Good morning, ladies and gentlemen, and a warm welcome to the TUI AG conference call regarding the financial year 2024, Q3 results. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation for the ones dialed into the conference call. Let me now turn the floor over to your hosts, Sebastian Ebel and Mathias Kiep. Thank you very much, ladies and gentlemen, a warm welcome also from our side, to TUI's third quarter results presentation. My name is Nicola, Group Director, Investor Relations, and I'm here with our CEO, Sebastian Ebel, and our CFO, Mathias Kiep. They will present a record quarterly performance and provide an update on trading and outlook. And as always, afterwards, we will be available for Q&A. And with that, I have the pleasure to hand over to Sebastian. Thank you, Nicola. A very warm welcome also from my side. I'm very happy to present with Mathias our numbers. You find that in a good mood in Berlin, in our office, in a good mood, not only because of the third quarter result and the good outlook for the full year result, but also because we're seeing very good progress on our transformation program. We had given the promise that we will unlock significant value by focus on operational excellence and by a transformation. And we will give you more information with the full year result on our transformation. Today, I can say that we very much leverage on our unique holiday experience products, and we are more and more positioning TUI as a successful platform business. And by knowing how the progress is on the transformation, we will stay committed to our midterm ambitions, to have an underlying EBIT growth of 7%-10% per year, and to further improve the net leverage. So the agenda is, like, like always, I will give you some highlights, Mathias will dig into the, the numbers. Together, we will do a trading update and outlook and a summary, and then we're looking forward to the Q&A session. If we look at the highlights, we can report another record revenue quarter with EUR 5.8 billion, which is almost 10% up compared to last year, and a significant improve in our underlying EBIT to EUR 232 million, EUR 62 million up, which is 37%, and all business contributing. Markets and airlines are doing very strongly with significant increase in bookings. Also, the ASP is up 3%. Booking has accelerated the growth. The ASP is slightly less than we had before. This is purely a mathematical issue. You may recall that FTI went into insolvency in Germany. They were at a very low end of the market, and as we got our market share with the FTI customers, that had a mathematical impact on the ASP. The ASP on the products we have sold before is stable. Great result in holiday experiences. Hotels, very strong. Cruise, surprisingly strong. You may recall we had the Suez impact. We had to reroute cruise ships from the Suez Canal around the Cape of Good Hope, the southern part of Africa, and we were able to offset even more of these additional costs. Also, Musement has seen significant growth with our products. By this, we can reconfirm the guidance we have given to increase the EBIT by at least 25%. I think this is a good promise we have given to you and the markets. If we look into the sectors, hotel, significant increase of profitability, EUR 20 million. Now we stand at EUR 339 million. If you look at the average daily rate increase with 7%, this is a very good result for the season, just before the peak season. EUR 30 million, almost EUR 30 million up, now at almost EUR 200 million. What is amazing here is not only the occupancy increased to almost 100%, technically, it's difficult to overachieve that, and especially a daily increase, a rate increase, of 7%. Musement has also seen an improvement of results. We have more focused, and this is important also for the future, for the next quarter, but also for the long-term future. We are not so much in buying new customers with a low, low revenue, average revenue, a number where the margin is at in absolute terms, not, not high enough. We are focusing very much on selling the own products, where we have a very good margin, therefore, this 14% increase. Our important transfers are almost in line with the growth of the tour operator, which we have seen. If we come to markets and airlines, an increase of 10 million, two markets are contributing positively, the northern region and the central region, whereas the western region is negative. This is mainly due to the introduction of the new IT systems we had and some delays in the MAX delivery. So these are one-time effect, which should not occur anymore next year. Some highlights, which is always good to be anecdotally, but what are good examples for our strategy. Two, one example from hotel and resorts, or two examples from hotel and resorts, and one example from Musement. RIU opens the 10th city hotel. A city hotel, which is very much focused on leisure customers. This is pretty unique in major cities, and what we do see is very, very strong profitability. You know, we have two hotels in N. Y. we have one in Dublin, we have one in London, we have one in Madrid, we have one in Panama. I think I've now forgotten two. We have one in San Francisco, and now it's and in Berlin. Thank you, Nicola. And the one in Chicago is the next one. And that's really great because we bring the TUI brand also in the source market to life. And people, when they go to a capital city or to a city, can experience TUI. Another good example has been the opening of The Mora Zanzibar, a six-star product on Zanzibar. Very well received, 100% occupancy at the moment. Very good prices. There is a market for that. It's a different product to other six stars hotels, because it's very, very much focused on leisure customers, the big market of leisure customers. Musement, we are very happy that we were able to gain a last minute as a B2B partner with all the brands. It clearly shows that the strategy, one, to focus on B2B, strong partners, and second, on B2C with our own products, works very well. We always said this is a source of new customers. That's what we see, and work with all the activities, we will accelerate this growth. Sustainability is a part of our DNA. It's in our heart, and it's not only altruistic, but also because we too see the commercial sense in it. And two good examples, one is the Mein Schiff 7, which was delivered a couple of weeks ago, is the first ship which will be green methanol ready. And which mean that if we are in a harbor, we will source green electricity off—what is the name? Of shore power. And this means we buy this wherever it's possible, green electricity, and this is valid then for 12, 13 hours, and the remaining part then will be done by eLNG or eMethanol, and that will bring the cruise business in a very different territory when it comes to sustainability. And another thing we are very proud of, that one or the other may recall, that we built a huge solar plant at our park property in Hanover, Germany. We are now in with all the activities in Germany, office activities, the retail activities. We are 100% CO2 free. But again, this we want to achieve also in our hotel business. We have now 25% of our hotels have solar products, and a major step has been and will be, that we just launched three significant big solar plants in Turkey. Another three, which brings us to six, will be opened within the next weeks, which means that our TUI hotels, owned TUI hotels in Turkey, will be carbon free. And the good things, it's not a contradiction to profitability. It just supports the profitability, and in the medium term, it's even getting more important to the customers. And I think these are good examples about our sustainability agenda. And with the nice words, we come to the heart, also nice numbers, and which will be presented by Mathias. Thank you very much, Sebastian, and, thanks, thanks very much everyone for joining this call. Good morning also from my side. Let me give you some further details on the quarter numbers, and, before we then come to trading and outlook. All in all, Sebastian, already summarized, this has been another good quarter for the group. This clearly delivers on our targets for the full year. Just to, something to remind everyone on this, is the eighth consecutive quarter in a row with a strong increase in profit. That's something we, of course, very pleased with. two years. two years. Absolutely. So, I think this has been quite a great journey if, if we look back on that, coming out of a crisis. And at the same time, this is also a trigger, because this was- we have in this quarter, had the final step to redeem KfW and, effectively do the final refinancing step, for that period. So, with this further progress on balance sheet, I would like to start before I go into the bridge and then the details to P&L cash flow and balance sheet. We were able to place a convertible bond around EUR 500 million in July. What is important is three facts. One is, this is, just to reiterate, this is the final step to fully cancel our KfW credit line, an unutilized line, as, we already discussed and presented, quarter by quarter. Still, this was used as a headroom, and, at the same time, we had to put in the existing convertible, also for 2026, and we always said these together, we would like to address. We addressed this with the placement of a new convertible, EUR 500 million. That was immediately used to buy back effectively the old convertible. And thereby, that's the second important fact, we will have, around EUR 18 million interest saving, cash interest saving, from next year onwards. Just to mention it, because that has an impact on our fourth quarter and on the full year numbers, then on interest, there will be because, the repayment of the old convertible is then, at par market price, plus, we have to you see an valuation impact. Convertible is always, discounted, and that kind of, you can call it step up, effectively, non-cash impact, that you will see as a P&L interest charge in our fourth quarter of around EUR 45 million. So these are the, the three important facts, KfW and bond initiated, now refinancing done, significant interest, cost savings next year, around EUR 18 million. And then please, note in Q4, we will have an one-off impact on a non-cash, charge for the valuation of the old convertible by buying it back. Now, coming to the quarter, as Sebastian said, this has been a very good quarter, another step towards our targets for the full year. And, what I really like is that, all segments have really contributed, to that. Sebastian alluded on it. Also, cruises, despite the cost, that we had with Suez, one, the traveling around Africa, but also in particular, the canceled voyages that were already sold that we couldn't, execute upon. So, that's really a good, result. Markets as well, there were, the Western region situation bit special to the rest, and then the strong profit contribution from hotels, continues. And that overall, results in our P&L for the quarter, which is in line with expectations. What has been important for me, one, it's revenue, 9% growth. I think that's something which underlines, again, holidays are a key priority for consumers. Our guests, they want to travel with us, and they want to continue to travel with us. This is really encouraging, and it's a strong signal that, holidays are prioritized in such a high way, and that we, in the end, can realize the record revenue again, this year and are 9% up. The P&L, of course, shows the EBIT improvement for now for the nine months, year to date, for the first time, also positive. That's really great. And then, irrespective of the refinancing that I just touched upon, which will have an impact next year, already, also this year, you see the strong benefits that we have achieved in reducing our interest costs. That year to date is a EUR 75 million improvement. We would normally lower our guidance below the 400, but with this special charge in Q4, that moves us up again. So we would then, as a result, formally be at the upper end of the guidance. At the same time, underlying, you could call it, that we will see in a minute on the cash side, in particular, you see the strong improvement, one, in line with what was our expectations during all these refinancing steps, but secondly, also a product of all the additional initiatives. So that's something I'm quite happy with. Now coming to cash flow, you see that if I may focus on interest first, and that's year to date improvement of around EUR 80 million in the nine months, also an improvement in the quarter, and then the guidance has been adjusted to that, reflecting that improvement to a new range of EUR 310 million-EUR 325 million. The improvement I expect in the fourth quarter to be a bit less, because also last year, we were already out of all drawings in the fourth quarter. So you talk about less interest kind of savings. At the same time, we have some products now on balance sheet where interest payment due over the full year, like the high yield bond. So that's, all in all, the improvement will be, less, of course, in the fourth quarter. Still, the reduction is, a really a great achievement. Working capital, again, also in line with expectations. I think there are two effects, just to mention on the quarter, why it's a bit lower than, the delta is a bit lower than, last year, same period. One, Easter was earlier, so in Q3, we already paid more invoices for the Easter period. And secondly, Q3 last year still had quite some ramp up between the seasonality winter towards summer. So that's something, I would say this year, a bit more normal, in terms of development, still on the balance sheet, working capital at record levels. So something we are also very pleased with. Last point, before I summarize cash flow, is the net investments. You see in the quarter, this is in line with last year. Year to date, it's higher. This includes the final payment for funding the new joint venture with RIU. At the same time, I would expect that we are more towards the upper end of the guidance investments because of some phasings on the projects. Still a bit difficult on the last euro to forecast that because you always have these construction payments, and you have also on the delivery schedule, still some moving parts. But overall, I would say the corridor tends towards the upper end, maybe at the upper end or a bit higher. Other than that, on cash flow, important that the lease amortization, the amortization on asset financing, what we saw in the quarter, in line with our expectation for the full year of around EUR 4.6 billion, just to make that point also clear. Now, as a result, cash flow brings us to a slight improvement on our balance sheet. Again, that's now EUR 2.1 billion. I would expect that this further reduces in Q4. We will probably see less of an working capital outflow as a net result in the fourth quarter than we saw last year. And we also have the profit development, so let's see on that. But overall, I would say this also confirms our slight improvement that we have guided. So with that, I would hand back to you, Sebastian, because that brings us to the outlook and the basis of, of course, the bookings. Yes, thank you very much. We are happy with the bookings in summer and for the winter, the first glimpse into the winter. The program in U.K., Germany is now roughly sold 90%, which means still 10%, but we are very close to the target. The bookings are up 6%. There we have seen an acceleration, especially in Germany, but also in the U.K. There were a few weeks which were slightly slower due to the champion the European soccer at the Olympic. But we have seen on the recent days and last two weeks, a very strong late business for August, for September, but also going into the first quarter of winter. That is very nice to experience, and significant volumes are getting in. So, we are very optimistic for the next, for short term and medium term, it's a good picture. ASP is slightly down, as I explained before. It's a technical effect. The increase in Germany came from very short-term bookings because of the FTI insolvency. FTI is in a very different market segment, where TUI never had been strong in the lower-end segment. And for the first time, TUI Germany was able. And it's by the way, it's also Switzerland, it's also Austria, it is also Holland, France. We were able to capture our market share in this market segment, and as the average ASP of these customers are significantly lower, this leads to a decrease in the ASP. Otherwise, we do see a stable development there. So a nice picture also looking into the winter, especially in the first quarter. Strong bookings, U.K. on the same level, like good level of last year. And it's good—it's very promising that, especially now, the months till the end of this calendar year, are booked very well with robust pricing and with a good outlook. Different to the years before, we have now a normal hedging pattern. We were able to hedge as we wanted to hedge and not others wanted us not to hedge, and this is good. And when we compare with the competitors, I think the amount hedged and of course, the rates hedged are supporting a further improvement of profitability. If we go into the details, asset hotels in the fourth quarter, doing very well, plus 10% on the daily rate. That is amazingly strong. And you could ask: Why is that happening? We are getting more and more international. I think one of the targets of TUI is to get out—not to get out, to increase the share outside the region of Europe. Of course, Europe is our core business. We want to get stronger. We want to go into the markets in Europe, where we haven't been, like Eastern Europe, Southern Europe, but going out. At the front is their hotels and resorts, where we have a strong footprint in the Caribbean, now also in the cluster of West Africa, the cluster of East Africa, the Middle East, the Far East, the first Robinson Club in Vietnam, the first hotels in China. And all this leads to benefiting from the strong demand and price pattern of these markets. Occupancy also, again, a slight increase on a high level, which is good. Cruise, 11% more sold cruise days. You should keep in mind that we have just introduced Mein Schiff 7, so we increased significantly the capacity. And occupancy with +1% sounds small, but when a ship is full, it's full, and we are above 100% in the next quarter. So that's why it's a great result. And also the daily average rate is actually stronger because it's more a mixed effect than it looks like as it is today. Experiences sold significantly increased. Very, very much a focus on own-produced products, because there is a higher margin. And maybe, Mathias, as the guidance comes from the finance head of CFO, it has a special weight. Okay. Thank you, Sebastian. Indeed, I think you mentioned in the beginning already in your summary what we came to do today is that we can reconfirm our guidance in line with the policy that we had in the last quarter, that at least a growth of 25% is expected on EBIT. At the same time, you saw the development on revenues, and that also remains unchanged for the full year. And I think, again, there's something which personally for me is really important because it shows the consumer is there, and a 10% growth in revenues means our consumers they all pay more for holidays. We have more customers, and that's encouraging, as you also said, for the coming seasons. In detail, by the segments, I think, to cut this short, what we saw in the quarter, what Sebastian presented in the details of development, in Q3, that's fully reflected here in terms of the full year development of each of the segments, and then on the details, coming from adjustment down to net debt, that's all, I covered when we talked about the details in P&L cash flow and net debt. And with that, I would hand over back to Sebastian, for final words on this conference call. Thank you, Mathias. And, as said, we are very confident on this year, but we are also very confident... Not but, and we are very confident for the future season, for the future years. Yes, we focus very much on operational performance, and we do see significant opportunity there to further improve. And due to the transformation through the rollout of platforms, going into more markets, we want to grow, and we are seeing it, that we are growing significantly by implementing these global platforms. And this profitable growth, we want to, and we are doing to accelerate. An example here is the dynamic packaging is Eastern Europe, Southern Europe, Latin, and a very strong focus on profitable growth. Important is profitable growth by improving margin due to higher revenues, but also by getting better cost ratios. By improving profitability, we are going to strengthen further the balance sheet, and this only works when we are really focused on cash. That's our daily business. We look at cash every day, and we know that further improvement of free cash flow is required as our target, and it is, we will achieve that. And that's why we can confirm our midterm ambition with an EBIT growth of 7%-10% per year to improve the net leverage significantly, and of course, by doing that, to improve the rating. With all what we do, the transformation, we want to bring TUI in the globe, have done with the hotel, also with our all other products, to be not only the very strong brand in Europe, but also outside Europe. And, by the combination of performance and transformation, we think that we have a lot of opportunities and the management team, and I must say, everyone in TUI is very excited about what we are doing and what we can achieve. And sometimes I say it's a giant, which just set about or awoke, or what is the right English word? Woke up. Thank you, Nicola. Thank you, Sebastian. Thank you, Mathias. I think we are now available for Q&A. Looking forward to your questions. Thank you very much. So, dear ladies and gentlemen, if you are dialed in to the conference call and have a question for the speakers, please press nine followed by the star key on your telephone keypad now to enter the queue. Once your name has been announced, you can ask a question. If you wish to cancel your question again, please press nine and star key a second time. So one moment, please, for the first question. First question comes from Jamie Rollo, MS. Over to you. Thank you. Morning, everyone. Jamie Rollo from Morgan Stanley. Thanks for taking my questions. I've got a few on- Good morning. Good morning. I've got a few on markets and airlines, please. So the third quarter profit, as you showed, did double from last year, but it's still pretty low compared to the third quarter of 2019, once we adjust for the Boeing delays in that year. So could you just talk a bit about the margin outlook in markets and airlines, and in particular, what's happening on the dynamic packaging side and what impact that might be having on margin? Secondly, just on the outlook on markets and airlines, you're talking about slightly weaker ASPs, which is all due to FTI and mix. Are you seeing any slowdown anywhere in the market, whether that's your seat-only business, so I know you don't do much, or whether it's the low end of the market? And what are your sort of capacity plans now for the summer? You had, I think, something like a 10%+ at all, capacity increase plan. And then finally, it's a general question on the full year guidance. Now looks pretty conservative. 25% growth would be sort of no growth at all in Q4 profits or indeed, a small drop. Is there anything in the fourth quarter we should think about, whether it's CrowdStrike or FTI or any moving parts that we're perhaps not aware of? Thank you. Maybe I start, and Mathias, you step in. If we look at the bookings, we don't see a slowdown. For like, as I said, the short-term bookings, they are good. Also, the price quality is good. Maybe it's because of the positioning of the way we are more in the upper end, and if you have this is a very stable and dynamic business. If that's why I think we are positioning well, and by FTI getting out of a segment we are not in, we are benefiting from that as well. Therefore, we are confident also for the short term, but also for the medium term. And one other thing is, as we have invested and what we are building now come in place. We talked about the direct access to hotels, to airlines, a lot in the last 12 months. Now it is coming, and that's why the dynamic, which is in weaker times, bring more margin, more volumes, is supporting us very much. For example, today, we started with Ryanair in Germany, which is a great achievement. So we bring more and more content into the system, which supports our growth ambitions. If you talk about the performance of market and airlines, for us, due to how we do price, the main quarter, the most important quarter is quarter four, and there we are also very optimistic about the development there. You're right, and that's why the transformation has been and will be so important. There is still a significant part where we can catch up. We are on the way, and besides all the other things what we do, the focus of being excellent to close the gap to the one or the other competitor is so important. Mathias, would you like to add? Yes, maybe on the question on the comparison to 2019 in detail between the two quarters or between in Q3 between the two years, and indeed, we stated for the max. I think one is that generally, I think it's fair that the margin level is a slightly different one versus 2019, because we are—since then, we've seen a lot of inflation, and that's something which was more or less costs coming to the sector. In terms of the comparison of the performance, then, if you then look, I would say it's not so much market, it's certain units, where we just see different patterns and Scandinavia, for instance, in 2019 had a record performance last year. I think we were quite transparent that this is something we need to work on and are working on, and that's, of course, something which is on its way to get back towards their targets and our targets on it, just to name an example. And the last point is, I don't, to be honest, I don't recall when Easter was in 2019, and that, of course, also has always had a shift in profits between Q2 and Q3. And then- Maybe if I add, which is also a good outlook, we haven't seen the positive impact of the fleet rollover. I think this is something to come, when finally the MAX, especially the MAX 10, will arrive. We really are proud that the network stability has never been as good as this year. At least I can't remember. With the exception of the two days around the CrowdStrike, we haven't had to cancel flights. The DBC costs are, or the delays are at a historical low level, and that in a situation where we don't have the new aircraft yet. Taking this into account, the network quality is good, and there is more, even more positive to come, what to, to what we see today. And then, on the guidance, if I may, I think the, how I look at this, I mean, we had a clear policy throughout the year that we followed, and you can call it conservative or careful, but I think it's something, as we also said in the call is beginning, this is the eighth quarter with an increase in profit, and we have quite a stable framework throughout the year. That's something, that we continue to use going forward for the rest of the financial year. I think that's maybe, the best description to look at that. It's better conservative and to underline at least than be different. Thank you. And so just on the capacity question, have you reduced your capacity plans in the U.K., or are they still what they were the last asset increase? Maybe we can answer this question later. I will try to. I'll do it out of my memory. There are different impacts. One is, yes, it's on the 219 level. Further growth, it's more on the dynamic part, because as I said, we had to take in lease aircraft, because we didn't get the max aircraft with all the cost impact and so on. And that's why it's so great that we are able to achieve or overachieve the profit targets. And even if we would like to increase a further capacity, and I would say the room is there for us, but at the moment, we are, as many other companies, limited. On the other hand, if you look at our business with easyJet, now Ryanair has started to work, the U.K. will follow in 2025. This gives us a big upside because there we are in a catch up, or we can get into a catch up mode. And by the way, this is also true for the direct connect to hoteliers. And this will give us significantly growth opportunities, whereas we don't have to increase the fleet, which is technically for us at the moment, not possible, and it will be possible when we are back to a normal pattern, hopefully 2026 of g oing. Thank you very much. Thanks a lot. So we are moving on to the next question. The next question comes from James Rowland Clark of Barclays. Please go ahead. Good morning. Good morning. My first question is just on the acceleration of bookings in Germany that you've outlined is sort of partly or mostly to do with FTI's exits and picking up customer volumes from there. It's gone from 7% at the last update to 10%. Is that number still accelerating? And perhaps you could give us an idea of how much of that change or what it would have been ex the incremental customers from FTI's exit. And then dealing with FTI again, should we think about this jump up in bookings that we're seeing in the summer for the German source market as potentially being how to think about sort of FY 2025 boosts? Or could you do better than that? Maybe you could also talk about the FTI's exit, what that could mean in the medium term for your tour op, hotels and cruise business in terms of revenue and profitability. I guess just finally, just following up on the guidance question from Jamie. I think consensus sits at about EUR 23 million EBIT growth in the fourth quarter, and I know you're very conservative with your guidance, and you've remained steady in that outlook throughout the year. But are you confident in where consensus sits or increasingly confident or more confident? Perhaps you give us a bit of color around that and why EUR 23 million is the right sort of growth in the fourth quarter. Thank you. Maybe the consensus question is answered by Mathias. I will take the more fun part, the FTI question. The insolvency of FTI was a sad thing for the customers who had booked with us because they are still waiting for the refund of their money. So these customers hardly had the opportunity to go on vacation again because they haven't had the money back from what they had paid before. So we talked about pent-up demand in corona times. Here there is probably a FTI pent demand for next year. Is it big? Is it huge? It's reasonable, and it will happen. Why have these people very, very often not able to rebook and paying a second time? Because as said, they are positioned more on the lower end, where families, where money is more an issue than with our customers. We tried to support the hoteliers and the FTI customers as much as possible. The team went after the day of insolvency immediately into the destinations to discuss with the hoteliers to help them to overcome this the summer issue, the summer problem, the summer challenge. We were able to get all the hotels we wanted to have. So we were able to grow the base, the future base, because quite often a customer is linked to a hotel, and if you have the hotel, you sell it. We supported the customer very much, first by attractive offers, and I must say that was done together with all other competitors. They reacted very much like us in favor of the customers. We also made payment terms that they have to pay at departure and don't have to prepay. These were all limited measures, so we are going back after the summer to a normal pattern, and that's why I think the assumption is that there is that we get at least our fair market share of FTI customers, and second, that there will be a positive profit impact for the next years. And overall, I think there have been probably reasons why FTI went into insolvency, and these reasons going away should also improve the market conditions in Germany. So it's one cornerstone of our—I mean, it's something which supports and that it was not, what, what—I mean, it supports our targets we have. More important for us is, and has been, to accelerate the transformation that whatever and whoever is in the market, we can win more and take the profits into our pool. Thank you, Sebastian. Then, I think, on the guidance, I think what I can reiterate is we are quite transparent on the KPIs for the fourth quarter. Sebastian, you mentioned what your expectations are in terms of the forward-looking business, and- ... I would just turn the question around. If we were unhappy with consensus, if we would feel we deviate with our own expectations, we would need we would anyway need to talk about this, because then we would be obliged to mention this. So I think that's maybe helpful for you. Thank you very much. Bye. Thank you, also, from my side. The next question comes from Othmane Bricha, BofA. Please, over to you. Thank you very much. Hi, Sebastian, Mathias, and Nicola. Just want to follow up on those FTI volumes. So, can you quantify maybe what market share FTI had in Germany? And, how much can you grab both in the short and medium term? And also, can you quantify the difference in absolute ASP between FTI and your own volumes so far? And also, as this come as this volume come with a dilutive impact on the pricing, can you explain the moving parts and the impact on the margin? Thank you very much. I don't know how many numbers are available on FTI. When you look at the absolute numbers, you should have in mind that they had a strong component business, selling car rental or selling flight only. So the numbers you quite often hear, my educated guess, only half of it is package. And from what I've seen, again, not confirmed, their latest market share was 7%-8%. I have no idea how much is out of that was component, how much was a package, but there's a significant component part to it. And I would be, and the team would be unhappy if we were not able to get our—to get a 30% market share out of that. It's a significant volume. Again, the numbers are very, very difficult to calculate. And second, the customers who had booked with FTI, they were hardly addressable this year because these people needed to get their money back. They haven't got the money back. The process of getting back the money has just started. I have no idea if it takes another four weeks, eight weeks, or even 12 weeks, but it will be outside the summer season. So the impact that these people can think about going on vacation again will probably start in winter, and will be more important for next year. If you ask about ASP, again, very difficult to judge. It will be significant. On the package, it will be significantly lower, would be my estimate. If you have a high share of components, it will even further bring the things down, and that's why it's difficult to judge. What I can say is, when we got our share of the package, FTI package, is one thing, but we also got the share of car rental customers. That is educated guess, at EUR 200-EUR 400 on average booking and not EUR 1,100. So there are a lot of structural effects which we don't know yet, and the FTI customers are not yet distributed to all the competitors, including us, as a lot of people were not able to book. Thank you, thank you. And do you still expect... Do you expect the impact on the margin to be accretive or dilutive once you integrate those volumes in the midterm? Can you repeat? It was very difficult to understand your question, for me, at least. Yes. Yeah. Can you explain how accretive or dilutive would these volumes be on your margin? I said, I would say the impact on this year is probably neutral. For the future, it will be, of course, value creative. It will be volumes which will increase the load factor on our aircraft, which helps us or we were able to get hotels which we normally wouldn't have got into our portfolio. We will have the volumes in our transfers. They will buy excursions, so there will be a significant positive impact this year. I would say the has been a neutral effect because you should not underestimate the pure logistics to ramp up several hundred thousand of customers was huge. For us, that was very well recognized by the market to make sure that TUI is the problem solver for the customer is important. There were two companies who were very much engaged in bringing customers back, FTI customers. We were organizing that they got payments. Of course, that will be reimbursed, but there was a lot of effort and a set of payments just when they went on vacation. Attractive offers so that they could book, and it was all on the late business and not on the long business, which is commercially a very attractive one. But in future it will have a significant effect on us and on the market. You should have in mind, it's not only Germany. Thank you very much. ... Thanks a lot. The next question is from Jaina Mistry, Jefferies. Over to you. Hi, good morning. Thank you for taking my questions. Good morning. Hi. I've got two questions left. The first question, you know, when we last spoke, I think you said that, you know, summer would be made or broken through the late market. I wondered if you could give any color on how the late market has performed versus your expectations, and, you know, you've mentioned more robust pricing in your outlet commentary over the summer. Does that mean that pricing has accelerated into the, into later bookings? And then my second question is on winter. Now, I know it's still very early days, but you've also spoken about robust pricing over the period. Should we take that to mean kind of the same as what we're seeing in summer, 3% or something slightly higher than that? Thank you. I can't remember saying that, what you have said, what I've said. Of course, it's always the last 10% are the ones which makes the season good or not as good. But that I would—everyone would have said a year ago or two, maybe not in COVID, but outside COVID. And especially in our business, July, August, September are these months. And when I take out the effect of FTI, which we discussed, it has been a fairly normal late market, slightly higher volumes and so nothing special from my side to add. Maybe Mathias, you want to add, but that would be my summary. And again, it's six weeks to go. Of course, if you see seve n days great bookings, you are more optimistic when the market seems to be yesterday more difficult, and it looks good at the moment. On winter, it's, I mean, the U.K. is the most advanced with one-third. They're doing well. Germany on 10% less, or other markets very much in line with other winter. We have seen dynamic is growing, which supports our growth. For the time being, I would not expect something extraordinary, and therefore it's also so important that the outside European activities or the cruise activities, the hotel activities, are even performing better. That's why in total we are confident about a good winter next year and also a good summer 2025. And then- On winter, just to reiterate, I mean, this is like a first kind of lifting, where we are with bookings and showing some illustrative numbers. That's what we normally do in that quarter. Then there's the more formal update in September, with then, where we also from the booking side, Sebastian just mentioned U.K. with the third. You can expect all other markets some 10% in their booking curve behind that. It's all within expectations, but, that's why we normally don't give more numbers. And, again, that will be then delivered in September. The volumes are still low but it's robust. That's very helpful. Thank you. Can I just confirm, when you talk about robust price levels, does that imply growth at this stage? Last one? Sorry, the line is not perfect. Can you repeat the last part of the question? Yes. In the release, when you talk about robust price levels, does that mean prices are up year on year? I mean, we want to... we need to, and that's why it's important for us that prices are up. Okay. Thank you. Thank you very much. Thanks a lot. Dear ladies and gentlemen, if you wish to state a question for the speakers, please press nine and star key now to enter the queue. At the moment, there are no more questions. Ah, next question incoming from André Juillard of Deutsche Bank Equity Research. Good morning. Good morning. Congratulations on the results. Good morning. If I may, first, what about destinations? Did you see any significant change in the destination of your clients and maybe a more significant rebound on long haul? So this first question. Second question, coming back to the competition, the bankruptcy and of FTI and the former one of Thomas Cook a few years ago, did you see any regulation or specific rules coming up to have easier refunds? Because you mentioned that it was quite complicated for FTI clients to be refunded. Did you see any significant changes that we should take in consideration in our assumptions and in your cost base If you look at the passengers development to the different destinations, there are destinations, I would say, with normal growth, 5%, 6%, 7%, like, Spain, like, Greece, like Cyprus, like Italy. And then there are markets which significant growth, double the growth. And this is Turkey, this is Egypt, and this is Cape Verde. And that's when I always say, when we talk about where should growth go to in it, it's important that we have the capacity outside the markets where capacity could be constrained and could be limited. We have a very strong footprint in Turkey with our own hotels. We started 10 years ago to build a footprint in Cape Verde, which is a very good business. And third, we have also, through our hotel joint venture, a strong footprint in Egypt. And that's, I think, and they are outside Europe. They have a cost advantage, and therefore, I would expect that these markets will see over proportional growth, and we are well positioned. Long haul out of Europe is slower because of the. And if you see that on the hotel side, we have 10% increase, which means that hotel prices in the Caribbean have probably gone up even more than 10%, 12%, 13%. And that, of course, is a cost situation which makes it sometimes harder to sell a trip to Mexico because the Americans are paying a lot more. We are benefiting from that in the hotel business. These customers then go also to Egypt to cover it, or which seems to be get normalizing now is the Far East, is Thailand, is Sri Lanka. So I would say that there is further growth to be anticipated in these Middle East, Far East countries in the short term. And there was a question on the rules concerning FTI. We don't, at least I would not expect any significant changes. Of course, there are always. We know that there was a new directive planned. We think it will be for our markets on a very similar level. It's more the impact that component seller could have a impact, which would be very much in favor of it. I've no idea if that will happen or not, but I think whatever happens, it will— There is an opportunity. It improves our competitiveness. Most likely, I would say it stays as it is. Okay. And just to come back on destinations, did you see any recent changes because of the situation in the Middle East, and the geopolitical situation in general, or nothing really significant at this stage? I mean, there has been small things. You can't fly over Russia, so therefore, you have higher cost if you go to Thailand. But that is now learned, after these horrible two years with the Ukrainian war. The business to Israel, to Lebanon, to Jordan, has actually never been a big. We talk about a few thousand customers, so not relevant at all. And what you have seen, yes, there were maybe two weeks where it was slower for Egypt, but that has picked up. And if you see how strong Egypt is growing because it's such a great product. If something happens, it's very short term, and the effect is that there is a small shift from A - B, but nothing, nothing more. That's always—I mean, that's why it's so important that we have enough capacity for when the customers, and it's more price than anything other reason has other thoughts and maybe a destination like Mallorca. It was really full this year, and you could hardly get a reasonable bed. Then it's important that we have enough beds in Cuba or in Turkey. That's what we are having. Okay. Very clear. Thank you. Thanks a lot. Next question is from Jürgen Kolb, Kepler Cheuvreux. Thanks very much. Basically one question with several components, maybe. First of all, housekeeping, really, any update on the situation with Boeing? What's the current status? Also, maybe a quick and first look into 2025. And then in this respect, I understand you don't want to be too precise here, but the negative effects from CrowdStrike, from the Red Sea, from Boeing, all had obviously negative implications on your EBIT line. Maybe any further indication as to how much that really affected your EBIT would be helpful. I understand you don't want to be too precise, but maybe a little bit of an indication as to what the total amount and what the level has been. Thank you. Before I get too precise, I will ask Mathias to answer the question. On Boeing, as said, I'm really proud of the team that we have had the lowest number of cancellations, I think, in Germany, one. That the delay, three hours delay at a historical low number. So the disruptions which could have occurred and others had, by not getting the delivery of Boeing, we have diminished, and that is really something we are proud of. I said, we expect that the deliveries we are waiting for will come in 2026, and therefore we will manage the situation well in between. Yeah, and I think, I mean, I understand the question on being more precise. I mean, on the one side, of course, there have been some events. At the same time, events are not new for the business. We've shared with you the KPIs, which are positive. And then I think the best is what we can do, I mean, again, reiterate, we are-- we have a clear guidance policy this year that we follow, and I think we have done the same in when we entered into Q3, and we're doing the same again in in Q4. Understood. It was a try. So thanks a lot, Mr. Kolb. As of now, we have no more questions in the queue. So with that, I would like to close the Q&A session, and I'm handing the floor back over to the host. First, thanks again for attending. A good quarter, a good full year, and what is, I think, for us, even more important is a good prospect, the focus on excellence. There is a lot of room for possibilities of improvement, a strong focus on transformation, a lot of opportunities outside Europe, as we have described. We are not only getting ready, we are seeing the first results of this, and that makes TUI for us as management so exciting that we are not in an uphill, a downhill battle, but we really can focus on the areas where we can win and where we can change TUI. I said the TUI of tomorrow will be very different from the TUI of today. The long-term vision is to really have a strong global player, TUI. That would be.