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    Harry Gowers • JPMorgan Chase & Co.

    Harry Gowers's questions to Air France KLM SA (AFLYY) leadership

    Harry Gowers's questions to Air France KLM SA (AFLYY) leadership • Q1 2025

    Question

    Harry Gowers of JPMorgan Chase & Co. questioned if there was evidence of U.S. traffic substituting to other destinations on the Air France-KLM network. He also requested clarification on a one-time compensation effect impacting Q2 unit costs and asked for the specific cost impact of the Schiphol tariff increase.

    Answer

    CEO Benjamin Smith noted slight traffic shifts toward Canada and Latin America but confirmed no major network capacity changes are planned through Q3, as premium U.S. demand remains robust. CFO Steven Zaat explained that a one-off compensation received in the prior year affects the Q2 year-over-year maintenance cost comparison. He estimated the Schiphol tariff hike would add approximately 0.3% to 0.4% to the group's total unit cost.

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    Harry Gowers's questions to Air France KLM SA (AFLYY) leadership • Q1 2025

    Question

    Harry Gowers of JPMorgan Chase & Co. questioned if there was evidence of U.S. traffic substituting to other destinations on the network. He also requested clarification on the ex-fuel unit cost, specifically a one-time compensation effect in the prior year's Q2 and the financial impact of the Schiphol tariff increase.

    Answer

    CEO Benjamin Smith noted slight traffic shifts toward Canada and Latin America but emphasized that premium cabins to the U.S. remain strong, with softness confined to economy. He stated no capacity has been shifted yet. CFO Steven Zaat confirmed a one-off compensation last year creates a difficult year-over-year maintenance cost comparison for Q2. He quantified the annual Schiphol tariff impact at over EUR 100 million, or about 0.3-0.4% of the group's total unit cost.

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    Harry Gowers's questions to Air France KLM SA (AFLYY) leadership • Q1 2024

    Question

    Harry Gowers from JPMorgan Chase & Co. asked for color on pricing and yield trends seen in April, sought a directional outlook for Q2 EBIT, and inquired about the impact of recent Middle East escalations on bookings and regional yields.

    Answer

    CFO Steven Zaat reported that April yields were strong, up over 3%, but declined to provide EBIT guidance, reiterating that Q2 fuel costs are up over €100 million. CEO Benjamin Smith noted that traffic to Tel Aviv and Beirut is recovering, but leisure markets in Egypt and Jordan remain weak, with capacity redeployed to North Africa.

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    Harry Gowers's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Harry Gowers's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q1 2025

    Question

    Harry Gowers asked for confirmation that limited Q3 visibility is due to later booking patterns and inquired about the group's internal expectations for RASK (revenue per available seat-kilometer) changes in Q2 and Q3.

    Answer

    CFO Till Streichert confirmed that while Q3 visibility is always limited at this time of year, there is a slight slowdown in seat load factor bookings, potentially due to customer uncertainty. He declined to provide specific RASK guidance but reiterated that the company's full-year EBIT guidance already incorporates its internal revenue and cost expectations.

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    Harry Gowers's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q3 2024

    Question

    Harry Gowers of JPMorgan Chase & Co. asked for details on the airline's performance in October, specifically regarding yield, load factor, and RASK. He also inquired about the potential net impact of the EUR 1.5 billion gross turnaround figure after accounting for costs.

    Answer

    CEO Carsten Spohr described October's performance as strong, with a high seat load factor and a stabilizing yield trend that was approaching zero decline. CFO Till Streichert explained that while it's early, the primary offset to the gross turnaround figure would be underlying inflationary pressures, with any required investments also being a factor.

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    Harry Gowers's questions to Ryanair Holdings PLC (RYAAY) leadership

    Harry Gowers's questions to Ryanair Holdings PLC (RYAAY) leadership • Q1 2025

    Question

    Harry Gowers of JPMorgan Chase & Co. asked if the Q2 fare weakness was consistent across the entire network or concentrated in specific regions. He also inquired about the potential for another share buyback, given the current program's rapid progress.

    Answer

    CEO Michael O'Leary confirmed that the pricing weakness is network-wide, with no specific markets showing unusual strength or weakness. On capital returns, he stated that the Board is considering a top-up to the buyback program, with a potential announcement at the upcoming AGM or with the half-year results in November.

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