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    James Hollins

    Senior Analyst at BNP Paribas

    James Hollins is a Senior Analyst at Exane BNP Paribas with a specialization in European transport and aviation equities, notably covering prominent companies such as Air France-KLM. Known for his in-depth sector knowledge, he has issued investment recommendations including the recent upgrade of Air France-KLM to Neutral, supported by an average target price forecast consistent with market expectations. Hollins has established a strong track record within the equity research community through his analytical rigor and timely revisions, demonstrating performance benchmarked by platforms like TipRanks. With a career anchored at Exane BNP Paribas, he is recognized for his professional credentials and sector expertise informed by years of focused industry coverage.

    James Hollins's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership

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

    Question

    James Hollins requested more detail on the CASK (cost per available seat-kilometer) cadence for the upcoming quarters and asked about current business travel trends, particularly any impacts from tariffs or German politics.

    Answer

    CFO Till Streichert explained that the Q2 CASK increase is driven by a one-time comparison effect from prior-year compensation provisions and current-year labor cost increases, with normalization expected in the second half of the year. CEO Carsten Spohr stated that corporate travel remains stable with a slight increase in Q1, driven by North Atlantic and Asia Pacific routes, and they do not see any weakness currently.

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

    Question

    James Hollins sought clarification on the Lufthansa turnaround program, asking if the EUR 1.5 billion target for 2026 is a total annual contribution or a run-rate figure. He also asked for a 2025 capacity outlook specifically for the Lufthansa Airlines brand.

    Answer

    CFO Till Streichert clarified that the EUR 1.5 billion is a gross contribution targeted for the full year 2026, which is expected to ramp up to EUR 2.5 billion by 2028. CEO Carsten Spohr added that Lufthansa Airlines' 2025 capacity will be around 84% of 2019 levels, below the group average, reflecting a strategy to limit growth in less profitable units.

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

    Question

    James Hollins of BNP Paribas sought clarification on the Lufthansa turnaround program, asking if the EUR 1.5 billion target for 2026 is a total annual contribution or a run-rate figure. He also requested a 2025 capacity outlook specifically for the Lufthansa Airlines brand.

    Answer

    CFO Till Streichert clarified that the EUR 1.5 billion is a gross contribution targeted for the full year 2026, which is expected to ramp up to EUR 2.5 billion by 2028. CEO Carsten Spohr added that Lufthansa Airlines' 2025 capacity will be around 84% of 2019 levels, below the group average, reflecting a strategy to limit growth in less profitable areas. He also emphasized the integrated multi-hub system's ability to steer traffic.

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    James Hollins's questions to RYANAIR HOLDINGS (RYAAY) leadership

    James Hollins's questions to RYANAIR HOLDINGS (RYAAY) leadership • Q1 2025

    Question

    James Hollins of BNP Paribas asked if Ryanair's revenue management systems could be partly responsible for the fare weakness. He also requested the sold fare level for August and whether weak guidance was based on assumptions about late bookings.

    Answer

    CEO Michael O'Leary defended the revenue management system, stating it performed excellently by detecting the market softness early and that all attempts to raise prices were met with consumer resistance. He declined to provide a specific fare number but reiterated that Q2 fares would be "materially lower" than last year, potentially declining by a double-digit percentage, driven by weakness in close-in bookings.

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    James Hollins's questions to RYANAIR HOLDINGS (RYAAY) leadership • Q3 2024

    Question

    Asked about the strategy for making deals with OTAs, specifically if some are off-limits, and questioned how the impact of losing 10-15% of volume from OTAs could be resolved so quickly.

    Answer

    Michael O'Leary stated that many of the top OTAs are in discussions and most will likely come on board, but they are not inclined to settle with Booking.com due to ongoing legal cases. He explained the impact is short-lived because customers quickly find their way back to Ryanair's website directly or through other channels, and Ryanair can use price stimulus to recover volume.

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    James Hollins's questions to AIR FRANCE-KLM /FI (AFLYY) leadership

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

    Question

    James Hollins of BNP Paribas inquired about any major outstanding labor agreements, current cargo demand and pricing trends for Q2, and the outlook for the MRO (Maintenance, Repair, and Overhaul) business for the remainder of the year.

    Answer

    Executive Benjamin Smith confirmed that all major labor agreements at KLM are concluded, with only smaller ones pending at Air France. CFO Steven Zaat projected a slight drop in cargo for Q2 before normalization, and forecasted 20% year-over-year growth for the third-party MRO business.

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