DAVY VIEW

A stronger performance at Eurowings in Q3 and a good cost performance have led to the maintenance of full year guidance (€2.2-2.4bn). A weaker performance from the cargo market and higher fuel have been offset by increased guidance at Lufthansa Technik and LSG. For Q3, adjusted EBIT at €1297m was above the medium-term consensus forecast of adjusted EBIT of €1216m (Davy: €1191m). Overall, the result should be reasonably received with some upside in consensus forecasts, albeit we are unlikely to materially change our forecasts at this stage.