How is La Compagnie's traffic between France and the United States currently performing?
Christian Vernet - Our results differ somewhat from those of other carriers, since our fiscal year runs from November to October. In the 2024-2025 financial year, we got off to a very strong start, with significant sales growth and excellent traffic forecasts. But then the situation became more complicated, with the election of President Trump. Anti-immigration campaigns and visa problems created a chill. Many travellers were put off, with social networks amplifying these negative perceptions.
And yet the weaker dollar should have stimulated French tourism to the United States?
Christian Vernet - In theory, yes. But the reality was different. From March-April onwards, there was a significant drop in leisure bookings, down around 25 % according to CETO. The attractiveness of the country certainly remains strong. But images of airport searches, immigration problems and simply the political climate have discouraged some European travellers..
What about the French business market?
Christian Vernet - About a third of our passengers are currently corporate. For this segment, it is clear that we have suffered two major effects. There was the notorious Liberation Day on 2 April, which sent out a rather alarming signal to virtually all business markets. The announcements of drastic increases in customs duties - which ultimately increased threefold - created a double uncertainty: not only in terms of the cost of doing business, but also in terms of the very stability of the economic framework. You will no doubt recall the yo-yo announcements on customs duties made in the spring - in April, May and June - before the situation stabilised at the beginning of July.
Are companies more cautious about travelling to the United States?
Christian Vernet - Clearly, French companies working with the United States, a market of 350 million people with greater purchasing power than our own, have slowed down their activities. Faced with such a vague context, executives prefer to put things on hold. Some sectors, such as the German automotive industry, have even questioned the advisability of setting up factories in the United States to get round the tariff increases. This climate of uncertainty is naturally generating a wait-and-see effect The economic crisis: companies have postponed their investments, their projects and, as a result, their business travel. Investment and business travel are very closely correlated. We have therefore seen a significant drop in volumes in the business segment, both in Europe and the US.
And what about your American customers?
Christian Vernet – Around 70 % of La Compagnie's passengers are in fact Americans.. In the premium segment - our core market - demand remains solid. These customers are less price-sensitive and continue to come to Europe, particularly to the Côte d'Azur. However, there has been a slight slowdown in leisure activities.
Aren't your American customers worried about the geopolitical situation (Ukraine, Middle East, etc.)?
Christian Vernet - Well, not really. Americans have a particular geographical perception. And I'm not sure that there's any connection between what's happening in Ukraine and Paris, which is still a long way from the areas of tension. At this stage it's fortunate that there's no feeling of insecurity. In fact, there is perhaps more insecurity in the United States today than here in Europe.
What about your financial results?
Christian Vernet - Despite a slight fall in passenger numbers, our sales remain goodThis is thanks to higher average fares and stable fuel prices. We expect to exceed 100 million euros in sales.
What impact have the difficulties at Newark airport had?
Christian Vernet - In the spring, technical incidents at air traffic control disrupted traffic and created a "traffic jam". carry-over effect to JFK. This penalised us, but the situation has since returned to normal.
How are you preparing for 2026?
Christian Vernet - We remain focused on our main routes: Paris-New York, Milan-New York and Nice-New York. We are looking into the possibility of increasing capacity from Paris and Milan. A third Airbus A321neo to arrive in late 2026 a few months late. And we are already planning a fourth aircraft for 2028, probably an A321XLR.. This will open the door to new destinations in Europe or further afield, such as the Indian Ocean.
No plans for Canada or the Gulf?
Christian Vernet - Not in the immediate future. These markets are already hotly contested by the major players. But with the arrival of XLR, anything is possible. We are also looking at European destinations that generate traffic because they are economically strong. Adding new destinations will be a further development step.
You often talk about comfort on board. Are there any new features planned?
Christian Vernet - Yes, on the next aircraft: new Airspace cabins, larger luggage compartments, larger individual screens with Bluetooth, USB-C portsand redesigned seat shelves. These are improvements that mean a lot to our premium customers.
