The group reported record and consensus-matching Q2 earnings, noting that the outperformance in passenger airlines was partially offset by the larger-than-expected normalization-led fallback in cargo. The share price performance was affected by the considerably-higher unit costs and the consensus-missing FCF generation. More concrete FY financial targets have been provided and are consistent with the consensus, despite a less-favourable traffic schedule. We have upgraded our 2023 estimates to al ....
