute all next steps.
Miriam Kartman
Chief People Officer
“To meet the challenges in our company, we all need to show the best of ourselves, and that is only possible in an environment where you can be yourself. That is why we believe it is important that everyone feels welcome, safe, and heard, whether you travel with us or work with us. We will continue to commit to this every day.”
Miriam Kartman
Chief People Officer
“To meet the challenges in our company, we all need to show the best of ourselves, and that is only possible in an environment where you can be yourself. That is why we believe it is important that everyone feels welcome, safe, and heard, whether you travel with us or work with us. We will continue to commit to this every day.”
Our people
Results of employee survey shared First of all, I would like to thank all colleagues who completed the employee survey. Nearly 40% of our colleagues participated. That is a good response, also compared with similar companies. It gives us a solid and useful picture of what is happening in the organization. Especially in a period in which KLM operates in a complex and unsettled environment, it is important to properly understand how colleagues experience their work and how they view our organization. Because how our people are doing is directly connected to how we perform and move forward as a company.
The results show that many colleagues have a big blue heart. They are proud to work at KLM and feel strongly connected to their team. It is also positive that more than 82% say they plan to continue working at KLM for two years or longer. At the same time, the results also show where we need to improve. Colleagues say they want to experience more recognition and appreciation and to be more closely involved in decisions that affect their work. These are important signals. We take them seriously, across all of KLM.
In all divisions, teams and managers will discuss this together: what is going on, where the greatest need lies, and which actions will make the biggest difference in practice? It is not only about listening, but also about visibly following up on what colleagues share with us. Through KLM Connect, among other tools, our short semiannual survey, we will continue to monitor whether colleagues actually notice that something is changing. Thinking together about KLM’s future As mentioned earlier in this update, we asked colleagues from different parts of the organization to help think about possible future scenarios. What I particularly want to emphasize here is why we are doing this. We deliberately choose to have multiple colleagues participate in these kinds of questions, precisely because KLM’s future affects us all. By bringing together perspectives from different parts and levels of the organization, we gain richer insights and make better-informed decisions. In this way, we are not only building direction for the future, but also engagement and shared ownership. Working on inclusion: WorldPride 2026 and Workplace Pride Benchmark This week, WorldPride 2026 started in Amsterdam. During this international event, we are welcoming thousands of passengers on board who are traveling to Amsterdam from around the world. KLM is a proud partner of WorldPride. The theme Unity aligns well with what we stand for: connecting people and ensuring they feel welcome.
That inclusion at KLM is more than an ambition is also reflected in our score in the international Workplace Pride Benchmark. In this global survey on inclusion and leadership, KLM once again achieved the highest possible status this year. With a score of 94.2%, this is a wonderful recognition of the joint efforts of HR, Over The Rainbow, and many colleagues across the organization.
At KLM, we bring people from all over the world together every day. You see this not only on our aircraft, but especially in the workplace, where colleagues with different backgrounds, perspectives, and experiences work together. That diversity is necessary and makes us stronger.
Our people
Results of employee survey shared First of all, I would like to thank all colleagues who completed the employee survey. Nearly 40% of our colleagues participated. That is a good response, also compared with similar companies. It gives us a solid and useful picture of what is happening in the organization. Especially in a period in which KLM operates in a complex and unsettled environment, it is important to properly understand how colleagues experience their work and how they view our organization. Because how our people are doing is directly connected to how we perform and move forward as a company.
The results show that many colleagues have a big blue heart. They are proud to work at KLM and feel strongly connected to their team. It is also positive that more than 82% say they plan to continue working at KLM for two years or longer. At the same time, the results also show where we need to improve. Colleagues say they want to experience more recognition and appreciation and to be more closely involved in decisions that affect their work. These are important signals. We take them seriously, across all of KLM.
In all divisions, teams and managers will discuss this together: what is going on, where the greatest need lies, and which actions will make the biggest difference in practice? It is not only about listening, but also about visibly following up on what colleagues share with us. Through KLM Connect, among other tools, our short semiannual survey, we will continue to monitor whether colleagues actually notice that something is changing. Thinking together about KLM’s future As mentioned earlier in this update, we asked colleagues from different parts of the organization to help think about possible future scenarios. What I particularly want to emphasize here is why we are doing this. We deliberately choose to have multiple colleagues participate in these kinds of questions, precisely because KLM’s future affects us all. By bringing together perspectives from different parts and levels of the organization, we gain richer insights and make better-informed decisions. In this way, we are not only building direction for the future, but also engagement and shared ownership. Working on inclusion: WorldPride 2026 and Workplace Pride Benchmark This week, WorldPride 2026 started in Amsterdam. During this international event, we are welcoming thousands of passengers on board who are traveling to Amsterdam from around the world. KLM is a proud partner of WorldPride. The theme Unity aligns well with what we stand for: connecting people and ensuring they feel welcome.
That inclusion at KLM is more than an ambition is also reflected in our score in the international Workplace Pride Benchmark. In this global survey on inclusion and leadership, KLM once again achieved the highest possible status this year. With a score of 94.2%, this is a wonderful recognition of the joint efforts of HR, Over The Rainbow, and many colleagues across the organization.
At KLM, we bring people from all over the world together every day. You see this not only on our aircraft, but especially in the workplace, where colleagues with different backgrounds, perspectives, and experiences work together. That diversity is necessary and makes us stronger.
Fleet renewal
Construction of the first KLM A350: 'The Night Watch' KLM’s first Airbus A350 will be named The Night Watch. With this, we are introducing a naming theme based on Dutch works of art. Parts from various factories in Europe are currently being brought together in Toulouse, where the aircraft will ultimately be assembled. The aircraft is expected in early September and is part of our fleet renewal: in the coming years, we are investing €7 billion in quieter, cleaner, and more fuel-efficient aircraft.
Customers and network
New destinations This summer, we are flying to new destinations such as Jersey, Santiago de Compostela, and Oviedo, and we are operating more frequent flights to the Caribbean and the Mediterranean region.
Additional flexibility for travelers in uncertain times To offer travelers greater certainty, KLM temporarily introduced additional flexibility for intercontinental tickets from Schiphol. Passengers who booked for this summer may change their ticket once free of charge. With this measure, combined with attractive fares to more than fifty destinations, KLM aims to help travelers make their travel plans with greater confidence.
APEX Award for best cabin service in Europe KLM has won the APEX Best Award 2026 for “Best Cabin Service” in Europe. This award is based entirely on passenger reviews and is a wonderful recognition of the daily efforts of our cabin colleagues. The award underscores that customers value KLM’s personal attention, hospitality, and service.
Customer appreciation (NPS) This is also reflected in our customer appreciation. With a Net Promoter Score (NPS) of 42, we significantly exceeded our target of 39.
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Outlook: summary of focus areas for the third quarter of 2026
- For the second half of the year, we will continue to take uncertainties into account.
- Developments in the Middle East and the possible consequences for fuel prices, airspace, and global trade flows remain difficult to predict.
- In the coming period, our focus will be on further improving our operation, strengthening our competitive position, and building a healthy financial foundation.
- We will continue KLM’s transformation by working together to build a future-proof and successful KLM.
