TUI (TUI1) Investor presentation summary

Group performance and financial highlights

• Served 34.7 million customers in FY25, with revenue of €24.2bn and underlying EBIT of €1.4bn, reflecting year-on-year growth in all key metrics.

• Holiday Experiences contributed ~85% of underlying EBIT, with strong performance from hotels, cruises, and experiences.

• Net leverage improved to 0.6x, with a target to reduce below 0.5x in the mid-term.

• Q3 FY26 revenue was €5.9bn and underlying EBIT €235m, both impacted by geopolitical events and one-off costs.

• FY26 9M underlying EBIT was €123m, down €41m year-on-year, but up €40m at constant currency excluding one-offs.

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, capitalizing on joint ventures and strong brand presence.

• TUI Musement driving growth through digitalization, AI-powered experiences, and partnerships with tech leaders.

• Markets + Airline segment transforming with digital-first sales, cost reduction, and operational excellence programs targeting €250m in savings by FY28.

Trading update and outlook

• Travel demand remains resilient, with bookings shifting closer to departure due to geopolitical uncertainty.

• Q4 FY26 trading shows stable or growing occupancy and daily rates in hotels and cruises, with experiences sold up low/mid single digits.

• Booked revenue for the last four weeks up 7% year-on-year, despite a 6% decline season-to-date.

• FY26 underlying EBIT guidance reaffirmed at €1.1bn to €1.4bn, assuming no further escalation in geopolitical tensions.

• Dividend policy targets 10-20% payout of underlying EPS from FY26 onwards.