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    Conor Dwyer • Morgan Stanley

    Conor Dwyer's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Conor Dwyer's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q1 2025

    Question

    Conor Dwyer asked if cargo volumes in other regions have accelerated since the announcement of China tariffs and questioned if a potential North Atlantic capacity reduction could negatively impact H2 unit cost inflation.

    Answer

    CEO Carsten Spohr stated that Lufthansa Cargo is well-positioned on Asia-to-Europe and Europe-to-U.S. trade lanes, which are benefiting from current dynamics, and is not exposed to the potentially weaker China-to-U.S. flow. CFO Till Streichert reiterated that H2 CASK is expected to normalize and that any capacity adjustment would be a moderation of growth, triggered only if booking trends worsen.

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    Conor Dwyer's questions to Air France KLM SA (AFLYY) leadership

    Conor Dwyer's questions to Air France KLM SA (AFLYY) leadership • Q1 2024

    Question

    Conor Dwyer of Morgan Stanley sought clarification on an apparent discrepancy where Q2 booked load factors were slightly down year-over-year, while April's actual load factors were up, asking if this signaled a trend toward later bookings.

    Answer

    CEO Benjamin Smith responded that the observed differences in booking patterns were too small to be considered a material change in customer behavior or booking trends.

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