Core Viewpoint - Air France-KLM reported a solid start to 2025 with improved operating results and strong cash flow generation, despite facing uncertainties in the market [3][5]. Financial Performance - The Group's revenues increased by 7.7% year-over-year to €7.165 billion, driven by growth across all business segments [8][41]. - The operating result improved by €161 million compared to the previous year, standing at -€328 million, with an operating margin of -4.6% [8][10]. - Recurring adjusted operating free cash flow reached €783 million, up €190 million from last year [11][47]. - Net debt decreased to €6.928 billion, down €0.4 billion, with a net debt/EBITDA ratio of 1.6x [13][46]. Operational Metrics - The Group welcomed 21.8 million passengers in the first quarter, a 4.5% increase from last year, with capacity up by 3.8% and traffic by 3.3% [6][7]. - The passenger load factor remained stable at 86.0%, while unit revenue per available seat kilometer (ASK) increased by 3.0% at constant currency [9][24]. - The cargo segment saw a strong performance with unit revenue per available ton kilometer (ATK) up by 16.2% at constant currency [9][31]. Strategic Developments - The successful launch of Air France's new La Première experience marks a key milestone in the premiumization strategy [4]. - The Group continues to focus on fleet renewal, aiming for 80% of its fleet to consist of new generation aircraft by 2030 [17][20]. Market Outlook - Despite uncertainties, the Group maintains its FY 2025 outlook, expecting capacity to increase by 4-5% compared to 2024 and unit costs to rise by a low single digit [19][19]. - The Group is committed to sustainability, aiming to reduce greenhouse gas emissions per revenue ton-kilometer by 30% by 2030 compared to 2019 [14].