Full Year 2025

About this update from Air France-klm Sa

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","length":71,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":280,"olType":false},{"type":"text","content":" FY 2026 outlook ","length":15,"tagName":"p"},{"type":"text","content":"For 2026 the Group expects:","length":27,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Capacity up by +3-5% compared to 2025.","length":38,"tagName":"p"}]},{"val":[{"type":"text","content":"Unit cost 1 up between 0% and +2%, including +0.5% from premiumization.","length":70,"tagName":"p"}]},{"val":[{"type":"text","content":"Net capital expenditures circa €3bn.","length":36,"tagName":"p"}]},{"val":[{"type":"text","content":"Leverage ratio between 1.5x - 2.0x.","length":35,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":179,"olType":false},{"type":"text","content":"Commenting on the results, Mr. Benjamin Smith, Group CEO , said:","length":63,"tagName":"p"},{"type":"text","content":" “In 2025, Air France-KLM delivered a robust performance in a challenging environment. 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(€m)","length":38,"tagName":"p","attribs":{}}]},{"style":"width:140px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"5,058","length":5,"tagName":"p","attribs":{}}]},{"style":"width:140px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"4,244","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:362px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Net Debt/Current EBITDA ratio","length":29,"tagName":"p","attribs":{}}]},{"style":"width:140px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"1.7x","length":4,"tagName":"p","attribs":{}}]},{"style":"width:140px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"1.7x","length":4,"tagName":"p","attribs":{}}]}]}],"length":140},{"type":"text","content":" Operating result amounted to €2.0bn, an improvement of €0.4bn compared to FY 2024 ","length":81,"tagName":"p"},{"type":"text","content":"In 2025, Air France-KLM welcomed 102.8 million passengers, up 5.0% year-on-year. Capacity increased by 4.9% and traffic by 4.3%, resulting in a slight decrease from 87.8% to 87.2%.","length":180,"tagName":"p"},{"type":"text","content":"The Group unit revenue per ASK was up 1.0% year-on-year at constant currency, driven by higher Passenger network unit revenue (+2.0% at constant currency), a broadly stable unit revenue for Cargo (-0.2% at constant currency) while Transavia unit revenue declined by 1.7%.","length":271,"tagName":"p"},{"type":"text","content":"The operating result increased by €403 million year-on-year to €2.0 billion, resulting in a margin of 6.1%, up by 1 point compared to 2024. This improvement was supported by a €284 million increase in unit revenue and a fuel price decrease of €394 million, partly offset by an increase in unit cost of €324 million.","length":315,"tagName":"p"},{"type":"text","content":" Q4: stable operating result ","length":27,"tagName":"p"},{"type":"text","content":"In the fourth quarter of 2025, Air France-KLM welcomed 24.6 million passengers, up 4.8% year-on-year. As capacity increased by 6.6% and traffic by 4.9%, the load factor decreased from 87.4% to 86.0%.","length":199,"tagName":"p"},{"type":"text","content":"The Group unit revenue per ASK was down 0.5% year-on-year at constant currency, due to an anticipated reduction in Cargo unit revenues (-10.7% at constant currency) and the decline in Transavia unit revenues (-6.3%). Passenger network unit revenue increased by 2.2%, driven by premium cabins and long haul. In particular the North Atlantic, Central & South America and Asia & Middle East performed very well, while Africa was impacted by elections and the visa restrictions in the US.","length":492,"tagName":"p"},{"type":"text","content":"The operating result was broadly stable at €393 million, with a margin of 4.8%. This operating result development was supported by a €78 million decrease in unit cost, an increase in passenger unit revenue of €31 million, offset by Cargo unit revenue decline of €66 million and a fuel price increase of €78 million.","length":315,"tagName":"p"},{"type":"text","content":"Q4 unit cost 3 was down 1.1% year-on-year thanks to productivity benefits (-1.9%) partly offset by labour price increase (+0.7%), fuel efficiency and other costs (both -0.6%) totaling 2.4% cost decrease. Air Traffic Charges and Airport Charges contributed 0.7% of the unit cost increase, driven by Schiphol, and premiumization drove 0.6% of the increase. The other cost development is related to received Renewable Fuel Units in the Netherlands due to higher SAF usage and OEM compensation.","length":489,"tagName":"p"},{"type":"text","content":" Cash ","length":4,"tagName":"p"},{"type":"text","content":"In 2025, the Group reported a positive operating free cash flow of almost €2 billion, driven by a strong current EBITDA (+€814m year on year) and by a positive working capital movement of €752 million, although impacted by the payment of deferrals inherited from the pandemic amounting to €493 million. Net capex totaled €3,058 million, remained stable compared to 2024. Recurring adjusted operating free cash flow 4 reached €1,030 million, an increase of €760 million year-on-year which was almost fully driven by the current EBITDA improvement.","length":545,"tagName":"p"},{"type":"text","content":"Net debt increased to €8.4 billion, up €1,060 million. The increase is mainly explained by the repayment of the Hybrid Convertible Bond, the interest paid and received and the increase of the new and modified lease debt, partly compensated by the operating free cash flow of €1,997 million. The new and modified lease debt reached €2.3 billion which was driven by fleet renewal, ramping up rapidly via leases for the A320neo family, and extension of nine B787-9 leases.","length":469,"tagName":"p"},{"type":"text","content":"The leverage ratio stood at 1.7x, in line with the Group’s ambition of 1.5x to 2.0x and was stable compared to 2024.","length":116,"tagName":"p"},{"type":"text","content":"At end December 2025, cash at hand stood at €9.4 billion, above the targeted range of €6–8 billion and at the same level compared to year-end 2024.","length":147,"tagName":"p"},{"type":"text","content":"During 2025, the following financial transactions took place:","length":61,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"In January, the Group redeemed the remaining €515.2 million principal amount of the €750 million 1.875% notes due 16 January 2025 (ISIN: FR0014477254).","length":151,"tagName":"p"}]},{"val":[{"type":"text","content":"In May, the Group issued €500 million hybrid bonds (3.5x oversubscribed), at an annual fixed coupon of 5.75% (yield at 5.875%) until the first reset date. The Hybrid Bonds, undated and deeply subordinated, were rated BB by Fitch and B+ by S&P and qualify for 50% equity with both rating agencies.","length":300,"tagName":"p"}]},{"val":[{"type":"text","content":"In July, Air France-KLM fully redeemed the perpetual bonds issued in July 2022 for an amount of €500 million. These bonds were issued by an operating affiliate of Air France, that owns a pool of spare engines dedicated to the airline’s Engineering and Maintenance activities and was fully subscribed by Apollo affiliated entities.","length":330,"tagName":"p"}]},{"val":[{"type":"text","content":"In August, Air France-KLM placed €500 million senior unsecured notes under its EMTN (Euro Medium Term Notes) Programme. The maturity of the notes is 5 years with a fixed annual coupon of 3.75% (yield at 3.866%).","length":211,"tagName":"p"}]},{"val":[{"type":"text","content":"In November, the Group exercised its option to redeem all of the outstanding hybrid convertible bonds from the First Hard Call Date at a price per HC Bond equal to par (€100,000). In total €305 million plus accrued interest of €1,625 (the “Redemption price”) per HC bond, which has been paid. ","length":292,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1284,"olType":false},{"type":"text","content":"These transactions enable the Group to simplify its balance sheet and optimize its cost of financing while maintaining financial flexibility. The Group’s strategy is to reduce the stock of subordinated instruments on its balance sheet.","length":235,"tagName":"p"},{"type":"text","content":"Early January 2026, Air France-KLM placed €650 million senior unsecured notes under its EMTN (Euro Medium Term Notes) Program. The maturity of the notes is 5 years and the notes carry a fixed annual coupon of 3.875% (the yield was fixed at 4.033%). The high level of oversubscription and quality of demand allowed the Group to achieve the lowest credit spread in its history and to increase the size from €500 million to €650 million. The proceeds of the issue will be used for general corporate purposes and to redeem the first tranche of the Sustainability Linked Bonds (€500m, coupon 7.25%) in May 2026.","length":606,"tagName":"p"},{"type":"text","content":" M&A ","length":7,"tagName":"p"},{"type":"text","content":" SAS ","length":3,"tagName":"p"},{"type":"text","content":"On the 4 th of July 2025, Air France-KLM announced that it will initiate proceedings to take a majority stake in SAS. The Group currently holds a 19.9% stake in the Scandinavian carrier and since the summer of 2024, it has implemented a commercial cooperation between SAS, Air France and KLM in the form of extended code-share and interline agreements, further strengthened by SAS joining the SkyTeam alliance.","length":409,"tagName":"p"},{"type":"text","content":"Provided all the necessary conditions are met, Air France-KLM would fully acquire the stakes held by Castlelake and Lind Invest, bringing its own stake to 60.5%. The Danish State would retain its 26.4% stake in SAS and its seats on the Board of Directors.","length":255,"tagName":"p"},{"type":"text","content":"The value of Air France-KLM’s contemplated investment in SAS would be determined at closing, based on SAS’s latest financial performance – including current EBITDA and Net Debt.","length":177,"tagName":"p"},{"type":"text","content":" WestJet ","length":7,"tagName":"p"},{"type":"text","content":"Air France-KLM announced on October 23 rd that it has purchased a stake in WestJet from its joint venture partner Delta Air Lines, which had taken a 15% minority stake, as part of a previously announced separate transaction also involving Korean Air’s purchase of a 10% interest. The shares purchased by all three airlines represent a 25% combined interest (Delta Air Lines: 12.7%, Korean Air: 10% and Air France-KLM: 2.3%), sold by funds and co-investors affiliated with Onex Partners, a Canadian investor and alternative asset manager which is WestJet’s controlling shareholder.","length":579,"tagName":"p"},{"type":"text","content":"WestJet, Canada’s second largest airline and the leading carrier in Western Canada, has been a partner of Air France-KLM since 2009 through code share and loyalty program agreements. The airline ranks as Air France-KLM’s sixth largest partner in terms of enabled revenues. The partnership continues to strengthen as WestJet expands its long-haul network between Canada and Europe, offering more than 100 destinations that complement Air France-KLM’s network of over 300 destinations worldwide.","length":493,"tagName":"p"},{"type":"text","content":" Sustainability ","length":14,"tagName":"p"},{"type":"text","content":"Sustainability is a collective responsibility, and Air France-KLM is committed to play its role. The Group supports the adoption of ambitious environmental targets, advocating for an industry- wide transformation that ensures a global level playing field.","length":255,"tagName":"p"},{"type":"text","content":"Air France-KLM's ambition is to reduce greenhouse gases (GHG) emissions and limit the increase in the global average temperature to 1.5°C above pre-industrial levels, in line with the Paris Agreement. This ambition is fully aligned with the International Civil Aviation Organization’s (ICAO) long-term global aspirational goal of net-zero carbon emissions by 2050. To achieve this ambition, the Group has formulated a Transition Plan with levers including the renewal of its fleet, the use of SAF and the continuous improvement of its operational measures and business model.","length":579,"tagName":"p"},{"type":"text","content":" Sustainability Key Performance Measures ","length":39,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:162px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" 31 December 2025 ","length":16,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" 31 December 2024 ","length":16,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Change ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:162px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"New generation fleet 5 ","length":21,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"35%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"27%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"+8pt","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:162px;vertical-align:middle;","val":[{"type":"text","content":"SAF incorporation rate","length":22,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"2.9%","length":4,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"1.3%","length":4,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"+123.1%","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:162px;vertical-align:middle;","val":[{"type":"text","content":"GHG intensity (SBTi standard) in gCO2eq/RTK","length":43,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"913","length":3,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"928","length":3,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"-1.6%","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:162px;vertical-align:middle;","val":[{"type":"text","content":"ICAO chapter 14 eligible aircraft in the fleet in operation (in %)","length":66,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"42.7%","length":5,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"36.9%","length":5,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"+5.8pt","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:162px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Women in the top 10% of highest management level (in %)","length":55,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"36.6%","length":5,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"36.0%","length":5,"tagName":"p","attribs":{}}]},{"style":"width:160px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"+0.6pt","length":6,"tagName":"p","attribs":{}}]}]}],"length":313},{"type":"text","content":" Fleet renewal ","length":13,"tagName":"p"},{"type":"text","content":"Fleet renewal is a cornerstone of the Group’s Transition Plan. In line with its fleet renewal strategy, Air France-KLM continues to take delivery of new generation aircraft such as Airbus A350s, B787-10, A320neo family aircraft, A220s and Embraer 195-E2s. These new generation aircraft consume 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.","length":433,"tagName":"p"},{"type":"text","content":"At the end of December 2025, 35% of the Group’s fleet consisted of new-generation aircraft, +8 points compared to 2024. The Group plans to get up to 80% of its fleet with new-generation aircraft by 2030.","length":203,"tagName":"p"},{"type":"text","content":" SAF The Group aims to continue increasing its SAF incorporation as part of its Transition Plan. In 2025, the Group incorporated 244 kilotons of SAF, representing 2.9% of the total fuel, which is well above the legal mandates of c. 1.2%.","length":236,"tagName":"p"},{"type":"text","content":"In line with its objective to reduce total GHG emissions, Air France-KLM aspires to go beyond the European mandate of 6% for flights departing from Europe as the Group has the ambition to incorporate up to 10% of SAF in 2030.","length":225,"tagName":"p"},{"type":"text","content":"Furthermore, the Group is working on increasing SAF demand and usage, contributing to its development worldwide. This is achieved by forging multi-year supply agreements and actively supporting suppliers in their journey towards achieving the highest sustainability standards. The Air France-KLM’s long-term SAF deals with TotalEnergies, Neste, SkyNRG and DG Fuels, cover a total of 3.5 million tons until 2043.","length":411,"tagName":"p"},{"type":"text","content":" Operational efficiency measures All the airlines within the Air France-KLM Group have put in place programs to improve the Group’s energy efficiency and reduce its GHG emissions; The actions are related to flight trajectory optimization, fuel policy, ecopiloting, aircraft performance and onboard weight reduction. In ground operations, energy consumption management and operational efficiency enhancement initiatives have been implemented.","length":440,"tagName":"p"},{"type":"text","content":" Business model The Group is structurally reducing the shortest routes in its network, notably by lowering capacity on the French domestic market. In parallel, thanks to strategic partnerships with railway operators, the Group offers intermodal products, enabling customers to combine alternative modes of transportation with lower GHG emissions.","length":345,"tagName":"p"},{"type":"text","content":" GHG intensity per RTK (revenue ton-kilometer) As the result of the above investments and actions, in 2025, the GHG intensity was 913 gCO₂eq/RTK, which represents a 1.6% decrease compared to 2024.","length":195,"tagName":"p"},{"type":"text","content":"The Air France-KLM Group has not achieved the sustainability performance target of reduction of its GHG emission intensity by 10% from a 2019 baseline by 2025 6 , as defined in the final terms of the Sustainability Linked Bonds issued in January 2023.","length":249,"tagName":"p"},{"type":"text","content":"Air France-KLM and its airlines faced headwinds to its GHG intensity progression including delays in fleet renewal plan due to constraints in the supply chain; engine issues with part of its new generation aircraft fleet (such as several Airbus A220’s) not allowing the Group to operate them to their maximum capacity; higher fuel consumption due to longer flight time on certain routes caused by different geopolitical circumstances. These headwinds were faced by several actors in the airline industry.","length":504,"tagName":"p"},{"type":"text","content":"It results in the following consequences for the Sustainability Linked Bonds:","length":77,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"For bonds maturing on May 31, 2026 : payment of a €750 redemption premium per bond on May 31, 2026","length":98,"tagName":"p"}]},{"val":[{"type":"text","content":"For bonds maturing on May 31, 2028 : a 0.375% step-up on the coupons to be paid on 31 May 2027 and on 31 May 2028","length":113,"tagName":"p"}]},{"val":[{"type":"text","content":"The cost impact for the 2 bonds amounts to €7.5 million ","length":55,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":266,"olType":false},{"type":"text","content":" Acoustic impact The Air France-KLM Group's acoustic impact is measured according to the eligibility of its fleet in operation for ICAO noise chapters. The indicator measures the percentage of aircraft according to their margin eligible for Chapter 14 (the most efficient noise level for jet aircraft to date). In 2023, 100% of the Air France-KLM fleet was eligible for certification under the strict noise level criteria of ICAO chapters 4 and 14. Therefore, in 2024, Air France-KLM has decided to focus on Chapter 14, the strictest ICAO noise level criteria. In 2025, our performance on ICAO chapter 14 stood at 42.7%, an increase of 5.8 points compared to 2024.","length":667,"tagName":"p"},{"type":"text","content":" Diversity: Women in the top 10% of highest management level Air France-KLM has set a long-term objective of reaching parity between men and women within the top 10% highest levels of management, with a target of at least 40% by 2030. In 2025, it stood at 36.6%, an increase of 0.6 points compared to 2024.","length":306,"tagName":"p"},{"type":"text","content":" ESG Ratings Independent rating agencies regularly assess the activities of the Air France-KLM Group according to ESG criteria (Environmental, Social, Governance). For the year 2025, the Group has received the below scores in four important ESG ratings.","length":252,"tagName":"p"},{"type":"text","content":" CDP: “A“ score on Climate By scoring an “A” on Climate (improvement from score B in 2024), the Group demonstrated environmental transparency and leadership, and is among the top 4% of companies scored by CDP in 2025. An “A” score reflects not just disclosure, but credible, verified action across governance, targets and value chains.","length":334,"tagName":"p"},{"type":"text","content":" EcoVadis: Gold medal 7 (83/100) Improvement from 77/100 to 83/100. This is an acknowledgement (issued in January 2026) of being among the top 5% relative to all other assessed companies. The EcoVadis assessment evaluates 21 sustainability criteria across four core themes: Environment, Labor & Human Rights, Ethics and Sustainable Procurement. More than 130,000 companies globally have been rated by EcoVadis. The Air France-KLM Group demonstrates an advanced sustainability management system that covers all four themes under review.","length":538,"tagName":"p"},{"type":"text","content":" MSCI ESG Rating : BBB The US rating agency MSCI² has reanalyzed the Air France-KLM Group's sustainability management and given it a “BBB” rating (issued in February 2025). MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers.","length":419,"tagName":"p"},{"type":"text","content":" ISS ESG Corporate Rating : In the ISS ESG Corporate Rating 2025, the Air France-KLM Group has been awarded “Prime Status” with a “C+”. Prime status refers to a company’s demonstrated ability to adequately manage material ESG risks.","length":231,"tagName":"p"},{"type":"text","content":" Post quarter events ","length":19,"tagName":"p"},{"type":"text","content":"Early January 2026, the operations in Amsterdam in particular and in Paris were hampered by severe weather conditions, which will impact the Group’s operating result by circa €90 million in Q1 2026.","length":198,"tagName":"p"},{"type":"text","content":" Update on fuel hedging policy ","length":29,"tagName":"p"},{"type":"text","content":"The Group has adjusted its fuel hedging policy as per the first of January 2026 which results in an extension of the hedging horizon from six quarters to eight quarters. At the same time, the hedging percentages of the quarters +2 to +5 will increase. This will increase the total exposure over one year consumption from 68% to 87%.","length":332,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"2","style":"width:289px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Previous hedging policy ","length":23,"tagName":"p","attribs":{}}]},{"style":"width:19px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:334px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Rolling fuel hedging policy as per January 1st, 2026 8 ","length":53,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:161px;text-align:center;vertical-align:middle;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Quarter 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