+0.3pt vLY
Millions of EUR, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
Revenue vs cost per available seat-km (EUR cents) — the gap is unit profitability
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 | ||||||
| Q2 2025 |
FY2026 outlook revised down amid geopolitical uncertainty: group capacity now +2% to +4% (was +3% to +5%), unit cost +0% to +2%, net capex below €3bn, leverage 1.5x–2.0x.
FY2026 fuel bill expected at USD 9.3bn, up USD 2.4bn vs FY2025, with a hedging result of USD 1.5bn; ~USD 1.1bn of the fuel-price impact deferred into Q2 2026.
€368m cargo cartel fine (incl. interest) fully paid in March 2026 after the CJEU rejected the appeal; €366m provision reversed, reducing pre-working-capital cash flow.
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
Middle East conflict led to cancellation of all Middle East flights; capacity was reallocated to Asia and East Africa, and Gulf-hub avoidance drove strong Asia demand and pricing in March.
Air France-KLM selected (one of two remaining bidders) to submit a binding offer for a minority stake in TAP Air Portugal, eyeing Lisbon as a Southern European hub.
New-generation aircraft reached 36% of the fleet at end-March 2026, up 8 points year-on-year, on track toward the 80%-by-2030 target.
Severe January snow/weather disrupted operations, hitting the group operating result by ~€90m, mainly at KLM and Transavia Netherlands.
Issued €650m senior unsecured 5-year notes in January 2026 at a 3.875% coupon (upsized from €500m), partly to redeem the €500m 7.25% Sustainability Linked Bond tranche in May 2026.
Air France-KLM