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Roissy, 24 May 2022 Air France-KLM launches a €2.256 billion rights issue to be subscribed in cash and/or by offsetting claims The Company is continuing to strengthen its balance sheet and accelerates the repayment of state aids, increasing its strategic flexibility Air France-KLM S.A. (“Air France-KLM”, the “Company”) announces today the launch of a capital increase with preferential subscription rights (the “Rights”) to existing shareholders maintained to raise gross proceeds of €2.256 billion

Air France-KLM said it was launching a 2.256-billion-euro ($2.41 billion) rights issue to existing shareholders to strengthen its balance sheet and further repay French state aid. French and Dutch states plan to participate in the capital increase but China Eastern Airlines and Delta Air Lines will sell part of their rights to shipping firm CMA CGM, which will become a shareholder under plans announced last week. Air France-KLM also confirmed its objective of reducing the ratio of net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) to around 2.0-2.5 by 2023.

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