“Our second quarter results reflect the Group's resilience in the face of ongoing geopolitical instability and volatile fuel prices. Our revenues increased by nearly 10% year-on-year to €9.3 billion, supported by growth accross all businesses. Unit revenue rose by 8.7%, driven by strong passenger network performance, continued premiumization, and robust cargo demand.

However, the situation in the Middle East led to a sharp increase in the Group's fuel bill, which rose by $900 million during the second quarter compared to the same period last year. Thanks to your collective efforts, we managed to recapture around 85% of this increase. Even so, we were not able to fully offset the impact on profitability. As a result, adjusted operating profit came to €484 million, down €251 million year-on-year. At the same time, we continued to demonstrate cost discipline, withthe increase in unit cost limited to +1.0%, fully within our full-year guidance.

We see that our strategy and business model are working, but we need to remain vigilant to protect the Group's financial strength in these especially uncertain times. This discipline is essential to reach our 2028 target of at least an 8% operating margin.

Alongside our operational and financial execution, we continue to make progress on our strategic priorities. Just yesterday, we submitted our binding offer for TAP Air Portugal. It illustrates how we're strengthening our strategic position while maintaining financial discipline, as consolidation has the potential to generate economies of scale and synergies in support of our long-term strategy."