Air France KLM

Strong Q3 in terms of both pricing and cost

  • Sectors : Airlines
  • Companies : Air France KLM

Ratings and price correct at time of issue.

  • Air France KLM

    Closing Price: 1128c

  • RATING 14/01/26

  • PREVIOUS RATING 17/05/23

    OUTPERFORM

DAVY VIEW

Air France KLM’s Q3 adjusted operating profit was €1,346m (Davy: €1,083m; consensus: €1,082m) with unit revenues up 7% and unit costs broadly stable. We expect consensus upgrades (consensus FY26: €1,725m; Davy: €1,932m). Net debt increased by €0.4bn to €8.8bn compared to December 31st 2025, primarily reflecting the repayment of the €498m hybrid (coupon 6.9%). The leverage ratio remained at 1.6x compared to December 31st 2025, in line with the group’s ambition of 1.5-2.0x.

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Nov 5 2026, 07:32 GMT

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