This performance reflects disciplined execution while continuing transformation and investments in fleet renewal.
• Group revenues up 4.9% year-on-year to €33.0bn, driven by Passenger network, Maintenance and Transavia.
• Unit revenue at constant currency up 1.0% thanks to Passenger network supported by premiumization, while group capacity grew by 4.9% and fuel price after hedging decreased by 7%.
• Unit cost1 increase limited to +1.2% reflecting disciplined cost management, productivity gains and fleet renewal, however offset by higher ATC, Schiphol airport charges and premiumization.
• Operating result amounted to €2.0bn, an improvement of €0.4bn compared to last year.
• Strong cash flow performance: recurring adjusted operating free cash flow positive at €1.0bn, up €0.8bn year-on-year.
• Leverage (Net debt/Current EBITDA ratio) at 1.7x.
• Solid cash at hand of €9.4bn at end December 2025.
• Fleet renewal accelerating, up 8 points year-on-year, with 35% share of next generation aircraft.
• Intention to increase stake in SAS to 60.5% with closing targeted in the second half of
20262.
Q4 2025
• Unit revenue at constant currency down 0.5% due to negative Cargo unit revenue development partly compensated by positive passenger unit revenue
• Unit cost1 decreased by 1.1%, mainly driven by productivity gains
• Operating result at €393 million, broadly stable compared to last year. FY 2026 outlook
For 2026 the Group expects:
• Capacity up by +3-5% compared to 2025.
• Unit cost1 up between 0% and +2%, including +0.5% from premiumization.
• Net capital expenditures circa €3bn.
• Leverage ratio between 1.5x - 2.0x.
Commenting on the results, Mr. Benjamin Smith, Group CEO, said:
“In 2025, Air France-KLM delivered a robust performance in a challenging environment. Our
airlines carried over 100 million passengers and generated an operating result of more than €2
billion – a first in our history. We advanced our premiumization strategy through enhanced
customer experiences across our airlines —including new cabins, high-speed Wi-Fi, and lounges
around the world — all while making significant progress toward our sustainability ambitions
thanks to fleet renewal and increased SAF usage. Despite ongoing external uncertainty, we
approach 2026 with confidence and a commitment to executing our strategic roadmap with
rigor and discipline in order to reach our medium-term goals. I would like to thank our employees
for their dedication and our customers for their continued trust.”
1 Against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)
2 Subject to the obtaining of all the necessary regulatory clearances and satisfaction of all conditions precedents.
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