Air France KLM

Strong Q4, leading to operating result breaching €2bn

  • Sectors : Airlines
  • Companies : Air France KLM

Ratings and price correct at time of issue.

  • Air France KLM

    Closing Price: 1162c

  • RATING 14/01/26

  • PREVIOUS RATING 17/05/23

    OUTPERFORM

DAVY VIEW

A strong Q4 resulted in Air France KLM breaching €2bn operating profit (margin 6.1%). 2026 is a significant and important strategic year for the group – potentially becoming a pan-European champion, looking to increase to a majority stake in SAS and bidding for TAP. Further premiumisation and fleet renewal are ongoing. KLM restructuring and the relocation of short haul of Air France and Transavia to CDG and Orly also continue. The group maintained its medium-term margin goal of >8% in 2028 (previously 2026-2028).

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Feb 19 2026, 07:33 GMT

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