Michael O’Leary: Okay, ladies and gentlemen, good morning. 9:00. So, let’s start off with another on-time Ryanair departure. We gathered here this morning as we next weekend launch into our schedule at Zaventem and Charleroi airport. We’re also preparing for the De Wever government to increase the aviation tax in Belgium from €2 in 2025 to €7 in 2027. A 250% increase in aviation taxes in Belgium. This increase in taxes in Belgium comes at a time when most other European countries, Sweden, Slovakia, Hungary, Albania, regional Italy, Ireland, have abolished aviation taxes. And the inevitable consequence is we’re taking aircraft out of Charleroi. We’re closing routes in Charleroi and in Zaventem. And we’re reducing our traffic in Belgium in response to this mad increase in aviation taxes. As a result of that, this next year there will be 1.1 million fewer seats in Belgium. 1.1 million fewer passengers coming to Zaventem and to Charleroi, and those aircraft, those routes and those passengers have been reallocated to Italy, to Slovakia and to Sweden where the governments are abolishing taxes. This is a regrettable but inevitable consequence of failed policies by the De Wever government. You cannot grow Belgium. You cannot grow air travel in Belgium by taxing it. Aircraft are mobile assets and they will move to those countries like Sweden, the home of flight shaming and Greta Thunberg, who have worked out that taxing aviation was a dumb failed idea and they’re now abolishing their aviation taxes and being rewarded with rapid growth.
So we’ll run you through briefly the usual thing of Ryanair. So we’re Europe’s lowest-cost, largest lowest-cost airline. We have lower fares, lower cost than any other European airline. We’re the number two airline in the world this year: 214 million passengers. We have grown 43% since COVID, where countries who are taxing air travel like France, Belgium, Germany and Holland have seen traffic decline. They failed to recover their pre-COVID traffic. We’re number one for coverage and choice, number one for on-time departures, and we expect to take delivery of 300 Max 10 aircraft over the next decade, which will allow Ryanair to grow from 200 to 300 million passengers per annum. We’re the world’s number two airline. By far and away the biggest European airline. We’re number two in the world. This year we’ve overtaken Delta and United. And within the next four years we’ll overtake American as well. We’re twice the size of Lufthansa, IAG, Air France-KLM and easyJet. And why are we so big? Because we have so much more low-fare availability. And what citizens and consumers in Europe want is lower fares. They don’t want aviation taxes. They don’t want any environmental taxes. They want lower fares. And that’s why Europe, one of the few industries where Europe is more competitive than North America, is aviation. US beats us in AI, beats us in IT, beats us in capital markets, beats us in almost every other industry. The Chinese beat us in manufacturing electric cars. In Europe, we have the lowest airfares of any economic bloc anywhere in the world. And yet what does Europe do to low-fare air? Let’s increase environmental taxes, but only on European citizens. We exempt the Americans, the Chinese and the Asians. This is not the way forward. What European citizens want are lower fares. That’s what Ryanair gives them, which is why Ryanair keeps growing.
This year we’ll operate from 95 bases, 222 airports. We will grow from 148 million passengers last year to 214 million passengers this year. Why? Because we have much lower costs. Next slide. We have much lower cost than any other airline in Europe. Our cost per seat is €36 compared to Wizz at €65, easyJet at €90. And you look at Lufthansa, Air France: €180 per seat. If Europe wants to have low fares going forward, you need more Ryanair growth, which thankfully we will be able to deliver. But we also need to stop taxing European aviation or at least have a level playing field for environmental taxes that taxes the Americans, the Chinese and the Asians on a fair and reasonable basis rather than exempting them as we currently do.
In terms of current development, we have strong post-COVID recovery. I said our traffic is up 43% pre-COVID. We carried 148 million passengers last year. That will grow to 214 million. We have 300 Boeing 737 Max 10 on order. We expect Boeing to approve, or certify, the FAA to certify, the Max 10 hopefully this week; if not this week, maybe next week, but we expect the Max 10 to be certified during the month of October. Our first delivery is due in January of next year. We’ll be the first operator of the Max 10 here in Europe.
And what is happening though: we are switching our scarce capacity to those states and airports who are reducing taxes, incentivizing growth, i.e. Slovakia, Italy, Sweden, Hungary, but away from those countries who are raising aviation taxes like the dumb De Wever government here in Belgium. Belgium and Ryanair, Ryanair is the largest airline in Belgium. But if Belgium wants to tax aviation, then we’re going to take our aircraft and move them somewhere else where they’re not taxing aviation. As a result of which Belgium will be the loser.
We continue to ask the question here in Brussels: why has nothing been done about the Draghi report? We see riots in the streets in many European countries. People are unhappy about cost of living, about the lack of competitiveness of Europe. Meanwhile, useless von der Leyen hides in the Berlaymont building doing absolutely nothing about competitiveness except, well, sorry, she gives speeches about competitiveness, but that’s about it and does nothing else. The Draghi report gave us in Europe a road map for how to deliver on competitiveness two years ago, and yet it has just gathered dust for the last two years. Nothing has been done. The failing De Wever government responds in Belgium by raising taxes on aviation by 250%, from €2 to €7 a ticket. A family of four would now have to pay €28 in additional taxes just for the privilege of flying from Belgium. I think many will drive to Holland or to France and get cheaper airfares there rather than flying from Belgium. As a result of that, and solely because of that tax increase, Zaventem and Charleroi will lose 1.1 million seats this winter. Six aircraft have been moved from Charleroi: two to Italy, two to Sweden, two to Slovakia, and 200 jobs, pilots and cabin crew jobs, have been lost. And there’ll be another million seats cut in summer ’27 if the De Wever government doesn’t abolish those taxes.
Europe fails to deliver competitiveness. Here we have useless von der Leyen talks about competitiveness but does absolutely nothing about it. Scrap aviation taxes. It makes no sense to tax aviation because it is a mobile asset. If you tax it in one location, the aircraft moves somewhere else to avoid the taxes. Stop penalizing European citizens. We only apply ETS environmental taxes to intra-EU flights, and yet long-haul flights from America, Asia and the Chinese account for 53% of European aviation CO2 emissions. So the people who create the most emissions are completely exempt from their fair share of environmental taxes. Only the Europeans would design a system as dumb and stupid as this. The Americans, the Asians and the Chinese are laughing at us. And yet what do we get this year? Proposal to further raise environmental taxes on European aviation. Stop raising tax on European aviation. If you’re not going to tax the Americans when they want to land and take off in Europe, then we should reduce ETSs towards CORSIA levels, which is what the Europeans, the Asians and the Chinese have agreed to pay. That would dramatically lower airfares for European citizen families traveling within the EU.
Fix Europe’s failed ATC system. 90% of flight delays in Europe are caused by air traffic control. Yet the airlines have to pay the costs. We have to pay the right to care. We have to pay compensation. But we’re not allowed to recover that from the people who caused the delays, which is the air traffic control providers. Again, the European Airlines A4E has two simple reforms. One: mandate or oblige the air traffic controllers to have standby air traffic controllers for the first wave of morning flights. They don’t. And when on a Saturday and a Sunday in the summer they say there’s air traffic capacity restrictions, it just means that Pierre or Frank haven’t showed up to work. They should have standby air traffic control in the same way that the airlines have standby pilots and standby cabin crew. And secondly: protect flight overflights during national ATC strikes, i.e. French strikes. The French go on strike. They use minimum service legislation to protect a lot of the local French flights, but they cancel all the overflights. So the flights going from Belgium to Spain, from Ireland to Italy, from the UK to Portugal all get cancelled while the French look after themselves. Again, if this is a single market for air travel, we should protect those overflights. We don’t need French ATC to overfly France. And yet we allow the French to just shut the skies over Europe whenever they have one of their recreational strikes.
Reform the ownership and control regulations. We have this interesting case coming up in Dublin in December where Air France-KLM, who within A4E agree that ownership and control rules should be reformed, and yet they’ve set up a new organization called the ENAA, which has only got two members, Air France and Lufthansa, under which they are lobbying to keep the existing ownership and control rules the same. We have said if that case goes ahead in Dublin, we’re leaving A4E, which will result in the collapse of A4E because you won’t have Europe’s largest airline in it. Europe, following the Sabena case in 2015, the European Union produced guidelines. We comply fully with the 50% EU ownership and control because if any non-Europeans own shares, we deprive them of any voting rights. They don’t have any shareholder rights, and therefore the equity control of Ryanair is 100% European owned.
Cut ETSs to CORSIA levels. If you’re not going to tax the Americans, the Asians and the Chinese, then at least reduce the taxes that European citizens are paying to what the Americans, Chinese and Asians are agreeing to pay, which is CORSIA. And you have this kind of ludicrous scam at the moment in Europe. Next slide. Under ETSs, for example: a family of four from Belgium traveling to the Canaries pays €120 in ETS taxation. Absolutely bonkers. Yet if they go next door to Morocco: zero, because Morocco’s outside the EU. Again, they go to southern Italy: €80 of ETSs. They go to neighboring Albania: zero. And if you want to go to Greece, it’s €80, the Greek islands, but you go to next-door Turkey: zero. Europe’s response to this: ooh, let’s increase, we’ll now apply ETSs to all flights within 5,000 kilometers of where’s the center of Europe? Frankfurt. Because if you move it to Frankfurt, you just catch the Gulf carriers, but you don’t catch New York. So I said no. Again, what’s Europe’s response here? It’s not to reduce or abolish ETSs altogether in Europe for the benefit of European citizens. It’s let’s see if we can extend the taxation to somebody else without upsetting the Americans. As always, Europe taxes and reduces competitiveness while trying not to offend the Americans.
Belgium for this winter: we will have 13 aircraft based here in Belgium with a €1.3 billion investment. That’s down from 20 aircraft, 76 routes, 10 million passengers, down from 11 million. We are supporting about 8,000 jobs here in Belgium. And what does the government do? Increases aviation tax by 250% from €2 to €7 starting in March 2027. And Belgium is increasing aviation tax at a time when Slovakia, Sweden, Hungary, Italy are scrapping aviation taxes and are being rewarded with dramatic growth. Our response to this: we’re going to cut six aircraft, 20 routes lost, 1.1 million seats in winter of 2026. So in Charleroi this winter, we have 13 based aircraft, a reduction of six. It’s an investment of €1.3 billion, but a reduction of €600 million, 75 routes, 13 routes closed, supporting, we’re losing 200 jobs, and there’s 1 million fewer seats. And what happens for the remaining seats? There’s going to be higher airfares. Congratulations, Prime Minister De Wever. Another brilliant initiative that will do nothing except damage the competitiveness of Belgian aviation.
In Zaventem this winter, we’re only going to maintain one route, which is the route to Dublin. We’re closing seven other routes. We’re going to reduce from 300,000 seats to 100,000 seats. 300,000 seats lost. Airport charges in Zaventem have gone up 25% post-COVID despite the fact that Zaventem isn’t growing. We closed our two-aircraft base in Zaventem in 2022; only one route this winter. And again De Wever responds to this by increasing aviation taxes. It would be hard to find a more stupid or more failed political initiative than De Wever increasing taxes. You don’t need to be a genius. You just have to look at what happened in Germany, France and Holland post-COVID, where they raised taxes and air travel again fell, and De Wever, instead of following the successful model of Italy, Slovakia or Sweden, decides he’ll follow the failed policies of the Germans and the French.
We have an alternative. We’ve already submitted a growth plan, a 7-year growth plan, to the De Wever government. We said by 2032 Ryanair would grow traffic 50% to 16 million passengers from 11 million. We would base 17 new Boeing 737 aircraft here in Zaventem and in Charleroi. We would reopen the Zaventem base and regrow traffic at Charleroi. We would add 100 new routes here in Belgium and create 1,000 more Ryanair jobs in Belgium. And all we have to do is abolish the €2 aviation tax, lower Zaventem charges that have gone up by 25% post-COVID, and scrap the restrictive curfew at Zaventem. And what did we get by way of response? An increase in the taxes. Congratulations to De Wever. Yet another failed politician following failed tax-increasing policy.
In summary, Ryanair is the world’s number two airline. We have the lowest fares, the most choice, and we’re growing rapidly across Europe. Failing De Wever increases aviation taxes by 250% in Belgium in 2027. As a result of which Belgium is losing six aircraft, 20 routes, 1.1 million seats. Those seats are switching to Sweden, Hungary, Albania, Italy, who are scrapping aviation taxes and are enjoying rapid growth. We do have an alternative plan for Belgium, which is to grow from 10 to 16 million passengers, but only if Belgium abolishes the stupid €7 aviation tax. We continue to call on useless von der Leyen to deliver competitiveness here in Europe, implement the Draghi plan. Nothing has been done for two years. Von der Leyen, when she occasionally comes out and gives speeches about being competitive, does absolutely nothing about it. Competitive aviation would result in much more rapid growth within Europe. Europe needs growth. If we’re going to satisfy the needs of our citizens, we’ve got to grow our economies. The fastest way to deliver growth is to encourage aviation growth. Aviation brings tourism. Tourism accounts for 12% of Europe’s GDP. And yet what are we doing here? The morons in Brussels and in the European Parliament want to increase taxes on European aviation, damage growth, which is why so many of our citizens are so unhappy with the political leadership we have in Europe.
There is a seat sale today, but the seat sale is one of the highest seat sales we’ve ever launched in Brussels. We used to have seat sales of $9.99, €14.99, €19.99. Now with fewer flights in Belgium, the seat sales are €30. Congratulations, Prime Minister De Wever. Another political failure here in Belgium. Abolish the taxes and return to growth. And if you’ve got any questions?
Q: Can we have the list of the 13 routes closed?
O’Leary: We can. Yeah, we’ll send it on. We’ll send it on to you. Daryl will send you the details of the routes that are closed for 2028.
Q: There will be a closure of the runway in Charleroi?
O’Leary: Closure of the runway. What’s the works on the main? So, from August 2028 till October 2028, they’re closing it. There is only one. What do I expect? I expect nothing more than incompetence here in Belgium. I mean, I’m sure there must be some kind of rule that they’re going to keep some, Are they closing it for 24 hours a day to do it? Yeah, it’s been confirmed. Yes. Well, then there’ll be no flights in Charleroi for the period from end August till October. Are they doing the summer? That’s fine. There’ll be even more growth in Slovakia, Sweden and Italy from August to October 2028. But sadly, the De Wever government will get no taxation from Ryanair during those two months.
Q: You weren’t aware of it?
O’Leary: I wasn’t aware of it. No. Okay. But if they decide to close the runway for two months, we’ll move the aircraft for two months. Like it has happened before, but only in Belgium. It’s probably a response by Charleroi to the De Wever tax increase. Let’s just close the runway all together.
Q: You are doing the same next year, the airport is closing due to works and you are moving the aircraft.
O’Leary: Yeah. I mean, if they close the runway, just move the aircraft for whatever period of time they close the runway. But you know at the moment the De Wever government has a choice to make. You can raise these aviation taxes and preside over a collapse in air traffic in Belgium, or you can follow a better plan, which is copy the Swedes, the Slovakians, the Hungarians, the Italians: abolish the stupid aviation tax and return to growth. But sir, I wasn’t aware the runway was closing for a month or two. We’ll check it out. But if it closes for a month or two, we’ll be moving all the aircraft. Somebody else will get all the growth for a two-month period. We’ll come back after the runway is reopened. Any other questions?
Q: You’re talking about 200 jobs?
O’Leary: It’s pilots and cabin crew. They move with the aircraft. They’ve gone to Slovakia and to Sweden. So it’s just pilots and cabin crew.
Q: So let’s say the reduction of the aviation tax increase from 10 to 7,
O’Leary: it’s not a decrease. It’s going up from €2 to €7.
Q: Yeah, but it was supposed to be €10. So it’s still a reduction, let’s say. But it came too late to affect your winter 2026 schedule?
O’Leary: It didn’t come too late to do anything. It’s going up from €2 to €7 as opposed to going up from €2 to €10. I mean, the decision came too late. So that’s why you said the decision is stupid in the first place. Stop raising taxes on mobile businesses. Caterpillar used to be a huge employer down in Wallonia. No longer makes anything in Wallonia. Charleroi is the biggest employer in the Walloon region, you know, and you have these bonkers politicians. The local mayor in Charleroi at one stage was talking about having a local tax on Charleroi. Like, why is it these stupid politicians think that if we start taxing air travel, it won’t move? It moves.
Q: But my question was still: is this one of the reasons why it becomes seasonal rather than being—
O’Leary: The reduction from 10 to 7? Why do you do a reduction? There’s an increase from 2 to 7.
Q: No, but my idea was if it gets, well, if it was still €10, would you cancel them directly for winter and summer?
O’Leary: Or if it stays at seven, we’re going to cancel probably another million seats next summer. So the reduction this winter will be a million seats, and the reduction next summer will be about two million seats, and we’re going to keep reducing. We have no intention of keeping aircraft here in Charleroi and flying routes in Charleroi paying €7 tax per ticket. If we can move those aircraft to Slovakia where there’s zero tax, to Sweden where there’s zero tax, to Italy where there’s zero tax, why would we stay in Belgium? So we will keep reducing our business here in Belgium for as long as the De Wever government keeps following its failed policies, and the result of that will be higher fares in Charleroi on the remaining flights, higher fares in Zaventem, less growth, less economic activity here in Belgium. This is the same problem, this is why France doesn’t work: high taxes, everywhere, nothing works in France. And Belgium is following. You have a stupid prime minister following stupid high-tax policies.
Q: What’s the current situation in Jordan? You had a base there before Israel.
O’Leary: The situation, we continue to work with the Jordanian authorities. We suspended all flights that were flying to Amman and to Aqaba until the war broke out in the Middle East, and the security situation means we can’t operate any flights there. We don’t fly to Israel during the security situation at the moment. We would like to go back to Jordan. We’re willing to go back to Jordan, but only once it’s safe to do so.
Q: You talked about the Max 10. Do you still expect to receive your first 15 aircraft by spring?
O’Leary: Yeah. In fact, we got written confirmation from Boeing about three weeks ago that they will deliver the first 15 aircraft. The first one is coming subject to it being certified. The first one is due for delivery in January. We get seven in March, three in April, three in May. So is that 15? 7-3-3? No more, must be 7-4-4. Yeah. So 7-4-4: one in January, seven in March, four in April, four in May. So that will give us 16 additional aircraft for summer of 2027. That will allow us to grow traffic next year from 214 million to about 220 million. But sadly, none of that growth will be here in Belgium. All of the growth will be taking place in Slovakia, Italy, Sweden, Hungary, Ireland, where there’s zero aviation taxes. And eventually the Belgian government will work out, ooh, maybe this wasn’t the brightest idea we’ve ever had, and abolish the taxes.
Q: For the previous Max, sorry, for the Max 8, you still didn’t get everything?
O’Leary: No, no, we have all the Max 8s. We ordered 210 Max 8s and we’ve now received all 210 Max 8s. We got the last 29 Max 8s in the spring of 2026, which is why this year we were able to grow from 148 million passengers last year to 214 million passengers this year. So we’re still growing very rapidly. That’s the point we make to all these governments. That’s why we submitted a growth plan for Belgium. We can grow our traffic in Belgium from 10 to 16 million passengers. Imagine the amount of economic growth both in Charleroi and Zaventem that would bring. And yet the De Wever government does exactly the opposite. It raises the stupid tax. I mean, a tax of €2 raises no money anyway. You’d have been better off to abolish the tax and follow the successful example of Sweden, Slovakia, Italy, Hungary.
Q: For the moment with Boeing everything is all right?
O’Leary: For the moment with Boeing, we’re excitedly awaiting it. We think Boeing and the FAA are going to certify the Max 10 during the month of October. We’ve got about 10 days left in the month of October. So we believe they’ll certify the Max 10 in October. Then we need the Europeans to certify it before the end of the year. And subject to those two things happening, we then will take delivery of our first Max 10 in January, next January, 2027. And this is a transformative aircraft. Remember, this aircraft has 20% more seats. It burns 20% less fuel per seat. So it transforms our economics. It also transforms our emissions. But do we get any break in emissions from the dumb Europeans? No. You still be paying stupid environmental taxes on these greenest, cleanest aircraft, while we still allow the Americans and the Asians and the Chinese to land and take off in Europe and pay no environmental taxes. But that’s only because Europe is the home of stupid regulation and idiot politicians like useless von der Leyen.
Q: Does it change something for you for Portugal?
O’Leary: I think it will enable us to grow faster in Portugal. Lufthansa acquiring TAP will mean a higher cost in TAP, much higher fares in TAP. It would be a rerun of what they did with Sabena here in Brussels and with ITA in Italy. You’ll have higher fares, more feeder flights into Munich, Frankfurt, Vienna and Geneva, and not much growth domestically in Portugal. We’re running neck and neck with TAP as the number one airline in Portugal. I think under Lufthansa’s ownership, TAP’s fares will go up and their traffic will go down, and we will grow much faster in Portugal in the next couple of years. So we welcome and support Lufthansa buying TAP because it’ll be good for our expansion in Portugal. In exactly the same way Lufthansa buying ITA has been very good for Ryanair’s growth in the Italian marketplace.
Q: Should there be another airline disappearing or being kept—?
O’Leary: That’s been inevitable. I’ve been saying for 10 years Europe is consolidating towards four large airlines. There’s going to be Lufthansa, Air France, BA and Ryanair. And look at today. Lufthansa has bought ITA in the last 12 months. They’re now going to buy TAP. Air France-KLM has bought SAS. Volotea is in chapter 11. Air Baltic is in chapter 11. Norwegian probably won’t survive the winter. I doubt if Wizz will survive the winter as well, given the debts they have and the cost of fuel. So Europe is gradually morphing towards four large airline groups. The challenge for Europe is three of those airline groups, BA, Lufthansa, Air France, want to charge very high airfares, and only one airline is able to offer low airfares and growth: Ryanair. And yet Europe believes, what do we do in this? Let’s tax it some more, but only the European citizens. Then we won’t tax the Americans, we don’t upset the Chinese or the Asians or anybody else landing in Europe. We’ll just tax the poor dumb Europeans going on their family holidays to Spain and France and Portugal.
Q: They tax you because you make benefits?
O’Leary: They tax you because you make benefits. What’s my benefit? Ryanair is profitable. Oh, so if it’s profitable in Europe, we’ll tax it. And when it starts losing money, we’ll subsidise it. And then they worry why Europe isn’t competitive. As Reagan said famously, in the US they innovate, in China they replicate, and in Europe they regulate. And why are European citizens so unhappy at the cost of living? Because Europe is not competitive. And it’s not competitive because we are led by a useless German who has the Draghi report there two years ago. She’s now two years older, gathering dust, doing nothing except making speeches about being competitive. So the sooner we get rid of von der Leyen and get some leadership into Europe that actually wants to make Europe competitive, stop taxing our European citizens and start being more competitive, the better. But unfortunately, we’re stuck with her for the next two years at least. Any other questions?
Q: On airfares and fuel—
O’Leary: I think airfares are going to go dramatically higher in 2027. Ryanair and most of the other European airlines had strong fuel hedge positions through 2026. So when the war broke out in the Middle East in February, we were 80% hedged at $67 a barrel on oil out to next March. From next April onwards in 2027, Ryanair and most of the other European airlines have very little hedging in place. So we’re all going to be paying dramatically higher oil prices. Today, spot jet fuel is about $140–$150 a barrel, more than double our current hedge rate. So you’ve two things happening next year. One, there’s going to be less seats available because of the bankruptcies and the takeovers. And two, all the airlines are unhedged. So we’re all going to be paying much higher oil prices. And then three, Europe wants to raise ETS taxation again on Europe’s poor citizens. So I think airfares, you’re going to see airfares rise next year in Europe by 10–15, maybe 20%. You’re going to see the biggest increase in airfares, I would say, in history in Europe in the next 12 months. But the question is: will that increase in airfares be enough to cover the dramatically higher oil bills we’re going to have to pay? I don’t think they will be. I think all of the margins of Europe’s airlines next year are going to get squeezed by dramatically higher oil prices, failed ETS taxation, which is why we’re taking six aircraft out of Belgium, because we’re not willing to hang around and pay De Wever €7 a seat. We’ll move them to Slovakia, Italy or Sweden where we pay zero euros in aviation tax per seat.
Q: Do you expect the increase will be higher in Belgium?
O’Leary: Yeah, the increase in Belgium will be dramatically higher because there’ll be a lot less capacity. So you have two or three things in Belgium next year: higher fuel prices, higher ETS taxation and much less seats in Charleroi and in Zaventem. So airfares in Belgium next year will probably suffer one of the biggest increases of any European country. Where we’re moving capacity into Sweden, into Slovakia, into Italy, airfares will stay reasonably, but the increase will not be as big as it will be in Belgium.
Q: Are you still hedging?
O’Leary: No, you can’t hedge at the moment. Next year we’re 15% hedged at $85 a barrel. So essentially nobody is really hedged. We’re 85% unhedged next year and most of the other European airlines are in a similar position. So I think what you’re going to see next summer will be large fuel surcharges on charter holidays. Lufthansa, Air France, IAG will all levy fuel surcharges on short-haul airfares, and airfares are going to dramatically increase. I would urge you now: if you want to travel next summer, book your holidays as early as you possibly can, because the prices are just going to take off. But then Europe will probably subsidise it. There’ll be more state aid for Lufthansa and Air France flights, as they always do whenever Lufthansa and Air France get into trouble. Any other questions? No. Remember: big cuts in Belgium in the next 12 months. We would like to have a lot of growth, but while De Wever and his mob are increasing taxes, Belgium is going to keep suffering dramatic cuts and much higher airfares. Vote for the opposition in the next election. Throw the De Wever government out. Okay. Thank you very much.
