Air France-klm Sa · EURONEXT:AF
Air France-klm Sa — Q1 2026 Earnings Presentation
24 slides from Air France-klm Sa's earnings presentation, Apr 30, 2026
Slide 1: First quarter 2026 Results
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Slide 2: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS Benjamin Smith – Chief Executive Officer Air France-KLM 2
Slide 3: Strong revenue performance with fuel impact yet to come
STRONG REVENUE PERFORMANCE WITH FUEL IMPACT YET TO COME Passengers carried 22.3m +2.3% vs. Q1 2025 • Group revenues up 4.4% year-on-year to €7.5bn, driven by Network and Maintenance. • Unit revenue1 up 3.4% supported by ongoing premiumization and by reduced industry capacity due to the Middle East c
Slide 4: Air France-KLM demonstrated resilience in the Middle East
AIR FRANCE-KLM DEMONSTRATED RESILIENCE IN THE MIDDLE EAST, MITIGATING IMPACTS AND RECAPTURING INTERNATIONAL DEMAND LIMITED NETWORK EXPOSURE Controlled impact of flights cancellation as Middle East represents smaller part of our diversified network 28%2 Of Europe-Asia/Africa routes held by three Gulf
Slide 5: Successful take over of Air France routes in Orly by Transavia France
SUCCESSFUL TAKE OVER OF AIR FRANCE ROUTES IN ORLY BY TRANSAVIA FRANCE DRIVING GROWTH AND GROUP SYNERGIES Secured operations on growing traffic from Paris MRS 2 daily, TLS and NCE 8 daily with up to 9 daily frequencies at peak season Load factor above expectations and building up for next months Stro
Slide 6: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS Steven Zaat – Chief Financial Officer Air France-KLM 6
Slide 7: Operating result improved supported by premium strength and cost control
OPERATING RESULT IMPROVED SUPPORTED BY PREMIUM STRENGTH AND COST CONTROL FUEL PRICE INCREASE NOT REFLECTED IN Q1 Operating margin Operating result evolution (in €m) +301m 31 86 -27 -0.4% +4.2pts -30 214 Revenues YoY -328 Q1 2025 Unit revenue1 Unit cost2 Fuel price3 Currency Q1 2026 & other €7.5bn +4
Slide 8: Strong network performance supporting group unit revenue
STRONG NETWORK PERFORMANCE SUPPORTING GROUP UNIT REVENUE 1 Unit Revenue2 Revenues Operating result Operating Capacity Change Change Change Q1 2026 vs Q1 2025 Constant Curr. (€ m) (€ m) margin +2.7% +5.1% 5,691 +5.1% Network 148 +340m 2.3% +5.5 pt +2.9% -0.7% 600 -3.5% Transavia +13.3% -3.9% 571 +8.6
Slide 9: Improved results across the group in a volatile environment
IMPROVED RESULTS ACROSS THE GROUP IN A VOLATILE ENVIRONMENT Capacity Revenues Change Operating Change Operating Change Q1 2026 vs Q1 2025 change (€ m) YoY result YoY margin YoY (€ m) +4.1% 4,567 +5.1% 11 +193 0.2% +4.4 pt +3.9% 2,987 +1.4% -114 +84 -3.8% +2.9 pt 1 258 +29.6% 78 +32 30.2% +7.1 pt +4.
Slide 10: Continued execution of our premium strategy is paying off
CONTINUED EXECUTION OF OUR PREMIUM STRATEGY IS PAYING OFF REDUCED INDUSTRY CAPACITY IN MARCH PUSHED UNIT REVENUE UP Q1 2026 vs Q1 2025 Total Long-Haul Short & Medium-Haul1 Transavia Total 87% 82% 86% 86% 13.3% 4.0% 0.3 pt 3.5% 3.7% 5.4% 0.1 pt 4.0% 0.4 pt -2.3% -0.4 pt -3.4% First & Business1 North
Slide 11: Further evidence of our solid unit cost control
FURTHER EVIDENCE OF OUR SOLID UNIT COST CONTROL Q1 Unit cost per ASK evolution In % year-over-year 0.1% 0.1% 0.4% 0.5% 0.3% -0.9% 0.5% Labour price Productivity Customer compensation Airport & ATC charges Premiumization Other Unit cost1 ATC & Airport charges, Unit cost up due to Customer compensatio
Slide 12: Strong cash flow generation
STRONG CASH FLOW GENERATION 2026 Free cash flow evolution (In €m) 2026 Net debt evolution (In €m) 1,238 8,392 155 80 8,026 131 Q1 2025: Q1 2025: - 732 493 €1,009m €783m 884 732 -341 -890 384 Cash flow Payment of Recurring Net debt at Operating New and Interest Currency Net debt at 31 Change Operatin
Slide 13: Outlook
OUTLOOK Steven Zaat – Chief Financial Officer Air France-KLM 13
Slide 14: Expected fuel bill in Q2 $1.1 billion above last year
EXPECTED FUEL BILL IN Q2 $1.1 BILLION ABOVE LAST YEAR HEDGING STRATEGY STILL IN PLACE WHILE OPTIMIZING EXECUTION SAF premium 230 ~230 cost (€m) ~9,300 FY 2027 6,900 33% hedged YoY evolution ($): +1.1bn +800m +500m Fuel bill after hedge excl SAF ($m) FY 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 Br
Slide 15: Q2 2026 forward bookings confirm sustained travel appetite
Q2 2026 FORWARD BOOKINGS CONFIRM SUSTAINED TRAVEL APPETITE Long-Haul Short & Medium-Haul Transavia Q2 73% 72% 63% 64% 71% 72% 2025 2026 2025 2026 2025 2026 Forward booking load factor 2025 Forward booking load factor 2026 Snapshots of the 23rd of April 2025 and 2026 15
Slide 16: 2026 capacity outlook updated
2026 CAPACITY OUTLOOK UPDATED FY 2026 vs 2025 +2-4% Long Haul Previously “c.+4%” Stable Short and Medium Haul unchanged +8-10% Transavia Previously “c.+10%” +2-4% vs. 2025 Total Previously “+3-5%” 16
Slide 17: 2026 outlook revised given current geopolitical uncertainty
2026 OUTLOOK REVISED GIVEN CURRENT GEOPOLITICAL UNCERTAINTY FY 2026 +2-4% vs. 2025 Group Capacity Previously “+3-5%” 0% to +2% Including 0.5% increase linked to Unit cost1 cabin premiumization (unchanged) Below €3bn Net Capex (c.80% fleet/fleet related) Previously c.€3bn 1.5x to 2.0x Net Debt/Curren
Slide 18: Concluding remarks
CONCLUDING REMARKS Benjamin Smith – Chief Executive Officer Air France-KLM 18
Slide 19: A solid foundation to navigate a volatile environment and challenges ahead
A SOLID FOUNDATION TO NAVIGATE A VOLATILE ENVIRONMENT AND CHALLENGES AHEAD STRONG Q1, WITH CHALLENGES AHEAD A solid first quarter but geopolitical uncertainty and higher fuel cost are expected to weigh in the coming quarters. RESILIENCE IN A VOLATILE ENVIRONMENT Agile capacity management and discipl
Slide 20: Appendix
APPENDIX 20
Slide 21: Currency impact on operating result
CURRENCY IMPACT ON OPERATING RESULT Currency impact Revenues and costs per currency on revenues and costs FY 2025 In € m 43 REVENUES COSTS 300 US dollar US dollar (and related 20 currencies) 30 -257 60 20 70 Euro Other Other currencies Q1 2026 currencies (mainly euro) Currency impact on revenues Cur
Slide 22: Debt redemption profile at 31 March 2026
DEBT REDEMPTION PROFILE AT 31 MARCH 2026 Debt reimbursement profile(1) In €m 300 500 650 500 500 650 1,800 400 700 700 850 600 650 600 2026 2027 2028 2029 2030 2031 2032 and beyond Bonds issued by Air France-KLM June 2026: May 2029: January 2031: May 2026: Other long-term Debt: AF and Sustainability
Slide 23: Disclaimer
DISCLAIMER Certain information included in this presentation are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business stra
Slide 24: Investor Relations department
Investor Relations department Michiel Klinkers Marouane Mami Michiel.klinkers@airfranceklm.com Marouane.mami@airfranceklm.com