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    Jarrod Castle

    Managing Director and Senior Equity Research Analyst at UBS Group AG

    Jarrod Castle is a Managing Director and Senior Equity Research Analyst at UBS Group AG in London, specializing in European transportation, travel, and leisure sectors. He is a lead analyst covering high-profile companies including Ryanair, with a track record for influential research and sector insights, though specific performance metrics like TipRanks rankings or average returns are not publicly documented. Castle has built an extensive career at UBS, holding key research leadership roles, and he is widely recognized within institutional equity research circles for his expertise and contributions. He maintains professional securities credentials required for senior research analysts in the UK market.

    Jarrod Castle's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership

    Jarrod Castle's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership • H1 2025

    Question

    Jarrod Castle of UBS asked about the scale and phasing of the branded residential business's contribution to profitability, the allocation of investment across IHG's technology pillars, and the potential for further M&A or brand additions following the Ruby acquisition.

    Answer

    CEO Elie Maalouf described branded residential as a growing fee stream, particularly from luxury brands like Six Senses and Regent. He explained that technology investments are managed consistently through the system fund with a focus on continuous product management rather than large one-off projects. Regarding M&A, he stated that while IHG is pleased with the Ruby integration, future brand additions could be either organic or inorganic, without providing a specific timeline.

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    Jarrod Castle's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership • H1 2025

    Question

    Jarrod Castle of UBS Group AG asked for details on the scale and phasing of branded residential contributions, the allocation of investment across IHG's technology pillars, and whether the company is considering further M&A in the short or medium term.

    Answer

    CEO Elie Maalouf highlighted that branded residential is a growing, consistent fee contributor, particularly with the Six Senses and Regent brands. Regarding technology, he stated that investments in platforms like GRS, PMS, and RMS are continuous and managed within the system fund for high returns. CFO Michael Glover added that IHG has no significant 'tech debt' due to this consistent investment. Maalouf confirmed that while IHG is pleased with the Ruby integration, future brand additions could be either organic or inorganic.

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    Jarrod Castle's questions to INTERCONTINENTAL HOTELS GROUP PLC /NEW/ (IHG) leadership • H1 2025

    Question

    Jarrod Castle from UBS Group AG asked for details on the scale and phasing of branded residential contributions, the allocation of investment across IHG's technology pillars, and whether the company is considering further M&A in the short or medium term.

    Answer

    CEO Elie Maalouf highlighted that branded residential is a growing fee stream, driven by luxury brands like Six Senses and Regent, with fees often collected before a hotel opens. Regarding technology, he explained that investments in platforms like GRS, PMS, and RMS are continuous and managed within the system fund, emphasizing a product management approach over one-off projects. On M&A, Maalouf noted the success of integrating Ruby Hotels and stated that while future brand additions will occur, they can be organic developments as well as acquisitions.

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    Jarrod Castle's questions to AIR FRANCE-KLM /FI (AFLYY) leadership

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

    Question

    Jarrod Castle of UBS Group AG inquired about Air France-KLM's profit outlook, asking for confirmation of the previously mentioned EUR 300 million profit progression. He also sought commentary on current air freight trends and the potential impact of new tariffs on the company's maintenance costs and CapEx.

    Answer

    CFO Steven Zaat clarified that while the company does not issue specific profit guidance, the previously discussed EUR 300 million impact from non-recurring incidentals from last year remains a valid consideration. Regarding air freight, he noted the booking window is very short and the company's limited exposure to U.S.-China flows means no significant impact is visible yet. On tariffs, he stated that with a predominantly Airbus fleet, delivery risks are low, and the main uncertainty for maintenance costs stems from potential European retaliation rather than direct U.S. tariffs.

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

    Question

    Jarrod Castle of UBS asked for confirmation on the previously mentioned EUR 300 million profit progression in light of a new fuel tailwind, inquired about current air freight trends, and questioned the potential impact of tariffs on CapEx and maintenance costs.

    Answer

    Benjamin Smith (Executive) clarified that Air France-KLM does not provide profit guidance but affirmed the EUR 300 million headwind from 2024's one-off events remains. He noted it is too soon to see tariff impacts on air freight due to short booking windows and stated the group's fleet is primarily Airbus, limiting exposure to Boeing-related issues. The impact on maintenance costs is still uncertain and depends more on European retaliation than direct U.S. actions.

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

    Question

    Jarrod Castle from UBS asked about the key factors needed to achieve the 7-8% midterm operating margin target, the profitability development of the separately disclosed Flying Blue loyalty program, and the competitive pricing pressure from Chinese airlines in Asia.

    Answer

    Executive Benjamin Smith expressed confidence in reaching the margin target, citing future improvements from KLM's operational recovery, new aircraft efficiencies, and an evolved JV with Delta. CFO Steven Zaat noted Flying Blue's profitability is stable and that competition with Chinese carriers is managed through a partnership and serving different customer bases.

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    Jarrod Castle's questions to DEUTSCHE LUFTHANSA A G /FI (DLAKY) leadership

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

    Question

    Jarrod Castle asked about the potential impact of tariffs on aircraft deliveries and pricing, and inquired about the expected performance and profitability of ITA Airways during the current year.

    Answer

    CEO Carsten Spohr expressed confidence that threatened tariffs on aircraft would not materialize due to industry pushback and asymmetrical risk for Boeing, but confirmed the airline has contingency plans. Regarding ITA, he noted it will report its own numbers but expects initial upsides alongside integration costs in 2025, with full synergies targeted for 2027. CFO Till Streichert added that ITA will be accounted for as an associate.

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

    Question

    Jarrod Castle asked about cost pressures heading into 2025, particularly from suppliers like hub airports, and inquired about the airfreight business, including potential impacts from U.S. tariff changes and the phase-out of de minimis rules in Europe.

    Answer

    CEO Carsten Spohr explained that the company is leveraging its multi-hub system to manage airport costs, growing less at the most expensive hub, Frankfurt. Regarding airfreight, he stated that the company is shifting freighter capacity from the U.S. to Asia to capitalize on high-yield e-commerce demand from China, which mitigates exposure to potential U.S. tariff impacts.

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

    Question

    Jarrod Castle of UBS asked about expected cost pressures from suppliers in 2025, particularly hub airports, and the potential impact on the airfreight business from U.S. tariff changes and the phasing out of Europe's de minimis rule.

    Answer

    CEO Carsten Spohr explained that rising charges at Frankfurt Airport, the most expensive hub, are leading to slower growth there compared to more cost-effective hubs like Zurich. Regarding airfreight, he noted that the company is shifting freighter capacity from the U.S. to Asia to capitalize on high-yield e-commerce demand from China, which mitigates exposure to potential U.S. tariff impacts.

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    Jarrod Castle's questions to RYANAIR HOLDINGS (RYAAY) leadership

    Jarrod Castle's questions to RYANAIR HOLDINGS (RYAAY) leadership • Q1 2025

    Question

    Jarrod Castle of UBS asked if management was surprised by the rapid deterioration in fare pricing, questioning the underlying demand strength. He also sought clarity on the outlook for ex-fuel cost inflation into fiscal year 2026.

    Answer

    CEO Michael O'Leary admitted surprise at the weakness of close-in booking prices, especially given constrained industry capacity, attributing it to broad consumer pressure. He reaffirmed the strategy to stimulate volume with lower fares. Regarding costs, O'Leary stated that moderation in unit cost increases depends heavily on Boeing meeting its aircraft delivery schedules, noting that delays into 2025 are already a concern.

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