TUI (TUI1) Q3 2026 earnings summary

Executive summary

• Q3 underlying EBIT was €233.8m–€234m, down €86m–€87m year-over-year, reflecting resilience amid significant geopolitical headwinds and one-off impacts, notably a €20m loss from the Iran war.

• 9M underlying EBIT reached €118m–€123m, down €41m–€46m year-over-year, but excluding €81m in one-offs, EBIT increased by €35m, highlighting underlying business strength.

• Net debt rose to €2.3bn, up €0.4bn from last year, mainly due to working capital impacts and customers booking closer to departure.

• Strategic transformation and digital/sustainability initiatives advanced, including product innovation and cost reductions.

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

Financial highlights

• Q3 revenue was €5,821.7m–€5,822m, down 5.6%–6.1% year-over-year; 9M revenue was €14,383.9m–€14,384m, down 1.5%–2.7%.

• Q3 underlying EBIT fell 27.1% to €233.8m; 9M underlying EBIT dropped 28.2% to €118.3m.

• One-off costs totaled €81m for 9M, mainly from the Iran war and Jamaica hurricane.

• Net investments for FY26 updated to €810–830m, with capex mainly in Hotels & Resorts and Airline.

• Basic EPS for 9M at -€0.48; Q3 EPS at €0.16–€0.19.

Outlook and guidance

• FY26 underlying EBIT guidance reaffirmed at €1.1bn–€1.4bn at constant currency; revenue guidance suspended due to market uncertainty.

• Strong Q4 demand expected for differentiated product portfolio, with booked revenue up 7% in the last four weeks.

• Winter 2026/27 sales at early stage with limited visibility as customers focus on summer holidays.

• Segment outlook: Cruises and TUI Musement expect growth; Hotels & Resorts and Markets + Airline face pressure from geopolitical and market factors.