I'd just like to introduce before I start, Ben Souter, who's easyJet's Director of Treasury. So he's here to answer the difficult questions, but also will do a couple of slides for me. So, perfect, Adrian, thank you. The key messages today are all around how we intend to deploy our capital to kind of structurally improve our, our long-term sustainable earnings, and also how, how here at easyJet, we, we think about capital allocation. The first thing we think about when we think to capital allocation is how we can maximize the returns from the, from the existing fleet. So that's really important to us, and, you know, you've seen lots of examples of that with, with the network, how we reallocate aircraft across the network, looking to drive better utilization and productivity through the winter. We're driving revenues on that existing fleet. Holidays will be a good example as a super ancillary, but we'll also continue to try and improve our ancillary uptake, and we're looking at dynamic pricing to help us there as well. We've got something that we're doing on in-flight retail as we try and take what was 40 PSE pre-pandemic up above GBP 1 a seat. And then, obviously, we continue to focus on cost. It's been pleasing to see costs staying flat. Cost ex-fuel was staying flat for the last year. We're still committed to keeping it in the low single digits for H2, and we'll update more about where we are in July on our progress on that when we come to the Q3. So that's how we think about maximizing the returns on the existing fleet. And then, when we bring in incremental aircraft, and we bring in the new neos that are coming through, we really want with the modernization of the fleet, we wanna take the opportunity of being very selective again, where we place those aircraft. But we know they're gonna deliver in excess of GBP 3 a seat benefit in what is the medium term, and that's quite unique to easyJet, because it's an upgauging that we go on between 180 seats today and 194 in 2028. But we'll go into more detail on that. And our intention here is to keep the kind of fleet in ownership level of neos in excess of 75%, and if we do that through this period, then that will increase the network value of that own fleet from about GBP 4 billion today, up to about GBP 8 billion. So it'll substantially strengthen the balance sheet if we do that, and the kind of capital worth of easyJet. And we've got the good thing is, since I joined, and with Ben's help, we've set about really strengthening the balance sheet post-COVID. And the position we're in today means that we've got something like GBP 5 billion+ in liquidity. We're holding GBP 3 billion of gross cash. We have a net cash of GBP 146 million, and that includes about GBP 1 billion of IFRS 16 liabilities, which obviously don't have a singular maturity. So, you know, we've got the strong foundation to go on this journey. So those are the kind of topics we want to talk about today, and we'll dive into a bit of detail on some of them. So hopefully, you're all super familiar with this. These are the medium-term targets, and we laid them out in October. But we've got a bit more time to talk about how we're thinking to them and the performance against them. In full year 2023, we got just shy of GBP 5 per seat, and we had 90-odd million seats, and that's how we ended up with the GBP 455 million profit. What we really want to do is more than double that profit and get the profit before tax in excess of GBP 1 billion. And we think we've got some really strong self-help measures that don't rely on the consumers finding more money for us. They're actually things that we should be much more in control of. In winter, when we talk about reducing winter losses, that's very much about productivity and efficiency. You know, we're already an efficient airline with good aircraft utilization and block hour productivity for our pilots in the summer. If we want to add capacity, pretty much everything's variable, 'cause we need more seats, more pilots to do that. But in the winter, as we restore capacity, we need no more aircraft to do that. They're already there for the summer. We need no more pilots to do that. We can have a lift in productivity. So we managed to get kind of a 12% increase in capacity this winter from 7% productivity gains and only 5% increase in fleet. And there's still a lot to go there, and we know that, you know, even though we've got a GBP 60 million improvement in winter losses this year, that was a bit hampered by obviously what was happening in the Middle East in particular, with not being able to fly to Tel Aviv, the impact and not flying to Jordan, and then the impact it had around the wider region in Egypt, et cetera. So that's about... So reducing winter loss is about our productivity, our efficiency, and restoring some capacity where it is profitable to do so. And we find more and more candidate routes in the winter to do that because of the structural change we've now got through happening with ancillaries and the extra GBP 10 of ancillary per seat that we have. When it comes to upgauging, I won't do a lot on this slide because we have a bit of a deep dive, but effectively, a quarter of our fleet are A319s, and when they retire from the fleet and are replaced by either A320neos or A321neos, then right across the fleet, that will be worth in excess of GBP 3 per seat. And we'll go into a bit of detail on that. But that's a mechanical thing, it's gonna happen in terms of the cost base, the kind of big ask is can we hold the RPS on those additional seats where we are today? So not looking for customers to pay more for what they're doing today, but actually get more customers in on those seats. We believe we can, because the European aviation industry has moved on from flying 156-seat aircraft. You know, the average gauge of Ryanair would already be in the low 190s and will remain there while we up-gauge, which is why we think it's unique to us. We fly primarily from slot-constrained primary airports. So if anything, we should be having the larger aircraft, 'cause we can add capacity without needing to find any more first-wave slots in these airports. So that's what the up-gauge is about, but we'll go into a bit more detail about why we're confident that it's more than GBP 3. Then easyJet holidays, hopefully, the confidence in the performance there is growing. You know, we were 5% market share last year. We believe we'll be at 7% market share this year with 2.6 million seats. And those 2.6 million seats, we've already guided to will bring us over GBP 170 million incremental profit. But the key point there is, this isn't asking the customer to spend any more money. This isn't saying anything about the consumer, and whether it, whether it's getting stronger or weaker. It's actually asking the consumers to spend less money, because right now they're on our aircraft. If we fly to a Greek island, 20% will have their accommodation bought through easyJet holidays. The other 80% will either be visiting friends, not so many in Greek islands, but probably go buying their accommodation with Booking.com, with loveholidays, with On the Beach, with TUI, who buy a lot of seats off us. We're looking to transfer those customers and actually reduce their spend, because we're cheaper seven times out of ten by traveling with easyJet holidays. We just need to present more accommodation and more and more hoteliers are linking to our website on the holiday side directly to show more and more room types, because they see that it's working. Our commitment to these holiday to these hotels isn't one of prepayments and isn't one of financial commitments. The commitment is that we arrive on their island with more frequency on a daily basis than the other airlines they're dealing with. So that's the holiday side. Then the other that's kind of not in our control. Well, it is in our control, but it's in every airline's control. So we think that's there to be competed. So we're all trying to monetize our networks. We're all trying to keep that cost discipline. We think we're doing a better job right now. We're all looking at enhancing revenue and so on, but we've put that in there because, you know, right now we also want to build that GBP 5 base on our initiatives, but we're aware that those can go up and down, and there's inflation involved in that column as well. So that's how we see those, and it rolls up into our commitment to those medium-term targets. And I think the first one we'll hit, in all honesty, will be the high teen ROCE. And that's important to us because it's well in excess of our WACC, and we need that high teen ROCE to be funding and sponsoring the kind of fleet renewal and the fleet modernization. But that's something we're targeting, and we think we're gonna get there relatively quickly. Holidays are well on their journey, and the capacity growth of circa 5%, it'll be more this year, like 9%, but next year, the year after, the year after, we're looking at about 5% capacity growth. That's the kind of realm. We don't need 5% more aircraft to do that because of the upgauging and because of the productivity. We probably need 3%-4% more aircraft to deliver that. But that's our goal. We have a firm aircraft order. We've been through the mill with Airbus, and the numbers we're showing you are our kind of combined view of the deliveries and Airbus's undertaking to get that. So we've got an order book. It's all Airbus, it's all CFM-powered, and that's what delivers the 5% growth. If we go to the next slide. Thanks. So just pulling out some examples then on this focus on capital discipline and why this is important to us, and starting again with the existing fleet. The first one is obviously the reallocating the aircraft to the highest returning bases. We've done a lot of data work in finance and across the industry, and we're kind of democratized that data to really understand where we make money, right down to an EBIT level, by base and by route. And we're using that to be more data-led when it comes to the allocation of aircraft. We'd already done some sensible things, like the right sizing of Berlin. That was horrendously loss-making and is now right in the middle of our profitability chart. We have a very good chart that we'll never share, but it's the one you've seen with no numbers. But internally, it obviously has the kind of, you know, you start with the most profitable base on the left, and then you go across the profitable to the least or most probably loss-making base on the right, when that was Berlin. And then, the breadth of the column dictates the size of the base to you, so you can really see how those bases are performing. So Berlin was a very big wide bar with 30-odd aircraft, right on the right-hand side. It's now a bit skinnier and moved into the middle. But we've done other stuff as well. We invested in Portugal, was always a left-hand base, doing nice and profitable and won slots in Lisbon and Porto. And now those slots are maturing, so we're pleased with those. We're investing in regional U.K. We've put an aircraft in, we've put aircraft into Bristol, into Manchester, into Glasgow, all performing very well. We've opened the base in Birmingham. That in its first season of operation has gone right to the left-hand side of the chart. And we'd normally... The rules are, you'd normally expect that to take a few years to mature, but the holidays underpinning meant that that fired up immediately. And we think the same will be true of Southend, which is why we're looking to open there next year, and we'll keep looking for opportunities in regional U.K. And we're also looking in kind of destination bases that are performing very well. So we think about how we can reallocate those aircraft to the best bases. When it comes to revenue on existing assets, as I said, holidays attachment rate, we fly more frequently into destination than the packaged airlines. But last year, we had a 5% market share versus the 16%-17% that TUI and Jet2 would have, and therefore, we're gonna continue that growth, because it's really about increasing the uptake on our customers and transferring that kind of share of wallet across to ourselves. So the medium-term targets would require a 10% market share in the UK. And obviously, we've launched in Switzerland, we've launched in Germany, we've launched in France. But we're gonna take a measured approach to that growth, so we're not gonna throw PPC at it and sustain losses, because this model works because it. There's a structural advantage. There's a structural advantage against the OTAs, because the vast majority of the traffic coming to the holidays website is coming from one of Europe's largest travel websites, easyJet.com. And that would hold true in the European market, so we don't want to throw money at PPC. We want that to be the structural advantage, and the structural advantage against the leisure airlines of the TUI and the Jet2s is the size of the fleet. We have 170 aircraft, 75 aircraft, I think, in the UK, which will be more than obviously TUI plus Jet2 added together, and the OTAs don't have an aircraft. So, you know, we're hitting those islands more frequently, and the same would be true in Switzerland, where we'd be the number two behind SWISS and actually the number one when it comes to Basel and Geneva. So holidays, key journey, and I know Gary's gone into a lot of detail on that, so I won't give you any more because it's on the website. Revenue management enhancements, that's about continually working with the algorithms, and we're seeing good development with the ticket price over the last few years, and we still think there's work to be done there. And it's really about looking kind of through the life of a seat on sale and the kind of, you know, we put a seat on sale 12+ months out, and therefore, you know, there are periods when that will be quite inelastic in the eyes of the consumer. And then, there are periods when it becomes very elastic, and then it goes inelastic again towards the end. And it's how we can fine-tune our algorithms as those curves start changing in a post-pandemic world, because they're not the they don't look exactly the same as they did pre-pandemic. You don't really see airlines kicking everything off at GBP 19.99 at the moment, and therefore, you've got to evolve those, those curves, and there's work going on there. And then, on ancillary growth, that's about, it's about driving uptake, which is about merchandising. And we've been investing in our IT system, so we can, we can come to the market quicker with more bundles, and that's not a journey that's finished yet, but it's a journey that will, we will be kind of able to show more about in a time in the not too distant future. So it's driving uptake, and it's also looking at dynamic pricing, 'cause pricing around ancillaries is still quite basic when you compare to the ticket price. We kind of just, everyone just divides the aircraft into three, pretty much, and or five, and you're charged according to the way you sit in the, in the plane in that way. But that might not have much to do with where demand is, because, you know, you can, you can be charged a lot for a middle seat because it's towards the front of the plane, but I'm not sure that's where everyone wants to sit, compared with an aisle seat further back. So there's, you know, we're looking at what that might look to us on the seat map. And then, we talked about the cost discipline. When it comes to investing in new assets, we're looking at growing in the existing networks that we have, whether that's, that could be increasing the frequencies that we have on our existing network. Also, looking at adding new routes within that existing network. An example there would be Cape Verde from Porto in Portugal. So we're looking at where we've got white spots when it comes to our VFR routes, 'cause we have got opportunities when it comes to that. Upgauging is clear, and we'll talk about that later. With the new aircraft, we obviously get the fuel efficiencies, the sustainability benefits of having lower noise, which is attractive to a number of airports through Europe, to kind of pay for and win those next-generation aircraft. And reduce the ownership costs on the new aircraft, 'cause what I'm keen to do is see that our ownership cost per seat remains stable and ideally flat, despite the fact there's escalation out there when it comes to the OEMs. There's inflation out there, where, you know, engine shop visits might be costing more, but our goal is to keep that ownership cost flat by increasing the larger gauge aircraft and also bringing more aircraft into ownership from the newer aircraft. So I'm gonna hand over to Ben now to go into a bit of detail on capital allocation framework. Hi, everyone. For those of you who don't know me, I'm Ben Souter, Director of Treasury. So starting off, we thought we'd look at our capital allocation framework. Some of you might be familiar with this slide, and the full version of the slide is in the appendix. But today, what we really want to do is focus on the capital structure elements of our capital allocation framework. So there are three key objectives, in our capital structure: to maintain a robust balance sheet, retain our ability to invest in profitable growth opportunities, and maintain sufficient liquidity to manage through industry shocks. To support these objectives, we've came up with three key metrics. Firstly, a strong investment-grade balance sheet. Our strong investment-grade balance sheet provides a number of positives to easyJet. It really does deliver us some very attractive costs of financing.... It gives us access to various financing markets as well. We get cheaper hedging based off our strong credit rating, and also it allows us to negotiate better terms with our suppliers. The second metric that we'll touch on is around our neo-ownership, where we set a target of having greater than 75% neo-ownership within our fleet. This is a forward-looking metric, as all of easyJet's future deliveries now are neo-aircraft. However, we don't forget that we've still got a good proportion of our ceo aircraft in ownership that provides us with a lot of other benefits. Finally, there's our liquidity policy, where we look to maintain liquidity of unearned revenue, plus GBP 500 million. There are two core principles with this: We always want to make sure we're protecting our customers' money at all times, but also, we like to set a buffer to protect ourselves and give ourselves time to raise more financing, should there be another extreme shock to the industry, such as the pandemic we've been through more recently. So to summarize, and some of the stuff that Kenton was talking about earlier, our focused capital allocation and our targeted capacity growth, supported by the strong balance sheet, made up of the capital structure elements we talked about just now, deliver us our attractive long-term shareholder value. Or the other way around of looking at it is, our strong balance sheet really does help to support our medium-term targets, in particular, our ability to hopefully deliver high teen ROCE returns in the near term. Next slide, please. Thank you. So moving on to financial strength. So to go into our neo-ownership in a little bit more detail. We're currently sitting at 77% ownership. However, we are expecting to grow that to 81% by the end of FY 2025, by taking all new deliveries between now and then into ownership. This is a real positive for us, as we know that by having these aircraft in ownership, it provides us with a material cost advantage versus leasing. We've got our targeted growth, which we between 2023 and 2028, we're aiming for 5% CAGR. This is going to be delivered by approximately 3% fleet growth within that time. But as Kenton touched on earlier, we've also got the unique ability to up gauge our fleet, delivering an additional 2%. With that, and again, without repeating what Kenton's already been through, we've got lots of profitable growth opportunities out there, such as opening new bases in Birmingham, Alicante, finding extra aircraft to put into Porto and Lisbon. And we're always looking forward in our network planning, so we're also looking at opening Southend base for next summer. Moving to the right-hand side of the slide. We look to maintain our unearned revenue, plus GBP 500 million liquidity policy at all times. However, currently, we are sitting at GBP 1.9 billion in excess of our minimum liquidity policy. This is an exceptional place to be as we look to have the CapEx ramp up over the next few years. I think this is particularly important and really shows the delivery that easyJet's done, particularly as we've delevered the business quite materially over the last few years. That includes repaying two euro bonds of EUR 500 million each. We've also repaid the drawn element of our UKEF facility, which is another $950 million, and our lease liability is down by approximately GBP 100 million from FY 2022. The key piece here on this slide, in my view, is by 2028, we are looking to double the amount of book value in our fleet from GBP 4 billion, as we sit here today, to GBP 8 billion. I think a strong balance sheet is how we go about delivering that. Finally, as I touched on earlier, we've looked at our neo-ownership, but we still have 103 A320ceos in ownership at that 58% ownership level. However, with the A319s, we have looked to manage the residual value risk on this asset type. Having a good number in ownership really does provide us with additional financing flexibility. However, also having put a number of these into leasing transactions, it provides us with a lot of flexibility in our fleet plan, which Kenton will touch on in a little bit. Next slide, please. So maintaining a robust balance sheet and really talking about our investment-grade balance sheet. easyJet's got one of the best credit ratings globally. And it's something that we're very proud of, but we have been on a bit of a journey. So, from when I became Director of Treasury in January 2020, I did go through the full cycle of, going down to BBB- and Baa3, both on negative outlooks. But since the pandemic, we have really recovered with profitability and our strong balance sheet, pushing our ratings back up to BBB, flat with a positive outlook with Standard and Poor's and Baa2 with a stable outlook from Moody's. Following Moody's upgrading us to Baa2, easyJet went out into the market recently in March to issue an EUR 850 million bond, with a 7-year maturity. This bond was issued at the best margin easyJet's ever achieved on a bond transaction, and it refinanced our FY 2025 delivery. This means our next bond refinancing coming up at us, is not until FY 2028. In the appendix, we've added in a little bit on bond pricing, which I don't think we've shown before. It shows how our rating really does give us a cost advantage versus some of our peers. It should also be noted that the strong investment grade credit rating that we have allows us to negotiate far superior terms and pricing on our leases. With that, Kenton, I think I'm handing back to you. Thanks. Thanks, mate. Well done. So now we're gonna have a little, the deep dive into upgauging. And to just remind you, the little A319 there has got the 156 seats. The A320neo would have a 186 seats, and the A321 has 235 seats. And therefore, these are kind of we've got these aircraft in our fleet today, the neo and the 321. So these are kind of lived experiences when it comes to the benefits we're seeing, and we're basing it on kind of recent pricing that we're seeing, which is $850 a metric ton for fuel, which isn't that far off where it is today, actually, and 1.25 for the dollar, just so you can work back the math if you want to at some stage. So, you know, if we take the A319 and fly it down to Malaga from Manchester, it burns more fuel than the A320neo. But the A320neo's got 19% more seats, and what that means for us is we're reducing our fuel burn by 24%, and that's about half of the kind of just over GBP 3. So when we talk about just over GBP 3, about half comes in the ex-fuel world and half comes in the fuel world, and that's the, that's the fuel side of life. The productivity of 16%, you still only have two pilots, and you still only have four cabin crew. So you've just become 19% more productive with them. You also only have the two engines to maintain. Slightly different costs from the LEAP versus the 319, and that all kind of winds up at a 16% productivity benefit that we're seeing. When you hit costs like airport ground handling and nav, there's less of an impact, and the reason is, in airports, you tend to pay per passenger, and therefore you have 19% more, you pay 19% more. But with ground handling, there are certain costs that are more fixed, so you pay for the turn of an aircraft, and it doesn't really matter what aircraft you're turning. So you get a 19% benefit on those. Nav costs are more to do with weight, and the people on board won't weigh as much as the plane itself, so it's not a kind of 19% more people, 19% more weight. It's nothing like that, and therefore, the nav cost benefits come through as well. And in that pocket, we're seeing about 5% when we fly the same route with the larger aircraft. And obviously, it amortizes your fixed costs better, your, your central overheads better, the fixed element of, of maintenance that you have through your... We kind of in-source now our line maintenance throughout the U.K.. We've got Berlin, we've got Malta now, so that those fixed costs it's amortizing, you get that 19%, 16% benefit, me and Ben, et cetera. And if we fly the A320neo on an A319, then it's GBP 10 a seat better, which is amazing, because we made GBP 5 a seat last year, but it's GBP 10 a seat on that flight. If you roll the whole numbers through to the A321, it's 51% more seats. Now, you do add another cabin crew, so, but you don't get 51% productivity. You start getting 28% productivity, because of the heavier engines to maintain. The reduced fuel burn per seat becomes 30% because of the efficiency. Your turns, your navigation, et cetera, starts driving about 11%, and the other cost reductions are 32%. So here, we start hitting GBP 16 per seat benefit, and remember, that's on quarter of the fleet. So we roll it across that kind of quarter of the fleet, and between now and 2028, and that's when the vast majority of our A319s will leave the fleet. That's where the, that's where the GBP 3. Well, it's in excess of GBP 3. We'll allow a little bit for some revenue dilution, but in excess of 3 GBP, we put the greater area, in excess of GBP 3 per seat benefit. So this slide needs a little bit of unpacking, but it shows the current base fleet plan. So it shows that in our current base fleet plan, we're looking to get to about 395 aircraft in full year 2028, and that's how we're kind of adding. You can see that the light dotted blue is the maximum aircraft that we can have, and you can see we're pushing up against that as we roll out to full year 2028. Probably got enough headroom if we really wanted to hit 400, but there's a bit more science than the round numbers, which is why it's 395. But that blue line is the maximum. And it lifts above the fleet, because we'd have the right to extend some of the leases that are currently slated to go back on, say, some of the retiring older 320s as you enter that second period. We've been extending the A319s, which is why it's towards the end. We'd have even more, you could go higher than the top of that as you start hitting this period, because we've negotiated 100 purchase rights with Airbus, and they're not included in the max line. So let's see how performance is in that period. The red line is the contractual minimum, assuming we return the leases, when we return them. The red line could go lower because we have contractual deferral rights with Airbus, so with enough notice, we can defer anything up to 50% of the deliveries in a year. With less notice, that might look like 25% of the deliveries. So you have deferral rights implicit in the contract, but we haven't pulled down that red line. But you can see you could just run it, and effectively, if you did that, you would just replace—you would just make it an all-neo fleet towards these outer years. So that's kind of talking through the fleet graph. You can see the A319s materially exit the fleet by 20, well, actually do exit the fleet by the end of 2028. We're looking—we've been extending some of them, and we're looking at the green life, so we might, you know, we might end up with 6 even further out, if required. And we're doing that to hedge against any potential further slippage from Airbus. But these are aligned numbers now with Airbus. The important period for us is this period, because this is where the GBP 3+ presents, and this is the period that's unique to easyJet. This period, we just go on the same journey as the others. So this would be when Ryanair start receiving the kind of MAX 10s, subject to certification and production. But, you know, then we would go on that same journey as they would lift themselves from the low 190s up to the low 200s as well, and I'd assume that would then get in the mix of competition. But the first portion is unique to us. So that gives you a bit more detail on the fleet and how we're thinking of the growth in the fleet and keeping it at kind of a modest 3%-4% increase in metal, which drives the kind of 5%+ increase in passengers. This is one to get your head around. Through cycle cash generation. So with— To get a, to have a 395 aircraft fleet, which hopefully we'll have in full year 2028, and with the NEOs having no next generation beyond them, most people will have a kind of useful economic life assumption for that generation aircraft of about 23 years. We do with, see Ryanair with the same, we see nearly every airline with the same. So if you, if you're holding those NEO aircraft for 20-23 years, and you decided you wanted to be flat at 395, then a, then a kind of a through cycle delivery would be 17 per annum. That's how it would work out. And therefore, we said, "What would 17 per annum look like in terms of gross CapEx?" Now, campaigns are never launched at equal times for equal amounts, so you never find yourself getting 17 per annum. You're gonna have peaks. You're gonna then go into periods where you're not, not requiring so many aircraft, but through cycle, that should be about it. And in today's money, that would be a gross CapEx of about GBP 1.5 billion. And last year, we generated cash before CapEx of about GBP 1.6 billion. So that kind of quantum. Now, if you chose to do 25% of those deliveries in certain leasebacks to take it down to our 75% target, that 1.5 would drop to about GBP 1.3 billion. So that's the kind of the through cycle. We've built a strong foundation to prepare for the increase in deliveries that we're getting with the absolute peak, and we thought we'd show you in 2028, because we currently sit with excess liquidity of GBP 1.9 billion, knowing, though, that we've pre-financed the GBP 500 million June 2025 bond that's repayable next year. Then after that, there's not another maturity until January 2028. We, you know, our UKEF is undrawn. We've obviously got the things that Ben talked about in terms of net cash, strong investment-grade balance sheet, and a good ownership position. Next year, and for the balance of this year, we expect to build on that. We've taken delivery of all the 16 aircraft now, for this financial year, and there'll be nine aircraft delivered in next financial year. I saw a question on why does the CapEx, so I'll head that one off. GBP 1.3 billion when you get 16 aircraft, GBP 1.3 billion when you get nine aircraft, don't understand? Well, part of your CapEx includes pre-delivery payments for the year ahead. So when we had 16 aircraft, we had nine in the year ahead. When we have nine aircraft, we have 25 in the year ahead, and actually 34 the year after. You're prepaying up to about 20% of those deliveries, which is why it goes up. We're also making an investment in spares, and that investment sits in CapEx, because we want to protect ourselves against any supply chain issues that we might see, because we don't want technical issues or groundings because we haven't got enough spares in the network, and that's a good investment. And this is what Ben talked to. If we follow that chain and keep that 75% in ownership, then we build the net book value to about GBP 8 billion, and we have multiple choices when it comes to financing. We could, having delevered another GBP 0.5 billion, look to put a bond in place. We could look at the... I'm always interested in the JOLCO market. I think it's an attractive market, because the equity portion, you get to the financing. Obviously, sale and leasebacks will be available to us. Personally, at easyJet, we won't be looking to make GBP 250 million profit out of those, because you pay for it tomorrow, so we'll be looking to just do those at cost. But, you know, those are the things that we'll be, we'll be looking as options around the financing of these. If we go to the next slide, it's the summary. So the kind of the key takeaway that we'd like you to, to take from this isn't all the stuff on that slide. That's for your, that's for your desk. It's, it's that we're really looking to drive strong returns and improve returns from our existing fleet. You know, that's the most important thing. That's the capital we have at play, and we need, we need to do that. When we invest, we're doing it in a disciplined way, but the first wave of investment has a kicker that it replaces smaller aircraft, being the A319, and gives us a natural cost efficiency. And we're replacing those in congested airports where we don't expect to see a revenue dilution. And you've got to bear in mind, we've already done some of this. We've, we've replaced 20+, because we had over 100 of these A319s. We've replaced a, a big number of these already with A320s over the, the kind of recent years, and we haven't seen that revenue dilution from replacing it, but let's see what, what it, what, what happens as we do more. Also, I should have pointed out on the last slide, the A321 growth is really quite disciplined. It's only five... Well, thank you. No, one before that, actually. It's... Oh, it doesn't show it, so, but I'll tell you. We've got about 5% there. We'll have about 20% in the fleet there, and we'll have about 40% in the fleet there. So we're really looking at what our profitability tells us as to where we can take these larger aircraft, because the most important thing to us is to protect that revenue dilution, to make sure there's more demand and more customers that can come in and pay the existing revenue per seat that our current customers are paying. So maximize returns from the existing fleet, invest in a disciplined way, and then finally, kind of strengthen the balance sheet in preparation for this peak. So that's what we're thinking about. And if we can do those things alongside what else is on here, this, the kind of clear strategy and our focus as a management team, and this is our real focus on delivering the medium-term targets, and therefore, behind the existing cash generation, a doubling of profitability anyway to boost cash generation, then we think that's what's gonna kind of deliver improved and enhanced shareholder returns.