TUI (TUI1) investor relations material

Executive summary

• Q2 and H1 underlying EBIT improved at constant currency, driven by transformation initiatives and strong cruise demand, despite significant one-off impacts from the Iran war and Jamaica hurricane.

• Revenue grew 1.3% year-over-year at constant currency in both Q2 (€3.8bn/€3.7bn) and H1 (€8.7bn), reflecting robust demand.

• Transformation efforts included vertical integration, digital and AI advancements, and operational efficiency improvements across markets and airlines.

• Net debt remained stable at €3.0bn as of 31 March 2026.

• Credit ratings affirmed with positive or stable outlooks by Moody’s, Fitch, and S&P.

Financial highlights

• Q2 underlying EBIT: -€188m (+€19m YoY at constant currency), with €40m negative impact from Iran war and €5m from Jamaica hurricane.

• H1 underlying EBIT: -€111m (+€45m YoY at constant currency), with €40m negative impact from Iran war and €21m from Jamaica hurricane.

• H1 revenue: €8.7bn (+1.3% YoY at constant currency).

• Underlying EPS improved by €0.13 (+15%) year-over-year, reflecting operational gains and lower interest costs.

• H1 EBITDA: €332.7m (+18.3% year-over-year).

Outlook and guidance

• FY26 underlying EBIT guidance set at €1.1bn to €1.4bn at constant currency, adjusted for Iran war impacts and assuming no further escalation in geopolitical tensions.

• Revenue guidance suspended due to ongoing uncertainty.

• Segment outlook: Slightly below prior year for Hotels & Resorts, strong growth for Cruises and TUI Musement, below prior year for Markets + Airline.

• Year-end FY 2026 net debt expected to increase; ROIC and Economic Value Added to decrease.