Air France-KLM swung back into profit last year despite 2024 ending with “operational and external challenges”.
A net profit of €489 million was achieved, turning around a loss of €501 million the previous year as the Paris Olympic Games provided a “unique platform” for the airline group.
Passenger carryings rose by 4.7% year-on-year to almost 98 million as capacity increased by 3.6%.
However, Air France KLM pointed to “unforeseen and external events” beyond its control during the year.
These included delays in the fleet renewal plan due to supply chain constraints; engine issues with part of its new generation aircraft fleet – such as several Airbus A220s – not allowing the group to operate them to their maximum capacity; and higher fuel consumption due to longer flight times on certain routes caused by “different geopolitical circumstances”.
More than a quarter (27%) of the fleet composed of new generation aircraft at the end of 2024, a proportion targeted to grow to up to 80% by 2030.
Among the 18 aircraft phased out last year were two Airbus A380 superjumbos as eight A350s were introduced.
The group intends two grow capacity by up to a further 5% this year.
Chief executive Benjamin Smith said: “In the fourth quarter of 2024, Air France-KLM delivered a particularly strong finish, concluding a year shaped by both operational and external challenges.
“Throughout these headwinds, we remained steadfast in our commitment to offer a premium, customer-centric service and to advance our sustainability roadmap through continued fleet renewal and ambitious SAF initiatives.
“We also broadened our global reach by introducing new routes and reinforcing strategic partnerships, including our recent acquisition of a minority stake in SAS, which already shows promising results.
“As we celebrated our 20th anniversary as a group, the Olympic Games provided a unique platform to demonstrate our operational expertise and capabilities and offered unparalleled visibility for France as a destination.
“In 2025, we will continue to deliver on our strategic roadmap and keep transformation as our number one priority. In this context, we remain confident in achieving our medium-term ambition, with a disciplined approach to capital allocation and cost efficiency.”