Ryanair Holdings PLC (RYAAY) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to the Ryanair Holdings PLC Q1 FY26 earnings release. My name is Nadia, and I will be coordinating the call today. (Operator Instructions)

大家好，歡迎閱讀瑞安航空控股有限公司 2026 財年第一季財報。我叫納迪亞，今天我將負責協調這場電話會議。（操作員指示）

I will now hand over to your host, Michael O'Leary, Group CEO of Ryanair Holdings, to begin. Michael, please go ahead whenever you're ready.

現在我將把主持人、瑞安航空控股集團首席執行官邁克爾·奧利裡 (Michael O'Leary) 交給他開始。邁克爾，只要你準備好了，就請繼續。

Okay. Good morning, ladies and gentlemen, and welcome to the Ryanair Q1 results conference call. I'm joined by all of our usual crew. Neil, the CFO, is in London; as is Eddie Wilson, dialing in from London. The rest of us are here in the office in Dublin.

好的。女士們、先生們，早安，歡迎參加瑞安航空第一季業績電話會議。我和我們所有的常規工作人員一起。財務長尼爾 (Neil) 在倫敦；艾迪威爾森 (Eddie Wilson) 也在倫敦撥打電話。我們其餘的人都在都柏林的辦公室。

As you've seen this morning, we reported a strong Q1 profit after tax rising to EUR820 million compared to a prior year Q1 PAT at EUR360 million. Traffic grew 4% to 58 million passengers at 21% higher fares. Q1, as we have repeatedly told you is artificially strong, mainly due to weak prior year comparison. Last year, we only had one half of Easter in April, and we were in the teeth of the OTA boycott through Q1 into Q2 last year.

正如您今天早上所看到的，我們報告第一季稅後利潤強勁增長至 8.2 億歐元，而去年同期的稅後利潤為 3.6 億歐元。客流量成長 4%，達到 5,800 萬人次，票價上漲 21%。正如我們一再告訴您的那樣，第一季的業績是人為強勁的，主要是因為與去年同期相比表現較弱。去年，我們只有四月份的一半復活節，並且去年第一季至第二季我們都面臨 OTA 抵制的威脅。

So if you go back two years, we made EUR660 million in Q1 of 2023. That fell last year with the Easter and OTA issue down to EUR360 million in Q1, and then we recovered strongly to a more normalized EUR820 million in June Q1 2025. Over the two-year period, the Q1 profits are up about 24% rather than this morning's reported up 128% against weak prior year comps last year. But still a good number and a good performance.

如果回顧兩年前，我們在 2023 年第一季賺了 6.6 億歐元。去年第一季度，復活節和 OTA 發行金額下降至 3.6 億歐元，隨後，我們在 2025 年第一季 6 月強勁回升至更為正常的 8.2 億歐元。兩年間，第一季利潤成長了約 24%，而今天上午報告的去年同期利潤則增加了 128%。但仍然是一個不錯的數字和良好的表現。

The Q1 highlights include traffic grew 4% to 58 million. As you know, our traffic growth is being constrained by Boeing's delivery delays. Revenue per passenger rose 15%. Average fares were up an artificial 21% in that quarter. Ancillary revenues up 3% on top of 4% traffic growth. The number I'm most pleased with is unit cost control. So unit cost inflation was up just 1%. The cost gap between us and all our other EU competitors has widened materially during Q1.

第一季的亮點包括流量成長 4%，達到 5,800 萬。如您所知，我們的運輸量成長受到波音公司交付延遲的限制。每位乘客的收入增加了15%。該季度平均票價人為上漲了 21%。在客流量成長 4% 的基礎上，輔助收入也成長了 3%。我最滿意的數字是單位成本控制。因此單位成本通膨僅上漲了1%。第一季度，我們與所有其他歐盟競爭對手之間的成本差距大幅擴大。

We took delivery of five Gamechangers in Q1, bringing the total Gamechanger fleet to 181 aircraft at the end of June. This summer, we're operating over 160 new routes in a total of 2,600 routes. We bought in Q1 opportunistically 30 spare LEAP-1B engines from CFM. We got negotiated a significant discount on that engine order. And therefore, it's a judicious use of our money in order to protect resilience as the fleet of Gamechangers rise to 181 aircraft. And we were very pleased, so Ryanair, we're at the MSCI World Index in June, expect to be added to the FTSE Russell in September.

我們在第一季接獲了 5 架 Gamechanger 飛機，截至 6 月底，Gamechanger 機隊總數達到 181 架。今年夏天，我們共營運 2,600 條航線，新增 160 多條航線。我們在第一季抓住機會從 CFM 購買了 30 台備用 LEAP-1B 引擎。我們在該引擎訂單上協商獲得了大幅折扣。因此，隨著 Gamechangers 機隊數量增加到 181 架，我們明智地使用資金來保護飛機的彈性。我們非常高興，瑞安航空將於 6 月加入 MSCI 全球指數，並預計 9 月加入富時羅素指數。

Just turning, I won't dwell too much on these numbers, I think they speak for themselves. But again, I want to stress again, Q1 fares substantially benefited from having a full Easter holiday in April, weak prior year comparison and marginally stronger-than-expected close in bookings.

只是，我不會過度糾纏於這些數字，我認為它們說明了一切。但我再次強調，第一季的票價大幅受益於 4 月份的完整復活節假期、與去年同期相比表現疲軟以及預訂量略高於預期。

Operating costs rose 1% per passenger as our jet fuel hedging largely offset a significant ATC fees increase and higher and indefensible environmental costs as ETS allowance unwind and SAF mandate impact. However, we're well hedged for the next two years with FY26 almost 85% hedged at $76 a barrel, and we now have 36% of FY27 hedged at just under $66 a barrel, a 13% saving.

由於我們的航空燃油對沖在很大程度上抵消了空中交通管制費用的大幅上漲以及由於 ETS 配額取消和 SAF 授權影響而導致的更高且難以承受的環境成本，每位乘客的營運成本上漲了 1%。然而，我們對未來兩年的對沖措施已到位，其中 FY26 幾乎 85% 的對沖價格為每桶 76 美元，而現在我們對 FY27 的 36% 的對沖價格略低於每桶 66 美元，節省了 13%。

The balance sheet remains strong. At the end of the quarter, net cash was up by EUR2 billion, leaving us well positioned to repay the two large bonds we have over the next 10 months, including an EUR850 million bond repayment due in September and EUR1.2 billion in May of next year, which we now expect to repay from our healthy internal cash resources. As I said, we welcome the addition to the MSCI World Index and expect to join the FTSE Russell following their semiannual review in September.

資產負債表依然強勁。截至本季末，淨現金增加了 20 億歐元，這使我們能夠在未來 10 個月內償還兩筆大額債券，其中包括 9 月到期的 8.5 億歐元債券和明年 5 月份到期的 12 億歐元債券，我們現在預計將利用我們健康的內部現金資源償還這筆債券。正如我所說，我們歡迎加入 MSCI 全球指數，並期望在 9 月的半年評估後加入富時羅素。

In terms of fleet, this summer, we have 181 Gamechangers in the fleet. That's an increase of 25 aircraft from June 2024. That will facilitate our constrained growth of 3% this year to 206 million passengers. We remain confident that 29 remaining delayed Gamechangers in our 210 order book will deliver well ahead of summer '26.

就機隊而言，今年夏天，我們的機隊中有 181 架 Gamechanger。這意味著自 2024 年 6 月起飛機數量將增加 25 架。這將有助於我們今年實現3%的有限成長，達到2.06億名乘客。我們仍然相信，我們 210 架訂單中剩餘的 29 架延期 Gamechangers 飛機將在 2026 年夏季之前交付。

We take heart from Boeing's recent confirmation. They expect the MAX aircraft, the MAX 7 MAX 10, to be certified in late 2025, which should put us well on course for on-time contractual deliveries of our first 15 MAX 10 in the spring of 2027. In fact, Stephanie Pope wrote to me last week confirming those first 15 deliver our confidence in those first 15 deliveries in the spring of '27, which we think is good news.

波音公司最近的確認令我們感到振奮。他們預計 MAX 7 和 MAX 10 飛機將於 2025 年底獲得認證，這將使我們能夠在 2027 年春季按時交付首批 15 架 MAX 10 飛機。事實上，史蒂芬妮·波普上週寫信給我，確認了前 15 架飛機的交付情況，我們對 2027 年春季的前 15 架飛機的交付充滿信心，我們認為這是個好消息。

Overall, the trend we've been highlighting over the last year or two, which is a severely constrained European short-haul capacity will continue, I think, for the next five years out to 2030 principally driven by the two big manufacturers, Boeing and Airbus, remaining well behind on their aircraft deliveries. Many of Europe's Airbus operators working through their part with the engine repairs and EU airline consolidation continuing.

總體而言，我們在過去一兩年中一直強調的趨勢是歐洲短途航空運力嚴重受限，我認為這種趨勢將在未來五年到 2030 年持續下去，主要原因是兩大製造商波音和空中巴士在飛機交付方面遠遠落後。歐洲許多空中巴士業者正在努力完成發動機維修工作，歐盟航空公司的整合工作仍在繼續。

These industry capacity constraints, combined with Ryanair's ever widening unit cost advantage, our strong balance sheet, our low-cost aircraft orders and industry-leading ops, resilience will, we believe, facilitate Ryanair's controlled profitable growth to 300 million passengers by FY 2034.

我們相信，這些行業運力限制，加上瑞安航空不斷擴大的單位成本優勢、我們強勁的資產負債表、我們的低成本飛機訂單和行業領先的運營，將促進瑞安航空在 2034 財年實現可控的盈利增長，乘客人數達到 3 億。

And I would just want to touch briefly on the outlook. As you see in our numbers this morning, FY26 traffic remains on track to grow just 3% to 206 million passengers. This is due to heavily delayed Boeing deliveries. We expect very modest unit cost inflation in FY26 as the delivery of more Gamechanger aircraft, our advantageous fuel hedging and effective cost control across the group helps to offset increased ATC charges and higher enviro costs.

我只想簡單談談前景。正如您今天早上看到的數據，26 財年的客運量仍將保持成長 3% 的勢頭，達到 2.06 億名乘客。這是由於波音公司的交貨嚴重延遲。我們預計 26 財年的單位成本通膨將非常溫和，因為更多 Gamechanger 飛機的交付、我們有利的燃油對沖和整個集團有效的成本控制有助於抵消增加的 ATC 費用和更高的環境成本。

While summer '25 travel remain, demand is strong, the Q2 fare increases will be lower than the exceptional Q1 increases. If you remember in Q2 last year, fares fell by 7%, but we now expect to recover almost all of this 7% fare decline in this year's Q2. I think that will be much more of a read across the full year rather than the 21% fare increase in Q1.

儘管 25 年夏季旅行依然存在，需求強勁，但第二季的票價漲幅將低於第一季的異常漲幅。如果你還記得，去年第二季票價下降了 7%，但我們預計今年第二季幾乎可以收回全部 7% 的票價跌幅。我認為這對全年而言更為重要，而不是第一季 21% 的票價上漲。

Finally, H1 outcome is, however, heavily dependent on the strength of close-in bookings for the remainder of July, August and September. As is normal at this time of the year, we have zero H2 visibility. We have only 6% of our seats sold for the second half of the year. And our prior year comps normalize at last year's modest delivery delay compensation we got from Boeing in the second half of the year will also roll off this year, so the second half will be a bit more challenging.

最後，上半年業績在很大程度上取決於 7 月、8 月和 9 月剩餘時間的近距離預訂。正如每年這個時候一樣，我們的 H2 能見度為零。我們下半年的機票只賣了 6%。而我們上一年的業績與去年持平，因為去年下半年我們從波音公司獲得的少量交貨延遲補償也將在今年到期，因此下半年的業績將更具挑戰性。

It, therefore, remains too early to provide meaningful full year PAT guidance. We do, however, cautiously expect now to recover almost all of last year's 7% full year fare decline, and this should lead to a reasonable net profit growth in FY26 given our continuing excellent unit cost control.

因此，現在提供有意義的全年 PAT 指導還為時過早。然而，我們謹慎地預計，去年全年票價下降 7% 的情況將基本恢復，而且鑑於我們持續出色的單位成本控制，這應該會帶來 26 財年的合理淨利潤增長。

The final FY26 outcome will remain heavily exposed, though, to adverse external developments, including the risk of terrorism, tariff wars, macroeconomic shocks including conflict escalation in the Middle East and Ukraine. And, of course, European ATD strikes, mismanagement and short staffing, which continue to bedevil our operations.

不過，2026 財年的最終結果仍將嚴重受到不利外部因素的影響，包括恐怖主義風險、關稅戰、中東和烏克蘭衝突升級等宏觀經濟衝擊。當然，歐洲 ATD 罷工、管理不善和人員短缺等問題也繼續困擾著我們的營運。

With that, I'll turn it over to Neil. Do you want to highlight anything in your MD&A before we open up to Q&A?

說完這些，我就把麥克風交給尼爾。在我們開始問答環節之前，您想在 MD&A 中強調什麼嗎？

I'll probably just emphasize a couple of points that you made there. One, the balance sheet is a standout with strong liquidity and the fleet unencumbered. As you said, that places us very strongly now to repay those bonds, the EUR2.1 billion bonds over the next two years. So I think we're in a good position there.

我可能只想強調你在那裡提出的幾點。一是資產負債表表現突出，流動性強，船隊無負擔。正如您所說，這讓我們有充分的理由在未來兩年內償還這些債券，即 21 億歐元的債券。所以我認為我們處於有利地位。

Very pleased with the performance on costs, up 1% on a per passenger basis in the first quarter. So again, very much on track for modest unit cost inflation for the full year, somewhere between 1% and 3% on an annualized basis depending on where spot fuel goes and what the final schedule looks like over the balance of the year.

對成本表現非常滿意，第一季每位乘客的成本上漲了 1%。因此，全年單位成本通膨率基本上保持在溫和水平，年化通膨率在 1% 至 3% 之間，具體取決於現貨燃料的去向以及全年剩餘時間的最終計劃。

Ancillaries, strong performance of 3% on a passenger basis. There was some Easter benefit in there. So again, no change to the guidance of 1% to 2% increase in ancillaries over the course of the year. And then traffic into Q2, we're probably looking at traffic coming in just under 61 million passengers, so about 2% growth in traffic there, 3% on a full year basis to 206 million. So the business is in good shape and a solid set of numbers in Q1.

輔助設備方面，乘客數成長 3%，表現強勁。那裡有一些復活節福利。因此，全年輔助設備費用增加 1% 至 2% 的指導方針沒有變化。然後進入第二季的客流量，我們可能預期客流量將接近 6,100 萬人次，因此客流量成長約 2%，全年成長 3%，達到 2.06 億人次。因此，第一季的業務狀況良好，業績穩健。

Thank you, Michael.

謝謝你，麥可。

And I'd like to ask Eddie Wilson, give us your current view on current trading as a CEO of DACH, current trading into the second quarter of the year, please. And I'll just ask Juliusz to give us some comments on the legal regulatory environment before we open up to Q&A.

我想請 Eddie Wilson 談談您作為 DACH 執行長對今年第二季當前交易的看法。在我們開始問答之前，我只想請 Juliusz 對法律監管環境發表一些評論。

Sorry, Eddie, go ahead.

抱歉，艾迪，請繼續。

Yeah. The Q2, I mean, fares are robust, I mean, almost all across the piece there, We put extra -- we've been growing strongly in those markets where we've been getting a quote in taxes and growing aggressively in regional, Italy, also in Sweden, into Hungary. And you'll see that a lot of the regions in -- particularly in Spain, France and also in the UK are under serious pressure because of uncompetitive cost. So it's a robust fare environment, like pretty much across the piece.

是的。我的意思是，第二季的票價很強勁，我的意思是，幾乎所有的票價都是如此，我們投入了額外的資金 - 我們在那些我們已經獲得稅收報價的市場中實現了強勁增長，並且在意大利、瑞典和匈牙利等地區也實現了積極增長。你會發現，很多地區，特別是西班牙、法國和英國，都因為缺乏成本而面臨巨大壓力。因此，這是一個強勁的票價環境，幾乎涵蓋了整個票價環境。

Good. And Juliusz, anything you'd like to raise on the regulatory side?

好的。Juliusz，您想在監管方面提出什麼問題嗎？

Thanks, Michael. Just maybe on baggage. So everyone is familiar with the big case we have in Spain in relation to cabin baggage. And a positive decision a few weeks ago where the court suspended the enforceability of that decision and also the payment of the big that we discussed in the last call.

謝謝，麥可。可能只是在行李上。大家都熟悉西班牙有關隨身行李的重大案件。幾週前，法院做出了積極的決定，暫停了該決定的執行，以及我們在上次通話中討論過的巨額賠償的支付。

Helpfully, also, there are discussions ongoing in Brussels about potentially regulating the minimum size of carbon baggage, and the dimensions that are being discussed are smaller than what we currently allow. So that would obviously be helpful. Slow progress in Brussels in terms of overflights, and we would like to see more done on that front. A lot of talk about competitiveness on the back of the Draghi report in the European Parliament and in the European Council, but very little actual action. So we need to see more in that respect.

有益的是，布魯塞爾正在討論可能對碳行李的最小尺寸進行監管，並且正在討論的尺寸小於我們目前允許的尺寸。這顯然是有幫助的。布魯塞爾在飛越方面進展緩慢，我們希望看到在這方面取得更多進展。歐洲議會和歐洲理事會就德拉吉報告發表後競爭力問題進行了大量討論，但實際行動卻很少。因此我們需要在這方面看到更多。

Okay. Thanks, Juliusz. Just before I open up, I would draw everyone's attention, it might help to shorten some of the questions. We've seen in recent weeks, some of our competitors reporting slightly poor outlook through the summer, price sensitivity on traffic, challenging prior year comps. I think they were on the opposite of our OTA boycott.

好的。謝謝，Juliusz。在我開口之前，我想提請大家注意，這可能有助於縮短一些問題。最近幾週，我們看到一些競爭對手報告稱，今年夏季前景略差，價格對客流量敏感，對去年同期業績構成挑戰。我認為他們與我們抵制 OTA 的立場相反。

This time last year, we were in the teeth of the OTA boycott. It now appears that some of the OTAs were moving some of that traffic across to our competitor airlines, although most of it went to the tour operators TUI and Jet2.

去年這個時候，我們正遭受 OTA 抵制。現在看來，一些 OTA 正在將部分流量轉移到我們的競爭對手航空公司，儘管大部分流量都流向了旅行社 TUI 和 Jet2。

As a result, this year of having now resolved that with our approved OTA transactions, we're seeing the reverse of that. So while our competitors have tough prior year comps because they benefited from our OTA dispute last year, this year, they have challenging prior year comps and a tougher outlook on the environment. We're on the reverse of that. Unusually for Ryanair, we have weak prior year comps through the first and second quarters last year. We are seeing robust demand into the summer this year. Traffic is modestly ahead as we would expect it, 1% or 2% up on same day last year, but the pricing is reasonably strong.

因此，今年我們已經透過核准的 OTA 交易解決了這個問題，但我們看到的情況卻發生了逆轉。因此，雖然我們的競爭對手由於去年從我們的 OTA 糾紛中受益而面臨著前一年的嚴峻競爭形勢，但今年，他們面臨著前一年的嚴峻競爭形勢和更為嚴峻的環境形勢。我們正處於相反的情況。與瑞安航空不同，去年第一季和第二季度，瑞安航空的業績與去年同期相比表現疲軟。我們看到今年夏季需求強勁。正如我們預期的那樣，客流量略有增長，比去年同期增長了 1% 或 2%，但定價相當強勁。

At the full year, we thought we would recover most but not all of the 7% fare decline last year. We've upgraded that slightly or modestly this morning. We now expect to recover almost all of last year's 7% decline. And that is because, I think, well, one, we have the two halves of Easter in April. And two, we fixed the approved OTA, and we're seeing those stronger forward bookings, holiday bookings coming through to us in the first half of the year, something I believe we had lost at tour operators on some of our airline competitors last year. So we're on the inverse of what our competitors work, to some degree, complaining about in recent weeks.

我們認為，就全年而言，我們可以收回去年 7% 的票價跌幅的大部分，但不會全部收回。今天早上我們對此進行了小幅或適度升級。我們現在預計去年7%的跌幅將幾乎全部恢復。這是因為，我認為，首先，我們在四月有復活節的兩個半月。其次，我們修復了已批准的 OTA，我們看到上半年的預訂量和假期預訂量均有所增加，我相信去年我們的一些航空公司競爭對手的旅行社已經失去了這些預訂量。因此，我們在某種程度上與競爭對手最近幾週抱怨的工作方式相反。

Okay. With that, Nadia, you open up to Q&A and keep everybody to no more than two questions, please.

好的。納迪亞，請您開始問答環節，但請保證每個人只問兩個問題。

(Operator Instructions) Stephen Furlong, Davy.

（操作員指示）史蒂芬·弗隆，戴維。

Michael, okay, two questions. Maybe one for you, Michael, and one for Neil. How do you think, I mean, the speculation, but the tariff thing will play out? I saw there in the paper today, Embraer we're saying that might add $9 million for the price of jet and their US customer base won't pay us, and therefore, they'd almost have the slower stop production.

邁克爾，好的，有兩個問題。也許一個給你，邁克爾，一個給尼爾。我的意思是，您認為猜測，但關稅問題將會如何發展？我今天在報紙上看到，巴西航空工業公司表示，他們可能會將噴射機的價格提高 900 萬美元，但他們的美國客戶群不會付錢給我們，因此，他們幾乎會減緩停產的速度。

And then for Neil, I was just wondering what is needed for you to look at locking in this attractive dollar rate on the future aircraft deliveries given that would be a significant benefit on the capital side for a longer term on depreciation, etc.

然後對於尼爾，我只是想知道您需要考慮鎖定未來飛機交付的這一有吸引力的美元匯率，因為這將在長期的折舊等方面為資本帶來顯著的利益。

Thanks, Stephen. Okay. Quick answer on the tariffs, nobody knows. What we suspect will happen is, I think, Trump will continue to probably delay the imposition of tariffs on August 1 into maybe September, October until a trade deal is agreed with the Europeans. There's increasing optimism certainly in Washington that commercial aircraft, aircraft leasing will be exempt from US tariffs.

謝謝，史蒂芬。好的。關於關稅的快速回答，沒人知道。我們猜測會發生的情況是，我認為川普可能會繼續將 8 月 1 日徵收關稅的時間推遲到 9 月或 10 月，直到與歐洲達成貿易協議。華盛頓方面越來越樂觀地認為商用飛機和飛機租賃將免徵美國關稅。

There is a risk, though, that the EU, Europeans are going to looking at reciprocal tariffs, which might target pharma and commercial aircraft. That would be as damaging to Airbus' exports into North America, particularly on the long-haul aircraft side as it would be to Boeing, who don't have that many deliveries into Europe. But nevertheless, so I think the risk is reciprocal tariffs.

然而，存在這樣的風險，即歐盟和歐洲人將考慮徵收互惠關稅，這可能會針對製藥業和商用飛機。這對空中巴士向北美的出口，尤其是長途飛機出口，將造成損害，而對波音而言，由於波音向歐洲交付的飛機並不多，因此也會造成損害。但儘管如此，我認為風險在於互惠關稅。

I think it's unlikely, but in our agreements with Boeing, Boeing are liable for the tariffs, not Ryanair. We have fixed price agreements on our aircraft with Boeing. We would, however, want to work with Boeing, though to minimize the imposition of tariffs. And we have a number of things we could do.

我認為這不太可能，但根據我們與波音公司的協議，波音公司應對關稅負責，而不是瑞安航空。我們與波音公司就飛機簽訂了固定價格協議。然而，我們希望與波音公司合作，以盡量減少關稅的徵收。我們可以做很多事。

One, we could delay the deliveries through August, September, October. We don't actually need those aircraft until summer of 2026. So we might, working together with Boeing, delay some or all of those deliveries while the Americans and the Europeans resolve any tariff dispute. Secondly, there's a possibility we could take some of those aircraft on to the UK register where we have Ryanair UK and there's no tariffs on commercial aircraft between in the UK-US trade agreements.

一，我們可能會將交貨延後到八月、九月、十月。我們實際上直到 2026 年夏天才需要這些飛機。因此，我們可能會與波音公司合作，在美國和歐洲解決關稅爭端期間推遲部分或全部交付。其次，我們有可能將部分飛機轉移到英國註冊，英國有瑞安航空，英美貿易協定中對商用飛機沒有關稅。

So I think tariffs are unlikely. To the extent that they're imposed, I think they're likely to be short-lived. And while Boeing are liable for the tariffs, we would work with Boeing I think either by delaying deliveries or perhaps looking at taking some deliveries through the UK, which will be a way of allowing Boeing to deliver aircraft to the Ryanair Group without attracting tariffs from the state.

所以我認為徵收關稅的可能性不大。就這些措施實施的程度而言，我認為它們很可能不會持續太久。雖然波音公司要承擔關稅，但我認為我們會與波音公司合作，要么推遲交貨，要么考慮通過英國接收部分交貨，這將是一種允許波音公司向瑞安航空集團交付飛機而不會受到國家關稅的方式。

Neil, maybe you want to talk about the dollar, locking in the dollar on our aircraft order. So I might get Tracey McCann here as well then to add some commentary to that.

尼爾，也許你想談談美元，鎖定我們飛機訂單的美元。因此我可能也會邀請 Tracey McCann 來對此發表一些評論。

Sure, Stephen. Thanks very much. Yeah, the euro-dollar has obviously moved very much in the direction that we would like in relation to locking in the CapEx on the MAX 10. The one blocker is whether we get hedge accounting or not. So the number you asked, what do we need to do. We probably need to get some clarity with our auditors as to what they will need to see before they're happy that we can get hedge accounting, whether that's the certification of the TAMs or whether it's the greater certainty that we're getting from Boeing that they're going to deliver on time.

當然，史蒂芬。非常感謝。是的，就鎖定 MAX 10 的資本支出而言，歐元兌美元的匯率顯然已經朝著我們希望的方向變動。唯一的障礙是我們是否採用套期會計。那你問的數字，我們需要做什麼。我們可能需要與審計師明確了解，在他們滿意我們能夠獲得套期會計之前，他們需要看到什麼，無論是 TAM 的認證，還是波音公司給予我們的按時交付的更大確定性。

But we've seen the dollar move from probably somewhere around 105, 106 when we placed the order back into May 2023 to somewhere likely over 120 if we were able to do something on it. So we would like to hedge. We won't do it unless we get the hedge accounting. That's important because we don't want the volatility and the noise on the P&L.

但我們已經看到，當我們在 2023 年 5 月下訂單時，美元匯率可能從 105、106 左右波動到 120 以上（如果我們能夠採取措施的話）。因此我們想進行對沖。除非我們拿到套期會計，否則我們不會這麼做。這很重要，因為我們不希望損益表出現波動和噪音。

Tracey?

特蕾西？

Yeah. Just to add that, we are looking at other -- so not just aircraft, Stephen. So where we have opportunities and we can do anything to lock-in the dollar on the likes of the maintenance or the recent engine is, we have done so.

是的。補充一點，我們正在考慮其他——不僅僅是飛機，史蒂芬。因此，只要我們有機會，我們就可以做任何事情來鎖定美元，例如維護或最近的引擎，我們已經這樣做了。

Jaime Rowbotham, Deutsche Bank.

Jaime Rowbotham，德意志銀行。

Two for me. Just coming back on the cabin bags. Juliusz mentioned the good news out of Spain but not the bad news from Brussels that the MEP voted in favor of legislation preventing you from potentially charging extra luggage. So where do you think we'll get to on this? Will sense prevail when it comes to the ability to charge separately?

對我來說是兩個。剛剛回到機艙行李箱。朱利葉斯提到了來自西班牙的好消息，但沒有提到來自布魯塞爾的壞消息，即歐洲議會議員投票支持立法，禁止收取額外行李費。那麼您認為我們會取得什麼進展呢？當談到單獨充電的能力時，理智會佔上風嗎？

Second one, we know where you're adding capacity to Sweden, Hungary, regional Italy, Poland. I just wondered, has there been any reaction from airports or countries where you've been reducing capacity, like in Spain? Have any incentives been offered?

第二，我們知道你們在瑞典、匈牙利、義大利地區、波蘭增加了運能。我只是想知道，在你們減少運力的機場或國家，例如西班牙，是否有任何反應？有沒有提供任何激勵措施？

Okay. Sorry, where we've cut capacity. Carry-in bag, the suggestion from the parliament is no legal status. It's part of the parliament discussion with the commission on revised rules. Firstly, the first idea of the parliament is that everybody is in time to bring two free bags onboard is on implementable. They don't fit in the aircraft. There isn't room on largely full aircraft for two small -- for one small carry-on bag and one large trolley bank. We can fit about 50% of the passenger can bring its trolley bag, and we use that using the priority boarding service. Any rule that would have altered that would be infringing EU rules Regulation 1008 2008, which guarantees the freedom of airline to set pricing and policies, and we don't believe that, that will happen.

好的。抱歉，我們已削減運力。隨身攜帶的袋子，議會的建議沒有法律地位。這是議會與委員會就修訂規則進行討論的一部分。首先，議會的第一個想法是每個人都可以免費攜帶兩個行李登機，這是可以實現的。它們不適合放在飛機上。在幾乎滿載的飛機上，沒有空間放置兩個小行李包——一個小型隨身行李包和一個大型拉桿箱。我們可以容納大約 50% 的乘客攜帶拉桿包，並且我們利用優先登機服務。任何改變這一情況的規則都將違反歐盟法規 2008 年第 1008 號，該法規保證航空公司製定價格和政策的自由，我們認為這種情況不會發生。

So I think it is unlikely to play out, but there's clearly going to be some kind of negotiation between the parliament and the commission on passenger rights. We're supportive, though, of the commission's proposal to define what one free carry-on bag should be. It's quite a large bag at 40 x 30 x 15 centimeters. We allow 40 x 30 x 20 centimeters, which is quite a substantial bag that business need anyway.

所以我認為這不太可能發生，但議會和乘客權利委員會之間顯然會進行某種談判。不過，我們支持委員會關於定義一件免費隨身行李限額的提案。這是一個相當大的包，尺寸為 40 x 30 x 15 公分。我們允許 40 x 30 x 20 公分的尺寸，無論如何，這都是商務所需的相當大的袋子。

And that will, we think, undermine or exposed illegality of Minister Bustinduy's mad cap bag fines, which were imposed only on the low-fare airlines in Spain. And we would like to see that put behind us. But the attention and debate, I think, between the parliament and the commission on passenger rights, if the parliament was doing its job, it would be being getting much more aggressive about protecting overflights during ATC strikes and rolling back bogus fare environmental taxes on intra-EU air travel, while we exempt the most polluting long-haul flights to and from the EU. But the parliament has always been a home for crazies. And therefore, less than intelligent kind of suggestions coming out of there is to be expected.

我們認為，此舉將削弱或暴露布斯廷杜伊部長瘋狂罰款的非法性，該罰款僅針對西班牙的低票價航空公司。我們希望這一切都成為過去。但我認為，如果議會履行職責，議會和乘客權利委員會之間的關注和辯論就會更加積極地在空中交通管制員罷工期間保護飛越，並取消歐盟內部航空旅行的虛假票價環境稅，同時免除往返歐盟的污染最嚴重的長途航班。但議會一直是瘋子的家。因此，可以預見會出現一些不太明智的建議。

On airports and countries where there are countries on the -- where we're cutting capacity. Germany is the most notable example where they have no aviation policy whatsoever. Germany is the least recovered state or country post-COVID. They're operating at about 83% overhaul capacity and still declining. It's gone down from 85% last year to 83% this year. We have moved capacity out of airports where they're increasing fees like Berlin. We closed the base in Frankfurt, Maine. We have reallocated out capacity to those countries and regions where they're abolishing environmental taxes and coming up with much more competitive airport fees.

我們正在削減機場和一些國家的運能。德國是最顯著的例子，他們根本沒有任何航空政策。德國是新冠疫情後恢復最差的州或國家。他們的大修能力目前約為 83%，並且仍在下降。從去年的 85% 下降到今年的 83%。我們已經將容量從那些正在增加費用的機場（如柏林機場）轉移出去了。我們關閉了位於緬因州法蘭克福的基地。我們已將運力重新分配給那些取消環境稅並制定更具競爭力的機場費用的國家和地區。

We recently reversed, for example, three years of capacity cost at Warsaw Modlin Airport. I was out there in Warsaw two weeks ago, where we announced a five-year growth deal, where we will treble our traffic at Warsaw Modlin and on the back of newly signed six-year growth agreement agreed with the airport. So there's lots of that kind of capacity growth available to us.

例如，我們最近扭轉了華沙莫德林機場三年的容量成本。兩週前，我去了華沙，我們在那裡宣布了一項五年增長協議，我們將使華沙莫德林機場的客流量增加兩倍，並與機場簽署了六年期增長協議。因此，我們可以實現大量此類產能成長。

Dublin continues to be a disappointment. We opened and paid for a second runway in 2022. And through government failure to act, we elected a new government in November of last year, the government program published in January promised they would scrap the artificial and illegal cap at Dublin Airport, quote, as soon as possible, end quote.

都柏林仍然令人失望。我們在 2022 年開通了第二條跑道並支付了相關費用。由於政府未能採取行動，我們在去年 11 月選出了新政府，政府在 1 月發布的計劃承諾將盡快取消都柏林機場的人為和非法限制。

Seven months later, they're all about to go on three months of holidays and nothing has been done to scrap this cap, which is indefensible in a government that has a 20-seat majority and are five years away from the next election. But Irish government inaction continues to bedevil our growth. We submitted a plan to the previous government offering to grow from 20 million to 30 million passengers over the next five years to 2030. We're the only airline that could do that with low-cost, fuel-efficient and noise quieter aircraft.

七個月後，他們即將開始為期三個月的假期，但卻沒有採取任何措施取消這一上限，這對於擁有 20 個席位的政府來說是站不住腳的，而且距離下次選舉還有五年時間。但愛爾蘭政府的不作為繼續阻礙我們的成長。我們向上一屆政府提交了一項計劃，承諾在未來五年內（即 2030 年）將乘客人數從 2,000 萬人次增加到 3,000 萬人次。我們是唯一一家能夠透過低成本、省油且噪音更低的飛機實現這一目標的航空公司。

And yet, despite the fact that we have paid for the infrastructure of a second runway of Dublin Airport, we now have not one but two caps. There's a 2007 road traffic cap limiting traffic to 32 million. And last week, the local council and the planning board came up with another mad cap, limiting the total number of movements 30 million to 35 million flights a year, which is pretty much where we are at the moment. Both of those caps are illegal under EU law. They're contrary to the freedom of movement. You can't artificially restrict the citizens freedom of movement, and they're certainly contrary to the EU-US Open Skies agreement. So we believe the American Airlines will get aggressive on that.

然而，儘管我們已經支付了都柏林機場第二條跑道的基礎設施費用，但現在我們面臨的不僅僅是一條跑道，而是兩條跑道。2007 年道路交通限制流量為 3,200 萬。上週，當地議會和規劃委員會又出台了一項瘋狂的上限政策，將每年的起降架次總數限制在 3000 萬至 3500 萬架次，這與我們目前的水平基本一致。根據歐盟法律，這兩項上限均屬非法。它們違背了行動自由。你不能人為地限制公民的行動自由，而且這肯定違反了歐盟與美國的開放天空協議。因此我們相信美國航空公司會對此採取積極行動。

So Germany and Dublin will be the two examples I would highlight to you, where through government policy failure in Germany and inexplicable government in action in Ireland, we can't grow because we can't and are not growing. But we have far more opportunities to grow all over Europe, particularly, as I say, in countries like Sweden, Hungary and regional Italy, where they are abolishing taxes.

因此，我要向你們重點介紹德國和都柏林這兩個例子，由於德國政府政策的失敗和愛爾蘭政府行動的莫名其妙，我們無法發展，因為我們無法發展，也沒有發展。但我們在整個歐洲擁有更多的發展機會，特別是像瑞典、匈牙利和義大利地區這樣的正在取消稅收的國家。

Eddie, anything else do you want to add to that? And then I might ask Juliusz just to comment on the cabin bag regulatory situation in Europe.

艾迪，您還有什麼要補充的嗎？然後我可能會請 Juliusz 評論一下歐洲的隨身行李監管情況。

Yeah. Just quickly, I suppose, like, I mean, it has taken some time for this message to trickle up post-COVID, where we're now seeing the sort of pinch point of there isn't short-haul capacity to go around. And while that fell on deaf ears for some time, you can now see that playing out, particularly in regional airports like in France. They put up the taxes. I know you have the French Transport Minister saying this is a terrible thing even though we actually introduced it and they may actually have to go backwards. And I think they know that there is bad news coming for French regional airports.

是的。我想，只是很快，就像，我的意思是，這個訊息在新冠疫情之後需要一段時間才能逐漸傳播開來，我們現在看到了一種緊要關頭，那就是沒有短途運力可供使用。雖然這種做法在一段時間內並未引起重視，但現在你可以看到這種做法正在發揮作用，特別是在法國等地區機場。他們提高了稅收。我知道法國交通部長說這是一件可怕的事情，儘管我們確實引入了它，但他們實際上可能不得不倒退。我認為他們知道法國地區機場即將迎來壞消息。

Same thing is playing out in Spain, whereby Aena has a monopoly there. And you've got the regional airports that are 65% underutilized, and that's going to be politically unsustainable in the medium to long term. Whereby Ryanair, well, we're still growing in Spain at low single digits. That's at the larger airports, largely at the expense of the regional airports where we've closed the number of airports and there's more to come this winter.

同樣的情況也發生在西班牙，Aena 在那裡擁有壟斷地位。而區域機場的使用率僅為 65%，從中長期來看，這種狀況在政治上是不可持續的。而瑞安航空在西班牙仍保持著低個位數的成長。這是在較大的機場，主要是以犧牲地區性機場為代價，我們已經關閉了一些機場，今年冬天還會關閉更多的機場。

And on top of Germany, then you can see it also playing out in the UK with APV, which is going to go up two quid this year and then RPI thereafter. And that's going to hit the regions particularly badly, like places like Scotland, Northern Ireland, particularly out in the regions there, where they're just not going to be able to compete for the incentives that are elsewhere in places like Sweden, regional Italy and Hungary.

除了德國之外，你還可以看到英國的情況也一樣，APV 今年將上漲 2 英鎊，隨後 RPI 也將上漲。這將對一些地區造成特別嚴重的打擊，例如蘇格蘭、北愛爾蘭等地，特別是那些偏遠地區，它們根本無法與瑞典、義大利和匈牙利等其他地區競爭激勵措施。

And Juliusz, do you want to add anything on the parliamentary rules on baggage or passenger rights?

朱利葉斯，您想對行李或乘客權利的議會規則補充什麼嗎？

Just one thing. The issue of cabin baggage markets came up in the EU Court of Justice in 2014, and the conclusion there was --

只有一件事。2014 年，歐盟法院審理了客艙行李市場問題，並得出結論--

Yes, the Welling case.

是的，就是威靈案。

Welling case. And the conclusion was that the only item of cabin baggage that must be free is an item that can accommodate the passenger precious and indispensable items. And the court at the time did not put dimensions on it, but it's generally accepted that a bag that fits under the seat is big enough to accommodate precious and indispensable items. So that would be your personal computer, your wallet, some medications, a bottle of water, those kinds of things.

威靈案。結論是，唯一必須免費的隨身行李是可以容納乘客珍貴且不可或缺物品的行李。當時法庭並沒有對尺寸做出規定，但人們普遍認為，能放在座位下面的包就足夠大，可以容納珍貴且不可或缺的物品。所以這些就是你的個人電腦、你的錢包、一些藥物、一瓶水之類的東西。

Everything else that can fit in the cabin can be charged for. And that's what passengers want. Passengers don't want all passengers to bring a 10 kg bag to the gate because they know that this will delay the departure of their flight. So the policy which Ryanair currently applies and which has been copied by many airlines in Europe works. Consumers know it. And the European Parliament will figure it just in their own time.

機艙內可容納的其他所有物品均可收費。這正是乘客想要的。乘客不希望所有乘客帶著 10 公斤的行李到登機口，因為他們知道這會延誤他們的航班起飛。因此，瑞安航空目前實施的政策是有效的，該政策已被歐洲許多航空公司效仿。消費者知道這一點。歐洲議會將會按照自己的時間來解決這個問題。

Harry Gowers, JPMorgan.

摩根大通的 Harry Gowers。

Just first question, I noted you called out the better-than-expected close-in pricing in Q1. I was wondering, is that something you've seen continue as a trend into Q2 so far?

第一個問題，我注意到您提到第一季的近端定價比預期好。我想知道，到目前為止，您是否看到這種趨勢延續到了第二季？

And then second one, probably one for Neil. Total unit cost of tax, plus 1% in Q1 and ex-fuel, was plus 3%. Is that the rate that we should be extrapolating across the full year? Or is there any reason to highlight why those numbers are ones that we shouldn't be dragging outwards over Q2, Q3, Q4?

然後第二個，可能是給尼爾的。稅收總單位成本加上第一季的 1% 和不含燃料的成本，為增加 3%。這是我們應該推斷全年的成長率嗎？或者有什麼理由來強調為什麼這些數字是我們不應該在第二季、第三季、第四季拖累的？

Thanks, Harry. Now, I mean, let me deal with the pricing. We are seeing stronger close in pricing. The load factors were running about 1% ahead of where we were at this time last year. So we have less seats to sell close-in. There, certainly we're engaged in less discounting, particularly as we move through Q1 and Q2, I think, because of the approved OTA distribution.

謝謝，哈利。現在，我的意思是讓我來處理定價問題。我們看到價格收盤走強。載客率比去年同期高出約 1%。因此，我們近距離銷售的座位較少。當然，我們確實減少了折扣，特別是在第一季和第二季度，我想這是因為獲得了 OTA 分銷的批准。

But I would caution again, average fares went up 21% in Q1. I think about two thirds of that was accounted for by Easter and the OTA boycott. I think the like-for-like comparison of average fares in Q2 being up around 7%, recovering last year 7% fare decline is probably closer to what the underlying trend is through Q1 into Q2. And I hope that would continue into Q3. As we're saying this morning, we expect to recover almost all of last year's full year 7% fare decline. And the close-in as we move into Q2 is strong.

但我再次提醒，第一季平均票價上漲了 21%。我認為其中三分之二是由於復活節和 OTA 抵抗造成的。我認為，第二季平均票價年增約 7%，恢復了去年 7% 的票價跌幅，可能更接近第一季到第二季的基本趨勢。我希望這種情況能夠持續到第三季。正如我們今天早上所說的那樣，我們預計去年全年 7% 的票價跌幅幾乎可以全部恢復。隨著我們進入第二季度，差距越來越大。

But that's also fragile. And it's why we continue to be a little bit cautious on the kind of Q2 and full year guidance. If we have some safety events, terrorist events at European cities, something untoward or crazy or damaging comes out, I don't see tariffs affecting short-term booking flows. In fact, we're sitting here in a monsoon in Dublin this morning, which is probably good for close-in pricing certainly out of Dublin for the next couple of weeks.

但這也很脆弱。這就是為什麼我們對第二季和全年的指引繼續保持謹慎。如果歐洲城市發生一些安全事件、恐怖事件，或出現一些不正常、瘋狂或破壞性的事件，我認為關稅不會影響短期預訂流量。事實上，今天早上我們都在都柏林享受季風氣候，這可能對未來幾週都柏林的近距離定價有利。

So the opportunity, I think, is we still see strong close-in pricing -- or close-in bookings, pricing up. But that's also fragile and that could fall over as we move through July -- as we move through August and September into the second half of the year.

因此，我認為，機會在於我們仍然看到強勁的近距離定價 - 或近距離預訂，價格上漲。但這也是脆弱的，隨著我們進入 7 月、8 月和 9 月份，進入下半年，這種狀況可能會下降。

Eddie, anything else you want to add on close-in pricing and then we'll go to Neil on unit costs.

埃迪，您還想補充有關近距離定價的其他資訊嗎？然後我們會向尼爾詢問單位成本。

No, I don't think so. Mike, you've covered that off comprehensively.

不，我不這麼認為。麥克，你已經全面地講解了這一點。

Neil, unit costs?

尼爾，單位成本？

Yeah, sure, Harry. I'm going to go back to my opening comments where I indicated that we're still guiding modest unit cost inflation on a full year basis, somewhere between 1% and 3%. We were 1% in the first quarter, where we saw traffic grow by 4%. It will be slower traffic growth into Q2 and the second half to get to 3% on a full year basis.

是的，當然，哈利。我要回到我的開場白，我曾指出，我們仍然在引導全年單位成本通膨保持在適度水平，大約在 1% 到 3% 之間。第一季我們的流量成長了 4%，為 1%。第二季及下半年客流量成長將會放緩，全年客流量增幅將達 3%。

I mean, it all hinges on whether we're between, say, 1% and 3%. It hinges on what happens to spot fuel over the balance of the year. It depends on what happens on the final schedule that we load, where is that going to be, and indeed, staffing in advance of next summer. So I think it's fair to just stick with that modest unit cost inflation and it will be somewhere between 1% and 3%. And I won't be breaking it out more than that.

我的意思是，這一切都取決於我們是否處於 1% 和 3% 之間。這取決於全年剩餘時間現貨燃料的情況。這取決於我們最終安排的時間表，以及時間表的安排，以及明年夏天之前的人員配置。因此我認為保持適度的單位成本通膨是公平的，它將在 1% 到 3% 之間。我不會對此做更多闡述。

Dudley Shanley, Goodbody.

達德利·尚利，古德博迪。

Two questions for me as well. First of all, possibly to follow up on Harry's question a little bit but think about it more longer term. Following the modest unit cost inflation this year, how do you think about the unit cost over the next few years? Obviously, you have a good fuel hedge in place, whether it's the other lines like staff, maintenance, airport deals. How should we think about that?

我也有兩個問題。首先，可能要稍微跟進哈利的問題，但要從更長遠的角度來思考。今年單位成本溫和上漲，您認為未來幾年單位成本會如何？顯然，您已經做好了燃油對沖，無論是其他方面，例如員工、維修或機場交易。我們該如何看待這個問題？

And then the second question is, Michael, you've been making a lot of noise again recently about ATC particularly in France. Have you seen any tangible signs of progress can be made there?

第二個問題是，邁克爾，你最近又對空中交通管制（特別是在法國）大肆宣揚。您是否看到那裡可以取得任何實際進展的跡象？

Okay. I'm going to offer the first one over to Tracey McCann here on the longer term, what's your view on longer-term unit cost. Neil, feel free to add in at the end of that. Then I'll deal, talk about French ATC. I might bring in Juliusz as well on that.

好的。我將向 Tracey McCann 提出第一個關於長期的問題，您對長期單位成本有何看法。尼爾，請隨意在最後加入內容。那我就來說說法國的ATC吧。我可能也會邀請 Juliusz 來參與此事。

So Tracey, off you go.

那麼 Tracey，你走吧。

Yeah. So I suppose end to end next year, we're about 46% hedged on the field with significant cost savings. But again, it's important to point out that we are seeing increased environmental and staff costs offsetting that. Again, this year, we've seen a significant increase in ATC charges, but again, we will probably see modest inflation over the next number of years.

是的。因此，我認為從明年開始，我們將在油田上實現約 46% 的對沖，從而節省大量成本。但再次指出，重要的是，我們看到環境和員工成本的增加抵消了這一點。同樣，今年，我們看到空中交通管制費用大幅上漲，但未來幾年我們可能仍會看到溫和的通貨膨脹。

But we will have, as we start to sample in the delivery of the Gamechanger aircraft, we will get the benefit of them incremental seats and we will get the benefits of the fuel borne. I think the fact that we're financing the aircraft out of cash, again, unlike our competitors, we don't have them by financing cost, so I think the key is we will have inflationary cost increases, but the gap between us and the competition will continue to widen.

但是，當我們開始對 Gamechanger 飛機進行採樣時，我們將獲得增加座位數的好處，並獲得燃料的好處。我認為，事實上，我們是用現金來為飛機融資，與我們的競爭對手不同，我們不是透過融資成本來融資，所以我認為關鍵是我們的成本會隨著通貨膨脹而增加，但我們與競爭對手之間的差距將繼續擴大。

Okay. Neil, anything you want to add to that?

好的。尼爾，你還有什麼要補充的嗎？

The gap is the key point. Everybody is acutely aware of our slide four and on unit costs, where we've now seen the next nearest competitor move from what was over 50% of the gap to nearly 80% of a gap. I expect that to remain in place. We'll have a big competitive advantage when we build our engine shops over the next few years. We'll have a big advantage when we take in the Gamechanger aircraft with the extra seats.

差距是關鍵點。每個人都清楚地意識到我們的第四張投影片和單位成本，現在我們看到下一個最接近的競爭對手的差距從超過 50％ 擴大到接近 80％。我希望這一情況能夠持續下去。當我們在未來幾年內建造引擎車間時，我們將擁有巨大的競爭優勢。當我們搭乘擁有額外座位的 Gamechanger 飛機時，我們將擁有很大的優勢。

So I think, Dudley, we'll remain very much head and shoulders above everybody else when it comes to unit costs for the foreseeable future.

因此，達德利，我認為，在可預見的未來，我們在單位成本方面仍將遠遠領先其他所有人。

Okay. Thanks, Neil. ATC, I mean, I'll give you an example. So the French recreational strike on July 3 and 4 this year couldn't think of anything to strike over, so they came up with they're using old equipment and they're short staffed. So their solution to that was to go on strike on a Thursday and Friday of the bank holiday weekend in June. No great surprise there.

好的。謝謝，尼爾。ATC，我的意思是，我舉個例子給你聽。因此，今年 7 月 3 日和 4 日，法國的娛樂業罷工者想不出任何理由來罷工，所以他們提出罷工的原因是他們使用的設備老舊，而且人手不足。因此，他們的解決方案是在六月銀行假日週末的周四和周五罷工。這並不令人感到意外。

That cost us because Europe still hasn't acted to protect the overflights. We were forced to cancel 700 flights, canceled 130,000 passenger journeys. If they had protected overflights, particularly from the UK and Ireland, who are more susceptible to overflight cancellation when the French go on strike, 90% of those strike cancellations would have been avoided. We canceled the 130,000 passenger journeys, average fair EUR65, about EUR8.5 million of revenue loss.

這讓我們付出了代價，因為歐洲仍然沒有採取行動保護飛越。我們被迫取消了700個航班，取消了13萬名旅客的行程。如果他們保護好飛越航班，特別是來自英國和愛爾蘭的航班，那麼當法國人罷工時，這兩個國家的航班更容易被取消，90% 的罷工取消航班就可以避免。我們取消了13萬名乘客的行程，平均票價65歐元，收入損失約850萬歐元。

Now clearly, we canceled the flights but we also have cost savings. But if you take a kind of 20% net margin on EUR8.5 million, those two days, we lost probably something on the order of about EUR1.5 million of net profit just over two days. And in fact, we also picked up cost because we had right to care expenses to reaccommodate those passengers which again, because we're not allowed to recover from these unions because they have immunity from prosecution under -- from ATC of immunity to prosecution.

現在很明顯，我們取消了航班，但我們也節省了成本。但是，如果以 850 萬歐元計算 20% 的淨利潤率，那麼這兩天我們可能損失了大約 150 萬歐元的淨利潤。事實上，我們也承擔了成本，因為我們有權承擔重新安置這些乘客的費用，同樣，因為我們不允許從這些工會收回成本，因為他們享有豁免權 - 來自 ATC 的起訴豁免權。

So there is a simple solution to this. It's a solution that's already adopted by the Spanish, Italian and the Greeks, and that is protect overflights during ATC strikes. It doesn't fetter somebody's right to go on strike. But I mean, the French local flights will take all the hits and you protect the overflights.

因此，有一個簡單的解決方案。這是西班牙、義大利和希臘已經採用的解決方案，即在空中交通管制襲擊期間保護飛越。它並沒有限制某人罷工的權利。但我的意思是，法國國內航班將承受所有打擊，而你們則保護飛越航班。

If the commission did nothing more than separate the upper airspace, EUROCONTROL can run the overflights over France, on a day when France is having an ATC strike. And we find it indefensible that Ursula von der Leyen. Again, still won't take any action on this issue. It's a reasonably simple measure. It would be one of the most politically popular things the European Commission could do in the face of post-Brexit to demonstrate how it's delivering a single market on behalf of Europe citizens.

如果該委員會只是分離高空空域，那麼在法國發生空中交通管制罷工的當天，歐洲空中航行安全組織就可以飛越法國上空。我們認為烏蘇拉·馮德萊恩的說法是站不住腳的。再次強調，仍不會針對此問題採取任何行動。這是一個相當簡單的措施。這將是歐盟委員會在英國脫歐後所能採取的最受歡迎的政治舉措之一，以展示其如何為歐洲公民建立單一市場。

It does mean upsetting some French unions, but I think that's always a cause well worthwhile. The more you can upset French unions, the better. But utter incompetence and inactions. Von der Leyen runs around talking about making Europe competitiveness. We need to be competitive in response to trumps tariffs in response to Draghi report. And when you give them a very simple solution like protect overflights natural ATC strikes, no action whatsoever.

這確實意味著會惹惱一些法國工會，但我認為這始終是一件值得的事情。你越能激怒法國工會，就越好。但完全無能且不作為。馮德萊恩到處談論如何提高歐洲的競爭力。根據德拉吉的報告，我們需要對川普的關稅採取有競爭力的應對措施。當你給他們一個非常簡單的解決方案，例如保護飛越自然的空中交通管制打擊時，他們根本不採取任何行動。

Are we making progress? Not much, although we are continuing to campaign. We've now persuaded all of the European airlines under campaign for overflight protection during national strikes. But we still haven't seen much action out of the commission. I think if we keep campaigning, we keep calling and explaining how simple this would be, we might get somewhere. But I'm afraid I can't point to any immediate action on it yet.

我們有進展了嗎？雖然我們還在繼續活動，但不多。我們現在已經說服了所有歐洲航空公司在全國罷工期間進行飛越保護活動。但我們仍未看到委員會採取太多行動。我認為，如果我們繼續活動，繼續打電話並解釋這有多簡單，我們可能會取得一些進展。但恐怕我目前還不能立即採取任何行動。

Juliusz, anything else you want to add?

Juliusz，您還有什麼要補充的嗎？

No, Michael. That's a great summary.

不，麥可。這是一個很好的總結。

Alex Irving, Bernstein.

亞歷克斯歐文、伯恩斯坦。

Two for me, please. First of all, if I can come back on your fares. So you expect to kind of some but not all of last year's decline in Q2. If I'm looking at Q1 versus two years ago, you're up and Easter 2023 was well into April. So how confident are you that the summer fares will be down, not up on two years ago? Is it just you being prudent in the tank of the external risks you've highlighted?

請給我兩份。首先，我可以回覆一下您的票價嗎？因此，您預計第二季度會出現部分但不是全部的去年下滑。如果我對比兩年前的第一季度，你會發現，2023 年的復活節已經持續到 4 月了。那麼，您有多大信心認為夏季票價會下降，而不是比兩年前上漲？您所強調的外在風險是否只是您在謹慎對待？

Second question is around the investment in 30 CFM LEAP-IB engines. Understand they were cheap, but why was this necessary at all? Are you concerned about underlying reliability issues? And therefore, should we be concerned about possible lower asset productivity or higher maintenance costs over the long run?

第二個問題是關於 30 CFM LEAP-IB 引擎的投資。我知道它們很便宜，但為什麼有必要這麼做呢？您是否擔心潛在的可靠性問題？因此，我們是否應該擔心長期內資產生產力可能下降或維護成本可能上升？

Okay. Let me take both. Look, I mean, where are we on fares? We're down 7% last year. Q1, we're up 21%. Q2, I think we're tracking for almost up somewhere between 6% and 7% at the moment. But the reason why I can't be confident is how fragile we are, how dependent we are on those close-in bookings through the remainder of August and September. And as of today, we have 73% of August sold. We have only 40% in September sold.

好的。讓我都拿走。瞧，我的意思是，我們的票價是多少？去年我們下降了7%。第一季度，我們成長了 21%。Q2，我認為我們目前的追蹤成長率幾乎在 6% 到 7% 之間。但我之所以沒有信心，是因為我們太脆弱了，我們太依賴 8 月剩餘時間和 9 月的近距離預訂。截至今天，我們 8 月份的商品已售出 73%。9月我們只售出了40%。

So if there's no great change, then I would be very confident that we will be up 7% in the second quarter. But it's very fragile to any short-term adverse news flow, terrorism, safety events, something like that. So overall, looking out over the 12-month period, I think, we're reasonably optimistic.

因此，如果沒有發生重大變化，那麼我非常有信心我們在第二季將成長 7%。但它對任何短期不利的消息流、恐怖主義、安全事件等都非常脆弱。因此總體而言，展望未來 12 個月，我認為我們相當樂觀。

Now, I think, we have improved the narrative, Alex, over from the full year results call, where it was -- we made strides to recover most but not all. Now we're at almost all, which I think is a modest upgrade but still heavily subject to any impact on close-in bookings through the remainder of the year. And if I look at the second half of the year, today, we have 6% of the seats sold. So we're very heavily dependent on those trends that may affect both boost our adversely effect close-in bookings. 30 LEAP-1B engines.

現在，亞歷克斯，我認為，我們已經改進了全年業績電話會議的敘述，當時的情況是——我們取得了長足進步，恢復了大部分但不是全部。現在我們幾乎已經完成了所有預訂，我認為這是一個適度的升級，但仍然會嚴重受到今年剩餘時間內近距離預訂的影響。如果我看一下下半年的情況，今天我們已經賣出了 6% 的座位。因此，我們非常依賴那些可能對我們產生不利影響的趨勢。30台LEAP-1B發動機。

Why now? Is there anything untoward? Look, the reason we bought 30 LEAP-1B engines is primarily we did a deal with CFM where CFM were offering us an exceptional discount. I think they wanted a deal. I think may have had some financial deadline. They had some spare engines. They were willing to heavily discount them for a quick sale, and we were willing to buy them for a quick sale. We have more spare LEAP 1B engines as a result of this that we need for a fleet of 181 aircraft. I think we will be up to what we 120 spare engines? So in total, we have 120 spare engines. That's not for LEAP-1B. Is that for the whole? That's for everything.

為什麼是現在？有什麼不順心的事嗎？瞧，我們購買 30 台 LEAP-1B 引擎的原因主要是因為我們與 CFM 達成了一項協議，CFM 為我們提供了特別折扣。我認為他們想要達成協議。我認為可能有一些財務截止日期。他們有一些備用引擎。他們願意以大幅折扣快速出售，我們也願意購買以快速出售。因此，我們擁有了更多的備用 LEAP 1B 發動機，可供 181 架飛機的機隊使用。我認為我們的備用引擎數量將達到 120 台？所以總共我們有 120 台備用引擎。這並不適用於 LEAP-1B。全部都是這樣嗎？一切就是這樣。

We have more things than we need. But as the Gamechanger and the MAX fleet grows with the 300 Gamechanger order, we will still be short spare engines. So we moved at a time when CFM was offering us a deep discount for a quick sale. We got a deep discount which we can kind of bank on the balance sheet. We have spare cash. And we think this is one of these areas that we can deploy spare cash sensibly. We are a little bit over -- we have too many spare engines at the moment. But given that we know we're taking delivery of 330 aircraft over the next 10 years, it's a sensible short-term opportunistic investment at the moment.

我們擁有的東西比我們需要的多。但隨著 Gamechanger 和 MAX 機隊隨著 300 架 Gamechanger 訂單的增加而成長，我們仍然會缺少備用引擎。因此，我們當時正值 CFM 為我們提供大幅折扣以促進快速銷售。我們獲得了很大的折扣，我們可以將其計入資產負債表。我們有閒錢。我們認為這是我們可以合理部署閒置現金的領域之一。我們有點超出了——目前我們有太多的備用引擎。但考慮到我們知道未來 10 年內我們將接收 330 架飛機，因此目前這是一項明智的短期機會投資。

Have we any other concerns? No, frankly, We don't have any concerns with the LEAP-1Bs. We believe we are moving aggressively towards announcing one or two spare engine MRO shops in-house. We'll have announced that towards the end of the year. And we are pretty confident that we -- it will be another bone or differential between us and our competitors that we will be able to maintain our engines in-house, whereas everybody else will be -- our competitor in Europe will be exposed to third-party engine maintenance, which is getting radically more expensive from 2028 onwards, and also the turnaround times have widely escalated from typically around 65 days to something closer to 150 days, which will put a lot of burden on our competitors.

我們還有其他擔憂嗎？不，坦白說，我們對 LEAP-1B 沒有任何擔憂。我們相信，我們正在積極宣佈在內部設立一到兩家備用引擎 MRO 商店。我們將在今年年底宣布這項消息。我們非常有信心——我們和競爭對手的另一個區別在於我們能夠在內部維護我們的發動機，而其他所有人都必須這樣做——我們在歐洲的競爭對手將面臨第三方發動機維護，從 2028 年起，第三方發動機維護的成本將急劇上升，而且週轉時間也從通常的 65 天左右大幅增加到接近 150 天，這將給我們的競爭對手帶來很大負擔。

We know already with the Pratt & Whitney engine repairs, a lot of Airbus short-haul aircraft are grounded in Europe last year, this year and probably again into next year as well. And that in turn is creating opportunities for us to grow at improving airfares and improving our profitability.

我們已經知道，由於普惠發動機的維修，去年、今年以及明年，許多空中巴士短程飛機在歐洲停飛。這反過來又為我們創造了提高機票價格和提高獲利能力的機會。

Jarrod Castle, UBS.

瑞銀的賈羅德·卡斯爾。

Well done here. A very good set of numbers. Two for me. I mean, one of your low-cost competitors is closing down their Abu Dhabi base. And they've spoken about putting that capacity more in Central and Eastern Europe. So just interested in your thoughts on how you see the competitive environment there going forward.

做得很好。一組非常好的數字。對我來說是兩個。我的意思是，你們的一個低成本競爭對手正在關閉其阿布達比基地。他們也表示將把更多的產能投入中歐和東歐。所以我只是想了解您對未來競爭環境的看法。

And then secondly, maybe one for Neil. You said that CapEx is going to be EUR2.2 billion but could be higher on tooling. Is there any way you can maybe just give us a bit of magnitude depending on the scenarios on how much higher that could be?

其次，也許還有一個給尼爾的。您說資本支出將達到 22 億歐元，但工具的支出可能會更高。您能否根據具體情況，給我們一些幅度，看看這個數字可能會高出多少？

Okay, Jarrod. I'll take the first one and then, Neil, I'll let you deal with the CapEx. Firstly, Jarrod, obviously, I feel compelled to explain that Wizz is not a low-cost competitor of Ryanair. It's a high-cost competitor of Ryanair, and therefore, not really competitor at all. We were somewhat, I think, surprised at the excuses they came up with for the withdrawal from Abu Dhabi.

好的，賈羅德。我會選擇第一個，然後，尼爾，我會讓你處理資本支出。首先，賈羅德，顯然，我不得不解釋一下，Wizz 不是瑞安航空的低成本競爭對手。它是瑞安航空的高成本競爭對手，因此，實際上並不是競爭對手。我認為，我們對他們從阿布達比撤軍所找的藉口感到有些驚訝。

Apparently, mostly it was because it's a desert out there, and therefore, it creates significant cost penalties on engines, to which we said, well, why are you not closing your base in Saudi Arabia, which is equally a desert if it's engine penalty? But Wizz have always been, let me see, what's the word, inventive when it comes to explaining commercial failures and flip flops on strategy.

顯然，主要是因為那裡是沙漠，因此，對發動機的成本造成了重大損失，對此我們說，好吧，為什麼你不關閉你在沙特阿拉伯的基地，如果對發動機造成損失，那裡同樣是沙漠？但是，當我想到解釋商業失敗和策略上的反覆無常時，Wizz 總是，讓我想想，怎麼說呢，富有創造力。

A couple of years ago, they were expanding -- going to expand aggressively into Vienna and Italy and challenge Ryanair. They quietly retreated out of both into the Middle East which is going to account for a third of their traffic. They now appear to be retreating out of the Middle East back into apparently, Central and Eastern Europe, also announcing a multiyear growth deal at Modlin, which will see us increase the traffic in Modlin by threefold over the next five years.

幾年前，他們開始大力擴張——準備向維也納和義大利擴張，並向瑞安航空發起挑戰。他們悄悄地從這兩個地區撤退到中東地區，那裡的客流量將佔其總客流量的三分之一。他們現在似乎正從中東撤退到中歐和東歐，同時宣佈在莫德林達成一項多年期增長協議，這將使我們在未來五年內將莫德林的客流量增加三倍。

Wizz last Friday announced the two aircraft based in Modlin which, by the way, I think is good for Modlin. And we welcome more -- if Wizz wants to base more aircraft in Central and Eastern Europe all this will do is highlight the enormous cost advantage and price advantage Ryanair has over Wizz and all of our other competitors. In every market where Wizz has attempted to try to enter or compete against Ryanair, they've ultimately failed and withdrawn. And I think that trend will continue. But to the extent that they're going to reallocate there.

Wizz 上週五宣布將在莫德林部署兩架飛機，順便說一句，我認為這對莫德林來說是件好事。我們歡迎更多——如果 Wizz 希望在中歐和東歐部署更多飛機，這一切都將凸顯瑞安航空相對於 Wizz 和我們所有其他競爭對手的巨大成本優勢和價格優勢。在 Wizz 試圖進入或與瑞安航空競爭的每個市場中，他們最終都失敗並退出。我認為這種趨勢將會持續下去。但在某種程度上，他們會重新分配。

I mean, the real problem for Wizz in trying to compete with Ryanair or grow in Central and Eastern Europe is they're growing good aircraft that they have bought very expensively from their principal shareholder. They then refinanced them at ludicrous kind of sale and leaseback, recognizing mad cap profits in its balance sheet, which they then mortgage over the next 5 or 10 years.

我的意思是，Wizz 在試圖與瑞安航空競爭或在中歐和東歐發展時面臨的真正問題是，他們正在發展從主要股東手中以高價購買的優質飛機。然後，他們以荒謬的售後回租方式為其進行再融資，在其資產負債表中確認瘋狂的利潤，然後在未來 5 年或 10 年內將其抵押。

So the more they grow, the more the gap widens between their very expensive aircraft financing and our much lower cost depreciation charges. And on top of that then, we have lower aircraft costs, lower labor costs, lower sales and marketing costs, in fact, lower every cost. And we will be debt-free from mid-2026 onwards, whereas their mortgage (inaudible) I think their net debt position at the last number was about EUR6 billion with a market cap of about EUR1.1 billion or EUR1.2 billion.

因此，它們發展得越快，其昂貴的飛機融資與我們低得多的成本折舊費用之間的差距就越大。除此之外，我們的飛機成本、勞動成本、銷售和行銷成本都降低了，事實上，所有成本都降低了。從 2026 年中期開始，我們將擺脫債務，而他們的抵押貸款（聽不清楚）我認為他們最近的淨債務狀況約為 60 億歐元，市值約為 11 億歐元或 12 億歐元。

I continue to believe that the consolidation process in Europe will ultimately see Wizz taken out by somebody, whether it's a venture capital. I'm surprised that some of the Middle Eastern airlines haven't moved on Wizz given the collapse in their market cap. They do at least have a fleet of aircraft. The aircraft are very expensive, but that's never really worried the Middle Eastern investors over time.

我仍然相信，歐洲的整合過程最終會導致 Wizz 被某家公司收購，無論是創投公司。我很驚訝，鑑於 Wizz 的市值暴跌，一些中東航空公司竟然沒有對 Wizz 採取行動。他們至少擁有一支飛機隊。這些飛機非常昂貴，但從長遠來看，這從未真正讓中東投資者擔心過。

But I don't believe Wizz will be operating in Europe in the next three to five years as an independent carrier and certainly not if their strategy is to move into more competition with Ryanair. We welcome the competition as it would demonstrate that they'll blow their brains out even faster than they have during the deserts of the Middle East.

但我不相信 Wizz 會在未來三到五年內作為獨立航空公司在歐洲運營，如果他們的策略是與瑞安航空展開更激烈的競爭，那肯定不會。我們歡迎這種競爭，因為這將證明他們會比在中東沙漠中更快地開槍。

On that, Neil, CapEx, do you want to touch on that or Tracey?

關於這一點，Neil，CapEx，你想談談這一點嗎？或者 Tracey？

I will. Jarrod, it's a cautionary note that there could be upside on that EUR2.2 billion depending on the timing of tooling or otherwise for the engine shops. That very much depends on where we get to in negotiations. If there's a benefit, for example, in taking stock sooner or paying sooner for some of the plants and equipment to get deep discounts, we may look at it. But we're in the midst of negotiations at the moment, don't have any numbers, don't have any timing at this point in time other than a cautionary note that you may see a little bit of upside on the CapEx. And if you do, it's because we've locked in an advantage on the MRO going forward long term.

我會。賈羅德，需要注意的是，這 22 億歐元可能會有上漲空間，具體取決於引擎車間的工具配備時間或其他情況。這很大程度取決於我們的談判成果。例如，如果可以提前盤點庫存或提前支付部分廠房和設備的費用以獲得大幅折扣，我們可能會考慮。但我們目前正處於談判之中，沒有任何數字，目前也沒有任何時間安排，除了警告你可能會看到資本支出有一點上漲。如果您這樣做，那是因為我們已經鎖定了長期 MRO 優勢。

Thanks, Neil. Tracey, anything you want to add on CapEx? Or Neil covered it?

謝謝，尼爾。Tracey，您想補充有關資本支出方面的內容嗎？還是尼爾掩蓋了它？

I think that's pretty much covered, yes.

是的，我認為這些基本上已經涵蓋了。

Savanthi Syth, Raymond James.

Savanthi Syth，雷蒙德·詹姆斯。

Yeah. Just on the -- you called out on the video call environmental costs going up from like 4 to 5.30. I realize your cost gap should be widening, but is there a risk that you end up getting a larger share of a smaller pie? Or is demand strong enough to kind of absorb all these costs going forward? So a bit of a longer-term question.

是的。剛才你提到視訊通話的環境成本從下午4點漲到了下午5點半。我知道你們的成本差距應該在擴大，但是否存在最終你們在更小的蛋糕中分得更大份額的風險？或者需求是否足夠強勁，可以吸收未來的所有這些成本？所以這是一個比較長期的問題。

And then the second one is just a quick follow-up on CapEx. I wonder if you could kind of give an update to some of the comments you made on fiscal year '27 and beyond just related to -- with this engine CapEx coming in.

第二個只是對資本支出的快速跟進。我想知道您是否可以就您對 27 財年及以後的一些評論進行更新，這些評論與引擎資本支出有關。

Okay. We'll come back to you, Neil, on the CapEx. Thomas Fowler here, who's our Head of Fuel and Enviral. Thomas, do you want to tackle the Savanthi's question on enviral cost? Will demand over time, our fares cover rising in enviral costs?

好的。尼爾，我們會就資本支出問題再找你。我是托馬斯‧福勒 (Thomas Fowler)，他是我們的燃料和環境主管。托馬斯，你想解答 Savanthi 關於環境成本的問題嗎？隨著時間的推移，我們的票價是否能夠彌補不斷上漲的環境成本？

I take in the short term, no. Over time, it will because I think the competition will rise fares to cover the environment cost, I think one thing we've done, we've had this cost for the last 12 years is we've grown, yes, our cost would increase. But I think the cost of the competition will increase further because particularly over the last 4 years ETF, their free allowances have covered their ETF exposure while ours hasn't. So I think what will happen is that -- we have seen oil prices in 2008, we saw fuel surcharges coming in. They'll see them increase, whether it be in environment surcharges increase or increase in fares as long as we have our cost line advantage, and I think we should be able to cover that.

我認為短期內不會。隨著時間的推移，我認為競爭對手會提高票價以彌補環境成本，我認為我們已經做了一件事，過去 12 年我們一直在承擔這筆成本，是的，我們的成本會增加。但我認為競爭的成本將進一步增加，因為特別是在過去 4 年的 ETF 中，他們的免費配額已經覆蓋了他們的 ETF 風險敞口，而我們的還沒有。所以我認為會發生這樣的情況——我們已經看到了 2008 年的油價，也看到了燃油附加費的徵收。只要我們有成本優勢，他們就會看到這些費用增加，無論是環境附加費增加還是票價增加，我認為我們應該能夠彌補這一點。

Okay. And Neil, you want to CapEx FY27 and beyond?

好的。尼爾，你想在 27 財年及以後進行資本支出嗎？

Yeah. No real change to what I would have said back in May. So I would still anticipate. Savi, that dips below EUR2 billion next year and then the year after that will be somewhere between EUR2.5 billion and EUR3 billion as we start to ramp up PDPs and deliveries of the 10s start to come in. So no, I wouldn't have much more to add than the commentary I gave back in May, other than we've taken the engines in now for this year, where you're seeing us at the EUR2.2 billion for the current year. And we should still be below EUR2 billion into next year.

是的。與我五月說的話相比，沒有什麼實質的改變。所以我仍然會期待。薩維，明年這一數字將降至 20 億歐元以下，後年則將在 25 億歐元至 30 億歐元之間，因為我們開始增加 PDP，並且 10 年代的交付也開始到來。所以，除了我在 5 月給出的評論之外，我沒有太多要補充的，除了我們今年已經投入了引擎，你會看到我們今年的支出為 22 億歐元。到明年，我們的預算仍應低於 20 億歐元。

James Hollins, Exane BNP Paribas.

詹姆斯‧霍林斯 (James Hollins)，法國巴黎銀行 Exane。

One for Eddie, one for you, Michael. Eddie, on Israel, maybe just run us through your plans there and whether kind of the situation there has led to some pockets of overcapacity this summer, like you saw in the Canaries in the winter and whether you expect that to normalize.

一個給艾迪，一個給你，麥可。艾迪，關於以色列，您能否向我們介紹一下您在那裡的計劃，以及那裡的情況是否導致了今年夏天一些地區的產能過剩，就像冬天在加那利群島看到的那樣，您是否預計這種情況會恢復正常。

And then Michael, maybe just take us behind the scenes of your conversations with Stephanie Pope or Kelly from buying on the MAX-10 certification. You've seen way more confident than you have for a long time that it will get certified pretty soon. Maybe just run us through why that confidence is coming from.

然後邁克爾，也許可以帶我們了解一下您與斯蒂芬妮·波普或凱利在購買 MAX-10 認證時的對話幕後情況。您已經看到了比長期以來更加有信心它將很快獲得認證。也許可以向我們解釋一下這種信心從何而來。

Thanks, James. Eddie, maybe you take Israel. You might add Jordan into that as well, which has obviously also affected our service to Israel and Jordan with the current Middle East instability. And I'll deal with Stephanie Pope.

謝謝，詹姆斯。艾迪，也許你選擇以色列。您可能還會將約旦也加到其中，由於目前中東局勢不穩定，這顯然也影響了我們向以色列和約旦提供的服務。我會和史蒂芬妮·波普打交道。

Yeah. I mean, what had happened there was we were in the height of the summer and when things escalated particularly with Iran, we took the issue obviously, first of all, from a safety point of view. But we have to take a longer-term view after that risk assessment and say, look, we're going to reallocate that capacity. The difficulty is that once you put that capacity on sale, reversing that back in -- and what may seem like tensions have come down. But like it's in July and August, September, took the decision to leave that until the end of the summer season.

是的。我的意思是，當時正值盛夏，事態升級，尤其是與伊朗的緊張關係，我們顯然首先從安全的角度來處理這個問題。但在風險評估之後，我們必須採取更長遠的眼光，並說，看，我們將重新分配該產能。困難在於，一旦你將這些產能出售，再將其逆轉——看似緊張的局勢已經緩和。但就像七月、八月和九月一樣，我們決定將其推遲到夏季結束。

We have been talking to the Jordanians in particular, who are anxious to have us back in there, and we're currently talking to them. So we still haven't -- we would have had upwards of about 100 weekly frequencies into Tel Aviv, significantly less into Jordan, but Jordan is a good market particularly for the winter time. And we're going to -- we'll take a view on that because what we're doing at the moment is as we're assessing the winter allocations. We're down to the last couple of airports and countries, particularly where we continue to put the focus on cost as to where that capacity is allocated. And Israel and Jordan will be in the mix on that but obviously for different reasons. So we haven't finalized for the winter yet, and we're still talking to them.

我們一直在與約旦人交談，他們渴望我們回到那裡，我們目前正在與他們交談。所以我們仍然沒有——我們每週會有大約 100 個航班飛往特拉維夫，飛往約旦的航班則少得多，但約旦是一個很好的市場，特別是在冬季。我們將對此發表看法，因為我們目前正在評估冬季分配情況。我們只剩下最後幾個機場和國家了，特別是在這些國家，我們繼續關注容量分配的成本。以色列和約旦也將參與其中，但顯然出於不同的原因。因此，我們尚未最終確定冬季計劃，我們仍在與他們溝通。

Okay. And James, in relation to Boeing, I continue to believe Kelly Ortberg, Stephanie Pope are doing a great job. Stephane Pope, in particular. I mean, there is no doubt that the quality of what is being produced, the hulls in Wichita and the aircraft in Seattle has dramatically improved. In fact, we've scaled back. We no longer have engineers based in Wichita. They're not allowing any hulls to be moved to Seattle if they any defect. So every hull is moving defect free. That is speeding up the production in Seattle and also materially increase the quality of what's coming out of Seattle.

好的。詹姆斯，關於波音公司，我仍然相信凱利·奧特伯格和史蒂芬妮·波普做得很好。尤其是史蒂芬‧波普 (Stephane Pope)。我的意思是，毫無疑問，威奇託生產的船體和西雅圖生產的飛機的品質已經顯著提高。事實上，我們已經縮減了。我們不再有駐紮在威奇託的工程師。如果船體有任何缺陷，他們不允許將其運往西雅圖。因此每艘船體在行駛過程中均無任何缺陷。這不僅加快了西雅圖的生產速度，也大大提高了西雅圖產品的品質。

And all I can point to you is, originally, the 29 delayed aircraft were due to come to us in the spring of 2026. They asked us, could we take them early in August, September, October, November 2025? We said we would, even though it doesn't suit us from a cash point of view, But given past experience, if we can secure the aircraft early in advance of summer '26, we would and we take them. I still think they will give those early.

我可以告訴你們的是，這 29 架延誤的飛機原本應該在 2026 年春季抵達我們這裡。他們問我們，能不能在2025年8月、9月、10月、11月初帶走他們？我們說我們會的，儘管從現金角度來看這並不適合我們，但根據過去的經驗，如果我們能在 2026 年夏季之前提前確保飛機安全，我們就會接受它們。我仍然認為他們會提前給出這些。

I think she's doing a great job, I think she's taken about one week off in the last number of months. She actually went over to India following the 787 crash just to be there on the ground in India. But you'll call Stephanie, she's in Seattle, there's a problem. She'll pick up -- if you can pick up the phone and call her. And I think Steph and the rest of the wider team there have really got on now. They completed a pay increase of 40%. So morale has improved significantly, attendance has improved but they are doing a good job and they are delivering those aircraft.

我認為她做得很好，我想她在過去幾個月休息了大約一周。事實上，在 787 墜機事件發生後，她就去了印度，只是為了留在印度地面上。但是你會打電話給史蒂芬妮，她在西雅圖，有問題。她會接電話的——如果你能拿起電話打給她的話。我認為史蒂芬和團隊的其他成員現在已經相處得很好了。他們完成了40%的加薪。因此，士氣顯著提高，出勤率也有所提高，但他們做得很好，並且正在交付這些飛機。

Much more important than that in the short term is the progress on certification. So they expect -- I think the new administration has been a bit more supportive of Boeing. The new Head of the FAA, I think, is still to be approved by Congress, but we expect that imminently.

短期內更重要的是認證的進展。所以他們期望——我認為新政府對波音公司給予了更多支持。我認為，聯邦航空管理局的新任局長仍有待國會批准，但我們預計很快就會批准。

I was a bit concerned about certification of the aircraft. Stephanie had previously promised that Boeing would tell us one way or another by the end of June whether we were going to get -- whether they were going to deliver the MAX 10s to us in the spring of 2027 or we would change back and take more 8200s. She's now confirmed in writing that we will get the MAX 10. They will come the delivery date in the first quarter -- in the first five months of 2027, and that we're getting MAX 10s. And she's hopefully confirmed that in writing.

我有點擔心飛機的認證。史蒂芬妮此前曾承諾，波音公司將在 6 月底之前以某種方式告訴我們他們是否會在 2027 年春季向我們交付 MAX 10，還是我們會改變主意併購買更多的 8200 型飛機。她現在已經書面確認我們將獲得 MAX 10。它們將在 2027 年第一季（即前五個月）交付，我們將獲得 MAX 10。希望她能以書面形式確認這一點。

I think they've had some of their other customers, United most notably, have deferred MAX 10 deliveries, have converted some back to 8200s. And I think that probably has helped things. They are shortly, if not already in September, they expect -- well, their average they've hit rate 38 in May, again in June, will do so again in July. They expect they'd be allowed to go up to rate 42 by the FAA sometime in September, October this year. And I think the situation continues to significantly improve.

我認為他們的一些其他客戶（最著名的是聯合航空）已經推遲了 MAX 10 的交付，並將部分飛機改回 8200。我認為這可能有所幫助。他們預計，即使還沒有進入 9 月份，他們很快就會達到平均水平——5 月份的平均利率已經達到 38，6 月份再次達到，7 月份也將再次達到。他們預計，美國聯邦航空局將在今年 9 月或 10 月左右允許他們將飛行等級提高到 42 級。我認為情況正在繼續顯著改善。

That's not to say they don't face challenges. Like if something else falls off an aircraft somewhere, if something untoward happens, that time could get derailed. But certainly, everything that I think Kelly and Stephanie Pope have done in the last 12 months have been impressive. The delivery has been impressive. The quality of what's getting delivered is now top notch, and I would be much more bullish and long on Boeing than I have been for the last, I think, three, four, five years.

這並不是說他們沒有面臨挑戰。例如，如果飛機上有東西掉下來，或是發生了什麼不幸的事情，時間就可能被打亂。但毫無疑問，我認為凱利和史蒂芬妮波普在過去 12 個月裡所做的一切都令人印象深刻。交付效果令人印象深刻。現在交付的產品的品質是一流的，與過去三、四、五年相比，我對波音的看好程度會更高，前景也會更光明。

It's not without challenges or problems, but I think they really are getting on top and now are delivering aircraft earlier and are ready to go up in production as well from September. So I'm much more hopeful. And clearly, they're much more confident in their own delivery and certification process as well.

這並非沒有挑戰或問題，但我認為他們確實正在取得進展，現在可以提前交付飛機，並準備好從 9 月開始投入生產。所以我更加充滿希望。顯然，他們對自己的交付和認證流程也更有信心。

Muneeba Kayani, Bank of America.

Muneeba Kayani，美國銀行。

Most of my questions have been answered. But I just wanted to ask what's your latest thinking on cash return to shareholders. I know you have your buybacks right now but you had EUR2 billion of net debt as of June. Realize the bond repayments and CapEx commitments you've talked about. But what's your thinking on another share buyback at this point?

我的大部分問題都已得到解答。但我只是想問一下您對股東現金回報的最新想法是什麼。我知道你們現在正在進行回購，但截至 6 月份，你們的淨債務已達 20 億歐元。實現您所談到的債券償還和資本支出承諾。但是您現在對於再次回購股票有什麼想法？

I mean, I think we're not doing anything. We've announced a share buyback program, about EUR750 million. I think that will run over the next 12 to 18 months. I'm a little bit -- I think we and the Board are a little bit sensitive, like the share price has been rising strongly. Lots of new shareholders coming on the register. And I think, if anything, we don't want to be bidding the share price up against them. So if there's plenty of demand for our shares, we would rather let the market solve that.

我的意思是，我認為我們什麼都沒做。我們宣布了一項約7.5億歐元的股票回購計畫。我認為這將持續未來 12 到 18 個月。我有點——我認為我們和董事會都有點敏感，就像股價一直在強勁上漲一樣。許多新股東加入登記。而且我認為，如果有的話，我們不想抬高股價來對抗他們。因此，如果我們的股票需求很大，我們寧願讓市場來解決這個問題。

But we expect the current buyback will run out until the middle of next year, middle of 2026. I see no reason to address additional shareholder returns over and above that. We have a number of very significant challenges. We've just over EUR2 billion of bond repayments in the next 12 months.

但我們預計目前的回購將持續到明年年中，即 2026 年年中。我認為沒有理由在此基礎上再增加股東回報。我們面臨著許多非常重大的挑戰。未來 12 個月我們將償還超過 20 億歐元的債券。

There are going to be other opportunistic CapEx, things like the 30 LEAP spare 1B engines. And we want to have a balance sheet to be able to address that. And I would -- having paid down that bond debt, we should be down to gross net cash of the order of about EUR2 billion. I'd like to see that grow towards EUR3 billion or EUR4 billion over the next year or two while we continue to fund -- the CapEx will step up in the next year or two as we start to get into the Boeing MAX 10 orders.

還會有其他機會性資本支出，例如 30 台 LEAP 備用 1B 引擎。我們希望有一份資產負債表來解決這個問題。我會——償還債券債務後，我們的淨現金總額應該會降至約 20 億歐元。我希望在未來一兩年內，隨著我們開始獲得波音 MAX 10 的訂單，資本支出將在未來一兩年內增加，同時我們將繼續提供資金。

But the overriding, I think, assurance shareholders could take from the Board has been that whatever we identify that we have excess cash, it will be returned to shareholders in the form of dividends and our share buybacks. We have a share buyback already committed out to the middle of 2026. There is another dividend due for payment in September subject to AGM approval in September of about EUR200 million-odd or about EUR0.22 or EUR0.23 a share.

但我認為，股東可以從董事會得到的最重要的保證是，無論我們發現有多少過剩現金，都將以股利和股票回購的形式返還給股東。我們已經承諾將股票回購至 2026 年中期。另外還有一筆股息將於 9 月支付，需經 9 月年度股東大會批准，金額約 2 億歐元以上，或每股 0.22 歐元或 0.23 歐元。

So our commitment on returning spare cash to shareholders remains unchallenged. But we'll continue to shepherd cash zealously and maintain a reasonably conservative balance sheet because we're in a very cyclical capital-intensive business. The business is subject to unforeseen shocks. And the way to weather or way through those shocks is to go into them with large cash reserves on the balance sheet where we can do attractive deals on distressed aircraft or distressed engine purchases as those opportunities arise.

因此，我們向股東返還閒置現金的承諾依然沒有改變。但我們將繼續積極管理現金並維持合理保守的資產負債表，因為我們處於週期性強大的資本密集行業。業務容易受到不可預見的衝擊。抵禦或克服這些衝擊的方法就是在資產負債表上留有大量現金儲備，這樣當這些機會出現時，我們就能夠以有吸引力的方式購買問題飛機或問題引擎。

Ruairi Cullinane, Research RBC Capital Markets.

Ruairi Cullinane，加拿大皇家銀行資本市場研究部。

Firstly, would you be able to quantify the contribution of lower crewing ratios to the impressive staff unit cost performance in the quarter, where they stand or where can they get to? And secondly, it looks like you paused fuel hedging in the quarter, which looks well timed. So when should we expect you to resume fuel hedging for full year '27?

首先，您能否量化較低的船員比例對本季令人印象深刻的員工單位成本績效的貢獻，他們目前處於什麼位置或他們能達到什麼水準？其次，看起來你們在本季暫停了燃料對沖，這似乎是恰逢其時。那麼，我們什麼時候可以預期您恢復 27 年全年的燃料對沖？

Okay. Maybe, Tracey, I'll ask you to address maybe the lower crewing ratios. It's more by reference to the fact we had higher accruing ratios last year because of the Boeing delivery delays, and they're coming back into. And then, I might ask actually Thomas Fowler touch on fuel hedging and when we expect to increase our fuel hedging position.

好的。也許，特蕾西，我會請你解決船員比例較低的問題。這更多的是因為去年由於波音交貨延遲，我們的應計比率較高，而現在又回升了。然後，我可能會問托馬斯·福勒實際上談論燃料對沖以及我們何時預計增加燃料對沖頭寸。

Tracey, crewing ratio.

特蕾西，船員比例。

So we did have -- crewing ratios did fall in the fourth quarter, but it's just, again, they were too high because of the delay in the delivery aircraft. We just had slower recruitment, but we will see that probably ramp up again as we ramp up for next summer for aircraft deliveries. And we will have moderate pay increases as well.

因此，第四季度機組人員比例確實有所下降，但這只是因為交付飛機延誤導致機組人員比例過高。我們的招募速度只是有所放緩，但隨著明年夏天飛機交付的加快，我們可能會看到招募速度再次加快。我們的薪資也會適度增加。

Thanks, Tracey. And Thomas, do you want to touch on fuel hedge and I might ask Neil to come on the back of your remarks.

謝謝，特蕾西。湯瑪斯，你想談談燃料對沖嗎？我可能會請尼爾來談談你的言論。

Yes. Look, Ruairi, I think when you look at what we did at the end of May, we were down a fair bit of hedge on when the oil price was down. So obviously, as you said, the price was a bit volatile over the last few weeks. But we will go back to hedge probably at some stage in the next few months due to our policy. But we've done so much hedging in May. We were ahead of where we were in the previous year. And we'll just be opportunistic then to start to hedge again when we see the oil price normalize a bit.

是的。聽著，Ruairi，我想當你回顧我們在五月底所做的事情時，你會發現當油價下跌時，我們的對沖已經相當薄弱了。顯然，正如您所說，過去幾週價格有點波動。但由於我們的政策，我們可能會在未來幾個月的某個階段重新進行對沖。但我們在五月已經做了很多對沖。我們比去年有所進步。當我們看到油價稍微恢復正常時，我們就會抓住機會再次開始對沖。

And remember, the OpEx is all well hedged as well. Sorry, Neil, go ahead.

請記住，營運支出也都得到了很好的對沖。抱歉，尼爾，請繼續。

Exactly what I was going to say, Tracey mentioned earlier on, we've been building on the euro dollar, and we've been taking advantage of the weaker dollars, which also plays into our fuel lines. We're in the peak summer period. Spot oil for jet is elevated at the moment. We've got big volumes that we can move the market against ourselves. So I think we'll happily cease until we see the opportunities again in the market and go back in at that time, as Thomas said.

正如我之前所言，特蕾西提到過，我們一直在以歐元為基礎，並利用美元疲軟的優勢，這也對我們的燃料管道產生了影響。我們正處於夏季高峰期。目前噴射燃料現貨油價格上漲。我們擁有龐大的交易量，可以左右市場走向，但對自己不利。因此，我認為我們會很高興地停下來，直到我們在市場上再次看到機會，然後再回來，正如托馬斯所說的那樣。

Jaina Mistry, Jefferies.

傑安娜‧米斯特里 (Jaina Mistry)、傑弗里斯 (Jefferies)。

Two questions, please. Just first, is there anything in particular that's driving strength in your ancillaries per passenger in Q1? And then the second question, it's related to an earlier question around medium-term OpEx inflation. But let's just say that unit cost inflation over the medium term is positive with staff coming on, EU ETS, etc. Would you feel comfortable adopting a price growth strategy against the backdrop slightly higher than average cost inflation?

請問兩個問題。首先，有什麼特別的因素可以推動第一季每位乘客的輔助服務成長嗎？第二個問題與先前關於中期營運支出通膨的問題有關。但是，假設中期單位成本通膨是正面的，包括員工增加、歐盟排放交易體係等。在成本通膨略高於平均水準的背景下，您是否願意採取價格成長策略？

Sorry, adopting our past price strategy, was it?

抱歉，是採用我們過去的價格策略嗎？

Yes.

是的。

Price increase strategy, is that it?

漲價策略是這樣的嗎？

Yes, correct.

是的，正確。

Okay. And maybe, Eddie, would you want to comment on ancillaries in Q1 and the trend in ancillaries? We were up 3% in Q1 against traffic growth of 3%.

好的。也許，艾迪，你想評論一下第一季的輔助產品和輔助產品的趨勢嗎？第一季度，我們的業務量成長了 3%，而客流量成長了 3%。

Yeah. I think there's -- a lot of this is just answered. The work that's going on in Labs and what is happening in terms of pricing models and adjusting those. And also, we've made some decent headway on the mobile app, which is a significant part of our bookings now. And how that actually has been amended in recent months in terms of how bags are presented, priority boarding is presented. And we're seeing some upswing in there.

是的。我認為——很多問題都已經得到解答了。實驗室正在進行的工作以及定價模型及其調整方面的情況。此外，我們在行動應用程式方面也取得了一些進展，這已成為我們目前預訂的重要組成部分。而近幾個月來，在行李托運方式、優先登機方式等方面，這項規定其實已經被修改。我們看到那裡出現了一些上升趨勢。

So better penetration, better matching of products based on demand. And as we say on these calls all the time, this is sort of incremental growth all the time in tweaking these models based on what demand is out there for those particular products.

因此，滲透率更高，產品可以根據需求更好地匹配。正如我們在電話會議中經常說的那樣，這是一種漸進式增長，我們會根據特定產品的需求不斷調整這些模型。

Tracey, you want to add to any comments -- sorry, Neil.

崔西，你想補充任何評論——對不起，尼爾。

Just a comment there I would say as well, Jaina, we did have a positive impact from the ancillaries, which helped on that 3% uplift on a per passenger basis. I'd go back to my opening comments where I indicated, on a full year basis, I still think it's kind of 1% to 2% per passenger growth for all of the reasons that Eddie has set out there and in what Labs are doing and everything else.

我只是想說一句，Jaina，輔助設備確實給我們帶來了積極的影響，這有助於每位乘客的 3% 的提升。回到我開場白，我曾指出，從全年來看，我仍然認為每位乘客的增長率將在 1% 到 2% 之間，這得益於 Eddie 提出的所有原因以及實驗室正在做的事情和其他一切。

Tracey?

特蕾西？

Yeah. Just I think it is important to highlight that Q1 is extremely strong. The same is fair because of that Easter impact as well from very low comparable.

是的。我認為有必要強調 Q1 非常強。同樣的，由於復活節的影響，可比性也非常低。

Okay. And the longer, Jaina, on the unit cost inflation, firstly, I think I've been generally long-term bullish on unit cost inflation. Whereas you have easyJet and Wizz and others have already upgauged in recent years. We're about from spring '27 awards to get into a major up-gauging as we move into the MAX-10. The bigger capacity aircraft will undoubtedly put downward pressure on fares and yields.

好的。吉安娜，關於單位成本通膨，首先，我認為我長期對單位成本通膨持樂觀態度。而 easyJet、Wizz 和其他航空公司近年來已經進行了升級。我們即將從 27 年春季獎項中獲得重大提升，並進入 MAX-10 階段。更大容量的飛機無疑會對票價和收益造成下行壓力。

But with capacity generally across Europe heavily constrained out to 2030, I think fares will hold up reasonably well, if not continue to rise, particularly in markets like Germany or Dublin, where government inaction means they're not allowing us to use the additional capacity that already exists.

但由於到 2030 年整個歐洲的運力普遍受到嚴重限制，我認為票價將保持相當好的水平，甚至會繼續上漲，特別是在德國或都柏林這樣的市場，政府的不作為意味著他們不允許我們使用已經存在的額外運力。

So I think we won't need a pricing strategy. I think pricing will modestly rise between now and 2030 because of the overall capacity constraints. But I think we'll do better on unit cost inflation over that period. When we start taking delivery of meaningful numbers of aircraft that have 20% more seats but burn 20% less fuel, so you get a 40% fuel cost saving per passenger, you get a saving in terms of staff efficiency, airport and handling cost efficiency for 20% more passengers. So I think we're going to see an ever widening certain unit cost advantage between us and our competitor airlines in Europe, depending on how many competitive airlines we have by the time we get to 2027 or 2028 given consolidation.

所以我認為我們不需要定價策略。我認為，由於整體產能限制，從現在到 2030 年價格將會小幅上漲。但我認為，在此期間，我們在單位成本通膨方面會做得更好。當我們開始接收數量可觀的飛機時，這些飛機的座位數增加了 20%，但燃料消耗卻減少了 20%，這樣每位乘客的燃料成本就能節省 40%，員工效率、機場和地勤成本效率方面也能節省 20% 的乘客數量。因此，我認為，我們與歐洲競爭對手航空公司之間的單位成本優勢將不斷擴大，這取決於到 2027 年或 2028 年我們有多少家具有競爭力的航空公司。

So I do believe that capacity constraint generally in Europe, between now and 2030, will see prices continue to modestly inflate, particular as those other airlines -- competitor airlines who can't manage their costs are forced into constraining capacity, increasing airfares. And that will send more and more traffic in our direction as we've seen this summer with the recovery in the OTA bookings into Ryanair moving away from competitor to our operators and airlines.

因此，我確實相信，從現在到 2030 年，歐洲的運力普遍受限，價格將持續小幅上漲，特別是當其他航空公司——無法控製成本的競爭對手航空公司被迫限制運力、提高機票價格時。正如我們今年夏天所看到的那樣，這將為我們帶來越來越多的客流量，瑞安航空的 OTA 預訂量有所回升，從競爭對手變成了我們的運營商和航空公司。

Gerald Khoo, Pan Liberum.

Gerald Khoo，《自由報》。

Two for me, if I can. Firstly, what's happened to stage links in Q1? And what do you think is going to happen for the remainder of the year?

如果可以的話，給我兩個。首先，第一季的階段連結發生了什麼事？您認為今年剩餘時間會發生什麼事？

And secondly, some of your competitors have been talking about seeing later bookings. I was wondering whether you had seen the same. Reading between the lines, I don't think you have, maybe you're seeing the reverse. I was wondering if you could give some view on where the timing of bookings is falling, please?

其次，您的一些競爭對手一直在談論看到更晚的預訂。我想知道您是否也見過同樣的情況。從字裡行間看，我認為你沒有，也許你看到的是相反的情況。我想知道您是否可以就預訂時間的下降發表一些看法？

Yeah. Maybe I'll touch on the second one and ask Neil to the stage link. I mean, I think what our competitors are talking about later bookings is, if you like, the reverse of last year's trend where we had a OTA boycott when the OTA booked more with the tour operators of some of our competitor airlines, that's reversing this year with our approved OTA agreement. We're seeing a dramatic recovery in our OTA bookings. Those OTA bookings tend to book further in advance.

是的。也許我會談談第二個，並請尼爾參與舞台環節。我的意思是，我認為我們的競爭對手所談論的延遲預訂與去年的趨勢相反，當時 OTA 與我們的一些競爭對手航空公司的旅行社預訂了更多機票，因此我們抵制了 OTA，但今年我們批准了 OTA 協議，這種情況發生了逆轉。我們的 OTA 預訂量正在急劇回升。這些 OTA 預訂往往會提前預訂。

They tend to be people going on holiday packages. So we are seeing actually stronger advanced bookings and higher fares this year, but partly by reference to a weak prior year comp. Whereas our competitors seeing later bookings -- later close-in bookings this year by reference to a better prior year comp last year because of our OTA boycott cost. And I think that's all you're seeing between them and us. And we expect that to continue to grow -- we'll continue through to the remainder of H1.

他們往往是購買度假套餐的遊客。因此，我們實際上看到今年的預訂量增加，票價也上漲，但部分原因是因為去年同期票價較低。而我們的競爭對手今年的預訂量較晚——由於我們抵制 OTA 的成本，與去年更好的前一年相比，預訂量較晚。我想這就是你們所看到的我們和他們之間的一切。我們預計這一數字將繼續增長——我們將持續到上半年的剩餘時間。

Neil, Q1 and for the rest of the year?

尼爾，第一季以及今年剩餘時間的情況如何？

There's nothing notable to talk about there. And in the quarter, we saw our flights hours at 4%, which is in line with our sector growth of 4% and traffic. Unlike a number of our competitors, we're not moving into longer sectors to drive it. So I mean, the average last year was just over two hours. It's not going to be usually dissimilar on a full year basis this year for sector.

那裡沒有什麼值得談論的事情。本季度，我們的航班小時數成長了 4%，與我們 4% 的產業成長率和客流量成長一致。與許多競爭對手不同，我們不會進入更長的領域來推動這項進程。所以我的意思是，去年的平均時間剛好超過兩個小時。今年該行業全年的表現通常不會有所不同。

We currently have no further questions. So I'll hand back to you, Michael, for any closing.

目前我們沒有其他問題。因此，我將把一切交還給你，邁克爾，來做結束語。

Okay. Just before I close, if I'll ask Jamie, you might just update us on where we are on the share buyback program as of last Friday on the current program. I forgot to touch on that. Jamie Donovan, our Head of IR, where we are on the current update on the share buyback program.

好的。在我結束之前，如果我問傑米，你能否向我們介紹一下截至上週五我們在股票回購計劃方面的進展。我忘了談及這一點。我們的投資者關係主管 Jamie Donovan 向我們介紹了股票回購計畫的最新進展。

We're about EUR60 million through Q1 as at the end of June and so we're little under 6% or 7% and through the EUR750 million buyback.

截至 6 月底，我們第一季的資產約為 6,000 萬歐元，因此我們的回購額略低於 6% 或 7%，回購金額為 7.5 億歐元。

Okay. Thank you for that. Ladies and gentlemen, thank you for taking part in the call. Again, strong Q1, but don't get this way -- let's not have any irrational exuberance. Q1 is artificially boosted by a weak prior year comp. Q2 will be much more, I think, like a normal year-on-year comparison and that we expect to recover almost all of last year's 7% fare decline in Q2, but that's a long way behind the Q1 average fare increase of 21%.

好的。謝謝你。女士們、先生們，感謝你們參加這次電話會議。再次強調，第一季表現強勁，但不要這樣——我們不要有任何非理性的繁榮。由於去年同期業績疲軟，第一季業績受到人為推動。我認為，第二季的票價同比情況將更加正常，我們預計第二季的票價幾乎可以彌補去年 7% 的跌幅，但這與第一季 21% 的平均票價漲幅相比還有很長的路要走。

Overall, for the year, as long as the close-in booking trend remains strong, as long as we don't encounter any unforeseen adverse developments on safety, terrorism, war, pestilence or stupidity out of the White House, then I think we're set fair for a reasonably strong profit recovery in H1, and we would hope that, that will continue on into for the remainder of the year. Although we do have tougher prior year comps in the second half of the year on the revenue side, because we did better in the second half of last year, having fixed the OTA boycott.

總體而言，就今年而言，只要近距離預訂趨勢保持強勁，只要我們不遇到任何不可預見的安全、恐怖主義、戰爭、瘟疫或白宮的愚蠢行為等不利發展，那麼我認為我們的利潤在上半年將有望強勁復甦，我們希望這種勢頭能夠持續到今年剩餘時間。儘管從收入方面來看，我們今年下半年的業績與去年同期相比更加艱難，但因為我們在去年下半年解決了 OTA 抵制問題，所以表現更好。

And on the cost side, we did have some modest supplier compensation in the second half of last year that won't be repeated in the second half of this year. But overall, I think we are cautiously optimistic for a reasonably strong profit recovery for the full year. Much will depend on Q2. We'll be reporting Q2 to you at the end of October. You will see some of it in the traffic results for July, August and September.

在成本方面，去年下半年我們確實向供應商提供了一些適度的補償，而今年下半年不會再發生這種情況。但總體而言，我認為我們對全年利潤強勁復甦持謹慎樂觀的態度。很大程度取決於第二季。我們將在十月底向您報告第二季的情況。您將在七月、八月和九月的流量結果中看到其中的一些內容。

And all I can say is that apart from that, we will continue to be very disciplined and diligent on cost control. It's the thing that really separates us from all other airlines in Europe. We look forward to repaying the two bonds, EUR850 million in September, EUR1.2 billion next May, which will make Ryanair uniquely debt-free going forward. And we will continue to commit to return excess cash to shareholders. There will be another dividend subject to AGM approval in September, and Jamie and the team will continue to roll forward the share buyback plan.

我只能說，除此之外，我們將繼續嚴格、勤勉地控製成本。這正是我們與歐洲其他航空公司的不同之處。我們期待償還這兩筆債券，9 月償還 8.5 億歐元，明年 5 月償還 12 億歐元，這將使瑞安航空在未來獨一無二地擺脫債務。我們將繼續致力於向股東返還多餘的現金。經 9 月年度股東大會批准後，也將派發另一筆股息，Jamie 和團隊將繼續推動股票回購計畫。

We hope and expect that we'll take delivery of the 29 aircraft from Boeing tariff-free between now and Christmas and that, ultimately, Boeing will be successful in getting the MAX 7, MAX 10 certified by the end of this year so we can look forward with some degree of confidence to taking those MAX 10 deliveries in '27, '28 and also being able to move on the dollar -- or the dollar hedging of that CapEx with hedge accounting in place.

我們希望並期望從現在到聖誕節期間，我們能夠免關稅接收波音公司的 29 架飛機，並且波音公司最終將在今年年底前成功獲得 MAX 7 和 MAX 10 的認證，因此我們可以滿懷信心地期待在 2027 年和 2028 年接收 MAX 10 飛機，並且能夠以美元結算對該期為單位進行支出。

I have nothing to add. Anything -- Neil, anything you want to add before we close off?

我沒有什麼好補充的。有什麼——尼爾，在我們結束之前你想補充什麼嗎？

No.

不。

Okay. Nadia, thank you very much, your help. Thank you, ladies and gentlemen. If anybody has any individual queries, feel free to call Jamie and the team. We're not doing a road show as is normal on the Q1. But if anybody has any query, please fire them into Jamie, If you want to come visit us at some stage over the summer, please feel free to do so. As long as you're flying with Ryanair and not one of our competitors, you'll be very welcome.

好的。納迪亞，非常感謝你的幫忙。謝謝各位，女士們、先生們。如果有人有任何個人疑問，請隨時致電 Jamie 和團隊。我們不會像第一季那樣進行路演。但如果有人有任何疑問，請向 Jamie 提出，如果您想在夏天的某個階段來拜訪我們，請隨時這樣做。只要您搭乘的是瑞安航空而不是我們的競爭對手的航班，我們都會熱烈歡迎您。

Thank you very much, everybody, and we'll all go back to work now. Thank you. Bye-bye.

非常感謝大家，我們現在都要回去工作了。謝謝。再見。

Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路了。