Business
Air France-KLM Q2 2026 Results
Air France-KLM Q2 2026
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30 July, 2026 Second quarter 2026 Strong unit revenue partly offset fuel headwind, with a fuel recapture rate of circa 85%. Adjusted operating profit at €484m. Group revenues up 9.9% year-on-year to €9.3bn , driven by all businesses. Unit revenue at constant currency up 8.7% thanks to Passenger network supported by ongoing premiumization and Cargo , which benefitted from strong demand. Geopolitical situation pushed fuel prices up, with fuel price impact of €804m compared to last year. Fuel price recapture via revenues at circa 85%, above the estimated 60%. Unit cost 1 growth was limited to +1.0%, of which +0.4% was driven by premiumization. Adjusted operating profit at €484m, a reduction of €251m compared to last year, with an operating margin of 5.2% . H1 recurring adjusted operating free cash flow at €928m, up €148m year-on-year. Leverage (Net debt/Adjusted EBITDA ratio) at 1.6x . Solid cash at hand of €10.3bn 2 at end of June 2026. Fleet renewal up 8 points year-on-year, with 38% share of new generation aircraft . FY 2026 capacity outlook revised, unit cost guidance unchanged For 2026, the Group retains an agile approach and expects: Capacity up by +2% to +3% compared to 2025 (previously +2% to +4%) . Unit cost 1 up between 0% and +2%, including +0.5% from premiumization (unchanged) . Net capital expenditures below €3bn (unchanged) . Leverage ratio between 1.5x - 2.0x (unchanged) . Fuel bill is expected at USD 8.9bn 3 in FY 2026, compared to previous quarter indication of USD 9.3bn³. The current expected fuel bill reflects an increase of USD 2.0bn compared to FY 2025. Accounting notification The Group has early adopted IFRS 18. Accordingly, the figures for the prior year have been restated to align with the current year’s reporting under IFRS 18. Commenting on the results, Mr. Benjamin Smith, Group CEO , said: “As expected, the sharp increase in fuel prices significantly impacted our results during the second quarter. Thanks to agile pricing and cost discipline, we were largely able to mitigate this strong headwind, proving once again the resilience of our business model. We delivered strong commercial performance on the back of a steady demand for premium travel, notably on the Asian and North American markets. Going forward, we still expect to navigate in a highly volatile environment. Our adaptability, especially when it comes to our network, will remain one of our strongest assets, together with the unwavering commitment of our teams. As we execute on operational priorities, we are also moving forward with our long-term strategic ambitions, with consolidation and sustainability at the core of our action. These efforts will allow us to build a stronger Air France-KLM, a true European global champion that is ready for the future.” Strong second quarter revenue offset circa 85% of the fuel headwind Second Quarter First Half-Year 2026 change change constant currency 2026 change change constant currency Group Passengers (thousands) 28,317 +3.9% 50,618 +3.2% Group Capacity (ASK m) 86,993 +2.6% 165,558 +3.3% Group Traffic (RPK m) 76,263 +2.5% 144,064 +3.4% Group Passenger load factor 87.7% -0.1pt 87.0% +0.1pt Second Quarter First Half-Year 2026 change change constant currency 2026 change change constant currency Revenues (€m) 9,277 +9.9% 12.3% 16,756 +7.4% +10.5% Adjusted Operating Profit (€m) 484 -251 -195 478 +47 +64 Operating margin (%) 5.2% -3.5pt -3.0pt 2.9% +0.1pt +0.1pt Net income (€m) 190 -459 -61 -462 Group unit revenue per ASK (€cts) 9.61 +6.6% +8.7% 9.03 +3.8% +6.3% Group unit cost per ASK (€cts)¹ 8.93 +1.0% 8.62 +0.8% 1) At constant fuel, constant currency and excluding ETS. H1 2026 H1 2025 Operating Free cash flow (€m) 1,173 1,353 Recurring adjusted operating free cash flow* (€m) 928 780 *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 30 June 2026 31 December 2025 Net Debt (€m) 8,376 8,392 Adjusted EBITDA trailing 12 months (€m) 5,204 5,058 Net Debt/Adjusted EBITDA ratio 1.6x 1.7x Adjusted operating profit declined impacted by the geopolitical situation in the Middle East and limited unit cost increase In the second quarter of 2026, Air France-KLM welcomed 28.3 million passengers, up 3.9% year-on-year. As capacity increased by 2.6% and traffic by 2.5%, the load factor remained broadly stable at 87.7%. The Group unit revenue per ASK was up 8.7% year-on-year at constant currency, due to premiumization, reduced industry capacity as a result of the Middle East conflict and increased ticket prices. Passenger network unit revenue increased by 8.7% as well, driven by strong yields throughout the quarter. In particular Asia, North America and Caribbean & Indian Ocean performed very well. Cargo unit revenues increased significantly (26.7% at constant currency) thanks to strong demand resulting in an increase in load factor and yield and, especially in Asia, high unit revenues. Transavia unit revenues increased by 1.6% despite increased capacity. Q2 unit cost 4 was up 1.0% year-on-year, mainly due to supply chain related maintenance cost (+1.1%), premiumization (+0.4%), and higher staff costs (+0.6%), partly compensated by fuel efficiency (-0.4%) and reduced wet leases (-0.6%). The adjusted operating profit amounted to €484 million, with a margin of 5.2%. This development was supported by an increase in unit revenue of €672 million which was fully offset by a fuel price increase of €804 million (including ETS €26 million) and an €80 million increase in unit cost. Cash In the second quarter Air France-KLM has signed a new multi-purpose credit facility (undrawn) for an amount of €1 billion with a syndicate of 12 international banks, further enhancing the Group’s financial flexibility and diversified funding structure, and a €500 million 5 5-year senior bond was issued with a 4.25% fixed annual coupon. During the quarter the following instruments were redeemed: €500 million Sustainability Linked Bond (coupon 7.25%) Circa €300 million KLM perpetual (CHF 270m, coupon 5.75%) The remaining €282 million of an initial bond of €500 million (coupon 3.875%) In July, the Group redeemed €500 million perpetual bonds (coupon: 6.9%) issued by an ad hoc operating affiliate of Air France owning Maintenance assets to Apollo. The transaction three years ago supported Air France-KLM in its trajectory to come back to a positive equity position under IFRS and the Group thanks Apollo for the smooth partnership during this trajectory. For the first half year, the Group reported a positive recurring adjusted operating free cash flow 6 of €928 million, up €148 million year on year. This increase was mainly driven by net capex, which improved by almost €300 million mainly thanks to an agreement between KLM and Schiphol 7 . Cash flow before change in working capital was impacted due to the payment of the Cargo claim of €368 million. The working capital movement was impacted by the payment of deferrals inherited from the pandemic amounting to €251 million. Net debt remained broadly stable at €8.4 billion. The leverage ratio stood at 1.6x, in line with the Group’s ambition of 1.5x to 2.0x. At the end of June 2026, cash at hand stood at €10.3 8 billion, above the targeted range of €6–8 billion. Sustainability 30 June 2026 30 June 2025 Change Share of new-generation aircraft 9 38% 30% +8.0pt GHG intensity (SBTi standard) in gCO₂eq/RTK (Revenue Ton Kilometer) 905 916 10 -1.2% 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 reduce the noise footprint by up to 63% compared to the previous generation aircraft they replace. At the end of June 2026, 38% of the Group’s fleet consisted of new-generation aircraft, up 8 points compared to end of June 2025. The Group plans to have up to 80% of its fleet composed of new-generation aircraft by 2030. GHG intensity (SBTi standard) At the end of June 2026, the indicator was 905 gCO₂eq/RTK, which represents a 1.2% reduction compared to end of June 2025. Competitiveness and decarbonization On June 12, 2026, Air France-KLM took part in the Paris Air Forum. The Group's presence reflected both the breadth of challenges currently facing the aviation industry and Air France-KLM's determination to engage constructively in the debates shaping its future: geopolitical resilience and fair competition; decarbonization and regulatory reform to address the competitive distortions created by regulations such as the EU Emissions Trading System (ETS) and Sustainable Aviation Fuel (SAF) mandates, which place European carriers at a structural disadvantage compared to their international competitors. The Group's leaders made clear that while the current environment is demanding, Air France-KLM remains committed to its strategic direction. Post quarter event TAP Air Portugal On July 29, Air France-KLM announced it has submitted a binding offer to Parpública for the acquisition of a 44.9% to 49.9% stake in TAP Air Portugal, marking a decisive step in the airline’s privatization process. The bid is welcomed by Air France-KLM joint venture partner and shareholder Delta Air Lines. Delta Air Lines’ support and alignment reflects a shared ambition to further strengthen Portugal’s global connectivity, particularly on the North Atlantic. If selected, Air France-KLM would position Lisbon as its unique Southern European hub, reinforcing the Group’s global network and expanding connectivity to key markets, particularly in the Americas and Africa. TAP’s leading position on strategic routes to Brazil would be a strong complement to Air France-KLM’s existing route portfolio, which is already connected to a dense domestic network in Brazil as part of a long-standing partnership with Brazilian carrier GOL. As part of the binding offer submitted today, Air France-KLM laid out its plan to develop new Maintenance, Repair and Overhaul (MRO) activities in Portugal, complementary to the continued development of the Group’s own activities in France and Netherlands. Link to original press release: Air France-KLM submits a binding offer TAP Air Portugal Sale KLM Catering Services On 1st of July, KLM and gategroup completed the acquisition of KLM Catering Services (KCS). Gategroup now holds a 75% stake in KCS, while KLM retains a 25% interest and will remain closely involved in the onboard services for its passengers. KCS will in any case continue to serve as KLM’s caterer for the next twenty years. The partnership is part of KLM’s “Back on Track” improvement program. By joining forces with gategroup, a global leader in airline catering and hospitality with operations in more than 60 countries, KLM is taking an important step toward preparing KCS for the future. In the period ahead, gategroup and KLM will continue to work together on the further development of KCS, with a focus on quality, reliability, innovation, and sustainability. At the same time, work is underway on a new facility at Schiphol. Link to original press release: KLM and gategroup complete acquisition KLM Catering Services Update on fuel price Given the current hedges and forward curves, the full year 2026 hedging result amounts to USD 1.6bn 11 and the hedging result in Q2 amounted to USD 0.6bn. Despite hedging, a total fuel bill of USD 8.9bn¹ is estimated for 2026, representing an increase of USD 2.0bn¹, compared to FY 2025. The percentage of fuel consumption already hedged for 2026 is 67% and 40% for 2027. Given the volatile market, strict adherence to the Group’s hedging policy was suspended from April 1st, 2026 and partly resumed in May, with a focus on 2027 and beyond. In response to the Middle East conflict and the reduction of industry capacity, the Group swiftly reallocated capacity by upgauging its fleet to Asia and East Africa and added additional flights. Air France-KLM introduced measures to mitigate the fuel price impact by including a higher carrier-imposed surcharge per ticket, following similar strategies by competitors. On the cost side, measures were also taken, discretionary costs are being minimized and the hiring of non-operational staff has been put on hold. FY 2026 capacity outlook: actively managed to optimize returns in a volatile context The Group expects: Air France-KLM Network: Long haul: Circa +2% (previously +2% to +4%) Short & Medium haul: Circa -1% (previously stable) Transavia: Circa +8% (previously +8% to +10%) Air France-KLM Group: Total: +2% to +3% (previously +2% to +4%) FY 2026 capacity outlook revised, unit cost guidance unchanged The Group retains an agile approach and expects: Capacity up by +2% to +3% compared to 2025 (previously +2% to +4%). Unit cost 12 up between 0% and +2%, including +0.5% from cabin premiumization (unchanged). Net capital expenditures below €3bn (unchanged). Leverage ratio between 1.5x - 2.0x (unchanged) . Business review Network result Network Second Quarter First Half-Year 2026 change change constant currency 2026 change change constant currency Traffic revenues (€m) 7,297 +9.3% 13,301 +7.0% Pax traffic revenue 6,692 +7.9 % 12,192 +6.6 % Cargo traffic revenue 604 +27.6 % 1,109 +11.5 % Total revenues (€m) 7,606 +9.7% 13,907 +7.1% Salaries and related costs (€m) -1,797 +4.0% -3,517 +3.1% Aircraft fuel, excl. ETS (€m) -2,028 +45.4% -3,241 +14.4% Other operating expenses (€m) -2,763 +4.9% -5,418 +4.2% Depreciation & Amortization (€m) -552 +8.3% -1,102 +5.8% Adjusted Operating Profit (€m) 466 -204 -134 629 +134 +159 Operating margin (%) 6.1% -3.5 pt 4.5% +0.7 pt Compared to the second quarter of 2025, total revenues increased by 9.7% to €7.6 billion. The adjusted operating profit reached €466 million, down €134 million year-on-year at constant currency. The decrease is fully driven by the increase in unit cost and increase in ETS cost. Due to the geopolitical issues in the Middle East the fuel price spiked in March, but given the delay in pricing, this increase was visible in the second quarter. Thanks to active passenger yield management and benefits from increased demand, mainly on non-stop Asia, India and East Africa routes due to Gulf hub avoidance, and thanks to strong Cargo unit revenues, the fuel price impact was fully offset for the Network business. Cargo showed a positive unit revenue development compared to last year due to strong industry demand and increased pricing following the rising fuel price. The operating margin of the Network business amounted to 6.1%, a decrease of 3.5 points compared to the second quarter of 2025. Premium and long-haul demand continued to support strong yields Passenger network Second Quarter First Half-Year 2026 change change constant currency 2026 change change constant currency Passengers (thousands) 19,811 +0.3% 37,036 +0.1% Capacity (ASK m) 71,681 +1.7% 139,364 +2.2% Traffic (RPK m) 62,298 +1.1% 120,738 +2.1% Load factor 86.9% -0.5pt 86.6% -0.1pt Total passenger revenues (€m) 6,895 +8.2% +10.7% 12,593 +6.8% +9.4% Traffic passenger revenues (€m) 6,692 +7.9% +10.5% 12,192 +6.6% +9.3% Unit revenue per ASK (€ cts) 9.34 +6.2% +8.7% 8.75 +4.3% +7.0% During the second quarter of 2026, capacity in Available Seat Kilometers (ASK) was 1.7% higher than last year. Traffic growth (1.1%) has led to a slightly lower load factor of 86.9%. Yield at constant currency showed an increase of 9.2%, leading to a unit revenue increase of 8.7% year-on-year at constant currency. The yield increase was mainly driven by the front cabins (La Premiere, Business) with a double-digit growth and Premium yield growth of 9.1%. Yield in the economy class was up 6.1%. During the second quarter we observed the following trends in: North Atlantic Unit revenue was up, driven by a strong 8.9% yield increase. The performance was particularly strong in front cabins, despite significant capacity growth. Latin America Capacity grew by 4.5% while unit revenue grew on the back of a healthy yield development (+5.5%), and broadly stable load factor. Asia & Middle East The Group’s capacity to Middle East was reduced by 80% while Asia showed a modest growth of almost 4%, resulting in a total capacity reduction of 4%. Asia benefits from Gulf hub avoidance, in particular in India. This effect is however decreasing with Gulf carriers’ capacity close to pre-war levels. Yield growth year-on-year amounted to 20.3%. Caribbean & Indian Ocean Yield in this region grew by 11%, supported by some attractive destinations. Load factor benefited as well with an increase of 1 point compared to the same period last year. Africa Strong performance driven by a yield increase of 8.6%, however the load factor went down by 2.2 points. East & South Africa benefit from Gulf Hub avoidance. Short and Medium-haul Geopolitical dynamics continued to drive high-yielding long-haul connecting traffic. This was complemented by strong local close-in demand for European and domestic routes for Air France. Strategic initiatives also contributed significantly, including the successful transfer of part of the ORY short-haul seat to CDG, supported by long-haul connecting traffic as well as strong corporate demand. Cargo: Very strong unit revenue development Cargo business Second Quarter First Half-Year 2026 change change constant currency 2026 change change constant currency Tons (thousands) 237 +8.9% 472 +6.4% Capacity (ATK m) 3,718 +2.9% 7,281 +2.9% Traffic (RTK m) 1,828 +11.3% 3,588 +7.5% Load factor 49.2% +3.7pt 49.3% +2.1pt Total Cargo revenues (€m) 711 +25.7% +28.3% 1,313 +10.5% +14.8% Traffic Cargo revenues (€m) 604 +27.6% +30.9% 1,109 +11.5% +11.5% Unit revenue per ATK (€cts) 16.26 +24.0% +26.7% 15.23 +8.4% +12.6% Global air cargo capacity started to normalize towards the end of Q2, as Middle East disruption eased, Gulf hub capacity was restored and operational pressure reduced. However, demand continued to outpace capacity growth on several key lanes, keeping the market relatively tight. In 2026’s second quarter, the Group’s Cargo business achieved an impressive increase of revenue per ATK against a constant currency of 26.7%. Since the Middle East conflict started, reduced industry capacity and strong industry demand, fueled by demand for semiconductors and AI-related hardware, increased the Group’s yield by 17.2% and load factor by 3.7pt to 49.2%. Cargo carried 237 million kilograms, representing an 8.9% increase year-on-year. The capacity grew 2.9%, despite limitations in full freighter capacity due to scheduled and unscheduled maintenance and traffic increased by 11.3% year-on-year. Transavia: positive unit revenue development insufficient to mitigate fuel price increase Transavia Second Quarter First Half-Year 2026 change 2026 change Passengers (thousands) 8,506 +13.3% 13,583 +12.5% Capacity (ASK m) 15,312 +7.3% 26,194 +9.7% Traffic (RPK m) 13,965 +9.3% 23,326 +10.6% Load factor 91.2% +1.7pt 89.1% +0.7pt Unit revenue per ASK (€cts) 6.97 +1.6% 6.27 -0.7% Unit cost per ASK (€cts) 13 6.93 -2.5% 7.28 -15.5% Total Passenger revenues (€m) 1,057 +11.7% 1,628 +10.6% Salaries and related costs (€m) -231 +9.4% -436 +8.6% Aircraft fuel, excl. ETS (€m) -306 +50.1% -448 +25.1% Other operating expenses (€m) -430 +7.2% -772 +11.0% Depreciation & Amortization (in €m) -125 +10.7% -237 +19.5% Adjusted Operating Profit (€m) -35 -52 -265 -84 Operating margin (%) -3.3% -5.2pt -16.3% -4.0pt In the second quarter, Transavia’s capacity in Available Seat Kilometers grew 7.3%, while traffic increased by 9.3%, resulting in an increase in load factor of 1.7 points. Yield remained broadly stable, resulting in a unit revenue increase of 1.6%. The capacity growth is accompanied by focused actions on unit cost reduction and network profitability, in a highly competitive environment. Transavia France and Transavia Netherlands are both currently in the middle of a fleet transition from B737 to the A320-NEO family. Due to the geopolitical situation, Transavia cancelled flights to and from Israel, Lebanon and Saudi Arabia and experienced negative booking trends to nearby destinations like Egypt, Cyprus and Turkey. Transavia France results are temporarily impacted by taking over Air France operations at Orly which was completed by the end of the first quarter. Maintenance business: Continued growth in third party revenues Maintenance Second Quarter First Half-Year 2026 change 2026 Change Total Revenues (€m) 1,418 +2.9% 2,807 +0.7% o/w Third party revenues (€m) 615 +9.5% 1,224 +6.2% External expenses (€m) -905 +0.9% -1,823 -0.3% Salaries and related costs (€m) -336 +9.5% -663 +4.6% Depreciation & Amortization (€m) -116 +12.5% -202 -0.7% Adjusted Operating Profit (€m) 61 +1 120 -3 Operating margin (%) 4.3% 0.0pt 4.3% -0.1pt In the second quarter, the third-party revenues went up 9.5% and total revenues increased by 2.9%. The supply chain remains highly disrupted, particularly as a result of GE90-related challenges and the geopolitical situation, slowing margin improvement. The adjusted operating profit and the operating margin remained at the same level as last year. Joint venture Air France-KLM and Aercap Air France Industries KLM Engineering & Maintenance and AerCap Holdings N.V. have announced the signing of an agreement to establish a 50/50 LEAP engine leasing joint venture to support the growing demand for LEAP spare engines. The joint venture follows the memorandum of understanding announced at the Paris Air Show in 2025, and is subject to the necessary approvals by the relevant authorities. The joint venture will provide spare engine support to AFI KLM E&M customers operating LEAP-powered aircraft worldwide and is expected to initially acquire approximately 40 new CFM LEAP-1A and LEAP-1B spare engines. Deliveries are scheduled through 2032, with the first four LEAP engines expected to be available to AFI KLM E&M customers by early 2027. Air France: Adjusted operating profit pressurized by fuel price and unit cost increase Air France Group Second Quarter First Half-Year 2026 change 2025 change Revenues (in €m) 5,516 +6.5% 10,084 +5.8% Salaries and related costs (in €m) -1,489 +4.3% -2,892 +3.8% Aircraft fuel, excl. ETS (in €m) -1,372 +44.4% -2,177 +14.4% Other operating expenses (in €m) -1,910 +4.4% -3,756 +5.2% Depreciation & Amortization (in €m) -519 +13.4% -1,009 +10.4% Adjusted Operating Profit (in €m) 225 -290 251 -103 Operating margin (%) 4.1% -5.9pt 2.5% -1.2pt The adjusted operating profit reached €225 million in the second quarter, down €290 million year-on-year. The operating margin decreased by 5.9 points compared to Q2 last year, impacted by a higher fuel price and higher unit costs. This evolution was primarily driven by higher salary, maintenance and flight-related costs, partly offset by favorable passenger unit revenue and strong cargo unit revenue. KLM: Stable adjusted operating profit despite higher fuel cost KLM Group Second Quarter First Half-Year 2026 change 2026 change Revenues (in €m) 3,867 +13.8% 6,854 +8.0% Salaries and related costs (in €m) -1,075 +4.5% -2,105 +2.9% Aircraft fuel, excl. ETS (in €m) -964 +48.8% -1,515 +17.6% Other operating expenses (in €m) -1,371 +7.5% -2,621 +5.1% Depreciation & Amortization (in €m) -281 +2.4% -546 +0.6% Adjusted Operating Profit (in €m) 176 +3 68 +92 Operating margin (%) 4.5% -0.5pt 1.0% +1.4pt In the second quarter, KLM reported an adjusted operating profit of €176 million, an improvement of €3 million year-on-year, driven by strong Passenger network and Cargo revenues, compensating higher fuel cost. The unit cost was largely unchanged as the Back on Track program improved productivity which compensated the increase in salary cost. The reduction in wet leases compensated for the increased maintenance cost due to supply chain issues. Flying Blue: Revenue and operating margin accelerating Flying Blue Miles Second Quarter First Half-Year 2026 change 2026 change Revenues (in €m) 325 +97 583 +156 o/w Third party revenues (in €m) 243 +86 429 +142 Adjusted Operating Profit (in €m) 91 +34 169 +66 Operating margin (%) 28.0% +3.0pt 29.0% +4.9pt In the second quarter, Flying Blue Miles generated €325 million in revenue, of which €243 million (up €+86 million), came from third-party airline and non-airline partners. Operating margin rose 3 points to 28.0%, absorbing a weaker USD. This growth is broad-based, durable, and it compounds for Air France–KLM: driving incremental revenues to the airlines and contributing to yield-optimization efforts across the Group. 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 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. In M€ YTD YTD (Y-1) Quarter Quarter (Y-1) Full year 2025 Current Operating income before IFRS 18 448 409 476 736 2,004 Dividends Received 0 0 0 0 -1 Pension - Interest cost 28 26 13 13 50 Realized foreign exchange gain (losses) - Operating 2 -4 -5 -14 16 ADJUSTED OPERATING PROFIT (AFTER IFRS 18) 478 431 484 735 2,069 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. 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 external auditors carried out limited review procedures. The issuance of the limited review report is in progress. The results presentation is available at www.airfranceklm.com on July 30, 2026 from 8:00 am CET. A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on July 30, 2026 at 09.30 am CET. To connect to the webcast, please use the link below: https://af-klm.engagestream.euronext.com/2026-half-year-results/register Investor Relations Press Office Michiel Klinkers Loulou de Winter +33 1 41 56 56 00 [email protected] [email protected] [email protected] Consolidated income statement First Quarter Second Quarter First Half-Year In M€ 2026 2025 Change 2026 2025 Change 2026 2025 Change Traffic Sales 6,580 6,294 5 % 8,363 7,649 9 % 14,943 13,942 7 % Sales - Other business 899 871 3 % 914 794 15 % 1,813 1,666 9 % Revenues 7,479 7,165 4 % 9,277 8,443 10 % 16,756 15,608 7 % Fuel and CO 2 quotas -1,443 -1,663 -13 % -2,444 -1,680 45 % -3,887 -3,343 16 % External expenses -3,110 -3,124 — % -3,260 -3,141 4 % -6,370 -6,265 2 % Salaries and related costs -2,441 -2,379 3 % -2,571 -2,462 4 % -5,012 -4,841 4 % Taxes other than income taxes -64 -63 2 % -43 -39 10 % -107 -102 5 % Capitalized production and other operating income 346 461 -25 % 358 394 -9 % 704 855 -18 % Other operating expenses -19 – nm -26 -25 4 % -45 -25 80 % Amortization -786 -759 4 % -855 -805 6 % -1,641 -1,564 5 % Reversals (additions) to provisions (leased aircraft return obligations and other provisions) 31 35 -11 % 54 72 -25 % 85 107 -21 % Foreign exchange (operating) gains (losses) after hedges -107 193 nm -39 333 nm -146 526 nm Sales of aircrafts equipment 2 -1 nm 11 -1 nm 13 -2 nm Non-recurring income and expenses – – nm -7 -10 -30 % -7 -10 -30 % Operating profit or loss -112 -135 -17 % 455 1,079 -58 % 343 944 -64 % Share of profits (losses) of associates -17 -18 -6 % 2 7 -71 % -15 -11 36 % Income from cash and cash equivalents 55 57 -4 % 47 45 4 % 102 102 — % Foreign exchange gains (losses) derivatives and other 59 -51 nm 22 -109 nm 81 -160 nm Profit or loss before financing and income taxes -15 -147 -90 % 526 1,022 -49 % 511 875 -42 % Interests expenses on financial liabilities -92 -87 6 % -83 -74 12 % -175 -161 9 % Interests expenses of lease debt -88 -80 10 % -81 -79 3 % -169 -159 6 % Undiscounting of provisions -88 -89 -1 % -86 -84 2 % -174 -173 1 % Foreign Exchange gains (losses), derivatives and other -40 52 nm -11 143 nm -51 195 nm Profit or loss before income tax -323 -351 -8 % 265 928 -71 % -58 577 nm Income taxes 72 103 -30 % -75 -279 -73 % -3 -176 -98 % Profit or loss -251 -248 1 % 190 649 -71 % -61 401 nm Net income – Non-controlling interests 35 43 -19 % 37 44 -16 % 72 87 -17 % Net income – Group part -286 -291 -2 % 153 605 -75 % -133 314 nm 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 First Quarter Second Quarter First Half-year (in € millions) 2026 2025 Change 2026 2025 Change 2026 2025 Change Traffic Sales 6,580 6,294 5 % 8,363 7,649 9 % 14,943 13,942 7 % Sales - Other business 899 871 3 % 914 794 15 % 1,813 1,666 9 % Revenues 7,479 7,165 4 % 9,277 8,443 10 % 16,756 15,608 7 % Aircraft fuel -1,355 -1,593 -15 % -2,335 -1,599 46 % -3,690 -3,192 16 % Carbon emission -88 -70 26 % -109 -81 35 % -197 -151 30 % Chartering costs -92 -106 -13 % -90 -126 -29 % -182 -232 -22 % Landing fees and air routes charges -535 -512 4 % -608 -604 1 % -1,143 -1,116 2 % Catering -230 -225 2 % -249 -246 1 % -479 -471 2 % Handling charges and other operating costs -570 -498 14 % -587 -543 8 % -1,157 -1,041 11 % Aircraft maintenance costs -862 -976 -12 % -880 -848 4 % -1,742 -1,824 -4 % Commercial and distribution costs -291 -284 2 % -315 -284 11 % -606 -568 7 % Other external expenses -530 -523 1 % -531 -490 8 % -1,061 -1,013 5 % Salaries and related costs -2,441 -2,379 3 % -2,571 -2,462 4 % -5,012 -4,841 4 % Taxes other than income taxes -64 -63 2 % -43 -39 10 % -107 -102 5 % Capitalized production 287 419 -32 % 313 336 -7 % 600 755 -21 % Other operating income 59 42 40 % 45 58 -22 % 104 100 4 % Other operating expenses -19 – nm -26 -25 4 % -45 -25 80 % Realized currency differences after hedges 1 23 -96 % -6 -22 -73 % -5 1 nm Amortization -786 -759 4 % -855 -805 6 % -1,641 -1,564 5 % Reversals (additions) to provisions (leased aircraft return obligations and other provisions) 31 35 -11 % 54 72 -25 % 85 107 -21 % Operating expenses -7,485 -7,469 — % -8,793 -7,708 14 % -16,278 -15,177 7 % Adjusted operating profit -6 -304 -98 % 484 735 -34 % 478 431 11 % Unrealized exchange difference and derivatives -108 170 nm -33 355 nm -141 525 nm Sales of aircrafts equipment 2 -1 nm 11 -1 nm 13 -2 nm Non-recurring income and expenses – – nm -7 -10 -30 % -7 -10 -30 % Operating profit or loss -112 -135 -17 % 455 1,079 -58 % 343 944 -64 % Share of profits (losses) of associates -17 -18 -6 % 2 7 -71 % -15 -11 36 % Income from cash and cash equivalents 55 57 -4 % 47 45 4 % 102 102 — % Foreign exchange gains (losses) derivatives and other 59 -51 nm 22 -109 nm 81 -160 nm Profit or loss before financing and income taxes -15 -147 -90 % 526 1,022 -49 % 511 875 -42 % Interests expenses on financial liabilities -92 -87 6 % -83 -74 12 % -175 -161 9 % Interests expenses of lease debt -88 -80 10 % -81 -79 3 % -169 -159 6 % Undiscounting of provisions -88 -89 -1 % -86 -84 2 % -174 -173 1 % Foreign Exchange gains (losses), derivatives and other -40 52 nm -11 143 nm -51 195 nm Profit or loss before income tax -323 -351 -8 % 265 928 -71 % -58 577 nm Income taxes 72 103 -30 % -75 -279 -73 % -3 -176 -98 % Profit or loss -251 -248 1 % 190 649 -71 % -61 401 nm Net income – Non-controlling interests 35 43 -19 % 37 44 -16 % 72 87 -17 % Net income – Group part -286 -291 -2 % 153 605 -75 % -133 314 nm Consolidated balance sheet ASSETS December 31, 2025 (in € millions) June 30, 2026 Goodwill 224 223 Intangible assets 1,220 1,199 Flight equipment 14,398 13,651 Other property, plant and equipment 1,792 1,679 Right-of-use assets 9,205 9,452 Investments in equity associates 235 246 Pension assets 68 57 Other non-current financial assets 1,312 1,267 Non-current derivative financial assets 221 118 Deferred tax assets 604 713 Other non-current assets 396 278 Total non-current assets 29,675 28,883 Other current financial assets 872 1,360 Current derivative financial assets 684 33 Inventories 1,064 992 Trade receivables 2,783 2,216 Other current assets 1,407 1,224 Cash and cash equivalents 5,091 4,714 Assets held for sale 31 23 Total current assets 11,932 10,562 TOTAL ASSETS 41,607 39,445 Consolidated balance sheet LIABILITIES AND EQUITY (in € millions) June 30, 2026 December 31, 2025 Issued capital 263 263 Additional paid-in capital 7,560 7,560 Treasury shares -27 -27 Perpetual 1,268 1,281 Reserves and retained earnings -8,413 -8,779 Equity attributable to equity holders of Air France-KLM 651 298 Perpetual 2,094 2,026 Reserves and retained earnings 42 40 Equity attributable to non-controlling interests 2,136 2,066 EQUITY 2,787 2,364 Pension provisions 1,679 1,654 Non-current return obligation liability 4,837 4,554 Other non-current provision 352 264 Non-current financial liabilities 7,911 7,265 Non-current lease debt 5,548 5,487 Non-current derivative financial liabilities 89 199 Deferred tax liabilities 1 — Other non-current liabilities 709 545 Total non-current liabilities 21,126 19,968 Current return obligation liability 258 334 Other current provision 506 808 Current financial liabilities 937 1,803 Current lease debt 977 958 Current derivative financial liabilities 92 255 Trade payables 3,022 2,723 Deferred revenue on ticket sales 5,838 4,264 Frequent flyer programs 927 921 Other current liabilities 5,136 5,047 Bank overdrafts 1 — Total current liabilities 17,694 17,113 TOTAL EQUITY AND LIABILITIES 41,607 39,445 Statement of Consolidated Cash Flows from January 1 until June 30, 2026 First Half-Year (in € millions) 2026 2025 Operating profit and loss 343 944 Amortization, depreciation and provisions 1,556 1,457 Result on disposals on tangible and intangible assets -13 2 Valuation of operating derivatives (non cash) 3 -7 Unrealized operating currency differences 138 -518 Other non-monetary items -327 -7 Current income tax -51 -73 Cash flow from operating activities before change in working capital 1,649 1,798 Increase (decrease) in working capital 969 1,297 Cash flow from operating activities [A] 2618 3,095 Acquisition of subsidiaries, of shares in non-controlled entities -16 -11 Purchase of property plant and equipment and intangible assets -1,910 -2,315 Proceeds on disposal of property plant and equipment and intangible assets 465 573 Interest received 84 88 Dividends received 1 9 Decrease (increase) in net investments, more than 3 months 255 13 New loans -105 -146 Repayment on loans 356 87 Realized Investing currency differences 24 -68 Net cash flow used in investing activities -846 -1,770 Payments to acquire treasury shares -1 -1 Issuance of perpetual – 494 Coupon on perpetual -55 -65 Issuance of debt 1,130 314 Repayment on debt -1,440 -1,152 Payments on lease debts -479 -487 Interest paid -469 -418 Dividends paid -1 -1 Realized Financing currency differences -111 12 Net cash flow from financing activities -1,426 -1,304 Effect of exchange rate on cash and cash equivalents and bank overdrafts (net of cash acquired or sold) 30 -30 Change in cash and cash equivalents and bank overdrafts 376 -9 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 5,090 4,820 Recurring adjusted operating free cash flow Second Quarter First Half-Year (in € million) 2026 2025 2026 2025 Net cash flow from operating activities 976 1,170 2,618 3,095 Purchase of property plant and equipment and intangible assets -970 -1,102 -1,910 -2,315 Proceeds on disposal of property plant and equipment and intangible assets 415 256 465 573 Operating free cash flow 421 324 1,173 1,353 Interest paid and received -239 -229 -385 -330 Payments on lease debts -238 -234 -479 -487 Operating free cash flow adjusted -56 -139 309 536 Exceptional payments made/(received) (1) 125 122 619 244 Recurring adjusted operating free cash flow 69 -17 928 780 (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 Return on capital employed (ROCE) In € million Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 Goodwill and intangible assets 1,444 1,434 1,422 1,390 1,390 1,377 1,375 1,356 Flight equipment 14,398 13,951 13,651 13,772 13,392 12,835 12,347 12,607 Other property, plant and equipment 1,792 1,745 1,679 1,617 1,587 1,554 1,533 1,500 Right of use assets 9,205 9,237 9,452 8,619 8,479 8,030 7,592 6,652 Investments in equity associates 235 247 246 257 205 212 216 240 Financial assets (loans and receivables) 234 228 228 212 214 217 217 232 Provisions for maintenance on leased aircraft and provisions for CO2 quotas -5,604 -5,414 -5,214 -4,689 -4,934 -5,007 -4,990 -4,358 WCR 1 -9,496 -9,513 -8,051 -8,124 -8,749 -8,983 -7,469 -7,422 Capital employed 12,208 11,915 13,413 13,054 11,584 10,235 10,821 10,807 Average capital employed (A) 12,648 10,862 Adjusted operating profit 2,117 2,022 - Dividends received -1 -1 - Share of profits (losses) of associates 10 -33 - Normative income tax -549 -513 Adjusted result from current operations after tax (B) 1,577 1,475 ROCE, trailing 12 months (B/A) 12.5% 13.6% (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 Second Quarter First Half-Year 2026 2025 2026 2025 Total operating expenses (in €m) 8,793 7,708 16,278 15,177 Carbon emission (ETS) -109 -81 -197 -151 Total other revenues (in €m) -913 -794 -1,812 -1,665 Net cost excl ETS (in €m) 7,771 6,833 14,268 13,360 Capacity produced, reported in ASK 86.99 84.78 165.55 160.30 Net cost, per ASK (in € cents) 8.93 8.06 8.62 8.33 Gross change 10.8 % 3.4 % Currency effect on net costs (in €m) -96 -308 Change at constant currencies 12.4 % 5.8 % Fuel price effect (in €m) 758 656 Net cost per ASK on a constant currency and fuel price basis excluding ETS (in € cents per ASK) 8.93 8.84 8.62 8.55 Change on a constant currency and fuel price basis excluding ETS 1.0 % 0.8 % Net debt (in € million) June 30, 2026 December 31, 2025 Current and non-current financial liabilities 8,848 9,068 Current and non-current lease debt 6,525 6,445 Accrued interest -82 -142 Deposits related to financial liabilities -79 -85 Deposits related to lease debt -81 -80 Derivatives impact on debt 12 44 Gross financial liabilities (I) 15,143 15,250 Cash and cash equivalent 5,091 4,714 Marketable securities > 3 months 733 988 Bonds 944 1,156 Bank overdrafts -1 – Net cash (II) 6,767 6,858 Net debt (I-II) 8,376 8,392 Group fleet at 30 June 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 29 1 3 33 33 B787-9 10 13 5 6 12 23 23 B787-10 15 1 12 2 15 15 1 A350-900 42 3 14 25 42 42 1 A330-300 5 5 5 5 A330-200 6 5 10 1 11 11 -3 Total Long-Haul 119 69 0 82 41 65 188 188 -1 B737-900 5 5 5 5 B737-800 28 101 34 7 88 129 128 -3 B737-700 6 6 6 6 A321NEO 16 18 7 9 18 34 34 8 A321 8 4 4 8 7 -5 A320 36 4 3 29 36 35 -1 A320NEO 30 4 1 25 30 30 7 A319 1 1 1 1 -2 A318 4 4 4 4 A220-300 57 22 14 21 57 57 5 Total Medium-Haul 106 55 149 91 34 185 310 307 9 Embraer 195 E2 25 25 25 23 2 Embraer 190 26 17 17 2 24 43 42 -3 Embraer 175 17 3 14 17 17 Embraer 170 10 10 10 10 Total Regional 36 59 0 30 16 49 95 92 -1 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 263 187 149 207 91 301 599 593 7 (1) Excluding Transavia 2026 TRAFFIC Passenger network activity Second Quarter First Half-Year Total network airlines 2026 2025 change 2026 2025 change Passengers carried (‘000s) 19,811 19,752 +0.3% 37,036 36,990 +0.1% Revenue pax-kilometers (m RPK) 62,298 61,620 +1.1% 120,738 118,266 +2.1% Available seat-kilometers (m ASK) 71,681 70,512 +1.7% 139,364 136,422 +2.2% Load factor (%) 86.9% 87.4% -0.5pt 86.6% 86.7% -0.1pt Long-haul Passengers carried (‘000s) 6,659 6,686 -0.4% 13,151 12,989 +1.3% Revenue pax-kilometers (m RPK) 50,619 50,125 +1.0% 99,972 97,480 +2.6% Available seat-kilometers (m ASK) 58,109 56,980 +2.0% 114,661 111,498 +2.8% Load factor (%) 87.1% 88.0% -0.9pt 87.2% 87.4% -0.2pt North America Passengers carried (‘000s) 2,782 2,653 +4.9% 4,774 4,598 +3.8% Revenue pax-kilometers (m RPK) 19,966 18,954 +5.3% 34,343 32,841 +4.6% Available seat-kilometers (m ASK) 23,345 21,741 +7.4% 40,189 37,916 +6.0% Load factor (%) 85.5% 87.2% -1.7pt 85.5% 86.6% -1.2pt Latin America Passengers carried (‘000s) 907 875 +3.7% 1,883 1,789 +5.3% Revenue pax-kilometers (m RPK) 8,650 8,312 +4.1% 17,805 16,859 +5.6% Available seat-kilometers (m ASK) 9,571 9,162 +4.5% 19,539 18,642 +4.8% Load factor (%) 90.4% 90.7% -0.3pt 91.1% 90.4% +0.7pt Asia / Middle East Passengers carried (‘000s) 1,333 1,461 -8.8% 2,945 2,995 -1.7% Revenue pax-kilometers (m RPK) 11,150 11,588 -3.8% 23,999 23,596 +1.7% Available seat-kilometers (m ASK) 12,502 13,022 -4.0% 27,039 26,872 +0.6% Load factor (%) 89.2% 89.0% +0.2pt 88.8% 87.8% +0.9pt Africa Passengers carried (‘000s) 930 923 +0.8% 1,895 1,895 —% Revenue pax-kilometers (m RPK) 5,743 5,674 +1.2% 11,879 11,812 +0.6% Available seat-kilometers (m ASK) 6,941 6,678 +3.9% 14,376 14,057 +2.3% Load factor (%) 82.7% 85.0% -2.2pt 82.6% 84.0% -1.4pt Caribbean / Indian Ocean Passengers carried (‘000s) 707 774 -8.7% 1,654 1,711 -3.4% Revenue pax-kilometers (m RPK) 5,110 5,597 -8.7% 11,946 12,372 -3.4% Available seat-kilometers (m ASK) 5,750 6,377 -9.8% 13,518 14,011 -3.5% Load factor (%) 88.9% 87.8% +1.1pt 88.4% 88.3% +0.1pt Short and Medium-haul Passengers carried (‘000s) 13,151 13,066 +0.7% 23,884 24,001 -0.5% Revenue pax-kilometers (m RPK) 11,679 11,495 +1.6% 20,766 20,786 -0.1% Available seat-kilometers (m ASK) 13,572 13,532 +0.3% 24,703 24,924 -0.9% Load factor (%) 86.1% 84.9% +1.1pt 84.1% 83.4% +0.7pt Transavia activity Second Quarter First Half-Year Transavia 2026 2025 change 2026 2025 change Passengers carried (‘000s) 8,506 7,506 +13.3% 13,583 12,078 +12.5% Revenue seat-kilometers (m RSK) 13,965 12,776 +9.3% 23,326 21,082 +10.6% Available seat-kilometers (m ASK) 15,312 14,266 +7.3% 26,194 23,873 +9.7% Load factor (%) 91.2% 89.6% +1.7pt 89.1% 88.3% +0.7pt Total Group passenger activity Second Quarter First Half-Year Total Group 2026 2025 change 2026 2025 change Passengers carried (‘000s) 28,317 27,258 +3.9% 50,618 49,068 +3.2% Revenue pax-kilometers (m RPK) 76,263 74,396 +2.5% 144,064 139,348 +3.4% Available seat-kilometers (m ASK) 86,993 84,778 +2.6% 165,558 160,295 +3.3% Load factor (%) 87.7% 87.8% -0.1pt 87.0% 86.9% +0.1pt Cargo activity Second Quarter First Half-Year Cargo 2026 2025 change 2026 2025 change Revenue tonne-km (m RTK) 1,828 1,643 +11.3% 3,588 3,339 +7.5% Available tonne-km (m ATK) 3,718 3,613 +2.9% 7,281 7,076 +2.9 % Load factor (%) 49.2% 45.5% +3.7pt 49.3% 47.2% +2.1pt Air France activity Second Quarter First Half-Year Total Passenger network activity 2026 2025 change 2026 2025 change Passengers carried (‘000s) 10,312 10,883 -5.2% 19,945 20,435 -2.4% Revenue pax-kilometers (m RPK) 35,941 36,823 -2.4% 70,887 70,827 +0.1% Available seat-kilometers (m ASK) 41,881 42,397 -1.2% 82,308 82,026 +0.3% Load factor (%) 85.8% 86.9% -1.0pt 86.1% 86.3% -0.2pt Long-haul Passengers carried (‘000s) 4,094 4,225 -3.1% 8,164 8,203 -0.5% Revenue pax-kilometers (m RPK) 30,401 30,942 -1.7% 60,673 60,202 +0.8% Available seat-kilometers (m ASK) 35,379 35,403 -0.1% 70,079 69,139 +1.4% Load factor (%) 85.9% 87.4% -1.5pt 86.6% 87.1% -0.5pt Short and Medium-haul Passengers carried (‘000s) 6,218 6,658 -6.6% 11,781 12,232 -3.7% Revenue pax-kilometers (m RPK) 5,540 5,881 -5.8% 10,214 10,625 -3.9% Available seat-kilometers (m ASK) 6,502 6,994 -7.0% 12,229 12,887 -5.1% Load factor (%) 85.2% 84.1% +1.1pt 83.5% 82.4% +1.1pt Cargo activity Revenue tonne-km (m RTK) 934 923 +1.1% 1,866 1,845 +1.1% Available tonne-km (m ATK) 2,073 2,112 -1.8% 4,108 4,138 -0.7% Load factor (%) 45.0% 43.7% +1.3pt 45.4% 44.6% +0.8pt KLM activity Second Quarter First Half-Year Total Passenger network activity 2026 2025 change 2026 2025 change Passengers carried (‘000s) 9,499 8,869 +7.1% 17,090 16,555 +3.2% Revenue pax-kilometers (m RPK) 26,357 24,797 +6.3% 49,851 47,439 +5.1% Available seat-kilometers (m ASK) 29,800 28,114 +6.0% 57,056 54,396 +4.9% Load factor (%) 88.4% 88.2% +0.2pt 87.4% 87.2% +0.2pt Long-haul Passengers carried (‘000s) 2,565 2,461 +4.3% 4,987 4,786 +4.2% Revenue pax-kilometers (m RPK) 20,218 19,183 +5.4% 39,299 37,278 +5.4% Available seat-kilometers (m ASK) 22,730 21,576 +5.3% 44,582 42,359 +5.2% Load factor (%) 88.9% 88.9% +0.0pt 88.2% 88.0% +0.1pt Medium-haul Passengers carried (‘000s) 6,933 6,408 +8.2% 12,103 11,769 +2.8% Revenue pax-kilometers (m RPK) 6,139 5,614 +9.4% 10,552 10,161 +3.8% Available seat-kilometers (m ASK) 7,070 6,538 +8.1% 12,474 12,037 +3.6% Load factor (%) 86.8% 85.9% +1.0pt 84.6% 84.4% +0.2pt Cargo activity Revenue tonne-km (m RTK) 895 722 +23.8% 1,723 1,506 +14.4% Available tonne-km (m ATK) 1,644 1,502 +9.5% 3,174 2,960 +7.2% Load factor (%) 54.4% 48.1% +6.3pt 54.3% 50.9% +3.4pt Attachment Q2_2026 - AFKLM - Press release