Yes. Good morning, everybody, and [Foreign Language].
If we go to Page 8, I think you see actually what is the contemplated transaction and what are the key terms. So in the current, as Ben already stated, we have 19.9% shareholding in SAS. We will buy the shares of Castlelake at 32% and of Lind Invest of 8.6%. So we will move up from 19.9% to 60.5%. Then we are, together with the Danish State, in SAS and we still have 13%, which are shareholders, which are actually creditors from the Chapter 11. So we will see what we will do with them after we have the majority.
If you see on the bottom at the left, you see that the original transaction, we were at 20% in August last year. We had a 2-year standstill, so we would have executed this transaction, which we talked today, in 2026 to start with it. So then 2026, we would apply for the EU regulations and then it would take at least until 2028.
So what we are doing now is that we are speeding up. So we have come to an agreement with Lind and with Castlelake and with the Danish State and that we actually start now the process to the EU and that we expect in the second half year of 2026 to get the approval from the EU and that we can go ahead with this, let's say, a majority share for us.
The deal is in such a way constructed as you -- as analysts very well know, it's based on the EBITDA and on the net debt and there is a kind of market multiple. So actually, it is exactly the same, let's say, what we are going to pay for it, what is, let's say, happening to our own share price.
For the financing, we will finance it from our own cash or we will use a plain vanilla bond. We have ample room actually for it, but it will be a non-dilutive financing. And it will have no impact on our strategy to reduce the hybrid debt in our capital.
If we then go to Page 9 because the question is, of course, why do you speed up. Now first, we see that the company is very well driven. They have an excellent operational performance. They even had the best one in the world. But also their financial performance is well ahead of the plan. So they are reaching now an EBIT margin, which is, let's say, in line with our own EBIT margin and is even above, let's say, the EBIT target, which we have for the year, '26-'28 at 8%.
So we don't want to wait anymore to see the financial performance improving. We want to speed up this process to benefit, first of all, at our side for the synergies for Air France-KLM, but above all, also for the synergies for SAS because they will really, really benefit to be part of one group for the future.
So if we're talking about synergies, let's go to Page 10. And let's have a discussion on what -- you see a big list of synergies and I think it's not even, let's say, complete because just yesterday evening I thought about 2, 3 other synergies we don't even mention.
Let's start with the loyalty already mentioned by Ben. EuroBonus, a very strong loyalty program, more than 8 million members, let's say, that we will add to our 29 million members in Flying Blue. So we have, let's say, together 37 million members. For sure, there are some people who have already a Flying Blue and a EuroBonus membership. So let's say, we will be at least above 35 million members in this loyalty program.
SAS has more than 50% of the revenues coming from these members, very high value, very rich people, which can spend a lot on tickets. And of course, we can use this to further drive up our commercial partnerships on loyalty as we disclose now to you on which we are making quite some money.
And last but not least, of course, the intention is also to look how we can build one currency to be used among the loyalty programs.
Then on the second part, you see the optimizing our commercial cooperation and codeshare agreements. Currently, we already have EUR 120 million in our revenues, which are enabled by SAS. There's directly sold tickets from then on our network of EUR 71 million. And there is an additional EUR 49 million, which is just connecting. So that is SAS flying to our hubs in Amsterdam, Paris and they will take the next flight, mostly long-haul, for EUR 49 million. So we see very promising results on this agreement and also a big appetite in Scandinavian to fly on our brands, in our group.
Then last but not least, I think the JV is key for them. So we will build further out our North Atlantic Blue Skies with Virgin Atlantic and Delta. And as Ben already said, we will go from a double hub system to a triple hub system, adding Copenhagen to it.
I can walk you through to all these usual suspects of synergies, which we have seen by creating our group and which have seen also at, let's say, our peers. There is a lot of synergies to gain, to be if you are together in one group.
One, for instance, to highlight is, let's say, from my own department, we can add, for instance, the hedge strategy. So SAS is currently not hedged on fuel and we can refinance because they have some expensive financing currently running where we can find a lot of synergies. And I don't have to tell you we can drive up the synergies in this group by adding this entity to us, so driving the corporate synergies. A good example is our financial shared service centers, which we have, whereby combining these activities we can create a lot of synergies in the group.
So if we then go to the next page, you see that it will -- that this transaction is perfectly aligned with our ambition. They even have a higher ambition than what we set for ourselves with the above 8%. Of course, the improvement of more than EUR 1 billion will be much higher because we will get, let's say, additional EBIT from SAS.
We will still be significantly positive in adjusted operating free cash flow.
And of course, it has a positive impact on the unit cost so it will strengthen further our ambition to reduce unit cost in this group.
And last but not least, there's no impact -- almost no impact on our leverage. We stick to the 1 to -- 1.5 to 2 on net debt-to-EBITDA. And we keep our investment grade in terms from our credit rating agents.
So that's all from my side. Maybe, Ben, you want to take the conclusion and then we are open for all your questions.
