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    Alexander Irving

    Senior Analyst at AllianceBernstein

    Alex Irving, CFA, is a Senior Analyst at Bernstein, where he specializes in European Transport equity research and leads coverage of major publicly listed transport companies. Since joining Bernstein in 2021, Irving has been recognized for his sector expertise, utilizing more than a decade of prior industry experience to deliver actionable insights for institutional clients. His research portfolio spans notable firms within the transports sector, drawing on a rigorous approach that has solidified his reputation among investors, although specific performance metrics and third-party rankings are not publicly disclosed. Irving holds a CFA designation and brings a client-focused, independent perspective to his analysis, distinguishing his work within the highly competitive field of equity research.

    Alexander Irving's questions to Sabre (SABR) leadership

    Alexander Irving's questions to Sabre (SABR) leadership • Q1 2025

    Question

    Alexander Irving of Bernstein asked about the gross margin profile of new agency business compared to existing volume and sought details on the financial structure and timing of the recently announced 13-year partnership with Coforge.

    Answer

    CFO Michael Randolfi explained that the margin on new business is 'very slightly lower' due to geographic and content mix, but aggregate gross margin for the rest of the year should be in line with 2024. CEO Kurt Ekert described the Coforge deal as a way to accelerate product delivery with costs incorporated into ongoing tech spend. He noted the commercial terms include a fixed fee and a gain-share component but did not provide further financial details.

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    Alexander Irving's questions to Sabre (SABR) leadership • Q4 2024

    Question

    Alexander Irving asked about the company's expectations for the evolution of revenue per passenger boarded in 2025 and the drivers for its sequential change.

    Answer

    CFO Michael Randolfi stated that the company does not manage to that specific metric. He elaborated that Air IT revenue is expected to be down slightly year-over-year in the first half of 2025 before resuming growth in the second half, driven by higher passenger boardings from existing carriers and new revenue from SabreMosaic.

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    Alexander Irving's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership

    Alexander Irving's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q1 2025

    Question

    Alexander Irving asked about closing yield performance on the North Atlantic for Q2 and questioned whether the company is currently over-crewed given upcoming aircraft deliveries and the stated need for higher productivity.

    Answer

    CFO Till Streichert confirmed that Q2 North Atlantic performance is good, with strong passenger numbers and business class demand. CEO Carsten Spohr explained that the airline is not over-crewed, as they must ramp up staff in advance to operate the 40 new aircraft arriving over the next 20 months. He characterized 2025 as a "transition year" where efficiency will be temporarily impacted by this significant fleet renewal.

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    Alexander Irving's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q3 2024

    Question

    Alexander Irving requested a breakdown of the EUR 1.5 billion turnaround benefit, asking how much is attributable to non-recurring items like strikes versus new aircraft and underlying process changes. He also questioned if the company has the right technology for its ancillary revenue goals.

    Answer

    CFO Till Streichert clarified the turnaround program targets structural improvements and is separate from one-off events like strikes or cost savings from new aircraft. CEO Carsten Spohr added that the ancillary revenue gap is due to a conservative premium philosophy, not a technology deficit, and highlighted the new Allegris business class seats with surcharge options as a key future driver.

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    Alexander Irving's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q3 2024

    Question

    Alexander Irving of Bernstein requested a breakdown of the EUR 1.5 billion turnaround benefit, distinguishing between underlying process changes and other factors like new aircraft. He also questioned if the existing technology infrastructure is sufficient to achieve ancillary revenue goals.

    Answer

    CFO Till Streichert clarified the turnaround program targets structural improvements and is calculated as a gross figure, separate from one-off events. CEO Carsten Spohr added that the historical gap in ancillary revenue was due to a conservative premium philosophy, not technology limitations. He highlighted the new Allegris business class, with its multiple surchargeable seat options, as a key future driver of ancillary revenue.

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    Alexander Irving's questions to RYANAIR HOLDINGS (RYAAY) leadership

    Alexander Irving's questions to RYANAIR HOLDINGS (RYAAY) leadership • Q1 2025

    Question

    Alexander Irving of Bernstein questioned whether the recent shift in demand and fares is cyclical or structural and how it might affect long-term net income per passenger. He also asked about the performance and future path of ancillary revenues.

    Answer

    CEO Michael O'Leary characterized the pricing weakness as cyclical, driven by consumer financial pressure, but stated the long-term trend of European travel remains intact. He highlighted Ryanair's cost advantages in a price-sensitive market. CFO Neil Sorahan addressed ancillaries, reporting flat per-passenger revenue due to strong seat selection sales being offset by tougher early boarding sales. He guided for flattish ancillary performance in Q2.

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    Alexander Irving's questions to RYANAIR HOLDINGS (RYAAY) leadership • Q3 2024

    Question

    Asked about the difference in ancillary spend between OTA and direct bookings and potential revenue/cost opportunities from new OTA deals. Also questioned the significant increase in maintenance costs relative to capacity growth.

    Answer

    Michael O'Leary explained the main goal with OTAs is to stop illegal screen scraping and customer overcharging, not necessarily to gain a large ancillary uplift, though some improvement is possible. Tracey McCann clarified that the maintenance cost increase was due to the timing of checks being brought forward from Q4 into Q3, and costs are expected to drop in Q4.

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    Alexander Irving's questions to AIR FRANCE-KLM /FI (AFLYY) leadership

    Alexander Irving's questions to AIR FRANCE-KLM /FI (AFLYY) leadership • Q1 2024

    Question

    Alexander Irving of Bernstein inquired about the key drivers for the expected reduction in unit cost increases for Q3 and Q4, and asked for an update on the corporate travel recovery compared to 2019 levels.

    Answer

    CFO Steven Zaat explained that continued capacity growth would lower unit costs, with a reduction expected in Q4. Executive Benjamin Smith noted that corporate travel is stable at approximately 70% of 2019 levels, with a slow upward trend in international premium cabins, which differs from the domestic recovery seen by U.S. carriers.

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