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  "documentTitle": "2025 Annual Report",
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  "authorName": "HBX Group",
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      "text": "The Group has maintained its cash conversion ratio above 100%.",
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      "kind": "list",
      "text": "Link to Strategic Objectives: Grow in accommodation, Expand the Ecosystem, Drive Profitability. Link to Remuneration: R.",
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      "text": "Operating profit: 129",
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      "text": "The Group monitors Operating Free Cash Flow to understand the amount of cash generated from its operating activities. Operating Free Cash Flow was €437m in FY25 compared to €465m in FY24 due to a lower working capital variance, reflecting slower revenue growth and targeted investment in commercial agreements.",
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      "text": "Cash Conversion measures the Group's ability to convert adjusted EBITDA into cash. The Group has maintained its cash conversion ratio above 100%.",
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      "text": "Operating profit is used to measure the Group's operational performance. In FY25, operating profit reduced by 50% compared to FY24. However, this metric was distorted in FY25 by one-off costs relating to the IPO, principally in relation to incentives and advisory fees, totalling €195m.",
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      "text": "1. Operating profit as per the Consolidated Statement of Profit or Loss. 2. APM definitions and calculations are provided in Alternative performance measures.",
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