Policy stances from the Trump administration on everything from immigration to tariffs, along with currency swings and stricter border controls, have seemingly proved a turnoff to travelers from other countries, especially Canadians - the single largest source of foreign tourists for the United States. Canadian travel to the U.S. fell by close to 30% in 2025. But it is not just visitors from Canada who are choosing to avoid the United States.
When routes are well organized, there are clear directional signs, and speed limits become reasonable. The early installation of warning signs allows transport companies to plan deliveries more accurately and avoid delays. For businesses, time is money. When a truck carrying goods does not spend hours detouring due to an unclear traffic scheme or stuck in traffic where it could have been avoided thanks to competent traffic management, fuel costs, driver wages, and vehicle maintenance costs are reduced.
Thanks to the development of high-speed rail and the slowdown in our capital expenditure, we aim to strengthen the growth of our results over the next decade. Earnings before interest, tax, depreciation and amortisation stood at €859 million, exceeding targets set and reconfirmed last year.
A digital nomad visa permits a digital nomad to work remotely in a foreign country. As a result, we now have more freedom to travel the world and live in places we've only ever dreamt of. However, deciding where to move is challenging.
The ruthless, haughty Cersei Lannister was forced to walk naked down a majestic staircase in the finale of the fifth season of Game of Thrones. That scene, which was filmed in 2014, established Dubrovnik a city of just 41,500 inhabitants that is known as the gem of the Adriatic Sea into an eternal vacation destination. Today, traversing its Jesuit Stairs and surrounding streets in mid-August can be a desperate endeavor. Crowds fill every nook, and prices are exorbitant.
For a generation, the smartest people I knew dreamed of moving to America. They took uninspiring jobs, learned to wait through endless paperwork, and believed that one visa stamp could change their lives. That belief built an empire of talent that powered some of the world's most iconic companies. And now, that same empire is dying, or at the very least, dreaming of moving elsewhere. Talent is now voting with its feet.
The off-season practically vanished in many parts of the world. Remote work, social media frenzy, and ruthless dynamic pricing have turned fall and spring into peak-season clones. Even winter is no refuge anymore. The idea of an off-season is 100% disappearing.