Air France-KLM’s first quarter 2023 revenue increased by over 40% year-on-year to €6.3bn due to “strong market demand”. The group reported a loss of €344 million, an improvement of over €200 million, and an operating loss of €306 million, with the operating margin of -4.8% an beating Q1 2022’s 7.9%. The group ended the Q1 2023 period with €9.7bn “cash at hand” and adjusted operating free cash flow of €683 million.  Net debt was down by €900 million to €5.5bn compared to Q4 2022, as “continued deleveraging”, including the repayment of all state aid,  left it with a net debt/EBIDTA

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