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Dirk Verbiesen ... (+2)
  • Dirk Verbiesen
  • Quirijn Mulder

Air France-KLM/Interesting times but yield should improve/HOLD

We continue to believe that the current environment for airlines is improving with especially more travelling. However, the sector continues to struggle with higher unit costs. AF-KLM is not an exception seeing higher unit costs especially in 1H25 but 3Q25 already was a slowdown. However, 3Q yield came under pressure for several reasons and that disappointed the market. The fuel bill, however, came to the rescue leading to a slightly higher income from operations. It is interesting that fuel sup...

 PRESS RELEASE

Declaration of number of voting rights

Declaration of number of voting rights  Declaration of number of voting rights  Information relating to the total number of voting rights and shares as required by L.233-8 II of the code of commerce and article 223-16 of the general rules of the French market authority (AMF).  DateNumber of sharesTotal number of voting rights   11/30/2025 262,769,869Theoretical number of voting rights1:369,987,425  1 The theoretical voting rights include all voting rights, including double voting rights. Attachment

 PRESS RELEASE

Déclaration du nombre de droits de vote

Déclaration du nombre de droits de vote               Déclaration du nombre de droits de vote                  Informations relatives au nombre total de droits de vote et d’actions prévues par l’article L.233-8 II du code du commerce et l’article 223-16 du règlement général de l’Autorité des marchés financiers.    Date Nombre d’actions Nombre total de droits de vote    30/11/2025262 769 869  Nombre de droits de vote théoriques1 :   369 987 425         1 Les droits de vote théoriques intègrent l’ensemble des droits de vote, y compris les droits de vote doubles. Pièce jointe ...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 19/11/2025

eDreams: Good Q2 2025/26 results but very disappointing outlook for the next 18 months.|Ardagh Metal Packaging émet de nouvelles obligations|Finnair: we see a FV for the new bond at 4.25%a|Banque : la BCE a publié le bilan SREP 2025|

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/19/2025

eDreams: Good Q2 2025/26 results but very disappointing outlook for the next 18 months.|Ardagh Metal Packaging issues new bonds|Finnair: we see a FV for the new bond at 4.25%a|Banking: ECB publishes SREP 2025 report|

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/10/2025

OPmobility: CEO Laurent Favre resigns from his position|Nexi confirms a bid from TPG for certain assets of its DBS unit|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 10/11/2025

OPmobility : le CEO Laurent Favre démissionne de ses fonctions|Nexi confirme une offre de TPG pour certains actifs de sa division DBS|

Felix Fischer
  • Felix Fischer

Europe HY Trade Book - Transportation - Lucror Analytics

The Europe HY Trade Book - Transportation includes current trade recommendations drawn from our European HY transportation coverage universe, along with relative-value scatter plots and a peer table.

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