{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$4.10 vs. cons $3.95",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue (Q2'26)",
      "prediction": "IN-LINE",
      "answer": "pred ~$4.85B vs. cons $4.82B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net Yield, const. ccy (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~+1.5% vs. cons/guide ~+0.2%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EPS guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$17.20-17.60 vs. cons $17.40 (FY26); midpoint reaffirmed with fuel offsetting Med recovery",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 Adjusted EPS guide",
      "prediction": "LOWER",
      "answer": "guide ~$5.55-5.70 vs. cons $5.75 (Q3'26); ~200bps Europe yield drag + fuel",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Net Yield, const. ccy",
      "prediction": "UNCHANGED",
      "answer": "guide ~+1.5-2.5% vs. cons ~+2.0% (FY26); 2H 'smiley-face' relies on Q4 accel",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 NCC ex-fuel, const. ccy",
      "prediction": "BETTER",
      "answer": "guide ~flat-to-slightly-below vs. cons ~+0.5% (FY26); continued cost beat",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Forward booking / 2027 Med commentary",
      "prediction": "BETTER",
      "answer": "qualitatively better: record book position, 2027 Europe clean vs. cautious cons (FY27 setup)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "FADE",
  "day5_rationale": "Q2 beats on EPS/yield/costs and FY midpoint is reaffirmed, driving an initial pop \u2014 but the stock rallied ~7% into the print, so expectations are rebuilt. Out-period math is the drag: the depressed Q3 guide (Europe ~200bps yield hit + elevated fuel) and reliance on a Q4 yield 'smiley-face' cap near-term estimate revisions, so early gains partially fade even after a headline beat.",
  "day5_confidence": "MEDIUM"
}