TUI (TUI1) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 underlying EBIT of €321 million, up €89 million year-over-year, with revenue rising 7% to €6.2 billion, driven by strong Hotels & Resorts and Cruises performance.

• Nine-month revenue increased by 8% year-over-year to €14.8 billion, and EBIT rose by €115 million at constant currency.

• Strategic progress supported by vertical integration, global distribution, digital transformation, and cost reductions.

• Net debt improved by €0.2 billion to €1.9 billion, reflecting financial discipline and favorable FX effects.

• FY 2025 underlying EBIT guidance raised to 9%-11% growth at constant currency.

Financial highlights

• Q3 revenue: €6.2 billion (+7% YoY); 9M revenue: €14.8 billion (+8% YoY).

• Q3 underlying EBIT: €321 million (+€89 million YoY); 9M underlying EBIT: €165 million (+€115 million YoY).

• Q3 group result: €224.6 million (+116.8%); 9M group result: -€68.6 million (improved from -€226.9 million).

• Net debt improved to €1.9 billion, down €0.2 billion year-over-year.

• Basic EPS for Q3: €0.36 (vs. €0.10 prior year); 9M: -€0.41 (vs. -€0.72 prior year).

Outlook and guidance

• FY 2025 underlying EBIT guidance raised to 9%-11% growth at constant currency.

• FY 2025 revenue expected to increase at the lower end of +5-10% at constant currency.

• Longer-term ambition to grow underlying EBIT by 7%-10% annually and net leverage strongly below 1.0x.

• Q4 expected to be softer or flat, but full-year guidance achievable even with a weaker quarter.

• Positive start to Winter 2025/26 bookings; Summer 2025 bookings at -2% with ASP up 3%.