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Air France-KLM
Air France-KLM (AF) investor relations material
Air France-KLM Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record operating result of €2.0 billion in FY 2025, with a 6.1% margin, reflecting disciplined execution, premiumization, and cost control despite external challenges.
Group revenues reached €33.0 billion, up 4.9% year-over-year, with over 100 million passengers carried and premium cabins now over 36% of group revenue.
Sustainability efforts advanced with 35% next-generation aircraft, increased SAF usage, and industry recognition, though GHG intensity target for 2025 was not fully met.
Strong cash generation and balance sheet improvement, with net debt/EBITDA at 1.67x and equity at €2.4 billion, back to pre-COVID levels.
Premiumization and brand enhancement initiatives drove revenue growth, especially in premium cabins and ancillary services.
Financial highlights
Net income reached a record €1.8 billion, including €700 million from unrealized FX results; operating result at €2.0 billion, up €400 million year-over-year.
Recurring adjusted operating free cash flow was €1.0 billion, up €800 million year-over-year; IFRS equity rose to €2.4 billion.
Ancillary revenue grew 23% to €2.1 billion, with seat selection and hand luggage driving growth.
Cash at hand stood at €9.4 billion, well above targeted liquidity.
Q4 2025 revenues were €8.2 billion (+3.9% YoY); Q4 operating result stable at €393 million.
Outlook and guidance
FY 2026 capacity expected to grow 3–5%, with long-haul up 4% and Transavia up 10%; unit cost guidance for 2026 is 0–2%, including 0.5% from premiumization.
Net capex for 2026 projected at ~€3 billion; leverage ratio targeted between 1.5x and 2.0x.
Margin ambition remains above 8% by 2028, with a trajectory from 6% in 2025.
Q1 2026 operating result to be impacted by ~€90 million due to severe weather in Amsterdam and Paris.
What is the financial impact of missing 2025 GHG target?
How will SAS stake increase be valued at closing?
Transavia: How to improve unit revenue trend?
How will KLM overcome Schiphol cost headwinds?
Premiumization's role in future margin growth?
Unit cost reduction strategy for 2026?
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Next Air France-KLM earnings date
Q1 202629 Apr, 2026
Air France-KLM
Next Air France-KLM earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Air France-KLM SA is an airline holding company offering passenger and cargo air transport services worldwide. It operates through its subsidiaries Air France, KLM Royal Dutch Airlines, and Transavia, with hubs in Paris and Amsterdam. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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