TUI (TUI1) investor relations material

Executive summary

• Q3 underlying EBIT was €233.8m–€234m, down €86.8m–€87m year-over-year, reflecting resilience amid geopolitical headwinds and a €20m one-off impact 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 from €1.9bn, mainly due to working capital impacts and customers booking closer to departure.

• Strategic transformation continues, with progress in sustainability, digital transformation, and product innovation.

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

Financial highlights

• Q3 2026 revenue was €5,821.7m–€5,822m, down 5.6%–6.1% year-over-year; 9M 2026 revenue was €14,383.9m–€14,384m, down 1.6%–2.7%.

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

• Q3 group result attributable to shareholders was €82m–€124.2m, down 44.7% year-over-year.

• Underlying EPS for Q3 was €0.16–€0.19, down €0.14–€0.20 year-over-year.

• Net debt at 30 June 2026 was €2,347.9m, up 22.9% year-over-year.

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 positive booking momentum and 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: Hotels & Resorts expected slightly below prior year due to Jamaica hurricane and softer Mexico demand; Cruises to see strong growth; TUI Musement expects low double-digit EBIT growth; Markets + Airline to remain below prior year amid geopolitical uncertainty.