Air France-KLM: Fieldtrip highlights: What did we learn?

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Air France-KLM: Fieldtrip highlights: What did we learn?

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Air France-KLM

Fieldtrip highlights: What did we learn?

Maintain Rating: UNDERPERFORM | PO: 8.60 EUR | Price: 11.10 EUR

Key takeaways from management 09 June 2026

We hosted AFKLM’s Steven Zaat, CFO at our 7th annual Transport & Leisure virtual Equity

fieldtrip on 8-18 June, along with 11 companies across Airlines, Logistics, Hotels and

Food Services and >200 investors. Below we outline the key takeaways: Muneeba Kayani >> Research Analyst

MLI (UK)

1) Long-haul resilient; short-haul visibility limited +44muneeba.kayani@bofa.com20 7996 5208

Long-haul demand remains resilient, with Asia “booming” despite some Gulf carrier Kate Xiao, CFA >>

capacity returning and Transatlantic still strong. Premium/corporate demand remains the Research Analyst

standout segment, while leisure demand to Asia destinations appears to be holding up MLI+44 (UK)20 7996 3051

despite discounting by Gulf carriers. Short-haul Europe is softer. Yields were +9% in kate.xiao2@bofa.com

April and are still strong but bookings for July / August are a bit slower. Jack Raeburn >>

Research Analyst

+44 20 7996 33742) Winter capacity cuts likely if fuel stays elevated

jack.raeburn@bofa.com

AF-KLM noted that c1m flights have been removed globally since the start of the Iran

conflict, supporting the current supply/demand backdrop. Management is reluctant to

cut summer capacity given strong profitability and yields, but expects more pronounced

reductions after summer, particularly in October–March, assuming fuel remains elevated. Stock Data

3) Fuel outlook improving; confident of unit cost guide Price (Common / ADR) 11.10 EUR / 1.26 USD Price Objective 8.60 EUR / 1.01 USD