The Air France-KLM Group’s cargo division has delivered a strong performance in the first quarter of 2025, with double-digit revenue growth driven by higher volumes, improved load factors, and rising yields.
The Franco-Dutch carrier reported cargo revenues of €622 million, up 10.8% year-on-year, while cargo volume increased 4.1% to 224,000 tonnes. The cargo load factor rose by two percentage points to 49%, and revenue per available tonne kilometre (ATK) surged 16.2% to €0.1505.
AFKLM stated that its cargo performance slightly outpaced broader market trends, with analysts estimating industry growth at 3–4% during the same period.
“Full freighter capacity was negatively impacted by longer-than-expected maintenance,” the group noted in its Q1 results.
“However, supported by a strong market, traffic growth of 4.5% outpaced capacity growth, leading to a two-point improvement in load factor.”
The company also benefited from a more favorable pricing environment, with yields increasing by 11.4%. Adjusted for currency fluctuations, unit revenue per ATK climbed 16.2%, driven by both operational improvements and supportive market dynamics.
This marks a rebound from a challenging 2024, during which the rollout of a new cargo IT system caused operational disruptions. While freighter maintenance downtime affected capacity this quarter, demand resilience and better load optimization helped offset the impact.
Xeneta industry data supports the positive pricing trend, showing global average airfreight rates increased 17% in January, 10% in February, and 6% in March.
With momentum returning and a supportive market outlook, Air France-KLM Cargo appears well-positioned to build on its recovery and capitalize on continued demand strength throughout the rest of 2025.