TUI Group exceeds EBIT forecast and presents new dividend policy. Sales rise to EUR 24.2 billion, underlying EBIT at constant exchange rate reaches record level of EUR 1.46 billion – clear growth targets for the new financial year 2026.
I brevity:
- Travel continues to be in high demand: 34.7 million guests (+5 percent) booked with TUI in the 2025 financial year
- Full-year sales in 2025 increase by 4.4 percent to EUR 24.2 billion (previous year: EUR 23.2 billion)
- Best underlying Group EBIT in the company's history: improvement of 12.6 percent to EUR 1.46 billion (previous year: EUR 1.29 billion)
- The Holiday Experiences segment with TUI Hotels & Resorts, Cruises and TUI Musement reports record results: Underlying EBIT rises to EUR 1.31 billion (previous year: EUR 1.09 billion)
- Net debt reduced by almost 20 percent to EUR 1.3 billion (previous year: EUR 1.6 billion)
- Winter 2025/26: Booked revenue +1 percent compared to previous year, positive start for bookings for summer 2026
- Outlook for current fiscal year 2026[1]: Sales growth of 2–4 percent, underlying EBIT growth of 7–10 percent, medium-term forecast confirmed
- Strong financial performance creates basis for new dividend policy: The board of directors proposes an initial dividend of EUR 0.10 per share for the 2025 financial year – starting in the 2026 financial year, 10–20 percent of the underlying earnings per share will be distributed.
TUI Group delivered a strong operating result in the 2025 financial year: the international travel group achieved the best underlying EBIT result in the company's history of EUR 1.46 billion. This corresponds to an increase of 12.6 percent compared to the previous year. This exceeded the forecast that was already raised in August 2025 (+9 to 11 percent). Group sales rose by 4.4 percent to EUR 24.2 billion (previous year: EUR 23.2 billion).
– 2025 was a successful year for TUI. In a highly competitive market environment, we achieved the best result in the company's history and exceeded the EBIT forecast for the full year 2025. The TUI ecosystem with strong own brands such as RIU, Robinson, TUI Blue and TUI Cruises, and a growing global distribution via our well-known tour operators are our strengths, says Sebastian Ebel, CEO of TUI Group.
“We benefited from record results in the Holiday Experiences segment with our TUI hotel brands, the cruise companies and our experience provider TUI Musement. The Markets + Airline segment was characterized by investments in the global expansion of the marketplace and the associated transformation. This laid the foundation for future volume and revenue increases in this segment as well,” says Sebastian Ebel.
– Our goal is clear: we want to grow globally with our own differentiated products and thereby become independent of the challenging European market environment. All segments will become even more profitable and efficient in the future. Flights, transfers, hotels, cruises or excursions – only TUI offers a travel experience from a single source. This underlines our unique position in the global travel market, says Sebastian Ebel.
– Artificial intelligence is a big opportunity for TUI. We are making our content AI-visible and AI-bookable – for example through a partnership with Mindtrip. Customers such as travel agencies can already use AI to plan complex round trips and directly transfer customers to a booking via a TUI button. At the same time, we are focusing on physical travel sales. Travel agencies often book very high-quality trips for customers at an early stage. Qualified advice and the experience of travel experts are valuable both for the guests and for us. We offer a travel experience that only TUI can deliver, concludes Sebastian Ebel.
– We also achieved important financial milestones in the 2025 financial year: we reduced net debt to EUR 1.3 billion, improved our net debt ratio from 0.8x to 0.6x and the major credit rating agencies upgraded our credit rating. This solid financial foundation enables us to enter the next phase of our capital allocation. Now is the right time for a new, attractive and sustainable dividend policy, says Mathias Kiep, CFO of TUI Group.
Segment overview: Full-year results 2025
Holidays were once again high on consumers' priority list in the 2025 financial year (1 October 2024 to 30 September 2025). A total of 34.7 million guests travelled with TUI. Underlying Group EBIT rose to a record level of EUR 1.46 billion in the full year 2025 (previous year: EUR 1.29 billion). This is the best result in the Group's history. Sales rose by 4.4 percent to EUR 24.2 billion (previous year: EUR 23.2 billion).
In the segment Holiday Experiences, which includes Hotels & Resorts, Cruises and TUI Musement, underlying EBIT rose to EUR 1.31 billion (previous year: EUR 1.09 billion).
The area Hotels & Resorts continued its strong performance from the previous year, driven by continued growth with higher prices and occupancy rates, reaching a record EBIT of EUR 759 million. This corresponds to an increase of EUR 90 million.
During the fiscal year 2025, delivered TUI cruise line (Hapag-Lloyd Cruises, TUI Cruises, Marella) record results. Underlying EBIT rose by EUR 108 million to EUR 482 million. The cruise market continues to offer very attractive opportunities for sustainable and profitable growth: consistently high capacity utilisation, more passenger days, higher daily rates. Growth in this area is driven by investments in newbuildings for TUI Cruises, the strong market environment and growth prospects, especially in Europe. With the launch of Mein Schiff Relax in March, the fleet size increased to a total of 18 ships. Capacity utilisation averaged 99 percent (previous year: 99 percent), the number of available passenger days increased by a total of 18 percent to 11.4 million (previous year: 9.7 million), and the daily rate rose by 2 percent to EUR 235.
TUI Musement covers a wide range of tourism products – from excursions, activities and tickets to transfers and multi-day tours in popular cities and resorts. During the period, the area increased its underlying EBIT to EUR 71 million (previous year: EUR 49 million). A total of 10.6 million excursions, tours and activities were sold (previous year: 10 million). The number of transfers increased by 1 percent to 30.9 million.
The segment Markets + Airline includes TUI's tour operators in the regions North (Great Britain, Ireland, Sweden, Norway, Finland, Denmark), Central (Germany, Austria, Switzerland, Poland) and West (Netherlands, Belgium and France) as well as TUI Airline with fleets in Germany, Great Britain, the Netherlands, Belgium and Sweden.
The segment reported revenue growth in fiscal year 2025. This was driven by higher prices and booking volumes in line with the previous year. Due to the competitive market environment and investments in transformation and growth, the segment's underlying EBIT was EUR 217 million (previous year: EUR 304 million).
Markets + Airline is undergoing a transformation and is investing in the expansion of its global, curated marketplace – more products with greater flexibility and combination options – in global IT systems and in the development of new sales channels. This forms the basis for future growth. At the same time, TUI is adapting to changing customer behavior. We are increasingly focusing on dynamically packaged products. This gives customers more choice and the high level of security that a package holiday entails. Dynamically created package holidays are successful: 3.3 million guests used a dynamic package last year (+11 percent). They now constitute a significant part of TUI's total product portfolio. As in the previous year, capacity utilization in the Markets + Airline segment was at a high level – 91 percent for the full year.
Northern Region, which includes TUI UK&I, underlying EBIT amounted to EUR 140 million in the period (previous year: EUR 165 million). Central Region generated underlying EBIT of EUR 98 million (previous year: EUR 128 million). Underlying EBIT in Western Region amounted to EUR -21 million (previous year: EUR 10 million).
Good booking situation for the ongoing winter season and positive start for summer 2026
In the Holiday Experiences segment, the positive booking trend continued in the first half of the financial year 2026, supported by strong demand for our own differentiated products. In the Markets + Airline segment, the Group shows resilience in a highly competitive market environment, reporting an increase in booked revenue of +1 percent for the winter 2025/26.
The first indications for summer 2026 are positive.
In the travel sales industry as a whole, package holidays continue to be the gold standard, with the highest level of security and service. The expansion of the dynamic offering gives customers greater choice and flexibility, while maintaining the security of a package holiday – and opens up new customer groups and market opportunities for TUI. Customer satisfaction and quality are top priorities.
Outlook for the full year 2026*
TUI continues to focus on operational excellence and profitable growth. The outlook reflects the continued sustainable growth in the Holiday Experiences segment and the transformation of the Markets + Airline segment.
The hotel portfolio is also growing. With 463 hotels worldwide, TUI is a leading international player in holiday hotels. A further 70 hotels have already been signed and are on their way into the portfolio. Mein Schiff Flow, the next cruise ship for TUI Cruises, will enter service in the summer of 2026.
Based on this, the Group expects the following for the financial year 2026*:
- a turnover increase of 2–4 percent compared to the previous year
- an increase in underlying EBIT of 7–10 percent compared to the previous year, mainly based on expectations for summer 2026
In the medium term, TUI expects*:
- average growth in underlying EBIT of approximately 7–10 percent CAGR
- a net debt ratio below 0.5x
- a dividend ratio of 10–20 percent of underlying earnings per share starting in the 2026 financial year
*Taking into account the current market situation and macroeconomic and geopolitical uncertainties.
