TUI (TUI1) Q2 2026 earnings summary

Executive summary

• Strong H1 and Q2 performance driven by transformation initiatives, vertical integration, and robust cruise demand, despite significant one-off impacts from the Iran war and Jamaica hurricane.

• AI adoption and digital advancements are reshaping processes, distribution, and customer experience, with new loyalty programs and digital products launched.

• Crisis management, including safe repatriation during Middle East disruptions, enhanced brand trust and loyalty.

Financial highlights

• H1 underlying EBIT improved by €44.6m to -€111.3m at constant currency, with €61m in one-off negative impacts from the Iran war and Jamaica hurricane.

• H1 revenue was €8.7bn (+1.3% at constant currency), with Q2 revenue at €3.8bn.

• Net debt stable at €3.0bn year-over-year.

• Underlying EPS improved by €0.13 year-over-year.

• Cash flow and working capital impacted by later booking profile and lower customer deposits.

Outlook and guidance

• FY26 underlying EBIT guidance set at €1.1bn–€1.4bn at constant currency, with 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.

• Net debt expected to slightly increase by year-end due to working capital effects.