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    James Hollins • BNP Paribas

    James Hollins's questions to Deutsche Lufthansa AG (DLAKY) leadership

    James Hollins's questions to Deutsche Lufthansa AG (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 business travel trends, specifically regarding any weakness in German corporate travel or impacts from tariffs and politics.

    Answer

    CFO Till Streichert explained that Q2 CASK growth will be higher due to prior-year one-off effects and current-year labor cost increases, with normalization expected in H2 as turnaround effects kick in. CEO Carsten Spohr reported that corporate travel remains stable with a slight increase in Q1, driven by North Atlantic and Asia Pacific routes, and that no weakness is currently visible or expected.

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    James Hollins's questions to Deutsche Lufthansa AG (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 PLC (RYAAY) leadership

    James Hollins's questions to Ryanair Holdings PLC (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 Air France KLM SA (AFLYY) leadership

    James Hollins's questions to Air France KLM SA (AFLYY) leadership • Q1 2024

    Question

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

    Answer

    CEO Benjamin Smith confirmed that no major labor agreements are pending at Air France or KLM this year, though some smaller ones are due. CFO Steven Zaat projected a slight drop in cargo demand for Q2 before normalization, and forecasted a 20% year-over-year growth in third-party MRO business for the full year.

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