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    Jaime Rowbotham • Deutsche Bank AG

    Jaime Rowbotham's questions to Air France KLM SA (AFLYY) leadership

    Jaime Rowbotham's questions to Air France KLM SA (AFLYY) leadership • Q1 2025

    Question

    Jaime Rowbotham from Deutsche Bank asked for details on transatlantic booking trends for Q3, questioning if a wider booking gap might necessitate price stimulation in the economy cabin. He also followed up on the EUR 300 million profit factor, seeking clarity on whether this was a net figure or separate from other operational variables.

    Answer

    Management responded that the Q3 transatlantic booking gap is not widening, with July and August looking strong. They reiterated that they do not provide profit guidance but confirmed the EUR 300 million impact from last year's incidentals is still relevant. CEO Benjamin Smith added that Air France-KLM's lower relative exposure to the U.S. market (26% of capacity) compared to peers provides a strategic advantage in the current environment.

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    Jaime Rowbotham's questions to Air France KLM SA (AFLYY) leadership • Q1 2025

    Question

    Jaime Rowbotham from Deutsche Bank AG asked about the transatlantic market, specifically focusing on the Q3 booking gap, potential booking hesitancy due to tariffs, and whether price stimulation might be needed for the economy cabin. He also sought to clarify the nature of the EUR 300 million figure mentioned in the guidance.

    Answer

    Executive Benjamin Smith responded that the Q3 booking gap is not widening and that July and August look strong. He confirmed the EUR 300 million figure relates to headwinds from last year's non-recurring incidentals and is not a net profit guidance. CFO Steven Zaat added that Air France-KLM's lower exposure to the U.S. market (26% of capacity) compared to European peers provides a strategic cushion.

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    Jaime Rowbotham's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Jaime Rowbotham's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q1 2025

    Question

    Jaime Rowbotham asked about the underlying year-over-year profit degradation in the Passenger Airline business after adjusting for strike and Easter timing effects, and inquired about the point at which Lufthansa might discount North Atlantic fares to protect load factors amid booking softness.

    Answer

    CFO Till Streichert acknowledged the cost pressures but stated that Q1 was on track with expectations and that the airline's turnaround program would yield more benefits in the second half of the year, citing reduced irregularity costs as an early success. CEO Carsten Spohr asserted that discounting North Atlantic fares is not currently viable, as it would not stimulate demand from travelers concerned with geopolitics and would unnecessarily erode yields from those already committed to flying.

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    Jaime Rowbotham's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q3 2024

    Question

    Jaime Rowbotham of Deutsche Bank AG inquired about the demand environment for the upcoming winter months, seeking differentiation by airline and region, and asked for an early outlook on 2025 capacity, fuel hedges, and the expected impact of the Lufthansa turnaround program.

    Answer

    CFO Till Streichert stated it was too early to provide a detailed 2025 outlook but confirmed the turnaround program is expected to deliver positive contributions next year. He characterized current demand as solid, driven by leisure and premium classes, with strong bookings for November and December. He also noted that Eurowings is on a particularly strong trend, while all airlines are generally performing well.

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    Jaime Rowbotham's questions to Ryanair Holdings PLC (RYAAY) leadership

    Jaime Rowbotham's questions to Ryanair Holdings PLC (RYAAY) leadership • Q1 2025

    Question

    Jaime Rowbotham of Deutsche Bank challenged the constrained supply narrative, suggesting the market may be oversupplied at last year's prices, and asked when Ryanair might moderate its own capacity growth. He also inquired about the maintenance cost line and the impact of supplier credits.

    Answer

    CEO Michael O'Leary firmly rejected the idea of moderating growth, stating that in a softer pricing environment, Ryanair will leverage its low-cost base to take market share from competitors. CFO Neil Sorahan clarified that the maintenance line included a modest, non-material credit from Boeing in Q1, with future compensation dependent on the extent of delivery delays.

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