Air France-KLM (AF) AGM 2026 summary

Opening remarks and agenda

• Chair welcomed shareholders, marking her first AGM as chair and honoring her predecessor's contributions.

• Outlined the agenda: review of 2025 performance, strategic priorities, CSR actions, financial results, governance, compensation, auditor's report, Q&A, and voting.

Financial performance review

• Revenue rose 4.9% to EUR 33 billion, operating income reached EUR 2 billion, and operating margin was 6.1%.

• Passenger numbers surpassed 103 million, a 5% increase, with strong premium demand and stable cargo revenues.

• Net income stood at EUR 1.8 billion; leverage ratio improved to 1.7x, and cash at hand was EUR 9.4 billion.

• Maintenance business saw double-digit growth and a record order book of nearly $11 billion.

Board and executive committee updates

• Board structure maintained separation of chair and CEO roles, supported by four specialized committees chaired by independent directors.

• Board focused on consolidation, transformation, CSR, and executive renewals, including the majority stake in SAS and a non-binding offer for TAP.

• Board composition: 19 directors, 46% women, four employee representatives, and four new directors in 2025.