Good morning, ladies and gentlemen, and welcome to the TUI AG conference call regarding the Q3 results for the financial year 2023. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your hosts, Sebastian Ebel and Mathias Kiep. Thank you. A warm welcome from sunny Hanover. We want to present today the Q3 numbers, and I will summarize the operational and strategic highlights of the season. Matthias will go into the detailed numbers. Then we will talk about the trading update and assumptions for the full year, and a summary from my side, and then we will move into the Q&A session. If we look into the third quarter, April to June, we are back to profitability and we are on track to deliver on the full year 2023 expectations. That is the good message. What is even a better message is that all the measures we have taken will help us and to improve the situation further in the coming year. In the third quarter, we had 5.5 million customers, which is 400,000 more than previous year, which is 95% of the 2019 levels, with an airline load factor of 93%. What you do see is the business is normalizing and coming back to normality. The Q3 revenue, EUR 5.3 billion, almost EUR 1 billion higher than the year before. EBIT improved by almost EUR 200 million to EUR 169 million. Summer bookings remained strong. There was a short dip because of the Rhodes wildfire situation. This has normalized again with good prices and with 14% left to go. Summer means not ending at September, like our business year means including October. With this, we are able to deliver a significant increase in the full year. We, we focus on the operational excellence and execution. We do see that in our core business, we have opportunities to improve further, and we are really focusing on our strategic initiatives, which, which help us to grow further profitable. Both will lead to a significant improvement in the coming year. If we look into the segments, hotel and resorts have even increased their strong result compared to last year's quarter. The available bed nights didn't increase a lot. We were very cautious. We are very cautious on investments, but occupancy increased by 5% and the daily average rate by 9%. This increase we needed for the significant cost increases we have seen in the destinations. Excellent development on the cruise side with all three cruise lines we have. Slightly less passenger days because one ship got out of the TUI Cruises fleet, had to be refurbished and then what brought into service in Marella. You do see the significant synergies here. Occupancy at 98%, the 73% is with Hapag, which translates roughly to 80% if you go to cabin, because they have a lot of single cabin customers. This is almost at the level we're at 2019. If I look at the last month, we are even slightly above 2019 levels, so a really great development. TUI Musement on the same positive level like last year. We are investing there in future growth. You have seen 33% growth in experiences sold, this is important for us to get more customers and more interaction with our customers. A very good development with EUR 190 million in the holiday experience segment. If we look at market, EUR 150 million improvements from EUR 143 million, negative to EUR 6 million. Last year, there was an impact of EUR 75 million flight disruption costs. We are happy to confirm that flights are operating on a level which are at 19 levels, or even like in Germany, by far better than 19 disruption levels. The significant investment we have taken is, is supporting a very good operation. I must admit, I have, in 25 years in Germany, never seen such a smooth operation as we had, with hardly no, the three hours plus delayed. Load factor, 93%, coming very close to the historical load factor. A very good development. If we look into the markets, a break-even situation in Northern region, in Western region, strong improvements. Germany, it looks as if it is slightly worse. We had last year a significant positive hedging ineffectiveness effect. This year, we had a negative hedging ineffectiveness effect. That's all from COVID, that's all on a cash, and we will not see that in the next fiscal year anymore because it comes from the COVID history. If we look at operational results, there has been also a significant improvement in Central region. It's good to recap our strategic initiatives. When we presented that, we said we wanted to grow market share, which means that in the markets we are there with what we do, we want to do these things even better to grow profitable market share. We want to also grow in the overall tourism markets by bringing more new products into the market and gaining new customers. We do know that in some markets, we perform better than in other markets. In the markets where we are not performing as best of our competitors, we have taken measures, we are implementing the measures, and we are in a catch-up mood. With the new product and new customers, I'm really happy to confirm that dynamic packaging, where we are introducing it, and we do it month by month with more products, more markets, it's selling very well, and dynamic products have a very attractive margin. This is doing very well. I was, for example, in, in Oslo last this week, and they introduced dynamic packaging in, in, on Sunday, and the first 10%, 20% of all bookings were dynamic package products. We are getting a lot of new customers, because we broaden our product portfolio or are doing more and more with Musement, going into new markets, going after customers, also customers who are in the destinations, but not yet TUI customers. This we do want with a strong focus on quality and, of course, sustainability, which is in our heart and with our people, because we can only be successful if we have a winning team spirit. I'm really happy to see that we have more fun than, of course, by far more fun than we had through COVID. What does that mean for hotel and resorts? On the next slide, you will see some more details on that. We leverage the TUI hotel platform we have built up. We now can connect more and more hotels, management contracts. We have moved into the Middle East, into the Far East, the first hotel in China. First, small numbers, but it's growing steadily. Asset-right and joint venture growth, mainly with TUI Blue and RIU. You know that we have very strong joint venture partners in, in the world, Atlantica, Grupotel, RIU in Canada. This is doing very well. Cruise, strong brands. I was really excited to read and to lead and read on the weekend, analysis on the U.K., how strong Marella in its segment it. That was a very nice and positive surprise. We were getting new new ships in 2024, 2025 to TUI Cruises, and we are looking forward to that as well. On market and airline asset, we want to grow market share by doing things even better. Dynamic packaging is absolutely important for us to grow profitable, but also the components, which are, by the way, the prerequisites for a great dynamic packaging progress, a program, product, is doing well. We introduce month by month more eco-only products, more flight-only products, but also car rental products, a lot of ancillaries, which we now bring into the market. We do know that competitors, especially airlines, are sometimes superior when it comes to ancillaries. We are in the catch-up mode, and we want to be there in the next couple of months with something which is comparable or even better. And the tour segment is a huge segment in Europe. We have not been strong in. We have now implemented in the first market, the product, and it's selling well. TUI Musement, we want to outperform the high growth, the T&A market. We want to use part of the profits we have to further fuel growth and to also expand the experiences, the own products, because these are the margin, the strong margin products. What does it mean in, in detail? As said, we use our hotel platform to connect more and more third-party properties. The TUI brand is strong. It's also strong. new for me and attractive for customers in the Middle and Far East. So that's why we have built a strong B2C, B2B, a distribution arm out of Dubai, and it's working well. Otherwise, we wouldn't have the strong occupancy we have just prepared. So the business is going international out of Europe. On the asset-right and JV growth, we use the capabilities our joint venture partners have to grow also on the property side. We are really happy to announce that we have agreed to a new RIU, a joint venture company for further growth. You know that we had to sell during COVID the joint venture we had to the Riu family. There was 22 properties, the management we always kept, as you know Now we are building and have created a new joint venture with Riu. 49%, us 51%. The Riu family, we see excellent growth opportunities of hotels we can acquire, which are from the second day on profitable and contributing profits to us. By that, we had decided to invest EUR 150 million this year and next year, which means that we, through the leverage, we can further improve our hotel results, because with the existing number of hotels we have, yes, we can always increase another 0.5% of occupancy, EUR 1 more. Of course, ancillaries, we can do more. There is a theoretical limit if we don't grow the number of hotels through the platform, through the hotels. This is now possible. The third cornerstone is the Hotel Fund. There we are also very happy to talk about the first successful execution of first hotels, one luxury hotel resort, Zanzibar, another hotel on Cape Verde. Very good step forward. There is a strong pipeline of additional hotels. You know that these hotels will be managed by TUI, so that we have the benefit, do it without having the capital deployed. Yes, we consult, and we have initiated the Hotel Fund, but the Hotel Fund is independent from us. Customer satisfaction, very important for us. Almost half a point more, but from out of 10, 8.4. There are two things which are really good. One is that our own hotel brands or cruise brands rank even higher than the average and other hotel groups. Second, the increase in the TUI app, because the TUI app looking forward, is a very important tool for reduced cost and to sell more. I quite often get the question, is that against retail? Not at all. I have been always a very strong supporter in retail. You know that we have enlarged the network in the UK. But what we want to do is we want to take the traffic from the web, which is very costly, into our own ecosystem, our app, and this on the basis of strong customer satisfaction, also on the distribution channel. If we look at... Next page, please. If, our app, I would say two years ago, we were far ahead, far behind our competitor, the best competitors. Today, we are getting very close to the best of breed, tomorrow we hope that we are one of the top third. Of course, being the market leader in some segments, the target should be to be the best. If you look at the numbers, we doubled the share of all pack sales in the U.K. now to 10% latest numbers, in Germany, 7% latest numbers. If you know that a good target would be 50%, if you compare us with a accommodation-only brand who is there, then you know what our target will be. How long will it take? Not 10 years. It should not take more than three years. If you know that the web traffic is very expensive, and if you have someone in the app, it has two advantage, distribution costs are lower. Yes, you give, maybe some incentives, but it's significantly lower. Of course, you can sell all the new products we have in. We have now the cruise in, we have the hot accommodation, only the flight, only the experience, other nice products to become. We want to interact with the customer by far more than when he goes on vacation every two years. This will be supported by a pilot of ChatGPT being part of the app, where you can, where you don't need to select from where to where, what date, five star, where in the full text you write what you need, the system is learning what you have asked. If you never want to go to the U.S., then you will not get, even if it would fit well, a proposal for the U.S. for self-learning and with true data. I mean, you know that, when you quite often look into ask questions, it looks great, but it's not. It's a lot of false information in. We have to make sure that our data is correct out of database, which is secured. That's why we focus so much on app, because that can reduce in the next three years, our distribution cost a lot and can fuel sales. And I think it's so important for us that we really, the investments we take are limited. We build on the fixed cost structure we have and bring more to the customer with a by far lower cost. In our heart is sustainability. Very important, you know that, we, we agreed to the SBTi targets. Our own ambition is higher. We are having very achieving very big milestones, politically agreement to produce green fuels. We have now done the first part, using green fuel for a TUI cruise, a vessel, more to come. It has worked very well, we are using waste, it's, it's twofolded good. It's carbon free, the waste don't have to be burnt or something else. Second, we are now we will have all the, the cruise ships in Germany with shore. What is it? Power from the shore, shore power. We will have the first trials when we will get the first LNG ships with bio-LNGs. We have signed a significant amount of contracts with providers for SAF, for the airlines. This is in our heart, and this also, by the way, helps a little bit to lower the interest rates, which have increased quite significantly. This is very important, and we see what happened in Rhodes. It's even more important. Next page. The nine-month results and the details will be given by Matthias. Thank you, Vas. Thank you very much, Vas, good morning, everyone, from my side as well. Again, like every quarter, a few pages from my side on P&L, cash flow, balance sheet, and then we'll come back to trading outlook and the modeling assumptions for the remaining fiscal year. I think we are very pleased with this quarter. It's another quarter that delivers on our corridor in this transformational year to increase our profit significantly and deliver the foundation for further growth. I think if you look at the ingredients, the elements of this quarter, one, it delivers a strong improvement in profit, EUR 170 million against last year. Second, it delivers a further improvement on the balance sheet, so net debt down EUR 1.1 billion. Also, if you compare 12 months ago, a balance sheet which is clean of funds provided to the government. Again, we cannot reiterate more that how grateful we are to our shareholders for the opportunity to execute on that. In line with that, the progress that we could make in terms of extending our credit facilities to 2026 and the 1st rating upgrade, and I would expect and would hope for further upgrades in the future that supports then our further recovery to a situation on the balance sheet that we were prior to the crisis. At the same time, and Sebastian mentioned it, this also, we, we explored ways of growing capital light, kind of outside our balance sheet, and how do we get our very successful hotel operations into a position that they can secure further assets, and at the same time, we can profit with the rest of the business in terms of managing them and for the two operator to be connected to them. The RIU joint venture, at the same time, the execution of the Hotel Fund that we could announce, these are two further cornerstones, to set the foundation of further potential for the future. On the next slide, you see what Sebastian already described, what were the pillars of getting to this EUR 170 million and EUR 200 million improvement, versus last year. There are two major contributors to that, and one is cruises. We have talked a lot about the ramp-up and the trajectory. You will see that in a minute, also on one slide, where we summarize the KPIs and all the holiday experiences and the higher occupancy in the cruise ships. That translates 1- 1 into this improvement in profit, more or less 50/50 driven by Marella and TUI Cruises. The second and the biggest contributor, of course, is coming from markets and airlines. Sebastian talked about the improvement in the aircraft. Effectively, we don't see a disruption these days. Of course, any one and single disruption is, and delay is one to more, is one that we don't want to have. At the same time, we are in a normalization. What I think from a financial perspective is still the case, and that you probably see with all the airlines, that you need as a operator to invest more. Parts are still kind of lacking in terms of delivery, maintenance, taking longer. To get there, we had, and that's something that we already communicated, invest more. Overall, I think the EUR 150 million, that's really, we're really pleased with that, in particular, if we compare that where we were 12 months ago. Now, on hotels, I think it's fair to say that last year already, they were performing very well into the summer. Record numbers also against 2019. You may remember also their footprint improved a lot, and we finished projects that were available in 2022 for the first time compared to prior COVID. Also now there is inflation. What we see, as Sebastian said in the start of the presentation, in terms of the better occupancy, the increase in rates, is also needed to kind of offset inflation, and that's why you see here a EUR 10 million improvement broadly. This, I think overall, we would expect to continue as a trend in the fourth quarter as well. Now, coming to the P&L details, balance sheet details, and cash flow. In the P&L, I talked about underlying EBIT. The adjustments are very much under control. We have a net impact, which is positive this quarter coming from the Sunwing effectively a joint venture and a book gain that was realized there. Overall, I think that's very good that we can then further reduce our guidance in terms of adjustments to something from EUR 10 million-EUR 25 million for the full year, and prior to that, it was EUR 40 million-EUR 60 million. On the interest side, you see an increase in this quarter, and you look at cash flow, we come to that in a minute, you will see actually the reduction that we expected. You can see a lot of non-cash interest, in particular, the RCF prolongation, that's impacting our interest line. At the same time, all the kind of hedge or provision-related interest moving through the balance sheet and moving through our P&L because of the further rate increase that we saw and because of the high interest environment, they're moving through our balance sheet. To be fair, it's also sometimes a bit challenging to really predict that on a quarter-by-quarter basis. Taking that into account, and given that also we expect rating upgrades more towards kind of the coming months rather than immediate, we had to adjust our P&L interest guidance to something between EUR 450-EUR 460. If we go to the next page on cash flow, you see that effectively quarter on quarter, the interest cash costs came down. That's where you also see what we expected and what we wanted to achieve, that in particular on the RCF, the costs go down, and also we don't see any further costs coming from the silent participations because they were then all paid down in the third quarter. One thing to mention on the cash flow is working capital. You see an inflow of broadly EUR 1.2 billion in the quarter, I'm really pleased with that. That's again, showing the measures that we undertook in working capital, they're paying off. At the same time, it's less than last year, please remember last year, we effectively came from a very low booking situation, no business into the third quarter, where there was full operations or the ramp up to full operations for the first time. This is more or less a one-off impact that you saw last year, and the EUR 1.2 million, I would say billion is a, is a normalized number. Last point on cash flow before I come to the balance sheet, is on net invest. I think we've I feel still comfortable with the corridor of EUR 450-EUR 500. Now it's August. We'll always see some phasing in September. Boeing negotiation, hotel projects, and when there is a movement in weeks, you then sometimes have a phasing between the fiscal years, but I would say overall, this is a good number, and that's something we don't need to touch. In terms of looking at the balance sheet, again, I'm very pleased that when there's the RCF, there's no drawing. The KfW, there's no drawing, so it's really a buffer. The bond with warrants, it disappeared. You also, because it was sitting in equity, you don't see the silent participations anymore. With the EUR 2.2 billion net debt, I think that's a, a position which on a net debt level is actually better than we had 2019 at the same time of the year. With that, I think with this quarter, and that's, I think, for me and Sebastian, it was really important to us, we set another building block towards what we wanted to achieve for the full year, and I think we are in this corridor around Bloomberg consensus, but we'll come to the details in a second. Back to you, Sebastian, on current trading. Thank you, Matthias. Thank you very much. Before I go into the actual trading numbers, a short recap on, on the Rhodes wildfires. By the way, we also had fires in Turkey and on Gran Canaria. 8,000 guests we did evacuate from Southern Rhodes. That means that 80% of our customers were unaffected, and Rhodes is a very important destination with us, with roughly 5% of the summer program, which means that 34% 34,000 customers were not affected. We stopped all arrivals and Booking.com holidays, including the 28th of July. We took very well care of our guests. We refund, we amended bookings, free rebookings we did offer. We brought in a lot of people of our organization to take care of our people. That worked very well. We operated 12 repatriation flights. By the way, we took also a lot of customers, not TUI customers with us back home, to show the value of the package. I think that worked very well. The financial impact has been roughly EUR 25 million due to cancellations, lost margin, compensation, cost on the ground, repatriation flights, and less bookings to Rhodes on this side. I'm happy to say that the business is back and Rhodes is Booking.com well again, and sometimes the power of media is not reflecting what the situation on the ground was. I went there, and most of our customers were not impacted. If we look at the bookings, we had just to the time when these things started, very strong bookings. We had a time with less bookings and so a small dip, not only to Rhodes, but also to the other summer destinations. We look every morning into the numbers, and it's good to reconfirm that we are back on where we had been before. Summer, 86% sold. You should keep in mind the summer doesn't end like our fiscal year in September, but goes into October. U.K., even 89% strong, +1% year-over-year. Germany, 11% year-over-year. A good development. If you see that we are almost, but not at the 19 level, it is mainly the long-haul business. The long-haul business has not recovered. It's significant. Germany even has halved still, and it's mainly going to the West, and it's mainly because of the huge increase of prices, because of having not enough scarce capacity. With the main core business, we are at our 19 levels and very optimistic for the future years. If you look into details, it's really a promising outlook for the fourth quarter. Very good development in our hotel resorts. You know, the historical levels with a 1 percentage point, we are coming to a almost practical optimum. Maybe another percentage point is there, but you can only put or you should only put 1 person into 1 bed. Unless we grow, and that's why we have all the growth initiatives, we are coming closer to the optimal situation. Yes, price increases, ancillary increases will support further profit growth. It's good to see that we can compensate the cost increases by price increases. On cruise, as Matthias said, it took us longer or started later, the catch up. We are now at the historical levels, last month, even slightly above, with a significant increase in the daily rate. Very good development. If you take into account the increased interest we have to pay, because debt related, crisis-related debt into cruises, we are at the levels which we had seen before. I think with the capacity increase, we will see something good there as well. To Musement, a 33% in the third quarter growth, 10% anticipated. Slightly less spend of customers, which comes with a package. Significant growth with new customers, which are sometimes our customers, sometimes not our customers. The strategy to get to new customers is working well by increasing the offering, working with QR codes, and working with the with the app. Now, Matthias, what does that mean for the full year? Thank you, Sebastian. Indeed, what we thought is maybe a good idea to go through our segments, to give you some indication on what is needed to deliver one on the significant EBIT increase for the group, but also to get something which is, despite the situation in Rhodes, to something which is around consensus. Starting for the group, we have accumulated position, which is now EUR 400 million better than last year. Of course, if we just would then deliver on last year in the fourth quarter, that would remain, and I think that's of course, signing off then our overall guidance. At the same time, if you think about what is needed for around, to be around consensus, we would expect a further increase of this Q4 number, which is needed to get there just from a mathematical point of view. Running through the segments, hotels, you have seen in the third quarter that the increase was milder compared to the other segments. I think in Q4 last year, they really had a record quarter, and we would be happy if, if they would get towards that amount in the running quarter. At the same time, I think they have some effect from inflation, et cetera. Let's see where they get out at this time. Again, just to stress, last year was really, really strong. Cruises, you see the ramp up, Sebastian just mentioned, you're back to the occupancy levels, which actually are the full potential of the business. Against the Q4 of last year, we would see naturally there a further significant increase. Musement, same, I think you've seen, the excursions, the tickets are selling well. At the same time, we deliver more packs into our own business, and last year was EUR 40 million. There should be a further increase possible in the fourth quarter. The biggest step up is then still to be expected for markets and airlines. Just mathematically, again, to get to the number required. We are well-booked in terms of the summer. We've seen now some softness at the same time. Disruptions are under control. We have had a bit of more invest to get there. At the same time, the disruptions were really costly also in the Fourth Quarter of last year. We should see an improvement also in markets, airlines. Again, that first really strong number that we saw in 22, which was more or less on the recorded level of 2019. I think overall, I think the Third Quarter, it's fair to say we were better than 22, we are better than 19 reported. Not full potential of the firm, because if you adjust 2019, there is still some way to go, and I think that pattern is probably something which in this transformational year will accompany us further. If I may conclude with the rest of the modeling assumptions on the next page, adjustments, interest, investments. We talked about, I think, something to mention on investments in net debt. This excludes the, as I could call it, accounting effect, that the joint venture, the additional joint venture with RIU has. As Sebastian explained, we will use the potential which sits in RIUSA II in order to fund the additional new joint venture. In the consolidated entity, we will see effectively this funding debt on top, and that will be then in our consolidated number. This cash, which is then created within RIUSA II, will then be used in order to fund RIU, the new RIU joint venture, and then to allow further growth there. This will move through our balance sheet, but effectively, that's something from my point of view, I tend to ignore. I look at, of course, the consolidated debt, but in terms of the net investment, I exclude that because it's just moving cash from left side to right side. I think that's from my side. Again, Q3, a good cornerstone towards our targets for this year. Back to you, Sebastian. Thank you, Matthias. More to come. We have given you our view for this year, and looking into the winter, very promising. Why are we really looking forward with a lot of optimism? We have agreed to a strategy which improves the profitability and the margin of the business, which we are in today, very strong. We do know that there are markets where we perform well, and we do know markets where there's the potential to perform better. Second, we have defined, and not only defined, but we are in the implementation mode to generate profitable growth and to accelerate the profitable growth. With new products and addressing more new customers, the biggest part is dynamic packaging. It's the components which we are selling. It's the activities, which we are bringing to more and more customers and keeping the customer into the ecosystem. By the way, which I had forgotten when I mentioned improved probability and margin, the more customers we bring into the app, the lower our distribution cost will be, the more we produce centrally, the lower our cost will be. This is part of improving the situation of the business, the wholesale business we are in, and the incremental growth will come on a existing fixed cost basis and will bring us incremental margins. By the way, the margin on the dynamic package product is really very attractive. That's why we are looking into the new year with a very strong ambition to increase further our profitability, even if we don't expect tailwind. Because it might be that we, we do see a consumer climate, which will be stable but not improving anymore or may even be a small challenge. With all the measures we have taken, we are very confident that we can grow the profitability of our customers, company significantly, which would mean that we strengthen the balance sheet by focusing on cash flow with all the positive effects on gross leverage on the rating, which then would mean lower interest costs. We think we are on a very good track. Matthias always said this was a year of transition, it has been and it will be a year of transition, and we are looking forward to the coming years with a great optimism. Thank you very much, everyone. With that, we would be open for questions. Thank you. Ladies and gentlemen, if you would like to ask a question now via the telephone conference, please press nine, followed by the star key on your telephone keypad only once. If you wish to cancel that question, please press nine, followed by the star key a second time. Please press nine and star now to state your question. The first question comes from Jamie Rollo, Morgan Stanley. Please go ahead. Your line is open. Thanks. Morning, everyone. Thanks for taking my question. three, please. The first is, it's just really maybe it's an accounting one, but your total hotel revenues are up 19%. Your reported ones are about flat. A little bit of that is, is a drop in Robinson, but it looks to be mostly a shift away from external to internal tour operating sales. If you can just talk a bit about that mix shift and the impact on hotel margins as you're effectively selling more to your internal tour operator. Secondly, on the net interest guidance, any feeling for 2024, please, now you've refinanced and assuming rates sort of stay where they are. Thirdly, we've only got 6, 7 weeks of the year to go. It sounds like disruption costs will be much lower than last year, even with the wildfires. Any sort of comments on, on full year expectations, and consensus, please? Thank you. The first questions are great questions to the CFO. Very good. Taking the question order, one is on the reported sales. I think that's also on the quarter by quarter. I mean, you see the better trading of the tour operator, the better integrated revenue coming from the hotels. While I think last year, some of our hotels also sold more externally than they did this year. I think for the hotel, it's a shift in revenue. For the tour operator, it's coming back to revenue and having more internal revenue at the same time in terms of the result. For the hotel, that's not kind of a big change. At the same time, it's also that a lot of this internal revenue, this external revenue of last year has also shifted to something else. Second question on interest guidance, 2024, we will provide naturally more details next year towards next year, in December. I think what we see is that on the RCF, we're getting the interest savings that we wanted to have. We see more of these balance sheets related to P&L impact, and we also see I also mentioned context of the race, and when we talked about interest guidance, that, of course, whenever we do have new leases for the aircraft coming in, that they come in at higher costs than in the past. That's something I think that will play an impact, in particular, as we are getting towards a delivery corridor now with Boeing. This is something that will need to be reflected in our interest costs. The disruption cost impact on full year, so the impact of the wildfires, I think, if you look at our trading, Sebastian has summarized that, I think we saw a softness, we saw direct costs of the cost of the Rhodes situation. At the same time, we still feel comfortable around Bloomberg consensus, as he said. I think that suggests that probably there would have been something that we could have been in a better position without it. At the same time, it's something that we can currently compensate against what we expected. Maybe 1 word to the airline disruption cost. We are really pleased with what we do see. I've never seen in 30 years such a good operation in Germany. There are hardly none, and in the UK, it has normalized, and we do know that there are still some challenges at the one or the other airport, and we are back to the 19 levels, which is, despite all the maintenance or spare part issues, is a great result. We invested quite significantly in achieving that, and this also led to an increase in customer satisfaction. I think it's was a good decision to invest into this. Thanks. Can I just follow up on, just on the first question? The 20% increase in total revenue in hotels versus the sort of -1% reported revenue, does that... I'm right in saying that, that is mainly a shift back to the internal tour operator, but you're saying there's no impact on margins. Essentially, you have, you know, commercial relationships internally, similar pricing to external hotels and tour operators. Is that right? Yeah. Yes, absolutely. They all had arm's length. Yeah. Thank you. Thank you very much. The next question comes from Richard Clarke of Bernstein. Please go ahead. Thanks very much. Good morning. Three questions, if I may. Just firstly, obviously, you're targeting a ratings upgrade. Just wondering what the, you see as the pathway towards that. Is there anything you need to do, or is that just a matter of time? How are those discussions going with the rating agencies? Second question, just on the, you know, the extreme weather we've seen this year, and I guess you're beginning to think about your capacity planning for next year. You know, is there anything changing in the way you're thinking about destination mix with regard to some of the sort of heat waves and fires? You know, do you need to remix towards different destinations? How do you think about that into next year and longer term? Then, lastly, just on Musement, I think you say you're targeting market share gains in the experiences business. You had revenue growth, I think of 26%, Viator was at 59% for Q3. I think you're guiding to 10% growth for Q4, Viator, again, significantly faster than that. To get those market share gains to match the fastest-growing companies, what do you need to do? Do you need to launch Musement as a B2C brand? Do you need more B2B deals? You know, how do you get that market share gains? How do you start matching the top performers in that space? Okay. Would you like Matthias the first, or should I? Yeah. Good morning, I will start just with the first quickly on rating. I think indeed, we need to continue with our roadmap and continue to deliver quarter by quarter. I think it's fair that the rating agencies would like the numbers on paper before they react on that. I think that's the pathway which after the capital raise and towards the third quarter, based on the second quarter, we got an increase now. I think the third quarter delivers upon what we discussed with them, and I would expect them to look at the fourth quarter again, with more detail to see what that kind of implies to them. Mm-hmm. Good. On the extreme weather, I think we have three or four measures. one, and this is something very important. If you look at the media, at least the one I saw, it seemed to be that there is a huge heat wave and there are fires everywhere. The power of pictures. If you look into the details, Greece had less bush wildfires this year than the years before. If you look at the temperature, they changed the measurement from 2 meters above ground to ground, so the weather was as nice and as pleasant as it had been before, with 30 degrees, 32 degrees. The precaution the local authorities have now taken are huge. I would assume that they will fight if fires happen, and they will always happen. They had always been happening. They have more now the infrastructure to fight that. The power we have to, and we are going, and by the way, it has been fairly successful in the last couple of days, to tell customers, "You are safe, great vacation, great weather." This is so important that we are well prepared for these one-time effects and good communication, taking care well of the customers. Making sure that they have a great time. That's one thing. The second thing is we have seen, and we will see further, a prolongation of the season starting earlier, and being longer. We have now started to prolong Greece, for example, till mid of November. I could imagine, we are just discussing, that to do it till Christmas or after Christmas, because we do see that the bookings for autumn and early winter or late autumn are very, very strong. To be prepared, it sounds easy, but then you must have hotels which. Because it can be cold in Mallorca in February, and it can be cold on Greece that have heating and so on. It's not as easy, but that's why, with our own hotels and good partners, we are preparing for that. As said, for Rhodes, we fly till mid of November. Second, we are looking at additional destinations. We have been very successful in building up Cape Verde, an island in the Atlantic Ocean, like the Canary Islands, have the advantage that the heat is not as high as, if you're Spain mainland. They benefit the Canary Islands, Cape Verde, Portugal. We are putting more capacity in Portugal because the Atlantic Coast is nice. Also new destinations for us, like the Belgium coast, like the Dutch coast, like Nordic, where I had just been, by the way, raining like hell. When you discuss about risks, I mean, it has had been always a risk to go to the Nordic country because it can be awfully cold. I mean, the rain was like I experienced when I was 10 years old. There is risk and opportunities everywhere. It's important to have the broad offering, the right hardware, and, and software, to offer these also short-term and therefore, dynamic packaging is so important because there you are not fixed to a capacity, which you may not need because the weather in the Nordics is, is, is bad, or you may need capacity because the weather is great, but no one knows in advance. Therefore, also, to, to have the product with direct access, daily pricing built on the spot to the consumer is so important. Overall, we think it gives us more opportunities than risk because we were so much focused on the Mediterranean and we didn't go after the opportunities in other destinations, that we are changing through direct access to hotel deals, NDC to, to airlines. On the other hand, I'm not so sure if we see less business in the high season, because the price value proposition is extremely good, and there is maybe you may suffer one day or the other of too much heat, but at the end, you can be fairly sure that there is great weather. Therefore, we do see that as an opportunity and the risk we see as not, not so big. Musement. Musement. Thank you. For us, it's, it's a trade-off. You know that we do a lot of B2B business, so the growth you see net is not the real growth, and we are enlarging the base of B2B deal, deals. You know, the, the very prominent ones like, like, like Booking.com. We also try to balance out the profit we get from our core business into growth, because we think that to balance it out is very important, because just to buy growth doesn't mean it's profitable growth. Why do we think that we are in a better situation? We are in the situation where we sell the Musement products additionally to existing products, or we sell the Musement products and offer tomorrow the package, and therefore, the cross-selling opportunity is big, and that has started to work well, still on a small level. As said, if we would say we invest EUR 50 million in Musement, which would mean EUR 50 million loss, we may increase or not, we would definitely increase the numbers of customers, but probably not everyone would be very happy to do that we would do that. We really try to balance it out. As said, the real growth we do see, we, you don't see because we do it through intermediaries, and it's an agent model where we only see our margin. Okay, that makes sense. Okay. Thank you very much. Thank you. At the moment, there seem to be no further questions. If you would still like to raise a question now, please press nine followed by the star key once. There are no further questions. I'd like to hand back to the speakers for some closing remarks. Thank you very much. The third quarter was good. We are optimistic about the fourth quarter, and we are even more enthusiastic of the journey we are... I think that's what always Peter Long said, "The journey we are on," We have changed the company. We are transforming the company. We want to be stronger with what we do. We see the opportunities of the transformation. It's all about execution, about delivery, and there we have a great team. Therefore, looking forward, we are very happy to be with TUI and to be in this market. Thank you for being with us, and I think if questions will arise, the team is very happy to answer. Thank you. Thank you very much. Have a good day. The conference is no longer being rec-