TAP - comment

Our forecast for H123 may be too conservative. Q1 numbers released yesterday showed a very strong expansion of both ASK offered and RPK - each above pre-pandemic levels. Due to the higher lease charges this year, Q123 NCF came in at -€57m vs. -€32m last year, but the stronger Q2 quarter looks set to rise well above what our model implies. We have not made any material changes to our analysis as it is based on the more substantial semi-annual data.