The Covid-19 crisis severely impacted the Full Year 2020 results:

  • Revenue at 11.1 billion euros, down 59% compared to last year
  • EBITDA loss at -1.7 billion euros, limited due to cost control
  • Group net employee cost down 35% in 2020 compared to last year, supported by staff reductions, state support mechanisms and activity related wages. Average number of FTEs (Full Time Equivalent) in December 2020 decreased by 8,700 compared to December 2019
  • Operating result at –4.5 billion euros, down 5.7 billion euros compared to last year
  • Net income at -7.1 billion euros, including restructuring provision at -822 million euros, over-hedging at -595 million euros and fleet impairment at -672 million euros
  • Net debt at 11.0 billion euros, up 4.9 billion compared to end of 2019
  • At 31 December 2020, the Group has 9.8 billion euros of liquidity and credit lines at disposal


After a positive Christmas traffic in Domestic France and to the Caribbean and Indian Ocean, travel restrictions were tightened in France, the Netherlands and worldwide, having a negative impact on the traffic of the Group in the first quarter of 2021.

Due to the lockdown and travel restrictions still in place, the Group anticipates a challenging First quarter 2021, with a lower EBITDA compared to the Fourth Quarter 2020.

There is limited visibility on the demand recovery curve as customer booking behavior is much more short-term oriented and also highly dependent on the imposed travel restrictions, on both the Long Haul and Medium Haul network.

In this context the Group expects capacity in Available Seat kilometers circa index 40 for Air France-KLM in the First quarter 2021 compared to 2019 for the Network passenger activity due to negative environment.
The Group will progressively ramp up capacity towards summer 2021 and expects recovery in the second and third quarter 2021 thanks to the vaccine deployment.

The Air France-KLM Group continues to work on quasi-equity and equity solutions in order to strengthen balance sheet and expects progress in the following weeks. Discussions are continuing with the European Comission within the “Temporary Framework” (TF).