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Nov 5 2026, 07:32 GMT
Air France KLM
Strong Q3 in terms of both pricing and cost
- Sectors : Airlines
- Companies : Air France KLM
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.
