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Air France-KLM (AF) investor relations material
Air France-KLM Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose to €15,608 million for H1 2025, up 6.9% year-over-year, with net income swinging to €401 million from a €314 million loss in H1 2024.
Operating income improved to €409 million from €24 million, reflecting stronger performance across segments.
Premiumization strategy advanced, with premium revenue share on Transatlantic routes above 41% and premium leisure segment up 15% year-over-year.
Major strategic moves included a €500 million hybrid bond issue, extension of ESG-linked revolving credit facilities, and intent to acquire a 60.5% stake in SAS.
Robust performance achieved despite geopolitical tensions, rising taxes, and airport charges.
Financial highlights
H1 2025 revenues totaled €15,608 million (+6.9% year-over-year), with Q2 2025 revenues at €8.4 billion (+6.2%).
Operating margin improved to 8.7% in Q2 2025, with net result for Q2 at €649 million, up €484 million year-over-year.
EBITDA increased to €1,866 million from €1,345 million year-over-year.
Operating free cash flow improved to €1,285 million from negative €44 million year-over-year.
Net debt reduced to €7,134 million at June 2025, supported by strong free cash flow.
Outlook and guidance
2025 outlook reaffirmed: group capacity up 4–5%, net capex of €3.2–3.4 billion, and net debt/EBITDA target between 1.5x and 2.0x.
No additional tax expense anticipated for 2025 under OECD Pillar 2; effective tax rate forecasted at 30%.
Ambition to close the SAS majority stake acquisition in H2 2026, pending regulatory approvals.
Premium strategy expected to offset lower yields in economy; late booking trends persist.
2026–2028 targets reaffirmed: operating margin above 8%, EBIT to improve by ~€2 billion by 2028, and significant leverage reduction.
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