Air France-KLM is weathering the oil shock, but its profits are plummeting.

Air France-KLM managed to limit the effects of soaring fuel prices thanks to its consistently strong business. In the second quarter of 2026, the Franco-Dutch group generated revenue of €9,28 billion, a 9,9% year-on-year increase. This growth was driven in particular by demand on long-haul routes and the continued success of its premium cabins.

This increase in revenue, however, was not enough to preserve profits. Adjusted operating income fell to €484 million, compared to €735 million a year earlier. Net income dropped from €649 million to €190 million. The energy bill weighed heavily on the accounts, with €804 million in additional fuel-related expenses.

The group estimates it has recouped nearly 85% of this additional cost thanks to increased revenue. Air France-KLM notably benefited from a 3,9% increase in passenger numbers, with 28,3 million passengers carried during the quarter. Its capacity increased by 2,6%, while the load factor remained particularly high at 87,7%.

Profitable growth is becoming increasingly difficult to maintain.

These results highlight the limitations of the carrier's growth strategy. Increased traffic and the performance of premium offerings help to mitigate the impact, but not to eliminate it entirely. Each additional seat generates more revenue while exposing the group to an energy bill that has become particularly volatile due to geopolitical tensions.

Management has therefore lowered its ambitions. Air France-KLM now forecasts annual capacity growth of between 2% and 3%, whereas its previous estimate could have reached 4%. Short- and medium-haul operations are even expected to decline by around 1%, a sign that the group prefers to protect its profitability rather than pursue overly costly expansion.

Despite this slowdown, Air France-KLM maintains strong demand and sufficient cash reserves to continue investing in fleet renewal. Newer, more fuel-efficient aircraft now represent both an economic and environmental advantage. The group is thus demonstrating its resilience, but the sharp decline in its profit serves as a reminder that, in air transport, revenue growth never guarantees profit growth.