Air France-KLM lifted quarterly adjusted operating profit by €126 million year over year, with higher unit revenue more than covering fuel pressure as the group raised its 2026 fuel forecast.
For the three months ended Sept. 30, adjusted operating profit reached €1.346 billion, compared with an average estimate of €1.085 billion in the company’s Oct. 15 consensus, which compiled forecasts from 15 sell-side analysts. Revenue rose 7.6% to €9.916 billion, slightly below the €9.944 billion consensus average. The operating margin increased 0.3 percentage point to 13.6%.
In its year-over-year profit comparison, Air France-KLM attributed €592 million to higher unit revenue, against a €436 million fuel-price impact after hedging. Unit costs increased €11 million. Unit revenue per available seat kilometer rose 7.0% at constant currency. Group CEO Benjamin Smith said demand and commercial execution “drove an increase in unit revenue.”
The group recorded 29.712 million passengers, up 1.8%. Capacity grew 1.3%, faster than the 0.9% increase in traffic, and the passenger load factor fell 0.4 percentage point to 88.4%.
Air France-KLM’s revised 2026 outlook calls for capacity growth of about 2%, down from its previous range of 2% to 3%. The projected fuel bill is now $9.2 billion, versus $8.9 billion in the prior-quarter estimate and $2.3 billion above 2025. The group kept net capital expenditure below €3 billion and forecast leverage of 1.5x to 2.0x.
KLM, the group’s Dutch airline, reported third-quarter operating profit of €458 million, up €106 million from a year earlier. It announced measures designed to improve annual earnings by €1 billion and set a target of at least 8% structural productivity growth by 2028. KLM said it had already achieved more than €750 million in structural improvements but that further changes were needed. President and CEO Marjan Rintel said, “Every department and every division will be asked to contribute.”
Air France-KLM said it adopted IFRS 18 early in the second quarter of 2026 and restated prior-year figures. For the nine months through Sept. 30, recurring adjusted operating free cash flow totaled €1.354 billion, up €570 million year over year. At Sept. 30, available liquidity was €10.5 billion, including €3.6 billion in undrawn credit lines; net debt was €8.757 billion. The company’s financial calendar lists its 2026 full-year results for Feb. 25, 2027.
