Skift Take

A mixed set of results from Air France-KLM shows that even during the post-pandemic boom, profitability cannot be taken for granted.

Gordon Smith

As one of Europe’s largest airline supergroups, what’s happening at Air France-KLM matters.

It posted its full-year results for 2023 on Thursday and there was plenty to celebrate. The company chalked up €30 billion in revenue last year - the highest in its history - and is progressing well across multiple transformation programs.

However, there were also some major challenges, including an unexpected operating loss in the fourth quarter. Here are three key things we learned from Air France-KLM’s latest results:

1. Geopolitics is Hitting Profitability, But Not Everywhere

In line with most other international operators, Air France-KLM halted all flights to Tel Aviv after the start of the Israel-Gaza war in early October 2023.

While Air France restarted services to Israel in late January, KLM has yet to do so. The Franco-Dutch group said the situation had a knock-on impact across the wider region, including Lebanon and Egypt. 

The conflict in Gaza is just one of several geo