• Unit revenue at constant currency down -0.5% due to Cargo and Transavia, while group capacity went up by 5.1% and fuel price after hedging decreased by 8.9%.
Solidarity tax on tickets (“TSBA”) and Schiphol tariff impacting unit revenue significantly.
• Unit cost increase is moderating to +1.3%, coming down as expected, despite increase in Air Traffic Control and airport charges (Schiphol tariff +41%) and limited by productivity gains.
• Operating result improvement, up €23m compared to Q3 2024, which was impacted by the Olympic Games, to €1,203m.
• Strong cash flow performance: recurring adjusted operating free cash flow positive at €0.7bn for the first 9 months, up €0.7bn year-on-year.
• Leverage (Net debt/Current EBITDA ratio) at 1.6x.
• Solid cash at hand of €9.5bn at end September 2025.
• Fleet renewal accelerating, up 8 points year-on-year, with 32% share of next generation aircraft.
FY 2025 outlook reconfirmed
For 2025 the Group expects:
• Capacity up by 4-5% compared to 2024.
• Unit cost to increase by a low single digit compared to 2024.
• Net capital expenditures between €3.2bn and €3.4bn.
• Leverage between 1.5x and 2.0x.
Commenting on the results, Mr. Benjamin Smith, Group CEO, said: “During the third quarter, Air France–KLM once again demonstrated its resilience in a challenging environment. We maintained solid revenue growth and a stable operating margin, while cash generation remained strong over the first nine months - confirming the benefits of our continued focus on execution. Premium cabins performed exceptionally well across both Air France and KLM, further reinforcing our confidence in our premiumization strategy.
Our fleet renewal continued to progress, with one-third of our aircraft now next- generation, quieter, and more fuel-efficient - a key milestone advancing both our sustainability ambitions and our customer experience. This progress is amplified by the rollout of free high- speed Wi-Fi at Air France, a true game changer for our customers. We expect 30% of the Air France fleet to be equipped by the end of 2025. Finally, we continued to broaden our global reach with new routes and strategic partnerships, further strengthening the Group’s network and competitive positioning”.
Tags: Benjamin Smith, Air France–KLM
