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  "documentTitle": "2026 02 Investor Presentation",
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  "authorName": "Booking Holdings",
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      "text": "Marketing as a % of gross bookings has had leverage over time as we continued to grow the mix of customers coming directly to our platforms while at the same time efficiently investing in marketing at attractive ROIs.",
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      "text": "Marketing as a % of Gross Bookings: 4.40%",
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      "text": "Marketing as a % of gross bookings has had leverage over time as we continued to grow the mix of customers coming directly to our platforms while at the same time efficiently investing in marketing at attractive ROIs",
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      "text": "(1) FY25 marketing as a % of gross bookings was in line with FY24. (2) When we exclude our B2B business, our FY25 B2C direct mix was in the mid 60% range, which is similar to FY24.",
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      "text": "Marketing Leverage Driven by an Increasing Direct Mix and Optimization of ROIs",
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