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      "text": "Fixed costs: +6.5%, resulting from (i) resource increases and a higher unitary personnel cost, (ii) higher cloud costs (volumes expansion + progressive migration of our solutions to the public cloud), and (iii) Vision-Box's consolidation.",
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      "text": "Ordinary D&A expense: +4.4%, due to amortization of internally developed software, partly offset by lower depreciation expense at our data centre, as a result of the migration of our systems to the public cloud.",
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      "text": "Cost of revenue: +3.2%, fundamentally driven by an increase in transactions in Air Distribution (bookings +2.8%), Hospitality (mainly, hotel bookings) and Payments (B2B Wallet volumes).",
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      "text": "Adjusted figures/APMs. See details on adjustments and reconciliations to IFRS figures in the Appendix and in section 5.3 of 2025 Management Review. At constant currency. See section 3 of 2025 Management Review for further details.",
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