Ann: HLO FY24 Investor Presentation, page-31

There was always likely to be an issue with the middle east, ukraine/russia hostilities affecting europe business, I have highlighted this in the past.
Virtually all flights to europe go via middle east or fly over russia and its difficult/expensive to avoid them. Emirates and Qatar stopover in the middle east and although those countries are not directly involved in the hostilities they are near enough to cause travellers concern and the flight that was brought down over Ukraine not too long ago is still in peoples memories. With the increased hostilities in the ME in everybody,s face when you turn on the news
it will inevitably affect travel to europe.
HLO is still a good investment in my view but you need to be a LTH to see full advantage, todays sell off is excessive and I think is a short term overreaction