Outlook

"We are expecting stable demand in the hotel market in the fourth quarter and for the trend to follow the normal seasonal pattern, with demand decreasing as usual during the second half of December before picking up again in the second half of January. Providing that the Dalata acquisition is completed at the beginning of November 2025, we will benefit from the revenue and net operating income from part of the fourth quarter. The effect on our earnings will, however, be negative in the fourth quarter of 2025 due to one-time costs relating to the acquisition. The acquisition will make a significant  contribution to both net operating income and cash earnings in 2026."