Air France-KLM stock trades at EUR 11.68 as Q2 revenue grows

Air France-KLM stock (ISIN FR0000031122) was trading at EUR 11.68 on Euronext Paris on September 28, 2026, while second-quarter revenue rose 9.9 percent to EUR 9.3 billion. The latest market discussion centers on the airline group's premium strategy at New York's JFK airport and the balance between higher revenue and fuel-cost pressure.

Premium strategy reaches JFK

Air France-KLM is moving all New York flights to JFK's New Terminal One and plans its largest worldwide lounge there, according to Simply Wall St on September 27, 2026. The move targets premium travelers and loyalty-driven traffic, areas that can support ticket yields if demand remains resilient.

The stock's recent performance shows the tension clearly. Shares gained 2.05 percent over the latest reported day and 2.36 percent over the latest reported week, but the 90-day return stood at negative 13.55 percent, according to the same September 27 analysis.

Revenue growth meets fuel pressure

Air France-KLM's second-quarter revenue reached EUR 9.3 billion, an increase of 9.9 percent. At the same time, adjusted operating profit fell by EUR 251 million to EUR 484 million, leaving the adjusted operating margin at 5.2 percent, according to Morningstar on September 16, 2026.

Fuel costs rose by EUR 804 million in the quarter, making margin protection more important than the top-line growth alone. Morningstar said Air France-KLM recovered 85 percent of the higher fuel expense through revenue, compared with an initial estimate of 60 percent, while non-fuel unit costs increased 1 percent.

Morningstar also raised its fair value estimate from EUR 11.20 to EUR 12.30 on September 16, 2026. The revised estimate reflects higher short-term revenue and margin forecasts, while the research remains cautious about the proposed majority stake in SAS until the purchase price and integration costs are established.

Stock stays below yearly high

Air France-KLM stock was trading at EUR 11.68 on Euronext Paris on September 28, 2026 at 1:18 p.m. CEST, down 0.26 percent from EUR 11.71, with a 52-week range of EUR 8.37 to EUR 14.43. The next quarterly results are scheduled for November 5, 2026, according to Boursorama.