Jet2 plc

morning everyone and welcome to our interim results presentation for the period ended 30th of september 2025. uh the format this morning will be i'll go through the first half highlights i will then pass over to gary brow our chief financial officer who will give a financial update and then gary will return the microphone to me and I'll go through a strategy update. There'll then be a period after that for any questions which we'd be pleased to answer. So, first of all, record passenger numbers, revenue and profitability. Further growth in the first half across all our key metrics, we delivered record numbers. Passenger numbers were 6% higher, including the encouraging first summer performance at our Bournemouth and Luton bases. Strong financial performance with group profit before FX revaluations at 1% and earnings per share 8% higher following our £250 million share buyback programme. We are also pleased today to announce a further share buyback programme of £100 million. have a strong balance sheet and access to ample liquidity which are vital in this fast-paced capital invest intensive industry 3.4 billion pounds of cash gives us financial resilience and supports investment in our growing fleet we operated 23 airbus a321 neo aircraft in summer 2025 and that represented 17 of our total fleet We're also delighted to announce the launch of operations at Gatwick Airport, a once in a generation opportunity to accelerate our growth. Next slide. Our growth strategy is to be the UK's leading and best leisure travel business. We've made strong progress against all of our strategic pillars supported by our fantastic colleagues who are dedicated to delivering exceptional customer service. Our brands continue to be recognised by leading independent customer-focused organisations including Witch, TripAdvisor, Trustpilot, FIFO and of course the UK Institute for Customer Service. Our customers love us and they come back time after time. Through initiatives like MyJet2 we now know them better than ever and our key metrics in this area show exactly this. We continue to invest in our digital and operational infrastructure, the Retail Operations Centre, our revenue management system and of course our second maintenance hangar at Manchester Airport. Our fleet renewal programme is delivering against our sustainability targets and we expect to operate 31 Airbus A321neo aircraft in summer 26. And that represents 22% of the total fleet, which is five points higher than summer 25. Next slide. Gatwick truly is a once in a generation opportunity to accelerate our growth. Gatwick is the busiest single runway airport in the world and a once in generation opportunity came our way through the release of additional slots at Gatwick Airport. We will have access to 50 million people within a 60-minute journey by road or rail of Gatwick Airport. We have flights and holidays on sale from March 2026 to 29 destinations across the Mediterranean, the Canary Islands and European leisure cities. The programme will consist of six aircraft and we hope to be able to grow that organically as we become established. We expect the new base to be profitable in financial year 29 and it should deliver meaningful profit growth thereafter. In September 25, the DFT approved the Gatwick expansion programme to operate a dual runway subject to a six-week appeal process. The new Northern Runway is anticipated to be operational by the early 2030s, enabling the capacity of the airport to rise from 45 million to 60 million passengers per annum. That will present us with a fantastic opportunity to grow significantly. So the next part of the presentation, I will pass you over to our Chief Financial Officer, Gary Brown, who will give you our financial review.

Thanks, Steve. Good morning, everyone. I'm Gary Brown, Group CFO here at Jet2, and I'm pleased to present our financial results for the six months ending 30th of September 2025, together with some thoughts on how we think about capital allocation here. So moving to slide 7. We've included this slide as it's often easy to lose sight of where the business was relatively recently and where we are now. We flew 19.8 million passengers in the financial year ended 31st of March 2025, which means we've been grown at just under 8% a year since 2019. Our revenue has gone up even faster, averaging about 16% since 2019, mainly because more of our customers have been choosing package holidays. In fact, in 2025, these made up 66.5% of our total passengers, up 17 percentage points as compared to 2019, with package holiday revenue making up over 80% of our total revenue. Back then we had nine UK bases and an aircraft fleet of 90 primarily midlife Boeing aircraft, a composition that is rapidly changing, as you heard from Steve, underpinned by our firm Airbus delivery schedule, the A321neos making up 17% of our fleet in summer 25. Operating profit has more than doubled, up 118% to £447 million in 2025 from £204 million in 2019, and we're also making more operating profit per sector seat, which has risen from around £15 to £20, a 35% increase. Our basic earnings per share are up 132% compared to 2019 and our average return on capital employed over the three years since the pandemic is 17% and one of the best in the industry. As you will hear, this strong financial track record and the continuing evolution of our business, ongoing confidence in our future growth prospects. On to slide 8. Our key stats illustrate how our flexible, fully integrated operating model is capable of adapting to changing consumer trends. They also demonstrate our clear focus on optimising profitability through a combination of volume, pricing and product mix. First things first, more people are choosing Jet2, an extra 750,000 passengers, or 6% up on last year. This summer, more people chose flight only, which was up by 16%, as customer booking trends continued to be late and we saw more of those last-minute price-sensitive deals. We've consistently stressed that both our products are of vital importance, and it's great to see customers recognising the clear value that our flight-only offering brings. Friendly flight times, an industry leader for not cancelling flights, and with the added benefit of our red team of customer helpers providing their outstanding customer-first service. Package holidays are still a hit, growing 1% to a record 4.73 million customers, and as you know, they bring in a higher profit per customer. Prices for package holidays held up well, rising 3% as we were able to pass on most of the cost increases from our suppliers. On the flight only side of the business, the average ticket price dropped 7% to £122 because we ran more promotional offers, which were supported by the targeted reallocation of marketing investment to optimise load factors in a pretty competitive market. Pleasingly, we also made 4% more per passenger from our non-ticket revenue streams. Having more flight-only passengers meant we earned more whole baggage income, whilst our in-flight retail offer saw spend per head grow a further 4% due to consistently strong onboard product availability made possible by our in-house retail operations centre, plus the launch of a new onboard product range. Looking now at slide 9, revenue was up by 5%, primarily due to the growth in passenger numbers, but also helped by the increase in the package holidays price. What I would describe as our underlying operating cost base was well controlled and up by 4.8%. Some of the main influences on this growth were in terms of our hotel accommodation costs. They represent about 45% of our full year cost base. They were up 7% with inflationary rate increases of 6% plus an increased proportion of bookings to higher star rated and all inclusive hotels as customers treated themselves being the main drivers. Excluding the impact of SAF premiums due to the SAF mandate increase, our fuel costs, which are just over 10% of our cost base, were down 3% on a like-for-like basis, as a 7% increase in flying activity was offset by a 5% reduction in the blended fuel price, a 3% efficiency improvement from the growing A321neo fleet plus some FX benefits. Landing, navigation and third-party handling costs, which are towards 9% of our cost base, rose 10%. The growth above flying activity linked to average rate increases across UK and European airport bases, with notable increases in Euro control charges and third-party handling costs in Turkey. We also saw efficiencies in marketing spend coming through as investments we've made in our digital marketing technology infrastructure helped improve underlying cost per acquisition. Beyond our underlying cost base we incurred over 30 million of additional costs including the increase in employer NI and national minimum wage imposed by government of about 11 million an extra £17 million in premiums for sustainable aviation fuel as the SAFT mandate jumped to 2%. Finally, we invested to firmly establish ourselves at our two new bases at Bournemouth and Luton in the first summer of operation. In total, these additional costs added a further 0.7% of overall cost growth. That said, our EBIT or operating profit margins were still healthy at 13.4%, whilst our basic earnings per share were up by 8%, aided by our 250 million share buyback programme. Return on capital employed sat at 23.5% halfway through the year, though it'll dip a bit by year-end due to second-half losses, which are normal for our business. Turning the page to slide 10, our EBITDA was up by 2% compared to last year with our net cash generated from operating activities still strong at approximately 700 million, although down on last year due to the later customer booking curve. Our cattle expenditure investments included payments for six owned Airbus A321neo aircraft, a spare Leap 1A engine to support the growing Airbus fleet, plus normal maintenance on our existing Boeing aircraft. In addition, our second maintenance hangar at Manchester Airport opened in August which means we can now support six lines of aircraft maintenance across both of our hangars. First half free cash flow was £370 million, meaning that since the pandemic we've generated approximately £2.5 billion of free cash, which enables us to confidently support our strategic capital allocation. We also chose to pay off certain aircraft loans for four of our Boeing 737-800NG aircraft. It was six last year because they were more expensive than what we can now achieve in the Jolicoe market. On top of that, we bought back and cancelled £231 million worth of our own shares as part of our £250 million share buyback programme, which completed just after the end of the reporting period. Moving to slide 11. First thing to say is that we have one of the strongest balance sheets in the industry with access, as Steve has said, to ample liquidity, which we think is essential in what is a fast-paced capital intensive industry. We took delivery of nine new A321neo planes, six from our long-term aircraft order and three we've leased to fill short-term gaps in the delivery profile. We also used the Jolco market to finance four of the nine new aircraft, raising 191 million. Our total cash was down 242 million compared to last year, mostly due to capital allocation decisions, which included the majority of the 250 million share buyback and the repurchase of the convertible bond in the second half of last financial year. Customer cash was broadly flat year on year due to the late booking curve and higher mix of flight-only bookings. As you've seen in the past, when we quickly capitalised on the demise of Thomas Cook, and also during COVID when we were able to make the right decisions for our colleagues and customers, this strong financial foundation has, on this occasion, allowed us to confidently pursue our growth ambitions at London Gatwick in the full knowledge that meaningful start-up investment will be required to provide a solid operational platform which, over time, will enable us to fully capitalise on the scale of that opportunity. Finally, in a further demonstration of the confidence in the group's sustainable cash-generative business model and the board's conviction in the prospects for the business, we have today announced an on-market share buyback programme of up to £100 million. Shares will be cancelled following purchase, providing a further positive enhancement to earnings per share. Turning to our capital allocation framework on slide 12, let me quickly walk you through how we think about capital allocation. It's really all about making sure we invest in our business to ensure it remains resilient and keeps evolving to the ever-changing consumer landscape. It's about keeping our balance sheet in good shape to service our debt obligations and keep the cost of debt down. and it's to make sure we're well protected if anything unexpected comes along. On the flip side it also means we've got the flexibility to invest in exciting growth opportunities as and when whilst providing good returns for our shareholders. As you've seen we're continuing to deliver solid operating and free cash flow which means we can invest in the business recently launched in both Bournemouth and London Luton airports. We've been encouraged by their performances and are looking forward to continuing to grow in these regions by building our brand awareness and understanding and steadily growing a loyal customer base. Looking ahead, we're now gearing up for Gatwick to get underway in March 26, which is a fantastic opportunity for us to further accelerate our growth, bearing in mind that, as Steve has said, the catchment area is over 15 million people within 60 minutes of it by road or rail. And we continue to invest in tech and infrastructure, with our AR-led revenue management system pilot underway, our second maintenance hangar at Manchester Operational, and our groundbreaking retail operations centre now fully automated. Our total and net cash position remains strong, allowing us to be flexible around our debt obligations to reduce the overall cost of debt, whilst giving the Jolko market the confidence to continue to do plenty of business with us. And in terms of shareholder returns, we've bought back 250 million of shares, or approximately 10% of the current market cap of the company, which helped push our EPS earnings per share up by 8% and by 132% since 2019. And we've also increased the interim dividend whilst announcing another buyback of £100 million today, which will take us cumulatively to over 13% of the current market cap return to shareholders. Finally, on slide 13, how are we thinking about the medium term? We know there are many companies in this industry who have flown too close to the sun in the way they ran their balance sheets and leverage position. From our perspective, we believe remaining at less than two times net debt to EBITDA on an own cash basis brings a pragmatic balance between protecting the business, but also manageable levels of leverage to maximise returns. As at today, we've got plenty of headroom against this target, but as we take more aircraft and finance them, this level will drift up. We've said previously that we learnt a lot during Covid, where we went into that period with just over half a billion of our own cash and an undrawn RCF of 100 million. This allowed us to treat customers with respect in returning their deposits quickly and gave us the breathing space to make the right decisions for our business and in particular our colleagues. As you've heard, our business has grown by over 100% since then and we believe that our own cash balance of between 600 and 700 million at our year end, which is the low point in the cash cycle, plus and under an RCF of 500 million gives us the necessary breathing space should we ever encounter something similar. Just to stress, we don't expect to grow this own cash target as the business continues to get bigger as we feel this is the right level. Average capital expenditure from FY27 to 30 is in the region of £950 million given current visibility of our Airbus fleet pipeline and we believe financing approximately 50% of these aircraft is very much in line with our historical business philosophy of wanting to earn a good proportion of these valuable capital assets which we intend to fly through to end of life. This would mean approximately 65% of our total aircraft fleet would be unencumbered by the end of 2030. Finally, and has been seen recently, subject to maintaining our capital allocation principles and assuming satisfactory financial performance, we would look to return excess capital to our shareholders. I'll now hand back to Steve, who'll talk you through the other slides.

Thank you very much, Gary. I'm sure you'll all agree a very impressive set of results and some very clear messages. So next slide, Jet2's investment case. Our investment case clearly demonstrates why Jet2 is an attractive prospect for investors both today and for the future. We have a growing market. Although holidays are classed as a discretionary purchase, many, many people within the UK class them as an essential purchase and prioritise that above many other things, including lottery ticket sales, streaming services, nights out, social occasions, etc. Over the last couple of years, we've added more bases. Liverpool, Bournemouth, Luton, and latterly, our 14th UK base, Gatwick. And this increases the reach from 58 to 61 million people. That covers 90% of the UK population. Size and scope of the offer. We're the number one tour operator in the UK. We've got a great product range at over 75 destinations across the Mediterranean, Canary Islands and European leisure cities. We're adding more and more hotels every year in response to the demands of our customers. We speak to our customers, we listen to what they say and we act on what they tell us. We've got a fully integrated operating model. We control our seat supply. We do self handling at many bases. We have our own training facilities. And of course we have the retail operations center, which is now fully automated. Our tour operator only uses one airline, jet2.com. Why? Because it's the best airline in the UK, according to TripAdvisor, the best airline in Europe, according to TripAdvisor, and the fifth best airline in the world, according to TripAdvisor. Why would we trust our customers on any other airline? We have a customer-led offering. Our net promoter score is in the mid-60s. That's on a par with some of the best brands in the world. We have a 62% repeat booker rate for package holidays. On sustainability, we remain committed to our sustainability targets outlined in our strategy document and our fleet renewal programme is progressing in line with expectations. This will aid a reduction in our carbon intensity ratio. We have a clear path to growth. We've received 23 Airbus A321neo aircraft, the most fuel efficient and quietest aircraft in its class. And we have over the next 10 years, another 132 Airbus aircraft that will provide us with the ability to replace retiring aircraft and also provide a guaranteed stream of aircraft to fuel our growth ambitions. You've heard from Gary, consistently strong financial delivery. We have a strong balance sheet with which to underpin our growth at Gatwick and other bases. And this will continue with the prudence that we have shown over the last few years. Our growth agenda. Our growth agenda consists of two pillars. The first one, defend and strengthen the core. We have a committed firm aircraft order. This will facilitate further growth at our recently opened bases and will position us to capitalise on potential expansion at Gatwick. This order was done during the pandemic period and provides us with a guaranteed delivery stream and this will help us to provide very accurate plans as to our activity in the future. Our reach, we have an Atoll license for 7 million customers, and this represents a 20% share of Atoll licenses. We over index in the over fifties and people with a higher disposable income, and this gives us protection in economically challenging times. 33% of our customers were defined as affluent achievers as compared to 22% of the UK population. We're leveraging technology. We have the pilot for our revenue management system underway, and this will cover 5% of our flights. As a reminder, our revenue management system uses artificial intelligence and many external data points in which to price our flights competitively within the market. The early results are encouraging and assuming continued positive performance, we plan to progressively roll out across the majority of flights in the forthcoming financial year. The next pillar is to extend our reach and diversity. Personalisation and customer diversification is key. MyJet 2 has helped increase share of bookings through the app to 31%. That's 5% up year on year. MyJet 2 perks has recently been refreshed, giving members the chance to access new exclusive discounts as well as giveaways across a range of popular brands and retailers. Tomorrow's Reach. Following the Gatwick launch, we will expand our market presence to 61 million people, attracting new customers thanks to improved reach, but we also have strong retention rates underlining our strong customer-first approach. Leveraging technology. The leading edge automation equipment installed at the retail operations center alongside data intelligence will in time support an improved onboard retail experience for all our customers. We will aim to have the right products at the right time every time, further optimizing our in-flight revenue potential. We've also invested heavily in our marketing technology and there'll be more details on this in a future slide. Next slide. Fleet. We're committed to growing and replenishing our fleet to support our growth agenda. We will get additional ACMI aircraft for summer 26 to enable the allocation of six aircraft at Gatwick. But the Airbus delivery programme is unchanged and will support any further growth at Gatwick or any other bases By summer 32, you can see from the chart, we'll have a total fleet of 161 aircraft, of which 124 will be CFM-powered A321neo aircraft. In our opinion, this is the best narrow-body aircraft in the world today in terms of fuel efficiency and noise. The average seat gauge will increase from 197 in summer 2025 to 223 in summer 2032, as the proportion of 232-seat NEO aircraft increases. We therefore expect total seat capacity to increase at a compound annual growth rate of 4.4% across the period. Investing in our fleet. Investing in our fleet is key to maintaining our competitive advantage. As we increase the mix of A321neo aircraft in our fleet, it's important to recognise the significant benefit this brings to the group. For example, a Boeing 737-800 aircraft seats 189 passengers. However, the A321neo seats 232 passengers. Quite simply, we'll be able to take more people on holiday with less emissions per passenger. The A321neo is a crucial part of our climate transition plan. Additionally, the average cost per seat saving of £10 was realised over summer 25, primarily driven by fuel and carbon savings, and these savings will increase over time with the increase in the numbers of aircraft. To summarise, 23% more seats on a NEO, 20% fuel and carbon usage reduction per seat, 50% less noise than our existing fleet, which makes it a very attractive aircraft for many airports, and a £10 average cost per seat saving. Next slide. Size and scope of offer. We have a diversified flying programme at Jet2 and we operate to 25 countries, over 800 resorts from 14 UK bases, that's 75 destinations and over 600 routes. We operate to the Mediterranean, the Canaries and European leisure cities. We've offered more destinations in summer 25, Pula in the extreme Riviera, Agadir, Marrakech and Jerez in the south of Spain. For summer 26, we'll be launching Samos in Greece, La Palma in the Canary Islands and Palermo in Sicily. This shows that we're continuing to diversify our offer, respond to our customers and give them the destinations they have asked for. You can expect more destinations to be announced in the coming months. Next slide, driving loyalty across our customer base. Quite simply, our goal is to guide customers from their first booking to becoming loyal advocates of the brand and move them up the loyalty ladder. First rung on the loyalty ladder, new customers. We welcome new bookers with a seamless experience and personalised follow-up. From the moment they contact us on the website or in the call centre, we make our customers feel welcome. Our customer service starts there. We look after them pre-travel, on holiday and when they return from holiday through a robust and comprehensive communication programme, making our customers feel special before, during and after travel. next rung on the ladder is repeat we nurture customer engagement through tailored messaging relevant content an unrivaled product that encourages repeat booking this of course is aided by our significant investment in marketing technology which we'll talk about in a little while This is a very important stage in our booking. Some people will try us once, maybe based on price, and we need to make sure that we get the customer, we nurture them, we keep them interested, we send them relevant content and make sure they don't look somewhere else. The final stage on the ladder is loyal. As customers move up, we strengthen the emotional connection with them by providing exclusive benefits and recognition, turning them into loyal bookers who choose us first and recommend them to others. The more people experience Jet2 and Jet2 holidays, the more loyal they become. By successfully moving our customers from new bookings right through to loyal status, this increases their lifetime value, boosts booking frequency and reduces acquisition costs. Loyal customers are more likely to engage with a brand when they get tailored offers and share their positive experiences, ultimately amplifying the brand's reputation and reach. Next slide with new customers. First of all, reaching new audiences. We have shown at our recent base launches at Liverpool, Bournemouth, Luton and Gatwick that we are very adept in reaching new customer audiences. However, there's an opportunity to do more, to grow our audience by targeting younger demographic customers. Springboarding off our highly successful Nothing Beats meme to increase relevance with this demographic, which is key to deepening our engagement through aspirational, social-first content that taps into their interests and passions. Adding Gatwick Base allows us to grow our reach to over 90% of the UK population, that's 61 million people. The focus of the messaging will be on the breadth of offering, the value that is offered by our products, our credentials and VIP service to drive engagement. We continually strive to improve the size and scope of our offering. We are the number one tour operator in the UK to destinations across the Mediterranean, the Canaries and European leisure cities. We have an unrivaled product choice in excess of 5,600 quality properties spanning over 800 fabulous resorts across more than 75 destinations. And this is increasing every month as we add more in-demand product to our portfolio. We have a variety of brands. Our beach, cities, villas, indulgence escapes and vibe brands provide relevant experiences for different types of customers. Fantastic range of properties. from two star to five star from self-catering to all-inclusive we provide our customers with the choice they they want we don't try to squeeze our customers into the products we want them to book we let them choose We offer fully flexible durations. We allow people the ultimate choice. They can go on the day they want. They can stay for as long as they like. It's up to them. The customer is in charge. Remember, Jet2 Holidays is the company that pioneered flexible duration holidays. All in all, we've got an award-winning proposition. What we have is very highly rated by our customers. You've seen the awards we win, our Trip Advisor ratings, our awards from the Institute of Customer Service. This is highly valued by our customers and we continue to strive to provide them with the best experience possible. A happy customer will tell other customers of the experience they've received with Jet2 Holidays. Word of mouth has proved to be very important. Building on the Nothing Beats meme, we had over 80 billion global video views across TikTok. The song was named TikTok's official Sound of the Summer 2025. We saw celebrity activity from Jeff Goldblum, Mariah Carey and Drake, who visited our hangar with a combined 173 million followers. an estimated 13 million earned media value through the summer and a 12% year on year increase in spontaneous brand awareness amongst 18 to 34 year olds. All in all, We are number one for brand awareness, number one for branding, number one for ad recall, number one for consideration, and the Jet2 brand, Jet2 Holidays, has an 86% awareness. We've taken a long-term consistent approach to building brand equity with our strong visual and sonic branding. We're the only UK travel brand to use a triple platinum chart topping single as our instantly recognized sonic identity. With our effective marketing strategies, we ensure we tap into cultural moments that can be top of mind amongst consumers. Next slide. Retain customers through end-to-end service excellence. We at Jet2 and Jet2 Holidays are famed for our customer service. Multi-award winning throughout the years, we aim to build on that further. We offer four easy ways to book. Our smooth airport experience is famous. Go to one of our airports and be welcomed by our red team who are there to help you through the journey. We offer a VIP service to everybody in the sky. When you get to resort, you meet our red team there who will welcome you, put you on your resort transfer and then look after you in resort. They are there for you 24-7 along with our telephone line. We've spoken to our customers and 92% of them are satisfied or very satisfied. And the customer service scores have increased. Our net promoter score is 64 for Jet2.com, 66 for Jet2 holidays. Compare that with some of the best brands in the world. Jet2.com and Jet2 holidays are firmly there. Building a loyal customer base. Our total marketable database stands at over 11 million customers. Over half of these customers are considered active and have previously booked or travelled with us in the last 25 months. Our database has grown at a compound average rate of 13% since FY22 and this enables a more targeted, personalised marketing experience along with the investments we have made. We provide holidays that are relevant to customers' needs. And this helps drive effective and efficient bookings. We have leveraged our extensive database and MyJet2 loyalty scheme to deliver data-led marketing to grow bookings from our loyal customer base and new customers. This, with the aid of our technology investments, enables smarter targeting, increased retention and deeper brand affinity. Our MyJet2 membership program now has over 8 million subscribers with more than 99% of mobile app bookers being members. The programme complements our customer retention strategy and is designed to encourage more users to book through either web or app channels by providing tailored browsing, exclusive discounts and rewards, a streamlined booking process, enhanced pre-travel support and in-resort experiences. In the last 13 months, we can see that retention rates are 7.5% higher for MyJet 2 members, so we know this is working. on MyJet2 perks. This now includes more offers from brand partners across a range of categories, as well as prize draws, which will continue to be updated weekly. In addition, our two-fold investment in the mobile app and MyJet2 scheme should also reduce reliance on more expensive third-party marketing tools. Together, these form our strategic approach to driving bookings. On the subject of technology and personalization, adopting technology to leverage real-time personalization and automation across the customer journey is essential. We provide real-time triggered emails and app push notifications to a highly personalized web and app experience and targeted paid media. This is done by enabling an omnichannel customer experience using state-of-the-art Adobe products. This suite of products enables us to market to the right customer at the right time, via the right channel, with the right content, the right images, with the right price. This will prove essential in providing a highly targeted and personalized marketing experience to all our customers. And finally, onto the outlook. For year-ended 31st of March, 2026, our winter capacity is up 8% to 5.5 million. The later booking profile continues with average pricing following the summer 2025 trend. And we will have additional Gatwick short-term startup investments. To summarize, Operating profit is in line with market expectations excluding the Gatwick investment. Onto year ending 31st of March, 2027. Summer 2026 seat capacity is up 8.9% to 20.1 million. That includes the Gatwick capacity. Existing bases are up by 3.9% and Gatwick is 900,000 seats. And we have a healthy proportion of cost certainty locked in. Near-term, there will be operating profit margin dilution from the Gatwick investment, but of course, this is a significant long-term opportunity. Final summary, we have a clear path to deliver further profitable growth underpinned by our trusted brand, loyal customer base and proven business model, which gives us ongoing confidence in our growth prospects. That's the end of the presentation. Thank you very much for listening. And we will go on to questions and answers. Thank you.