Air France-KLM Q3 2026 Results
Summary by AI BETAClose X
Third Quarter 2026
5 November, 2026
| Adjusted operating profit reaching €1,346 million, thanks to strong revenue growth and strict cost control. |
- Group revenues up 7.6% year-on-year to €9.9bn.
- Unit revenue1 up 7.0%, driven by resilient travel demand, ongoing premiumization and strong commercial execution across both Passenger (+6.9%) and Cargo (+21.9%).
- Geopolitical situation pushed fuel prices further up, with fuel price impact of +€436m after hedge in Q3 compared to last year.
- Higher fuel costs are more than offset by revenue growth.
- Disciplined cost management kept unit cost2 stable (+0.1%), despite ongoing premiumization (+0.5% impact on unit cost).
- KLM announces additional structural measures to further improve its operational and financial performance.
- Adjusted operating profit returns to growth at €1,346m in Q3, an increase of €126m compared to last year, with an operating margin of 13.6%.
- Strong cash flow performance, with recurring adjusted operating free cash flow at €1,354m for the first nine months, up €570m year-on-year.
- Leverage ratio is 1.6x (Net debt/Adjusted EBITDA ratio), stable compared to December 31 2025, and in line with the group’s ambition of 1.5x-2.0x. Excluding the repayment of the €498m hybrid3 in July (coupon 6.9%), net debt was down €133m.
- Cash on hand remained solid at €10.5bn4 at end of September 2026, up €1.0bn from September 30, 2025 (above the targeted range of €6–8 billion).
- Fleet renewal continued, with new-generation aircraft accounting for 39% of the fleet, up 7 percentage points year-on-year.
FY 2026 outlook updated within previous guidance ranges
Following Q3 results, the Group updates its 2026 outlook and expects:
- Capacity up by c. +2% compared to 2025, reflecting capacity discipline and profitability focus (previously +2% to +3%).
- Unit cost1 c. +1%, including +0.5% from premiumization (previously 0% to +2%).
- Net capital expenditures below €3bn (unchanged).
- Leverage ratio between 1.5x - 2.0x (unchanged).
- The FY 2026 fuel bill is expected at USD 9.2bn5, compared with the USD 8.9bn indicated last quarter. This is USD 2.3bn higher than FY 2025, despite an estimated full-year hedging result of USD 2.0bn⁴
Accounting notification.
- The Group early adopted IFRS 18 as of the second quarter of 2026. Accordingly, prior-year figures have been restated to align with the current year’s reporting under IFRS 18.
Commenting on the results, Mr. Benjamin Smith, Group CEO, said:
“Air France-KLM delivered a resilient third quarter, with a solid adjusted operating profit. Demand across key strategic markets, combined with strong commercial execution, drove an increase in unit revenue, while continued cost discipline - alongside a well-managed fuel bill - kept unit costs broadly stable.
This performance reflects the benefits of the strategic choices we have made in recent years, starting with Air France’s move upmarket, which continues to deliver strong results across our network, alongside the targeted deployment of Transavia in key markets for the Group and the continued strong contribution of our Cargo business.
At KLM, our transformation efforts have already delivered significant structural improvements, providing a strong foundation for the next phase. The additional measures announced by KLM today build on that progress, with clear choices to further strengthen the airline’s competitiveness, while preserving its ability to invest in its customer promise, its fleet and the connectivity it offers the Netherlands.
Looking ahead, we remain focused on disciplined execution and on adapting our network to evolving market conditions.”
| Third Quarter | Year to Date | |||||
| 2026 | change | change constant currency | 2026 | change | change constant currency | |
| Group Passengers (thousands) | 29,712 | +1.8% | 80,330 | +2.7% | ||
| Group Capacity (ASK m) | 93,506 | +1.3% | 259,064 | +2.6% | ||
| Group Traffic (RPK m) | 82,677 | +0.9% | 226,741 | +2.5% | ||
| Group Passenger load factor | 88.4% | -0.4pt | 87.5% | -0.1pt | ||
| Third Quarter | Year to Date | |||||
| 2026 | change | change constant currency | 2026 | change | change constant currency | |
| Revenues (€m) | 9,916 | +7.6% | 12.3% | 26,672 | +7.5% | +9.5% |
| Adjusted Operating Profit (€m) | 1,346 | +126 | +162 | 1,824 | +173 | +226 |
| Operating margin (%) | 13.6% | +0.3pt | +0.7pt | 6.8% | +0.2pt | 0.0pt |
| Net income (€m) | 938 | +170 | 877 | -291 | ||
| Group unit revenue per ASK (€cts) | 9.70 | +6.6% | +7.0% | 9.27 | +4.8% | +6.5% |
| Group unit cost per ASK (€cts)¹ | 8.16 | +0.1% | 8.45 | +0.6% | ||
1) At constant fuel, constant currency and excluding ETS.
| 9M 2026 | 9M 2025 | change | |
| Operating Free cash flow (€m) | 1,834 | 1,560 | +274 |
| Recurring adjusted operating free cash flow (€m) ² | 1,354 | 784 | +570 |
2) IFRS Operating free cash flow adjusted to exclude the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period, payment of lease debt and interests paid and received as well as the payment of the Cargo fine.
| As at September 30, 2026 | As at December 31, 2025 | change | |
| Net Debt (€m) | 8,757 | 8,392 | +365 |
| Adjusted EBITDA trailing 12 months (€m)³ | 5,372 | 5,123 | +249 |
| Net Debt/Adjusted EBITDA ratio³ | 1.6x | 1.6x | 0.0x |
3) Restated figures reflect changes in presentation and disclosure following the implementation of IFRS 18. These changes have been applied retrospectively to the 2025 figures for comparative purposes.
Adjusted operating profit increased to €1,346m, as strong unit revenues fully offset the impact of higher fuel prices amid the Middle East crisis. In addition, disciplined cost control limited unit cost growth to just +0.1%.
In the third quarter of 2026, Air France-KLM welcomed 29.7 million passengers, up 1.8% year-on-year. As capacity increased by 1.3% and traffic by 0.9%, the load factor remained broadly stable at 88.4%.
Group unit revenue per ASK was up 7.0% year-on-year at constant currency, driven by resilient travel demand, ongoing premiumization and strong commercial execution across both Passenger and Cargo. Passenger network unit revenue grew by +6.9% on the back of strong yields across the quarter, led by solid performance in North America, Asia, Africa and Latin America. Cargo unit revenues increased significantly (+21.9% at constant currency) thanks to strong demand resulting in an increase in both load factor and yield. In Q3, Transavia delivered unit revenue growth of +2.9% despite a very challenging environment and an operating margin of 16.3%.
Q3 unit costs6 remained broadly stable year-on-year, up 0.1% as fuel-efficiency gains from the new-generation aircraft (-0.4%) and continued cost discipline offset the impact of premiumization (+0.5%).
In Q3, adjusted operating profit increased by €126 million to €1,346 million, with a margin of 13.6%. This development year-over-year was mainly supported by an increase in unit revenue of €592 million fully offsetting the fuel price increase of €436 million (including ETS -€19 million) and an €11 million increase in unit costs¹.
Financing and Cash
The Group remains focused on ongoing balance sheet optimization, through simplifying its capital structure, reducing funding costs, and increasing the proportion of senior debt. In Q3 the following actions were taken:
- In July, Air France-KLM received €500 million, raised through the five-year senior bond issued at the end of June, which carries a fixed annual coupon of 4.25%. The net proceeds from the transaction will mainly be used for general corporate purposes.
- In July, the Group redeemed the €498 million hybrid (classified as equity under IFRS) carrying a 6.9% coupon. This hybrid was issued by an operating affiliate of Air France, that owns a pool of spare parts dedicated to the airline’s Engineering and Maintenance activities and was fully subscribed by Apollo affiliated entities. The 2023 transaction supported Air France-KLM’s return to a positive equity position under IFRS, and the Group warmly thanks Apollo for its partnership through this period.
For the first 9 months, the Group reported a positive recurring adjusted operating free cash flow7 of €1,354 million, up €570 million year-on-year. This increase was mainly driven by net capex, which improved by more than €300 million mainly thanks to an agreement between KLM and Schiphol8 and by Air France selling spare parts to our joint entity with Airbus9 (50%-50%) for €159 million.
Cash flow before change in working capital was impacted due to the payment of the Cargo claim of €36810 million. The working capital movement was impacted by the payment of deferrals inherited from the pandemic amounting to €376 million. €360 million remains to be repaid: €44 million by Air France in 2026, and €75 million by KLM in 2026 and €241 million in 2027.
Net debt increased by €0.4 billion to €8.8 billion compared to December 31 2025, primarily reflecting the repayment of the €498 million hybrid (coupon 6.9%). The leverage ratio remained at 1.6x compared to December 31 2025, in line with the Group’s ambition of 1.5x to 2.0x.
Cash on hand stood at €10.511 billion at September 30, 2026, above the targeted range of €6–8 billion and €1.0 billion above last year’s cash position September 30, 2025.
Sustainability
| As at September 30, 2026 | As at September 30, 2025 | Change | |
| Share of new-generation aircraft12 | 39% | 32% | +7.0pt |
Fleet renewal
Fleet renewal is a cornerstone of the Group’s Transition Plan for climate change mitigation. Air France-KLM continues to take delivery of new-generation aircraft consuming up to 25% less fuel per passenger km and reducing the noise footprint by up to 63% compared to the previous generation aircraft they replace.
At the end of September 2026, 39% of the Group’s fleet consisted of new-generation aircraft, up 7 percentage points compared to end of September 2025. The Group plans to have up to 80% of its fleet composed of new-generation aircraft by 2030.
Business model
Air France-KLM aims to lower the carbon footprint of its operations and support lower-carbon alternatives to aviation over short distances. In particular, a key part of the Group's strategy is forming stronger partnerships with railway companies. By promoting intermodal transportation, the Group is seeking to replace shorter hub-feeding flights with lower-carbon options.
To achieve this, the Group has partnered with SNCF and Eurostar to offer its customers the possibility of booking their entire journey, including both flights and trains, in a single ticket, with guaranteed connections. This offer connects major markets in France, the Netherlands, UK, and Belgium to the Group's hubs in Paris and Amsterdam.
On 21st of September 2026, a major new milestone was announced in the Air France and SNCF Voyageurs partnership to promote intermodal travel. The Train + Air service, which allows passengers to combine a train journey and an Air France flight in a single booking, is being extended to all OUIGO trains serving Paris-Charles de Gaulle Airport.
This development comes amid strong growth in Train + Air traffic: over the past six months, Air France has recorded a 43% increase compared with the same period in 2025.
Update on fuel price
Based on current hedging positions and forward curves, the Group estimates its 2026 total fuel bill at USD 9.2bn¹, representing an increase of USD 2.3bn¹ compared with FY 2025. The full year 2026 hedging result is estimated at USD 2.0bn13 including a hedging result of USD 0.6bn in Q3.
The percentage of fuel consumption hedged for Q4 2026 is 62% and 54% for full year 2027. Given ongoing market volatility, it continues to take a prudent and flexible approach to fuel hedging, with a focus on 2027 and beyond.
In response to the crisis in the Middle East, Air France-KLM increased capacity to Asia and East Africa toward the end of Q1 and during Q2. In Q3, as Gulf carriers’ capacity on these routes returned to near-normal levels, the Group rebalanced its capacity, bringing it closer to the prior-year level and reallocating capacity to North and South America, where demand remained particularly strong.
The Group also continued to mitigate the impact of higher fuel prices by increasing carrier-imposed surcharges per ticket, in line with actions taken by its peers. Cost discipline remained a priority: discretionary spending was minimized, and recruitment of non-operational staff remained paused.
FY 2026 capacity growth outlook refined to c. +2%
| Capacity guidance | Change vs. previous guidance | ||
| Air France-KLM Network | Long haul | c. +2% | Unchanged |
| Short & Medium haul | c. -1% | Unchanged | |
| Transavia | Total | c. +8% | Unchanged |
| Air France-KLM Total | Total | c. +2% | Previously +2% to +3% |
Business review
Network result
| Network | Third Quarter | Year to Date | ||||
| 2026 | change | change constant currency | 2026 | change | change constant currency | |
| Traffic revenues (€m) | 7,686 | +7.7% | 20,987 | +7.2% | ||
| Pax traffic revenue | 7,120 | +6.5 % | 19,312 | +6.5 % | ||
| Cargo traffic revenue | 566 | +24.9 % | 1,675 | +15.7 % | ||
| Total revenues (€m) | 7,977 | +7.8% | 21,884 | +7.4% | ||
| Salaries and related costs (€m) | -1,789 | +2.2% | -5,306 | +2.8% | ||
| Aircraft fuel, excl. ETS (€m) | -1,811 | +26.0% | -5,051 | +18.3% | ||
| Other operating expenses (€m) | -2,758 | +2.2% | -8,176 | +3.5% | ||
| Depreciation & Amortization (€m) | -571 | -4.6% | -1,673 | +2.0% | ||
| Adjusted Operating Profit (€m) | 1,048 | +134 | +185 | 1,678 | +267 | +344 |
| Operating margin (%) | 13.1% | +0.8 pt | 7.7% | +0.7 pt | ||
Compared to the third quarter of 2025, total revenues increased by 7.8% to €8.0 billion. Adjusted operating profit was €1,048 million, up €+134 million year-on-year. The increase was driven by strong unit revenue performance alongside continued disciplined management of unit costs.
Active passenger yield management, strong demand (particularly on nonstop routes to Asia, India and East Africa, reflecting corporate customers’ continued preference to avoid Gulf hubs), and strong cargo unit revenues fully offset the impact of higher fuel prices on the Network business. Demand in North America remained very solid.
Cargo traffic revenue strongly increased year-on-year by +24.9%, supported by a shift from sea to air freight amid disruption around the Suez Canal and Strait of Hormuz. The surge in air freight demand driven by AI-related supply chains tightened global market conditions. This enabled Air France-KLM Cargo to capture additional volumes and secure full-freighter charter business, supporting cargo yields across the Group’s network.
The operating margin of the Network business was 13.1%, an increase of 0.8 percentage points compared to the third quarter of 2025.
Premiumization strategy continues to deliver outstanding yield strength
| Passenger network | Third Quarter | Year to Date | ||||
| 2026 | change | change constant currency | 2026 | change | change constant currency | |
| Passengers (thousands) | 20,594 | -1.5% | 57,630 | -0.5% | ||
| Capacity (ASK m) | 76,075 | +0.2% | 215,439 | +1.4% | ||
| Traffic (RPK m) | 67,185 | -0.4% | 187,923 | +1.2% | ||
| Load factor | 88.3% | -0.5pt | 87.2% | -0.2pt | ||
| Total passenger revenues (€m) | 7,299 | +6.4% | +6.9% | 19,892 | +6.7% | +8.5% |
| Traffic passenger revenues (€m) | 7,120 | +6.5% | +7.0% | 19,312 | +6.5% | +8.5% |
| Unit revenue per ASK (€ cts) | 9.36 | +6.4% | +6.9% | 8.96 | +5.0% | +7.0% |
In the third quarter of 2026, total revenues grew by +6.4% thanks to strong yield increases driven by front cabins, resilient travel demand as well as record performance on North America and Asia in Q3. Overall capacity (ASK) grew by +0.2% year-on-year, while traffic declined by -0.4%, bringing the load factor to 88.3%. Despite the slight reduction in traffic, higher yields more than offset its impact. Yield growth was strongest in La Première and Business, up 11.5%. Premium yield rose 9.1%, while Economy yield also increased by 5.0%.
During the third quarter we observed the following trends per region:
North Atlantic
Unit revenue increased, supported by 9.3% yield growth. Capacity grew by 4.6% in Q3, while the load factor declined by 1.0 percentage point.
Latin America
Despite a significant 9.0% increase in capacity, yield remained robust, rising by 4.0% across all cabins, while the load factor remained high at 91%.
Asia & Middle East
The Group reduced capacity to the Middle East by 68%, while capacity to Asia edged down by nearly 1%, contributing to an overall capacity reduction of 8.4%. Asia benefited from passengers avoiding Gulf hubs, particularly corporate traffic. Year-on-year yield growth continued to normalize, while remaining strong at 10.1%.
Caribbean & Indian Ocean
Capacity decreased by 5.4% year-on-year, while the load factor declined by 0.5 percentage points. Yield increased by 3.3%, supported by continued demand in the Dutch Antilles. Market conditions in the French Antilles remained challenging.
Africa
The region delivered a solid performance, with yield up 6.6%, while the load factor declined by 1.9 percentage points. Air France’s South and West African markets showed encouraging trends, with stronger close-in demand and improved yields, while KLM’s East African performance was negatively affected by Ebola.
Short and Medium-haul
Geopolitical developments continued to support high-yield long-haul connecting traffic. This was complemented by strong close-in demand and healthy yields, particularly on medium-haul, while domestic markets remained solid. Events in France in September further supported short- and medium-haul yield (+6.9%) and load factor (+0.4 pt).
Cargo: Strong unit revenue performance continues as demand outpaces capacity
| Cargo business | Third Quarter | Year to Date | ||||
| 2026 | change | change constant currency | 2026 | change | change constant currency | |
| Tons (thousands) | 236 | +5.0% | 707 | +5.9% | ||
| Capacity (ATK m) | 3,948 | +2.3% | 11,230 | +2.7% | ||
| Traffic (RTK m) | 1,817 | +8.0% | 5,405 | +7.6% | ||
| Load factor | 46.0% | +2.4pt | 48.1% | +2.2pt | ||
| Total Cargo revenues (€m) | 677 | +25.2% | +24.9% | 1,990 | +15.1% | +18.0% |
| Traffic Cargo revenues (€m) | 566 | +24.9% | +24.6% | 1,675 | +15.7% | +15.7% |
| Unit revenue per ATK (€cts) | 14.33 | +22.1% | +21.9% | 14.91 | +12.7% | +15.6% |
The Group’s Cargo business delivered a strong performance in the third quarter, with revenue per ATK increasing by +21.9% at constant currency. Cargo traffic grew by +8.0% year-on-year, while capacity increased by +2.3%, despite scheduled and unscheduled maintenance limiting freighter availability. The Group carried 236 million kilograms of cargo, up +5.0% year-on-year.
Demand continued to outpace capacity growth, supported by disruption to maritime routes around the Suez Canal and Strait of Hormuz, which led some shippers to move urgent, high-value goods by air. The surge in demand for airfreight capacity associated with AI supply chains contributed to a tighter market environment. This created opportunities for Air France-KLM Cargo to attract additional cargo volumes and opportunities for full freighter charters supporting our yield performance across the Group's network.
These factors supported the business amid a sharp decline in e-commerce shipments coming from Asia following the taxation of small parcels.
Transavia: Solid Q3 performance, with unit revenue up 2.9% and unit costs down 2.3%
| Transavia | Third Quarter | Year to Date | ||
| 2026 | change | 2026 | change | |
| Passengers (thousands) | 9,117 | +10.4% | 22,700 | +11.6% |
| Capacity (ASK m) | 17,431 | +6.9% | 43,625 | +8.6% |
| Traffic (RPK m) | 15,492 | +7.1% | 38,818 | +9.2% |
| Load factor | 88.9% | +0.2pt | 89.0% | +0.5pt |
| Unit revenue per ASK (€cts) | 7.93 | +2.9% | 6.93 | +0.8% |
| Unit cost per ASK (€cts)14 | 6.43 | -2.3% | 6.79 | -1.7% |
| Total Passenger revenues (€m) | 1,371 | +10.4% | 2,999 | +10.5% |
| Salaries and related costs (€m) | -241 | +7.8% | -677 | +8.3% |
| Aircraft fuel, excl. ETS (€m) | -322 | +42.6% | -770 | +31.9% |
| Other operating expenses (€m) | -444 | -3.8% | -1,216 | +5.1% |
| Depreciation & Amortization (€m) | -141 | +24.5% | -378 | +21.3% |
| Adjusted Operating Profit (€m) | 223 | +6 | -42 | -78 |
| Operating margin (%) | 16.3% | -1.2pt | -1.4% | -2.7pt |
In the third quarter, Transavia’s capacity grew by 6.9% in ASKs, while traffic increased by 7.1%, resulting in a 0.2 percentage point rise in the load factor. Yield was up 2.5%, supporting 2.9% growth in unit revenue.
Capacity growth is being supported by targeted cost-reduction initiatives and a continued focus on network profitability in a highly competitive environment. Transavia reduced unit costs by 2.3% in Q3, reflecting disciplined cost control, mainly driven by Transavia Netherlands. Unit revenue increased solidly at Transavia France, while it declined in the Netherlands. Both businesses are progressing with the transition from Boeing 737s to the Airbus A320neo family. Transavia France’s results were also temporarily affected by the transfer of Air France’s Orly operations, completed at the end of Q1.
Maintenance: Adjusted operating performance stable despite lower revenue and ongoing headwinds
| Maintenance | Third Quarter | Year to Date | ||
| 2026 | change | 2026 | Change | |
| Total Revenues (€m) | 1,328 | -2.2% | 4,136 | -0.3% |
| o/w Third party revenues (€m) | 568 | -0.8% | 1,792 | +3.9% |
| External expenses (€m) | -844 | -2.5% | -2,667 | -1.0% |
| Salaries and related costs (€m) | -318 | +6.8% | -981 | +5.3% |
| Depreciation & Amortization (€m) | -91 | -20.8% | -293 | -8.0% |
| Adjusted Operating Profit (€m) | 75 | -4 | 194 | -7 |
| Operating margin (%) | 5.6% | -0.2pt | 4.7% | -0.1pt |
In the third quarter, third-party revenue slightly declined by -0.8% year-on-year, while total revenue decreased by -2.2%. Ongoing supply-chain disruptions, particularly those related to GE90 engines, together with geopolitical developments, continued to constrain margin improvement. However, during the third quarter, AFI KLM E&M signed 15 new contracts, including a long-term A350 components support with Malaysia Airlines and a GE90 engine support with National Airlines. Adjusted operating profit and the operating margin were broadly stable compared with prior year.
Joint venture between Air France-KLM and Airbus
Air France-KLM and Airbus have established Alpha Component Solutions, a 50/50 joint venture dedicated to A350 component support. The new entity will manage a worldwide shared-access pool, providing aircraft component assets, maintenance services, supply chain management and repairs.
The joint venture combines the component support expertise of Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) with the capabilities of Airbus’ Flight Hours Services (FHS). Together, these capabilities will address the growing long-term component maintenance requirements of the global Airbus A350 fleet. The joint venture already contractually supports more than 500 aircraft, with a worldwide footprint ready to support new and existing operators. Operations are scheduled to commence later this year.
Alpha Component Solutions brings together component pooling, maintenance and supply chain capabilities within an integrated support offering. By combining the operational expertise of AFI KLM E&M with Airbus’ global support capabilities, the joint venture aims to improve component availability, support maintenance efficiency and provide solutions tailored to the evolving needs of A350 operators worldwide.
Air France: Adjusted operating profit broadly stable in Q3
Air France Group
| Third Quarter | Year to Date | |||
| 2026 | change | 2026 | change | |
| Revenues (€m) | 6,002 | +5.5% | 16,086 | +5.7% |
| Salaries and related costs (€m) | -1,460 | +1.0% | -4,352 | +2.8% |
| Aircraft fuel, excl. ETS (€m) | -1,289 | +27.2% | -3,466 | +18.8% |
| Other operating expenses (€m) | -1,925 | +1.1% | -5,681 | +3.8% |
| Depreciation & Amortization (€m) | -516 | -0.6% | -1,525 | +6.4% |
| Adjusted Operating Profit (€m) | 811 | +5 | 1,062 | -99 |
| Operating margin (%) | 13.5% | -0.7pt | 6.6% | -1.0pt |
Adjusted operating profit reached €811 million in the third quarter, broadly stable year-on-year, with an increase of €5 million. At Air France, stronger unit revenues fully offset the impact of higher fuel costs. However, the operating margin declined -0.7 percentage points year-on-year, as higher unit costs outpaced unit revenue growth. The increase in costs was primarily driven by salaries, commercial expenses related to sales performance and direct flight-related costs, such as ATC, airport charges, etc.
KLM: Q3 adjusted operating profit improved, supported by strong revenues and lower unit costs
KLM Group
| Third Quarter | Year to Date | |||
| 2026 | change | 2026 | change | |
| Revenues (€m) | 4,011 | +11.7% | 10,865 | +9.4% |
| Salaries and related costs (€m) | -1,038 | +2.7% | -3,143 | +2.9% |
| Aircraft fuel, excl. ETS (€m) | -842 | +29.5% | -2,357 | +21.6% |
| Other operating expenses (€m) | -1,381 | +9.2% | -4,002 | +6.5% |
| Depreciation & Amortization (€m) | -292 | -6.8% | -838 | -2.1% |
| Adjusted Operating Profit (€m) | 458 | +106 | 526 | +198 |
| Operating margin (%) | 11.4% | +1.6pt | 4.8% | +1.5pt |
In the third quarter, KLM’s adjusted operating profit increased by €106 million year-on-year to €458 million. Strong revenue growth in the Passenger and Cargo businesses helped offset higher fuel costs. Unit costs decreased, primarily reflecting improved fleet utilisation and significantly lower wet-lease costs, despite a modest increase in maintenance costs. Productivity gains under the Back on Track programme helped contain higher labour costs.
Additional measures
Back on Track has delivered a structural improvement since late 2024. However, these steps are still not enough to achieve the Group target of an operating margin above 8%. KLM has therefore announced additional structural measures to strengthen its foundation, improve its resilience and support sustainable performance over the long term.
The measures announced today are intended to increase focus on what sets KLM apart: its global network of 160 non-stop destinations from Schiphol, its strong relationship with customers and its reliable operation.
These measures include:
- Restoring profitability in the European network: simplifying the European fleet by phasing out older aircraft types; creating a better balance between larger aircraft and new, smaller aircraft, allowing capacity to be deployed more flexibly and aligned more closely with demand;
- A smaller, simpler organization: certain activities within Ground Services, Cargo and Engineering & Maintenance will be reorganized, performed by third parties or integrated within Air France-KLM; the details per activity will be announced by KLM;
- Collective labour agreements: KLM employees’ terms and conditions of employment must become simpler and more competitive. KLM seek a KLM-wide productivity increase of at least 8%, in combination with highly restrained wage growth.
Link to press release: KLM takes action to strengthen its position and keep the Netherlands connected to the world
Flying Blue: Revenue and operating margin accelerating
Flying Blue Miles
| Third Quarter | Year to Date | |||
| 2026 | change | 2026 | change | |
| Revenues (€m) | 279 | +56 | 862 | +212 |
| o/w Third party revenues (€m) | 192 | +42 | 621 | +184 |
| Adjusted Operating Profit (€m) | 77 | +23 | 246 | +89 |
| Operating margin (%) | 27.6% | +3.4pt | 28.5% | +4.4pt |
In the third quarter, Flying Blue Miles generated €279 million of revenue, of which €192 million (€+42 million) came from third-party airline and non-airline partners. The operating margin rose by 3.4 percentage points to 27.6%. This growth reflects the continued strength of the Flying Blue program. The availability of free onboard Wi-Fi is encouraging more customers to join and engage with the program, while partners are expanding opportunities for members to earn miles in their everyday lives. These initiatives support sustained program growth and generate incremental revenue for the airlines.
Nb: Sum of individual airline and Flying Blue results does not add up to AF-KLM total due to intercompany eliminations at Group level.
Early adoption of IFRS 18 in the second quarter of 2026
On April 9, 2024, the International Accounting Standards Board (IASB) issued its new standard IFRS 18, “Presentation and Disclosures in Financial Statements”, aimed at improving the usefulness of information presented in the primary financial statements and the notes.
The main changes relate to:
- improving the comparability of the income statement by introducing three distinct categories of income and expenses (operating, investing and financing), and by requiring new subtotals, including operating profit;
- improving the transparency of management-defined performance measures;
- introducing rules and guidance on how to aggregate and disaggregate financial information both in the primary financial statements and in the notes.
IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted from January 1, 2026. It was adopted by the European Union on February 13, 2026. The Group decided to early adopt IFRS 18 in 2026.
2025 financial statements were restated retrospectively, allowing comparability of the financial statements for the comparative periods in accordance with IFRS principles.
With regard to the performance measures used and communicated by the Group, “Adjusted EBITDA” and “Adjusted operating result” replace “Recurring EBITDA” and “Recurring operating result,” respectively. They remain comparable in terms of content. The bridge for 2025 is available in the appendices below.
| In M€ | Quarter | Quarter (Y-1) | YTD | YTD (Y-1) | Full year 2025 |
| Current Operating income before IFRS 18 | 1,336 | 1,203 | 1,785 | 1,611 | 2,004 |
| Dividends Received | 0 | 0 | 0 | 0 | -1 |
| Pension - Interest cost | 14 | 13 | 41 | 38 | 50 |
| Realized foreign exchange gain (losses) - Operating | -4 | 4 | -2 | 2 | 16 |
| ADJUSTED OPERATING PROFIT (AFTER IFRS 18) | 1,346 | 1,220 | 1,824 | 1,651 | 2,069 |
- Dividends received: Previously presented in “revenues,” are now classified within the line “Foreign exchange gains (losses), on derivatives and other (investing)”.
- Finance cost related to defined benefit pension obligations: Corresponds to the reclassification of the undiscounting pension provisions and retirements benefits within the financing section of the income statement. Previously recognized in the “staff costs” line, is now presented in the line “undiscounting of provisions”, within profit before tax.
- Foreign exchange results and impacts on derivatives: Previously recognized in the line “other financial income and expenses,” are now allocated to the subtotal to which they relate, within the three distinct categories of the income statement: “Foreign exchange gains (losses) (operating) after hedging,” “Foreign exchange gains (losses), on derivatives and other (investing),” and “Foreign exchange gains (losses), on derivatives and other (financing)”.
******
The results presentation is available at www.airfranceklm.com on November 5, 2026, from 8:00 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on November 5, 2026, at 09.30 am CET.
To connect to the webcast, please use the link below:
https://af-klm.engagestream.euronext.com/2026-third-quarter-results
| Investor Relations | Press Office | |
| Romain Valente | Loulou de Winter | +33 1 41 56 56 00 |
| romain.valente@airfranceklm.com | loulou-de.winter@airfranceklm.com | mail.mediarelations@airfranceklm.com |
Consolidated income statement
| Third Quarter | Year to Date | |||||
| In M€ | 2026 | 2025 | Change | 2026 | 2025 | Change |
| Traffic Sales | 9,067 | 8,395 | 8 % | 24,010 | 22,337 | 7 % |
| Sales - Other business | 849 | 818 | 4 % | 2,662 | 2,484 | 7 % |
| Revenues | 9,916 | 9,213 | 8 % | 26,672 | 24,821 | 7 % |
| Fuel and CO2 quotas | -2,227 | -1,775 | 25 % | -6,114 | -5,118 | 19 % |
| External expenses | -3,285 | -3,195 | 3 % | -9,655 | -9,460 | 2 % |
| Salaries and related costs | -2,506 | -2,463 | 2 % | -7,518 | -7,305 | 3 % |
| Taxes other than income taxes | -42 | -43 | -2 % | -150 | -145 | 3 % |
| Capitalized production and other operating income | 331 | 357 | -7 % | 1,035 | 1,213 | -15 % |
| Other operating expenses | -31 | -20 | 55 % | -74 | -46 | 61 % |
| Amortization | -864 | -845 | 2 % | -2,505 | -2,409 | 4 % |
| Reversals (additions) to provisions (leased aircraft return obligations and other provisions) | 54 | 11 | nm | 139 | 118 | 18 % |
| Foreign exchange (operating) gains (losses) after hedges | -27 | -9 | 200 % | -174 | 519 | nm |
| Sales of aircrafts equipment | 38 | -4 | nm | 50 | -6 | nm |
| Non-recurring income and expenses | 93 | 1 | nm | 87 | -9 | nm |
| Operating profit or loss | 1,450 | 1,228 | 18 % | 1,793 | 2,173 | -17 % |
| Share of profits (losses) of associates | 37 | 41 | -10 % | 22 | 30 | -27 % |
| Income from cash and cash equivalents | 50 | 49 | 2 % | 152 | 151 | 1 % |
| Foreign exchange gains (losses) derivatives and other | 12 | -65 | nm | 93 | -226 | nm |
| Profit or loss before financing and income taxes | 1,549 | 1,253 | 24 % | 2,060 | 2,128 | -3 % |
| Interests expenses on financial liabilities | -91 | -83 | 10 % | -265 | -243 | 9 % |
| Interests expenses of lease debt | -81 | -78 | 4 % | -250 | -237 | 5 % |
| Undiscounting of provisions | -89 | -72 | 24 % | -263 | -244 | 8 % |
| Foreign Exchange gains (losses), derivatives and other | -37 | 50 | nm | -89 | 242 | nm |
| Profit or loss before income tax | 1,251 | 1,070 | 17 % | 1,193 | 1,646 | -28 % |
| Income taxes | -313 | -302 | 4 % | -316 | -478 | -34 % |
| Profit or loss | 938 | 768 | 22 % | 877 | 1,168 | -25 % |
| Net income – Non-controlling interests | 30 | 38 | -21 % | 102 | 125 | -18 % |
| Net income – Group part | 908 | 730 | 24 % | 775 | 1,043 | -26 % |
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
Management income statement
| Third Quarter | Year to Date | |||||
| (in € millions) | 2026 | 2025 | Change | 2026 | 2025 | Change |
| Traffic Sales | 9,067 | 8,395 | 8 % | 24,010 | 22,337 | 7 % |
| Sales - Other business | 849 | 818 | 4 % | 2,662 | 2,484 | 7 % |
| Revenues | 9,916 | 9,213 | 8 % | 26,672 | 24,821 | 7 % |
| Aircraft fuel | -2,133 | -1,664 | 28 % | -5,823 | -4,856 | 20 % |
| Carbon emission | -94 | -111 | -15 % | -291 | -262 | 11 % |
| Chartering costs | -95 | -121 | -21 % | -277 | -353 | -22 % |
| Landing fees and air routes charges | -628 | -638 | -2 % | -1,772 | -1,754 | 1 % |
| Catering | -307 | -264 | 16 % | -786 | -735 | 7 % |
| Handling charges and other operating costs | -616 | -586 | 5 % | -1,773 | -1,627 | 9 % |
| Aircraft maintenance costs | -831 | -808 | 3 % | -2,573 | -2,632 | -2 % |
| Commercial and distribution costs | -311 | -280 | 11 % | -918 | -848 | 8 % |
| Other external expenses | -497 | -498 | — % | -1,556 | -1,511 | 3 % |
| Salaries and related costs | -2,506 | -2,463 | 2 % | -7,518 | -7,305 | 3 % |
| Taxes other than income taxes | -42 | -43 | -2 % | -150 | -145 | 3 % |
| Capitalized production | 301 | 284 | 6 % | 900 | 1,039 | -13 % |
| Other operating income | 30 | 73 | -59 % | 135 | 174 | -22 % |
| Other operating expenses | -31 | -20 | 55 % | -74 | -46 | 61 % |
| Realized currency differences after hedges | – | -20 | -100 % | -6 | -18 | -67 % |
| Amortization | -864 | -845 | 2 % | -2,505 | -2,409 | 4 % |
| Reversals (additions) to provisions (leased aircraft return obligations and other provisions) | 54 | 11 | nm | 139 | 118 | 18 % |
| Operating expenses | -8,570 | -7,993 | 7 % | -24,848 | -23,170 | 7 % |
| Adjusted operating profit | 1,346 | 1,220 | 10 % | 1,824 | 1,651 | 10 % |
| Unrealized exchange difference and derivatives | -27 | 11 | nm | -168 | 537 | nm |
| Sales of aircrafts equipment | 38 | -4 | nm | 50 | -6 | nm |
| Non-recurring income and expenses | 93 | 1 | nm | 87 | -9 | nm |
| Operating profit or loss | 1,450 | 1,228 | 18 % | 1,793 | 2,173 | -17 % |
| Share of profits (losses) of associates | 37 | 41 | -10 % | 22 | 30 | -27 % |
| Income from cash and cash equivalents | 50 | 49 | 2 % | 152 | 151 | 1 % |
| Foreign exchange gains (losses) derivatives and other | 12 | -65 | nm | 93 | -226 | nm |
| Profit or loss before financing and income taxes | 1,549 | 1,253 | 24 % | 2,060 | 2,128 | -3 % |
| Interests expenses on financial liabilities | -91 | -83 | 10 % | -265 | -243 | 9 % |
| Interests expenses of lease debt | -81 | -78 | 4 % | -250 | -237 | 5 % |
| Undiscounting of provisions | -89 | -72 | 24 % | -263 | -244 | 8 % |
| Foreign Exchange gains (losses), derivatives and other | -37 | 50 | nm | -89 | 242 | nm |
| Profit or loss before income tax | 1,251 | 1,070 | 17 % | 1,193 | 1,646 | -28 % |
| Income taxes | -313 | -302 | 4 % | -316 | -478 | -34 % |
| Profit or loss | 938 | 768 | 22 % | 877 | 1,168 | -25 % |
| Net income – Non-controlling interests | 30 | 38 | -21 % | 102 | 125 | -18 % |
| Net income – Group part | 908 | 730 | 24 % | 775 | 1,043 | -26 % |
Consolidated balance sheet
| ASSETS | ||
| (in € millions) | September 30, 2026 | December 31, 2025 |
| Goodwill | 224 | 223 |
| Intangible assets | 1,241 | 1,199 |
| Flight equipment | 14,512 | 13,651 |
| Other property, plant and equipment | 1,874 | 1,679 |
| Right-of-use assets | 8,901 | 9,452 |
| Investments in equity associates | 398 | 246 |
| Pension assets | 66 | 57 |
| Other non-current financial assets | 1,310 | 1,267 |
| Non-current derivative financial assets | 391 | 118 |
| Deferred tax assets | 239 | 713 |
| Other non-current assets | 229 | 278 |
| Total non-current assets | 29,385 | 28,883 |
| Other current financial assets | 815 | 1,360 |
| Current derivative financial assets | 1,704 | 33 |
| Inventories | 1,056 | 992 |
| Trade receivables | 2,725 | 2,216 |
| Other current assets | 1,406 | 1,224 |
| Cash and cash equivalents | 5,426 | 4,714 |
| Assets held for sale | 30 | 23 |
| Total current assets | 13,162 | 10,562 |
| TOTAL ASSETS | 42,547 | 39,445 |
| LIABILITIES AND EQUITY | ||
| (in € millions) | September 30, 2026 | December 31, 2025 |
| Issued capital | 263 | 263 |
| Additional paid-in capital | 7,560 | 7,560 |
| Treasury shares | -27 | -27 |
| Perpetual | 1,260 | 1,281 |
| Reserves and retained earnings | -6,672 | -8,779 |
| Equity attributable to equity holders of Air France-KLM | 2,384 | 298 |
| Perpetual | 1,588 | 2,026 |
| Reserves and retained earnings | 40 | 40 |
| Equity attributable to non-controlling interests | 1,628 | 2,066 |
| EQUITY | 4,012 | 2,364 |
| Pension provisions | 1,668 | 1,654 |
| Non-current return obligation liability | 4,836 | 4,554 |
| Other non-current provision | 357 | 264 |
| Non-current financial liabilities | 8,577 | 7,265 |
| Non-current lease debt | 5,411 | 5,487 |
| Non-current derivative financial liabilities | 66 | 199 |
| Deferred tax liabilities | 66 | — |
| Other non-current liabilities | 671 | 545 |
| Total non-current liabilities | 21,652 | 19,968 |
| Current return obligation liability | 231 | 334 |
| Other current provision | 414 | 808 |
| Current financial liabilities | 972 | 1,803 |
| Current lease debt | 973 | 958 |
| Current derivative financial liabilities | 71 | 255 |
| Trade payables | 3,106 | 2,723 |
| Deferred revenue on ticket sales | 5,006 | 4,264 |
| Frequent flyer programs | 939 | 921 |
| Other current liabilities | 5,169 | 5,047 |
| Bank overdrafts | 2 | — |
| Total current liabilities | 16,883 | 17,113 |
| TOTAL LIABILITIES | 38,535 | 37,081 |
| TOTAL EQUITY AND LIABILITIES | 42,547 | 39,445 |
Statement of Consolidated Cash Flows from January 1 until September 30, 2026
| Period from January 1 to September 30 | ||
| (in € millions) | 2026 | 2025 |
| Operating profit and loss | 1,793 | 2,173 |
| Amortization, depreciation and provisions | 2,367 | 2,291 |
| Result on disposals on tangible and intangible assets | -103 | 6 |
| Result on disposals of subsidiaries | -79 | – |
| Valuation of operating derivatives (non cash) | 8 | -8 |
| Unrealized operating currency differences | 160 | -528 |
| Other non-monetary items | -264 | -8 |
| Current income tax | -207 | -201 |
| Cash flow from operating activities before change in working capital | 3,675 | 3,725 |
| Increase (decrease) in working capital | 143 | 402 |
| Cash flow from operating activities [A] | 3818 | 4,127 |
| Acquisition of subsidiaries, of shares in non-controlled entities | -17 | -12 |
| Proceeds on disposal of subsidiaries, of shares in non-controlled entities | 80 | 24 |
| Purchase of property plant and equipment and intangible assets | -2,649 | -3,341 |
| Proceeds on disposal of property plant and equipment and intangible assets | 665 | 774 |
| Interest received | 126 | 132 |
| Dividends received | 2 | 10 |
| Decrease (increase) in net investments, more than 3 months | 455 | 161 |
| New loans | -207 | -200 |
| Repayment on loans | 336 | 91 |
| Realized Investing currency differences | 31 | -86 |
| Net cash flow used in investing activities | -1,178 | -2,447 |
| Payments to acquire treasury shares | -1 | -1 |
| Purchase of minority interest without change of control | -4 | -5 |
| Issuance of perpetual | – | 494 |
| Repayment on perpetual | -498 | -497 |
| Coupon on perpetual | -119 | -141 |
| Issuance of debt | 1,772 | 1,356 |
| Repayment on debt | -1,627 | -1,411 |
| Payments on lease debts | -724 | -716 |
| Interest paid | -626 | -561 |
| Dividends paid | -5 | -1 |
| Realized Financing currency differences | -115 | 16 |
| Net cash flow from financing activities | -1,947 | -1,467 |
| Effect of exchange rate on cash and cash equivalents and bank overdrafts (net of cash acquired or sold) | 16 | -34 |
| Change in cash and cash equivalents and bank overdrafts | 710 | 179 |
| Cash and cash equivalents and bank overdrafts at beginning of period | 4,714 | 4,829 |
| Cash and cash equivalents and bank overdrafts at end of period | 5,424 | 5,008 |
Recurring adjusted operating free cash flow
| Third Quarter | Year to Date | |||
| (in € million) | 2026 | 2025 | 2026 | 2025 |
| Net cash flow from operating activities | 1,200 | 1,032 | 3,818 | 4,127 |
| Purchase of property plant and equipment and intangible assets | -739 | -1,026 | -2,649 | -3,341 |
| Proceeds on disposal of property plant and equipment and intangible assets | 200 | 201 | 665 | 774 |
| Operating free cash flow | 661 | 207 | 1,834 | 1,560 |
| Interest paid and received | -115 | -99 | -500 | -429 |
| Payments on lease debts | -245 | -229 | -724 | -716 |
| Operating free cash flow adjusted | 301 | -121 | 610 | 415 |
| Exceptional payments made/(received) (1) | 125 | 124 | 744 | 369 |
| Recurring adjusted operating free cash flow | 426 | 3 | 1,354 | 784 |
(1) IFRS Operating free cash flow corrected from the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period, payment of lease debt and interests paid and received as well as the payment of the Cargo fine.
Net debt
(in € million) | September 30, 2026 | December 31, 2025 |
| Current and non-current financial liabilities | 9,549 | 9,068 |
| Current and non-current lease debt | 6,384 | 6,445 |
| Accrued interest | -105 | -142 |
| Deposits related to financial liabilities | -79 | -85 |
| Deposits related to lease debt | -80 | -80 |
| Derivatives impact on debt | – | 44 |
| Gross financial liabilities (I) | 15,669 | 15,250 |
| Cash and cash equivalent | 5,426 | 4,714 |
| Marketable securities > 3 months | 533 | 988 |
| Bonds | 955 | 1,156 |
| Bank overdrafts | -2 | – |
| Net cash (II) | 6,912 | 6,858 |
| Net debt (I-II) | 8,757 | 8,392 |
Return on capital employed (ROCE)
| In € million | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 |
| Goodwill and intangible assets | 1,464 | 1,444 | 1,434 | 1,422 | 1,390 | 1,390 | 1,377 | 1,375 |
| Flight equipment | 14,512 | 14,398 | 13,951 | 13,651 | 13,772 | 13,392 | 12,835 | 12,347 |
| Other property, plant and equipment | 1,874 | 1,792 | 1,745 | 1,679 | 1,617 | 1,587 | 1,554 | 1,533 |
| Right of use assets | 8,901 | 9,205 | 9,237 | 9,452 | 8,619 | 8,479 | 8,030 | 7,592 |
| Investments in equity associates | 398 | 235 | 247 | 246 | 257 | 205 | 212 | 216 |
| Financial assets (loans and receivables) | 240 | 234 | 228 | 228 | 212 | 214 | 217 | 217 |
| Provisions for maintenance on leased aircraft and provisions for CO2 quotas | -5,423 | -5,604 | -5,414 | -5,214 | -4,689 | -4,934 | -5,007 | -4,990 |
| WCR1 | -9,113 | -9,496 | -9,513 | -8,051 | -8,124 | -8,749 | -8,983 | -7,469 |
| Capital employed | 12,853 | 12,208 | 11,915 | 13,413 | 13,054 | 11,584 | 10,235 | 10,821 |
| Average capital employed (A) | 12,597 | 11,424 | ||||||
| Adjusted operating profit | 2,242 | 2,053 | ||||||
| - Dividends received | – | -1 | ||||||
| - Share of profits (losses) of associates | 6 | -2 | ||||||
| - Normative income tax | -580 | -529 | ||||||
| Adjusted result from current operations after tax (B) | 1,668 | 1,521 | ||||||
| ROCE, trailing 12 months (B/A) | 13.2% | 13.3% | ||||||
(1) Excluding the report of social & fiscal charges granted consequently to Covid.
The “Normative income tax” no longer takes into account the exceptional contribution on the profits of large companies for the French tax group. Prior periods have therefore been restated accordingly to ensure comparability of the figures.
Unit cost: net cost per ASK
| Third Quarter | Year to Date | |||
| 2026 | 2025 | 2026 | 2025 | |
| Total operating expenses (€m) | 8,570 | 7,993 | 24,848 | 23,170 |
| Carbon emission (ETS) | -94 | -111 | -291 | -262 |
| Total other revenues (€m) | -850 | -818 | -2,662 | -2,483 |
| Net cost excl ETS (€m) | 7,627 | 7,064 | 21,895 | 20,424 |
| Capacity produced, reported in ASK | 93,505 | 92,287 | 259,056 | 252,584 |
| Net cost, per ASK (in € cents) | 8.16 | 7.65 | 8.45 | 8.09 |
| Gross change | 6.6 % | 4.5 % | ||
| Currency effect on net costs (€m) | 4 | -304 | ||
| Change at constant currencies | 6.5 % | 6.1 % | ||
| Fuel price effect (€m) | 449 | 1,104 | ||
| Net cost per ASK on a constant currency and fuel price basis excluding ETS (in € cents per ASK) | 8.16 | 8.15 | 8.45 | 8.40 |
| Change on a constant currency and fuel price basis excluding ETS | 0.1 % | 0.6 % | ||
Group fleet at 30 September 2026
| Aircraft type | AF (incl. HOP)1 | KL (incl. KLC & MP)1 | Transavia | Owned | Finance lease | Operating lease | Total | In operation | Change in Operation vs 31/12/25 |
| B777-300 | 43 | 16 | 34 | 8 | 17 | 59 | 59 | ||
| B777-200 | 18 | 15 | 30 | 2 | 1 | 33 | 33 | ||
| B787-9 | 10 | 13 | 5 | 6 | 12 | 23 | 23 | ||
| B787-10 | 15 | 1 | 12 | 2 | 15 | 15 | 1 | ||
| A350-900 | 43 | 3 | 15 | 25 | 43 | 43 | 2 | ||
| A330-300 | 5 | 5 | 5 | 5 | |||||
| A330-200 | 6 | 5 | 10 | 1 | 11 | 10 | -4 | ||
| Total Long-Haul | 120 | 69 | 0 | 83 | 43 | 63 | 189 | 188 | -1 |
| B737-900 | 5 | 5 | 5 | 5 | |||||
| B737-800 | 27 | 101 | 33 | 7 | 88 | 128 | 127 | -4 | |
| B737-700 | 6 | 6 | 6 | 6 | |||||
| A321NEO | 17 | 19 | 8 | 8 | 20 | 36 | 36 | 10 | |
| A321 | 7 | 4 | 3 | 7 | 4 | -8 | |||
| A320 | 35 | 4 | 3 | 28 | 35 | 35 | -1 | ||
| A320NEO | 31 | 5 | 1 | 25 | 31 | 31 | 8 | ||
| A319 | 1 | 1 | 1 | 1 | -2 | ||||
| A318 | 4 | 4 | 4 | 4 | |||||
| A220-300 | 58 | 22 | 15 | 21 | 58 | 58 | 6 | ||
| Total Medium-Haul | 105 | 55 | 151 | 92 | 34 | 185 | 311 | 307 | 9 |
| Embraer 195 E2 | 25 | 25 | 25 | 25 | 4 | ||||
| Embraer 190 | 26 | 16 | 17 | 2 | 23 | 42 | 42 | -3 | |
| Embraer 175 | 17 | 3 | 14 | 17 | 17 | ||||
| Embraer 170 | 10 | 10 | 10 | 9 | -1 | ||||
| Total Regional | 36 | 58 | 0 | 30 | 16 | 48 | 94 | 93 | 0 |
| 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 | 263 | 186 | 151 | 209 | 93 | 298 | 600 | 594 | 8 |
(1) Excluding Transavia
2026 TRAFFIC
Passenger network activity
| Third Quarter | Year to Date | |||||
| Total network airlines | 2026 | 2025 | change | 2026 | 2025 | change |
| Passengers carried (‘000s) | 20,594 | 20,914 | -1.5% | 57,630 | 57,904 | -0.5% |
| Revenue pax-kilometers (m RPK) | 67,185 | 67,447 | -0.4% | 187,923 | 185,713 | +1.2% |
| Available seat-kilometers (m ASK) | 76,075 | 75,961 | +0.2% | 215,439 | 212,383 | +1.4% |
| Load factor (%) | 88.3% | 88.8% | -0.5pt | 87.2% | 87.4% | -0.2pt |
| Long-haul | ||||||
| Passengers carried (‘000s) | 7,321 | 7,414 | -1.3% | 20,472 | 20,403 | +0.3% |
| Revenue pax-kilometers (m RPK) | 55,046 | 55,102 | -0.1% | 155,018 | 152,582 | +1.6% |
| Available seat-kilometers (m ASK) | 62,036 | 61,623 | +0.7% | 176,697 | 173,121 | +2.1% |
| Load factor (%) | 88.7% | 89.4% | -0.7pt | 87.7% | 88.1% | -0.4pt |
| North America | ||||||
| Passengers carried (‘000s) | 3,061 | 2,974 | +2.9% | 7,835 | 7,572 | +3.5% |
| Revenue pax-kilometers (m RPK) | 21,851 | 21,121 | +3.5% | 56,194 | 53,962 | +4.1% |
| Available seat-kilometers (m ASK) | 24,825 | 23,736 | +4.6% | 65,014 | 61,652 | +5.5% |
| Load factor (%) | 88.0% | 89.0% | -1.0pt | 86.4% | 87.5% | -1.1pt |
| Latin America | ||||||
| Passengers carried (‘000s) | 1,013 | 934 | +8.5% | 2,896 | 2,723 | +6.4% |
| Revenue pax-kilometers (m RPK) | 9,553 | 8,853 | +7.9% | 27,358 | 25,712 | +6.4% |
| Available seat-kilometers (m ASK) | 10,551 | 9,683 | +9.0% | 30,090 | 28,325 | +6.2% |
| Load factor (%) | 90.5% | 91.4% | -0.9pt | 90.9% | 90.8% | +0.1pt |
| Asia / Middle East | ||||||
| Passengers carried (‘000s) | 1,400 | 1,589 | -11.9% | 4,345 | 4,583 | -5.2% |
| Revenue pax-kilometers (m RPK) | 11,457 | 12,438 | -7.9% | 35,456 | 36,034 | -1.6% |
| Available seat-kilometers (m ASK) | 12,641 | 13,802 | -8.4% | 39,680 | 40,674 | -2.4% |
| Load factor (%) | 90.6% | 90.1% | +0.5pt | 89.4% | 88.6% | +0.8pt |
| Africa | ||||||
| Passengers carried (‘000s) | 1,030 | 1,053 | -2.2% | 2,925 | 2,948 | -0.8% |
| Revenue pax-kilometers (m RPK) | 6,305 | 6,445 | -2.2% | 18,184 | 18,257 | -0.4% |
| Available seat-kilometers (m ASK) | 7,314 | 7,318 | -0.1% | 21,690 | 21,375 | +1.5% |
| Load factor (%) | 86.2% | 88.1% | -1.9pt | 83.8% | 85.4% | -1.6pt |
| Caribbean / Indian Ocean | ||||||
| Passengers carried (‘000s) | 816 | 865 | -5.6% | 2,470 | 2,576 | -4.1% |
| Revenue pax-kilometers (m RPK) | 5,880 | 6,245 | -5.8% | 17,826 | 18,617 | -4.2% |
| Available seat-kilometers (m ASK) | 6,705 | 7,084 | -5.4% | 20,223 | 21,095 | -4.1% |
| Load factor (%) | 87.7% | 88.2% | -0.5pt | 88.1% | 88.3% | -0.1pt |
| Short and Medium-haul | ||||||
| Passengers carried (‘000s) | 13,274 | 13,500 | -1.7% | 37,158 | 37,501 | -0.9% |
| Revenue pax-kilometers (m RPK) | 12,139 | 12,345 | -1.7% | 32,905 | 33,131 | -0.7% |
| Available seat-kilometers (m ASK) | 14,039 | 14,338 | -2.1% | 38,742 | 39,262 | -1.3% |
| Load factor (%) | 86.5% | 86.1% | +0.4pt | 84.9% | 84.4% | +0.5pt |
Transavia activity
| Third Quarter | Year to Date | |||||
| Transavia | 2026 | 2025 | change | 2026 | 2025 | change |
| Passengers carried (‘000s) | 9,117 | 8,258 | +10.4% | 22,700 | 20,337 | +11.6% |
| Revenue seat-kilometers (m RSK) | 15,492 | 14,463 | +7.1% | 38,818 | 35,545 | +9.2% |
| Available seat-kilometers (m ASK) | 17,431 | 16,303 | +6.9% | 43,625 | 40,176 | +8.6% |
| Load factor (%) | 88.9% | 88.7% | +0.2pt | 89.0% | 88.5% | +0.5pt |
Total Group passenger activity
| Third Quarter | Year to Date | |||||
| Total Group | 2026 | 2025 | change | 2026 | 2025 | change |
| Passengers carried (‘000s) | 29,712 | 29,172 | +1.8% | 80,330 | 78,241 | +2.7% |
| Revenue pax-kilometers (m RPK) | 82,677 | 81,910 | +0.9% | 226,741 | 221,258 | +2.5% |
| Available seat-kilometers (m ASK) | 93,506 | 92,264 | +1.3% | 259,064 | 252,559 | +2.6% |
| Load factor (%) | 88.4% | 88.8% | -0.4pt | 87.5% | 87.6% | -0.1pt |
Cargo activity
| Third Quarter | Year to Date | |||||
| Cargo | 2026 | 2025 | change | 2026 | 2025 | change |
| Revenue tonne-km (m RTK) | 1,817 | 1,683 | +8.0% | 5,405 | 5,022 | +7.6% |
| Available tonne-km (m ATK) | 3,948 | 3,860 | +2.3% | 11,230 | 10,935 | 2.7% |
| Load factor (%) | 46.0% | 43.6% | +2.4pt | 48.1% | 45.9% | +2.2pt |
Air France activity
| Third Quarter | Year to Date | |||||
| Total Passenger network activity | 2026 | 2025 | change | 2026 | 2025 | change |
| Passengers carried (‘000s) | 10,923 | 11,615 | -6.0% | 30,868 | 32,050 | -3.7% |
| Revenue pax-kilometers (m RPK) | 39,945 | 41,055 | -2.7% | 110,832 | 111,882 | -0.9% |
| Available seat-kilometers (m ASK) | 45,770 | 46,573 | -1.7% | 128,078 | 128,599 | -0.4% |
| Load factor (%) | 87.3% | 88.2% | -0.9pt | 86.5% | 87.0% | -0.5pt |
| Long-haul | ||||||
| Passengers carried (‘000s) | 4,641 | 4,781 | -2.9% | 12,805 | 12,984 | -1.4% |
| Revenue pax-kilometers (m RPK) | 34,032 | 34,626 | -1.7% | 94,705 | 94,828 | -0.1% |
| Available seat-kilometers (m ASK) | 38,843 | 38,976 | -0.3% | 108,922 | 108,115 | +0.7% |
| Load factor (%) | 87.6% | 88.8% | -1.2pt | 86.9% | 87.7% | -0.8pt |
| Short and Medium-haul | ||||||
| Passengers carried (‘000s) | 6,281 | 6,833 | -8.1% | 18,063 | 19,066 | -5.3% |
| Revenue pax-kilometers (m RPK) | 5,913 | 6,429 | -8.0% | 16,127 | 17,054 | -5.4% |
| Available seat-kilometers (m ASK) | 6,927 | 7,597 | -8.8% | 19,156 | 20,484 | -6.5% |
| Load factor (%) | 85.4% | 84.6% | +0.7pt | 84.2% | 83.3% | +0.9pt |
| Cargo activity | ||||||
| Revenue tonne-km (m RTK) | 949 | 934 | +1.6% | 2,815 | 2,779 | +1.3% |
| Available tonne-km (m ATK) | 2,338 | 2,323 | +0.7% | 6,446 | 6,461 | -0.2% |
| Load factor (%) | 40.6% | 40.2% | +0.4pt | 43.7% | 43.0% | +0.6pt |
KLM activity
| Third Quarter | Year to Date | |||||
| Total Passenger network activity | 2026 | 2025 | change | 2026 | 2025 | change |
| Passengers carried (‘000s) | 9,672 | 9,300 | +4.0% | 26,762 | 25,854 | +3.5% |
| Revenue pax-kilometers (m RPK) | 27,240 | 26,392 | +3.2% | 77,091 | 73,831 | +4.4% |
| Available seat-kilometers (m ASK) | 30,305 | 29,388 | +3.1% | 87,361 | 83,784 | +4.3% |
| Load factor (%) | 89.9% | 89.8% | +0.1pt | 88.2% | 88.1% | +0.1pt |
| Long-haul | ||||||
| Passengers carried (‘000s) | 2,680 | 2,633 | +1.8% | 7,667 | 7,419 | +3.3% |
| Revenue pax-kilometers (m RPK) | 21,014 | 20,476 | +2.6% | 60,313 | 57,754 | +4.4% |
| Available seat-kilometers (m ASK) | 23,193 | 22,647 | +2.4% | 67,775 | 65,006 | +4.3% |
| Load factor (%) | 90.6% | 90.4% | +0.2pt | 89.0% | 88.8% | +0.1pt |
| Medium-haul | ||||||
| Passengers carried (‘000s) | 6,992 | 6,667 | +4.9% | 19,095 | 18,436 | +3.6% |
| Revenue pax-kilometers (m RPK) | 6,226 | 5,916 | +5.2% | 16,778 | 16,077 | +4.4% |
| Available seat-kilometers (m ASK) | 7,112 | 6,741 | +5.5% | 19,586 | 18,778 | +4.3% |
| Load factor (%) | 87.5% | 87.8% | -0.2pt | 85.7% | 85.6% | 0.0pt |
| Cargo activity | ||||||
| Revenue tonne-km (m RTK) | 867 | 750 | +15.7% | 2,590 | 2,255 | +14.8% |
| Available tonne-km (m ATK) | 1,610 | 1,540 | +4.5% | 4,783 | 4,500 | +6.3% |
| Load factor (%) | 53.9% | 48.7% | +5.2pt | 54.2% | 50.1% | +4.0pt |
1 At constant currency
2 Against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)
3 Classified as equity under IFRS
4 Cash on hand is calculated as net cash €6.9bn + undrawn credit lines €3.6bn
5 Based on the current hedges and forward curve of 30 October, subject to change given geopolitical uncertainty and excl. SAF costs
6 At constant fuel, constant currency and excluding ETS.
7 Check for the definition, the recurring adjusted free cash flow table in the appendix of this press release.
8 On 29 May 2026, KLM and Schiphol signed an agreement for the future relocation of several KLM locations at Schiphol Centre, including KLM’s cargo buildings, KLM’s catering building and KLM’s Topside office building to other locations at Schiphol. This agreement is part of the renewal of the airport as stipulated in the Schiphol Centre Master Plan. For KLM this creates an opportunity to develop more modern working environments for the future. The compensation from Schiphol to KLM is approximately EUR 0.5 billion, of which EUR 0.3 billion has been received up to date under agreed conditions. The remaining EUR 0.2 billion will be received by KLM when certain project milestones and conditions have been reached.
9 Air France-KLM and Airbus Establish Joint Venture for A350 Component Support
10 In February 2026, the Court of Justice of the European Union dismissed an appeal against the General Court’s judgment upholding the European Commission’s 17 March 2017 decision concerning past anti-competitive practices in the air cargo sector by 13 operators, including Air France, KLM and Martinair. The Group had recognized provisions of €366 million for the fines. The total amount, including interest, was €368 million and was paid in full in March 2026.
11 Cash on hand is calculated as net cash €6.9bn + undrawn credit lines €3.6bn.
12 New-generation aircraft / Aircraft in operation
13 Based on the current hedges and forward curve of 30 October, subject to change given geopolitical uncertainty and excl. SAF costs
14 Against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)
Attachment
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