Full Year 2025

Core Insights - Air France-KLM achieved an operating result exceeding €2 billion for the first time in its history, with a margin improvement to 6.1% in FY 2025, reflecting disciplined execution and ongoing transformation efforts [1][7][5]. Financial Performance - The Group's revenues increased by 4.9% year-on-year to €33.0 billion, driven by the Passenger network, Maintenance, and Transavia [3]. - The operating result for FY 2025 was €2.0 billion, an improvement of €0.4 billion compared to FY 2024, with a net income of €1.754 billion, up €1.265 billion year-on-year [2][5]. - Group passenger numbers rose to 102.8 million, a 5.0% increase from the previous year, with capacity and traffic also showing growth [5][8]. Operational Metrics - The Group's passenger load factor slightly decreased to 87.2%, while capacity increased by 4.9% and traffic by 4.3% [5][8]. - Unit revenue per available seat kilometer (ASK) increased by 1.0% at constant currency, supported by premiumization strategies [3][6]. - Unit costs increased by 1.2%, reflecting disciplined cost management and productivity gains, despite higher air traffic control and airport charges [3][11]. Cash Flow and Debt Management - The Group reported a positive operating free cash flow of nearly €2 billion, with recurring adjusted operating free cash flow reaching €1.030 billion, up €760 million year-on-year [12][4]. - Net debt increased to €8.4 billion, with a leverage ratio of 1.7x, stable compared to 2024 [13][14]. Fleet and Sustainability Initiatives - Fleet renewal accelerated, with 35% of the fleet consisting of new-generation aircraft, up 8 percentage points from 2024 [25][24]. - The Group incorporated 244 kilotons of sustainable aviation fuel (SAF), representing 2.9% of total fuel, significantly above legal mandates [26][22]. M&A Activities - Air France-KLM plans to increase its stake in SAS to 60.5%, with a closing targeted in the second half of 2026 [17][18]. - The Group also acquired a stake in WestJet, enhancing its strategic partnerships in the North American market [19][20]. Future Outlook - For FY 2026, the Group expects capacity growth of 3% to 5%, with a focus on premiumization and cost discipline [43][48]. - The operating margin is projected to exceed 8%, with significant positive adjusted operating free cash flow anticipated [48].