The group posted consensus-missing revenue in Q1, while its adjusted EBIT was more or less in line with the consensus in all segments. The passenger activities performed vigorously, for which the momentum should extend into the upcoming summer and offset cargo’s fall-back. The guidance for the following two FYs has been reconfirmed and a dividend distribution is hoped to be resumed in 2023, one year earlier than previously anticipated. We expect an upgrade in the consensus and our estimates.
