Air France-KLM SA (AF) Earnings Call Transcripts

Air France-KLM SA's Latest Earnings Call - June 3, 2026

In the first quarter of 2026, Air France-KLM reported a strong performance with record revenues of EUR 33 billion, marking a 4.9% increase year-over-year. The operating income reached EUR 2 billion, reflecting a significant improvement of EUR 400 million compared to 2024, resulting in an operating margin of 6.1%. Management maintained its guidance for 2026, projecting capacity growth of 2% to 4% despite geopolitical challenges, while also indicating a commitment to fleet renewal and premiumization strategies.

Reported metrics

Guidance from management

Management maintained its 2026 guidance, projecting capacity growth of 2% to 4% and net CapEx below EUR 3 billion, with a focus on fleet renewal and premiumization strategies.

What management said

[Interpreted] Thank you very much, Lucy. Before handing the floor over to Benjamin Smith, I suggest we take a look back at the highlights of 2025 through very short video. [Presentation] I will now hand the floor to Benjamin Smith our Chief Executive Officer, so he can present to you the group's performance during the 2025 fiscal year and discuss the strategy and outlook of the group.

[Interpreted] Thank you very much, Ben. A very clear presentation for telling us about the prospects for the group. Now I will give the floor to our CFO, Stephen Zaat, who will present to us the financial results for the group in 2025. Stephen, you have the floor.

What analysts pressed on

Analysts expressed concerns about the impact of geopolitical tensions on operations and fuel costs, as well as the competitive pressures from low-cost carriers. There were also questions regarding the company's ability to maintain operational performance amidst these challenges.

Main topics on the call

• Record Revenue and Operating Income — Air France-KLM achieved record revenues of EUR 33 billion, a 4.9% increase year-over-year, with operating income reaching EUR 2 billion, up EUR 400 million from 2024. CEO Benjamin Smith stated, "This performance is the r...
• Geopolitical Challenges — The ongoing conflict in the Middle East has created operational uncertainties and increased fuel costs, impacting the airline's operations. Management acknowledged, "The situation remains very fluid," indicating vigilanc...
• Fleet Modernization and Sustainability — Air France-KLM is prioritizing fleet modernization, with nearly 35% of its fleet now comprising new generation aircraft, aiming for 80% by 2030. The company reported using twice as much sustainable aviation fuel in 2025 ...
• Acquisition of SAS Stake — The group is progressing towards acquiring a majority stake in SAS, which is expected to enhance connectivity and unlock synergies. CFO Stephen Zaat mentioned, "Once SAS is part of the Air France-KLM Group, synergies wil...

Read the full Air France-KLM SA transcript (June 3, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 32 Air France-KLM SA earnings call transcripts on record, spanning February 20, 2020 to July 30, 2026. Based on this history, Air France-KLM SA reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

AF

Exchange

ENXTPA

Country

FR

Sector

Industrials

Industry

Passenger Airlines

Calls on record

32

First call

February 20, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly