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Basically, it was a lose-lose.

Yes, there were two very willing parties to come together. Kiwi, being one of the most dynamic, was one of the first to do that. As a result, the relationships and customer experience are now perfect. Very quickly, they signed deals with 12 OTAs. If you look at their quarter, the money they made from January to March 2024 compared to January to March 2025 will show a massive bounce due to the year-on-year effect. Ryanair is very happy; they got what they wanted and are now in control. They also have a mechanism where certain fare classes aren't available to OTAs, particularly the really low ones. From their perspective, they can turn the taps on or off. They played it brilliantly.

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