Financials Air France-KLM

Equities

AF

FR001400J770

Airlines

Market Closed - Euronext Paris Other stock markets 11:55:00 2026-02-13 am EST			5-day change	1st Jan Change
11.74 ^EUR	-0.47%		-2.65%	+1.47%

Feb. 13	Air France-KLM CEO Says EU Climate Rules to Affect Asia Routes' Profitability	MT
Feb. 12	KLM - Skynrg secures financing for SAF project in Delfzijl	RE

Projected Income Statement: Air France-KLM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	11,088	14,315	26,393	30,019	31,459	32,909	34,397	36,279
Change	-	29.1%	84.37%	13.74%	4.8%	4.61%	4.52%	5.47%
EBITDA ¹	-1,689	745	3,615	4,208	4,244	4,831	5,256	5,700
Change	-	144.11%	385.23%	16.4%	0.86%	13.83%	8.8%	8.45%
EBIT ¹	-4,548	-1,626	1,193	1,712	1,601	1,908	2,217	2,471
Change	-	64.25%	173.37%	43.5%	-6.48%	19.2%	16.15%	11.49%
Interest Paid ¹	-496	-728	-528	-347	-631	-388.5	-419	-441.8
Earnings before Tax (EBT) ¹	-6,928	-3,549	342	1,147	592	1,774	1,695	1,899
Change	-	48.77%	109.64%	235.38%	-48.39%	199.59%	-4.46%	12.05%
Net income ¹	-7,078	-3,292	728	934	317	1,066	1,164	1,340
Change	-	53.49%	122.11%	28.3%	-66.06%	236.41%	9.16%	15.15%
Announcement Date	2/18/21	2/17/22	2/17/23	2/29/24	3/6/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	2,363	2,161	2,750	4,567	4,838	4,445	6,707	8,112	7,128	6,329	7,624	8,660	7,407	6,654	7,949	8,979	7,878	7,165	8,443	9,213	8,156	7,523	8,864	9,653
Change	-	-8.55%	27.26%	66.07%	5.93%	-8.12%	50.89%	20.95%	-12.13%	-11.21%	20.46%	13.59%	-14.47%	-10.17%	19.46%	12.96%	-12.26%	-9.05%	17.84%	9.12%	-11.48%	-7.75%	17.82%	8.9%
EBITDA ¹	-407	-627	-248	796	827	221	931	1,677	786	286	1,328	1,993	601	176	1,170	1,896	1,003	396	1,470	2,036	1,001	597.5	1,583	2,125
Change	-	-54.05%	60.45%	420.97%	3.89%	-73.28%	321.27%	80.13%	-53.13%	-63.61%	364.34%	50.08%	-69.84%	-70.72%	564.77%	62.05%	-47.1%	-60.52%	271.21%	38.5%	-50.83%	-40.32%	164.98%	34.24%
EBIT ¹	-1,134	-1,179	-752	132	178	-350	386	1,024	134	-306	733	1,342	-56	-489	513	1,180	396	-328	736	1,203	310	-189.4	784.3	1,244
Change	-	-3.97%	36.22%	117.55%	34.85%	-296.63%	210.29%	165.28%	-86.91%	-328.36%	339.54%	83.08%	-104.17%	-773.21%	204.91%	130.02%	-66.44%	-182.83%	324.39%	63.45%	-74.23%	-161.09%	514.14%	58.65%
Charge d'intérêts	-	-188	-142	-145	-	-143	-136	-130	-121	-109	-79	-81	-80	-160	-154	-157	-160	-162	-147	-155	-	-	-	-
Earnings before Tax (EBT) ¹	-1,140	-1,464	-	-187	-140	-546	42	535	309	-378	672	1,095	-243	-651	214	1,114	-86	-334	921	1,029	91.21	-371.9	607.6	1,068
Change	-	-28.42%	-	-	25.13%	-290%	107.69%	1,173.81%	-42.24%	-222.33%	277.78%	62.95%	-122.19%	-167.9%	132.87%	420.56%	-107.72%	-288.37%	375.75%	11.73%	-91.14%	-507.78%	263.36%	75.75%
Net income ¹	-1,000	-1,481	-1,489	-191	-127	-552	324	460	496	-344	604	931	-256	-480	121	780	-63	-292	605	730	21.15	-365	386.7	771.4
Change	-	-48.1%	-0.54%	87.17%	33.51%	-334.65%	158.7%	41.98%	7.83%	-169.35%	275.58%	54.14%	-127.5%	-87.5%	125.21%	544.63%	-108.08%	-363.49%	307.19%	20.66%	-97.1%	-1,826.01%	205.94%	99.47%
Announcement Date	2/18/21	5/6/21	7/30/21	10/29/21	2/17/22	5/5/22	7/29/22	10/28/22	2/17/23	5/5/23	7/28/23	10/27/23	2/29/24	4/30/24	7/25/24	11/7/24	3/6/25	4/30/25	7/31/25	11/6/25	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	4,910	11,152	13,953	14,603	15,608
Change	-	127.13%	25.12%	4.66%	6.88%
EBITDA ¹	-	1,152	1,614	1,345	1,866
Change	-	-	40.1%	-16.67%	38.74%
EBIT ¹	-1,931	36	426	24	409
Change	-	101.86%	1,083.33%	-94.37%	1,604.17%
Charge d'intérêts	-421	-277	-188	-314	-
Earnings before Tax (EBT) ¹	-	-503	295	-436	588
Change	-	-	158.65%	-247.8%	234.86%
Net income ¹	-	-	260	-400	314
Change	-	-	-	-253.85%	178.5%
Announcement Date	7/30/21	7/29/22	7/28/23	7/25/24	7/31/25

¹EUR in Million

Estimates

Forecast Balance Sheet: Air France-KLM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	11,049	8,216	6,337	5,041	7,332	9,092	9,243	8,964
Change	-	-25.64%	-22.87%	-20.45%	45.45%	24%	1.66%	-3.02%
Announcement Date	2/18/21	2/17/22	2/17/23	2/29/24	3/6/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Air France-KLM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,099	2,202	2,092	3,551	3,728	3,578	3,667	4,102
Change	-	4.91%	-5%	69.74%	4.98%	-4.03%	2.51%	11.85%
Free Cash Flow (FCF) ¹	-4,925	231	1,884	-426	271	962.8	1,037	1,184
Change	-	104.69%	715.58%	-122.61%	163.62%	255.28%	7.71%	14.16%
Announcement Date	2/18/21	2/17/22	2/17/23	2/29/24	3/6/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Air France-KLM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-15.23%	5.2%	13.7%	14.02%	13.49%	14.68%	15.28%	15.71%
EBIT Margin (%)	-41.02%	-11.36%	4.52%	5.7%	5.09%	5.8%	6.44%	6.81%
EBT Margin (%)	-62.48%	-24.79%	1.3%	3.82%	1.88%	5.39%	4.93%	5.23%
Net margin (%)	-63.83%	-23%	2.76%	3.11%	1.01%	3.24%	3.38%	3.69%
FCF margin (%)	-44.42%	1.61%	7.14%	-1.42%	0.86%	2.93%	3.01%	3.26%
FCF / Net Income (%)	69.58%	-7.02%	258.79%	-45.61%	85.49%	90.28%	89.09%	88.33%
Profitability
ROA	-23.23%	-10.82%	2.52%	2.8%	0.9%	2.92%	3.16%	3.34%
ROE	-	-	-	-	-	62.75%	103.08%	86.52%
Financial Health
Leverage (Debt/EBITDA)	-6.54x	11.03x	1.75x	1.2x	1.73x	1.88x	1.76x	1.57x
Debt / Free cash flow	-2.24x	35.57x	3.36x	-11.83x	27.06x	9.44x	8.91x	7.57x
Capital Intensity
CAPEX / Current Assets (%)	18.93%	15.38%	7.93%	11.83%	11.85%	10.87%	10.66%	11.31%
CAPEX / EBITDA (%)	-124.27%	295.57%	57.87%	84.39%	87.84%	74.06%	69.78%	71.97%
CAPEX / FCF (%)	-42.62%	953.25%	111.04%	-833.57%	1,375.65%	371.58%	353.63%	346.48%
Items per share
Cash flow per share ¹	-66.12	26.51	25	15.87	12.32	15.38	15.83	17.76
Change	-	140.09%	-5.68%	-36.51%	-22.4%	24.9%	2.9%	12.17%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-127	-59.62	-15.47	-7.81	-6.716	-2.708	2.419	7.443
Change	-	53.05%	74.06%	49.51%	14%	59.68%	189.3%	207.77%
EPS ¹	-165.6	-59.5	3.1	4.1	0.93	3.732	4.204	4.917
Change	-	64.07%	105.21%	32.26%	-77.32%	301.27%	12.66%	16.96%
Nbr of stocks (in thousands)	42,743	64,143	256,933	262,649	262,626	262,626	262,626	262,626
Announcement Date	2/18/21	2/17/22	2/17/23	2/29/24	3/6/25	-	-	-