Air France-KLM


Premiumisation and execution beats our scepticism

10/11/26 -"Air France-KLM’s impressive Q3 execution forces us to raise our 2026-27 estimates significantly, but we remain cautious on the >8% margin target for 2028, as part of the yield strength is cyclical ..."

Pages
77
Language
English
Published on
10/11/26
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10/11/26
Air France-KLM’s impressive Q3 execution forces us to raise our 2026-27 estimates significantly, but we remain cautious on the >8% margin target for ...

10/11/26
We have raised our fare assumptions for FY28, in line with the pricing inflection highlighted by the management. After declines of 6% in Q1 and 2% in ...

09/11/26
Following the Q3 release and the narrower FY26 guidance, we have reworked our forecasts so our revenues are now built from guided capacity and RASK, ...

EXECUTIVE SUMMARY

Updates Pension Risks
Target & Opinion Governance & Management
Business & Trends Graphics : Momentum
Money Making Graphics : MACD & Volumes
Debt Graphics : Sensitivities
Valuation Sector: Performance
DCF Sector: Key data
NAV/SOTP Sector: Ratios & Valorisation
Worth knowing Sector: Peers
Financials Sector: Analysis

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