1、Travel&Leisure Activity TrackerMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Mor

2、gan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member and may not be

3、 subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.12thSeptember 2025M O R G A N S T A N L E Y R E S E A R C HMorgan Stanley&Co.International plc+Jamie RolloEquity AnalystJamie.R+44(0)20 7425 3281Ed You

4、ngEquity AnalystEd.Y+44(0)20 7677 1761Rowan QuillResearch AssociateRowan.Q+44 20 7425-2246James HardenResearch AssociateJames.H+44 20 7677-0986Morgan Stanley&Co.LLCStephen GramblingEquity AnalystStephen.G+1 212 761 1010September 12,2025 09:25 AM GMTMORGAN STANLEY RESEARCH2TRAVEL&LEISURE ACTIVITY TRA

5、CKERSummaryChange vs last updateHotel RevPAR L4W US/EU/UK stable,China weaker.Q3 stronger vs Q2 in UK,US stable,EU/China weakerAir pax growing LSD in EU but fares remain weak;US air traffic and fares improvingHoliday web search soft in UK/Germany and channel checks somewhat negativeCruise agents che

6、cks suggest booking vols remain solid,pricing improves,web traffic mixed but strongEating out reservations solid across US/UK/Ger;UK Pub&Rest LfLs solid through summerWorkplace activity trends broadly stable,public transport pax stabilising pre-Covid levelsBetting gross win margins remained solid in