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    Johannes Braun • Stifel

    Johannes Braun's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Johannes Braun's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q3 2024

    Question

    Johannes Braun of Stifel questioned the rationale for downgrading the full-year RASK guidance to a mid-single-digit decline, noting it seemed counterintuitive given stabilizing yields and slower capacity growth.

    Answer

    CFO Till Streichert explained that the year-over-year comparison for Q4 is skewed because the prior-year period (Q4 2023) included significant one-off other income items, such as releases of COVID-related provisions. This inflated the prior-year base, making the RASK decline in Q4 2024 appear larger than the underlying yield trend would suggest. CEO Carsten Spohr confirmed that yield development will be better than RASK development in Q4.

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    Johannes Braun's questions to Ryanair Holdings PLC (RYAAY) leadership

    Johannes Braun's questions to Ryanair Holdings PLC (RYAAY) leadership • Q1 2025

    Question

    Johannes Braun of Stifel noted the strong Q1 free cash flow and high cash inflow from ticket prepayments, asking how this reconciles with the warning of significantly lower summer yields.

    Answer

    CFO Neil Sorahan explained that the strong cash flow is a direct result of high traffic volume growth. Even with lower average fares, the sheer number of bookings being processed—over half a million more—ensures a strong and steady inflow of cash from customers.

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    Johannes Braun's questions to Air France KLM SA (AFLYY) leadership

    Johannes Braun's questions to Air France KLM SA (AFLYY) leadership • Q1 2024

    Question

    Johannes Braun from Stifel asked for background on the €610 million pension funding payment in Q1 and whether more such payments are expected. He also inquired about yield trends for the peak summer season beyond Q2.

    Answer

    CFO Steven Zaat clarified that the €610 million payment was a one-off settlement of deferred pension premiums from the COVID period, as previously disclosed. Regarding summer yields, he noted that while April was strong with yields up over 3%, it is too early to predict trends for the peak season as bookings are finalized much closer to departure.

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