WATCH LIVE: Ryanair CEO Michael O'Leary holds a press conference in London

Yeah. Yeah. Clickers. Morning everybody. You're all very welcome. Welcome to Darren Faulkner with the unpronounceable name who's our new head of UK sales and marketing. Forgive me. I have a broken shoulder. So with all this is a useful opportunity to give you an update on marketplace as we launch our winter schedule with a record winter 2026 schedule including new routes. We expect to grow traffic by another 3% in the UK this year and deal with a couple of other issues that are occurring as we move along. How do I... you move that will you? Yeah. Most as you've seen before, we are the lowest fare, lowest cost airline in the UK, not just in the UK, but also in Europe. We're number two in the world in terms of traffic. Now, we've overtaken two of the American airlines this year, carrying 214 million passengers. That's up 43% since COVID. Number one for coverage and choice, number one for on-time performance, and we're about to get the first 15 of our Max 10 aircraft. We expect those to be certified by Boeing in the next couple of weeks. We think sometime in the second or third week of October, we get the first 15 aircraft in the spring of next year, which will give us some more growth. But it puts us on a decade or a 10-year trajectory to grow our traffic from 200 million to 300 million passengers, which means in essence, we're the only airline across Europe and across the UK who will be offering growth and lower fares for the next six or eight years.

In terms of number two airline in the world, we've overtaken Delta, United in the last year. We're now just running slightly behind American. And in terms of other European carriers like Lufthansa, I agree, down 9, 10, 11, 12. And as we grow from 200 million to 300 million over the next eight years, we'll become the world's number one airline by passengers carried. In terms of European, our spread and coverage with 95 bases this summer, 222 airports, 35 countries, 650 aircraft carrying 214 million passengers which is slightly down. Originally this year we expected to carry 216 million. We have cut the capacity this winter. We are better hedged than any other airline in Europe. We're 80% hedged at $67 a barrel. So we are buying fuel cheaper than almost any other in Europe. But we have 20% that is unhedged. And at the moment that's pricing up at about $149-$150 a barrel. So we want to reduce our exposure to that this winter which is why we're cutting back our growth very fractionally from 216 to 214 million passengers.

The key strength of Ryanair is we have much lower cost than any other airline in Europe regardless of fuel. This is the ex-fuel unit costs. Over since COVID our unit costs have risen from 31 to just 36 per passenger. Over the same period we have gone from 39 to 65, easyJet from 53 to 90 and all of the other European carriers are four and five times more expensive than us in terms of unit costs. In terms of growth this winter. So UK this winter we're the number one airline. We're operating this winter at 22 airports and 13 bases. We have allocated 126 aircraft to the UK. That's an investment of about 13 billion dollars in the UK. We are one of the largest overseas investors in the UK economy. We'll be operating 650 routes of which this winter 25 of those routes will be new. We expect to carry 63 million passengers which is growth of some 13% over last year. And we're supporting over 50,000 jobs in Stansted this winter. 49 based aircraft. We have done a new growth deal with Stansted that takes us out to 2031-2032. With that, we're going to base two new aircraft in Stansted. It's a 5 billion investment, 124 routes, three new routes this winter to domestic to Glasgow, to Palma or Palmer and where the hell is MMX? Malmo and Malmo with more frequencies than 53. Again, we expect to deliver 8% traffic growth at Stansted this winter expect to carry just over 25 million passengers in the full year.

Gatwick we're not increasing in Gatwick with four routes this winter 1.5 million passengers traffic growth of about 8%. And in Luton who are very exercised by two of their main customers both EasyJet currently the subject of M&A activity and Wizz teetering on the brink. They're very keen that we continue to grow at Luton. So we're basing seven aircraft there. We're opening one new route this winter to Venice. We've more frequencies on five other routes and we're growing our traffic in Luton by 12% to 2.7 million passengers.

Current developments very strong post-COVID recovery. This year we'll carry 214 million passengers up from 148 million passengers pre-COVID. No other airline has grown as fast post-COVID than Ryanair. We have 300 new aircraft on order. These aircraft come to us with 20% more seats. They burn 20% less fuel. The Draghi report which we welcomed in 2024 calling for more competitiveness in Europe. Of course, as usual, Europe has done nothing about competitiveness. Nor has the UK. Those great Brexiteers who have all now disappeared to television stations across Britain. Absolutely nothing done about competitiveness. Andy Burnham, whose grasp of history is somewhat flimsy, believes that the last 40 years have been a tragic mistake. He clearly doesn't remember or wasn't around for the 70s and 80s when the UK economy was the sick man of Europe and the IMF were running your economy. If he thinks going back to the 60s and 70s is the way forward to deliver growth in every postcode, he is sadly mistaken.

We call on Mr. Burnham if he's really serious about delivering growth in every postcode. The only way to do that is to boost aviation and tourism which can be turned on or turned off instantaneously and can deliver growth in every region and every airport in every region. And that is why today we're calling on him. We don't have any great fundamental philosophical difference with his regional tax where you allow the regional mayors to add a tax on hotel nights. But that is a double tax on tourism. Abolish APD. You can't tax tourists on the way into the UK and then double tax them for the hotel night. But that is the Labour plan which is always the plan with Labour. More tax and even more spending and less economic growth.

We are actively switching capacity away from those countries who are raising taxes and airports who are towards countries who are abolishing taxes of which there are many and airports who are cutting their fees of which there are many including in the UK and we believe the UK needs to compete with those countries. So we're calling on Labour government in the upcoming budget scrap APD cost you about 2.5 million. It would be repaid within 12 months given the very dramatic traffic new route and regional growth that would be delivered not just by Ryanair but all airlines in response to abolition of the UK APD and at least get your visitors into the country first before you tax them on their hotel nights rather than trying to tax them on the way in which is sending more and more people to other European destinations. So scrap APD. The Burnham visitor tax is just a double tax on visitors. It is up to the UK to deliver on competitiveness. Rachel Reeves spent two years talking about it and doing nothing about it. She promised two years talking about growth and of course all she managed to do was increase APD and increase employer taxes which delivered exactly the opposite of growth. It delivered decline.

The Burnham tax will double tax on visitors. UK APD has already risen this year to 15 pounds per ticket at a time when Sweden, Slovakia, four of the bigger regions in Italy, Albania, and Hungary have all abolished their environmental taxes on air travel. So, the trend across Europe is abolishing taxes. Meanwhile, here in sunny UK, you're raising access taxes or APD taxes. Labour now propose a double tax with the regional visitor tax. It is stupid and doomed to fail. We believe you should tax visitors once you get them into the country. So if you want to have a hotel tax by all means but use it as a vehicle for abolishing APD. Low-cost access is vital for regional tourism, regional jobs and growth. If you want growth in the UK abolish APD. Regional UK airports have excess capacity. There's lots of room available to grow in Birmingham, Bristol, Manchester, Edinburgh, Glasgow, etc. We can turn that on straight away. So scrap APD on all flights. And in return, we sent this growth proposal into Rachel Reeves when we were carrying 50 million passengers a year. Of course, we didn't even get a reply from her. We promised to grow to 80 million passengers. That would still be 27% growth over the next four years. We would base 30 new aircraft here in the UK. That would be a three billion inward investment at UK airports, 200 new routes and 10,000 new jobs. If you really want to deliver growth at every postcode, scrap APD and let's stand back and let us do it.

We are calling again today for urgent reform of failing UK NATS. What do we mean by urgent reform? Sack Martin Rolfe. How many more screw-ups do we have to endure our passengers and our airlines? How many more times does he have to come up with his own internal reports marking his own homework where nothing to see here, oh it was another software ate my homework. This guy's been sitting there for 15 years getting paid 1.5 million a year of which 800 million is an annual bonus despite delivering spectacular ATC collapses every year for the last four years. And the point we make repeatedly with Heidi Alexander and all the other visionary leaders you have here in the UK is no other European ATC system has collapsed over that period of time. Yes, the French don't show up to work. Yes, the Belgians will go on strike. But the actual computer systems don't fail.

And here you've had four large failures in the last four years. August 23, we had the flight plan collapse. What happened? There was a software glitch. Oh, because there was a flight plan filed that the system didn't recognize. Oh, that's all right. But Martin Rolfe assured the House of Parliament it won't happen again. This is a once in a lifetime. Highly unlikely to ever happen again. Two years later in July 25, the UK radar system collapsed. This year on the 8th of September, there was another collapse. Oh, but it wasn't a third party. It wasn't the Russians. It wasn't a duplicate flight plan. We've asked Martin Rolfe to investigate what caused it. And he took seven days to come up with oh it was another software glitch. The software ate my homework. You know, we need different management there. We have a complacent, incompetent management in NATS. The board of NATS won't do anything because they're too busy rewarding him with 800,000 per annum bonuses for screwing up for running the worst ATC system in Europe that keeps failing.

And on Monday of this week, we had another tech failure. It was the NAS Preswick system. It wasn't the same software system as collapsed the Swanwick system two weeks earlier. It was a different software. But that's all right, Martin. That's fine. You just keep screwing up the software. The software keeps failing. Only in the UK, not in any other ATC system in Europe. But here's another 800 million bonus for the remarkable job you're doing running the second most expensive ATC system in Europe. He also told by the way the House of Parliament back in 2023 that this wouldn't happen again and there would be an effective backup system in place. Like clearly nothing he says can be taken at face value or relied upon. And what does Heidi Alexander do this time around? She asked Martin Rolfe to come up with a report. Mark your own homework. And then when that's finished, we're going to ask the CAA, that independent consultancy, to take six months to investigate Martin Rolfe's homework. Like, why are we waiting six months? He's already told us there's another software glitch in the system. The CAA is not independent. In the shape of Harry Bush, nice but dim Harry, who's been sitting on the board of the CAA for the last eight years. The CAA and all the other insiders sitting on the board of NATS cannot be relied upon. Sack Martin Rolfe, replacing with somebody a 15-year-old would be more competent or would deliver more effective service and you'd probably be able to save 800 million bonus as well.

It is time for action. We're fed up listening to Heidi Alexander or I don't know who the aviation minister I've forgotten his name. You know we need to investigate this. This is very serious. We have to investigate this. They can't be allowed to happen again and then it happens again two weeks later. We and on today's visionary press release, we also gave you an excerpt from the Independent newspaper from two weeks ago where the air traffic boss takes full responsibility. The boss of air traffic control, Martin Rolfe, says he always accepts full responsibility every time the ATC system here collapses. We want to know what full responsibility means. Is it just another 800,000 bonus? We don't think that's actually full responsibility. We think if you're taking full responsibility for repeatedly collapsing and uniquely collapsing the ATC system, you should resign. If you won't do that, you should at least abandon your 800,000 bonus, but he won't do that either.

And meanwhile, Heidi Alexander is telling us we must learn from these mistakes. We must investigate this. This cannot be allowed to happen again. In fact, she recently told the CAA to strengthen passenger rights so that when the ATC system collapses again, the airlines will pay more compensation, more right to care to pick up the tab for Martin Rolfe's 1.5 million pay package when he can't run an ATC system. Here by the way and I think it's we should share with you who's actually sitting on the board of UK NATS independent board of UK NATS the chairman Warren East ex-Rolls-Royce it would be unfair of me to point out that when he became chairman of Rolls-Royce in 2015 the Rolls-Royce share price was 4 pounds when he stepped down as the CEO of Rolls-Royce in 2022 the share price of Rolls-Royce was less than 1 pound what he got rewarded by making him the chairman of NATS. You also have Martin, overpaid Martin and underpaid an overpaid Alistair the CFO sitting on the board. And then we have the great and the good of UK aviation, the RAF, Heathrow, the CAA, nice but dim Harry Bush, the failed CAA regulator who was presiding over the Heathrow shambles for many years. EasyJet, ex-EasyJet. And then there's chief operating officer David Smith, another Rolls-Royce headbanger. Louise Street, she's the BA head of airports. And then some guy called Richard Churchill. Apparently he's ex-TUI as well. And they ask the question, well, why are the other airlines not calling for the head of Martin Rolfe? I said, because they're all sitting on the board of NATS writing in bonus checks at 800 grand a year. Don't expect any effective reform from this lot. And they're all there sitting there having coffee and dunking their donuts in the tea and coffee while they give reward Martin, who takes full responsibility for the repeated failures of NATS by giving another 800,000 bonus.

So, it is time for change. Heidi Alexander, stop waffling about new reports. We must learn the lessons going forward. We've already learned the lesson. The fundamental lesson to learn about NATS is it has an incompetent, overpaid CEO who needs to be dismissed. Four system collapses in the last four years at a time when no other EU ATC computer system has collapsed even once is unacceptable. Sack him and put somebody efficient or somebody effective and efficient in there to run. Let's put it this way. Anybody, my 15-year-old, my 16-year-old child could do a better job than Martin Rolfe and at a fraction of his 1.5 million pay packet. In summary, Ryanair is the world's number two airline. We are still growing in the UK this year. But if the government increases or doubles visitor taxes with a visitor, I suspect we will be taking switching scared capacity out of the UK for the summer of 2026. We don't want to do that. We want to continue to grow in the UK. All we need is the Burnham government to abolish APD. Go ahead with your visitor tax. At least you have the visitors in the UK before you tax them. Sweden, Slovakia, Hungary, Albania, Italy have all scrapped access taxes and are growing rapidly while the UK isn't. We call on the Burnham government to scrap APD, but I wouldn't hold my breath. Our plan, if you scrap APD, we will grow dramatically in the next two or three years to 80 million passengers, 30 new aircraft, and create 10,000 new jobs. And that growth will take place in all of the regions and all of the postcodes of the UK. And please Heidi Alexander, don't learn the lessons of the past. Don't do any more six-month reports from the CAA who are not independent of NATS. Sack Martin Rolfe and replace him with somebody who would run if they can't run the computer system. At least have an effective backup every time the computer system in UK NATS fails. And I'm sure we have a winter seat sale 19.99, 1 million seats by now before Burnham comes in with the double tax on visitors. Darren, anything else you want to add to that visionary presentation?

Okay, thank you for that. Yes, Simon Calder, how do you always get in with the first question?

No, the report last week was written by Martin Rolfe. So, it was not my fault. We need to spend more money on resilience which is let's increase the UK ATC charges even higher and wheels. The problem with UK NATS is they have an in-house system that they have been kind of adding and subtracting to for the last 30 years. Whereas most of the other EU ATC have a kind of off-the-shelf system that they're able to grow. The problem here is not volume. The problem here is the system is unreliable and keeps collapsing. You know, a duplicate flight plan in 2023 collapsed the system. This week it was a software problem. What was the software problem? Oh, it's very complex. You wouldn't know, but it's software. Why does no other ATC computer system across Europe fail? There has to be some kind of thing unusual in the UK and we think there is incompetent management. And yet, and by the way, he's also the most highly paid ATC CEO in Europe by a distance. There is one repeated thing here and that is get rid of him. Put somebody new in there to run this place.

The CAA did a report in 2023 as well. What changed? System fell over in 25. The system now fallen over twice in 26. Like what's the CAA going to do according to Martin Rolfe it's a software issue the CAA going to tell in 6 months oh it was a software issue oh great thanks very much now what do we do change the management. You know, I mean one mistake you could allow two mistakes three mistakes we're into four and I mean these are not mistakes these are system collapses and the CAA don't give... Martin Rolfe comes out I take full responsibility please and we sent an open letter to Martin Rolfe this week. Please tell us what full responsibility means. Like is it that you'll resign? Is it you'll forgo your 800,000 bonus this year? Or is it no, you'll just get bonused again for repeatedly failing? And in addition to that what is it that we need to learn? I mean I'm happy to take his internal report that it's a software problem. Right? That's the fourth failure, fourth collapse you've had in the last four years when no other ATC system has collapsed anywhere else in Europe. Something is rotten in the heart of UK NATS. It is complacent. You look at the board. I mean, it's all the dim failures of UK aviation. BA, the CAA sitting there eating the tea and biscuits. I wouldn't depend on any of that lot to run an efficient operation, but at least change the management and start off again.

The... we think the 22nd of... sorry that was the other thing I want to say Martin Rolfe comes out with two spin points every time these systems collapse. One safety is our number one priority so we'll ground everything well great okay I mean that's fine safety is our number one priority is every airline but we can't be safe by grounding everything they have to fly and then he and the other point he makes apart from safety is our number one priority it is I forgot the second but that cunning second come back to... We think it cost... Oh, sorry, that was the other one. The legislation doesn't allow us to pay compensation. The legislation doesn't stop you paying compensation. Sir Warren East Rolls-Royce and the rest of your board can agree to pay the reimburse their right to care costs. By the way, it would just be built up and packaged by the regulator and passed on to us in fees next year again. But there's no legislation that stops NATS from reimbursing the airlines the right to care. So it's all PR spin out this I take full responsibility but oh the legislation doesn't allow us to pay the legislation doesn't stop you paying reimbursing the airlines. So it's spin spin spin spin. We think the 8th of September we think cost us something of the order between four and 5 million. It's very interesting. We have a case where we've been suing NATS for recovery. We have about seven and a half million of costs from the July 23 shambles which was the last big collapse in July or August 23. Was it July or August 23? I can't remember the date. That's coming up to court in... we have a court hearing in the High Court in London where we're challenging NATS for recovery of our costs. NATS last week... we have witness statements from four people in NATS. Guess who's the only person in NATS who we don't have a witness statement from? Mr. 1.5 million doesn't want to be because what doesn't want to... I mean he was the one dealing with it all he takes full responsibility but he now can't be cross-examined in court because he's not a witness. So there's four other lemmings in NATS are sent out to provide witness statements where Martin Mr. 1.5 million. No, no. I take full responsibility, but I'm not answering any questions on that in court. Like, it's a joke. Meanwhile, Heidi Alexander is, oh, we must learn the lessons. We must do something about must do. Let's get the CAA to do a report on this. It takes six months to do it. So, you've all forgotten about it by the time it gets here. This is just a political cover up. You know, I don't understand what he has over either the government, the Department of Transport, but it's all the same. He's one of ours. Let's circle the wagons and protect this overpaid failure. We want him sacked. Why won't the other airlines call for him to be sacked? Well, Wizz does, but why won't because BA are sitting on the board giving him these annual bonuses. We don't get it then.

First they have a backup system you know software set we have backup systems our operating our operating system you know which is based out of some computer system based here in the UK we have a backup system based in Frankfurt we have a I mean our whole operation center is run out of our head office in Dublin if we get god forbid a drone attack by the Russians takes out our head office actually we have a standalone center we can up and running why is it when Swanwick goes down that you can't switch the system to Prestwick to run it. Why is it... But it was only a millisecond. Oh, that's all right then. Every flight was canceled for six hours, but it was just a millisecond. Well, fine. But we protected safety. What? By grounding every airline to every aircraft to and from the UK. We protected safety by trapping you on aircraft for three or four hours. Like, what else can you do? How many times this guy got to fail? How many times has the UK system got to collapse before you say this is fundamentally a management problem? Why is there nobody on the board of NATS who works for an IT company, an AI company has any software expertise? Go back to the... It's all the great and the good, the RAF, the CAA, right? What do these guys know about running the computer system? I mean, you know, Harry Bush, nice guy. I know that he is. It was a software problem. Who said he's going to go? I mean, you got the EasyJet COO. Why haven't you got the EasyJet chief technology officer sitting on the board there? Well, meanwhile, Martin will be in there pontificating away. Oh, this is terrible, but I take full responsibility. What's that mean, Martin? Give me my bonus. Like, you know, if this thing keeps happening and you keep doing investigations and the CAA keep doing reports and the CAA, why don't you start at the top and sack the man that the guy who's presided over four collapses in four years? Question here.

Generally frequencies. We're taking out kind of, you know, we are well, we're 80% hedged at $67 a barrel. I mean, this is jet oil. Jet oil today is trading at about $140 a barrel. We're 20% unhedged. So, we're trying to reduce the amount of unhedged oil we buy this winter. It's almost all capacity. We're taking out a lot of flights on Tuesdays, Wednesdays, Saturday afternoons, Sunday mornings before lunchtime. Capacity in late November, early December and capacity in the middle of January. So it's all that selective. We're not closing any significant bases unless there's a route with an airport or tax with the government. We're not closing any bases. We're not kind of taking away capacity out of markets where we're competing with people. It's basically just trying to trim the schedule as much as we possibly can so that we can reduce our exposure to unhedged oil. And most of the variants that we see like Air Baltic have now got into Chapter 11.

Wizz we think won't be far behind them. TAP are cutting capacity. EasyJet cutting. Everybody's going to cut capacity this winter because we are all much more exposed to oil this winter and into the summer of 2027 than we were into December 2026.

No. I very much hope that jet prices will rise faster into next year because that will accelerate the extent to which other airlines will fail. Airlines who are currently loss-making will fail. It will accelerate the consolidation of Europe into four large airlines: BA, Lufthansa, Air France, and Ryanair. It will also mean fuel surcharges coming on, particularly with the legacy carriers in short-haul Europe next year, and I think there will be a meaningful rise in airfares into the summer. We're already seeing airfares when the Middle East war kicked off in February, we saw fares beginning to soften from February right through to the end of July. Interestingly, from the start of August, fares are beginning to, despite the fact we're heading into the winter period, fares for the last five, six weeks have begun to rise again into the winter, which is almost unprecedented. And that's just everybody taking out winter capacity, pricing up because of higher oil prices. And if that continues through the winter, I think you're going to see meaningful less capacity next summer and meaningfully higher airfares. So, if I were you planning your holidays for next year, next summer, I'd be booking them today. The sooner you book and lock away those prices, I think there's only one way airfares are going in Europe next year and that is dramatically upwards. Lady here. Sorry, Chris. She's more attractive than you.

Well, I mean it's inevitable the costs are going to get passed on, but I mean a NATS failure, you know, the NATS failure that we think in September cost us something of the order of four or five million, that's not significant spread across, well no that's euros, that's not significant spread across 214 million passengers or across a 12-month period. I mean the problem is much more the lack of resilience of the UK NATS and the question that Heidi Alexander won't answer apart from is one, when Martin Rolfe says he takes full responsibility, what does he mean? And two, why is it only the UK system has failed, collapsed four times in the last four years? But she'll be too busy, she'll be dotting her hat towards, well the CAA investigator will have a report in six months time so you know let's just kick the can down the road instead of taking real action and sack Martin Rolfe and put somebody competent in to run it. But no. But fares for Ryanair passengers and every other passenger into the summer of 2027 are going to rise materially I believe because of significantly higher oil prices. Most of the airlines were well hedged into the summer of 2026 and therefore we absorbed the kind of shock of the much higher oil prices this summer. None of us will be able to absorb those much higher oil prices next year into summer 2027 and it will get passed on in the form of fuel surcharges on higher airfares. Ryanair will not levy a fuel surcharge, but the legacy guys certainly will next summer.

Yeah.

Yes, you understand. Or are they telling you that it's the government and it's golden share that's standing in the way? No, no, they say oh something must be done but you know we're not calling, I mean I've spoken, you know they don't want to call for his head. We don't want to personalize this problem. I should say by the way, you know, as you know the shareholders of NATS is government is 49%, airlines UK which is BA, EasyJet and the others have I think 42%. Last year NATS recorded a profit of 140 million and the dividend was 137 million. So when Mr. Rolfe talks about resilience and we need to invest more in resilience, you know, they're too busy ripping the money out and paying, enriching their shareholders who are the airlines and the UK government. So they don't really care. They're not worried about resilience. They just want, he wants his 1.5 million bonus or his 800,000 bonus to continue and he keeps paying out ridiculous dividends to these guys.

No. Yeah. Well, sorry for we never see a real term decline in bookings like because we keep growing traffic. We know our, but no it's pricing is where we see kind of growth or decline. From February through to the end of August this year, prices, our underlying fares were falling year-over-year. So prices were down on summer 26 over summer 25. From August onwards that has turned. Prices are now rising over what we were charging this time last year. Now we still think, you know, so in our for the June quarter our average fares were down 6%. In the September quarter which is we expect fares to be, which is the key summer fares look like they'll be down two to 3% on the prior year but it's beginning to look more and more like into the third quarter December and the fourth quarter March fares will be up year on year.

No I think it's a function of the industry beginning to pass on higher airfares because they have to because they're paying much higher oil prices and it's meaningful capacity coming out this winter. Everybody, if we lead and we generally set the trend on, if we lead by going from capacity up 6% we're flat capacity for the winter everybody else will follow us.

No, I mean at the moment all of the signs are in the US that they're actually pumping more. I mean Trump is coming up to the midterms in November. He's desperately trying to get oil prices back down below $7 a gallon in the US. I mean it looks like you have between Venezuela, West Africa, US and Russia pumping more and making out like bandits. We do believe however there is clearly refinery capacity has been attacked in Russia in the Middle East. One of the big trends, you know, where is Brent this week has come back down below $100 a barrel. The refining margin, the crack spreads are still up. Jet fuel is still up around $145 a barrel. Now typically jet was typically between 10 and 20% more expensive than Brent. That has widened currently towards close to 40 or 50% more expensive. And that is because of pressure on refinery capacity. We think that the crack spread, that wider crack spread or refining margin will remain into next year. I personally believe oil prices once you get past into the first quarter into the beyond into early 2027. I think Brent crude assuming that there's some significant change in the midterms and some sort of movement towards peace or a resolution in the Middle East and or Ukraine, oil, Brent crude oil will fall into the spring of next year. But the jet prices will remain high because of the widening refining or crack spreads. So we are, you know, historically I thought, oh, you know, we would be looking into 2027, jet fuel coming back down below $100 a barrel. Now I'm not so sure. Certainly into the first half of 2027, jet could well remain up at around $110, $120 a barrel if crude, if Brent crude comes down to 80 or $90 a barrel. But what the hell do I know? I don't know about oil prices except we just try to hedge so that we had cost certainty over a rolling 12-month period.

We never, I mean like our capacity is deployed to whichever airports are giving us the biggest kind of growth incentives. So we don't wait for people to go bankrupt. We already have airport suppliers to existing airlines who are in Chapter 11 or who are teetering on the edge actively talking to us about, you know, will we commit to more. I mean most of the airports in Europe know that capacity growth in the next couple of years is going to be very scarce. We have airports who are currently dependent on the likes of Air Baltic, TAP, Wizz, even EasyJet, worried about what's likely to happen. I think EasyJet which is a very fine airline, profitable, but subject to M&A, there's going to be a lot of financial engineering around EasyJet for the next couple of years. If the Apollo bid succeeds and certain airports want insurance against EasyJet capacity not being switched out of those airports, now clearly it's not Gatwick or Paris or Switzerland, but the airports are getting much more concerned about the likely shifts in capacity. If you are at the moment a significant customer of Wizz, Air Baltic, Norwegian, SAS, you'll be worried. And so we're not waiting for somebody's bankruptcy. We are doing growth deals with a lot of those airports because they want us or they want to get Ryanair to expand capacity in their airports before somebody else switches capacity or goes into Chapter 11 or goes bankrupt. Airlines are notoriously bad at going bankrupt. They generally go into some kind of Chapter 11 and some idiot wants to rescue them or believes they can or can refloat the Titanic. So we would never hang around waiting for, we are always in negotiations with airports but the airports are increasingly exercised and worried about some of their incumbent airlines.