Operator

Hello, and welcome to easyJet's half year results presentation for the period ending 31st of March 2026.

Let me start with our performance in the first half. Operationally, on-time performance has further improved to 78%, with both the airline and easyJet Holidays continuing to deliver strong customer satisfaction scores. Underlying H1 2026 results were consistent with our expectations and in line with the trading statement in April. However, we recognize that winter losses remain above where we planned when setting out our medium-term targets. Our focus is on delivering sustainable improvement in winter performance over the coming years as capacity investment matures and growth normalizes. Jan will take you through the detail of our first half financial performance shortly.

The Middle East conflict has introduced near-term volatility for the business, particularly around fuel prices and the short-term demand environment. Importantly, we are managing this volatility from a position of strength. Our investment-grade balance sheet provides us with the resilience to enable a rational and disciplined response and our fuel hedge position allows us to protect customers from the near-term price volatility this summer.

While we navigate this uncertainty, we remain focused on our clear strategy to deliver medium-term margin improvement. We believe the actions we are taking now will drive tangible performance improvements as we return to a more normalized operating environment. Today, I will provide a strategy update, including how we're accelerating upgauging, driving cost efficiencies and continuing to grow easyJet Holidays alongside other asset-light margin-enhancing initiatives.

Turning to the detail on how we're managing the current near-term uncertainty. From