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.

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.

Air France-KLM lags behind peers in the lucrative North Atlantic market, allocating just 29% of its long-haul capacity to transatlantic routes compared to Lufthansa and IAG’s 46-47%. Given the strength of this market, Bernstein suggests a higher presence would be more favorable.