Jesper Hatletveit
Vice President of Investor Relations

Good morning, and welcome to the first quarter 2026 presentation for the Norwegian Group. My name is Jesper Hatletveit, and I'm the VP of Investor Relations here at Norwegian. Today's presentation will be held by our CEO, Geir Karlsen; and our CFO, Hans-Joergen Wibstad. The presentation will be followed by a Q&A from the audience and the web.

Please go ahead, Geir.

Geir Karlsen
Chief Executive Officer

Thank you Jesper. Good morning to everyone. Also good morning to the ones listening in online. It's a beautiful morning in Oslo. The sun is shining. The low season is behind us, and we are looking forward to a summer season that is going to be hectic, and we are going to fly a lot and the demand is looking very promising. But let's start by having a look at the first quarter of this year.

EBIT negative of NOK 220 million. This is a significant improvement from the same quarter last year. Very happy to see that Program X is really starting to deliver NOK 196 million in this quarter. And I will come back to a little bit more details on Program X a little bit later. Very strong traffic growth in the quarter. It's a record first quarter load factor in Norwegian at 87.6%. We have a volatile macro situation, not at least on the fuel side. But at the same time, in Norwegian, we are 45% hedged. And we have seen tailwinds on the FX, meaning that the Norwegian krona on the relative has gotten