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Air France-KLM has reported a smaller first-quarter loss than expected, but is scaling back capacity because of the US-Israeli war with Iran and soaring jet fuel costs.

The Franco-Dutch carrier expects its fuel bill to rise by $2.4bn this year. Capacity (i.e. more seats) will now increase by 2% to 4% this year, rather than 3% to 5% as previously planned.

While fuel price increases are not yet reflected in the results we present today, they are expected to weigh on the coming quarters.