Q1 2026 adjusted loss per share is now expected at ($2.00) to ($1.50), revised lower primarily due to higher fuel costs and demand softness in Mexico and Hawaii. Economic fuel price expected to average $2.90–$3.00 per gallon, creating at least a ($0.70) incremental EPS headwind. Singapore-sourced fuel (about 20% of total supply) saw refining margins surge ~400% since early February, from ~$0.45 to ~$2.25 per gallon; U.S. refining costs up ~140% in the same period. Capacity is tracking toward the high end of prior guidance, up ~2%, supported by strong operational reliability. Network demand remains broadly strong; unit revenue is in line with prior expectations heading into peak travel season. Managed corporate demand is a standout, with forward bookings over the next 90 days up more than 25% year over year. Held Q2 2026 yields and load factors are up year over year, with significant strength in May and June; 55% of the quarter’s revenue is still to come. Short-term demand pullback in Mexico (due to unrest in Puerto Vallarta) and severe rainstorms/flooding in Hawaii is pressuring March and April; these markets represent ~30% of capacity. Absent fuel and the Mexico/Hawaii disruptions, results would have exceeded the midpoint of original guidance. Management reiterates no expected longer-term structural impact to Hawaii demand and expects full recovery.