Air France-KLM SA reports Q4 results; gives FY 2026 and beyond outlook

2026-02-19 02:27:25 ET

• Air France-KLM SA press release ( AFLYY ): Q4 Revenue of €8.19B (+3.9% Y/Y).
• In the fourth quarter of 2025, Air France-KLM welcomed 24.6 million passengers, up 4.8% yearon-year. As capacity increased by 6.6% and traffic by 4.9%, the load factor decreased from 87.4% to 86.0%.
• The Group unit revenue per ASK was down 0.5% year-on-year at constant currency.
• Unit cost1 decreased by 1.1%, mainly driven by productivity gains.
• Operating result at €393 million, broadly stable compared to last year.
• FY 2026 capacity outlook in available seat kilometers compared to 2025 Air France-KLM Network: • Long haul circa +4% • Short & Medium haul stable Transavia: • circa +10% Air France-KLM Group: • Total + 3% to +5%.
• FY 2026 outlook The Group expects: • Capacity up by +3 to +5% compared to 2025. • Unit cost1 up between 0% and +2%, including +0.5% from premiumization. • Net capital expenditures circa €3bn. • Leverage ratio between 1.5x - 2.0x.
• 2028 outlook The Group expects: • Operating Margin above 8%. • Adjusted operating free cash flow significantly positive. • Unit cost1 Reduction. • Leverage: Investment grade.

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