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Air France-KLM
Air France-KLM (AF) investor relations material
Air France-KLM Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Jul, 2026
Executive summary
Group revenues rose 9.9% year-over-year to €9.3bn in Q2 2026, driven by robust premiumization, strong cargo demand, and growth across all business segments.
Adjusted operating profit was €484m (5.2% margin), down €251m year-over-year, as higher fuel costs offset revenue gains.
Passenger numbers increased to 28.3 million, with premium cabins accounting for 38.5% of passenger revenues and premium segment revenues growing faster than capacity.
Recurring adjusted operating free cash flow reached €928m for H1 2026, with cash at hand exceeding €10.3bn.
Strategic consolidation advanced with a binding offer for up to 49.9% of TAP Air Portugal and plans to increase the SAS stake to 60.5%.
Financial highlights
Net income for Q2 2026 was €190m, down €459m year-over-year, with H1 2026 revenues totaling €16.8bn, up 7.4% year-over-year.
Unit revenues increased 8.7% year-over-year; cargo unit revenue surged 26.7%.
Cash at hand stood at €10.3bn, up €0.9bn from June 2025, and leverage ratio improved to 1.6x.
Net debt at June 2026 was €8.4bn, stable versus December 2025.
Operating free cash flow for H1 2026 was €1,173m, down from €1,353m year-over-year.
Outlook and guidance
FY 2026 fuel bill forecast at USD 8.9bn, up USD 2.0bn from FY 2025 but €0.4bn below previous estimates.
Capacity growth for FY 2026 revised to +2% to +3%, with unit cost guidance at 0% to +2%.
Net capital expenditures expected below €3bn; leverage ratio target remains 1.5x–2.0x.
Booking trends show strong forward load factors, with some softness in August and late booking patterns.
Midterm margin target (>8%) for 2028 reaffirmed despite ongoing uncertainties.
TAP Air Portugal bid impact on hub strategy
Drivers of the 26.7% Cargo unit revenue growth
Strategic goals of the AerCap LEAP engine JV
Differentiate the TAP Air Portugal bid strategy
Engine spare parts impact on maintenance costs
Sustainability of premium revenue growth
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Latest events from Air France-KLM
- Record Q4 and FY 2024, premium and ancillary growth, strong outlook, and margin resilience.AF
Q4 202428 Jul 2026 - Revenue up 4.3% to €7.9bn, but profit fell on higher costs and Olympic Games impact.AFQ2 20248 Jul 2026
- Majority stake in SAS to be acquired, unlocking synergies and boosting margins by 2028.AFInvestor Update8 Jul 2026
- Revenue up 7.7–8% to €7.2bn, margins and cash flow improved, outlook steady.AFQ1 20258 Jul 2026
- Record results, strategic consolidation, and sustainability drive, with all resolutions approved.AFAGM 20263 Jun 2026
- Revenue up 4.4% to €7.5bn, operating result improved by €301m, demand remains strong.AFQ1 202630 Apr 2026
- Record operating result and margin growth, with premiumization and sustainability leading gains.AFQ4 202510 Apr 2026
- Stable Q3 result, revenue up 4%, but costs and Olympic impact weighed on profit.AFQ3 202416 Jan 2026
- Q2 2025 delivered higher margins, strong premium demand, and improved net income.AFQ2 202512 Dec 2025
Next Air France-KLM earnings date
Q3 20265 Nov, 2026
Air France-KLM
Next Air France-KLM earnings date
Q3 20265 Nov, 2026
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
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