- Brussels Airlines Reports €55 Million First-Quarter Adjusted EBIT Loss as March Disruptions Hit Performance
Brussels Airlines reported an adjusted EBIT loss of €55 million for the first quarter of 2026, reflecting a difficult end to what had started as a stronger year for the Belgian carrier. The airline said the first-quarter result represented a 4% deterioration year-on-year, as national disruptions in Belgium and geopolitical tensions in the Middle East weighed on operations and fuel costs in March.
The first quarter is traditionally a challenging period for airlines, but Brussels Airlines said the contrasting performance across the period highlighted the continued vulnerability of the aviation sector to external shocks.
In the first three months of the year, the airline operated more than 15,000 flights, representing an 11% increase over the same period last year. It carried 1.9 million passengers, while revenue rose 12.8% year-on-year to €343 million. The airline said January and February delivered a solid operational performance, supported by improved reliability and strong passenger demand across its network. Available seat kilometres increased by 18% compared with the same period in 2025, with demand particularly strong on sub-Saharan African routes.
However, in March, capacity growth sharply slowed to just 1% year-on-year, disrupting the positive start.
Brussels Airlines said the national manifestation on March 12 prevented it from operating its planned schedule, even though the airline itself was not involved in the action. It said such recurring disruptions continue to affect passengers, employees and the company’s financial performance. The airline also faced a sharp increase in fuel expenses in March as geopolitical tensions in the Middle East affected global energy markets. Fuel cost per available seat kilometre rose by about 14% compared with the same period last year, adding a significant burden to first-quarter results.
Brussels Airlines said the Lufthansa Group’s fuel hedging strategy partly reduced the impact, making the increase less severe than it would otherwise have been. However, the development underscored how exposed airline performance remains to geopolitical risk and energy price volatility.
Ahead of the summer season, the airline is redeploying capacity across its European network following the cancellation of flights to the Middle East and the earlier assignment of one Airbus A320neo within its network planning.
Nina Öwerdieck, Chief Financial Officer of Brussels Airlines, said the company remained stronger than it was before the COVID crisis, but warned that volatility had made forecasting increasingly difficult.
“The world today is so volatile that it is impossible to predict where we will be in just a few weeks’ time,” she said.
“What we do know is that Brussels Airlines today is in better shape than before the COVID crisis. We must nevertheless remain agile and continue to adapt quickly to whatever comes our way.”
She said the airline would continue to invest in a disciplined manner, including in its brand, product and fleet. The arrival of new Airbus A320neo aircraft and the complete renovation of its lounge, The Loft, were cited as examples of investments aimed at strengthening the airline for the future.
“At the same time, we continue to invest in a smart and disciplined way: in our brand, in our product and in our fleet,” she said. “The arrival of new Airbus A320neo aircraft and the complete renovation of our lounge, The Loft, are concrete examples of how we keep strengthening our airline for the future, despite the many uncertainties around us.”
The first-quarter performance highlights the uneven recovery facing European airlines. Passenger demand remains strong, particularly on long-haul and regional growth routes, but earnings remain exposed to industrial disruptions, fuel price volatility, airspace risks and geopolitical uncertainty.
For Brussels Airlines, the strategic challenge is to protect revenue momentum while preserving flexibility in capacity planning. The carrier said it will maintain a cautious approach in the coming months, with focus on operational reliability, cost control and customer experience. The airline’s results show that demand is not the problem. The difficulty is converting strong passenger volumes and rising revenue into earnings resilience in an operating environment where external shocks can quickly erase early gains.
