Air France-klm Sa · EURONEXT:AF
Air France-klm Sa — Q3 2025 Earnings Presentation
30 slides from Air France-klm Sa's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Results
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Slide 2: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS Benjamin Smith – Chief Executive Officer Air France-KLM 2
Slide 3: Q3: Stable Operating Margin
Passengers carried Group revenues Q3: STABLE OPERATING MARGIN +5% +3% 27.9m 29.2m €9.0bn €9.2bn • Revenues up 3%, versus last year, with passenger network unit revenue +0.5%¹, strong premium cabins performance and solid contribution from maintenance. • Unit cost increase moderating to +1.3%, coming
Slide 4: Flying Blue named best airline loyalty program in the world
FLYING BLUE NAMED THE BEST AIRLINE LOYALTY PROGRAM IN THE WORLD FOR THE SECOND CONSECUTIVE YEAR Over 22 million searches and 500 million results analyzed. Eight key categories, from earning and redeeming points to customer service and award policies Rank 1= 2 3 4 = 5 Note: (1) According to points.me
Slide 5: Further Implementing Our Premiumization Strategy
FURTHER IMPLEMENTING OUR PREMIUMIZATION STRATEGY 5
Slide 6: Premium Cabin Mix Growing Over the Next Years
PREMIUM CABIN MIX GROWING OVER THE NEXT YEARS Long haul cabin mix evolution 2022-2028, Seats in WB fleet, % La Première 10% 10% 11% Business 12% 12% & Business 13% 0% 6% Premium 8% 9% Premium 9% 90% 10% Comfort 83% Economy 81% 79% 80% 77% Economy 2022 2025 2028 2022 2025 2028 6
Slide 7: Steady Increasing Our Capacity Across Key Markets
STEADY INCREASING OUR CAPACITY ACROSS KEY MARKETS, WITH MODERATE GROWTH IN THE SUMMER PERIOD Winter 25/26 Capacity & Destinations overview Air France-KLM Group, capacity ASKs Asia & Middle East: Opening of Phuket Air France will launch Caribbean & Indian Ocean: Las Vegas operations in S26 Opening of
Slide 8: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS Steven Zaat – Chief Financial Officer Air France-KLM 8
Slide 9: Q3: Limited Improvement in Operating Result Despite Olympic Games Impact
Q3: LIMITED IMPROVEMENT IN OPERATING RESULT DESPITE LAST YEAR’S OLYMPIC GAMES IMPACT Operating margin Operating result evolution (in €m) +23m 1,180 1,203 13.1% -0.1pt -43 -90 107 49 Revenue YoY Q3 2024 Unit revenue1 Unit cost2 Fuel price3 Currency Q3 2025 & other €9.2bn +2.6% YoY Net result Operatin
Slide 10: Challenging Summer Season for Transavia and Strong Maintenance Performance
CHALLENGING SUMMER SEASON FOR TRANSAVIA AND STRONG MAINTENANCE PERFORMANCE 1 Unit Revenue2 Revenues Operating result Operating Q3 2025 vs Q3 2024 Capacity Change Change Change Constant Curr. (€ m) (€ m) margin +3.4% +0.5% 6,851 +1.0% Network 889 -10m 12.0% -0.2 pt +4.0% -5.1% 540 -3.7% Transavia +13
Slide 11: Resilient Group Margin in a Challenging Environment
RESILIENT GROUP MARGIN IN A CHALLENGING ENVIRONMENT Q3 2025 vs Q3 2024 Capacity Revenues Change Operating Change Operating Change change (€ m) YoY result YoY margin YoY (€ m) +3.6% 5,690 +2.6% 799 +67 14.0% +0.8 pt +7.4% 3,592 +1.2% 341 -54 9.5% -1.6 pt 221 1 +10.5% 54 -1 24.4% -3.1 pt +5.1% 9,213 +
Slide 12: Unit Revenue Development Again Strong in Premium Cabins
UNIT REVENUE DEVELOPMENT AGAIN STRONG IN PREMIUM CABINS Q3 2025 vs Q3 2024 Total Long-Haul Short & Medium-Haul1 Transavia Total 89% 86% 89% 89% 13.8% 5.1% 3.8% 2.9% 1.5% 0.7 pt 0.4% -0.4pt pt -0.7 pt -0.7% -0.9 pt -1.8% -0.5 First & Business1 77% North America Caribbean & Indian Ocean Asia & Middle
Slide 13: Unit Cost Up 1.3%, at the Lower End of Full Year Guidance
UNIT COST UP 1.3%, AT THE LOWER END OF THE FULL YEAR GUIDANCE Q3 Unit cost per ASK evolution In % year-over-year +0.1% 0.6% 1.3% -1.5% 0.6% 0.6% -1.3% -0.2% 0.8% Labour price Productivity Operations ATC charges Premiumization Unit cost1 Fuel price Unit cost including & Airport effect and ETS fuel pr
Slide 14: Strong Operating Free Cash Flow
STRONG OPERATING FREE CASH FLOW 9-months 2025 Free cash flow evolution (In € m) 9-months 2025 Net debt evolution (In € m) 402 3,639 553 7,787 1,688 7,332 -312 369 -1,474 1,474 -2,567 715 -1,128 Cash flow Payment of Recurring Net debt at New and Interest Net debt Change Operating before change Net le
Slide 15: Balance Sheet Management Driving Low Credit Spread
BALANCE SHEET MANAGEMENT DRIVING LOW CREDIT SPREAD 3 Leverage ratio1 at 1.6x at end-September 2025 Cash at hand at €9.5bn well above targeted liquidity level between €6bn and €8bn Successful €0.5bn 5-year senior bond issuance in August with 3.75% fixed annual coupon and lowest credit spread for a bo
Slide 16: Outlook
OUTLOOK Steven Zaat – Chief Financial Officer Air France-KLM 16
Slide 17: Q4 Forward Bookings in Line with Previous Quarters
Q4 FORWARD BOOKINGS IN LINE WITH PREVIOUS QUARTERS Long-Haul Short & Medium-Haul Transavia Q4 77% 74% 66% 64% 68% 64% 2024 2025 2024 2025 2024 2025 Forward booking load factor 2024 Forward booking load factor 2025 Snapshot of the 29th of October2024 and 2025 17
Slide 18: Hedging Strategy Reduces 2025 Fuel Bill Amid Capacity Growth
HEDGING STRATEGY REDUCES 2025 FUEL BILL AMID CAPACITY GROWTH 70% HEDGED IN 2025 AND 50% IN 2026 SAF premium 170 260 cost (€m) FY 2026 7,310 ~6,900 50% hedged Fuel bill after hedge excl SAF ($m) FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Brent ($ per bbl) 80 75 67
Slide 19: Refined Capacity Outlook 2025, Maintaining Agility
REFINED CAPACITY OUTLOOK 2025, MAINTAINING AGILITY FY 2025 Long Haul +3-5% Short and Medium Haul +3-5% >10% Transavia Previously “10%” Total +4-5% vs. 2024 19
Slide 20: Outlook 2025 Reconfirmed
OUTLOOK 2025 RECONFIRMED FY 2025 Group Capacity +4-5% vs. 2024 Unit cost1 Low single digit increase Net Capex (c.80% fleet/fleet related) €3.2 - €3.4bn Net Debt/Current EBITDA Between 1.5x and 2.0x 1) At constant fuel price including SAF, constant currency and excluding Emission Trading Scheme cost
Slide 21: Strengthening Commercial Cooperation with WestJet by Taking 2.3% Stake
FURTHER STRENGTHENING OF OUR COMMERCIAL COOPERATION WITH WESTJET BY TAKING 2.3% STAKE IN THEIR CAPITAL • WestJet is Canada’s second largest airline, with a leading market position in Western Canada Edmonton • Since 2009 WestJet is a codeshare - and loyalty program partner Calgary Quebec of Air Franc
Slide 22: Concluding Remarks
CONCLUDING REMARKS Benjamin Smith – Chief Executive Officer Air France-KLM 22
Slide 23: To Conclude
TO CONCLUDE MIXED QUARTER IN A CHALLENGING ENVIRONMENT Revenue growth and stable margin despite softer leisure demand and operational headwinds ADVANCING PREMIUMIZATION & FLEET RENEWAL Premium cabins performing well and one-third of the fleet now next 2025 OUTLOOK generation, reinforcing customer ex
Slide 24: Appendix
APPENDIX 24
Slide 25: 9M 2025 Results Highlights
9M 2025 RESULTS HIGHLIGHTS Operating margin Operating result evolution +407m 1,611 6.5% +1.4pt 1,204 320 -401 471 17 Revenue YoY 9m 2024 Unit revenue1 Unit cost2 Fuel price3 Currency 9m 2025 & other €24.8bn +5.3% YoY Net result Operating Key Performance Indicators Unit revenue1 Unit cost2 €1,168m +€
Slide 26: 9M 2025 Business Overview
9M 2025 BUSINESS OVERVIEW Unit Revenue2 Revenues Operating result Operating 9M 2025 vs 9M 2024 Capacity 1 (€ m) Change (€ m) Change margin Change Constant Curr. +3.0% +1.9% 18,629 +3.7% Network 1,363 +374m 6.7% +1.7 pt +1.9% +4.3% 1,728 +3.5% Transavia +12.9% -0.3% 2,714 +12.0% 23 -63m 0.9 % -2.7 pt
Slide 27: 9M 2025 Airlines and Flying Blue Overview
9M 2025 AIRLINES AND FLYING BLUE OVERVIEW Capacity Revenues Change Operating Change Operating Change 9M 2025 vs 9M 2024 change (€ m) YoY result YoY margin YoY (€ m) +4.4% 15,216 +5.8% 1,106 +428 7.3% +2.6 pt +4.4% 9,937 +4.0% 339 -26 3.4% -0.4 pt 1 646 +7.0% 160 +4 24.8% -1.1 pt +4.4% 24,822 +5.3% 1
Slide 28: Currency Impact on Operating Result
CURRENCY IMPACT ON OPERATING RESULT Currency impact Revenues and costs per currency on revenues and costs FY 2024 In € m -12 REVENUES COSTS 175 US dollar US dollar (and related currencies) 25 30 -187 55 20 70 Euro Other Other currencies Q3 2025 currencies (mainly euro) Currency impact on revenues Cu
Slide 29: Debt Redemption Profile at 30 September 2025
DEBT REDEMPTION PROFILE AT 30 SEPTEMBER 2025 Debt reimbursement profile(1) In €m 500 650 400 2,000 500 500 800 700 800 650 100 600 2025 2026 2027 2028 2029 2030 2031 and beyond Bonds issued by Air France-KLM June 2026: May 2029: Other long-term Debt: AF and KLM Sustainability-Linked Bonds AFKL 3.875
Slide 30: Investor Relations department
Investor Relations department Michiel Klinkers Marouane Mami Michiel.klinkers@airfranceklm.com Marouane.mami@airfranceklm.com