美国6月旅游流量：疲软的6月

C%%g the status of non-US analysts on pages 6 -12 of this report 2.9% Diana Luca * IEquity Associate+44 (0)20 7029 87221dluca@jefferies.comJames Wheatcroft * IEquity Analyst44 (0) 20 7029 8126 I jwheatcroft@jefferies.comMatthew Copeland * [ Equity Analyst+44 (0)20 7548 4715I mcopeland@jefferies.com JefferiesExhibit 2 - ...driven by declines across all regionsTotal US inbound travellers by region YoY growth % (Air only)0.0%■-0.2%-5.0%-10.0%-6.4%-15.0%-20.0%-25.0%Central AmericaSouth AmericaSource: ITA, JefferiesExhibit 3 - Outbound tourists from the US were flat in JuneTotal US outbound travellers YoY growth % (Air only)80.0%53.3%60.0%40.0%20.0%0.0%20.0%Source: ITA, JefferiesExhibit 4 - American tourists to Europe slowed to 1% in June, the Middle East was the largest drag toflowsUS outbound travellers YoY growth % by Region (Air only). May and June 202530.0%10.9%20.0%10.0%0.0%-10.0%-20.0%-30.0%U.S. TerritorySource: National Statistics, JefferiesPlease see important disclosure information on pages 6 - 12 of this report.This reporefferies clients only. Unau JefferiesExhibit 5 - US outbound to France is witnessing slowdown in growthUS outbound travellers to France YoY growth % (Air only)20.0%15.0%10.0%5.0%0.6%0.0%■-0.4%-5.0%-2.2%-10.0%10.8%15.0%202420242024FebSource: ITA, JefferiesPlease see important disclosure information on pages 6 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesJune Us Inbound And Outbound Flow DataExhibit 6 - Inbound tourists to the US declined by 6.6% in JuneTotal US inbound travellers YoY growth % (Air only)%0~'06%0'0L50.0%%0'010.0%10.0%30.0%e: ITA. JExhibit 8 - Inbound flows saw declines in all regionsTotal US inbound travellers by region YoY growth % (Air only)0.0%■-5.0%-10.0%-15.0%-20.0%-25.0%Source: ITA, JefferiesExhibit 10 - Travel from Germany continues to declineUS inbound travellers from Germany YoY growth % (Air only)15.0%12.7%9.4%10.0%%59%695.0%2.5%0.0%-5.0%-10.0%15.0%Source: ITA, JefferiePlease see important disclosure information on pages 6 - 12 of this report. Exhibit 7 - Inbound tourists to the US from Asia declined by 5% in JuneUS inbound travellers YoY growth % (Air only)60.0%50.0%40.0%30.0%20.0%10.0%2.9%0.0%-10.0%20.0%Exhibit 9 - Inbound traffic from the UK was -6% and Germany -4%Us inbound travellers YoY growth % by country (Air only)%0'09%20-40.0%.4%20.0%-13.2%-11.7%%0°0-20.0%-40.0%Middle East%0°09-AsiabbeantorynersCari■May-25 Jun-25Exhibit 11 - Inbound travellers from the UK deteriorated to -6%US outbound travellers to UK and Northern Ireland YoY growth % (Air only)15.0%10.0%6.9%5.8%4.6%4.8%2.5%-5.0%-10.0%2.6%3.5%6.1%-15.0%8.199.6%9.6%-20.0%25.0%三AONqa-is prohibited. JefferiesExhibit 12 - Outbound tourists from the US was broadly flat in JuneTotal US outbound travellers YoY growth % (Air only)5.0%80.0%60.0%40.0%20.0%4660.0%20.0%Source: ITA, JefferieExhibit 14 - Strong outbound growth into China, Italy and Japan. Weak to the UKand GermanyUS outbound travellers YoY growth % by Country (Air only). June 202520.0%16.9%15.0%13.0% 11.8%10.0%5.0%0.0%-5.0%-10.0%Source: ITA, JefferiesExhibit 16 -A slowdown in growth to Germany in JuneUS outbound travellers to Germany YoY growth % (Air only)25.0%20.0%15.0%10.0%5.0%2.9%8.9%%0'0■1.4%-5.0%-10.0%7.3%Source: ITA, JefferiesPlease see important disclosure information on pages 6 - 12 of this report. JefferiesCompany Valuation/RisksAccor SAWe value Accor using a DCF valuation. Downside risks include not finding buyers for the assets, deceleration in RevPAR, slowdown in net systemsize growth, and deceleration in global GDP growth.IAGPT derived from a target multiple of 3.2x EV/EBITDA vs midcycle 3.7x. Risks include UK and Spanish macro, long-haul capacity weakening, furtherLufthansaWe value LHA on a multiples approach. Risks: German macro, delays to the fleet delivery schedule, tailwinds from MRO business reverse.Analyst Certification, Jaina Mistry, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orriews expressed inthisresearchreporcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research repor, James Wheatcroft, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviewsexpressedinthisresearchreportI, Matthew Copeland, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject