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RESULTS AS AT 30 SEPTEMBER 2019
Resilient operating result at 900 million euros in a challenging macro-economic
context

Air France-KLM Third Quarter Results 2019

  • Passenger growth up 2.1% and load factor up 0.2 point.
  • Passenger unit revenue slightly down by -0.6%, as a consequence of the macro-economic
    context.
  • Unit costs slightly increase by 0.4% at constant currency and fuel, on track for full year
    guidance.
  • Operating result at 900 million euros, down by 165 million euros compared to the third quarter
    2018, with revenues up 2% and fuel expenses up 135 million euros.
  • Net income at 366 million euros, down by 420 million euros compared to last year impacted by
    a stronger dollar end of September and Airbus A380 phase-out financial impact of 100 million
    euros.
  • Reduction in Group net debt, down by 253 million euros to 5.9 billion euros and Net
    debt/EBITDA ratio at 1.5x, stable compared to 31 December 2018.

Outlook 2019

  • Based on the current data for the Passenger network:
    • Long-haul forward booking load factors from November to March are on average ahead
      compared to last year.
    • Long-haul forward booking load factors from November to March are on average ahead
      compared to last year.
    • Network passenger unit revenue for the fourth quarter 2019 at constant currency expected
      to be slightly down compared to last year.
  • Full year guidance update:
    • The Group will pursue initiatives to reduce unit costs, with a targeted 2019 reduction of
      between -1% and 0% at constant currency and fuel price.
    • The 2019 fuel bill is expected to increase by 600 million euros compared to 2018 to 5.5
      billion euros, based on the forward curve of 25 October 2019.
    • Net debt/ EBITDA ratio at/below 1.5x.

Air France-KLM Group’s performance in the third quarter showed resilience amid geopolitical
uncertainties and softening macro-economic environment.” said Benjamin Smith, CEO of Air FranceKLM Group. “Operationally, we achieved a solid performance during the Summer peak travel period.
Air France and KLM ranked in the top European legacy carriers in terms of punctuality. Based on longhaul forward bookings on average ahead of last year and renewed commitment to a strict cost discipline,
we are confident that we can deliver on our annual objectives of reduced unit cost and stable leverage
ratio. All the Group’s employees are mobilized to ensure the success of our strategic ambitions, which
we will further outline on the occasion of the upcoming Investor Day next week.

Air France-KLM Q3 2019 Report