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TUI (TUI1) investor relations material
TUI Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Dec, 2025
Executive summary
Achieved record FY25 results with revenue of €24.2bn (+4.4%) and underlying EBIT of €1,459m (+12.6% at constant currency), surpassing guidance and driven by strong performance in hotels, resorts, cruises, and digital transformation.
Strategic transformation accelerated, focusing on integrated operations, M&A, digitalization, and AI adoption, with significant investments in core segments.
Markets + Airline EBIT declined 34% due to transformation and IT investments, but dynamic packaging and app sales grew strongly.
Announced new dividend policy: €0.10 per share for FY25, with 10-20% payout ratio of underlying EPS from FY26.
Net debt reduced to €1.3bn (from €1.6bn), with net leverage at 0.6x, targeting below 0.5x mid-term.
Financial highlights
Revenue grew to €24.2bn (+4.4% year-over-year), with growth across all segments and strong customer demand.
Underlying EBIT increased to €1,459m (+12.6% at constant currency), with underlying EPS up 30% to €1.34.
Net debt reduced by €336m to €1,305m; net leverage ratio improved from 0.8x to 0.6x.
Adjusted free cash flow after dividends reached €358m, up from €236m in FY24.
S&P, Moody's, and Fitch upgraded credit ratings to BB/Ba territory with stable outlooks.
Outlook and guidance
FY26 revenue expected to grow 2-4% and underlying EBIT to increase 7-10% at constant currency, driven by hotels, cruises, and Musement.
Net investments for FY26 projected at €860m-€900m, focused on hotels, cruises, and airline fleet modernization.
Dividend policy set at 10-20% of underlying EPS, balancing growth, deleveraging, and shareholder returns.
Continued focus on cost reduction, targeting €250m in savings in Markets + Airline by FY28.
Mid-term ambitions: underlying EBIT CAGR of 7-10%, net leverage below 0.5x.
Markets + Airline transformation cost vs savings
Dividend policy impact on growth investment
Oman JV: TUI's capital contribution
AI's direct booking capability via LLMs
Markets & Airlines: drivers for 3% EBIT margin
Dividend payout vs. deleverage and CapEx
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Frequently asked questions
Tailor-Made Journeys
TUI AG is a leading international tourism company that specializes in providing tour operator, travel agency, and leisure cruise services. The company offers a wide range of travel options, including package holidays, flights, hotels, and cruises, catering to various customer preferences and budgets. TUI's menu of travel experiences encompasses popular destinations worldwide, providing customers with diverse choices for their dream vacations.
Tourism, Hotels & Resorts, and Cruises
TUI operates through three main business segments: Tourism, Hotels & Resorts, and Cruises. The Tourism segment includes tour operator and travel agency services, offering package holidays and individual travel arrangements to customers. The Hotels & Resorts segment comprises the company's hotel operations, which encompass a broad portfolio of owned, managed, and franchised hotels across different destinations. The Cruises segment focuses on providing cruise holidays through its fleet of ships, offering passengers unforgettable experiences at sea.
The company's business model revolves around capturing value throughout the entire customer journey, from planning and booking to the actual travel experience. TUI earns revenue by selling holiday packages, flight tickets, hotel accommodations, cruise bookings, and additional services such as travel insurance and excursions. By operating across multiple segments, TUI aims to cater to various customer segments and leverage its extensive network and industry expertise to provide comprehensive travel solutions.
A 100-year-old company operating in over 100 countries
TUI is a global company with a significant presence in the tourism industry. It operates in over 100 countries and serves millions of customers annually. The company traces its roots back to the 1920s, but its current form emerged through a series of mergers and acquisitions. TUI was formed through the merger of the German company Preussag AG and the British travel group Thomson Travel in 2002, followed by subsequent acquisitions and rebranding efforts.
As for its peers, three notable listed companies operating in the tourism industry are: Expedia Group, Booking Holdings, and Carnival Corporation.
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