DAVY VIEW

Adjusted EBIT of €1.33bn was broadly flat on last year (the nine- month period is €300m ahead) and in line with estimates (€1,317m; Davy €1,274m). Despite ongoing global uncertainties, the Lufthansa Group confirms its forecast for the full year and, with capacity growth of around 4%, expects an operating result (adjusted EBIT) significantly above the previous year (previous year: €1.6bn). We do not expect much change to estimates. Labour/union (pilots) and aircraft delivery delays will be points of discussion.