increasingly moving into these shoulder months. Overall RPK growth has slowed year-to-date in 2025 compared to · European travel demand has gained momentum in Q4 to date, with air passengertraffic up 6.9% versus 5.0% in Q3. Momentum continued to build as the region moved into the shoulder season. With destinations promoting shoulder-season travel, early signs pointed towards more resorts staying open longer, which supported demand through November (7.1% year-on-year). In the Middle East, airline RPK rose 10.2% year-on-yearso farin Q4, up from 7.0% in Q3. Demand in the region was boosted by a strong outturn in October with a 10.8% increase in RPK, partly because more Chinese travellers chose this region to visit during 'Golden Week' in the first week of October, perhaps attracted by a relatively simple visa process. Following this, demand remained solid in November (9.6%). North American air travel demand in Q4 so far looked strong, with RPK rising 4.5% on the year vs 2.3% in Q3. shifting capacity from the US market amid tensions arising from US trade policies. Demand in Q4 was currently up 5.8% year-on-year (0ctober up 7.1%, November up 4.4%). · Asia Pacific remained the best-performing region in 2025 s0 far, with RPK rising 10.3% year-on-year in Q4 s0 far. 'Golden Week' boosted Chinese outbound travel within the region in October with RPK rising to 11% year-on-year, but tensions between Japan and China, and sharp cuts in airline capacity between them since November, partly contributed to a more moderate rise of 9.5%, with further potential to weigh on demand