Air France-KLM

AF: XPAR (FRA)

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Air France-KLM Earnings: Strong Premium Demand and Cost Discipline Offset Macro Uncertainty

Loredana Muharremi

May 1, 2025

Air France-KLM delivered a strong first quarter despite macro headwinds, aided by disciplined capacity deployment, successful premium cabin monetization, and easing fuel costs. Group revenue rose 7.7% year on year to EUR 6.9 billion, driven by 4% capacity growth and 3% improvement in unit revenue, supported by a favorable fuel environment and strong premium cabin performance. Despite the seasonally weak quarter and the absence of Easter, adjusted operating loss narrowed to EUR 328 million, an improvement of EUR 161 million year on year. Free cash flow was robust at EUR 800 million, reducing net debt to EUR 6.9 billion and leverage to 1.6 times EBITDA.

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Air France-KLM

Air France-KLM Earnings: Strong Premium Demand and Cost Discipline Offset Macro Uncertainty

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