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    Andrew Lobbenberg

    Research Analyst at Barclays

    Andrew Lobbenberg is the Head of European Transport Equity Research at Barclays, specializing in transport sector equities with a focus on leading European airline and transport companies such as Ryanair, International Airlines Group (IAG), Deutsche Lufthansa, and Air France-KLM. He has delivered 491 analyst ratings with a success rate of 50% on TipRanks and an average return of 1.2% per recommendation, with standout calls including a 142.7% return on IAG. Lobbenberg began his financial career in 2000 as an airline analyst at Flemings, later holding senior research roles at JPMorgan, RBS, and HSBC before joining Barclays in January 2023. He holds an MSc from the London School of Economics and a BA Hons from Balliol College, Oxford, and is widely recognized as a top European transport sector expert.

    Andrew Lobbenberg's questions to ANYYY leadership

    Andrew Lobbenberg's questions to ANYYY leadership • Q1 2025

    Question

    Asked about the process for the Luton airport expansion, specifically whether Aena has an advantage as the incumbent operator or if it will be an open tender.

    Answer

    Aena views the expansion as a win-win opportunity for collaboration with the Luton Borough Council, rather than an advantage due to incumbency. They expect negotiations will be necessary to determine how to proceed with the project, given their experience and the current concession terms.

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    Andrew Lobbenberg's questions to AIR FRANCE-KLM /FI (AFLYY) leadership

    Andrew Lobbenberg's questions to AIR FRANCE-KLM /FI (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 /FI (AFLYY) leadership • Q1 2025

    Question

    Andrew Lobbenberg of Barclays questioned the progress of KLM's 'back on track' labor negotiations and the associated risk of summer disputes. He also asked if the uncertain trading outlook affects the appeal of M&A targets like TAP Air Portugal and Air Europa.

    Answer

    Benjamin Smith (Executive) expressed optimism about securing the KLM pilot CLA, citing a new agreement for Air France pilots to operate KLM aircraft as a positive sign of alignment. On M&A, he stated the SAS deal is proceeding well, the TAP privatization process has not officially begun, and discussions regarding Air Europa are continuing, currently unaffected by market uncertainty.

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

    Question

    Andrew Lobbenberg of Barclays questioned the drivers of Transavia's strong Q1 unit revenue, the realism of a bid for TAP Portugal given regulatory scrutiny, and the durability of the GOL partnership amid potential M&A in Brazil.

    Answer

    Executive Benjamin Smith attributed Transavia's strong performance to solid execution and a successful new bag fee. He affirmed continued interest in TAP Portugal, acknowledging potential remedies. He also described the GOL partnership as "very solid" and durable, regardless of potential M&A activity involving GOL's parent company.

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    Andrew Lobbenberg's questions to AIR FRANCE-KLM /FI (AFLYY) leadership • Q3 2023

    Question

    Inquired about October load factors and whether they caught up to prior year levels, and asked about concerns that European airline consolidation could be blocked by increasingly aggressive competition authorities.

    Answer

    The load factor for October flights was in a similar range to Q3's performance versus 2019 (down about 0.5 points). Regarding consolidation, the company analyzes worst-case remedy scenarios. The SAS deal is viewed as being in a relatively strong position due to a lack of slot issues and the initial minority stake. A potential TAP deal would be significantly influenced by the decision on a new Lisbon airport.

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    Andrew Lobbenberg's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership

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

    Question

    Andrew Lobbenberg inquired about the latest delivery status for the delayed Boeing 787 aircraft and the current status of productivity negotiations with the pilot union.

    Answer

    CEO Carsten Spohr detailed the plan for 787 deliveries, expecting 4-5 this summer and a total of 9-10 by year-end. He explained that while the current pilot union contract allows growth in lower-cost airlines like City Airlines, direct productivity talks for the mainline have not yet yielded results, though the union has formally approached them to begin discussions.

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