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      "text": "The potential operational and financial implications of climate change for HBX Group are primarily indirect, emerging through disruptions across the value chain rather than from direct operational exposure.",
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      "text": "Cancellation and relocation costs for non-refundable bookings. Financial strain on hoteliers in affected regions. Transmission of costs to intermediaries like HBX Group.",
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      "text": "HBX Group does not manage or operate these services directly; therefore, we cannot establish climate adaptation instructions for experiences, mobility, or accommodation directly.",
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      "text": "In our climate risk assessment, we adopted a value chain approach, recognizing that HBX Group operates as a B2B intermediary rather than a direct provider of accommodation, mobility, or experience services.",
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