KLM, on the back of promising fourth quarter results, is hoping for even more of a tailwind this year from an unlikely source: American TV shows such as 'Emily in Paris' that have boosted the allure of the French capital.

US and European airlines have reported that high-spending holidaymakers are replacing corporate travellers in their most expensive seats. But Smith said Air France’s links with Paris, a city synonymous with luxury brands, means it is in a strong position to capture this demand for premium leisure.

Air France-KLM and Deutsche Lufthansa AG promised a reversal of fortunes for 2025 after a year marked by travel disruptions, delivery delays and weak demand, igniting shares of both airlines as investors look to shake off disappointing returns.