Welcome to IHG's 2026 Half Year Results Presentation. After that, I will return to take you through the progress we are making on our strategic priorities. IHG delivered a strong financial performance in the first half of 2026. Fee revenue grew 7% and fee margin expanded by 120 basis points, driving 10% growth in operating profit from reportable segments. Together, the results reflect the strength and resilience of our business model, the diversification and scale of our estate