Strong unit revenue partly offset fuel headwind, with a fuel recapture rate of circa 85%. Adjusted operating profit at €484m.
Group revenues up 9.9% year-on-year to €9.3bn, driven by all businesses. Unit revenue at constant currency up 8.7% thanks to Passenger network supported by ongoing premiumization and Cargo, which benefitted from strong demand.
Geopolitical situation pushed fuel prices up, with fuel price impact of €804m compared to last year. Fuel price recapture via revenues at circa 85%, above the estimated 60%.
Unit cost1 growth was limited to +1.0%, of which +0.4% was driven by premiumization. Adjusted operating profit at €484m, a reduction of €251m compared to last year, with an operating margin of 5.2%.
H1 recurring adjusted operating free cash flow at €928m, up €148m year-on-year. Leverage (Net debt/Adjusted EBITDA ratio) at 1.6x.
Solid cash at hand of €10.3bn2 at end of June 2026. Fleet renewal up 8 points year-on-year, with 38% share of new generation aircraft.
Commenting on the results, Mr. Benjamin Smith, Group CEO, said: “As expected, the sharp increase in fuel prices significantly impacted our results during the second quarter. Thanks to agile pricing and cost discipline, we were largely able to mitigate this strong headwind, proving once again the resilience of our business model. We delivered strong commercial performance on the back of a steady demand for premium travel, notably on the Asian and North American markets. Going forward, we still expect to navigate in a highly volatile environment. Our adaptability, especially when it comes to our network, will remain one of our strongest assets, together with the unwavering commitment of our teams. As we execute on operational priorities, we are also moving forward with our long-term strategic ambitions, with consolidation and sustainability at the core of our action. These efforts will allow us to build a stronger Air France-KLM, a true European global champion that is ready for the future.”
