Miguel Praga

📍 Volotea aims to replace Ryanair at airports where the Irish low-cost carrier is cutting seats. CEO Carlos Muñoz indicates readiness to cover routes left by Ryanair, mentioning Santander, Jerez, or Asturias. Volotea, critical of Aena's incentive model, reports its best annual results: revenue of €811 million (up 17%), Ebitda of €148 million (up 54%), and an operating profit (Ebit) of €35 million, a significant increase from the previous year's €2.9 million. However, the airline's net result wasn't disclosed after a 2023 loss of €97.5 million, marking its fifth year of negative balances.

🚩 Turkey has seen a drop in Arab tourism by 20-40% due to accusations of racism, with reduced travel stemming from violence and police inaction. The decline, up to 40%, varies by region and particularly affects visitors from the south, the Gulf, and surrounding areas. Incidents of violence, including fatalities, against Arabs in Turkish cities have been widely shared, causing diplomatic representations to investigate and sometimes intervene. Reports from 2022 suggest a rise in anti-Arab campaigns, with embassies filing numerous complaints to Turkish authorities, often without response, and security firms being hired for protection. Arabs also report price inflation by three to four times compared to other tourists.

📈 HBX Group sets IPO price at 11.5 euros per share with a market capitalization of 2.840 billion euros, debuting on the stock market on February 13. They'll undertake a capital increase of 725 million euros, issuing 63 million new shares, plus another 25 million euros from selling 2 million shares owned by Cinven, CPPIB, and EQT. A potential over-allotment could raise the total to 862 million euros. Hotelbeds to enter the market at a 7% discount compared to the estimated maximum value and 12% below the sector average.