Air France-KLM: Solid Results, But Upside Priced In

2025-09-28 07:50:36 ET

We return to Air France-KLM ([[AFRAF]]; [[AFLYY]]) following the release of a solid Q2 performance, which exceeded our expectations. Having recently reviewed the half-year results of International Consolidated Airlines Group ([[ICAGY]], [[BABWF]]) ((IAG)) and Lufthansa Group ([[DLAKF]], [[DLAKY]]) (LG), this is a timely moment to share our updated perspective on Air France-KLM. Both IAG and LG carry Buy ratings: the former case rests on strong results, increased shareholder payouts, and progress in deleveraging, while Lufthansa is supported by upside potential from a sum-of-the-parts valuation of its MRO division....

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