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  "documentTitle": "2025 Q3 Investor Presentation",
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  "notes": "The chart compares TTV scale of HBX Group against key competitors. The right side lists four strategic advantages of leading B2B players.",
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      "text": "Top-4 players only account for c.10% market share, leaving significant room to grow",
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      "text": "Relative TTV scale of HBX Group vs competitors",
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      "kind": "list",
      "text": "B2B share in B2C intermediaries is growing vs direct contracting; Hotels and B2C intermediaries focusing connectivity on largest B2B partners; Leading B2B players are taking share; Large independent B2B distributors are uniquely positioned.",
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      "text": "TTV: 2.5x",
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      "kind": "source-note",
      "text": "Source: Company Information. 1. HBX Group has a pure B2B focus... 2. Refers to HBX Group Accommodation FY23 TTV... 3. Refers to market share over intermediated accommodation sales in 2023",
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      "text": "HBX Group differentiates on scale and quality with significant room to grow in the large and expanding B2B segment",
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