Air France KLM : Universal Registration Document 2023

Messages from the management	2
Key figures	4
Destination Sustainability	8
Our strategy	10
Strategic levers	12
Sustainable governance	14
Highlights of the 2023 financial year			16
Highlights of the beginning of 2024 financial	35
year

PRESENTATION OF THE
AIR FRANCE-KLM GROUP	37
1.1	Market and environment	38
1.2	Strategy	42
1.3	Activities in 2023	47
1.4	Fleet	63
1.5	Customer experience division	67

CORPORATE GOVERNANCE
REPORT	79
2.1 Composition of the Board of Directors	80

2.2 Organization and functioning

of the Board of Directors

112

2.3 Activities and functioning of the Board

of Directors and its Committees

130

2.4 Summary table of the AFEP-MEDEF Code's comply or explain recommendations

	not applied	138
2.5	Compensation of the Company officers	139
2.6	Group management bodies: Group
	Executive Committee and CEO Committee	177
2.7	Share capital and shareholder structure	179

RISKS AND RISK
MANAGEMENT	197
3.1	Risk factors	198
3.2	Enterprise risk management	217

3.3 Organization and functioning

of internal control

219

The components of the Annual Financial Report

are identified in the index by the following pictogram

CORPORATE SOCIAL
RESPONSIBILITY:
EXTRA-FINANCIAL
PERFORMANCE STATEMENT	227

4.1 Creating long-term value

	for all our stakeholders	228
4.2	Human resources	252
4.3	Addressing the impact on the environment	276
4.4	Customer trust	307
4.5	Ethics and compliance	315
4.6	Societal value	320

4.7 Report by one of the Statutory Auditors, appointed as Independent Third Party, on

the consolidated non-financial statement

329

FINANCIAL REPORT			333
5.1	Comments on the financial situation	334
5.2	Consolidated financial statements	342

5.3 Notes to the consolidated financial

	statements	350
5.4	Statutory Auditors' report on the
	consolidated financial statements	430
5.5	Statutory financial statements	435
5.6 Five-year results summary	450

5.7 Statutory Auditors' report on the financial

statements

451

5.8 Statutory Auditors' special report

on Related-Party Agreements

455

OTHER INFORMATION	465
6.1	History	466
6.2	General information	469

6.3 Information on the agreements concluded in connection with the business combination between

Air France and KLM

470

6.4 Legislative and regulatory environment

for the air transport industry	472
6.5 Information and control		476

GLOSSARIES AND
TABLES OF CONCORDANCE	477
Air transport glossary	478
Financial glossary	480
Table of concordance for the Universal	482
Registration Document
Information included by reference	484
Table of concordance	484
for the Annual Financial Report

INCLUDING THE ANNUAL

FINANCIAL REPORT

In its principal businesses of passenger and cargo

transportation, low-cost operations and aircraft maintenance,

Air France-KLM is a leading global player.

The Document d'Enregistrement Universel was filed with the Autorité des Marchés Financiers (AMF) on April 26, 2024, as competent authority under Regulation (EU) 2017-1129, without prior approval pursuant to Article 9 of the said regulation. The Document d'Enregistrement Universel may be used for the purposes of an offer to the public of securities or the admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Document d'Enregistrement Universel. The resulting whole is approved by the AMF in accordance with Regulation (EU) 2017-1129.

This Document d'enregistrement universel including the Rapport financier annuel is a reproduction of the official version of the Document d'enregistrement universel including the Rapport financier annuel which was established in xHTML and filed with the Autorité des Marchés Financiers on April 26, 2024.

This Universal Registration Document is an unofficial translation of the Document d'enregistrement universel. In the event of any ambiguity or discrepancy between this unofficial translation and the Document d'enregistrement universel, the French version shall prevail.

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MESSAGES FROM THE MANAGEMENT

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KEY FIGURES

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KEY FIGURES

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KEY FIGURES

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