Air France - KLM operating result at €1.2bn and stable underlying unit revenue performance for third quarter 2024

Group capacity increased by 3.6% compared to last year with load factor at 89%

Group revenues at €9.0bn, up 3.7% compared to last year

Unit cost at +3.4% compared to 2023 due to continued higher cost levels for staff, operation and maintenance at KLM. Firm measures announced to structurally improve KLM’s operational and financial performance

Operating result stood at €1,180m, with operating margin at 13.1%. Operating result equivalent to that of last year excluding Olympic Games unit revenue impact of €160m. One-time payment of €50m to Air France staff for successful operations during the event

9-months Recurring adjusted operating free cash flow at €23m

Cash at hand at €9bn and Net debt/EBITDA ratio of 1.7x

Acquisition of a 19.9% non-controlling stake in the share capital of SAS AB successfully completed

Third Quarter 2024: Operating result at €1.2bn and stable underlying unit revenue performance

In the third quarter 2024, Air France-KLM welcomed 27.9 million passengers which is 3.5% above last year. As capacity increased by 3.6% and traffic grew by 3.1%, the load factor was broadly stable compared to last year at 89%.

The Group unit revenue per ASK was down -0.6% at constant currency compared to last year. Cargo unit revenues per ATK was up +6.3% against a constant currency. On the passenger side, less international inbound traffic to Paris and less travel from France as a consequence of the Olympic Games, resulted in €160 million less passenger unit revenue. Corrected for this impact, the Group unit revenue was 1.4% positive.

The operating result was €162 million below last year standing at €1,180 million and was impacted by the Olympic Games impact (€160 million), an increase of the ex-fuel unit costs (€230 million), the latter almost fully compensated by an increase of unit revenues (€113 million) and a decrease of fuel & ETS unit costs (€100 million).

The Group unit cost1 per ASK is up 3.4% versus last year and was above the outlook provided during the Q2 2024 results presentation (+2% year-over-year).

The initially estimated 2% unit cost increase is coming from higher flight related cost and higher salary cost due to collective labor agreements at Air France (impact as per April 2024) and KLM (impact as per Q4 2023), and a one-time payment of circa €50 million to Air France staff rewarding the strong operational performance during the Olympic Games.

The additional 1.4 point unit cost was caused by difficult summer operations, mainly at KLM and Transavia, resulting in higher disruption cost (€65 million), the impact of Crowdstrike €25 million and lower capacity at Transavia (-3%).

Cash

For the first nine months, the Group reported an operating cash flow of €28 million, impacted by a negative working capital coming from the deferrals. Inherited from the pandemic, these deferrals correspond to the previously guided one time pension payment of €610 million by Air France in January 2024 to the Caisse des Retraites des Personnels Navigants (CRPN) as well as the social charges and wages taxes amounting to circa €120 million per quarter.

The net capex amounted to €2.5 billion.

Recurring adjusted operating free cash flow excluding deferred social charges and wage taxes and including lease debt and net interest payment amounted to +€23 million.

The cash at hand at the end of September amounted to €9.0 billion, a decrease of €1.5 billion versus the end of 2023 mainly due to the payment of deferred pension, social charges and wages taxes inherited from the pandemic. Net Debt / EBITDA ratio stood at 1.7x, which is within our ambition of 1.5x to 2.0x.

On the first of July the Group redeemed fully the July 2021 €300 million bonds (coupon 3%).

Sustainability

Transition plan and trajectory

Since 2019, Air France-KLM has accelerated its environmental transition and has set ambitious sustainability performance targets to highlight its sustainability commitments. The Group’s ambition is to reduce its greenhouse gas (GHG) emissions by 30% by 2030 compared to 2019 (gCO2eq/RTK). The Group aims to achieve this goal through a combination of fleet renewal, operational measures such as eco-piloting, and the incorporation of at least 10% of more sustainable aviation fuel on all its flights. These ambitious targets go beyond regulatory obligations.

Sustainability key performance measures:

Fleet Renewal: Air France-KLM is committed to renewing its fleet with more fuel-efficient and less noisy aircraft. By the end of September 2024, 24% of its fleet was composed of new-generation aircraft, compared to 19% end of September 2023. The Group plans to increase this ratio to 80% by 2030.

Compared to previous generation aircraft the A220 reduces CO2 emissions by 20%, the A320neo family by 15%, and the A350 by 25%.

Since the end of December 2023 the following new generation aircraft were phased in, eight A350, five A320 Neo, seven A321 Neo, of which the first delivery to KLM in the third quarter, and five A220. In the same period the following old generation1 aircraft were phased out, one 737-800, three A319, one A320 and one CRJ-1000.

. /

Commenting on the results, Mr. Benjamin Smith, Group CEO, said:  “The third quarter revealed mixed trends for the Air France-KLM Group. Revenue continued to rise, driven by increased capacity and strong underlying demand. However, operating income was significantly affected by the Paris Olympic Games, impacting Air France as previously stated. At KLM, persistent cost challenges spiked higher than anticipated, putting pressure on parts of its business model and reinforcing the need for more concrete structural improvements. These measures are aligned with the Group’s ongoing transformation efforts aimed at further enhancing overall performance.

Beyond their financial implications, the Olympic Games provided a unique platform to demonstrate the Group’s operational expertise and capabilities while offering unparalleled visibility for France as a destination. In the long term, this will be advantageous for the Group.

We also made further progress in our decarbonization initiatives, as evidenced by the signing of a major Sustainable Aviation Fuel (SAF) purchase agreement with TotalEnergies. This contract, one of the largest ever signed by the Group, highlights our commitment to fostering the development of SAF supply chains, which is a crucial lever in reducing our carbon footprint.”

Q3 Group unit revenue broadly stable

	Third Quarter			Year to date
	2024	change	change constant currency	2024	change	change constant currency
Group Passengers (thousands)	27,855	+3.5%		74,470	+4.6%
Group Capacity (ASK m)	87,795	+3.6%		241,861	+4.1%
Traffic (RPK m)	78,367	+3.1%		212,570	+4.0%
Group Passenger load factor	89.3%	-0.4pt		87.9%	-0.1pt
Passenger unit revenue per ASK (€ cts)	8.78	-1.0%	-0.8%	8.22	-0.2%	+0.3%

	Third Quarter			Year to date
	2024	change	change constant currency	2024	change	change constant currency
Revenues (€m)	8,979	+3.7%	+3.8%	23,582	+4.3%	+4.7%
EBITDA (€m)	1,896	-97	-65	3,241	-366	-271
Operating result (€m)	1,180	-162	-130	1,204	-565	-469
Operating margin (%)	13.1%	-2.4pt	-2.0pt	5.1%	-2.7pt	-2.3pt
Net income (€m)	824	-122		510	-711
Group unit revenue per ASK (€cts)	9.32	-0.7%	-0.6%	8.79	-1.1%	-0.6%
Group unit cost at constant fuel, constant currency and excluding ETS	7.97		+3.4%	8.29		+3.0%

	30 September 2024	31 Dec 2023
Operating Free cash flow (€m)	28
Adj. recurring operating free cash flow* (€m)	23
Net Debt (€m)	6,698	5,041
EBITDA trailing 12 months (€m)	3,842	4,208
Net Debt/EBITDA ratio	1.7x	1.2x

 Business review

Network result

Network	Third Quarter			Year to date
	2024	change	change constant currency	2024	change	change constant currency
Traffic revenues (€m)	7,047	+1.8%		18,805	+1.6%
Total revenues (€m)	7,351	+2.0%		19,646	+1.7%
Salaries and related costs (€m)	-1,723	+10.5%		-5,002	+9.1%
Aircraft fuel, excl. ETS (€m)	-1,639	-1.5%		-4,753	-0.3%
Other operating expenses (€m)	-2,552	+7.0%		-7,367	+7.0%
EBITDA (€m)	1,436	-10.1%		2,524	-18.0%
Depreciation & Amortization (€m)	-537	+5.9%		-1,535	+6.2%
Operating result (€m)	899	-192	-156	990	-644	-543
Operating margin (%)	12.2%	-2.9 pt		5.0%	-3.4 pt

Compared to the third quarter 2023, total revenues increased by +2.0% to €7,351 million. The operating result stood at €899 million which was €156 million below last year against a constant currency. The decrease is explained by lower passenger unit revenue, partly compensated by higher Cargo unit revenues and a lower fuel price, and high unit cost at KLM.

Passenger network unit revenue impacted by Olympic Games

Passenger network	Third Quarter			Year to date
	2024	change	change constant currency	2024	change	change constant currency
Passengers (thousands)	20,499	+3.3%		56,261	+3.5%
Capacity (ASK m)	73,465	+3.4%		206,270	+3.3%
Traffic (RPK m)	65,526	+3.2%		180,744	+3.4%
Load factor	89.2%	-0.2pt		87.6%	+0.1pt
Total passenger revenues (€m)	6,783	+2.1%	+2.3%	17,959	+2.9%	+3.4%
Traffic passenger revenues (€m)	6,576	+1.5%	+1.6%	17,431	+2.5%	+3.0%
Unit revenue per ASK (€ cts)	8.95	-1.9%	-1.8%	8.45	-0.8%	-0.2%

Income statement

	Third Quarter			Year to date
in € million	2024	2023	Variation	2024	2023	Variation
		restated *
Revenues from ordinary activities	8,979	8,660	4        %	23,582	22,612	4        %
Aircraft fuel	-1,878	-1,918	-2        %	-5,363	-5,360	0        %
Carbon emission	-66	-57	16        %	-191	-139	37        %
Chartering costs	-133	-167	-20        %	-380	-410	-7        %
Landing fees and air routes charges	-569	-539	6        %	-1,545	-1,458	6        %
Catering	-253	-225	12        %	-686	-618	11        %
Handling charges and other operating costs	-560	-499	12        %	-1,534	-1,393	10        %
Aircraft maintenance costs	-781	-585	34        %	-2,379	-1,831	30        %
Commercial and distribution costs	-256	-268	-4        %	-810	-785	3        %
Other external expenses	-495	-464	7        %	-1,488	-1,377	8        %
Salaries and related costs	-2,401	-2,146	12        %	-6,997	-6,311	11        %
Taxes other than income taxes	-41	-40	2        %	-137	-133	3        %
Capitalized production	301	224	34        %	1,029	758	36        %
Other income and expenses	49	17	188        %	140	52	169        %
EBITDA	1,896	1,993	-5        %	3,241	3,607	-10        %
Amortization, depreciation and provisions	-716	-651	10        %	-2,037	-1,838	11        %
Income from current operations	1,180	1,342	-12        %	1,204	1,769	-32        %
Sales of aircraft equipment	10	5	100        %	25	33	-24        %
Other non current income and expenses	–	-3	-100        %	-118	11	nm
Income from operating activities	1,190	1,344	-11        %	1,111	1,813	-39        %
Interests expenses	-157	-148	6        %	-471	-443	6        %
Income from cash & cash equivalent	67	67	0        %	236	176	34        %
Net cost of financial debt	-90	-81	11        %	-235	-267	-12        %
Other financial income and expenses	14	-168	nm	-198	-156	27        %
Income before tax	1,114	1,095	2        %	678	1,390	-51        %
Income taxes	-300	-155	94        %	-181	-176	3        %
Net income of consolidated companies	814	940	-13        %	497	1,214	-59        %
Share of profits (losses) of associates	10	6	67        %	13	7	86        %
Net Income for the period	824	946	-13        %	510	1,221	-58        %
Net income - Non controlling interests	44	15	193        %	130	31	nm
Net income - Group part	780	931	-16        %	380	1,190	-68        %

Consolidated balance sheet

Assets	September 30, 2024	December 31, 2023
(in € million)
Goodwill	224	224
Intangible assets	1,132	1,128
Flight equipment	12,607	11,501
Other property, plant and equipment	1,500	1,431
Right-of-use assets	6,652	5,956
Investments in equity associates	240	129
Pension assets	85	45
Other non-current financial assets	1,290	1,262
Non-current derivatives financial assets	115	148
Deferred tax assets	643	698
Other non-current assets	151	153
Total non-current assets	24,639	22,675
Other current financial assets	1,155	1,292
Current derivatives financial assets	46	122
Inventories	948	853
Trade receivables	2,219	2,152
Other current assets	1,261	1,120
Cash and cash equivalents	4,553	6,194
Assets held for sale	77	82
Total current assets	10,259	11,815
Total assets	34,898	34,490

Liabilities and equity	September 30, 2024	December 31, 2023
(in € million)
Issued capital	263	263
Additional paid-in capital	7,560	7,560
Treasury shares	-24	-25
Perpetual	1,065	1,076
Reserves and retained earnings	-10,585	-10,925
Equity attributable to equity holders of Air France-KLM	-1,721	-2,051
Perpetual	2,584	2,524
Reserves and retained earnings	31	27
Equity attributable Non-controlling interests	2,615	2,551
Total equity	894	500
Pension provisions	1,678	1,685
Non-current return obligation liability and other provisions	4,007	3,805
Non-current financial liabilities	7,024	7,538
Non-current lease debt	4,034	3,581
Non-current derivatives financial liabilities	86	56
Deferred tax liabilities	7	—
Other non-current liabilities	1,028	1,376
Total non-current liabilities	17,864	18,041
Current return obligation liability and other provisions	1,050	1,079
Current financial liabilities	1,577	1,664
Current lease debt	875	848
Current derivatives financial liabilities	312	139
Trade payables	2,547	2,447
Deferred revenue on ticket sales	4,345	3,858
Frequent flyer programs	886	899
Other current liabilities	4,547	5,002
Bank overdrafts	1	13
Total current liabilities	16,140	15,949
Total equity and liabilities	34,898	34,490

Statement of Consolidated Cash Flows from January 1 until September 30

Period from January 1 to September 30	2024	2023
(in € million)		restated*
Net income	510	1,221
Amortization, depreciation and operating provisions	2,037	1,839
Financial provisions	212	157
Cost of net debt	235	267
Loss (gain) on disposals of tangible and intangible assets	-31	-54
Loss (gain) on disposals of subsidiaries and associates	-2	–
Derivatives – non monetary result	19	-6
Unrealized foreign exchange gains and losses, net	-97	24
Share of (profits) losses of associates	-13	-7
Deferred taxes	99	78
Impairment	–	2
Other non-monetary items	21	-42
Cash flow from operating activities before change in working capital	2,990	3,479
(Increase) / decrease in inventories	-106	-81
(Increase) / decrease in trade receivables	-44	-491
Increase / (decrease) in trade payables	102	324
Increase / (decrease) in advanced ticket sales	476	608
Change in other assets and liabilities	-850	27
Change in working capital requirement	-422	387
CASH-FLOW FROM OPERATING ACTIVITIES	2,568	3,866
Acquisition of subsidiaries, of shares in non-controlled entities	-92	-2
Proceeds on disposal of subsidiaries, of shares in non-controlled entities	8	–
Purchase of property plant and equipment and intangible assets	-2,931	-2,280
Proceeds on disposal of property plant and equipment and intangible assets	391	276
Interest received	221	151
Dividends received	2	3
Decrease (increase) in net investments, more than 3 months	137	112
Acquisition of warrants	–	-12
CASH-FLOW USED IN INVESTING ACTIVITIES	-2,264	-1,752
Increase of equity paid by non controlling interests	–	2
Payments to acquire treasury shares	–	-1
Purchase of minority interest without change of control	-1	–
Issuance of perpetual	–	1,226
Repayment on perpetual	–	-595
Coupon on perpetual	-131	-87
Issuance of debt	1,147	1,798
Repayment on debt	-1,715	-3,116
Payments on lease debts	-666	-625
New loans	-103	-298
Repayment on loans	65	127
Interest paid	-532	-582
Dividends paid	-1	-90
CASH-FLOW FROM FINANCING ACTIVITIES	-1,937	-2,241
Effect of exchange rate and reclassification on cash and cash equivalents (net of cash acquired or sold)	4	-16
Change in cash and cash equivalents and bank overdrafts	-1,629	-143
Cash and cash equivalents and bank overdrafts at beginning of period	6,181	6,623
Cash and cash equivalents and bank overdrafts at end of period	4,552	6,480

*Restated figures include the change in presentation for the reclassification of interest received and paid from cash flow from operating activities to respectively cash flow from investing activities and cash flow from financing activities

Net debt

(in € million)	September 30, 2024	December 31, 2023
Current and non-current financial liabilities	8,601	9,202
Current and non-current lease debt	4,909	4,429
Accrued interest	-100	-138
Deposits related to financial liabilities	-100	-107
Deposits related to lease debt	-93	-100
Derivatives impact on debt	5	-1
Gross financial liabilities (I)	13,222	13,285
Cash and cash equivalent	4,553	6,194
Marketable securities > 3 months	962	1,097
Bonds	1,010	966
Bank overdrafts	-1	-13
Net cash (II)	6,524	8,244
Net debt (I-II)	6,698	5,041

Recurring adjusted operating free cash flow

	Third Quarter		Year to date
	2024	2023	2024	2023
(in € million)		restated *		restated *
Net cash flow from operating activities	918	636	2,568	3,866
Purchase of property plant and equipment and intangible assets	-864	-884	-2,931	-2,280
Proceeds on disposal of property plant and equipment and intangible assets	18	65	391	276
Operating free cash flow	72	-183	28	1,862
Exceptional payments made/(received) (1)	122	104	972	223
Interest paid and received	-81	-47	-311	-431
Payments on lease debts	-224	-204	-666	-625
Recurring adjusted operating free cash flow	-111	-330	23	1,029

*Restated figures include the change in presentation for the reclassification of interest received and paid from cash flow from operating activities to respectively cash flow from investing activities and cash flow from financing activities

(1) Exceptional payments made/(received), restated from operating free cash flow for the calculation of recurring operating free cash flow adjusted, correspond to the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period.

Return on capital employed (ROCE)

In € million	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sept 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022
						restated4	restated (1)	restated (1)
Goodwill and intangible assets	1,356	1,354	1,349	1,352	1,331	1,339	1,351	1,352
Flight equipment	12,607	12,197	11,646	11,501	11,296	10,957	10,954	10,614
Other property, plant and equipment	1,500	1,456	1,438	1,431	1,379	1,389	1,372	1,375
Right of use assets	6,652	6,479	5,902	5,956	5,596	5,480	5,304	5,428
Investments in equity associates	240	134	134	129	127	121	122	120
Financial assets excluding marketable securities, accrued interests and financial deposits	218	211	214	219	191	190	169	169
Provisions, excluding pension, cargo litigation and restructuring	-4,553	-4,700	-4,523	-4,346	-4,481	-4,248	-4,255	-4,347
WCR2	-7,422	-8,222	-8,284	-6,981	-7,804	-8,917	-8,696	-7,213
Capital employed	10,598	8,909	7,876	9,261	7,635	6,311	6,321	7,498
Average capital employed (A)	9,161				6,941
Adjusted results from current operations	1,148				1,902
- Dividends received	-1				-2
- Share of profits (losses) of associates	13				18
- Normative income tax	-300				-495
Adjusted result from current operations after tax (B)	860				1,423
ROCE, trailing 12 months (B/A)	9.4%				20.5%

Unit cost: net cost per ASK

	Third Quarter		Year to date
	2024	2023	2024	2023
Total operating expenses (in €m)	7,798	7,317	22,377	20,844
Carbon emission (ETS)	-66	-57	-191	-139
Total other revenues (in €m)	-795	-704	-2,320	-1,961
Net cost (in €m)	6,937	6,556	19,866	18,744
Capacity produced, reported in ASK	87,811	84,754	241,903	232,481
Net cost per ASK (in € cents per ASK)	7.90	7.74	8.21	8.06
Gross change		2.2        %		2.1        %
Currency effect on net costs (in €m)		21		-4
Change at constant currency		1.9        %		2.1        %
Fuel price effect (in €m)		-102		-208
Net cost per ASK at constant currency, constant fuel price and excluding ETS (in € cents per ASK)	7.98	7.71	8.21	7.97
Change at constant currency and constant fuel price excluding ETS		3.4        %		3.0        %

Unit cost per ASK excluding fuel and ETS vs Q3 2023: +5.3% and vs 9m 2023: +4.1%
Definition: Unit cost = (total operating expenses - fuel - carbon emission - total other revenues) / Group Capacity in ASK

Group fleet at 30 September 2024

Aircraft type	AF (incl. HOP)5	KL (incl. KLC & MP)	Transavia	Owned	Finance lease	Operating lease	Total	In operation	Change / 31/12/23
B777-300	43	16		21	14	24	59	59
B777-200	18	15		28	2	3	33	33
B787-9	10	13		4	7	12	23	23
B787-10		10		1	9		10	10
A380-800	3			2		1	3
A350-900	35			4	12	19	35	35	9
A330-300		5				5	5	5
A330-200	15	6		12		9	21	21
Total Long-Haul	124	65	0	72	44	73	189	186	9
B737-900		5		5			5	5
B737-800		31	110	36	8	97	141	141
B737-700		6	4	7		3	10	10
A321NEO		2	6	3		5	8	8	7
A321	15			8		7	15	15
A320	36			4	3	29	36	36	-1
A320NEO			6			6	6	6	6
A319	10			6		4	10	10	-3
A318	6			4		2	6	6
A220-300	37			24	2	11	37	37	5
Total Medium-Haul	104	44	126	97	13	164	274	274	14
Canadair Jet 1000	1			1			1
Embraer 195 E2		18				18	18	15	-3
Embraer 190	23	28		17	4	30	51	50
Embraer 175		17		3	14		17	17
Embraer 170	13			10		3	13	13
Total Regional	37	63	0	31	18	51	100	95	-3
B747-400ERF		3		3			3	3
B747-400BCF		1		1			1	1
B777-F	2					2	2	2
Total Cargo	2	4	0	4	0	2	6	6	0
Total	267	176	126	204	75	290	569	561	20

2024 TRAFFIC

Passenger network activity

	Third Quarter			Year to date
Total network airlines	2024	2023	variation	2024	2023	variation
Passengers carried (‘000s)	20,499	19,836	+3.3%	56,261	54,366	+3.5%
Revenue pax-kilometers (m RPK)	65,526	63,511	+3.2%	180,744	174,778	+3.4%
Available seat-kilometers (m ASK)	73,465	71,028	+3.4%	206,270	199,689	+3.3%
Load factor (%)	89.2%	89.4%	-0.2pt	87.6%	87.5%	+0.1pt
Long-haul
Passengers carried (‘000s)	7,192	6,936	+3.7%	19,910	19,245	+3.5%
Revenue pax-kilometers (m RPK)	53,328	51,516	+3.5%	148,658	143,395	+3.7%
Available seat-kilometers (m ASK)	59,185	56,883	+4.0%	168,131	162,204	+3.7%
Load factor (%)	90.1%	90.6%	-0.5pt	88.4%	88.4%	0.0pt
North America
Passengers carried (‘000s)	2,898	2,731	+6.1%	7,367	6,975	+5.6%
Revenue pax-kilometers (m RPK)	20,394	19,270	+5.8%	52,156	49,577	+5.2%
Available seat-kilometers (m ASK)	22,647	21,278	+6.4%	59,461	56,371	+5.5%
Load factor (%)	90.1%	90.6%	-0.5pt	87.7%	87.9%	-0.2pt
Latin America
Passengers carried (‘000s)	859	878	-2.2%	2,543	2,630	-3.3%
Revenue pax-kilometers (m RPK)	8,131	8,355	-2.7%	24,168	24,978	-3.2%
Available seat-kilometers (m ASK)	8,867	8,984	-1.3%	26,710	27,476	-2.8%
Load factor (%)	91.7%	93.0%	-1.3pt	90.5%	90.9%	-0.4pt
Asia / Middle East
Passengers carried (‘000s)	1,510	1,392	+8.5%	4,530	3,877	+16.8%
Revenue pax-kilometers (m RPK)	12,119	11,017	+10.0%	35,927	30,246	+18.8%
Available seat-kilometers (m ASK)	13,400	12,244	+9.4%	40,546	34,407	+17.8%
Load factor (%)	90.4%	90.0%	+0.5pt	88.6%	87.9%	+0.7pt
Africa
Passengers carried (‘000s)	1,060	1,089	-2.7%	2,961	3,124	-5.2%
Revenue pax-kilometers (m RPK)	6,469	6,697	-3.4%	18,264	19,177	-4.8%
Available seat-kilometers (m ASK)	7,211	7,538	-4.3%	21,126	22,277	-5.2%
Load factor (%)	89.7%	88.8%	+0.9pt	86.5%	86.1%	+0.4pt
Caribbean / Indian Ocean
Passengers carried (‘000s)	866	846	+2.4%	2,509	2,639	-4.9%
Revenue pax-kilometers (m RPK)	6,214	6,177	+0.6%	18,143	19,417	-6.6%
Available seat-kilometers (m ASK)	7,060	6,839	+3.2%	20,288	21,673	-6.4%
Load factor (%)	88.0%	90.3%	-2.3pt	89.4%	89.6%	-0.2pt
Short and Medium-haul
Passengers carried (‘000s)	13,306	12,900	+3.2%	36,351	35,121	+3.5%
Revenue pax-kilometers (m RPK)	12,198	11,995	+1.7%	32,086	31,383	+2.2%
Available seat-kilometers (m ASK)	14,280	14,145	+1.0%	38,139	37,485	+1.7%
Load factor (%)	85.4%	84.8%	+0.6pt	84.1%	83.7%	+0.4pt

Transavia activity

	Third quarter			Year to date
Transavia	2024	2023	variation	2024	2023	variation
Passengers carried (‘000s)	7,356	7,068	+4.1%	18,208	16,853	+8.0%
Revenue seat-kilometers (m RSK)	12,841	12,502	+2.7%	31,826	29,637	+7.4%
Available seat-kilometers (m ASK)	14,330	13,716	+4.5%	35,591	32,753	+8.7%
Load factor (%)	89.6%	91.2%	-1.5pt	89.4%	90.5%	-1.1pt

Total Group passenger activity

	Third quarter			Year to date
Total Group	2024	2023	variation	2024	2023	variation
Passengers carried (‘000s)	27,855	26,904	+3.5%	74,470	71,218	+4.6%
Revenue pax-kilometers (m RPK)	78,367	76,013	+3.1%	212,570	204,415	+4.0%
Available seat-kilometers (m ASK)	87,795	84,744	+3.6%	241,861	232,442	+4.1%
Load factor (%)	89.3%	89.7%	-0.4pt	87.9%	87.9%	-0.1pt

Cargo activity

	Third quarter			Year to date
Cargo	2024	2023	variation	2024	2023	variation
Revenue tonne-km (m RTK)	1,687	1,636	+3.1%	4,936	4,779	+3.3%
Available tonne-km (m ATK)	3,707	3,654	+1.5%	10,724	10,501	+2.1%
Load factor (%)	45.5%	44.8%	+0.7pt	46.0%	45.5%	+0.5pt

Air France activity

	Third quarter			Year to date
Total Passenger network activity	2024	2023	variation	2024	2023	variation
Passengers carried (‘000s)	11,670	11,455	+1.9%	31,502	31,744	-0.8%
Revenue pax-kilometers (m RPK)	40,441	38,677	+4.6%	108,966	105,074	+3.7%
Available seat-kilometers (m ASK)	45,788	43,366	+5.6%	125,000	120,074	+4.1%
Load factor (%)	88.3%	89.2%	-0.9pt	87.2%	87.5%	-0.3pt
Long-haul
Passengers carried (‘000s)	4,671	4,382	+6.6%	12,625	11,967	+5.5%
Revenue pax-kilometers (m RPK)	33,789	31,854	+6.1%	91,950	87,001	+5.7%
Available seat-kilometers (m ASK)	37,859	35,352	+7.1%	104,630	98,517	+6.2%
Load factor (%)	89.2%	90.1%	-0.9pt	87.9%	88.3%	-0.4pt
Short and Medium-haul
Passengers carried (‘000s)	6,999	7,073	-1.1%	18,877	19,778	-4.6%
Revenue pax-kilometers (m RPK)	6,652	6,823	-2.5%	17,016	18,073	-5.8%
Available seat-kilometers (m ASK)	7,929	8,014	-1.1%	20,371	21,556	-5.5%
Load factor (%)	83.9%	85.1%	-1.2pt	83.5%	83.8%	-0.3pt
Cargo activity
Revenue tonne-km (m RTK)	839	818	+2.5%	2,445	2,397	+2.0%
Available tonne-km (m ATK)	2,190	2,101	+4.2%	6,210	5,940	+4.6%
Load factor (%)	38.3%	39.0%	-0.7pt	39.4%	40.4%	-1.0pt

KLM activity

	Third quarter			Year to date
Total Passenger network activity	2024	2023	variation	2024	2023	variation
Passengers carried (‘000s)	8,829	8,380	+5.4%	24,759	22,621	+9.5%
Revenue pax-kilometers (m RPK)	25,084	24,836	+1.0%	71,777	69,705	+3.0%
Available seat-kilometers (m ASK)	27,677	27,660	+0.1%	81,271	79,614	+2.1%
Load factor (%)	90.6%	89.8%	+0.8pt	88.3%	87.6%	+0.8pt
Long-haul
Passengers carried (‘000s)	2,522	2,554	-1.3%	7,285	7,278	+0.1%
Revenue pax-kilometers (m RPK)	19,538	19,664	-0.6%	56,708	56,395	+0.6%
Available seat-kilometers (m ASK)	21,326	21,529	-0.9%	63,502	63,686	-0.3%
Load factor (%)	91.6%	91.3%	+0.3pt	89.3%	88.6%	+0.7pt
Short and Medium-haul
Passengers carried (‘000s)	6,307	5,827	+8.3%	17,474	15,343	+13.9%
Revenue pax-kilometers (m RPK)	5,546	5,172	+7.2%	15,070	13,310	+13.2%
Available seat-kilometers (m ASK)	6,352	6,131	+3.6%	17,769	15,928	+11.6%
Load factor (%)	87.3%	84.4%	+3.0pt	84.8%	83.6%	+1.2pt
Cargo activity
Revenue tonne-km (m RTK)	848	818	+3.8%	2,491	2,382	+4.6%
Available tonne-km (m ATK)	1,517	1,553	-2.3%	4,514	4,561	-1.0%
Load factor (%)	55.9%	52.6%	+3.3pt	55.2%	52.2%	+3.0pt

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1 at constant fuel, constant currency and excluding ETS
1 One A380 which was phased out from operation in 2020, was sold this quarter 2New generation fleet / Fleet in operation
3 against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)
1 Compared with previous periods, working capital has been restated to exclude the deferral of social and fiscal charges granted following the Covid.
2 Excluding the report of social & fiscal charges granted consequently to Covid.
5 Excluding Transavia