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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
TUI
TUI (TUI1) investor relations material
TUI Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary22 Sep, 2026
Group performance and financial highlights
Served 34.7 million customers in FY25, up 5% year-over-year, with €24.2bn revenue (+4% yoy) and underlying EBIT of €1.4bn (+9% yoy); net leverage reduced to 0.6x.
FY26 9M revenue was €14.4bn (-2.7% yoy), with underlying EBIT at €118m (-€46m yoy), but up €35m excluding one-off impacts.
Q3 revenue reached €5.9bn (-5.6% yoy), with underlying EBIT of €235m (-€86m yoy), reflecting resilience amid geopolitical headwinds.
Net debt increased to €2.3bn, mainly due to working capital changes and higher investments in hotels and airline capex.
FY26 underlying EBIT guidance tightened to €1.2bn–€1.3bn, reflecting current trading and geopolitical risks.
Strategic initiatives and transformation
Continued transformation into a global curated leisure marketplace, leveraging vertical integration and digital platforms.
Asset-right hotel pipeline with 70+ new hotels signed, focusing on high-growth destinations and diversified brands.
Cruise segment expanding with three new ships by FY33, leveraging joint ventures for off-balance sheet growth.
TUI Musement driving growth in experiences and transfers, with AI-powered enhancements and partnerships.
Markets + Airline segment transforming through digitalisation, cost reduction, and commercialisation, targeting >3% EBIT margin mid-term.
Operational and market trends
Travel sector continues to outpace GDP, supported by favorable demographics and high disposable income.
Booking momentum improved in summer 2026, but winter bookings reflect a trend toward later reservations amid uncertainty.
Hotels & Resorts and Cruises segments showed solid demand, though impacted by events like the Iran war and Jamaica hurricane.
App sales grew 46% year-over-year, and digital-first marketing is driving customer engagement and retention.
Cost reduction program launched, targeting €250m in savings by FY28, with 60% from overhead reductions.
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Latest events from TUI
- FY26 EBIT guidance tightened to €1.2bn–€1.3bn amid strong demand and resilient pricing.TUI1
Q4 2026 TU - FY26 EBIT guidance reaffirmed as transformation and digital growth offset geopolitical impacts.TUI1Investor presentation
- Q3 EBIT fell to €233.8m–€234m, but FY26 guidance is reaffirmed amid resilient demand.TUI1Q3 2026
- H1 EBIT improved despite €61m in one-offs; FY26 EBIT guidance set at €1.1–1.4bn.TUI1Q2 2026
- Record Q1 EBIT of €77.1m, reduced net debt, and strong FY2026 outlook with resumed dividends.TUI1Q1 2026
- Record FY25 results, new dividend, and strong growth in core segments drive positive FY26 outlook.TUI1Q4 2025
- Targeting 7-10% EBIT CAGR and >3% margin, with growth and digital expansion across all segments.TUI1CMD 2025
- Strong revenue and EBIT growth, improved leverage, and positive FY25 outlook.TUI1Q4 2024
- Record Q3 results, strong EBIT growth, and robust summer bookings support positive FY24 outlook.TUI1Q3 2024
Next TUI earnings date
Q4 20269 Dec, 2026
TUI
Next TUI earnings date
Q4 20269 Dec, 2026
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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.