“I would like also to point out to the full year guidance because despite, I think, this impact in the second quarter, it's important to highlight that actually, I would say our full year guidance remains still solid. And if you look at gross bookings and EPS, we're still actually from a range perspective, at the high end, still at the level of the original guidance for 2026.”

In context

“mpact of the Middle East. Specifically, what we have assumed in that number is the following: impact of Middle East inbound, outbound, intra-regional travel, the corridors between Europe and Asia and vice versa and also that ADRs will be slightly down as a consequence of the situation in the Middle East. And we have assumed that this situation will continue from a direct and indirect impact perspective for 3 months, so for the full second quarter. Of course, no one can exactly say how long it will last. Someone may have a different assumption, shorter or longer. Anyone can put whatever you want in your model. But this is what we have assumed in terms of this guidance that we see the impact for the full second quarter and then assume some kind of a recovery in the second half of this year. I would like also to point out to the full year guidance because despite, I think, this impact in the second quarter, it's important to highlight that actually, I would say our full year guidance remains still solid. And if you look at gross bookings and EPS, we're still actually from a range perspective, at the high end, still at the level of the original guidance for 2026. Glenn Fogel: Yes. Go ahead, Kevin. Kevin Kopelman: I was just going to follow up on that cautiousness question. Glenn Fogel: You go ahead, Kevin first. Kevin Kopelman: I was just going to follow up on the cautiousness, if you were seeing any broader kind of cautiousness behavior among your consumers outside of the region. Glenn Fogel: Well, that actually fits very nicely, Kevin, into what I was going to say. Here's the thing. The team has done an incredible great job of trying to come up with our best estimates of the future. And Ewout just said it though, you can have a different view. Many people do, I'm sure. The thing we absolutely are very certain of is, this will end. We don't know when but it will. We do know travel will normalize. Now, how quickly? That also an unknown thing. But”