Operator

Good morning, ladies and gentlemen, and welcome to InterContinental Hotels Group PLC Q1 Trading Update Conference Call. [Operator Instructions] I would like to remind all participants that this call is being recorded. I will now hand over to Stuart Ford of IHG Hotels & Resorts. Please go ahead.

Stuart Ford
Senior VP & Head of Investor Relations

Thank you, Gavin, and good morning, everyone, from me. As Gavin said, welcome to IHG Hotels & Resorts conference call covering the 2026 first quarter trading update. So I'm Stuart Ford, Senior Vice President and Head of Investor Relations at IHG. And I'm joined this morning by Elie Maalouf, our Chief Executive Officer; and by Michael Glover, our Chief Financial Officer. Just to remind listeners on the call that in discussions today, the company may make certain forward-looking statements as defined under U.S. law. Please refer to this morning's announcement and the company's SEC filings for factors that could lead actual results to differ materially from those expressed in or implied by any such forward-looking statements.

For those analysts or institutional investors who are listening via our website, may I remind you that in