Operating Result (2025)
Above €2B
Operating Free Cash Flow
~€2B
Net Debt / EBITDA
~1.7x
Liquidity
~€9.4B
For 2025, the group reported an operating result above two billion euros, positive operating free cash flow of almost two billion euros, net debt to EBITDA around one point seven times, and liquidity of roughly nine point four billion euros. In other words, this is not just a survival story anymore. It is an airline group that is generating cash while still funding fleet renewal.