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FULL YEAR 2025 RESULTS
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FY 2025 HIGHLIGHTS Benjamin Smith – Chief Executive Officer Air France-KLM 2
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WE ARE CONSISTENTLY EXECUTING OUR STRATEGIC PLAN ACROSS ALL THE PILLARS Boost profitability to join Europe’s frontrunners Increase employee engagement and satisfaction Lead the way toward a more sustainable aviation Maximise customer satisfaction and enhance brand value Leverage technology, innovation and data Improve market position and strengthen business models Air France- KLM Group Strategic Pillars Nordic footprint reinforced, enhancing access to key markets through the SAS acquisition1 Harvesting the Benefits of Brands Clarification and Premiumization Increased employees' engagement, driven by a targeted action plan Business performance enhanced through Innovation and IT simplification Further advancing on ESG-related initiatives, including fleet renovation and SAF blending +1.0pt Operating margin +33% EPS2 244 Legacy Apps retired 35% New gen ac Notes: (1) subject to approval; (2) Employee Promoter Score 3 Operating margin increased, reflecting disciplined execution and cost control
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FY 2025: STRONG EXECUTION DELIVERING ALL-TIME RECORD OPERATING RESULT +5% vs. LY 102.8m Passengers carried +4.9% vs. LY €33bn Group revenues +€400m vs. LY €2.0bn Operating result Stable vs. LY 1.7x Net debt/Current EBITDA +€760m vs. LY €1.0bn Rec. adj. operating free cashflow +€1.6bn vs. LY €2.4bn Equity All-time high 4
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CELEBRATING ANOTHER YEAR OF COLLECTIVE COMMERCIAL ACHIEVEMENTS 5
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20 YEARS OF MILES, 20 YEARS OF MEMORIES: BUILDING LASTING CUSTOMER LOYALTY Flying Blue Members 30M+ Partner Airlines 40 Commercial Partners 100+ Co-Branded Credit Cards 12+ Miles Donated to NGO’s 1.2bn Best Airline Loyalty Program1 for the second consecutive year Notes: (1) according to point.me 6
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+3pts +2pts SUSTAINED PREMIUMIZATION DRIVING REVENUE GROWTH REVENUE MIX EVOLUTION 2025 vs. 2024 vs. 2023, % Premium Revenue1 2025 vs. 2024 +17% La Première +9% Business +18% Premium/Comfort2 (with stable load factors) +23% Direct Online (+9% on Total Revenue volumes) Notes: (1) Premium Revenue Includes La Premiere, Business, Premium and Premium Comfort cabins; (2) Premium/Comfort revenue includes Premium and Premium Comfort cabins of Air France and KLM respectively 7 La Première/Business Premium/Comfort Economy 25.6% 5.6% 2023 26.9% 7.1% 2024 28.1% 8.0% 2025
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SIGNIFICANT ANCILLARY REVENUE GROWTH CONTINUES ACROSS ALL AIRLINES €0.4bn €1.0bn 2023 €0.6bn €1.1bn 2024 €0.8bn €1.2bn 2025 €1.3bn €1.7bn €2.1bn+26% +23% ANCILLARY REVENUE EVOLUTION1 €M, 2024, 2025 The revenue of all ancillary segments continue to progress throughout the group. Seat Selection segment achieves double- digit growth for the second consecutive year, proposing more dynamic options at check-in. Stronger performance in Hand Luggage continue to support revenue increase. Note: (1) Transavia ancillary revenue do not include buy on board service 8
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Gold medal recognition2, top 98th percentile Improvement from B to A on Climate SIGNIFICANT PROGRESS ON SUSTAINABILITY RECOGNIZED BY THE INDUSTRY 9 New generation aircraft making our fleet more efficient and reducing our noise footprint 35% SAF blend on total fuel consumed, significantly above the regulatory requirements1 Investments in new generation aircraft and voluntary SAF blend put us among the industry leaders in terms of sustainability commitment Notes: (1) The legal mandates represent ~1.2%; (2) https://recognition.ecovadis.com/76YG3OhszkuDXDd77tUCHw ~2.9%
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THE STRATEGIC CONTRIBUTION OF CARGO & MRO: LEVERAGING INNOVATION FOR THE CUSTOMER-CENTRICITY More than 90% of all bookings made through digital channels Global rollout of the new CRM360 platform completed PLUS service level strengthened its position as a customer favorite Named the “Airline of Excellence in Europe” by World Air Cargo Awards More than 30 new contracts leading to order book amounting to a total of $10.7bn Next gen technologies: Leap industrialization, new test cell capabilities, 101st Leap engine inducted Awarded European MRO of the Year by Airline Economics Expansion of industrial footprint, grand opening of the new APU facility in Amsterdam 10
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FY 2025 FINANCIAL RESULTS Steven Zaat – Chief Financial Officer Air France-KLM 11
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12 Operating margin €33.0bn +4.9% YoY 6.1% +1.0pt YoY 2024 285 Unit revenue1 -322 Unit cost2 394 Fuel price3 46 Currency & other 2025 1.601 2.004 +403m Revenues Operating result evolution 1) Unit revenue at constant currency 2) Unit cost at constant fuel, constant currency and excluding ETS 3) Including ETS cost 4) Significantly impacted by unrealized foreign exchange results (negative previous year and positive in the current year) and the improved operating result Net result €1.8bn +€1.3bn4 YoY +1.0% YoY +1.2% YoY Unit revenue1 Unit cost2 Operating Key Performance Indicators FY 2025: OPERATING RESULT BREAKING THE €2BN MARK, MARGIN IMPROVING TO 6.1%
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Air France-KLM passenger network + cargo = network 1) Capacity is defined as Available Seat Kilometers (ASK), except for Network Cargo capacity which is Available Ton Kilometer s (ATK). Group capacity is defined as Passenger ASK (Network Passenger ASK + Transavia ASK) 2) Unit revenues = revenue per ASK, Cargo unit revenues = Cargo revenue per ATK, Group unit revenue = (Network traffic revenu es + Transavia traffic revenues) / (Network Passenger ASK + Transavia ASK). 3) Revenue is the third-party revenues, margin calculated on the total revenues 13 POSITIVE MARGIN DEVELOPMENT FOR NETWORK AND MAINTENANCE TRANSAVIA TEMPORARILY HAMPERED BY TAKE OVER OF AIR FRANCE OPERATIONS AT ORLY FY 2025 vs FY 2024 3 Capacity1 Unit Revenue2 Constant Curr. Revenues (€ m) Change Operating result (€ m) Change Operating margin Change +3.3% +2.0% 24,828 +4.0% +2.6% -0.2% 2,389 -0.1% Transavia +14.9% -1.7% 3,451 +12.3% -49 -52m -1.4% -1.5 pt Maintenance 2,307 +10.6% 267 +97m 4.8% +1.5 pt Group +4.9% +1.0% 33,007 +4.9% 2,004 +403m 6.1% +1.0 pt Network 1,777 +355m 6.5% +1.1 pt
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CONTINUED IMPROVEMENT AT AIR FRANCE, KLM NEEDS TO ACCELERATE FURTHER TRANSFORMATION NB: Sum of individual airline results does not add up to Air France -KLM total due to intercompany eliminations at Group level 1) Flying Blue Miles total gross turnover, including third party airline and non-airline partners revenue 14 1 FY 2025 vs FY 2024 Capacity change Revenues (€ m) Change YoY Operating result (€ m) Change YoY Operating margin Change YoY +4.9% 20,242 +5.3% 1,362 +382 6.7% +1.6 pt +5.0% 13,205 +3.9% 416 +1 3.2% -0.1 pt 886 +9.2% 218 +18 24.6% -0.1 pt +4.9% 33,007 +4.9% 2,004 +403 6.1% +1.0 pt • Air France: Operating margin increased to 6.7% thanks to Passenger network supported by premiumization and maintenance • KLM: The operating result remained stable as productivity gains, cost reductions and revenue optimization of the Back on Track program contributed at least €450 million which mitigated headwinds like the 41% tariff increase at Schiphol, low yielding passenger demand pressure (especially impacting KLM as connecting carrier) and operational disruptions. • Flying Blue: Revenues continued to grow year-on-year, despite weaker USD, thanks to volumes.
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IMPROVEMENT IN PROFITABILITY DRIVING OPERATING FREE CASH FLOW UP BY €1.5BN VS 2024 Net debt at 31 December 2024 Operating free cash flow New and modified lease debt Interest paid and received3 Currency & other Net debt at 31 December 20252 15 Cash flow before change in working capital Change in working capital Net investments Operating free cash flow Payment of lease debt and net interest Exceptionals1 Recurring adjusted operating free cash flow 1) Deferred social charges & wage taxes inherited from the pandemic 2) Net debt/Current EBITDA 3) Including hybrid coupons Adjusted operating free cash flow = recurring adjusted operating free cash flow corrected for exceptionals 2025 Free cash flow evolution (In € m) 2025 Net debt evolution (In € m) Change in working capital negatively impacted by €493m deferred social charges and wage taxes (‘exceptionals’) -3,058 1,997 493 -1,460 1,030 4,782 273 New and modified lease debt exceptionally high amount in 2025 driven by: - Increase of operational leases to ramp up quickly the share of Airbus 320neo family and extension of KLM’s B787-9 operational lease Hybrid Convertible Bond qualified as IFRS equity, with redemption increasing net debt but reducing finance cost Leverage ratio: 1.7x end 2025, stable vs 2024 7,332 -1,997 2,321 741 305 -310 8,392 Repayment of Nov. 2022 Hybrid Convertible Bond FY 2024: €271m FY 2024: €446m
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16 CONTINUED BALANCE SHEET SIMPLIFICATION Ongoing simplification of AF-KLM balance sheet • Redemption in November of the Hybrid Convertible Bond (€0.3bn) issued in November 2022 (coupon: 6.5%) • Redemption in July of the perpetual bonds (€0.5bn) issued by an ad hoc operating affiliate of Air France owning spare engines to Apollo (coupon: 6.0%) • Issuance of €0.5bn hybrid bond in May (coupon: 5.75%) • Strategy to reduce the stock of subordinated instruments in our balance sheet • Net result generation to further strengthen the balance sheet Cash at hand at €9.4bn well above targeted liquidity level between €6bn and €8bn Successful €650m 5-year senior bond issuance in January 2026 with 3.875% fixed annual coupon and lowest credit spread for a bond issued by AF-KLM. • Proceeds to redeem the first tranche of the Sustainability Linked Bonds (€500m, coupon 7.25%) in May 2026 IFRS Equity at €2.4bn
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Q4 2025 FINANCIAL RESULTS Steven Zaat – Chief Financial Officer Air France-KLM 17
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DESPITE FRONT LOADING CARGO LAST YEAR, OPERATING RESULT BROADLY STABLE WITH UNIT COST DECREASE 18 Operating margin €8.2bn +3.9% YoY 4.8% -0.2pt YoY 396 393 Q4 2024 31 Pax Unit revenue1 -66 79 Unit cost2 -78 Fuel price3 31 Currency & other Q4 2025 -3m Revenues Operating result evolution (in €m) 1) Unit revenue at constant currency 2) Unit cost at constant fuel price, constant currency and excluding ETS 3) Including ETS cost 4) Significantly impacted by unrealized foreign exchange results previous year Net result €585m +€606m⁴ YoY -0.5% YoY -1.1% YoY Unit revenue1 Unit cost² Operating Key Performance Indicators Cargo Unit revenue1
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Air France-KLM passenger network + cargo = network 1) Capacity is defined as Available Seat Kilometers (ASK), except for Network Cargo capacity which is Available Ton Kilometer s (ATK). Group capacity is defined as Passenger ASK (Network Passenger ASK + Transavia ASK) 2) Unit revenues = revenue per ASK, Cargo unit revenues = Cargo revenue per ATK, Group unit revenue = (Network traffic revenu es + Transavia traffic revenues) / (Network Passenger ASK + Transavia ASK). 3) Revenue is the third-party revenues, margin calculated on the total revenues 19 A MIXED UNIT REVENUE TREND, ROBUST PASSENGER NETWORK, CARGO SOFTER AS EXPECTED Q4 2025 vs Q4 2024 3 Capacity1 Unit Revenue2 Constant Curr. Revenues (€ m) Change Operating result (€ m) Change Operating margin Change +4.3% +2.2% 6,198 +4.7% +4.5% -10.7% 661 -8.5% Transavia +21.8% -6.3% 737 +13.7% -73 +11m -9.9% +3.0 pt Maintenance 582 +0.7% 46 +0m 3.3% +0.0 pt Group +6.6% -0.5% 8,186 +3.9% 393 -3m 4.8% -0.2 pt Network 414 -18m 6.0% -0.5 pt
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OPERATING RESULT BROADLY STABLE NB: Sum of individual airline results does not add up to Air France -KLM total due to intercompany eliminations at Group level 1) Flying Blue Miles total gross turnover, including third party airline and non-airline partners revenue 20 Q4 2025 vs Q4 2024 Capacity change Revenues (€ m) Change YoY Operating result (€ m) Change YoY Operating margin Change YoY +6.5% 5,026 +3.8% 256 -46 5.1% -1.1 pt +6.7% 3,269 +3.5% 78 +27 2.4% +0.8 pt 241 +16.4% 58 +14 24.1% +2.8 pt +6.6% 8,186 +3.9% 393 -3 4.8% -0.2 pt 1 • Air France: The operating margin declined -1.1 point compared to the fourth quarter 2024 driven by a higher fuel price, higher ETS cost and maintenance cost. • KLM: The operating result increased by €27 million to €78 million with a 2.4% margin as a result of lower unit cost. The Back on Track program contributed to this margin improvement and the long-haul capacity increased by almost 6 percent compared to the fourth quarter last year. • Flying Blue: Revenues continued to grow year-on-year, despite weaker USD, thanks to volumes.
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4.5% -1.1 pt 3.4% 6.6% -1.3 pt 2.3% 6.1% -0.9 pt 4.9% 2.2% -2.1 pt 2.7% 3.1% -4.1 pt -1.0% 1) Air France-KLM Passenger network, excluding Transavia First & Business1 Economy1 North America Asia & Middle East Latin America Caribbean & Indian Ocean Africa Total Q4 2025 vs Q4 2024 1.9% -0.5 pt 6.0% 88% 87%86% 87% 3.2% -1.5 pt 0.1% Total Long-Haul 83% Short & Medium-Haul1 Transavia 10.3% 0.7 pt 2.1% 84% 91% 82% 88% 77% 86% 21 xx% Actual Load factorASK Yield ex currencyLoad factor change NORTH ATLANTIC TRENDS IMPROVING AND PREMIUM CABINS REMAINING SUPPORTIVE Premium Economy1 8.0% -2.5 pt 6.8% 4.0% -1.4 pt 0.0% 82% 21.8% -2.3 pt -3.7% 5.8% 0.8 pt 4.1%
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0.7% -1.1% -0.6% -0.6% Labour price -1.9% Productivity Fuel efficiency Other 0.7% ATC & Airport charges 0.6% Premiumization Unit cost1 In % year-over-year UNIT COST REDUCTION DRIVEN BY PRODUCTIVITY GAINS Q4 Unit cost per ASK evolution 1) At constant fuel price including SAF, constant currency and excluding Emission Trading Scheme cost (ETS) against 2024 22 ATC & Airport charges, mainly driven by the 41% tariff increase at Schiphol Unit cost up due to Premiumization of the cabin driving unit revenue gains -2.4%
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OUTLOOK Steven Zaat – Chief Financial Officer Air France-KLM 23
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Q1 2026 FORWARD BOOKINGS IN LINE WITH PREVIOUS QUARTERS Snapshot of the 13th of February 2025 and 2026 Long-Haul Short & Medium-Haul Forward booking load factor 2026Forward booking load factor 2025 Transavia 24 74% 72% 2025 2026 71% 69% 2025 2026 82% 81% 2025 2026 • Early January weather episode in Amsterdam and Paris impacting operating result by €90m in Q1 2026 Q1
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TOTAL FUEL BILL EXPECTED BELOW LAST YEAR, WITH 62% HEDGED Market price Price after hedge Fuel bill after hedge excl SAF ($m) 6,900 Based on forward curve at 13tn February 2026. Jet fuel price including into plane cost, excluding SAF premium. 25 ~6,900 FY 2025 FY 2026 62% hedged SAF premium cost (€m) 230 ~230 Brent ($ per bbl) Jet fuel ($ per metric ton) Jet fuel ($ per metric ton) % of consumption already hedged Hedge result (in $ m) Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2026 68 67 66 65 65 66 792 802 784 770 760 778 808 802 783 770 761 778 69% 70% 69% 60% 47% 62% -138 -1 1 0 -3 -3
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26 NEW HEDGING POLICY INCREASES HEDGE MATURITIES AND WILL ADD C.20% HEDGING ON 1 YEAR CONSUMPTION • Increase the maturity of the portfolio by 2 quarters to limit volatility • Total exposure over 1 year consumption will move to 87% vs. 68 % currently 70% 55% 40% 25% 10% Old rolling fuel hedging policy New rolling fuel hedging policy1 as per January 1st, 2026 70% 1) At the beginning of the quarter Current quarter Q+1 Q+2 Q+3 Q+4 Q+5 Q+6 Q+7 70% 70% 60% 50% 40% 30% 20% 10% Current quarter Q+1 Q+2 Q+3 Q+4 Q+5
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FY 2026 vs 2025 Long Haul c.+4% Short and Medium Haul Stable Transavia c.+10% Total +3-5% vs. 2025 27 2026 CAPACITY OUTLOOK
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2026 OUTLOOK FY 2026 Group Capacity +3-5% vs. 2025 Unit cost1 0% to +2% Including 0.5% increase linked to premiumization Net Capex (c.80% fleet/fleet related) c.3bn Net Debt/Current EBITDA 1.5x to 2.0x 1) At constant fuel price including SAF, constant currency and excluding Emission Trading Scheme cost (ETS) against 2025 28
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29 2028 OUTLOOK 1) At constant fuel price including SAF, constant currency and excluding Emission Trading Scheme cost (ETS) Operating margin Above 8% Adj. Operating free cash flow Significantly positive Unit cost1 Reduction Leverage Investment grade Disciplined capital expenditures
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CONCLUDING REMARKS Benjamin Smith – Chief Executive Officer Air France-KLM 30
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TO CONCLUDE 2025: IMPROVED PERFORMANCE IN A DEMANDING ENVIRONMENT Disciplined execution delivering revenue and margin growth despite ongoing external challenges. PREMIUMIZATION GAINING MOMENTUM Sustained premium demand supported by new cabin experiences, redesigned airport lounges and an enhanced end-to-end customer journey. RESILIENT CASH PERFORMANCE Strong free cash flow generation underpinned by improved profitability and investment discipline. DELIVERING ON SUSTAINABILITY COMMITMENTS Continued progress through fleet renewal and SAF adoption, alongside external recognition that positions the Group among the industry leaders. OUTLOOK Confident in further delivering our strategic roadmap, continuing the transformation of KLM, and playing an active role in European consolidation 31
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APPENDIX 32
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Revenues and costs per currency FY 2025 REVENUES COSTS CURRENCY IMPACT ON OPERATING RESULT Currency impact on revenues and costs In € m Currency impact on revenues Currency impact on costs, including hedging XX Currency impact on operating result 7 30 70 US dollar Other currencies (mainly euro) 20 2060 US dollar (and related currencies) Other currencies Euro Q4 2025 -204 211 33
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DEBT REDEMPTION PROFILE AT 31 DECEMBER 2025 800 700 650 850 650 600 1,700 400 650 500 500 500 2026 2027 2028 2029 2030 2031 2032 and beyond Other long-term Debt: AF and KLM Secured Debt, mainly “Asset-backed” Debt reimbursement profile(1) In €m (1) Excluding operating lease debt payments, KLM perpetual debt, Air France perpetual quasi-equity and accrued interest (2) Payment of a €750 redemption premium per bond on May 31, 2026 (3) A 0.375% step-up on the coupons to be paid on 31 May 2027 and on 31 May 2028 Bonds issued by Air France-KLM June 2026: AFKL 3.875% (̴€300m, initially €500m) December 2026: AFKL 4.35% $145m Sustainability-Linked Bonds May 2026: 7.250%² (€500m) May 2028: 8.125%³ (€500m) May 2029: AFKL 4.625% (€650m) 34 Aug 2030: AFKL 3.75% (€500m)
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Investor Relations department Michiel Klinkers Michiel.klinkers@airfranceklm.com Marouane Mami Marouane.mami@airfranceklm.com