TUI (TUI1) Q4 2025 TU earnings summary

Executive summary

• Trading remains on a positive trajectory, driven by an asset-right growth strategy and steady demand across key segments.

• On track to deliver raised FY25 underlying EBIT growth of +9-11% at constant currency, reaffirmed after strong summer trading and resilient winter demand.

• Bookings for Summer 2025 are holding up despite a competitive market and external challenges, with Winter 2025/26 showing a positive start.

• Positive start to Winter 2025/26, with robust consumer spend on leisure experiences despite economic and geopolitical uncertainties.

• Strategic alliance signed with Oman's OMRAN Group for five new hotels and OMRAN becoming a 1.4% shareholder.

Financial highlights

• Hotels & Resorts: Available bed nights up 1% YoY in Q4 FY25 and 5% YoY in H1 FY26; average daily rate up 7% in Q4 FY25 and 6% in H1 FY26.

• Cruises: Available passenger cruise days up 14% YoY in Q4 FY25 and 13% in H1 FY26; occupancy up 1 percentage point in Q4 FY25 and 7 percentage points in H1 FY26.

• FY25 revenue expected to increase at the lower end of +5-10% (FY24: €23,167m).

• Underlying EBIT to grow by +9-11% (FY24: €1,296m), raised from prior +7-10% guidance.

• Net debt projected to improve slightly from FY24 (€1,641m).

Outlook and guidance

• Early indicators for Winter 2025/26 are promising, supported by resilient consumer spending.

• ASP (average selling price) increases are helping to offset a higher cost environment.

• Mid-term ambition for underlying EBIT growth of approximately +7-10% CAGR.

• Targeting net leverage strongly below 1.0x.

• Full-year FY25 results to be released on 10 December 2025.