AlphaValue trims EPS forecasts for Air France-KLM

The analyst has revised downward its earnings per share estimates for the airline. However, it maintains its "accumulate" rating on the stock, with an unchanged price target of 10 euros.

Despite 2025 results that exceeded expectations across the board for Air France-KLM (EBIT of EUR 2,002m and net income of EUR 1,593m), AlphaValue is adjusting its 2026-2027 forecasts downward, citing growing risks in the Middle East likely to weigh on the operating environment.

Specifically, the broker has slashed its EBIT forecasts by 35% for 2026, from EUR 2,227m to EUR 1,456m, and by 19% for 2027, from EUR 2,504m to EUR 2,035m.

Furthermore, 2026 EPS is now projected at EUR 2.77 (down from EUR 4.43 previously) and EUR 4.33 for 2027 (down from EUR 5.34). The broker notably points to rising fuel costs despite the airline's hedging policy.