Q3 2025 - AFKLM Results Press Release

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THIRD QUARTER 2025

November 6, 2025

Stable operating result at €1.2 billion

with operating margin at 13.1%

Group revenues up 2.6% year-on-year to €9.2bn, driven by Passenger network, Transavia and Maintenance.Unit revenue at constant currency down -0.5% due to Cargo and Transavia, while group capacity went up by 5.1% and fuel price after hedging decreased by 8.9%. Solidarity tax on tickets (“TSBA”) and Schiphol tariff impacting unit revenue significantly.Unit cost increase is moderating to +1.3%, coming down as expected, despite increase in Air Traffic Control and airport charges (Schiphol tariff +41%) and limited by productivity gains.Operating result improvement, up €23m compared to Q3 2024, which was impacted by the Olympic Games, to €1,203m. Strong cash flow performance: recurring adjusted operating free cash flow positiveat €0.7bn for the first 9 months, up €0.7bn year-on-year.Leverage (Net debt/Current EBITDA ratio) at 1.6x.Solidcash at hand of €9.5bn at end September 2025. Fleet renewal accelerating, up 8 points year-on-year, with 32% share of next generation aircraft.

FY 2025 outlook reconfirmed

For 2025 the Group expects:

Capacity up by 4-5% compared to 2024.Unit cost to increase by a low single digit compared to 2024.Net capital expenditures between €3.2bn and €3.4bn. Leverage between 1.5x and 2.0x.

Commenting on the results, Mr. Benjamin Smith, Group CEO, said:

“During the third quarter, Air France–KLM once again demonstrated its resilience in a challenging environment. We maintained solid revenue growth and a stable operating margin, while cash generation remained strong over the first nine months - confirming the benefits of our continued focus on execution. Premium cabins performed exceptionally well across both Air France and KLM, further reinforcing our confidence in our premiumization strategy. Our fleet renewal continued to progress, with one-third of our aircraft now next-generation, quieter, and more fuel-efficient - a key milestone advancing both our sustainability ambitions and our customer experience. This progress is amplified by the rollout of free high-speed Wi-Fi at Air France, a true game changer for our customers. We expect 30% of the Air France fleet to be equipped by the end of 2025. Finally, we continued to broaden our global reach with new routes and strategic partnerships, further strengthening the Group’s network and competitive positioning”.

Q3 Group unit revenue broadly stable at constant currency and limited increase in unit cost

Third QuarterYear to date 2025changechange
constant currency2025changechange
constant currencyGroup Passengers (thousands)29,171+4.7% 78,239+5.1% Group Capacity (ASK m)92,265+5.1% 252,559+4.4% Group Traffic (RPK m)81,908+4.5% 221,257+4.1% Group Passenger load factor88.8%-0.5pt 87.6%-0.3pt

Third QuarterYear to date 2025changechange
constant currency2025changechange
constant currencyRevenues (€m)9,213+2.6%+4.8%24,822+5.3%+6.1%Operating result (€m)1,203+23+351,611+407+441Operating margin (%)13.1%-0.1pt-0.2pt6.5%+1.4pt+1.5ptNet income (€m)768-56 1,168+658 Group unit revenue per ASK (€cts)9.10-2.4%-0.5%8.84+0.6%+1.5%Group unit cost per ASK (€cts)¹7.67 +1.3%8.10 +2.0%

1) at constant fuel, constant currency and excluding ETS

30 September 202530 September 2024Operating Free cash flow (€m)1,47428Adj. recurring operating free cash flow* (€m)71523

*IFRS Operating free cash flow corrected from the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period and payment of lease debt and interests paid and received

30 September 202531 Dec 2024Net Debt (€m)7,7877,332Current EBITDA trailing 12 months (€m)4,9054,244Net Debt/Current EBITDA ratio1.6x1.7x

Operating result improvement driven by fuel price evolution

In the third quarter of 2025, Air France-KLM welcomed 29.2 million passengers which is 4.7% above last year. As capacity increased by 5.1% and traffic by 4.5%, the load factor decreased slightly from 89.3% to 88.8%.

The Group unit revenue per ASK was down -0.5% year-on-year at constant currency, due to a reduction in Cargo unit revenues (-5.1% at constant currency) and Transavia unit revenues             (-2.8%). Passenger network showed a positive unit revenue development of +0.5% driven by premium cabins and long haul.

Passenger yields increased year on year for all long-haul areas while the load factor decreased for all long-haul areas except Caribbean and Indian Ocean (stable).

The operating result rose €23 million year-on-year to €1,203 million, with a stable margin of 13.1%. This operating result improvement was supported by a €107 million decrease in fuel price, partly offset by a 0.5% decline in unit revenues and a limited, as expected, increase of 1.3% in unit costs.

Q3 unit cost1 was up 1.3% as a consequence of the below elements:

+0.1% cost representing the net result of:

+0.6% from labour price -1.3% from productivity benefits+0.8% from operations+0.6% due to an increase in Air Traffic Charges and Airport Charges, especially due to the 41% tariff increase at Schiphol+0.6% due to premiumization of the cabin driving unit revenue gains

Cash

For the first nine months of the year, the Group reported a positive operating free cash flow of €1,474 million, driven by a strong EBITDA (+€661m year on year) and by a positive working capital movement of €402 million, although impacted by the payment of deferrals inherited from the pandemic which amounted to €369 million. Net capex amounted to €2,567 million. Recurring adjusted operating free cash flow2 reached €715 million, an increase of €692 million year-on-year which was almost fully driven by the EBITDA improvement.

Net debt increased to €7.8 billion, up €455 million. The increase is mainly explained by the deferrals from the pandemic impacting the positive operating free cash flow of €1.5 billion. The new and modified lease debt amounted to €1.7 billion which was driven by fleet renewal and extension of current leases to cover delivery delays.

The leverage ratio stood at 1.6x, in line with the Group’s ambition of 1.5x to 2.0x.

At the end of September 2025, cash at hand stood at €9.5 billion, above the targeted range of €6–8 billion and slightly higher than at year-end 2024.

During the first nine months of 2025, the following financial transactions took place:

The redemption in January of the remaining €515.2 million principal amount of the €750 million 1.875% notes due 16 January 2025 (ISIN: FR0014477254). The redemption, via the Group’s own liquidity, underscores the robustness of its financial position.The successfully priced issuance in May of €500 million hybrid bonds (3.5x oversubscribed), at an annual fixed coupon of 5.75% (yield at 5.875%) until the first reset date. The Hybrid Bonds, undated and deeply subordinated, were rated BB by Fitch and B+ by S&P and do qualify for 50% equity credit with both rating agencies. In July Air France-KLM fully redeemed the perpetual bonds issued in July 2022 for an amount of €500 million. These bonds were issued by an operating affiliate of Air France, that owns a pool of spare engines dedicated to the airline’s Engineering and Maintenance activities and was fully subscribed by Apollo affiliated entities.In August AF-KLM successfully placed a €500 million senior unsecured notes under its EMTN (Euro Medium Term Notes) Programme. The maturity of the notes is 5 years, and the notes carry a fixed annual coupon of 3.75% (yield at 3.866%) and lowest credit spread for a bond issued by AF-KLM.

Above transactions enable the Group to simplify its balance sheet and optimize its cost of financing while maintaining financial flexibility. The Group’s strategy is to reduce the stock of subordinated instruments on its balance sheet. On October 15, the Group announced that it has decided to exercise its option to redeem all of the outstanding hybrid convertible bonds from the First Hard Call Date at a price per HC Bond equal to par (€100,000), in total €305 million plus accrued interest of €1,625 (the “Redemption price”) per HC bond, which shall be payable on Monday 24 November 2025. This redemption will be fully done via our own cash.

FY 2025 outlook reconfirmed

The Group expects

Capacity in Available Seat Kilometers for Air France-KLM Group including Transavia to increase by 4 to 5% in 2025 compared to 2024Unit cost3 to increase by a low single digit compared to 2024Net capital expenditures between 3.2 and 3.4 billion eurosLeverage ratio (net debt/Current EBITDA ratio) between 1.5x and 2.0x

Sustainability

Sustainability is a collective responsibility, and Air France- KLM is committed to play its role. The Group supports the adoption of ambitious environmental targets, advocating for an industry- wide transformation that ensures a global level playing field.

Air France-KLM has become the first airline group to cooperate with the European Union Aviation Safety Agency (EASA) in supporting the development of the upcoming EU Flight Emissions Label (FEL) — a key initiative designed to provide passengers with more information on the environmental footprint of their flights.

Endorsed by the European Commission, this cooperation aims to equip consumers with standardized, reliable data on CO₂ emissions and energy efficiency for flights within Europe. The goal is to enable clients to make informed decisions when booking air travel. As part of this partnership, Air France-KLM will actively contribute by testing and providing feedback on EASA’s FEL portal, as well as on the technical and methodological design of the label, drawing on its operational expertise to help shape the future label. The Group’s participation underlines its commitment to working with regulators and industry partners to drive forward collective climate action in aviation.

Fleet Renewal

On August 25, 2025, Air France received its 46th Airbus A220-300 in Paris, delivered from Airbus’ Mirabel site in Canada. This ferry flight marked a first: the aircraft was delivered with a blend containing 50% SAF - an alternative to conventional fossil based aviation fuel - certified directly by Airbus. This milestone reflects the Air France-KLM Group’s commitment to accelerating the decarbonization of air transport.

Fleet renewal is a cornerstone of the Group’s Transition Plan. With fuel consumption and CO₂ emissions reduced by 20% per seat-kilometer compared with previous-generation aircraft, the Airbus A220 embodies this ambition.

In 2025 the Group took delivery of 38 new-generation aircraft across all its airlines. In the third quarter 1 A350, 2 B787-10, 6 A320/321neo family, 3 A220 and 2 E195-E2 were delivered.

These major investments – totaling more than €2 billion per year – are contributing to a fleet that could be composed of up to 80% new-generation aircraft by 2030.

At the end of September 2025, 32% of the Group’s fleet consisted of new-generation aircraft.

30 September 202530 September 2024ChangeNew generation fleet432%24%+8pt

Post quarter events

Air France-KLM announced on the 23rd of October that it has completed the acquisition of a 2.3% stake in Canadian carrier WestJet. This transaction was initially announced on May 9th, 2025.

Air France-KLM purchased that stake from its joint venture partner Delta Air Lines, which had taken a 15% minority stake in WestJet, as part of a previously announced separate transaction also involving Korean Air’s purchase of a 10% interest. That transaction closed on October 22nd, 2025. Air France-KLM further reinforces its commercial cooperation with the Canadian carrier and strengthens its footprint in the North American market.

WestJet, Canada’s second largest airline and the leading carrier in Western Canada, has been a partner of Air France-KLM since 2009 through codeshare- and loyalty program agreements. The airline ranks as Air France-KLM’s sixth largest partner in terms of enabled revenues. The partnership continues to strengthen as WestJet expands its long-haul network between Canada and Europe, offering more than 100 destinations that complement Air France-KLM’s network of over 300 destinations worldwide.

Business review

Network result

Network Third QuarterYear to date2025changechange
constant currency2025changechange
constant currencyTraffic revenues (€m)7,139+1.3% 19,574+4.1% Pax traffic revenue6,686 +1.7 % 18,127 +4.0 % Cargo traffic revenue453 -3.8 % 1,447 +5.3 % Total revenues (€m)7,400+0.7% 20,379+3.7% Salaries and related costs (€m)-1,760+2.2% -5,191+3.8% Aircraft fuel, excl. ETS (€m)-1,437-12.3% -4,270-10.2% Other operating expenses (€m)-2,715+6.4% -7,915+7.4% Depreciation & Amortization (€m)-598+11.4% -1,639+6.8% Operating result (€m)889-10+81,363+374+416Operating margin (%)12.0%-0.2 pt 6.7%+1.7 pt

Compared to the third quarter of 2024, total revenues increased by +0.7% to €7,400 million. The operating result reached €889 million, up €8 million year-on-year at constant currency, mainly driven by a fuel price reduction.

The operating margin amounted to 12.0%, a decrease of -0.2 points compared to the third quarter of 2024.

Slight growth in unit revenues despite soft trading environment

Passenger network Third QuarterYear to date2025changechange
constant currency2025changechange
constant currencyPassengers (thousands)20,913+2.0% 57,902+2.9% Capacity (ASK m)75,962+3.4% 212,383+2.9% Traffic (RPK m)67,445+2.9% 185,712+2.7% Load factor88.8%-0.4pt 87.4%-0.2pt Total passenger revenues (€m)6,851+1.0%+3.1%18,629+3.7%+4.6%Traffic passenger revenues (€m)6,686+1.7%+3.9%18,127+4.0%+4.9%Unit revenue per ASK (€ cts)8.80-1.7%+0.5%8.53+1.0%+1.9%

During the third quarter of 2025, capacity in Available Seat Kilometers (ASK) was 3.4% higher than last year. Traffic growth (+2.9%) has led to a slightly lower load factor of 88.8%. Yield at constant currency showed an increase of 0.9%, leading to a unit revenue increase of 0.5% year-on-year at constant currency. The yield increase was fully driven by strong performance of premium cabins, La Premiere and business class, and by the premium economy cabin. Yield in the economy class was negative.

During the third quarter we observed the following trends in:

North Atlantic

Unit revenue was broadly stable despite a 4.8% capacity increase. The performance was strong in premium cabins with positive yields while economy cabin yield remained under pressure

Latin America

Unit revenue grew on the back of strong yields (+2.8%), while load factor was stable at 91% and capacity increased by 9.2%. The balance between industry supply and demand remained favorable across the quarter.

Asia & Middle East

Continued strong performance on Japan, Korea & South-East Asia, as well as Middle East where unit revenue was up 6%. Load factor was broadly stable at 90% and capacity showed an increase of almost 2%.

Caribbean & Indian Ocean

Capacity was stable during the quarter enabling Air France and KLM to grow their yields which drove an increase in unit revenue of around 4%. Load factor remained stable at 88%.

Africa
Capacity (+1.5%) and yields (+1.4%) were slightly up year-on-year while load factor slightly decreased (-1.6pt) to 88%, leading to broadly stable unit revenue development.

Short and Medium-haul

Overall, capacity rose 1.5%, with a broadly stable load factor at 86% and with yields remaining flat.

Cargo: Q3 unit revenues under pressure

Cargo business Third QuarterYear to date2025changechange
constant currency2025changechange
constant currencyTons (thousands)224-1.1% 666+0.9% Capacity (ATK m)3,858+4.0% 10,935+1.9% Traffic (RTK m)1,683-0.3% 5,024+1.7% Load factor43.6%-1.9pt 45.9%-0.1pt Total Cargo revenues (€m)540-3.7%-0.8%1,728+3.5%+4.7%Traffic Cargo revenues (€m)453-3.8%-0.9%1,447+5.3%+6.5%Unit revenue per ATK (€cts)11.74-7.8%-5.1%13.24+3.2%+4.3%

Despite full freighter capacity negatively impacted by longer-than-expected maintenance, the third quarter capacity in Available Ton Kilometers (ATK) rose 4.0% year-on-year. Traffic decreased slightly (-0.3%), reducing the load factor by 1.9 points to 43.6%.
Together with a 0.8% decrease in yields, unit revenue per ATK decreased by -5.1% at constant currency.

Transavia: Challenging summer season

Transavia Third QuarterYear to date2025change2025changePassengers (thousands)8,258+12.3%20,337+11.7%Capacity (ASK m)16,303+13.8%40,176+12.9%Traffic (RPK m)14,463+12.6%35,545+11.7%Load factor88.7%-0.9pt88.5%-0.9ptUnit revenue per ASK (€cts)7.71-2.8%6.88-0.3%Unit cost per ASK (€cts)56.38+2.0%6.82+4.3% Total Passenger revenues (€m)1,241+11.0%2,714+12.0%Salaries and related costs (€m)-224+13.4%-628+15.7%Aircraft fuel, excl. ETS (€m)-226-4.9%-584-3.9%Other operating expenses (€m)-461+20.4%-1,167+20.6%Depreciation & Amortization (in €m)-113+51.5%-312+42.1%Operating result (€m)217-823-63Operating margin (%)17.5%-2.7pt0.9%-2.7pt

Transavia’s capacity in Available Seat Kilometers grew 13.8%, while traffic increased by 12.6%, resulting in a decrease in load factor of 0.9 points. Yields went down by 1.8% resulting in a unit revenue reduction of -2.8%.

Transavia Netherlands faced increased competition, partly due to redirected capacity from the Middle East towards other European destinations, putting the unit revenues under pressure. Also, the increase in Schiphol tariffs in combination with the increase of the ticket tax last year is resulting in higher ticket prices and pushing travelers to airports in Germany.
In France, performance was affected by a two days ATC strike early July and by the implementation of the TSBA since 1st of March 2025 which is impacting the unit revenue significantly.
Overall, unit cost increased by 2.0% mainly due to higher operational costs for Transavia France. Transavia Netherlands experienced smooth operations this summer resulting in significantly lower customer compensation than last year, partly compensated by an increase in wet lease activities.

Maintenance business: continuous double digit growth and improved operating margin

Maintenance Third QuarterYear to date2025Change2025ChangeTotal Revenues (€m)1,358+10.2%4,147+13.4%o/w Third party revenues (€m)572+12.9%1,725+14.4%External expenses (€m)-858+10.6%-2,671+12.3%Salaries and related costs (€m)-299+3.6%-937+6.5%Depreciation & Amortization (€m)-115+5.1%-318+15.3%Operating result (€m)86+28221+97Operating margin (%)6.3%+1.6pt5.3%+1.9pt

The maintenance segment continued its strong growth in Q3 2025 with third-party revenues up 12.9%, driven by a strong recovery in engine activities. Total revenues rose 10.2%. The operating result increased by €28 million and the operating margin improved to 6.3%, up 1.6 points from 2024.

During the quarter, Air France-KLM signed 5 new long-term MRO contracts with external customers. The Group will deliver engines, components and APU services to these operators across the globe, which is reinforcing its long term order book on these activities. The order book amounted to USD 10.4 billion as per the end of September 2025 versus USD 8.7 billion at the end of December 2024.

Air France’s Q3 operating result improved

Air France Group

Third QuarterYear to date 2025change2025changeRevenues (in €m)5,690+2.6%15,216+5.8%Salaries and related costs (in €m)-1,458+2.8%-4,268+5.5%Aircraft fuel, excl. ETS (in €m)-1,014-11.8%-2,917-9.0%Other operating expenses (in €m)-1,900+6.0%-5,492+6.2%Depreciation & Amortization (in €m)-519+15.2%-1,433+12.3%Operating result (in €m)799+671,106+428Operating margin (%)14.0%+0.8pt7.3%+2.6pt

In the third quarter, the operating result reached €799 million, up €67 million year-on-year. The operating margin improved 0.8 points compared to Q3 last year (which was negatively impacted by the Olympic Games) despite a two days ATC strike early July and the increase of the solidarity tax on tickets (TSBA) effective since March 1st, 2025. This tax increase has a significantly negative impact on the unit revenue.

KLM: Operating margin impacted by yield pressure in economy cabin

KLM Group

Third QuarterYear to date2025change2025changeRevenues (in €m)3,592+1.2%9,937+4.0%Salaries and related costs (in €m)-1,012+4.0%-3,059+4.2%Aircraft fuel, excl. ETS (in €m)-650-10.7%-1,939-10.1%Other operating expenses (in €m)-1,275+7.3%-3,744+12.2%Depreciation & Amortization (in €m)-313+18.8%-856+12.7%Operating result (in €m)341-54339-26Operating margin (%)9.5%-1.6pt3.4%-0.4pt

Third quarter revenues grew 1.2%, while capacity grew by more than 7%. Both yields and load factor decreased for Passenger network, Cargo and Transavia. Operations were impacted by labor disputes with two ground unions in September. In addition, the increase in landing & takeoff charges and the increase in passenger & security charges, implemented as per April 1st, 2025 have a significant impact on KLM Group’s unit revenue.

KLM as a connecting carrier is impacted by a reduction in low yielding passenger demand. However, premium classes and Premium Economy continue to perform strongly. Premium Economy ASKs increased by 28% and on higher capacity, load factor increased by 1 point and yields at constant currency increased 7%. Cargo unit revenues were negatively impacted by full freighter maintenance, driving negative mix effects.

Flying Blue stable operating result

Flying Blue Miles

Third QuarterYear to date2025change2025changeRevenue (in €m)221+21646+42o/w Third party revenues (in €m)149+14434+27Operating result (in €m)54-1160+4Operating margin (%)24.4%-3.1pt24.8%-1.1pt

In the third quarter Flying Blue Miles generated €221 million in total revenue, including revenues from third-party airline and non-airline partners. The operating margin reached 24.4%.
Revenue continued to grow year-on-year thanks to volumes and despite weaker USD. The cost of redeeming miles increased due to less favorable reward tickets (less seat availability for FB members compared to Q3 2024 where the Olympic Games had a positive effect on Flying Blue).

Nb: Sum of individual airline and Flying Blue results does not add up to AF-KLM total due to intercompany eliminations at Group level.

******

The results presentation is available at www.airfranceklm.com on November 6, 2025 from 8:00 am CET.

A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on November 6, 2025, at 09.30 am CET.

To connect to the webcast, please use the link below:

https://channel.royalcast.com/landingpage/airfranceklm/20251106_1/

Investor Relations Press OfficeMichiel KlinkersMarouane Mami+33 1 41 56 56 [email protected]@[email protected]

Income statement

Third QuarterYear to datein € million20252024Change20252024Change restated * Revenues from ordinary activities9,2138,979 3 %24,82223,582 5 %Aircraft fuel-1,664-1,878 -11        %-4,856-5,363 -9        %Carbon emission-111-66 68        %-262-191 37        %Chartering costs-121-133 -9        %-353-380 -7        %Landing fees and air routes charges-638-569 12%-1,754-1,545 14        %Catering-264-253 4        %-735-686 7        %Handling charges and other operating costs-586-560 5        %-1,627-1,534 6        %Aircraft maintenance costs-808-781 3        %-2,632-2,379 11        %Commercial and distribution costs-280-256 9        %-848-810 5        %Other external expenses-498-495 1        %-1,511-1,488 2        %Salaries and related costs-2,476-2,401 3        %-7,343-6,997 5        %Taxes other than income taxes-43-41 5        %-145-137 6        %Capitalized production284301 -6        %1,0391,029 1        %Other income and expenses2849 -43        %107140 -24        %Amortization, depreciation and provisions-833-716–-2,291-2,037 12        %Total operating expenses-8,010-7,799 3 %-23,211-22,378 4 %Income from current operations1,2031,180 2 %1,6111,204 34 %Sales of aircraft equipment-410nm-625nmOther non current income and expenses1–nm-8-118 -93        %Income from operating activities1,2001,190 1 %1,5971,111 44 %Interests expenses-155-157 -1        %-464-471 -1        %Income from cash & cash equivalent4967 -27 %151236 -36        %Net cost of financial debt-106-90 18 %-313-235 33 %Other financial income and expenses-6514nm332-198nmIncome before tax1,0291,114 -8 %1,616678 138 %Income taxes-302-300 1        %-478-181 164        %Net income of consolidated companies727814 -11 %1,138497 129 %Share of profits (losses) of associates4110nm3013 131        %Net Income for the period768824 -7 %1,168510 129 %Net income - Non controlling interests3844 -14        %125130 -4        %Net income - Group part730780 -6 %1,043380 174%

Note: the sum of “Salaries and related costs” in the business review section is not equal to the above-mentioned figure due to corporate overhead, IT and other businesses not directly related to Network, Maintenance or Transavia

Consolidated balance sheet

Assets September 30, 2025December 31, 2024(in € million) Goodwill223226Intangible assets1,1671,150Flight equipment13,77212,347Other property, plant and equipment1,6171,533Right-of-use assets8,6197,592Investments in equity associates257216Pension assets4366Other non-current financial assets1,1161,369Non-current derivatives financial assets122195Deferred tax assets304662Other non-current assets310214Total non-current assets 27,55025,570Other current financial assets1,3171,190Current derivatives financial assets80249Inventories993959Trade receivables2,4552,051Other current assets1,1061,260Cash and cash equivalents5,0084,829Assets held for sale2447Total current assets 10,98310,585Total assets 38,533 36,155

Liabilities and equitySeptember 30, 2025December 31, 2024(in € million) Issued capital 263 263 Additional paid-in capital 7,560 7,560 Treasury shares -28 -27 Perpetual 1,568 1,078 Reserves and retained earnings -9,287 -10,638 Equity attributable to equity holders of Air France-KLM 76 -1,764 Perpetual 2,088 2,530 Reserves and retained earnings 38 33 Equity attributable Non-controlling interests 2,126 2,563 Total equity 2,202 799 Pension provisions 1,681 1,686 Non-current return obligation liability and other provisions 4,541 4,493 Non-current financial liabilities 7,262 7,254 Non-current lease debt 5,155 4,714 Non-current derivatives financial liabilities 232 32 Deferred tax liabilities 5 2 Other non-current liabilities 686904Total non-current liabilities 19,56219,085Current return obligation liability and other provisions 827 1,181 Current financial liabilities 1,690 1,692 Current lease debt 897 982 Current derivatives financial liabilities 192 137 Trade payables 2,602 2,608 Deferred revenue on ticket sales 4,521 4,097 Frequent flyer programs 915 906 Other current liabilities 5,125 4,668 Total current liabilities 16,76916,271Total equity and liabilities 38,533 36,155

Statement of Consolidated Cash Flows from January 1 until September 30, 2025

Period from January 1 to September 3020252024(in € million) Net income1,168510Amortization, depreciation and operating provisions 2,291 2,037Financial provisions 213 212Cost of net debt 313 235Loss (gain) on disposals of tangible and intangible assets 6 -31Loss (gain) on disposals of subsidiaries and associates -2Derivatives – non monetary result -3 19Unrealized foreign exchange gains and losses, net -626 -97Share of (profits) losses of associates -30 -13Deferred taxes 277 99Other non-monetary items 30 21Cash flow from operating activities before change in working capital 3,639 2,990Increase (decrease) in working capital 402 -422CASH-FLOW FROM OPERATING ACTIVITIES 4,041 2,568Acquisition of subsidiaries, of shares in non-controlled entities -12-92Proceeds on disposal of subsidiaries, of shares in non-controlled entities 24 8Purchase of property plant and equipment and intangible assets -3,341 -2,931Proceeds on disposal of property plant and equipment and intangible assets 774 391Interest received 132 221Dividends received 10 2Decrease (increase) in net investments, more than 3 months 161 137CASH-FLOW USED IN INVESTING ACTIVITIES -2,252 -2,264Payments to acquire treasury shares-1–Purchase of minority interest without change of control-5-1Issuance of perpetual494–Repayment on perpetual-497–Coupon on perpetual-141-131Issuance of debt1,3561,147Repayment on debt-1,411-1,715Payments on lease debts-716-666New loans-200-103Repayment on loans9065Interest paid -544-532Dividends paid-1-1CASH-FLOW FROM FINANCING ACTIVITIES -1,576 -1,937Effect of exchange rate and reclassification on cash and cash equivalents (net of cash acquired or sold) -34 4Change in cash and cash equivalents and bank overdrafts 179 -1,629Cash and cash equivalents and bank overdrafts at beginning of period 4,829 6,181Cash and cash equivalents and bank overdrafts at end of period 5,008 4,552

Recurring adjusted operating free cash flow

Third QuarterYear to date 2025202420252024(in € million) Net cash flow from operating activities1,0139184,0412,568Purchase of property plant and equipment and intangible assets-1,026-864-3,341-2,931Proceeds on disposal of property plant and equipment and intangible assets20118774391Operating free cash flow188721,47428Interest paid and received-93-81-412-311Payments on lease debts-229-224-716-666Operating free cash flow adjusted-134-233346-949Exceptional payments made/(received) (1)124122369972Recurring adjusted operating free cash flow -10-11171523

(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.

Net debt

(in € million)September 30, 2025December 31, 2024Current and non-current financial liabilities8,9528,946Current and non-current lease debt6,0525,696Accrued interest-93-138Deposits related to financial liabilities-90-97Deposits related to lease debt-84-98Derivatives impact on debt47-45Gross financial liabilities (I)14,78414,264Cash and cash equivalent5,0084,829Marketable securities > 3 months8831,046Bonds1,1061,057Net cash (II)6,9976,932Net debt (I-II)7,7877,332

Return on capital employed (ROCE)

In € millionSep 30, 2025Jun 30,
2025Mar 31,
2025Dec 31,
2024Sep 30,
2024Jun 30,
2024Mar 31,
2024Dec 31,
2023 Goodwill and intangible assets 1,390 1,390 1,377 1,375 1,356 1,354 1,349 1,352 Flight equipment 13,772 13,392 12,835 12,347 12,607 12,197 11,646 11,501 Other property, plant and equipment 1,617 1,587 1,554 1,533 1,500 1,456 1,438 1,431 Right of use assets 8,619 8,479 8,030 7,592 6,652 6,479 5,902 5,956 Investments in equity associates 257 205 212 216 240 134 134 129 Financial assets excluding marketable securities, accrued interests and financial deposits 193 194 196 195 218 211 214 219 Provisions, excluding pensions, cargo litigation and restructuring -4,933 -5,167 -5,246 -5,224 -4,553 -4,700 -4,523 -4,346 WCR1 -8,124 -8,749 -8,984 -7,468 -7,422 -8,222 -8,284 -6,981 Capital employed 12,791 11,331 9,974 10,566 10,598 8,909 7,876 9,261 Average capital employed (A)11,1669,161Adjusted results from current operations2,0081,148- Dividends received-1-1- Share of profits (losses) of associates-213- Normative income tax-570-326Adjusted result from current operations after tax (B)1,435834ROCE, trailing 12 months (B/A)12.9%9.1%

Compared with previous periods, working capital has been restated to exclude the deferral of social and fiscal charges granted following the Covid.

(1) Excluding the report of social & fiscal charges granted consequently to Covid.

Unit cost: net cost per ASK

Third QuarterYear to date 2025202420252024Total operating expenses (in €m)8,0117,79823,21022,377Carbon emission (ETS)-111-66-262-191Total other revenues (in €m)-818-796-2,484-2,322Net cost (in €m)7,0816,93620,46419,864Capacity produced, reported in ASK92,28787,811252,584241,903Net cost per ASK (in € cents per ASK)7.677.908.108.21Gross change -2.9% -1.3%Currency effect on net costs (in €m) -141 -137Change at constant currency -0.8% -0.7%Fuel price effect (in €m) -145 -515Net cost per ASK at constant currency, constant fuel price and excluding ETS (in € cents per ASK)7.677.578.107.94Change at constant currency and constant fuel price excluding ETS 1.3% 2.0%

Unit cost per ASK excluding fuel and ETS vs Q3 2024: +1.9% and vs 9m 2024: +3.1%
Definition: Unit cost = (total operating expenses - fuel - carbon emission - total other revenues) / Group Capacity in ASK

Group fleet at 30 September 2025

Aircraft typeAF
(incl. HOP)16KL
(incl. KLC & MP)1TransaviaOwnedFinance leaseOperating leaseTotalIn operationChange in operation vs 31/12/24B777-3004316 3210175959 B777-2001815 29133333 B787-91013 47122323 B787-10 14 310114143A350-90039 3132339394A330-300 5 555 A330-200106 11 51616-1Total Long-Haul1206908241661891896B737-900 5 5 55 B737-800 3110636893137136-3B737-700 6 6 66 A321NEO 10137313232312A32114 7 71414 A32036 43293636 A320NEO 20 119202010A3197 6 174-6A3185 5 55-1A220-30047 2371747476Total Medium-Haul10952139992217930029618Embraer 195 E2 25 2525213Embraer 1902623 174284947-2Embraer 175 17 314 1717 Embraer 17013 10 31312-1Total Regional3965030185610497B747-400ERF 3 3 33 B747-400BCF 1 1 11 B777-F2 222 Total Cargo24040266 Total2701901392158130359958824

2025 TRAFFIC

Passenger network activity

Third QuarterYear to dateTotal network airlines20252024change20252024changePassengers carried (‘000s)20,91320,499+2.0%57,90256,261+2.9%Revenue pax-kilometers (m RPK)67,44565,534+2.9%185,712180,772+2.7%Available seat-kilometers (m ASK)75,96273,481+3.4%212,383206,320+2.9%Load factor (%)88.8%89.2%-0.4pt87.4%87.6%-0.2pt Long-haul Passengers carried (‘000s)7,4147,238+2.4%20,40220,047+1.8%Revenue pax-kilometers (m RPK)55,09953,473+3.0%152,580149,111+2.3%Available seat-kilometers (m ASK)61,61759,348+3.8%173,115168,663+2.6%Load factor (%)89.4%90.1%-0.7pt88.1%88.4%-0.3pt North America Passengers carried (‘000s)2,9742,898+2.6%7,5727,366+2.8%Revenue pax-kilometers (m RPK)21,12120,392+3.6%53,96252,156+3.5%Available seat-kilometers (m ASK)23,73622,647+4.8%61,65259,463+3.7%Load factor (%)89.0%90.0%-1.1pt87.5%87.7%-0.2pt Latin America Passengers carried (‘000s)934859+8.7%2,7232,543+7.1%Revenue pax-kilometers (m RPK)8,8538,131+8.9%25,71224,168+6.4%Available seat-kilometers (m ASK)9,6838,867+9.2%28,32526,710+6.0%Load factor (%)91.4%91.7%-0.3pt90.8%90.5%+0.3pt Asia / Middle East Passengers carried (‘000s)1,5891,555+2.2%4,5834,668-1.8%Revenue pax-kilometers (m RPK)12,43912,267+1.4%36,03536,380-0.9%Available seat-kilometers (m ASK)13,79913,562+1.7%40,67141,073-1.0%Load factor (%)90.1%90.5%-0.3pt88.6%88.6%0.0pt Africa Passengers carried (‘000s)1,0531,060-0.7%2,9492,961-0.4%Revenue pax-kilometers (m RPK)6,4446,469-0.4%18,25718,2640.0%Available seat-kilometers (m ASK)7,3177,212+1.5%21,37421,129+1.2%Load factor (%)88.1%89.7%-1.6pt85.4%86.4%-1.0pt Caribbean / Indian Ocean Passengers carried (‘000s)865866-0.1%2,5762,509+2.7%Revenue pax-kilometers (m RPK)6,2426,214+0.5%18,61418,143+2.6%Available seat-kilometers (m ASK)7,0827,060+0.3%21,09320,288+4.0%Load factor (%)88.1%88.0%+0.1pt88.2%89.4%-1.2pt Short and Medium-haul Passengers carried (‘000s)13,50013,261+1.8%37,50036,214+3.6%Revenue pax-kilometers (m RPK)12,34612,061+2.4%33,13231,661+4.6%Available seat-kilometers (m ASK)14,34514,134+1.5%39,26837,657+4.3%Load factor (%)86.1%85.3%+0.7pt84.4%84.1%+0.3pt

Transavia activity

Third QuarterYear to dateTransavia20252024change20252024changePassengers carried (‘000s)8,2587,356+12.3%20,33718,208+11.7%Revenue seat-kilometers (m RSK)14,46312,841+12.6%35,54531,826+11.7%Available seat-kilometers (m ASK)16,30314,330+13.8%40,17635,591+12.9%Load factor (%)88.7%89.6%-0.9pt88.5%89.4%-0.9pt

Total Group passenger activity

Third QuarterYear to dateTotal Group20252024change20252024changePassengers carried (‘000s)29,17127,855+4.7%78,23974,469+5.1%Revenue pax-kilometers (m RPK)81,90878,375+4.5%221,257212,598+4.1%Available seat-kilometers (m ASK)92,26587,811+5.1%252,559241,911+4.4%Load factor (%)88.8%89.3%-0.5pt87.6%87.9%-0.3pt

Cargo activity

Third QuarterYear to dateCargo20252024change20252024changeRevenue tonne-km (m RTK)1,6831,689-0.3%5,0244,938+1.7%Available tonne-km (m ATK)3,8583,709+4.0%10,93510,727+1.9%Load factor (%)43.6%45.5%-1.9pt45.9%46.0%-0.1pt

Air France activity

Third QuarterYear to dateTotal Passenger network activity20252024change20252024changePassengers carried (‘000s)11,61411,670-0.5%32,04931,501+1.7%Revenue pax-kilometers (m RPK)41,05240,452+1.5%111,880108,994+2.6%Available seat-kilometers (m ASK)46,57445,806+1.7%128,599125,050+2.8%Load factor (%)88.1%88.3%-0.2pt87.0%87.2%-0.2pt Long-haul Passengers carried (‘000s)4,7814,716+1.4%12,98412,739+1.9%Revenue pax-kilometers (m RPK)34,62333,937+2.0%94,82692,326+2.7%Available seat-kilometers (m ASK)38,97038,025+2.5%108,109105,064+2.9%Load factor (%)88.8%89.2%-0.4pt87.7%87.9%-0.2pt Short and Medium-haul Passengers carried (‘000s)6,8336,954-1.7%19,06518,763+1.6%Revenue pax-kilometers (m RPK)6,4296,515-1.3%17,05416,668+2.3%Available seat-kilometers (m ASK)7,6047,781-2.3%20,49019,986+2.5%Load factor (%)84.5%83.7%+0.8pt83.2%83.4%-0.2pt Cargo activity Revenue tonne-km (m RTK)933841+11.0%2,7662,447+13.0%Available tonne-km (m ATK)2,3182,192+5.7%6,4356,213+3.6%Load factor (%)40.3%38.4%+1.9pt43.0%39.4%+3.6pt

KLM activity

Third QuarterYear to dateTotal Passenger network activity20252024change20252024changePassengers carried (‘000s)9,3008,829+5.3%25,85424,759+4.4%Revenue pax-kilometers (m RPK)26,39325,082+5.2%73,83271,777+2.9%Available seat-kilometers (m ASK)29,38827,676+6.2%83,78481,271+3.1%Load factor (%)89.8%90.6%-0.8pt88.1%88.3%-0.2pt Long-haul Passengers carried (‘000s)2,6332,522+4.4%7,4197,308+1.5%Revenue pax-kilometers (m RPK)20,47619,536+4.8%57,75456,784+1.7%Available seat-kilometers (m ASK)22,64721,323+6.2%65,00663,599+2.2%Load factor (%)90.4%91.6%-1.2pt88.8%89.3%-0.4pt Short and Medium-haul Passengers carried (‘000s)6,6676,307+5.7%18,43517,451+5.6%Revenue pax-kilometers (m RPK)5,9175,546+6.7%16,07814,993+7.2%Available seat-kilometers (m ASK)6,7416,354+6.1%18,77817,672+6.3%Load factor (%)87.8%87.3%+0.5pt85.6%84.8%+0.8pt Cargo activity Revenue tonne-km (m RTK)750848-11.6%2,2572,491-9.4%Available tonne-km (m ATK)1,5401,517+1.5%4,5004,514-0.3%Load factor (%)48.7%55.9%-7.2pt50.2%55.2%-5.0pt

1 At constant fuel, constant currency and excluding ETS

2 Check for the definition, the recurrent adjusted free cash flow table in the appendix of this press release

3 Against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)

4 New generation fleet / Fleet in operation

5 Against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)

1 Excluding Transavia

Attachment

Q3 2025 - AFKLM Results Press Release