In its 2025 Annual Results released on February 19, 2026, the KLM Group reported a stabilization in performance, though management emphasized that structural decisions are now necessary to ensure long-term financial health.
- Annual Revenue: Rose to €13.2 billion, a 3.9pc increase year-on-year.
- Operating Profit: Held steady at €416m.
- Operating Margin: Remained modest at 3.2pc (down from previous highs but stable compared to 2024).
- Operational Performance: Capacity (measured in available seat kilometers) increased by 3.3pc, with a strong load factor of 87.2pc.
Strategic Challenges & Structural Needs
While the “Back on Track” improvement program exceeded its initial €450m target, the group faces persistent “headwinds”:
- Cost Pressures: KLM CFO Bas Brouns noted that costs are rising faster than revenues, primarily due to higher labor costs, airport charges, and fleet maintenance delays.
- External Disruptions: Geopolitical tensions (closed Russian airspace) and supply chain shortages have led to longer routes and reduced punctuality.
- Fleet Modernisation: To reach an 8pc profit margin by 2026–2028, KLM is investing heavily in a multi-billion-euro fleet renewal, recently welcoming its 28th Boeing 787 Dreamliner.
- Engineering & Maintenance (E&M): Delivered a strong financial performance despite global supply chain issues.
- Transavia: Saw higher revenues and capacity, but profits lagged due to intense competition and rising operational costs.
