Air France. Photo: Shutterstock Air France-KLM Group has published its full-year 2025 financial results with an operating profit of €2.0 billion, the highest in the group's history. This represents an increase of around €400 million compared to 2024, when the operating profit margin climbed to 6.1% (an improvement of a full percentage point).
Total revenues reached €33.0 billion, an increase of 4.9% (6.2% in constant currency terms).
Among the key factors for success:
- Flying 102.8 million passengers, an increase of 5.0%
- 4.9% increase in capacity (ASK) and 4.3% in traffic (RPK)
- Significant revenue growth from premium classes (Business and La Première), thanks to product upgrades, fast Wi-Fi, and improved lounges
- Decrease in fuel costs (after hedging,) which contributed approximately €394 million to the bottom line
Air France led the performance with an operating profit of €1.36 billion (margin 6.7%, up 1.6 percentage points), while KLM recorded a stable operating profit of €416 million.
The low-cost Transavia brand continued to expand rapidly: revenues increased by 12.3% to €3.45 billion, and its operating loss was significantly lower than in previous years. Adjusted free cash flow amounted to a positive €1.03 billion (an improvement of €760 million), the net debt to EBITDA ratio remained stable at 1.7x (within the target range of 1.5-2.0x), and the cash balance stood at €9.4 billion, a level that provides high financial flexibility.
The group continues to accelerate fleet renewal: by the end of 2025, approximately 35% of aircraft will be new generation models (more fuel-efficient and greener), with a target of 80% by 2030. The use of sustainable aviation fuel (SAF) has increased to 2.9% of total consumption.
Group CEO Benjamin Smith said: In 2025, Air France-KLM delivered a robust performance in a challenging environment. Our airlines carried over 100 million passengers and generated an operating result of more than €2 billion, a first in our history. We advanced our premiumization strategy through enhanced customer experiences across our airlines, including new cabins, high-speed Wi-Fi, and lounges around the world, all while making significant progress toward our sustainability ambitions thanks to fleet renewal and increased SAF usage. Despite ongoing external uncertainty, we approach 2026 with confidence."
2026 forecast: capacity growth of 3-5%, moderate unit cost increase (0-2%), capital expenditure of around €3 billion, and maintaining a low leverage ratio.
The new La Première class. Photo: Air FranceThe long-term target for 2028 remains ambitious, with an operating profit margin above 8%. The positive results have already caused a sharp increase in the company's share price on the stock exchange, strengthening Air France-KLM's position as a leading player in the aviation world, even in an era of geopolitical challenges and high costs.
The French airline launched the world's most luxurious first class on the Tel Aviv-Paris route for the first time at a festive event last week at the residence of the French ambassador.