Commentary & Deal Flow

Reoffer: 5yr: MS+158bp / 99.7 / 4.318%
Benchmark: 5yr: OBL 2.5 Apr-31 #193 @ 99.54 / B+171.9bp / HR 99%

Final Books >€1.75bn. Peak book above €2.1bn (pre-rec).

Launched: 5yr: €500m @ MS+158bp - Book above €1.75bn (pre rec)
Guidance: 5yr: MS+160a - Books above €2.1bn (pre-rec)
IPTs: 5yr: MS+190a

• Issuer: Air France-KLM SA (Ticker: AFFP; Country: FR)
• LEI: 969500AQW31GYO8JZD66
• Issuer Rating: BB+ (stable) by S&P / BBB- (stable) by Fitch
• Expected Issue Ratings: BB+ by S&P / BBB- by Fitch
• Format: Senior, unsecured, Reg S (Cat2) Bearer Dematerialised Form
• Settlement Date: 01-Jul-26 (T+4)
• Maturity Date: 01-Jul-31 (5-year)
• Size: €500m
• Coupon: 4.25% (Annual, Act/Act, ICMA)
• Reoffer Price / Yield: 99.7% / 4.318%
• Reoffer Spread: MS+158bps / B+171.9bps
• Reference Security: OBL 2.5 Apr-31 #193 @ 99.54%(2.599%) HR 99%
• Docs: EMTN / French Law / MWC B+30 bps / Change of Control / Clean-Up Call 75% / 3m Par Call / €100k+100k
• Listing: Euronext Paris
• Global Coordinators: BNP Paribas (B&D), Citi, Crédit Agricole CIB
• Active Bookrunners: BNP Paribas (B&D), Citi, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs Bank Europe SE, ICBC, Santander, SMBC
• Use of Proceeds: General Corporate Purposes
• Timing: TOE 15.11 UKT FTT 15.30 UKT / 16.30 CET
• ISIN: FR0014019F53
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (“KID”) has been prepared as the Notes are not available to retail in EEA or the United Kingdom.
• Advertisement: The Base Prospectus, its supplements and Final Terms, when published, will be available on the website of the Issuer: www.airfranceklm.com and on the website of the Autorité des marchés financiers (www.amf-france.org)