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    Andrew Lobbenberg • Barclays

    Andrew Lobbenberg's questions to Air France KLM SA (AFLYY) leadership

    Andrew Lobbenberg's questions to Air France KLM SA (AFLYY) leadership • Q1 2025

    Question

    Andrew Lobbenberg from Barclays asked for an update on KLM's 'back on track' program and the associated CLA negotiations, including any risk of labor disputes. He also questioned whether the uncertain trading environment affects the attractiveness of potential M&A targets like TAP Air Portugal and Air Europa.

    Answer

    CEO Benjamin Smith expressed optimism regarding the KLM CLA negotiations, citing a landmark agreement for Air France pilots to operate KLM aircraft as a sign of strong alignment. On M&A, he reported that the SAS integration is proceeding well, the formal TAP sale process has not yet started, and discussions concerning Air Europa are continuing, so far unhindered by macroeconomic uncertainty.

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    Andrew Lobbenberg's questions to Air France KLM SA (AFLYY) leadership • Q1 2025

    Question

    Andrew Lobbenberg from Barclays PLC asked about the progress of KLM's 'Back on Track' program, focusing on the status of CLA negotiations and the risk of labor disputes. He also questioned whether the uncertain trading outlook diminishes the attractiveness of potential M&A deals involving TAP and Air Europa.

    Answer

    CEO Benjamin Smith expressed optimism regarding the CLA negotiations, highlighting a landmark agreement for Air France pilots to operate KLM aircraft as a sign of strong alignment. On M&A, he reported that the SAS deal is progressing positively, the official TAP sale process has not begun, and discussions with Air Europa's owners are continuing, unaffected by current market uncertainty.

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    Andrew Lobbenberg's questions to Air France KLM SA (AFLYY) leadership • Q1 2024

    Question

    Andrew Lobbenberg of Barclays questioned the drivers of Transavia's strong Q1 unit revenue, including the impact of Easter timing and the new baggage fee. He also asked about the feasibility of a bid for TAP Portugal given competition concerns and the stability of the GOL partnership in Brazil.

    Answer

    CEO Benjamin Smith stated that Transavia's performance and the new bag fee are exceeding expectations. On TAP Portugal, he acknowledged potential remedies would be high but confirmed continued interest. He described the partnership with GOL as 'very solid' and emphasized Air France-KLM's strong independent position in the Brazilian market.

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    Andrew Lobbenberg's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Andrew Lobbenberg's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q1 2025

    Question

    Andrew Lobbenberg asked for an update on the delayed Boeing 787 deliveries and the status of productivity negotiations with the pilot union.

    Answer

    CEO Carsten Spohr stated that Lufthansa expects to receive 4-5 Boeing 787s this summer for Q3 operations, with a total of 9-10 arriving by year-end. On labor, he explained that the current pilot contract already contributes to cost savings by allowing growth at lower-cost platforms like City Airlines and Discover, and while new talks with the union have started, they have not yet resulted in a further agreement.

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