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  "docSlug": "2bce177c879b6bb7",
  "documentTitle": "2025 Q3 Investor Presentation",
  "authorId": "HBX-Group",
  "authorName": "HBX Group",
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  "pageNumber": 13,
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  "function": "size_opportunity",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "The waterfall chart shows 511 (Total) = 244 (Direct) + 267 (Intermediaries).",
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      "text": "Intermediaries to outperform direct sales due to more rounded value proposition for end consumers.",
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      "kind": "chart",
      "text": "Accommodation TTV per channel (2023A, €bn)",
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      "text": "€500bn+ industry expected to grow c.6% 2023A-2027E; High fragmentation with +500k hotels; Intermediaries channel drives c.52% of total hotel market; Intermediaries to outperform direct sales",
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      "text": "Accommodation TTV: €500bn+",
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      "text": "Source: Company Industry Sources",
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      "text": "Accommodation market is large, fragmented and fast-growing, with intermediaries playing a critical role",
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      "name": "Cost Of Inaction",
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      "evidence": "The document highlights the risks and challenges of not investing in HBX Group's solution",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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