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      "text": "In a year of market volatility and geopolitical changes, HBX Group remained focused on executing its commercial and strategic priorities.",
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      "text": "TTV: €8.2 billion",
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      "text": "Leveraging tech and data. As a company, we are seeing the benefits of our sustained investment in technology. The re-platforming of our technology stack, completed in 2024, means we now have fully integrated, 100% cloud-native infrastructure, enabling us to operate swiftly and dynamically within the travel ecosystem. In 2025, we saw the positive impact of these developments across our Accommodation platforms, which are now faster, more robust and highly scalable. With over 7 billion daily searches across our technology platform, up 25% year on year, we continued to provide our partners with exceptional speed, reliability and security and collected vast amounts of data. These qualities are key differentiators for the company, as our customer surveys regularly confirm. Bridging the sourcing and sell sides of the ecosystem, we are in control of our inventory and our data chain, which means we can provide greater value, support, insight and expertise to our partners. Embracing the growing impact of AI in the travel industry, we see it as an opportunity to reinforce our position as a trusted data and infrastructure provider, while already benefiting from it in areas such as call centre and operations processes. In 2025, we leveraged our data and technology by embedding Artificial Intelligence (AI) and Machine Learning (ML) to automatically curate and improve the services we deliver to our clients and partners.",
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      "text": "2025 was a milestone year in our company history. Our listing on the Spanish Stock Exchanges in February was a major achievement for HBX Group. I was, personally, delighted by the response from our employees, who have expressed genuine pride at going public. For our shareholders, the IPO means increased visibility and transparency. Furthermore, it has enabled us to deliver on a core commitment, as we deleveraged and reduced our adjusted net debt to €639 million, 1.5 times our adjusted EBITDA. In this way, the IPO has strengthened our relationship with key stakeholders and reshaped our position as a long-term market consolidator.",
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      "text": "Solid performance in a challenging global environment. 2025 also brought macroeconomic volatility and geopolitical challenges. US trade tariffs and ongoing hostilities in the Middle East and Ukraine impacted travel corridors and consumer behaviour. Demand for travel products became postponed closer to the point of departure, with travellers leaning towards more short-haul and domestic trips. But through price adjustments, cross-selling and focus on growing territories, we were able to navigate these challenges. Indeed, 2025 demonstrated the importance of our value proposition in a changing and challenging external environment. We outperformed the market with TTV of €8.2 billion, up 8% at constant currency rates compared to hotel intermediary growth of c.4%. We maintained high levels of profitability, with revenue up +5% (constant currency), Adjusted EBITDA of €431 million up +10% (constant currency). At all times, we remained focused on executing our commercial priorities and delivering across our four pillars of technology, data, people and products.",
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      "kind": "paragraph",
      "text": "Welcome to HBX Group's inaugural Annual Report and Accounts. In a year of market volatility and geopolitical challenges, HBX Group remained focused on executing its commercial and strategic priorities. We successfully listed on the Spanish Stock Exchanges, refinanced our debt and positioned the company for future growth.",
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