xx
| FIRST QUARTER 2025 |
April 30, 2025
| Operating result improved by €161 million versus last year with robust recurring adjusted operating free cash flow of €783 million |
- Group revenues up 7.7% compared to last year at €7.2bn, driven by all businesses.
- Operating result stood at -€328m, an improvement of €161m compared to last year. Margin at -4.6%.
- Unit revenue at constant currency up +3.0% driven by Network, while group capacity went up by +3.8%.
- Unit cost up +2.1% compared to 2024, due to airport and air traffic control charges, capacity mix effect, premiumization, inflation but partly compensated by productivity. Last year unit cost was affected for 0.8% by an one-time payment to KLM staff.
- Positive Recurring adjusted operating free cash flow, at €783m.
- Leverage (Net debt/EBITDA ratio) at 1.6x in line with the Group's ambition.
- Strong Cash at hand at €9.3bn while reducing the financial liabilities with €741m including a €515m bond redemption from our cash.
FY 2025 outlook unchanged despite uncertainty
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:
Air France-KLM delivered a solid start to 2025. Sustained demand supported a rise in revenue across all businesses and summer ticket sales allowed us to improve cash flow generation.
This quarter, we continued to deliver on our ambitious strategic roadmap, notably with the successful launch of Air France's new La Première experience - a key milestone in the ongoing premiumization of our offer, and with the continued integration of latest generation aircraft across our airlines.
The increasingly uncertain context may bring additional headwinds going forward, yet we believe Air France-KLM is uniquely positioned to adapt and perform, thanks to its diversified network, its product and services that position us well. Together with our strong hubs and brands, these are essential assets.
Solid Group unit revenue performance
| First Quarter | |||
| 2025 | change | change constant currency | |
| Group Passengers (thousands) | 21,810 | +4.5% | |
| Group Capacity (ASK m) | 75,517 | +3.8% | |
| Traffic (RPK m) | 64,952 | +3.3% | |
| Group Passenger load factor | 86.0% | -0.4pt | |
| Passenger unit revenue per ASK (€ cts) | 7.64 | +2.6% | +2.2% |
| First Quarter | |||
| 2025 | change | change constant currency | |
| Revenues (€m) | 7,165 | +7.7% | +6.7% |
| EBITDA (€m) | 396 | +220 | +271 |
| Operating result (€m) | -328 | +161 | +213 |
| Operating margin (%) | -4.6% | +2.8pt | +3.5pt |
| Net income (€m) | -249 | +231 | |
| Group unit revenue per ASK (€cts) | 8.33 | +3.4% | +3.0% |
| Group unit cost at constant fuel, constant currency and excluding ETS | 8.67 | +2.1% | |
| 31 March 2025 | 31 Dec 2024 | |
| Operating Free cash flow (€m) | 1,009 | |
| Adj. recurring operating free cash flow* (€m) | 783 | |
| Net Debt (€m) | 6,928 | 7,332 |
| EBITDA trailing 12 months (€m) | 4,464 | 4,244 |
| Net Debt/EBITDA ratio | 1.6x | 1.7x |
*IFRS Operating free cash flow corrected from the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period and payment of lease debt and interests paid and received
Operating result improvement driven by strong unit revenue development and fuel price reduction
In the first quarter Air France-KLM welcomed 21.8 million passengers which is 4.5% above last year. As capacity increased by 3.8% and traffic by 3.3%, the load factor remained broadly stable at 86.0%.
The Group unit revenue per ASK was up +3.0% at constant currency compared to last year, driven by strong yield performance for passenger network and Cargo. The cargo load factor improved as well.
Passenger yields were very strong, especially on the North Atlantic, but also in Asia & Middle East, in Latin America and in the premium cabins. Cargo continues to benefit from traffic from Asia with unit revenues per ATK up +16.2% against a constant currency.
The operating result was €161 million above last year at -€328 million, with a margin ending at -4.6%. This performance is stemming from an increase of unit revenues (€181 million) of passenger network and Cargo and a decrease of fuel price & ETS unit costs (€190 million), partly offset by an increase of the unit costs at constant fuel price and currency (€136 million).
Q1 unit cost1 was up 2.1% as a consequence of below elements:
- +1.1% related to unit revenue generation:
- Capacity mix effect with larger growth on the Short and Medium Haul segment versus Long Haul, especially at KLM
- Premiumization of the cabin including significant Premium Comfort growth at KLM
- +0.7% mainly due to Airport charges and Air Traffic Charges increase
- +0.3% cost linked to:
- +2.3% labour price partly offset by -0.8% one-off payment to KLM staff in Q1 2024
- -0.6% productivity
- -0.6% mainly due to improved operations, reducing customer compensation and fuel efficiency despite higher maintenance cost KLM
Cash
For the first quarter, the Group reported a positive operating free cash flow of €1,009 million, mainly driven by a positive working capital coming from the ticket sales, although impacted by the deferrals inherited from the pandemic which amounted to €122 million. The net capex was at €896 million.
Recurring adjusted operating free cash flow which excludes deferrals and includes lease debt and net interest payment amounted to +€783 million, up €190 million compared to last year.
At end of March, the cash at hand stood at €9.3 billion, a decrease of €0.1 billion versus the end of 2024 mainly due to the redemption in January of the remaining €515.2 million principal amount of the €750 million 1.875% notes due 16 January 2025 (ISIN: FR0014477254). The redemption, via the Group's own liquidity, underscores the robustness of its financial position.
The level of cash at hand remains high and above the targeted level of €6 billion to €8 billion.
Net debt decreased to €6.9 billion, down €0.4 billion primarily due to the positive operating free cash flow of €1.0 billion despite an increase in new and modified lease debt of almost €0.6 billion, largely driven by the fleet renewal and extension of current lease to cover delays in deliveries. The leverage ratio stood at 1.6x in line with the Group's ambition of 1.5x to 2.0x.
FY 2025 outlook unchanged despite uncertainty
The Group expects
- Capacity in Available Seat Kilometers for Air France-KLM Group including Transavia to increase by 4 to 5% in 2025 compared to 2024
- Unit cost1 to increase by a low single digit compared to 2024
- Capital expenditures: net capex expected between 3.2 and 3.4 billion euros
- Leverage ratio (net debt/EBITDA ratio) between 1.5x and 2.0x
Sustainability
Transition Plan and trajectory
Sustainability is a collective responsibility, and Air France-KLM is committed to play its role. The Group's ambition is to reduce greenhouse gases (GHG) emissions and limit the increase in the global average temperature in line with the Paris Agreement. This ambition is fully aligned with the International Civil Aviation Organization's (ICAO) long-term global aspirational goal of net-zero carbon emissions by 2050. To achieve this ambition, the Group has worked out a Transition Plan for climate mitigation and adaptation. To monitor the progress towards the achievement of this plan, the Group has set the ambition of reducing its GHG emissions per RTK (revenue ton-kilometer) by 30% in 2030 compared to 2019 (scope 1 + scope 3 category 3).
Air France-KLM and its airlines faced some headwinds to its GHG intensity progression including delays in fleet renewal plan due to constraints in the supply chain; engine issues with part of its new generation aircraft fleet (such as several Airbus A220s) not allowing the Group to operate them to their maximum capacity; higher fuel consumption due to longer flight time on certain routes caused by different geopolitical circumstances. These headwinds are faced by several actors in the airline industry.
| 31 March 2025 | 31 March 2024 | Change | |
| New generation fleet2 | 28% | 21% | +7% |
Fleet Renewal
In line with its fleet renewal strategy, Air France-KLM continues to take delivery of new generation aircraft such as:
¦ Airbus A350s which consume 25% less fuel per passenger km and are 40% quieter than the previous generation aircraft;
¦ Airbus A320neo family aircraft, which consume 15% less fuel per passenger km and are 50% quieter than the previous generation aircraft;
¦ Airbus A220s which consume 20% less fuel per passenger km and are 34% quieter than the previous generation aircraft;
¦ Embraer 195-E2s which consume 31% less fuel per passenger km and are 63% quieter compared to the E-190 that they replace;3
At the end of March 2025, the Group had 28% of its fleet composed of new generation aircraft, contributing to a fuel efficiency gain of 0.3% on the total unit cost.
The Group plans to get up to 80% of its fleet with new generation aircraft by 2030.
In the first quarter new generation aircraft have been phased in while the old generation aircraft have been phased out:
| Phase in | 2025 | Phase out | 2025 | ||
| A350 | 2 | A320 | 1 | ||
| A321neo | 2 | A319 | 1 | ||
| A320neo | 4 | E190 | 1 | ||
| A220 | 1 | ||||
| Total | 9 | Total | 3 |
Air France returned to the lessor one Airbus A380 which was operationally phased out in 2020.
These tables are based on the column " Total" in Group fleet table in the appendix.
Business review
Network result
| Network | First Quarter | ||
| 2025 | change | change constant currency | |
| Traffic revenues (€m) | 5,765 | +6.8% | |
| Pax traffic revenue | 5,244 | +5.8% | |
| Cargo traffic revenue | 521 | +18.1% | |
| Total revenues (€m) | 6,042 | +6.7% | |
| Salaries and related costs (€m) | -1,693 | +5.5% | |
| Aircraft fuel, excl. ETS (€m) | -1,438 | -5.6% | |
| Other operating expenses (€m) | -2,572 | +7.5% | |
| EBITDA (€m) | 339 | +138.9% | |
| Depreciation & Amortization (€m) | -531 | +6.8% | |
| Operating result (€m) | -193 | +163 | +215 |
| Operating margin (%) | -3.2% | +3.1 pt | |
Compared to the first quarter of 2024, total revenues increased by +6.7% to €6,042 million. The operating result stood at -€193 million which was €215 million above last year against a constant currency and was the consequence of a fuel price reduction and higher revenues despite Easter shift and Ramadan. Enhanced operations resulting in lower disruption costs also contributed to the improved operating result.
Overall the operating margin was at -3.2%, up 3.1 point compared to 2024.
Improved performance for the Passenger network activity
| Passenger network | First Quarter | ||
| 2025 | change | change constant currency | |
| Passengers (thousands) | 17,238 | +3.4% | |
| Capacity (ASK m) | 65,910 | +2.5% | |
| Traffic (RPK m) | 56,646 | +2.3% | |
| Load factor | 85.9% | -0.2pt | |
| Total passenger revenues (€m) | 5,416 | +6.3% | +5.9% |
| Traffic passenger revenues (€m) | 5,244 | +5.8% | +5.4% |
| Unit revenue per ASK (€ cts) | 7.96 | +3.2% | +2.8% |
During the first quarter of 2025, capacity in Available Seat Kilometers (ASK) was 2.5% higher than last year. Traffic growth (+2.3%) has led to a broadly stable load factor at 85.9%. Yield corrected for currency showed a strong performance with an increase of 3% while load factor reduced -0.2 points resulting in a unit revenue increase of +2.8% against a constant currency compared to last year.
During the first quarter we observed the following trends per region:
North Atlantic
Q1 unit revenue increased by +11% and flat capacity mainly due to high yield with favorable market dynamics, with strong performance especially on the US routes driven by the point-of-sale US.
Latin America
Unit revenue grew in sync with capacity by +3% on the back of strong yield (4.5%), while load factor remained broadly stable at 90%.
Asia & Middle East
Growth was mainly supported by Asia while Middle East performance was softer primarily due to the cancellation of the Abu Dhabi route. Unit revenue in the region was up 6.4%, supported by strong yield development (+6%) while load factor remained stable at 87%. Air France-KLM benefited from the reopening of routes to Tel Aviv and Beirut.
Caribbean & Indian Ocean
A strong capacity increase by the industry (Air France-KLM: +7%) combined with weak demand drove a lower fare environment and resulted in a decrease in unit revenue by -6%.
Africa
Capacity rose by 2%, but unit revenue decreased by 1%, primarily reflecting a 2-point drop in load factor to 83%, driven by the impact of Ramadan, Easter shift and calendar timing effects.
Short and Medium haul
The contrasted environment as short haul continued to reduce capacity and medium-haul segment increased its capacity by 9%.
Overall, capacity increased by 8.0%, with a broadly stable load factor at 82% and a 2.7% decline in yield. Weaker year-on-year performance reflects an unfavorable supply-demand environment, compounded by the calendar shift of Ramadan and Easter, and reduced connecting traffic.
Cargo: Continuation of strong unit revenue performance
| Cargo business | First Quarter | ||
| 2025 | change | change constant currency | |
| Tons (thousands) | 224 | +4.1% | |
| Capacity (ATK m) | 3,463 | +0.3% | |
| Traffic (RTK m) | 1,696 | +4.5% | |
| Load factor | 49.0% | +2.0pt | |
| Total Cargo revenues (€m) | 622 | +10.8% | +9.2% |
| Traffic Cargo revenues (€m) | 521 | +18.1% | +16.4% |
| Unit revenue per ATK (€cts) | 15.05 | +17.8% | +16.2% |
During the first quarter of 2025, capacity in Available Ton Kilometers (ATK) was +0.3% higher than last year. Full freighter capacity was negatively impacted by longer-than-expected maintenance. Supported by a strong market, traffic growth (+4.5%) was above the capacity growth and has led to an increase of 2 points of load factor reaching 49.0%. Together with an 11.4% increase in yield, unit revenue per ATK increased by 16.2% at constant currency, although last year first quarter results were negatively impacted by the implementation of a Cargo IT system for Air France.
Transavia: Challenging quarter
| Transavia | First Quarter | |
| 2025 | change | |
| Passengers (thousands) | 4,572 | +8.7% |
| Capacity (ASK m) | 9,607 | +13.6% |
| Traffic (RPK m) | 8,306 | +10.7% |
| Load factor | 86.5% | -2.3pt |
| Unit revenue per ASK (€cts) | 5.51 | +0.1% |
| Unit cost per ASK (€cts) | 7.64 | +2.4% |
| Total Passenger revenues (€m) | 526 | +13.9% |
| Salaries and related costs (€m) | -192 | +21.5% |
| Aircraft fuel, excl. ETS (€m) | -154 | +2.5% |
| Other operating expenses (€m) | -300 | +19.6% |
| EBITDA (€m) | -120 | +23.4% |
| Depreciation & Amortization (in €m) | -86 | +24.8% |
| Operating result (€m) | -205 | -40 |
| Operating margin (%) | -39.0% | -3.2pt |
Transavia's capacity in available seat kilometers increased by 13.6%, while traffic increased by 10.7%, resulting in a reduction in load factor of 2 points. Unit revenue remained stable, up +0.1%, supported by positive yield development following the introduction of paid hand luggage in the second quarter of 2024. However, performance was affected by geopolitical instability and bad weather in Spain. In the Netherlands, Transavia also faced headwinds from the increase in ticket tax, which led some passengers to opt for departures from Germany and Belgium instead. A higher seasonality due to a strong capacity development impacted the operating result. As a consequence, the operating result decreased by -€40 million compared to last year.
Maintenance business: Operating result and margin improvement
| Maintenance | First Quarter | |
| 2025 | Change | |
| Total Revenues (€m) | 1,411 | +15.4% |
| o/w Third party revenues (€m) | 591 | +11.5% |
| External expenses (€m) | -928 | +15.0% |
| Salaries and related costs (€m) | -318 | +8.1% |
| EBITDA (€m) | 164 | +35.6% |
| Depreciation & Amortization (€m) | -100 | +7.5% |
| Operating result (€m) | 65 | +36 |
| Operating margin (%) | 4.6% | +2.3pt |
The maintenance segment continued its strong growth of third-party revenues in the first quarter 2025 by a double digit increase of +11.5%, especially showing a strong recovery on the engine side, while total revenues rose by 15.4%. The operating result increased by €36 million and the operating margin stood at 4.6%, which is 2.3 point higher than in 2024.
Air France's Q1 performance supported by a dynamic pricing environment and lower fuel price
Air France Group
| First Quarter | ||
| 2025 | change | |
| Revenues (in €m) | 4,346 | +7.8% |
| Salaries and related costs (in €m) | -1,370 | +10.5% |
| Aircraft fuel, excl. ETS (in €m) | -953 | -3.3% |
| Other operating expenses (in €m) | -1,750 | +6.6% |
| EBITDA (in €m) | 273 | +109 |
| Depreciation & Amortization (in €m) | -455 | +10.2% |
| Operating result (in €m) | -183 | +66 |
| Operating margin (%) | -4.2% | +2.0pt |
In the first quarter, operating result stood at -€183 million which was €66 million above last year, mainly driven by a strong unit revenue performance (+2.2% compared to Q1 2024) due to sustained premium demand and high yield while the fuel price decreased. Air France Group posted an operating margin at -4.2%, 2 points up compared to 2024 despite the shift of Easter and the increase of the solidarity tax on flight tickets (TSBA) as per March 1st, 2025, whose impact on the operating result has been estimated between €90 million and €170 million for 2025.
KLM: Operating margin improvement thanks to good unit revenue performance
KLM Group
| First Quarter | ||
| 2025 | change | |
| Revenues (in €m) | 2,946 | +7.7% |
| Salaries and related costs (in €m) | -1,018 | +1.9% |
| Aircraft fuel, excl. ETS (in €m) | -640 | -7.1% |
| Other operating expenses (in €m) | -1,218 | +12.2% |
| EBITDA (in €m) | 69 | +108 |
| Depreciation & Amortization (in €m) | -268 | +6.4% |
| Operating result (in €m) | -199 | +92 |
| Operating margin (%) | -6.7% | +3.9pt |
First quarter revenues grew by 7.7% driven by high yield for passenger network and Cargo. Cost increases are explained by CLA related increase of salary cost, component business maintenance cost and other operating expenses, including Premium Comfort seats ramp up and capacity haul mix while fuel cost decreased. The operating margin increased by 3.9 points to -6.7%.
Back on Track delivered according to plan in the first quarter with main contribution coming from various revenue improving initiatives and Maintenance. The latter contributed both on the third party revenue side as well as by reducing the non-performance cost at KLM. Productivity delivery, partly dependent on outcome of ongoing CLA discussion, from the second quarter onwards while Schiphol tariff increase per April 1st and maintenance cost remains high.
Stable performance for Flying Blue Miles
Flying Blue Miles
| First Quarter | ||
| 2025 | change | |
| Revenue (in €m) | 199 | +3 |
| o/w Third party revenues (in €m) | 130 | -3 |
| Operating result (in €m) | 46 | -1 |
| Operating margin (%) | 23.1% | -0.9pt |
In the first quarter Flying Blue Miles generated €199 millions of total revenue, including third party airline and non-airline partners. The operating margin stood at 23.1%.
Overall Flying Blue delivered a stable performance despite less access for the members due to strong unit revenue development.
In March 2025 Air France-KLM and American Express extended their global partnership until September 2033.
Nb: Sum of individual airline and Flying Blue results does not add up to AF-KLM total due to intercompany eliminations at Group level.
******
The results presentation is available at www.airfranceklm.com on April 30, 2025 from 8:00 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on April 30, 2025 at 09.30 am CET.
To connect to the webcast, please use below link:
https://channel.royalcast.com/landingpage/airfranceklm/20250430_1/
| Investor Relations | Press Office | |
| Michiel Klinkers | Marouane Mami | +33 1 41 56 56 00 |
| Michiel.klinkers@airfranceklm.com | marouane.mami@airfranceklm.com | mail.mediarelations@airfranceklm.com |
Income statement
| First Quarter | |||
| in € million | 2025 | 2024 | Change |
| restated * | |||
| Revenues from ordinary activities | 7,165 | 6,654 | 8% |
| Aircraft fuel | -1,593 | -1,674 | -5 % |
| Carbon emission | -70 | -62 | 13 % |
| Chartering costs | -106 | -123 | -14 % |
| Landing fees and air routes charges | -512 | -453 | 13 % |
| Catering | -225 | -202 | 11 % |
| Handling charges and other operating costs | -498 | -464 | 7 % |
| Aircraft maintenance costs | -976 | -808 | 21 % |
| Commercial and distribution costs | -284 | -278 | 2 % |
| Other external expenses | -523 | -490 | 7 % |
| Salaries and related costs | -2,392 | -2,245 | 7 % |
| Taxes other than income taxes | -63 | -57 | 11 % |
| Capitalized production | 419 | 367 | 14 % |
| Other income and expenses | 54 | 11 | nm |
| EBITDA | 396 | 176 | 125% |
| Amortization, depreciation and provisions | -724 | -665 | 9 % |
| Income from current operations | -328 | -489 | -33% |
| Sales of aircraft equipment | -1 | 19 | nm |
| Other non current income and expenses | 1 | -3 | nm |
| Income from operating activities | -328 | -473 | -31% |
| Interests expenses | -162 | -160 | 1 % |
| Income from cash & cash equivalent | 57 | 92 | -38% |
| Net cost of financial debt | -105 | -68 | 54% |
| Other financial income and expenses | 99 | -110 | nm |
| Income before tax | -334 | -651 | -49% |
| Income taxes | 103 | 168 | -39 % |
| Net income of consolidated companies | -231 | -483 | -52% |
| Share of profits (losses) of associates | -18 | 3 | nm |
| Net Income for the period | -249 | -480 | -48% |
| Net income - Non controlling interests | 43 | 42 | 2 % |
| Net income - Group part | -292 | -522 | -44% |
Note: the sum of "Salaries and related costs" in the business review section is not equal to the above mentioned figure due to corporate overhead, IT and other businesses not directly related to Network, Maintenance or Transavia
Consolidated balance sheet
| Assets | March 31, 2025 | December 31, 2024 |
| (in € million) | ||
| Goodwill | 225 | 226 |
| Intangible assets | 1,152 | 1,150 |
| Flight equipment | 12,835 | 12,347 |
| Other property, plant and equipment | 1,554 | 1,533 |
| Right-of-use assets | 8,030 | 7,592 |
| Investments in equity associates | 212 | 216 |
| Pension assets | 64 | 66 |
| Other non-current financial assets | 1,384 | 1,369 |
| Non-current derivatives financial assets | 146 | 195 |
| Deferred tax assets | 751 | 662 |
| Other non-current assets | 338 | 214 |
| Total non-current assets | 26,691 | 25,570 |
| Other current financial assets | 1,242 | 1,190 |
| Current derivatives financial assets | 95 | 249 |
| Inventories | 970 | 959 |
| Trade receivables | 2,462 | 2,051 |
| Other current assets | 1,366 | 1,260 |
| Cash and cash equivalents | 4,582 | 4,829 |
| Assets held for sale | 48 | 47 |
| Total current assets | 10,765 | 10,585 |
| Total assets | 37,456 | 36,155 |
| Liabilities and equity | March 31, 2025 | December 31, 2024 |
| (in € million) | ||
| Issued capital | 263 | 263 |
| Additional paid-in capital | 7,560 | 7,560 |
| Treasury shares | -27 | -27 |
| Perpetual | 1,037 | 1,078 |
| Reserves and retained earnings | -10,778 | -10,638 |
| Equity attributable to equity holders of Air France-KLM | -1,945 | -1,764 |
| Perpetual | 2,571 | 2,530 |
| Reserves and retained earnings | 34 | 33 |
| Equity attributable Non-controlling interests | 2,605 | 2,563 |
| Total equity | 660 | 799 |
| Pension provisions | 1,660 | 1,686 |
| Non-current return obligation liability and other provisions | 4,463 | 4,493 |
| Non-current financial liabilities | 7,191 | 7,254 |
| Non-current lease debt | 4,874 | 4,714 |
| Non-current derivatives financial liabilities | 63 | 32 |
| Deferred tax liabilities | 1 | 2 |
| Other non-current liabilities | 940 | 904 |
| Total non-current liabilities | 19,192 | 19,085 |
| Current return obligation liability and other provisions | 1,223 | 1,181 |
| Current financial liabilities | 1,014 | 1,692 |
| Current lease debt | 961 | 982 |
| Current derivatives financial liabilities | 118 | 137 |
| Trade payables | 2,559 | 2,608 |
| Deferred revenue on ticket sales | 5,670 | 4,097 |
| Frequent flyer programs | 900 | 906 |
| Other current liabilities | 5,157 | 4,668 |
| Bank overdrafts | 2 | - |
| Total current liabilities | 17,604 | 16,271 |
| Total equity and liabilities | 37,456 | 36,155 |
Statement of Consolidated Cash Flows from January 1 until March 31, 2025
| Period from January 1 to March 31 | 2025 | 2024 | |||||
| (in € million) | |||||||
| Net income | (249) | (480) | |||||
| Amortization, depreciation and operating provisions | 724 | 665 | |||||
| Financial provisions | 78 | 71 | |||||
| Cost of net debt | 105 | 68 | |||||
| Loss (gain) on disposals of tangible and intangible assets | 1 | -19 | |||||
| Loss (gain) on disposals of subsidiaries and associates | - | -2 | |||||
| Derivatives - non monetary result | 6 | 4 | |||||
| Unrealized foreign exchange gains and losses, net | -192 | 12 | |||||
| Share of (profits) losses of associates | 18 | -3 | |||||
| Deferred taxes | -122 | -165 | |||||
| Other non-monetary items | -1 | -6 | |||||
| Cash flow from operating activities before change in working capital | 368 | 145 | |||||
| Increase (decrease) in working capital | 1,537 | 624 | |||||
| CASH-FLOW FROM OPERATING ACTIVITIES | 1,905 | 769 | |||||
| Acquisition of subsidiaries, of shares in non-controlled entities | -3 | -1 | |||||
| Proceeds on disposal of subsidiaries, of shares in non-controlled entities | - | 8 | |||||
| Purchase of property plant and equipment and intangible assets | -1,213 | -654 | |||||
| Proceeds on disposal of property plant and equipment and intangible assets | 317 | 25 | |||||
| Interest received | 53 | 86 | |||||
| Dividends received | 7 | - | |||||
| Decrease (increase) in net investments, more than 3 months | -3 | -3 | |||||
| CASH-FLOW USED IN INVESTING ACTIVITIES | -842 | -539 | |||||
| Coupon on perpetual | -60 | -57 | |||||
| Issuance of debt | 245 | 2 | |||||
| Repayment on debt | -983 | -606 | |||||
| Payments on lease debts | -253 | -219 | |||||
| New loans | -132 | -2 | |||||
| Repayment on loans | 40 | 9 | |||||
| Interest paid | -148 | -144 | |||||
| CASH-FLOW FROM FINANCING ACTIVITIES | -1,291 | -1,016 | |||||
| Effect of exchange rate and reclassification on cash and cash equivalents (net of cash acquired or sold) | -21 | 46 | |||||
| Change in cash and cash equivalents and bank overdrafts | -249 | -740 | |||||
| Cash and cash equivalents and bank overdrafts at beginning of period | 4,829 | 6,181 | |||||
| Cash and cash equivalents and bank overdrafts at end of period | 4,580 | 5,441 |
Net debt
(in € million) | March 31, 2025 | December 31, 2024 |
| Current and non-current financial liabilities | 8,205 | 8,946 |
| Current and non-current lease debt | 5,836 | 5,696 |
| Accrued interest | -162 | -138 |
| Deposits related to financial liabilities | -108 | -97 |
| Deposits related to lease debt | -93 | -98 |
| Derivatives impact on debt | -12 | -45 |
| Gross financial liabilities (I) | 13,666 | 14,264 |
| Cash and cash equivalent | 4,582 | 4,830 |
| Marketable securities > 3 months | 1,048 | 1,046 |
| Bonds | 1,110 | 1,057 |
| Bank overdrafts | -2 | -1 |
| Net cash (II) | 6,738 | 6,932 |
| Net debt (I-II) | 6,928 | 7,332 |
Recurring adjusted operating free cash flow
| First Quarter | ||
| 2025 | 2024 | |
| (in € million) | ||
| Net cash flow from operating activities | 1,905 | 769 |
| Purchase of property plant and equipment and intangible assets | -1,213 | -654 |
| Proceeds on disposal of property plant and equipment and intangible assets | 317 | 25 |
| Operating free cash flow | 1,009 | 140 |
| Exceptional payments made/(received) (1) | 122 | 730 |
| Interest paid and received | -95 | -58 |
| Payments on lease debts | -253 | -219 |
| Recurring adjusted operating free cash flow | 783 | 593 |
(1) Exceptional payments made/(received), restated from operating free cash flow for the calculation of recurring operating free cash flow adjusted, correspond to the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period.
Return on capital employed (ROCE)
| In € million | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | Jun 30, 2023 |
| restated (1) | restated (1) | restated (1) | ||||||
| Goodwill and intangible assets | 1,377 | 1,375 | 1,356 | 1,354 | 1,349 | 1,352 | 1,331 | 1,339 |
| Flight equipment | 12,835 | 12,347 | 12,607 | 12,197 | 11,646 | 11,501 | 11,296 | 10,957 |
| Other property, plant and equipment | 1,554 | 1,533 | 1,500 | 1,456 | 1,438 | 1,431 | 1,379 | 1,389 |
| Right of use assets | 8,030 | 7,592 | 6,652 | 6,479 | 5,902 | 5,956 | 5,596 | 5,480 |
| Investments in equity associates | 212 | 216 | 240 | 134 | 134 | 129 | 127 | 121 |
| Financial assets excluding marketable securities, accrued interests and financial deposits | 196 | 195 | 218 | 211 | 214 | 219 | 191 | 190 |
| Provisions, excluding pension, cargo litigation and restructuring | -5,246 | -5,224 | -4,553 | -4,700 | -4,523 | -4,346 | -4,481 | -4,248 |
| WCR2 | -8,984 | -7,468 | -7,422 | -8,222 | -8,284 | -6,981 | -7,804 | -8,917 |
| Capital employed | 9,974 | 10,566 | 10,598 | 8,909 | 7,876 | 9,261 | 7,635 | 6,311 |
| Average capital employed (A) | 10,012 | 7,771 | ||||||
| Adjusted results from current operations | 1,763 | 1,529 | ||||||
| - Dividends received | -1 | -1 | ||||||
| - Share of profits (losses) of associates | -39 | 9 | ||||||
| - Normative income tax | -536 | -462 | ||||||
| Adjusted result from current operations after tax (B) | 1,187 | 1,075 | ||||||
| ROCE, trailing 12 months (B/A) | 11.9% | 13.8% | ||||||
(1) Compared with previous periods, working capital has been restated to exclude the deferral of social and fiscal charges granted following the Covid.
(2) Excluding the report of social & fiscal charges granted consequently to Covid.
Unit cost: net cost per ASK
| First Quarter | ||
| 2025 | 2024 | |
| Total operating expenses (in €m) | 7,493 | 7,144 |
| Carbon emission (ETS) | -70 | -62 |
| Total other revenues (in €m) | -872 | -793 |
| Net cost (in €m) | 6,551 | 6,288 |
| Capacity produced, reported in ASK | 75,517 | 72,727 |
| Net cost per ASK (in € cents per ASK) | 8.67 | 8.65 |
| Gross change | 0.3% | |
| Currency effect on net costs (in €m) | 77 | |
| Change at constant currency | -0.9% | |
| Fuel price effect (in €m) | -188 | |
| Net cost per ASK at constant currency, constant fuel price and excluding ETS (in € cents per ASK) | 8.67 | 8.49 |
| Change at constant currency and constant fuel price excluding ETS | 2.1% | |
Unit cost per ASK excluding fuel and ETS vs Q1 2024: +3.5%
Definition: Unit cost = (total operating expenses - fuel - carbon emission - total other revenues) / Group Capacity in ASK
Group fleet at 31 March 2025
| Aircraft type | AF (incl. HOP)4 | KL (incl. KLC & MP) | Transavia | Owned | Finance lease | Operating lease | Total | In operation | Change in operation vs 31/12/24 |
| B777-300 | 43 | 16 | 21 | 14 | 24 | 59 | 59 | ||
| B777-200 | 18 | 15 | 28 | 2 | 3 | 33 | 33 | ||
| B787-9 | 10 | 13 | 4 | 7 | 12 | 23 | 23 | ||
| B787-10 | 11 | 2 | 9 | 11 | 11 | ||||
| A380-800 | 1 | 1 | 1 | ||||||
| A350-900 | 37 | 3 | 12 | 22 | 37 | 37 | 2 | ||
| A330-300 | 5 | 5 | 5 | 5 | |||||
| A330-200 | 12 | 6 | 12 | 6 | 18 | 16 | -1 | ||
| Total Long-Haul | 121 | 66 | 0 | 71 | 44 | 72 | 187 | 184 | 1 |
| B737-900 | 5 | 5 | 5 | 5 | |||||
| B737-800 | 31 | 109 | 36 | 8 | 96 | 140 | 139 | ||
| B737-700 | 6 | 6 | 6 | 6 | |||||
| A321NEO | 5 | 8 | 3 | 1 | 9 | 13 | 13 | 2 | |
| A321 | 14 | 7 | 7 | 14 | 14 | ||||
| A320 | 36 | 4 | 3 | 29 | 36 | 36 | |||
| A320NEO | 14 | 14 | 14 | 14 | 4 | ||||
| A319 | 9 | 6 | 3 | 9 | 8 | -2 | |||
| A318 | 6 | 4 | 2 | 6 | 6 | ||||
| A220-300 | 42 | 23 | 5 | 14 | 42 | 42 | 1 | ||
| Total Medium-Haul | 107 | 47 | 131 | 94 | 17 | 174 | 285 | 283 | 5 |
| Canadair Jet 1000 | |||||||||
| Embraer 195 E2 | 22 | 22 | 22 | 18 | |||||
| Embraer 190 | 23 | 26 | 17 | 4 | 28 | 49 | 49 | ||
| Embraer 175 | 17 | 3 | 14 | 17 | 17 | ||||
| Embraer 170 | 13 | 10 | 3 | 13 | 13 | ||||
| Total Regional | 36 | 65 | 0 | 30 | 18 | 53 | 101 | 97 | |
| B747-400ERF | 3 | 3 | 3 | 3 | |||||
| B747-400BCF | 1 | 1 | 1 | 1 | |||||
| B777-F | 2 | 2 | 2 | 2 | |||||
| Total Cargo | 2 | 4 | 0 | 4 | 0 | 2 | 6 | 6 | 0 |
| Total | 266 | 182 | 131 | 199 | 79 | 301 | 579 | 570 | 6 |
2025 TRAFFIC
Passenger network activity
| First Quarter | |||
| Total network airlines | 2025 | 2024 | change |
| Passengers carried ('000s) | 17,238 | 16,665 | +3.4% |
| Revenue pax-kilometers (m RPK) | 56,646 | 55,354 | +2.3% |
| Available seat-kilometers (m ASK) | 65,910 | 64,276 | +2.5% |
| Load factor (%) | 85.9% | 86.1% | -0.2pt |
| Long-haul | |||
| Passengers carried ('000s) | 6,303 | 6,217 | +1.4% |
| Revenue pax-kilometers (m RPK) | 47,355 | 46,667 | +1.5% |
| Available seat-kilometers (m ASK) | 54,518 | 53,704 | +1.5% |
| Load factor (%) | 86.9% | 86.9% | 0.0pt |
| North America | |||
| Passengers carried ('000s) | 1,946 | 1,903 | +2.2% |
| Revenue pax-kilometers (m RPK) | 13,887 | 13,584 | +2.2% |
| Available seat-kilometers (m ASK) | 16,175 | 16,130 | +0.3% |
| Load factor (%) | 85.9% | 84.2% | +1.6pt |
| Latin America | |||
| Passengers carried ('000s) | 914 | 870 | +5.0% |
| Revenue pax-kilometers (m RPK) | 8,547 | 8,270 | +3.3% |
| Available seat-kilometers (m ASK) | 9,480 | 9,166 | +3.4% |
| Load factor (%) | 90.2% | 90.2% | -0.1pt |
| Asia / Middle East | |||
| Passengers carried ('000s) | 1,534 | 1,577 | -2.7% |
| Revenue pax-kilometers (m RPK) | 12,008 | 12,216 | -1.7% |
| Available seat-kilometers (m ASK) | 13,850 | 14,063 | -1.5% |
| Load factor (%) | 86.7% | 86.9% | -0.2pt |
| Africa | |||
| Passengers carried ('000s) | 972 | 974 | -0.1% |
| Revenue pax-kilometers (m RPK) | 6,138 | 6,119 | +0.3% |
| Available seat-kilometers (m ASK) | 7,379 | 7,203 | +2.4% |
| Load factor (%) | 83.2% | 85.0% | -1.8pt |
| Caribbean / Indian Ocean | |||
| Passengers carried ('000s) | 937 | 892 | +5.0% |
| Revenue pax-kilometers (m RPK) | 6,775 | 6,478 | +4.6% |
| Available seat-kilometers (m ASK) | 7,634 | 7,142 | +6.9% |
| Load factor (%) | 88.7% | 90.7% | -2.0pt |
| Short and Medium-haul | |||
| Passengers carried ('000s) | 10,934 | 10,448 | +4.7% |
| Revenue pax-kilometers (m RPK) | 9,291 | 8,687 | +7.0% |
| Available seat-kilometers (m ASK) | 11,392 | 10,572 | +7.8% |
| Load factor (%) | 81.6% | 82.2% | -0.6pt |
Transavia activity
| First Quarter | |||
| Transavia | 2025 | 2024 | change |
| Passengers carried ('000s) | 4,572 | 4,206 | +8.7% |
| Revenue seat-kilometers (m RSK) | 8,306 | 7,501 | +10.7% |
| Available seat-kilometers (m ASK) | 9,607 | 8,453 | +13.6% |
| Load factor (%) | 86.5% | 88.7% | -2.3pt |
Total Group passenger activity
| First Quarter | |||
| Total Group | 2025 | 2024 | change |
| Passengers carried ('000s) | 21,810 | 20,871 | +4.5% |
| Revenue pax-kilometers (m RPK) | 64,952 | 62,855 | +3.3% |
| Available seat-kilometers (m ASK) | 75,517 | 72,729 | +3.8% |
| Load factor (%) | 86.0% | 86.4% | -0.4pt |
Cargo activity
| First Quarter | |||
| Cargo | 2025 | 2024 | change |
| Revenue tonne-km (m RTK) | 1,696 | 1,623 | +4.5% |
| Available tonne-km (m ATK) | 3,463 | 3,453 | +0.3% |
| Load factor (%) | 49.0% | 47.0% | +2.0pt |
Air France activity
| First Quarter | |||
| Total Passenger network activity | 2025 | 2024 | change |
| Passengers carried ('000s) | 9,552 | 9,193 | +3.9% |
| Revenue pax-kilometers (m RPK) | 34,004 | 32,824 | +3.6% |
| Available seat-kilometers (m ASK) | 39,629 | 38,092 | +4.0% |
| Load factor (%) | 85.8% | 86.2% | -0.4pt |
| Long-haul | |||
| Passengers carried ('000s) | 3,978 | 3,881 | +2.5% |
| Revenue pax-kilometers (m RPK) | 29,260 | 28,378 | +3.1% |
| Available seat-kilometers (m ASK) | 33,736 | 32,754 | +3.0% |
| Load factor (%) | 86.7% | 86.6% | +0.1pt |
| Short and Medium-haul | |||
| Passengers carried ('000s) | 5,575 | 5,312 | +4.9% |
| Revenue pax-kilometers (m RPK) | 4,744 | 4,446 | +6.7% |
| Available seat-kilometers (m ASK) | 5,893 | 5,338 | +10.4% |
| Load factor (%) | 80.5% | 83.3% | -2.8pt |
| Cargo activity | |||
| Revenue tonne-km (m RTK) | 911 | 796 | +14.4% |
| Available tonne-km (m ATK) | 2,005 | 1,974 | +1.6% |
| Load factor (%) | 45.4% | 40.3% | +5.1pt |
KLM activity
| First Quarter | |||
| Total Passenger network activity | 2025 | 2024 | change |
| Passengers carried ('000s) | 7,685 | 7,472 | +2.9% |
| Revenue pax-kilometers (m RPK) | 22,642 | 22,528 | +0.5% |
| Available seat-kilometers (m ASK) | 26,282 | 26,186 | +0.4% |
| Load factor (%) | 86.2% | 86.0% | +0.1pt |
| Long-haul | |||
| Passengers carried ('000s) | 2,325 | 2,336 | -0.5% |
| Revenue pax-kilometers (m RPK) | 18,095 | 18,287 | -1.0% |
| Available seat-kilometers (m ASK) | 20,782 | 20,951 | -0.8% |
| Load factor (%) | 87.1% | 87.3% | -0.2pt |
| Short and Medium-haul | |||
| Passengers carried ('000s) | 5,360 | 5,136 | +4.4% |
| Revenue pax-kilometers (m RPK) | 4,547 | 4,241 | +7.2% |
| Available seat-kilometers (m ASK) | 5,499 | 5,235 | +5.0% |
| Load factor (%) | 82.7% | 81.0% | +1.7pt |
| Cargo activity | |||
| Revenue tonne-km (m RTK) | 785 | 827 | -5.1% |
| Available tonne-km (m ATK) | 1,458 | 1,479 | -1.4% |
| Load factor (%) | 53.8% | 55.9% | -2.1pt |
1 At constant fuel, constant currency and excluding ETS
2New generation fleet / Fleet in operation
3 The calculations are made based on information made available by aircraft producers. Decreases may vary depending on the specific aircraft it replaces
4 Excluding Transavia
