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Air France-KLM (AF) investor relations material
Air France-KLM Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 revenue increased by 6.2% year-over-year to €8.4bn, with operating income up €223 million to €736 million and an operating margin of 8.7%, driven by premiumization and strong demand in premium cabins.
H1 2025 revenues rose to €15,608 million, up 6.9% year-over-year, with net income swinging to €401 million from a €314 million loss in H1 2024.
Strategic initiatives included expanding the Flying Blue loyalty program, advancing group-wide synergies, and progressing on the planned majority stake in SAS, with the target of 60.5% ownership by H2 2026, pending regulatory approvals.
Major financing actions included a €500 million hybrid bond issue, extension of ESG-linked revolving credit facilities, and notification of redemption of €497 million in super-subordinated notes.
New partnerships and alliances were formed, notably in MRO and with airlines such as Saudia, AerCap, Riyadh Air, Qantas, IndiGo, and WestJet.
Financial highlights
Adjusted operating free cash flow reached €0.7 billion for H1 2025, with operating free cash flow improving to €1,285 million from negative €44 million year-over-year.
Net debt reduced to €7,134 million as of June 30, 2025, supported by strong free cash flow; cash at hand stands at €9.4 billion.
H1 2025 EBITDA increased to €1,866 million from €1,345 million year-over-year.
Recurring adjusted operating free cash flow and net result generation contributed to increased equity.
Maintenance segment saw nearly 20% revenue growth, driven by strong engine business and order book expansion.
Outlook and guidance
2025 outlook confirmed with balanced growth, investment, and financial discipline; group capacity guidance remains at 4-5% growth, with Transavia expected to exceed 10%.
Unit cost increase guided at low single digits (1%-2%) for H2 2025; net capex for 2025 guided at €3.2–€3.4 billion, mainly for aircraft deliveries.
Net debt/EBITDA target remains between 1.5x and 2x for FY 2025.
2026–2028 targets reaffirmed: operating margin above 8%, EBIT to improve by ~€2bn by 2028, and significant leverage reduction.
No additional tax expense anticipated for 2025 under OECD Pillar 2; effective tax rate forecasted at 30%.
SAS integration into Delta-AF-KLM-Virgin JV?
Future premium cabin capacity allocation?
Q3 premium vs economy unit revenue drivers?
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Next Air France-KLM earnings date
Q3 20256 Nov, 2025
Next Air France-KLM earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Air France-KLM SA is an airline holding company offering passenger and cargo air transport services worldwide. It operates through its subsidiaries Air France, KLM Royal Dutch Airlines, and Transavia, with hubs in Paris and Amsterdam. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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