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Air France-KLM (AF) investor relations material
Air France-KLM Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 operating margin was stable at 13.1%, with revenue up 3% year-over-year to €9.2 billion, driven by a 5% increase in passenger traffic to 29.2 million and strong premium cabin performance.
Premiumization strategy advanced, with premium cabins showing robust revenue growth and 32% of the fleet now next-generation aircraft.
Strong cash generation, with operating free cash flow at €1,474 million for 9M 2025, up from €28 million in 9M 2024.
Strategic expansion of network and partnerships, including a 2.3% stake in WestJet and new route launches in Asia, the Caribbean, and North America.
Net income for 9M 2025 was €1,168 million, a significant increase from €510 million in the prior year.
Financial highlights
Q3 2025 revenue: €9.2bn (+3% YoY); operating result: €1,203m (+€23m YoY); operating margin: 13.1% (stable YoY).
9M 2025 revenue: €24.8bn (+5.3% YoY); operating result: €1,611m (+€407m YoY); net result: €1,168m (+€658m YoY).
Operating free cash flow for nine months at €1.47bn; recurring adjusted operating free cash flow at €715m.
Net debt at €7.8bn as of September 30, 2025, up €455m since year-end 2024; leverage ratio at 1.6x.
Cash at hand €9.5bn at end-September 2025, above target liquidity.
Outlook and guidance
Group capacity growth for FY 2025 expected at 4–5% versus 2024; Transavia expected above 10%.
Unit cost increase expected at the low end of the 1–3% range for the full year; net CapEx forecasted between €3.2–3.4 billion.
Leverage ratio targeted between 1.5x and 2.0x.
Premiumization expected to add about 1% to unit revenues and margins over the next three years.
No dividend planned until hybrid debt and social charge repayments are completed.
What drove passenger network unit revenue growth?
Fleet renewal's impact beyond sustainability?
Impact of Schiphol tariffs on KLM's competitiveness?
Premiumization's RASK/margin impact by 2028
Schiphol tariff impact on KLM strategy
Free cash flow allocation priorities
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Next Air France-KLM earnings date
Q4 202516 Feb, 2026
Next Air France-KLM earnings date
Q4 202516 Feb, 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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