KLM is cutting its workforce by 15 per cent and reducing its fleet

Investors have welcomed the results, and the share price has risen by more than 13 per cent on the stock market.

This performance was driven primarily by growth in unit revenues, which rose by 7 per cent at constant exchange rates. This increase fully offset the higher fuel costs, whilst strict cost control kept unit costs broadly stable, rising by just 0.1 per cent.

“Demand in key strategic markets, combined with strong commercial performance, has led to an increase in unit revenue, whilst continued cost discipline, together with prudent management of fuel expenditure, has kept unit costs broadly stable,” said CEO Ben Smith in a statement.

In the third quarter, Air France-KLM carried 29.7 million passengers, up 1.8 per cent on 2025. Capacity rose by 1.3 per cent, whilst traffic increased by 0.9 per cent, with a load factor of 88.4 per cent.

Revenue growth stems primarily from improved fares and commercial positioning in higher value-added segments. Premium cabins continued to be a key driver of growth: unit revenue rose by 11.5 per cent in La Première and Business, by 9.1 per cent in the Premium segment and by 5 per cent in Economy.

Routes to North America and Asia performed particularly well, as did connections to Africa and Latin America. International demand proved resilient, supported in part by the preferences of corporate passengers, who in some markets favoured direct flights, avoiding the Gulf hubs.

Alongside passenger transport, the Cargo sector makes a significant contribution. In the third quarter, the division’s total revenue reached €677 million, up 25.2 per cent, whilst unit revenue grew by 21.9 per cent at constant exchange rates. Freight traffic increased by 8 per cent, against a 2.3 per cent rise in capacity. The load factor thus rose to 46 per cent, an improvement of 2.4 percentage points.

The sector has been buoyed by growing demand for air freight for urgent and high-value-added goods, partly as a result of disruptions and tensions on major maritime routes, particularly in the Suez Canal and the Strait of Hormuz. A further boost came from technology sectors linked to artificial intelligence, which helped to increase demand for cargo capacity.

In light of the third-quarter results, Air France-KLM has revised down its capacity growth forecast to around 2 per cent compared with 2025, down from its previous guidance of between 2 per cent and 3 per cent.

The energy bill, however, remains under pressure. Total fuel expenditure in 2026 is estimated at $9.2 billion, compared with the $8.9 billion indicated in the previous quarter and representing an increase of $2.3 billion compared with 2025, despite an expected benefit from financial hedging of approximately $2 billion.