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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Air France-KLM
Air France-KLM (AF) investor relations material
Air France-KLM Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue rose 7.6% to €9.916bn; adjusted operating profit increased €126m to €1,346m, with a 13.6% margin.
Unit revenue rose 7.0% at constant currency, while unit costs increased 0.1% on a constant-fuel, constant-currency, ex-ETS basis.
Passenger volumes reached 29.7m, up 1.8% YoY; new-generation aircraft accounted for 39% of the fleet, up 7 points.
Financial highlights
Q3 net income was €938m versus €768m; net income attributable to equity holders was €908m versus €730m.
9M revenue rose 7.5% to €26.672bn and adjusted operating profit increased €173m to €1.824bn; net income declined to €877m from €1.168bn.
9M traffic revenue increased to €24.010bn from €22.337bn; fuel and CO₂ costs rose to €6.114bn from €5.118bn.
9M operating free cash flow was €1.834bn versus €1.560bn.
Outlook and guidance
FY 2026 capacity growth is forecast at ~2%; long-haul ~2%, short- and medium-haul ~-1%, and Transavia ~+8%.
FY unit-cost guidance is ~+1%, including a 0.5% premiumization impact; net capex remains below €3bn and leverage guidance at 1.5x–2.0x.
FY fuel bill after hedging, excluding SAF, is estimated at $9.2bn, $2.3bn above FY 2025; estimated hedge benefit is $2.0bn.
Q4 fuel consumption is 62% hedged; FY 2027 is 54% hedged based on the October 30 forward curve.
Q4 forward booking load factors were 74% long-haul, 64% short- and medium-haul, and 63% Transavia, versus 73%, 64%, and 63% a year earlier.
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Latest events from Air France-KLM
- Q2 2026 revenue up 9.9% to €9.3bn, with strong premium/cargo demand but lower profit on fuel costs.AF
Q2 2026 - Record results, strategic consolidation, and sustainability drive, with all resolutions approved.AFAGM 2026
- Revenue up 4.4% to €7.5bn, operating result improved by €301m, demand remains strong.AFQ1 2026
- Record operating result and margin growth, with premiumization and sustainability leading gains.AFQ4 2025
- Majority stake in SAS to be acquired, unlocking synergies and boosting margins by 2028.AFInvestor Update
- Stable Q3 result, revenue up 4%, but costs and Olympic impact weighed on profit.AFQ3 2024
- Revenue up 4.3% to €7.9bn, but profit fell on higher costs and Olympic Games impact.AFQ2 2024
- Revenue up 7.7–8% to €7.2bn, margins and cash flow improved, outlook steady.AFQ1 2025
- Record Q4 and FY 2024, premium and ancillary growth, strong outlook, and margin resilience.AFQ4 2024
Next Air France-KLM earnings date
Q4 202625 Feb, 2027
Air France-KLM
Next Air France-KLM earnings date
Q4 202625 Feb, 2027
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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.