20:19:26 Europe / Stockholm
2022-10-28 07:15:00

October 28, 2022






  • Group revenues at €8.1bn, above 2019 level (+€503m)
  • Group capacity at 89% of 2019 level with load factor at 88% close to 2019 level (90%)
  • Operating result at €1,024m with operating margin at 12.6% above 2019 level (12.0%)
  • Positive Adjusted operating free cash flow for the 6th quarter in a row at €290m
  • Net debt down by €2.3bn euros, compared to end of 2021
    • Return to positive operating result expected for Full Year above €900m1

Commenting on the results, Mr. Benjamin Smith, Group CEO, said:
“Thanks to solid preparation and to our agile approach to capacity, Air France-KLM was able to make the most of the strong travel demand this quarter. While the situation remains unsatisfactory in some key airports-, notably impacting KLM at its Amsterdam Schiphol hub, we saw significant improvements following the operational challenges that had erupted earlier this year. The Group posted a strong operating result in spite of rising fuel costs and inflation, and the Group remains confident in its ability to further increase capacity during the Winter season.
I would like to thank all customers who chose to fly with us, and our employees who did their very best to welcome them at every step of their journey. Going forward we will continue to implement our transformation plan and accelerate our sustainability efforts, as illustrated by the recent signing of long-term SAF supply contracts. This reinforces our position as a responsible leader in transportation, as well as our commitment to being frontrunners in the decarbonization of our industry.”

Strong improvement Third quarter revenues, operating result and margin

 Third quarterNine Months
constant currency
constant currency
Revenues (€m)8,112+77.6%+72.2%19,264+103.3%+98.7%
EBITDA (€m)1,6778838862,8292,9112,935
Operating result (€m) 1,0248948971,0602,8642,886
Operating margin (%)12.6%+9.8 pt+9.9 pt5.5%+24.5 pt+24.3 pt
Net income – Group part (€m)460+653 232+3,396 
Adj. operating free cash flow (€m)290+12 2,453+3,309 
Net debt at end of period (€m)2   5,965-2,251 

In the third quarter 2022, the Air France-KLM Group posted a positive operating result of 1,024 million euros, up by 897 million euros at a constant currency compared to last year. This increase was driven by an increase in capacity, load factor and yield.
Net income amounted to 460 million euros in the third quarter 2022, an increase of 653 million euros compared to last year.

 Third quarterNine Months
constant currency
constant currency
Passengers (thousands)25,002+47.6% 62,328+116.5% 
Capacity (ASK m)79,937+29.1% 210,129+54.3% 
Traffic (RPK m)70,645+70.7% 175,145+139.1% 
Passenger load factor88.4%21.6pt 83.4%29.6pt 
Passenger unit revenue per ASK (€ cts) 8.59+56.7%+52.0%7.30+68.1%+63.8%
Group unit revenue per ASK (€ cts) 9.49+42.6%+37.9%8.40+39.8%+35.8%
Group unit cost per ASK (€ cts) at constant fuel8.21+27.3%+1.8%7.90+7.7%-8.2%

In the Third quarter Air France-KLM welcomed 25 million passengers which is 47.6% above the same quarter in previous year. As capacity increased by 29.1% and traffic increased by 70.7%, the load factor increased by 21.6 points compared to last year.
The passenger unit revenue per ASK of the Group increased by 52% against a constant currency compared to the third quarter 2021. This increase was driven by both load factor and yield.
The group unit cost per ASK at constant fuel and constant currency is up 1.8% versus the same quarter last year.

The unit cost is up 2.9% at a constant fuel price and constant currency (USD & related currencies only) versus the third quarter of 2019, with a capacity down by 11%. The ongoing transformation programs enable Air France-KLM to limit the impact of increasing costs such as airport and ATC charges, and the increase of labor cost at KLM.

Compared to September 2019, the number of Full Time Equivalents (FTE’s) at Air France, excluding Transavia France, decreased by 16% and by 11% at KLM.

In the third quarter staff costs decreased by 6% compared to the same quarter in 2019 thanks to FTE reduction.

Air France-KLM keeps redeeming liquidity support while maintaining a solid cash position

  • In December 2021, Air France-KLM redeemed 0.5 billion euros of the outstanding 4 billion French State guaranteed loan provided by a syndicate of 9 Banks during Covid crisis (“PGE”).
  • By the end of June 2022, KLM fully redeemed its RCF and Dutch State Loan for a total amount of 0.9 billion euros
  • In November 2022 Air France-KLM will pursue deleveraging and reprofiling its unsecured debt and will proceed with the partial and early redemption of the “PGE”. The redemption amount will be 1.0 billion euros out of the 3.5 billion euros outstanding. The remaining bank loan profile will incur no further expected redemption till May 2024 and will remain unchanged beyond (till May 2025). As a result, the Group will reduce its overall financial charges and its exposure to floating rates.
  • During 2022 and 2023, Air France-KLM will contemplate possible hybrid bonds issuances up to €1.2bn subject to market conditions
  • The restoration of negative equity will be done through net profit generation and quasi-equity projects.


In the third quarter, Air France and KLM remained among the most active airlines to accommodate the travel recovery, with a capacity for Network passenger activity at index 85%, in line with the upper end of the guidance provided, meaning that the Group delivered according to its plan. Despite some isolated disruptions in Paris, operations were more robust in France than in other European countries while Schiphol remains in a challenging situation, in a context of a very tight labor market conditions, and imposed capacity restrictions to KLM.
Air France and KLM did their utmost to mitigate these challenges and continue to prioritise safeguarding the trust of their customers. For the third quarter, these disruptions resulted in 60 million euros additional compensation costs compared to the same quarter in 2019.

Air France-KLM is confident that the recovery context will continue and therefore, the Group expects the capacity in Available Seat Kilometers for Air France-KLM Network passenger activity at an index of:

  • Circa 85% for the fourth quarter of 2022
  • Circa 80% for the Full Year 2022
  • Circa 90% for the first quarter of 2023

All indices compared to the respective period of 2019.

The capacity of Transavia keeps on growing with Available Seat Kilometers expected at an index of circa 115 for the full year and at an index of circa 140 in both the fourth quarter 2022 and the first quarter 2023 compared to 2019.

The yield environment should remain healthy for the winter season with a solid demand in line with the capacity, resulting in yield levels above 2019.

Expected operating result
Above 900 million euros for Full Year 2022, based on fuel forward curve at 21 October 2022 and under currently foreseen circumstances.

As of September 30 2022, the Group has a strong 12.3 billion euros of liquidity and credit lines at its disposal.

Full year 2022 Net Capex spending is estimated at circa 2.3 billion euros, which is 80% fleet & fleet related and 20% IT & Ground related.


Network: Significant improvement in revenues and operating result


Third quarterNine Months
constant currency
constant currency
Total revenues (€m)6,907+82.2%+76.1%16,554+106.6%+101.0%
Scheduled revenues (€m)6,695+86.2%+79.3%15,902+112.2%+105.6%
Operating result (€m)851+864+863894+2,626+2,636

Third quarter 2022 total revenues increased by 76.1% at constant currency to 6,907 million euros. The operating result amounted to 851 million euros, which represents an 863 million euros increase at constant currency compared to last year.

Strong summer demand resulting in high yield across the diversified network

 Third quarterNine Months
Passenger network2022ChangeChange
constant currency
constant currency
Passengers (thousands)18,980+49.5% 48,478+110.6% 
Capacity (ASK m)67,908+29.3% 182,176+48.7% 
Traffic (RPK m) 59,948+76.2% 151,294+138.7% 
Load factor 88.3%+23.5 pt 83.0%+31.3 pt 
Total passenger revenues (€m)6,077+105.6%+99.5%13,896+155.3%+149.4%
Scheduled passenger revenues (€m)5,974+108.4%+101.0%13,585+160.1%+152.5%
Unit revenue per ASK (€ cts) 8.80+61.2%+55.5%7.46+75.0%+69.8%

Third quarter 2022 capacity in Available Seat Kilometers (ASK) was 29.3% higher than last year and at 85% of 2019 third quarter level, which was at the upper end of the Group’s guidance provided during the second quarter 2022 results presentation.

In response to the rise in fuel prices and other external costs, the Group proceeded to several fare increases during the first half of the year across all long-haul flights. The amount of the increase varied according to destination and class of travel, and applied to flights operated by Air France and KLM. Additionally, in line with the strong summer demand, the strong performance in Premium cabins and the solid corporate traffic recovery have all led to a yield above the 2019 level in the third quarter.

The third quarter result is driven by a strong performance of the entire network:

  • North Atlantic: capacity was above 2019 thanks to a strong demand recovery. Yields were strongly up versus 2019 levels due to high demand, fare increases and a positive cabin mix.
  • Latin America: capacity discipline on South America routes combined with a very resilient demand led to a strong yield.
  • Asia: the strong yield performance is due to a limited capacity and the Group continues to observe significant differences between the regions. South East Asia and India showed positive dynamic in yield and traffic while China maintained its zero-Covid policy with severe travel restrictions.
  • Middle-East: performance remained strong during the third quarter, especially on premium cabins and due to an increased traffic on some routes.
  • Caribbean & Indian Ocean: the yields improved thanks to successive fare increases and a positive cabin mix effect.
  • Africa: a strong corporate recovery was observed in all areas. For KLM, the performance was driven by East and South Africa with strong yield increase linked to positive cabin mix and a positive economy yield evolution. For Air France, performance was driven by West and Central African countries with a good steering strategy.
  • Short and Medium-haul: strong booking dynamic since March. KLM is impacted by restrictions on flight departures from Amsterdam which led to traffic restriction. The yield is above 2019, especially on leisure routes with network capacity constraints and a positive competition environment.

During the third quarter, Air France added one Airbus A350-900 and two Airbus A220-300 to its fleet. One B777-200, two Airbus A380-800, two Airbus A320, one Airbus A319, one Airbus A318 and two Canadair Jet 1000 left the fleet. KLM phased in one Embraer 195 E2. The Group will continue to introduce new generation aircraft to its fleet in order to improve its economic and environmental performance.

Cargo: Strong yield increase mitigates lower load factor

 Third quarterNine Months
Cargo business2022ChangeChange
constant currency
constant currency
Tons (thousands)223-10.1% 695-11.9% 
Capacity (ATK m)3,538+15.9% 9,853+17.8% 
Traffic (RTK m) 1,635-13.5% 5,132-15.2% 
Load factor 46.2%-15.7 pt 52.1%-20.3 pt 
Total Cargo revenues (€m)830-0.6%-5.2%2,658+3.5%-0.2%
Scheduled cargo revenues (€m)720-1.2%-5.5%2,318+2.0%-1.5%
Unit revenue per ATK (€ cts ) 20.36-14.8%-18.5%23.52-13.4%-16.4%

Compared to the third quarter of 2021, cargo capacity increased by 15.9% in Available Ton Kilometers, mainly due to the increase in worldwide belly capacity. Despite this increased belly capacity the overall traffic decreased by 13.5% and resulted in a drop in load factor of almost 16 points. Yields, however, remained at a consistently high level (+14% vs. 2021), leading to a third quarter total revenue performance close to last year's level.

Compared to the pre-COVID year 2019, cargo capacity in the Third quarter was still 7% below. However, due to exceptional yield performance, total revenues in the Third quarter of 2022 were 61% higher compared to 2019.

Transavia: Significant increase in traffic resulted in a positive operating result

 Third quarterNine Months
Passengers (thousands)6,022+41.8%13,850+139.9%
Capacity (ASK m)12,029+28.1%27,953+104.9%
Traffic (RPK m) 10,697+45.4%23,851+141.4%
Load factor 88.9%+10.6 pt85.3%+12.9 pt
Total passenger revenues (€m)855+63.7%1,705+148.9%
Unit revenue per ASK (€ cts) 7.38+32.0%6.26+24.1%
Unit cost per ASK (€ cts)6.36+42.3%6.22+5.9%
Operating result (€m)123+1813+126

In the Third quarter of 2022, the demand recovery in leisure traffic in Europe and North Africa continued. Compared to last year, the capacity in the third quarter increased by 28.1%, traffic increased by 45.4%, and the number of passengers increased by 41.8%.

The operating result stood at 123 million euros and improved by 18 million euros compared to the third quarter of 2021.

Compared to the same quarter in 2019, the third quarter of 2022 showed activity levels at index 110 and a load factor slightly below 2019 levels. The average unit revenue per ASK increased by 18% compared to 2019, mainly driven by a strong yield increase of 23%. The average unit cost per ASK increased by 36% versus 2019, mainly driven by the high fuelprice and high disruption cost.

The fleet of Transavia reached 100 aircraft in the third quarter and supported to capture the strong demand of leisure traffic in Europe.

Maintenance business: Solid performance continued in the third quarter

 Third quarterNine Months
constant currency
constant currency
Total revenues (€m)826+17.4% 2,568+28.1% 
Third-party revenues (€m)342+38.6%+32.2%984+29.4%+30.8%
Operating result (€m)46+17+19147+128+136
Operating margin (%)5.6%+1.5 pt+1.8 pt5.7%+4.8 pt+5.2 pt

The third quarter operating result stood at 46 million euros, which represents an increase of 19 million euros at constant currency compared to the third quarter 2021 and is due to a higher activity and an operational improvement.   

Total revenues increased by 17.4% in the third quarter while third party revenues increased by 38.6%, showing a strong recovery.
The operating margin stood at 5.6%, which is 1.5 points higher than the operating results in the third quarter 2021. The nine months year margin amounts to 5.7%, which is above the level of the pre-covid period but still included States supports.

Adjusted operating free cash flow positive in Q3 reducing the net debt slightly below €6bn

 Third quarterNine Months
In € million2022Change2022Change
Cash flow before change in WCR and Voluntary Departure Plans, continuing operations (€m)1,527+8562,437+2,928
Cash out related to Voluntary Departure Plans (€m)-50+43-175+43
Change in Working Capital Requirement (WCR) (€m)-587-8282,248+887
Net cash flow from operating activities (€m)890714,5103,858
Net investments* (€m)-389-69-1,404-550
Operating free cash flow (€m)501+23,1063,308
Repayment of lease debt-211+10-653+1
Adjusted operating free cash flow**290+122,453+3,309

* Sum of ‘Purchase of property, plant and equipment and intangible assets’ and ‘Proceeds on disposal of property, plant and equipment and intangible assets’ as presented in the consolidated cash flow statement.

** The “Adjusted operating free cash flowis operating free cash flow after deducting the repayment of lease debt.

The Group generated an adjusted operating free cash flow in the third quarter 2022 of 290 million euros, which is slightly higher than last year. This is the sixth quarter in a row that the adjusted operating free cash flow is positive.

In € million30 Sep 202231 Dec 2021
Net debt 5,9658,216
EBITDA trailing 12 months3,657745
Net debt/EBITDA trailing 12 months1.6 x11.0 x

Both airlines operating margin above 10%

 Third quarterNine Months
Air France Group Operating result (€m)570+616340+1,795
Operating margin (%)11.4%+13.0 pt2.9%+28.0 pt
KLM Group Operating result (€m)443+274708+1,062
Operating margin (%)13.7%+4.8 pt8.9%+17.7 pt

We can see significant improvement in the Operating result of both airlines with the operating margin of Air France being above its 2019 level.


The results presentation is available at www.airfranceklm.com on October 28, 2022 from 7:15 am CET.

A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on October 28, 2022 at 08.30 am CET.
To connect to the conference call, please dial:

France: Local +33 (0)1 70 72 25 50
Netherlands: Local +31 (0)20 703 8210
UK: Local +44 (0)330 165 4027
US: Local +1 323-794-2551

Confirmation code: 6069631

Investor Relations Press
Frederic KahaneMichiel Klinkers 
  +33 1 41 56 56 00

Income Statement

 Third quarterNine Months
Revenues from ordinary activities8,1124,567+78 %19,2649,477+103 %
Aircraft fuel-2,325-828+181 %-5,184-1,811+186 %
Chartering costs-92-85+8 %-285-232+23 %
Landing fees and air route charges-488-374+30 %-1,271-835+52 %
Catering-206-124+66 %-525-250+110 %
Handling charges and other operating costs-468-307+52 %-1,189-710+67 %
Aircraft maintenance costs-524-389+35 %-1,643-1,181+39 %
Commercial and distribution costs-257-124+107 %-641-255+151 %
Other external expenses -375-292+28 %-1,077-839+28 %
Salaries and related costs-1,897-1,408+35 %-5,239-3,813+37 %
Taxes other than income taxes-38-30+27 %-118-100+18 %
Other income and expenses235188+25 %737467+58 %
EBITDA1,677794+111 %2,829-82nm
Amortization, depreciation and provisions-653-664-2%-1,769-1,722+3 %
Income from current operations1,024130+688 %1,060-1,804nm
Sales of aircraft equipment6-6nm44-20nm
Other non-current income and expenses-30-54-44%-44-906-95%
Income from operating activities1,00070+1329 %1,060-2,730nm
Cost of financial debt-139-144-3%-416-483-14%
Income from cash and cash equivalent9-1nm92+350 %
Net cost of financial debt-130-145-10%-407-481-15%
Other financial income and expenses-335-114+194 %-621-199+212 %
Income before tax535-189nm32-3,410nm
Income taxes-71-6+1083 %208256-19%
Net income of consolidated companies464-195nm240-3,154nm
Share of profits (losses) of associates23-33%-13nm
Net income for the period466-192nm240-3,167nm
Non-controlling interests61+500 %8-3nm
Net income for the period – Group part460-193nm232-3,164nm

* Restated figures include the change in accounting principles for pensions (interpretation of IAS19)

Consolidated Balance Sheet

Assets30 Sep 2022

31 Dec 2021

Intangible assets1,2011,235
Flight equipment10,29810,466
Other property, plant and equipment1,3491,402
Right-of-use assets5,5365,148
Investments in equity associates111109
Other non-current financial assets1,126951
Non-current derivatives financial assets525143
Deferred tax assets527278
Total non-current assets20,89819,954
Assets held for sale7874
Other current financial assets832484
Current derivatives financial assets676469
Trade receivables2,1331,511
Other current assets989966
Cash and cash equivalents8,2646,658
Total current assets13,66510,729
Total assets34,56330,683

Liabilities and equity30 Sep 2022

31 Dec 2021

In million euros
Issued capital2,571643
Additional paid-in capital5,2174,949
Treasury shares-25-25
Perpetual bonds9123,151
Reserves and retained earnings-11,988-12,542
Equity attributable to equity holders of Air France-KLM-3,313-3,824
Non-controlling interests5168
Total Equity-2,797-3,816
Pension provisions1,3811,939
Non-current return obligation liability and other provisions4,7154,055
Non-current financial liabilities10,69511,274
Non-current lease debt3,5542,924
Non-current derivatives financial liabilities325
Deferred tax liabilities11
Other non-current liabilities2,4262,555
Total non-current liabilities22,77522,773
Current return obligation liability and other provisions677885
Current financial liabilities1,0741,215
Current lease debt878825
Current derivatives financial liabilities12846
Trade payables2,7141,850
Deferred revenue on ticket sales4,1322,644
Frequent flyer programs886888
Other current liabilities4,0933,369
Bank overdrafts34
Total current liabilities14,58511,726
Total equity and liabilities34,56330,683

Statement of Consolidated Cash Flows from 1st January until 30 September 2022

€m30 Sep 202230 Sep 2021*
Net income240-3,167
Amortization, depreciation and operating provisions1,7701,722
Financial provisions10589
Loss (gain) on disposals of tangible and intangible assets-4518
Loss (gain) on disposals of subsidiaries and associates--25
Derivatives – non monetary result-28-33
Unrealized foreign exchange gains and losses, net523172
Share of (profits) losses of associates-13
Deferred taxes-234-262
Other non-monetary items-88727
Financial Capacity2,262-709
(Increase) / decrease in inventories-119-47
(Increase) / decrease in trade receivables-431-365
Increase / (decrease) in trade payables786415
Increase / (decrease) in advanced ticket sales1,489142
Change in other receivables and payables5231,216
Change in working capital requirement2,2481,361
Net cash flow from operating activities4,510652
Acquisition of subsidiaries, of shares in non-controlled entities-1-2
Purchase of property, plant and equipment and intangible assets-2,082-1,543
Proceeds on disposal of subsidiaries, of shares in non-controlled entities-71
Proceeds on disposal of property, plant and equipment and intangible assets678689
Dividends received12
Decrease (increase) in net investments, more than 3 months-24037
Net cash flow used in investing activities-1,644-746
Increase of equity1,5511,026
Capital increase paid by non controlling interests3-
Coupons on perpetual-238-
Issuance of debt7691,546
Repayment on debt-1,600-1,323
Payments on lease debt-653-654
New loans-177-35
Repayment on loans1693
Net cash flow from financing activities-1,312653
Effect of exchange rate on cash and cash equivalents and bank overdrafts (net of cash acquired or sold)539
Change in cash and cash equivalents and bank overdrafts1,607568
Cash and cash equivalents and bank overdrafts at beginning of period6,6546,422
Cash and cash equivalents and bank overdrafts at end of period8,2616,990

* Restated figures include the change in accounting principles for pensions (interpretation of IAS19)
Return on capital employed (ROCE)

In million euros30
Sep 2022
Jun 2022
31 Mar 202231 Dec 202130* Sep 202130* Jun 202131* Mar 202131* Dec 2020
Goodwill and intangible assets1,4251,4371,4731,4571,4561,4641,4791,445
Flight equipment10,29810,52110,53710,46610,47810,64510,80011,031
Other property, plant and equipment1,3491,3581,3781,4021,4181,4531,4761,548
Right of use assets5,5365,4395,2055,1485,0615,0334,7954,678
Investments in equity associates111108107109172166223230
Financial assets excluding marketable securities and financial deposits164162158157147147146146
Provisions, excluding pension, cargo litigation and restructuring-4,792-4,473-4,240-4,180-4,180-4,033-4,083-3,923
WCR, excluding market value of derivatives-10,434-11,156-9,589-8,262-7,995-7,745-6,410-6,505
Capital employed 3,6573,3965,0296,2976,5577,1308,4268,650
Average capital employed (A)4,5957,691
Adjusted results from current operations1,238-2,941
- Share of profits (losses) of associates-13-19
- Normative income tax-317846
Adjusted result from current operations after tax (B)908-2,114
ROCE, trailing 12 months (B/A)19.8%-27.5%

* Restated figures include the change in accounting principles for pensions (interpretation of IAS19)

Net debt

 Balance sheet at
€m30 Sep 202231 Dec 2021
Current and non-current financial liabilities11,76912,489
Current and non-current lease debt4,4323,749
Accrued interest-128-128
Deposits related to financial liabilities-101-99
Deposits related to lease debt-107-85
Derivatives impact on debt-101-14
Gross financial debt (A)15,76415,912
Cash and cash equivalents8,2646,658
Marketable securities204189
Cash secured552324
Triple A bonds782529
Bank overdrafts-3-4
Net cash (B)9,7997,696
Net debt (A) – (B)5,9658,216

Adjusted operating free cash flow

 Third quarterNine Months
Net cash flow from operating activities8908194,510652
Investment in property, plant, equipment and intangible assets-591-444-2,082-1,543
Proceeds on disposal of property, plant, equipment and intangible assets 202124678689
Operating free cash flow5014993,106-202
Payments on lease debt-211-221-653-654
Adjusted operating free cash flow2902782,453-856

Bridge from EBITDA to Financial capacity



Third quarterNine Months
Provisions (CO2 and other)311215-16
Correction of spare parts inventory1-44
Addition to pension provisions323297168
Reversal to pension provisions (cash-out)-18-17-50-100
Sales of tangible and intangible assets (excluding aeronauticals)-4-2731
Income from operation activities - cash impact1,7198212,9225
Restructuring costs-50-93-175-218
Other non-current income and expenses-5-3-7-66
Cost of financial debt-146-137-429-440
Financial income5-4-3-11
Realized foreign exchanges gain/loss-141-1149
Termination of trading hedges - cash----8
Settlements of forwards derivates - cash--1--3
Current income tax-22-4-26-6
Other financial charges & expenses - cash-11--11-8
Other elements1-22-3
Financial capacity1,4775782,262-709

* Restated figures include the change in accounting principles for pensions (interpretation of IAS19)

Unit cost: net cost per ASK

 Third quarterNine Months
Revenues (in €m)8,1124,56719,2649,477
Income/(loss) from current operations (in €m) -/--1,024-130-1,0601,804
Total operating expense (in €m)7,0884,43718,20411,281
Passenger network business – other revenues (in €m)-103-90-311-221
Cargo network business – other revenues (in €m)-109-106-340-296
Third-party revenues in the maintenance business (in €m)-342-247-984-760
Transavia - other revenues (in €m)333453
Third-party revenues of other businesses (in €m)-8-8-21-20
Net cost (in €m)6,5593,99016,5939,987
Capacity produced, reported in ASK*79,93761,925210,129136,179
Net cost per ASK (in € cents per ASK)8.216.447.907.33
Gross change 27.3% 7.7%
Currency effect on net costs (in €m) -142 -260
Change at constant currency 23.0% 4.9%
Fuel price effect (in €m) 858 1,464
Net cost per ASK on a constant currency and fuel price basis (in € cents per ASK)
Change at constant currency and fuel price basis +1.8% -8.2%

* Restated figures include the change in accounting principles for pensions (interpretation of IAS19)
(1) The capacity produced by the transportation activities is combined by adding the capacity of the Passenger network (in ASK) to that of Transavia (in ASK).

Group results

Air France Group

 Third quarterNine Months
Revenue (in €m)5,001+78.1%11,744+102.7%
EBITDA (in €m)1,007+6291,429+1,846
Operating result (in €m)570+616340+1,795
Operating margin (%)11.4%+13.0 pt2.9%+28.0 pt
Operating cash flow before WCR and restructuring cash out (in €m)890+5801,144+1,854
Operating cash flow (before WCR and restructuring) margin17.8%+6.8 pt9.7%+22.0 pt

KLM Group

 Third quarterNine Months
Revenue (in €m)3,236+71.2%7,921+96.7%
EBITDA (in €m)688+2801,417+1,087
Operating result (in €m)443+274708+1,062
Operating margin (%)13.7%+4.8 pt8.9%+17.7 pt
Operating cash flow before WCR and restructuring cash out (in €m)654+2881,321+1,125
Operating cash flow (before WCR and restructuring) margin20.2%+0.9 pt16.7%+11.8 pt

NB: Sum of individual airline results does not add up to Air France-KLM total due to intercompany eliminations at Group level

Group fleet at 30 September 2022

Aircraft typeAF
(incl. HOP)
(incl. KLC & MP)
TransaviaOwnedFinance leaseOperating leaseTotalIn operationChange / 31/12/21
B777-3004316 1718245959 
B777-2001815 26 73333-3
B787-91013 47122323 
B787-10 6 24 661
A380-8006  3126  
A350-90019  37919197
A330-300 5   5551
A330-200156 11 102121 
Total Long-Haul1116106637691721666
B737-900 5 5  55 
B737-800 31963488512712711
B737-700 1047 71414 
A32119  11 81918 
A32039  34323939-3
A31924  12 122422-6
A31811  6 51111-1
A220-30012  8 412126
Total Medium-Haul1054610086121532512486
Canadair Jet 10007  7  74-7
Canadair Jet 700         
Embraer 195 E2 13   1313136
Embraer 1901930 1742849492
Embraer 175 17 314 1717 
Embraer 17013  10 31313-2
Embraer 1452  2  2  
Total Regional4160039184410196-1
B747-400ERF 3 3  33 
B747-400BCF 1 1  11 
B777-F2    222 
Total Cargo240402660


Passenger network activity*

  Q3  Year to date
Total Passenger network*20222021Variation 20222021Variation
Passengers carried (‘000s)18,98012,69549.5% 48,47823,016110.6%
Revenue pax-kilometers (m RPK)59,94834,01976.2% 151,29463,381138.7%
Available seat-kilometers (m ASK)67,90852,53129.3% 182,176122,53448.7%
Load factor (%)88.3%64.8%23.5 83.0%51.7%31.3
Passengers carried (‘000s)6,6313,55386.6% 16,7856,891143.6%
Revenue pax-kilometers (m RPK)48,32425,12392.3% 122,71948,287154.1%
Available seat-kilometers (m ASK)54,15640,51533.7% 146,681100,46646.0%
Load factor (%)89.2%62.0%27.2 83.7%48.1%35.6
North America       
Passengers carried (‘000s)2,7051,154134.4% 6,2351,852236.8%
Revenue pax-kilometers (m RPK)19,1978,291131.6% 44,58413,433231.9%
Available seat-kilometers (m ASK)21,21713,10161.9% 53,50829,16983.4%
Load factor (%)90.5%63.3%27.2 83.3%46.1%37.3
Latin America       
Passengers carried (‘000s)801365119.1% 2,243731206.7%
Revenue pax-kilometers (m RPK)7,6003,521115.9% 21,3267,034203.2%
Available seat-kilometers (m ASK)8,2656,16434.1% 24,06616,62144.8%
Load factor (%)92.0%57.1%34.8 88.6%42.3%46.3
Asia / Middle East       
Passengers carried (‘000s)98149996.7% 2,4741,100124.9%
Revenue pax-kilometers (m RPK)7,0523,312113.0% 17,5607,350138.9%
Available seat-kilometers (m ASK)8,2437,47810.2% 22,85321,8264.7%
Load factor (%)85.5%44.3%41.3 76.8%33.7%43.2
Passengers carried (‘000s)1,07877938.5% 2,8301,73363.3%
Revenue pax-kilometers (m RPK)6,4534,33748.8% 16,8139,55176.0%
Available seat-kilometers (m ASK)7,3896,25918.1% 20,52516,34625.6%
Load factor (%)87.3%69.3%18.0 81.9%58.4%23.5
Caribbean / Indian Ocean       
Passengers carried (‘000s)1,06775741.0% 3,0061,475103.7%
Revenue pax-kilometers (m RPK)8,0225,66341.6% 22,43710,918105.5%
Available seat-kilometers (m ASK)9,0427,51220.4% 25,72916,50355.9%
Load factor (%)88.7%75.4%13.3 87.2%66.2%21.0
Short and Medium-haul       
Passengers carried (‘000s)12,3489,14135.1% 31,69016,12496.5%
Revenue pax-kilometers (m RPK)11,6248,89630.7% 28,57415,09589.3%
Available seat-kilometers (m ASK)13,75312,01614.5% 35,49622,06860.8%
Load factor (%)84.5%74.0%10.5 80.5%68.4%12.1

* Air France and KLM

Transavia activity        

  Q3  Year to date
Transavia20222021Variation 20222021Variation
Passengers carried (‘000s)6,0224,24641.8% 13,8505,772139.9%
Revenue pax-kilometers (m RPK)10,6977,35945.4% 23,8519,881141.4%
Available seat-kilometers (m ASK)12,0299,39328.1% 27,95313,645104.9%
Load factor (%)88.9%78.3%10.6 85.3%72.4%12.9

Total group passenger activity**

  Q3  Year to date
Total group**20222021Variation 20222021Variation
Passengers carried (‘000s)25,00216,94047.6% 62,32828,788116.5%
Revenue pax-kilometers (m RPK)70,64541,37870.7% 175,14573,262139.1%
Available seat-kilometers (m ASK)79,93761,92429.1% 210,129136,17854.3%
Load factor (%)88.4%66.8%21.6 83.4%53.8%29.6

** Air France, KLM and Transavia

Cargo activity

  Q3  Year to date
Total Group20222021Variation 20222021Variation
Revenue tonne-km (m RTK)1,6351,895(13.7%) 5,1326,055(15.2%)
Available tonne-km (m ATK)3,5383,05115.9% 9,8538,36217.8%
Load factor (%)46.2%62.1%(15.9) 52.1%72.4%(20.3)

Air France activity

  Q3  Year to date
Total Passenger network activity20222021Variation 20222021Variation
Passengers carried (‘000s)11,5287,52053.3% 28,97714,172104.5%
Revenue pax-kilometers (m RPK)36,15920,30478.1% 90,24138,027137.3%
Available seat-kilometers (m ASK)40,99229,18940.4% 108,48363,24171.5%
Load factor (%)88.2%69.6%18.6 83.2%60.1%23.1

Passengers carried (‘000s)4,1232,26182.4% 10,4544,402137.5%
Revenue pax-kilometers (m RPK)29,05615,25590.5% 73,57329,265151.4%
Available seat-kilometers (m ASK)32,65722,39045.9% 87,84950,64273.5%
Load factor (%)89.0%68.1%20.8 83.8%57.8%26.0

Short and Medium-haul       
Passengers carried (‘000s)7,4055,26040.8% 18,5219,77089.6%
Revenue pax-kilometers (m RPK)7,1035,05040.7% 16,6678,76390.2%
Available seat-kilometers (m ASK)8,3356,79922.6% 20,63512,59963.8%
Load factor (%)85.2%74.3%10.9 80.8%69.6%11.2

  Q3  Year to date
Cargo activity20222021Variation 20222021Variation
Revenue tonne-km (m RTK)834837(0.3%) 2,6312,648(0.7%)
Available tonne-km (m ATK)2,0251,59227.2% 5,5444,19432.2%
Load factor (%)41.2%52.6%(11.4) 47.5%63.2%(15.7)

KLM activity

  Q3  Year to date
Total Passenger network activity20222021Variation 20222021Variation
Passengers carried (‘000s)7,4525,17444.0% 19,5018,843120.5%
Revenue pax-kilometers (m RPK)23,78913,71573.5% 61,05325,354140.8%
Available seat-kilometers (m ASK)26,91523,34315.3% 73,69259,29424.3%
Load factor (%)88.4%58.8%29.6 82.8%42.8%40.1

Passengers carried (‘000s)2,5081,29394.0% 6,3312,489154.4%
Revenue pax-kilometers (m RPK)19,2689,87095.2% 49,14619,023158.4%
Available seat-kilometers (m ASK)21,49818,12518.6% 58,83149,82518.1%
Load factor (%)89.6%54.5%35.2 83.5%38.2%45.4

Short and Medium-haul       
Passengers carried (‘000s)4,9443,88127.4% 13,1696,354107.3%
Revenue pax-kilometers (m RPK)4,5223,84617.6% 11,9076,33288.0%
Available seat-kilometers (m ASK)5,4185,2183.8% 14,8619,46956.9%
Load factor (%)83.5%73.7%9.7 80.1%66.9%13.3

  Q3  Year to date
Cargo activity20222021Variation 20222021Variation
Revenue tonne-km (m RTK)8011,058(24.3%) 2,5023,407(26.6%)
Available tonne-km (m ATK)1,5121,4593.7% 4,3094,1693.4%
Load factor (%)53.0%72.5%(19.5) 58.1%81.7%(23.7)

1 based on fuel forward curve at 21 October 2022 and under currently foreseen circumstances
2 Change versus 31 Dec 2021