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  "documentTitle": "2025 Q3 Investor Presentation",
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      "text": "HBX Group's growth generates multiplier effects due to superior take rates, operating leverage and attractive cash flow dynamics",
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      "text": "HBX Group’s growth generates multiplier effects due to superior take rates, operating leverage and attractive cash flow dynamics",
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      "text": "Source: Company Information. See Glossary for definitions... 1. Figures derived from HBX Group Management Information... 2. Financial figures derived from audited accounts...",
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      "text": "Premium take rate driven by differentiated value offering and high-margin products; Superior adjusted EBITDA margin supported by operating leverage; Strong cash flow generation",
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      "text": "Loyal distribution network and supplier base; Large network of distribution partners and suppliers; Low distributor and supplier concentration; Best-in-class unit economics",
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      "text": "Long-term track-record of TTV and revenue growth driven by positive market tailwinds, market share gains and product expansion; Well-exposed to higher growth segments",
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      "text": "Global independent B2B travel marketplace; Scalable modern technology stack with data at its core; Increased contribution from newer product lines",
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      "text": "24% FY22-FY24 TTV CAGR; 26% FY22-FY24 Revenue CAGR",
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      "text": "€7.7bn FY24 TTV; €693m FY24 Revenue; €397m FY24 Adjusted EBITDA",
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      "text": "9.0% FY24 take rate; 57% FY24 Adjusted EBITDA Margin; +117% FY24 Cash conversion",
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      "text": "c.100k / c.60k directly contracted hotels / distribution partners in 170+ markets; <1% distribution partner / supplier churn; 28% of TTV generated by top 10 distribution partners",
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