Core Insights - Air France-KLM reported stable operating results with an operating result of €1.2 billion and an operating margin of 13.1% for Q3 2025, reflecting resilience in a challenging environment [1][7][4]. Financial Performance - Group revenues increased by 2.6% year-on-year to €9.2 billion, driven by passenger network, Transavia, and maintenance [4][39]. - The operating result improved by €23 million compared to Q3 2024, reaching €1,203 million, supported by a €107 million decrease in fuel prices [7][4]. - Net income for the quarter was €768 million, a decrease of €56 million compared to the previous year [3][4]. Operational Metrics - The group welcomed 29.2 million passengers in Q3 2025, a 4.7% increase year-on-year, with capacity up by 5.1% and traffic by 4.5% [5][3]. - The passenger load factor slightly decreased to 88.8%, down 0.5 percentage points from the previous year [5][3]. - Unit revenue per Available Seat Kilometer (ASK) was down 0.5% at constant currency, primarily due to declines in cargo and Transavia unit revenues [6][4]. Cash Flow and Debt - Operating free cash flow for the first nine months of 2025 was €1.5 billion, with a strong cash position of €9.5 billion at the end of September [9][8]. - Net debt increased to €7.8 billion, reflecting the impact of pandemic-related deferrals [8][9]. - The leverage ratio stood at 1.6x, aligning with the group's target range of 1.5x to 2.0x [8][4]. Fleet and Sustainability Initiatives - The fleet renewal program is progressing, with 32% of the fleet now consisting of next-generation aircraft, contributing to sustainability goals [18][19]. - Air France-KLM is cooperating with the European Union Aviation Safety Agency to develop the EU Flight Emissions Label, enhancing transparency regarding flight emissions [12][13]. Strategic Developments - The group announced the acquisition of a 2.3% stake in Canadian carrier WestJet, reinforcing its presence in the North American market [21][22]. - New routes and strategic partnerships are being established to broaden the group's global reach and strengthen its competitive positioning [2][4].

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].