DAVY VIEW

While Q1 numbers were in-line, guidance was maintained at broadly flat operating profit for FY2019 versus last year’s pro-forma (€3,485m), with unit revenue expected to be flat at constant currency but to improve for the rest of the year and non-fuel unit cost also expected to improve for the year. With the negative macro headlines, we consider this a credible result and there is unlikely to be a material change in our estimates (Davy: €3,470m, consensus €3,436m). Analyst call 09.00 GMT: +44 2071928000; +353 1 4319615, Confirmation code: 9457379.