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5、 Profit Margin34.2%36.5%43.4%35.9%34.3%36.0%43.6%36.7%27.5%35.7%42.4%38.2%APACEuropeMiddle EastUnited States202520242023Segmenting DemandVariance to last yearADR by Segment-Rolling 12-UK0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%RetailWholesaleNegotiatedCorporateTour/WholesalersDiscountGovern
6、mentQualifiedContractAssociation/Convention ADRSMERFDepartmental Profit and Total Expense Margins Rolling 12 2025 vs 2024-UK-0.1 pts0.7 pts0.2 pts0.5 pts-0.3 pts0.3 pts-0.5 pts2.9%4.2%2025202471.8%24.2%60.2%36.9%71.8%23.6%60.0%36.4%RoomsF&BDepartmental MarginG