This was primarily due to a US Level 3 travel advisory for Egypt issued in October 2024, And Intrepid Travel have reported a 30% decline in bookings. And tourist travel overall is hovering around just 45% of pre-conflict levels. Because we were heavily weighted on Egypt trips in the first half of the year, this impacted our performance in that business line. We've since pivoted. In Q2, we launched a Peru-based tour that has already sold out.

May 12, 2025 / CEO / receipt, needs a key / James Calhoun, CEO | earnings call 2025-05-12 | transcript d17899c5-50c9-41a6-835b-72ba65e23250 | chars 5330-5775 | segment 5