AeroMorning November 6, 2025

The Franco-Dutch airline group Air France-KLM sharply declined in Paris trading on Thursday, dropping around 13% in reaction to its Q3 results. 
For the period July through end-September, the group reported revenues of €9.21 billion, up 4.8% excluding currency effects. 
However, both revenues and operating income fell short of analyst consensus (€9.39 billion expected) and the operating income of €1.2 billion missed the estimated €1.283 billion. 
The group attributes the weakness to a drop in unit revenues (revenue per passenger-kilometre). Unit revenue fell by 0.5% excluding currency effects, especially affected by a 5.1% drop in cargo unit revenue and a 2.8% decline at its low-cost subsidiary Transavia. 
Despite a 4.7% increase in passenger traffic, the load factor slipped to 88.8% from 89.3% a year earlier. 
On the cost side, the group benefited from favourable fuel costs (-€107 million) but still saw unit costs rise by 1.3%. 
Nevertheless, Air France-KLM reaffirmed its full-year 2025 targets: a 4-5% capacity growth and a net debt to EBITDA ratio between 1.5 and 2 times.