Underperformed the initial guidance due to IROPs, war/fuel with a revised guide for 2026. This will be bad because… sect. 6. But really I think that will be the theme. Still some profit but the comp to last year will tell the tale.

We seemed to kick the can for our “big” year the last couple and as long as negotiations are going on the optimism will be tempered and 1/27 will be the real report to watch. With a big profit they will have less leverage post amendable date. This is also why I think they pushed for a big 2025. The PWA will go into 28 IMHO.