An increase in yield drove the increase in cargo revenues for Air France- KLM in Q1 cargo revenues



  • EBITDA positive at 221 million euros
  • Net income at -552 million euros, showing a 930 million euros improvement compared to the same quarter last year, supported by a revenue development at 4,445 million euros, which is 2,284 million euros higher than last year 
  • Adjusted operating free cash flow positive at 630 million euros thanks to strong ticket sales. Compared to the same quarter in 2021 the adjusted operating free cash flow improved by 1,974 million euros
  • Net debt at 7.7 billion euros, down by 0.6 billion euros compared to the end of 2021 thanks to a positive adjusted operating free cash flow

Group CEO Mr. Benjamin Smith said:

“The performance of the Air France-KLM Group over the first quarter of 2022 confirms that recovery is here. In spite of a challenging context, with the continued effect of the Omicron variant, the situation in Ukraine, and the sharp increase in fuel prices, the Group posted once again a positive EBITDA and recorded strong bookings for the following quarters.

March was notably very encouraging with a significant increase in demand for corporate and premium traffic, complementing the already strong leisure and VFR (visiting friends and relatives) demand across our worldwide network. This paves the way for a successful summer season in all our activities, which we continue to strengthen through our extensive transformation plan.”


The start of the First quarter was hampered by the Omicron variant, mainly on the short and medium-haul, while the outbreak of the Ukraine war resulted in higher fuel prices and a slowdown in bookings during a very short period. The recovery accelerated in March with highly dynamic bookings for the summer season. 

In this recovery context, the Group expects capacity in Available Seat Kilometers for Air France-KLM Network passenger activity at an index in the range of:

  • 80% to 85% in the second quarter of 2022
  • 85% to 90% in the third quarter of 2022 

All indices are compared to the respective period of 2019.

Capacity in Available Seat Kilometers for Transavia is expected at an index above 100 for the second and third quarters compared to 2019.

A healthy yield environment for the remainder of 2022 is expected with a strong summer demand resulting in yield levels above 2019

Operating result expected

  • Break-even in the second quarter
  • Significantly positive in the third quarter

As of March 31, 2022, the Group has a sufficient 10.8 billion euros of liquidity and credit lines at its disposal. 

Full-year 2022 Net Capex spending is estimated at circa 2.5 billion euros, which is 80% fleet & fleet related and 20% related to IT and ground.

Air France-KLM made progress on the equity strengthening measures
Thanks to KLM’s strong performance, KLM’s State-backed RCF has been partially repaid on May 3rd for 311 million euros. In addition, KLM expects to strengthen its balance sheet with positive results. Further equity measures are being contemplated for the coming year.

Progress has been made on refinancing up to 500 million euros of Air France’s assets, mainly through quasi-equity instruments to redeem French State aid. Air France is currently engaged in advanced discussions with various partners. 

The Group is closely monitoring capital strengthening measures such as a capital increase with pre-emptive rights for shareholders, as well as the issuance of quasi-equity instruments such as straight and convertible perpetual bonds, to further restore equity and accelerate the State aid redemption. 
In total, these measures including the refinancing of Air France’s assets could represent up to 4.0 billion euros. The timing and sizing of each transaction will depend on market conditions and remain subject to the approval of the European Commission as well as legal and regulatory approvals.

 Pharmaceutical and Express deliveries increase  Air France-KLM Q1 cargo revenues

Pharma and express deliveries and higher market prices have helped Air France-KLM Group’s total cargo revenues in the first quarter of 2022 hit €910m, an increase of 8.5% since the first quarter of 2021.

This increase in revenues is fully driven by a higher yield thanks to the focus on Pharmaceutical and Express deliveries, the airline group said.

The yield in North Asia increased significantly due to the closure of the Russian aerospace, it added.

The year-on-year increase in revenues comes despite an 11.9% drop in tons carried to 236,000 tons and a fall in the cargo load factor of 17.9 percentage points to 59.4%.

This reduction in load factor partly compensated by the yield increase led to a unit revenue per ATK down 6.1% at constant currency.

Capacity – measured in available tonne-km – for the first-quarter period was up 10.7% from a year earlier mainly due to the increase in belly capacity.

Cargo capacity in the first quarter is still 14% below the capacity in the first quarter of 2019 while the demand remains high, resulting in total revenues that are 66% higher than in the first quarter of 2019.

The Group ordered four Airbus 350 full freighters to strengthen its presence on the cargo market and signed a contract with DHL on Sustainable aviation fuel. 

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Devender was born in the year when the Beatles Group was formed. He holds two master’s degrees in English Literature and Public Administration. He also has an Honors degree in English Literature and a post-graduate diploma in Corporate Communications and Public Relations. He was closely associated with the Indian State Transport Undertakings and Ministry of Transport in his role as Corporate Communications and PR specialist for over two decades handling domestic and international organizations. He ventured into business forming his own Media House, Profiles Media Network Private Limited which is now a twenty years old company. Excelling as an editor, Marketing, PR, Anchor, and Advertising specialist, he is now expertly navigating the world of social media. A widely traveled professional internationally, Devender has a deep understanding of the Air Cargo, Cargo Business, Cargo Airports, Freighters and Cargo Industry at large.