Return to black figures for Air France-KLM in Q2 2022

Second Quarter 2022: Strong results driven by a spike in demand

  • Positive operating result at 386 million euros
  • Net income at 324 million euros, showing a 1.8 billion euros improvement compared to the same quarter last year
  • Positive adjusted operating free cash flow at 1.5 billion euros thanks to positive EBITDA and strong ticket sales. It improved by 1.3 billion euros compared to the same quarter in 2021
  • The Group has already successfully achieved 2.8 billion euros of equity measures of the up to 4 billion announced last February
  • Air France-KLM/Air France redeemed 1.6 billion euros of the French State perpetual bonds (including coupon). KLM fully repaid the State backed RCF and direct Dutch State loan amounting for 942 million euros
  • Net debt at 6.0 billion euros, down by 2.2 billion euros compared to end of 2021 thanks to a positive adjusted operating free cash flow and the rights issue completed in June 2022
Benjamin Smith, CEO Air France-KLM © André Orban

Mr Benjamin Smith, Group CEO, said: “The strong recovery we see this summer is putting the entire aviation industry to the test. While Air France-KLM had prepared for close to pre-pandemic demand levels, our airlines are not immune to the major operational challenges taking place around the world. Customer satisfaction is at the top of our priorities and we know we have not fully been able to deliver the quality of service that has come to be expected from us. I would like to thank our customers for their trust and patience. I would also like to express my gratitude towards our employees for their unwavering commitment, even in difficult situations. It is thanks to their dedication and sense of collective responsibility that we are able to post better-than-expected revenues and results this quarter. Going forward we will continue to implement our strategy in order to further transform our organization. We aim to increase our resilience to the changes of our environment while continuing to accelerate our efforts to make our Group and aviation as a whole more sustainable.



Air France and KLM are among the most active airlines to accommodate the travel recovery, with a second-quarter capacity for Network passenger activity at an index of 82%. Despite the summer growth anticipation efforts since January, operational difficulties arose in Europe and the United States, mainly due to labour shortages at airports.

Air France and KLM are doing their utmost to mitigate these challenges and have prioritised safeguarding the trust of our customers. For this quarter, it resulted in 70 million euros in additional compensation costs.


In this recovery context, the Group expects the capacity in Available Seat Kilometers for Air France-KLM Network passenger activity at an index of:

  • 80% to 85% in the Third quarter of 2022
  • 85% to 90% in the Fourth quarter of 2022
  • Circa 80% for the Full Year 2022

All indices compared to the respective period of 2019.

The capacity for Transavia in Available Seat Kilometers is expected at an index above 100 for the full year and in the third and fourth quarter 2022 compared to 2019.


The yield environment should remain high for the rest of 2022 with a strong summer demand resulting in yield levels above 2019.

Expected operating result

  • Significantly positive in the third quarter
  • Positive in 2022, for the first time since 2019


As of June 30 2022, the Group has a strong 11.9 billion euros of liquidity and credit lines at disposal.

Full-year 2022 Net Capex spending is estimated at circa 2.5 billion euros, which is 80% fleet & fleet related and 20% IT & Ground related.

Air France-KLM made major steps to pave the financial trajectory

  • In February, Air France-KLM announced plans for a set of equity strengthening measures up to 4 billion euros.
  • Later in June, the Group successfully completed a 2.3 billion euros rights issue, with CMA-CGM becoming a new strategic shareholder and a reference commercial partner in the cargo activity. Air France-KLM / Air France redeemed 1.6 billion euros of the French State perpetual bonds (including coupon), aiming to redeem at least 75% as soon as possible.
  • In the meantime, KLM fully repaid the State-backed RCF and direct Dutch State loan amounting for 942 million euros. 2.4 billion euros RCF and State Loan is still available, and KLM expects to strengthen its balance sheet with positive net results and further equity measures are being contemplated.
  • Air France-KLM and Apollo closed on the 28th July an investment of 500 million euros by Apollo Funds to finance an ad hoc affiliate of Air France owning a pool of spare engines, as per the agreement signed on July 13th. In alignment with the requirement of article 77 bis of the European Commission’s “Temporary Framework for State aid recapitalisation measures”, proceeds from the investment will be used to further redeem outstanding French State perpetual bonds issued in late April 2021.
  • Later in 2022-2023, the Group will contemplate possible hybrid bond issuances up to 1.2 billion euros subject to market conditions.

The restoration of negative equity will be done through net profit generation and quasi/equity projects.

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