Key Takeaways 2Q26 results. EBIT of -US$99m beat VA consensus (-US$117m) and MSe (-US $112m). EBITDAR of US$141m (16.3% margin) came well above Visible Alpha consensus of US$108m and beat our US$123m estimate by 14% — while D&A was broadly in line at US$175m (vs. US$178m consensus and US$177m MSe), aircraft and engine variable lease expense (the "R" add-back) was materially higher at US$65m (vs. US$47m consensus and US$58m MSe). Diluted EPADS of -US$1.11 was above consensus of -US$1.24 but came basically in ...