ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/24/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 24/03/2025

Air France-KLM : More upsides than downsides for European airlines

Airlines finished up a challenging FY 2024 with a strong performance in Q4, market by higher unit revenues and good passenger demand, on top of a stellar cargo activity. Looking into 2025, the good momentum has continued with yields stabilizing (or even up). As per managements’ comments, demand remains strong and a significant improvement in profitability is expected this year. Other external factors (German economic package & a potential end of the war in Ukraine) provide with an upside potential not yet taken into consideration on the guidance provided by the companies.

Air France-KLM : More upsides than downsides for European airlines

Airlines finished up a challenging FY 2024 with a strong performance in Q4, market by higher unit revenues and good passenger demand, on top of a stellar cargo activity. Looking into 2025, the good momentum has continued with yields stabilizing (or even up). As per managements’ comments, demand remains strong and a significant improvement in profitability is expected this year. Other external factors (German economic package & a potential end of the war in Ukraine) provide with an upside potential not yet taken into consideration on the guidance provided by the companies.

Orange : Feedback 6th TMT Credit Days – 18 & 19 March 2025

On 18 & 19 March, we organized our 6th TMT credit days with nine issuers in the telecoms, media and technology sectors: Banijay Entertainment, MasOrange, Nexi, Orange, OVHcloud, SES, SoftBank Group, Telecom Italia and Worldline. 110 credit investors registered to the event. This document summarizes our feedback of the virtual meetings by issuer. If you have participated to the meetings, we thank you very much for filling in the questionnaires (links on page 2). Please don’t take this reminder into account in case you have already replied.