DAVY VIEW

The stabilization measures approved by the EU and the Lufthansa supervisory board will be put to an EGM on June 25th 2020 with the aim for a rapid return of the stabilizing funds. However, it is clear that Lufthansa will be challenged for some time. Q1 losses of €1.2bn were as pre-released and the group plans to have c.40% of its original schedule capacity back by September. However, it expects 300 aircraft parked in 2021, 200 in 2022 and 100 in 2023 (out of 763). Significant restructuring and cost cutting will be required. We will review our numbers post today with the analyst call at 12.00 BST (13.00 CET)