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    Jaime Rowbotham

    Managing Director and Senior Analyst at Morgan Stanley

    Jaime Rowbotham is a Managing Director and Senior Analyst at Morgan Stanley, specializing in coverage of major European industrials and aerospace companies such as Rolls-Royce. Known for his deep sector insight, Rowbotham has consistently provided well-regarded investment calls, contributing to prominent market discussions and strategic forecasts. He began his career as an equity analyst in the early 2000s, holding positions at leading firms before advancing to Managing Director at Morgan Stanley, where he was appointed in 2022. Rowbotham maintains professional credentials in securities analysis and is recognized for his expert contributions to equity research within the industry.

    Jaime Rowbotham's questions to AIR FRANCE-KLM /FI (AFLYY) leadership

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

    Question

    Jaime Rowbotham of Deutsche Bank AG inquired about the transatlantic market, asking if Air France-KLM sees a similar Q3 booking gap as competitors and whether price stimulation might be needed. He also sought clarification on the nature of the EUR 300 million benefit.

    Answer

    Steven Zaat (Group CFO) stated that the booking gap for Q3 is not widening, especially for July and August, and reiterated that the company does not give profit guidance but the EUR 300 million headwind from 2024 incidentals is still factored in. Benjamin Smith (Executive) added that the group's risk is mitigated as its U.S. transatlantic capacity exposure is only 26%, significantly lower than its main European competitors.

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    Jaime Rowbotham's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership

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

    Question

    Jaime Rowbotham asked about the underlying year-on-year profit degradation in the Passenger Airline business after adjusting for Easter timing and prior-year strikes, and questioned at what point the airline might discount North Atlantic fares to protect load factors.

    Answer

    CFO Till Streichert acknowledged cost increases but stated Q1 was on track with expectations and that the airline turnaround program's benefits, like lower irregularity costs, are beginning to materialize. CEO Carsten Spohr added that discounting fares would be value-destructive, as it wouldn't stimulate demand from customers hesitant due to geopolitical news and would only lower yields from those already willing to travel.

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    Jaime Rowbotham's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership • Q3 2024

    Question

    Jaime Rowbotham inquired about the demand environment for the upcoming winter months, asking for details on the strongest and weakest areas by airline, and also requested an outlook for 2025 regarding capacity, fuel hedging, and the expected impact of the Lufthansa turnaround plan.

    Answer

    CFO Till Streichert stated it was too early to provide a detailed 2025 outlook but confirmed he expects a positive contribution from the turnaround program 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 performing particularly well.

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    Jaime Rowbotham's questions to DEUTSCHE LUFTHANSA A G /FI (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 (RYAAY) leadership

    Jaime Rowbotham's questions to RYANAIR HOLDINGS (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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    Jaime Rowbotham's questions to RYANAIR HOLDINGS (RYAAY) leadership • Q3 2024

    Question

    Asked if higher Eurocontrol route charges contributed to the increased unit cost guidance and inquired about the nature of previous Boeing delivery defects that have recently improved.

    Answer

    Neil Sorahan confirmed that route charges are tracking up year-on-year. Michael O'Leary explained that previous defects included minor issues like tools left under floorboards and more significant ones like incorrectly drilled holes. He noted that quality has been improving on the most recent deliveries but that Boeing still has work to do.

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