TUI Group begins the 2026 financial year with its strongest first quarter ever. Adjusted operating profit improves significantly while revenue remains stable, driven by continued high demand for the Group's travel products. The company confirms its full-year forecast and sees continued positive booking development for winter 2025/26 and summer 2026.

TUI has started the 2026 financial year on a promising note with the best first quarter in the company's history. The underlying operating profit (EBIT) improved by EUR 26.3 million to EUR 77.1 million (previous year: EUR 50.9 million). At the same time, the Group's revenue was largely unchanged at EUR 4.9 billion (previous year: EUR 4.9 billion, +1.3 percent at constant exchange rates) in an unchanged competitive and economically challenging European market environment. A total of 7.1 million customers chose TUI in the first quarter. As a result of the positive development in 2025, a dividend of EUR 0.10 per share will be approved at today's Annual General Meeting, for the first time after a long break.

– With a positive result in the first quarter, we have had a good start to the 2026 financial year, including important strategic progress. We have accelerated our transformation within Markets + Airline and are in the process of transforming into a global marketplace for handpicked travel. We are growing globally and reducing seasonality. With Romania, we have launched a new market in Eastern Europe and reached new customer segments. On the hotel side, we see new hotels in growth regions such as Africa and Asia. We are strengthening our independence from traditional European markets. Our TUI app is becoming increasingly popular. At the same time, we continue to invest in physical distribution – in Eastern Europe alone, we are opening 50 new travel agencies this year. Travel agencies remain important partners. Many customers book there earlier and with higher quality. That is why this partnership is important for both parties, says Sebastian Ebel, CEO of TUI Group.

– In summary, we can conclude: TUI remains on a clear growth path. We are pleased with the development in the first quarter. Our integrated business model enables strong synergies between our two business areas: Markets + Airline – which includes tour operators and airline operations – and Holiday Experiences, which includes our hotels, cruises and TUI Musement. This will also be crucial for the rest of the year. Bookings for winter 2025/26 and summer 2026 meet our expectations and demand remains robust, continues Sebastian Ebel, CEO of TUI Group.

– The vertical integration in our business model increases capacity utilization and ensures attractive margins despite a challenging environment. With the best first quarter in the company's history, we have created a solid foundation for a successful financial year 2026. In addition to operational improvements, we have also strengthened our financial profile and continued to reduce net debt. TUI is financially resilient and on track for sustainable growth in underlying operating profit (EBIT) of approximately 7–10 percent per year, says Mathias Kiep, CFO of TUI Group.

Development during quarter 1 of the financial year 2026
Seasonally, the first quarter is normally negative in terms of results for the travel industry. TUI has broken this trend and was once again able to improve on last year's already positive first quarter results.

Within the business area Holiday Experiences Underlying operating profit (EBIT) increased by 8.9 percent from EUR 196.2 million to EUR 213.7 million. All segments contributed positively to the growth operationally. The Hotels & Resorts segment exceeded last year's record result in the months of October to December 2025: adjusted for one-off effects, the result increased by EUR 6 million. Overall, underlying operating profit (EBIT) amounted to EUR 131.0 million (previous year: EUR 150.3 million), burdened by a loss of EUR 10 million due to Hurricane ”Melissa” in Jamaica and a positive valuation effect from the previous year of EUR 15 million. The occupancy rate increased by 1 percentage point to 81 (80) percent, while the average achieved bed price decreased by 2 percent compared to the previous year to EUR 92 (94).

The strong development in the Cruises segment in Q1 FY2026 was supported by high demand, higher occupancy and an expanded fleet. Underlying operating profit (EBIT) improved by 70.8 percent to EUR 82.3 million (previous year: EUR 48.2 million). The number of available passenger days was significantly higher than in the previous year and amounted to 3.0 (2.6) million. The occupancy rate increased by 3 percentage points compared to the same period last year to 98 percent. The average price was largely unchanged at EUR 211 (213).

TUI Musement also improved its results compared to the previous year. During the reporting period, 2.3 million experiences were sold (+1 percent). The number of transfers remained at 6 million. The segment's underlying operating profit (EBIT) improved in the traditionally weaker winter quarter to EUR 0.5 million (previous year: EUR –2.3 million).

The Markets + Airline business area (tour operators and TUI Airline) benefited from operational efficiency improvements and a reduced cost base despite a competitive market. The underlying operating profit (EBIT) improved to EUR –115.3 million (previous year: EUR –125.2 million). 3.7 million guests travelled with TUI in Q1 FY2026 – 2 percent fewer than in the previous year. The development reflects the strategic reduction of risk capacity, focus on disciplined capacity management and the growth of dynamic products as part of the transformation. The average occupancy rate in the markets increased by 1 percentage point to 86 percent. The number of holidaymakers choosing dynamic package holidays increased by 8 percent to 0.8 million guests.

Central Region with tour operators in Germany, Austria, Switzerland and Poland generated a positive underlying operating profit (EBIT) of EUR 11.7 million (previous year: 7.4). In Northern Region(United Kingdom, Ireland, Denmark, Norway, Sweden and Finland) the result improved from EUR –88.5 million to EUR –79.7 million. The underlying operating profit (EBIT) in Western Region (Netherlands, Belgium, France) decreased slightly by approximately EUR 3 million to EUR –47.3 million (previous year: –44.0).

Booking trends within Holiday Experiences continue to develop positively in a competitive market environment
Within Holiday Experiences, strong demand continues in the Hotels & Resorts segment. Taking into account the Jamaica effect, occupancy for the second quarter, January to March, is unchanged compared to the previous year, while prices are increasing by 3 percent. For the second half of the year, occupancy is currently 4 percentage points lower, which – in addition to the Jamaica effect – is due to the opening of new hotels and thus increased capacity. The price outlook for the second half of the year remains positive with an increase of 3 percent.

For Cruises, occupancy in the current second quarter is 4 percentage points above the previous year and 3 percentage points higher for the second half of the year. Capacity is increasing through an expanded fleet, while demand continues to exceed supply. Mein Schiff Relax was added in the 2025 financial year and Mein Schiff Flow will follow in the summer of 2026. After that, the fleet will consist of 19 ships. The number of available passenger days increases by 9 percent in the second quarter and by 6 percent in the second half of the year. Average prices increase by 1 percent in both the second quarter and the second half.

TUI Musement continues to expand. The range is broadening in beach and city destinations and increasingly includes multi-day experiences. TUI Musement has also gained Jet2 as a new partner, which offers its customers excursions and experiences via a platform provided by TUI Musement. Existing partners include booking.com, easyJet and lastminute.com. A mid-single-digit percentage increase in bookings is expected in both the second quarter and the second half of the year. The number of transfers is in line with the assumptions for Markets + Airline in both the second quarter and the second half of the year.

Markets + Airline booked revenues develop by -1 percent for winter 2025/26 and -2 percent for summer 2026, within the framework of planned risk capacity. Weather conditions in the origin markets in recent weeks have led to later bookings.

In winter 2025/26, the Canary Islands, Egypt and Cape Verde are popular destinations. Among long-haul destinations, Mexico, the Dominican Republic and Thailand are particularly in demand. The most popular destinations for TUI guests for summer 2026 are once again Spain, Greece and Turkey.

Forecast for the full year 2026
TUI continues to focus on operational excellence and profitable growth. The forecast reflects continued sustainable growth in the Holiday Experiences business area and the transformation of Markets + Airline.

The hotel portfolio continues to grow. With over 460 hotels worldwide, TUI is the leading international holiday hotel group. A further 70 hotels have already been contracted and planned. TUI Aria, another ship within TUI River Cruises, will enter service in March 2026 and the next cruise ship within TUI Cruises, Mein Schiff Flow, will enter service in summer 2026.

Against this background, the Group confirms the following forecast at constant exchange rates for the financial year 2026¹:

• revenue increase of 2–4 percent compared to the previous year
• increase in underlying operating profit (EBIT) of 7–10 percent compared to the previous year, mainly driven by expectations for summer 2026

In the medium term, TUI also expects at constant exchange rates:

• average growth in underlying operating profit (EBIT) of approximately 7–10 percent per year (CAGR)
• a net debt/equity ratio of less than 0.5x
• a dividend of 10–20 percent of adjusted earnings per share starting in the 2026 financial year
  

The results from today's Annual General Meeting are expected in the late afternoon.

¹Based on constant exchange rates and taking into account the current market environment and prevailing macroeconomic and geopolitical uncertainties.