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    Sathish Sivakumar • Citigroup Inc.

    Sathish Sivakumar's questions to ZIM Integrated Shipping Services Ltd (ZIM) leadership

    Sathish Sivakumar's questions to ZIM Integrated Shipping Services Ltd (ZIM) leadership • Q3 2024

    Question

    Sathish Sivakumar of Citigroup Inc. asked for clarification on the updated guidance, particularly the assumptions for Q4 freight rates and volume growth. He also inquired about the current spot versus contract volume mix, vessel utilization levels across trade lanes, and a breakdown of the strong Transpacific volume growth between new West Coast services and existing East Coast operations.

    Answer

    CFO Xavier Destriau explained that Q4 guidance assumes continued volume growth but a lower average freight rate than Q3, despite recent stabilization. He confirmed the spot/contract mix remains around 65/35 and that vessel utilization is currently strong and expected to remain so until the Chinese New Year. He attributed Transpacific growth to strategically redeploying capacity to the Pacific Southwest, where ZIM now operates two services, up from zero in the prior year.

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    Sathish Sivakumar's questions to Deutsche Lufthansa AG (DLAKY) leadership

    Sathish Sivakumar's questions to Deutsche Lufthansa AG (DLAKY) leadership • Q3 2024

    Question

    Sathish Sivakumar of Citigroup requested a breakdown of the EUR 240 million in Q3 disruption costs and asked about the drivers of the 13% crew productivity gap, questioning how much is tied to grounded aircraft and when it might normalize.

    Answer

    CEO Carsten Spohr attributed the disruption costs to widespread issues including weather and ATC problems, with Munich being particularly affected. He explained the productivity gap is driven by aircraft delivery delays, grounded planes due to Pratt & Whitney issues, and outdated labor agreements that are being renegotiated. CFO Till Streichert added that irregularity costs for the first nine months already reached EUR 550 million, exceeding the full prior year.

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    Sathish Sivakumar's questions to Ryanair Holdings PLC (RYAAY) leadership

    Sathish Sivakumar's questions to Ryanair Holdings PLC (RYAAY) leadership • Q1 2025

    Question

    Sathish Sivakumar of Citigroup Inc. inquired about the fleet-to-crewing ratio and its expected timeline to return to pre-pandemic levels. He also asked how the need for price stimulation would impact winter capacity plans.

    Answer

    Executive Edward Wilson explained the crewing ratio is intentionally elevated at 5.8 crews per aircraft to provide resilience against ATC disruptions and will not be reduced until the ATC situation is fixed. CEO Michael O'Leary and Executive Tracey McCann added that winter capacity plans remain unchanged; Ryanair will accept weaker pricing to achieve its traffic volume targets and will continue optimizing its network.

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    Sathish Sivakumar's questions to Ferrovial SE (FER) leadership

    Sathish Sivakumar's questions to Ferrovial SE (FER) leadership • Q1 2024

    Question

    Sathish Sivakumar requested an update on the Nashville Lane project, inquired about the customer response to the 407 ETR's incentive schemes, and sought clarity on the NTE 35W's traffic growth drivers, particularly regarding the new Segment 3C.

    Answer

    CFO Ernesto Lopez Mozo confirmed plans to continue and potentially broaden the 407 ETR's incentive schemes, noting very limited price elasticity so far. He clarified that the strong NTE 35W performance is due to both the ramp-up of Segment 3C and the recovery of traffic in segments A and B post-construction. Corporate Finance Director Ignacio Del Pino provided updates on the U.S. project pipeline, expecting RFPs for the 495 project and Tennessee Choice Lanes late this year or early next.

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    Sathish Sivakumar's questions to Air France KLM SA (AFLYY) leadership

    Sathish Sivakumar's questions to Air France KLM SA (AFLYY) leadership • Q1 2024

    Question

    Sathish Sivakumar of Citigroup requested a breakdown of long-haul booking trends between Transatlantic and Asia, asked if Q3 cost guidance includes anticipated expenses for the Paris Olympics, and sought an update on the upcoming €350 million bond refinancing.

    Answer

    CEO Benjamin Smith stated that forward bookings are relatively in line across all long-haul segments with no material differences. CFO Steven Zaat clarified that no specific additional costs for the Olympics are included in the Q3 outlook. Regarding the bond, he noted the company has strong cash and will monitor the market, highlighting that improved credit spreads make refinancing attractive.

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