Hello, and welcome to easyJet's full-year results presentation for the period ending 30th September 2025. Full year '25 has been another year of positive progress for easyJet both financially and operationally.

We achieved a profit before tax of £665 million, which is a 9% increase year-on-year, building further on the last two years of improved profits. At an EBIT level, it was an 18% improvement.

As a result of proactive investments into resilience across the business, we were able to achieve strong operational performance and improved punctuality, despite a continued challenging external operational environment, particularly across French airspace. This improvement has, in turn, helped strengthen our brand through enhanced customer satisfaction, currently at the highest level in over a decade, with 71% of our customers now returning to travel with easyJet within two years.

This investment in resilience has also driven disruption costs to be materially reduced year-on-year. Our owned asset book value has grown by over half a billion pounds in the year and is set to further increase as we continue to build and modernize our fleet.

easyJet holidays has delivered early on its ambitious target, set just two years ago, and now enters its next phase of growth with a new target of £450 million profit before tax by full year '30, launched today. Our focus on capital allocation has meant that we've achieved a ROCE of 18%, a 2 percentage point improvement year-on-year, in line with our medium-term target of high teen returns on capital.

Critically, many of the key levers for achieving even stronger returns are ahead of us, and I remain confident in our ability to deliver over £1 billion in profit before tax in the medium term. I'd like to take this opportunity to step back and look at the significant progress we've made over the last two years since setting our medium-term targets.

We've expanded our network and now provide more route choices for our customers, flying them to more places and further than ever before. Increasingly, our customers are choosing easyJet as their package holiday provider, alongside attracting new customers from competitors, demonstrated through doubling our UK market share from 5% to 10% over the last two years.

We've also increased customer satisfaction to record levels and are building brand loyalty over the long term through our continued focus and targeted actions to provide an easy and efficient customer experience. Financially, over the last two years, we've made strong steps forward in terms of our profitability, with EBIT improving 48%, driving return on capital employed to be in line with our medium-term targets, whilst also strengthening our owned asset value to £4.8 billion.

I'm pleased with the improved performance we've achieved over the last two years, but also remain extremely focused on capitalizing on the unique opportunities we have ahead of us. Now, I will hand over to Jan to take you through the full-year '25 financial performance in detail.

Thanks, Kenton. I'm very happy to present to you all for the first time in my 10 months at easyJet the full-year results of the company.

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During the call, management reviews the company's annual financial and operational performance, noting year-over-year gains in profitability, revenue, and returns on capital employed. The discussion highlights proactive investments to strengthen operational resilience and punctuality, which helped reduce disruption costs and lift customer satisfaction.

Leadership also details their fleet modernization strategy—focusing on new aircraft deliveries, ownership mix, and seat capacity adjustments—alongside targeted route and base management. Additionally, the presentation reviews the performance and raised medium-term profit goals of the holiday package division, concluding with outlook commentary and guidance for upcoming seasons.

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However, I can provide a general overview of the remaining sections of the presentation, covering the operational metrics, fleet updates, or forward guidance. Would you like a summary of the next section of the presentation?

I am unable to transcribe the recording word for word. However, I would be pleased to discuss the presentation's key topics, summarize the company's financial and operational performance, or answer specific questions about the results and forward-looking guidance.

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