Erkka Salonen
Head of Group Accounting, Tax and Investor Relations

Good day, ladies and gentlemen. I'm Erkka Salonen from Finnair Investor Relations, and it's my pleasure to welcome you to this Q1 2026 earnings call. I'm joined by our CEO, Turkka Kuusisto; and our CFO, Pia Aaltonen-Forsell. [Operator Instructions] But with these words, I hand it over to you, Turkka.

Turkka Kuusisto
CEO & Member of Executive Board

Thank you, Erkka, and a very good afternoon also on my behalf. Earlier this morning, we published in my opinion, a strong Q1 report, especially given the fact that Q1 is typically a low season for our sector and also for Finnair. While, of course, at the same time when reporting stronger results, we do see that the risk related to the operating environment have increased. And we aim at also describing that how do we see the current situation, especially when it comes to the war in Middle East area.

But if I very briefly summarize the Q1 results and Pia Aaltonen will get you through more of the details. But if I start with the operating results, we were almost at breakeven. And I think that this is a remarkable improvement from Q1 last year. Although we did face the industrial action already in Q1 2025, but the direct impact of the industrial action at the time was somewhat EUR 22 million. And the kind of the comparable operating result was minus EUR 40