Sugar, cocoa and coffee

“Det är väl känt att kakaopriserna stigit kraftigt under året, vilket bland annat ledde till att vi valde att aktivera andra kategorier än choklad under det fjärde kvartalet för att kompensera för de högre råvarupriserna.”

Annual report 2024A · The company itself

“Cloettas största kostnadspost i produktionen utgörs av råvaror och emballage. Vi har ett nära samarbete med de största Konfektyrmarknaden % Choklad Godis inkl. pastiller Tuggummi Fördelning av kostnaderna för råvaror och förpackningar, % % Socker Kakao Förpackningar Glukossirap Stärkelse Mjölkprodukter Gelatin Polyoler Fett och vax Smakämnen Övrigt Index över viktiga råvaror som används av Cloetta Index Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan 202420232022 Källa: Mintec, EUWID, Kingsman.”

Annual report 2024A · The company itself

“Ökningen av det justerade bruttoresultatet berodde främst på fortsatta initiativ för rättvisa priser och förbättrade marginaler avseende lösviktsgodis samt en gynnsam mix inom Förpackade märkesvaror som delvis motverkades av högre insatskostnader.”

Annual report 2024A · The company itself

“100 procent av all kakao som köps in för att producera Cloettas produkter är Rainforest Alliance-certifierad.”

Annual report 2024A · The company itself

“I samarbete med Rainforest Alliance bidrog vi till Living Income Fund, som ska ge bättre inkomster till kakaobönder genom att göra extra betalningar direkt till dem.”

Annual report 2024A · The company itself

“Raw Materials We and our bottling partners use various ingredients in our business, such as sucrose, high fructose corn syrup (“HFCS”), aspartame, acesulfame potassium, sucralose, saccharin, cyclamate, steviol glycosides, ascorbic acid, citric acid, phosphoric acid, caffeine, caramel color, and flavors; other raw materials such as orange and other fruit juices and juice concentrates, milk, coffee and tea; packaging materials such as polyethylene terephthalate (“PET”), bio-based PET and recycled PET for bottles; and aluminum cans, glass bottles and other containers.”

Annual report 2025A · The company itself

“The principal nutritive sweetener used by our business outside the United States is sucrose (i.e., table sugar), which is also available from numerous sources and has historically been subject to fluctuations in its market price.”

Annual report 2025A · The company itself

“Juice and juice concentrate from various fruits, particularly orange juice and orange juice concentrate, are the principal raw materials for our juice and juice drink products. We source our orange juice and orange juice concentrate from Florida and the Southern Hemisphere, with Brazil representing our primary sourcing location.”

Annual report 2025A · The company itself

“We generate most of our coffee revenues through Costa. Costa purchases Rainforest Alliance Certified and other certified green coffee through multiple suppliers, enabling us to source from alternative suppliers as changing weather patterns impact yields in some geographies.”

Annual report 2025A · The company itself

“As part of the manufacture of our beverage products, we and our bottling partners use a number of key ingredients that are derived from agricultural commodities such as sugarcane, corn, sugar beets, citrus and other fruits, coffee and tea. Increased demand for food products; decreased agricultural productivity in certain regions of the world as a result of changing weather patterns; loss of biodiversity; increased agricultural regulations, including regulation of ingredient sourcing due diligence; and other factors have in the past, and may in the future, limit the availability and/or increase the cost of such agricultural commodities and could impact the food security of communities around the world.”

Annual report 2025A · The company itself

“Most ingredients used in our pizza, particularly cheese, are subject to significant price fluctuations as a result of seasonality, weather, demand and other factors and we have experienced increased volatility in prices for some ingredients in recent years. Cheese, in particular, is a significant cost to us, representing approximately 25% of the food basket purchased by our Company-owned stores.”

Annual report 2025A · The company itself

“N/A Low Risk type Risk factor Description Response Material topics Risk appetite Profit Market dynamics – consumption Downward pressure in dairy and juice consumption can be observed. The uncertainty around economic recovery in certain areas, may impact market dynamics and consumption.”

Annual report 2024A · The company itself

“In the juice segment, it’s a different story, as a surge in orange pulp prices has negatively affected consumption and led to softened demand across our global markets.”

Annual report 2024A · The company itself

“Adverse changes in climate or extreme weather, crop disease, political unrest and other problems in cocoa-producing countries have caused price fluctuations in the past, but have never resulted in the total loss of a particular producing country’s cocoa crop and/or exports. In the event that a significant disruption occurs in any given country, we believe cocoa from other producing countries and from current physical cocoa stocks in consuming countries would provide a significant supply buffer.”

Annual report 2025A · The company itself

“The GHG impacts of land-use change are most pronounced in our cocoa supply chain, where we have already been working for several years to prevent deforestation and build climate and ingredient resilience.”

Annual report 2025A · The company itself

“During the year ended 2025, market prices for the majority of our exchange traded commodities remained volatile, including cocoa which has decreased from record highs but remains structurally elevated.”

Annual report 2025A · The company itself

“Cocoa Products During 2025, average cocoa futures contract prices increased 5.8% compared with 2024 based on the Intercontinental Exchange futures contract.”

Annual report 2025A · The company itself

“Raw Materials and Pricing Cocoa products, including cocoa liquor, cocoa butter and cocoa powder processed from cocoa beans, are the most significant raw materials we use to produce our chocolate products. These cocoa products are purchased directly from third-party suppliers, who source cocoa beans that are grown principally in Far Eastern, West African, Central and South American regions. West Africa accounts for approximately 70% of the world’s supply of cocoa beans.”

Annual report 2025A · The company itself

“We use many different commodities for our business, including cocoa products, sugar, corn products, dairy products, wheat products, peanuts, almonds, natural gas, and diesel fuel.”

Annual report 2025A · The company itself

“Commodities—Price Risk Management and Futures Contracts Our most significant raw material requirements include cocoa products, sugar, corn products, dairy products, wheat, peanuts and almonds.”

Annual report 2025A · The company itself

“Produktionsenheterna köper in råvaror vilka används för att skapa färdiga produkter inom kategorier som konfektyr, hygien- och hushållsprodukter och kosttillskott. Det inkluderar socker, glukos, gelatin, mejeriprodukter, kakao, soja, palmolja, stearin och andra ingredienser.”

Annual report 2024A · The company itself

“Jordbruksprodukter som kakao, palmolja och nötter är känsliga för klimatförändringar. Störningar i produktionen av dessa råvaror, särskilt från högriskländer som Indonesien och Peru, kan leda till brist och prisökningar med negativ påverkan på verksamheten. • Finansiell påverkan.”

Annual report 2024A · The company itself

“Det finns risker för barn- och tvångsarbete bland arbetstagare i värdekedjan, särskilt i länder där ingredienser som soja, kakao, nötter och palmolja produceras. • Diskriminering och exkludering.”

Annual report 2024A · The company itself

“Future Snacking består av ett antal livsmedels- och snacksvarumärken med hög innovationskraft och visionen att tillhandahålla banbrytande, hälsosammare och mer hållbara godisprodukter, mat och snacks för den dagliga konsumenten. Future Snacking omfattar dessutom olika godis-, konfektyr- och snacksproducenter som tillverkar högkvalitativa produkter för koncernens olika varumärken.”

Annual report 2024A · The company itself

“Koncernens intäktsströmmar består primärt av försäljning av snabbrörliga konsumentprodukter i form av färdiga handelsvaror såsom hälsosammare livsmedel i form av konfektyr, snacks, bars, dryck och högkvalitativa sportnutritionsprodukter samt hygienartiklar, hem- och hushållsprodukter med en hållbarhetsprofil. Koncernen bedriver även försäljning av ingredienser och övriga råvaror.”

Annual report 2024A · The company itself

“We expect the green coffee commodity markets to remain challenging due to ongoing and significant price volatility. For example, during 2025, we experienced extreme drought impact, which substantially reduced green coffee production in Brazil. Due to the significance of green coffee to our coffee business, combined with our ability to only partially mitigate future price risk through purchasing practices and hedging activities, significant increases in the cost of green coffee could have an adverse impact on our profitability, as compared to that of our competitors. In addition, if we are not able to purchase sufficient quantities of green coffee due to any of the above factors or to a worldwide or regional shortage, we may not be able to fulfill the demand for our coffee, which could have a material adverse effect on our business, financial condition, and results of operations.”

Annual report 2026A · The company itself

“Financial Risks Our results may be adversely impacted as a result of increased cost, limited availability, and/or insufficient quality of raw materials, including commodities and agricultural products. We and our business partners purchase and use large quantities of many different commodities and agricultural products in the manufacturing of our products, including green coffee, peanuts, flour, sugar, oils, fats, fruit, and other ingredients.”

Annual report 2026A · The company itself

“In the event that climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as green coffee, peanuts, oils, fats, flour, sugar, fruit, and other ingredients.”

Annual report 2026A · The company itself

“MATERIAL RESOURCES Raw Materials The principal raw materials we use in our business, which we commonly refer to as ingredients and materials, represent approximately 55% of our cost of sales and include green coffee, water, aluminum cans and ends, PET bottles and caps, including both virgin and rPET, CO2, sweeteners, paper products, K-Cup pod packaging materials, fruit, glass bottles and enclosures, cocoa, teas, juices, and other ingredients.”

Annual report 2025A · The company itself

“The raw materials and other supplies, including agricultural commodities (such as coffee, apples, and corn), fuel and packaging materials, transportation, and other supply chain inputs that we use for the manufacturing, production, and distribution of our products are subject to price volatility and fluctuations in availability caused by many factors, including: changes in supply and demand; supplier capacity constraints; inflation; weather conditions (including the effects of climate change); natural disasters; disease or pests; agricultural uncertainty; cost increases in farm inputs; health epidemics, pandemics, or other contagious outbreaks; labor shortages, strikes, or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls (including import/export restrictions, such as new, increased, or retaliatory tariffs, sanctions, quotas, or trade barriers); port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; political uncertainties; acts of terrorism; governmental instability; speculation in global trading of commodities, such as coffee; or fluctuations in foreign currency exchange rates.”

Annual report 2025A · The company itself

“Many of our raw materials and supplies are purchased in the open market, and the prices we pay for such items are subject to fluctuation. Under many of our supply arrangements, the price we pay for raw materials fluctuates along with certain changes in underlying commodities costs.”

Annual report 2025A · The company itself

“In our coffee business, the quality of the coffee we seek tends to trade on a negotiated basis at a premium above the "C" price of coffee. This premium depends upon the supply and demand at the time of purchase and can vary significantly.”

Annual report 2025A · The company itself

“We purchase and use large quantities of commodities, including dairy products, meat products, sugar and other sweeteners, coffee, tomato products, soybean and vegetable oils, eggs, other fruits and vegetables, and wheat and processed grains to manufacture our products.”

Annual report 2025A · The company itself

“For example, hedging our costs for one of our key commodities, dairy products, is difficult because dairy futures markets are not as liquid as many other commodities futures markets.”

Annual report 2025A · The company itself

“We use commodity futures, options, and swaps to economically hedge the price of certain input costs, including dairy products, vegetable oils, coffee beans, corn, wheat products, sugar cane and meat products.”

Annual report 2025A · The company itself

“Raw Materials The most significant raw materials used in our business are dairy products, pepper, garlic, onion, capsicums (red peppers and paprika), salt, tomato products, sugar, and soybean oil.”

Annual report 2025A · The company itself

“During 2025, price volatility and higher aggregate costs were driven by a confluence of factors: soaring commodity prices (especially for cocoa beans), disrupted international supply chains, labor market challenges and increased transportation and labor costs.”

Annual report 2025A · The company itself

“Those risks include: •the imposition of increased or new tariffs, sanctions, export controls, quotas, trade barriers, labor reforms, price floors or similar restrictions on our sales or key commodities like cocoa, potential changes in U.S. trade programs and trade relations with other countries, restrictions on cross-border data transfers, or regulations, taxes or policies that affect our operations, sales or profitability.”

Annual report 2025A · The company itself

“Decreased agricultural productivity caused by such physical risks has limited and in the future may continue to limit the availability of the commodities we purchase and use and increase the costs of such products. These include cocoa, which is a critical raw material for our chocolate and biscuits & baked snacks portfolios that is particularly sensitive to changes in climate and has recently had a global decrease in availability and increase in price, as well as other raw materials such as dairy, wheat, vegetable oils, sugar and nuts.”

Annual report 2025A · The company itself

“Raw Materials and Packaging We purchase and use large quantities of commodities, including cocoa, dairy, wheat, edible oils, sugar and other sweeteners, flavoring agents and nuts. In addition, we purchase and use significant quantities of packaging materials to package our products and natural gas, fuels and electricity for our factories and warehouses.”

Annual report 2025A · The company itself

“We purchase and use large quantities of commodities, including cocoa, dairy, wheat, edible oils, sugar and other sweeteners, flavoring agents and nuts. In addition, we purchase and use significant quantities of product packaging materials, natural gas, fuel and electricity for our factories and warehouses, and we also incur expenses in connection with labor and the transportation and delivery of our products.”

Annual report 2025A · The company itself

“With our consumers in mind, we are focused on accelerating and increasing our focus on chocolate, biscuits and baked snacks by investing in both our global and local brands.”

Annual report 2025A · The company itself

“Product Categories Our brands span five product categories: •Biscuits & Baked Snacks (including cookies, crackers, salted snacks, snack bars and cakes & pastries) •Chocolate •Gum & candy •Beverages •Cheese & grocery Seasonality Demand for our products is generally balanced throughout the year, with increases in the fourth quarter primarily because of holidays and other seasonal events.”

Annual report 2025A · The company itself

“Moreover, industry-wide shortages of certain flavor ingredients, flavors, fruits and fruit juices, coffee, tea, cocoa, dairy-based products, packaging materials (including aluminum cans), supplement ingredients and sweeteners have been, and could from time to time in the future be, encountered, resulting in production fluctuations or delays and/or product shortages and/or increased costs.”

Annual report 2025A · The company itself

“We, our bottlers and our contract packers use a number of key ingredients in the manufacture of our beverage products that are derived from agricultural commodities, such as sugar, ethanol, coffee, tea, cocoa, barley and hops. Increased demand for food products and decreased agricultural productivity in certain regions of the world as a result of changing weather patterns and other factors may limit the availability or increase the cost of such agricultural commodities and could impact the food security of communities around the world.”

Annual report 2025A · The company itself

“The principal raw materials used by us are aluminum cans, sleek aluminum cans, aluminum cap cans, aluminum cans with re-sealable ends, aluminum or steel kegs, cartons, to a limited extent PET plastic bottles and caps, flavors, juice concentrates, glucose, sugar, sucralose, milk, cream, coffee, tea, cocoa, malted barley, hops, water, yeast, ethanol, supplement ingredients and other packaging materials, the costs and availability of which are subject to fluctuations.”

Annual report 2025A · The company itself

“Other key liquidity risks include fluctuations in production and harvested volumes, biological issues, and changes in the feed price, which is the most important individual factor on the cost side. Feed costs are correlated to the commodity prices of the marine and agricultural ingredients.”

Annual report 2024A · The company itself

“Feed is the most important input factor in salmon production.”

Annual report 2024A · The company itself

“Høydepunkter i 2024 Selskapet leverte en topplinjevekst drevet både av pris og en positiv volumutvikling på tvers av flere markeder, på tross av en utfordrende markedsutvikling for sjokolade grunnet høye kakaopriser.”

Annual report 2024A · The company itself

“Utviklingen i markedsprisene på viktige råvarer og emballasje var divergerende i 2024. Markedsprisene falt for flere råvarer og innsatsfaktorer, blant annet prisene på vegetabilsk olje, tilsetningsstoffer, sukker og energi. Samtidig økte markedsprisene på andre råvarer, for eksempel kakao, tomatprodukter, fiskeolje og smør.”

Annual report 2024A · The company itself

“Det ventes noe lavere markedspriser på viktige råvarer som grønnsaker, tilsetningsstoffer og sukker, mens det er ventet at prisene på råvarer som kakao, vegetabilsk olje, meieri og frukt og bær vil være høyere enn i 2024.”

Annual report 2024A · The company itself

“I 2024 har det vært historisk høye markedspriser på kakaoprodukter, og det er også stor usikkerhet knyttet til prisutviklingen i 2025.”

Annual report 2024A · The company itself

“Ingredients and Other Supplies The principal ingredients we use in our beverage and convenient food products are acesulfame potassium, aspartame, cocoa products, corn, corn sweeteners, flavorings, flour, juice concentrates, nuts, oats, potatoes, raw milk, rice, seasonings, sucralose, sugar, vegetable and essential oils, and wheat.”

Annual report 2025A · The company itself

“In addition, climate change or other weather-related disruptions to our supply chain may also have a negative effect on agricultural production resulting in decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as potatoes, sugar cane, corn, wheat, rice, oats, oranges and other commodities.”

Annual report 2025A · The company itself

“We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated stores (“stores” or “coffeehouses”).”

Annual report 2025A · The company itself

“Product Supply Starbucks is committed to selling the finest whole bean coffees and coffee beverages. To help ensure compliance with our rigorous coffee standards, we generally control substantially all coffee purchasing, roasting, and packaging, and the global distribution of coffee used in our operations.”

Annual report 2025A · The company itself

“The price of coffee is subject to volatility and has steadily increased over the past five years with significant increases over the last two years. Although most coffee trades in the commodity market, high-altitude arabica coffee of the quality sought by Starbucks tends to trade on a negotiated basis at a premium above the “C” coffee commodity price.”

Annual report 2025A · The company itself

“We buy coffee using fixed-price and price-to-be-fixed purchase commitments, depending on market conditions, to secure an adequate supply of quality green coffee. We also utilize forward contracts, futures contracts, and collars to hedge “C” price exposure under our price-to-be-fixed green coffee contracts and our long-term forecasted coffee demand where underlying fixed-price and price-to-be-fixed contracts are not yet available.”

Annual report 2025A · The company itself

“Business Segments The Human Health Ingredients (HHI) segment is dedicated to developing and supplying krill and algea-based ingredients for dietary supplements and functional foods. The product portfolio includes Superba Krill Oil, a phospholipid-bound omega-3 supplement supporting heart, brain, and joint health; Lysoveta, a lysophosphatidylcholine (LPC) molecule designed to enhance omega-3 transport to the brain and eyes; Revervia, a new plant-based, marine source of DHA omega-3 oil from algae and PL+, a highconcentration phospholipid extract with specialized nutritional applications.”

Annual report 2024A · The company itself

“The segment continued to expand in key markets, with sales of Superba krill oil increasing by 15% year-over-year.”

Annual report 2024A · The company itself

“(e) Production from Safi represents the 50% production by the Jordan Bromine Project, which is attributable to the Company’s interest in the JBC joint venture. (f) The Safi operation also produces potassium hydroxide (“KOH”) as a byproduct.”

Annual report 2025A · The company itself

“Business Strategy Amcor is the global leader in primary consumer packaging and dispensing solutions for nutrition, health, beauty and wellness categories.”

Annual report 2026A · The company itself

“See’s Candy Shops, Incorporated (“See’s”) produces boxed chocolates and other confectionery products with an emphasis on quality and distinctiveness in two large kitchens in Los Angeles and South San Francisco and a facility in Burlingame, California.”

Annual report unknown yearA · The company itself

“The biovanillin market continued to be impacted by the high global supply of synthetic vanillin products.”

Annual report 2024A · The company itself

“Ingredients and Other Supplies The principal raw materials used in manufacturing and packaging our distilled spirits, liqueurs, and RTD products are shown in the table below. Principal Raw Materials Distilled Spirits Liqueurs RTD Products Packaging Agave Flavorings Carbon dioxide Aluminum cans Barley Neutral spirits Flavorings Cartons Corn Sugar Malt Closures Malted barley Water Neutral spirits Glass bottles Molasses Whiskey Sugar Labels Rye Wine Tequila PET1 bottles Sugar Water Water Whiskey Wood 1Polyethylene terephthalate (PET) is a polymer used in non-glass containers.”

Annual report unknown yearA · The company itself

“Key Commodities Corn, Wheat, Barley, Cotton, Pulses, Sugar Key Regions The operations and assets of our merchandising operations are located throughout the world; milling operations and assets are primarily located in South America.”

Annual report 2025A · The company itself

“Facilities by Business Area (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Business Area Soybean Processing and Refining 193,165 11,226,953 Softseed Processing and Refining 69,320 2,447,065 Other Oilseeds Processing and Refining 19,188 431,773 Grain Merchandising and Milling 30,887 19,486,773 Facilities by Geographic Region (metric tons) Aggregate Daily Production Capacity Aggregate Storage Capacity Region North America 72,391 10,177,820 South America 131,207 10,836,887 Europe 66,583 3,135,190 Asia-Pacific 42,379 9,442,667 Soybean Processing and Refining In our Soybean Processing and Refining segment, we have 35 oilseed processing plants, 22 refining and packaging facilities, and 17 port terminals throughout the world.”

Annual report 2025A · The company itself

“General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, tariffs, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher consumer debt levels and lower consumer discretionary spending, higher tax rates and other changes in tax laws or other economic factors may affect the operations of our stores, input costs, construction and transportation costs, consumer spending, buying habits and labor markets generally, and could adversely affect the discretionary income and spending levels of our guests, the costs of the products we sell in our stores, the consumer demand for such products and the labor costs of transporting, storing and selling those products, and the costs of building, acquiring and remodeling stores.”

Annual report 2026A · The company itself

“Operating margins for our restaurants are subject to changes in the price and availability of food commodities, including beef, pork, chicken, seafood, cheese, butter, and produce.”

Annual report 2026A · The company itself

“Raw materials, ingredients, and packaging The principal raw materials that we use are grains (wheat, oats, and corn), meat, vegetable oils, sugar, vegetables, fruits, nuts, and other agricultural products.”

Annual report 2026A · The company itself

“Vores primære råvarer består af vand og landbrugsprodukter som byg og sukker samt emballageprodukter, herunder dåser, PET-preforme og pap.”

Annual report 2026A · The company itself

“Maltekstrakt anvendes som en naturlig ingrediens i produktionen af en lang række fødevarer, herunder bl.a. brød, morgenmadsprodukter og chokolade.”

Annual report 2026A · The company itself

“In December 2025, the European Parliament and Council agreed to postpone the effective date of the EU Deforestation Regulation, or EUDR, for large companies to December 30, 2026, and to June 30, 2027, for small entities. EUDR requires that certain commodities (including cocoa and coffee) and their products be from deforestation-free land and meet other requirements before they can be placed or made available on the EU market, or exported from it. The EUDR requirements may decelerate the physical trade of cocoa and coffee, impact the usability of EU coffee and cocoa physical inventories, and reduce trading volumes on ICE Futures Europe of the Robusta Coffee Contract and London Cocoa Contract and on ICE Futures U.S. of the Coffee C Contract (Arabica).”

Annual report 2025A · The company itself

“•Agricultural & Metals Futures and Options: We offer futures and options on the leading global soft commodity markets including coffee, cocoa, cotton and sugar, and operate precious metals markets.”

Annual report 2025A · The company itself

“These materials contain diverse organic chemicals that are responsible for the fragrance, flavor, antioxidant properties and nutritional value.”

Annual report 2025A · The company itself

“Att samtliga massatyper som Stadigt expanderande marknad 50 Andel av total massaleverans 45 Mjukpapper är det enskilt största användningsområdet för avsalumassa med drygt 40 procent. Efterfrågan är också relativt oberoende av kon- 40 38 34 30 Rottneros producerar kan användas för tillverkning junktursvängningar. Den ekonomiska tillväxten 25 av mjukpapper är därför en kvalitetsstämpel. globalt med successivt högre levnadsstandard, inte minst i Asien, driver tillväxten. Mjukpapper, eller tissue, används i första hand till servetter, hushålls- och toalettpapper.”

Annual report 2024A · The company itself

“Yara supplies Cooxupé with Brazil’s first batch of lower-carbon fertilizer In 2024, Yara partnered with Cooperativa Regional de Cafeicultores em Guaxupé, one of the world’s leading coffee cooperatives, to introduce Brazil’s first renewable-based lowercarbon fertilizer.”

Annual report 2024A · The company itself

“Our largest operating expenditures are for payroll and related (including our contract with a third party who provides certain crew services), fuel, airfare, food and beverage, advertising and marketing and travel advisor services.”

Annual report 2025A · The company itself