TUI (TUI1) Q4 2026 TU earnings summary

Executive summary

• Underlying EBIT guidance for FY26 tightened to €1.2bn–€1.3bn, reflecting strong Q4 demand, improved booking momentum, and robust performance in Holiday Experiences and Markets + Airline segments.

• Strong underlying demand persists despite uncertain geopolitical and economic conditions, with later booking trends continuing into Winter 2026/27 and average selling prices holding firm.

• Holiday Experiences segment shows robust start to H1 FY27, driven by asset-right growth and expansion of hotel and cruise portfolios.

Financial highlights

• FY26 underlying EBIT guidance tightened to €1.2bn–€1.3bn, compared to €1,413m in FY25 and prior guidance of €1.1bn–€1.4bn.

• Revenue guidance for FY26 remains suspended; FY25 revenue was €24,179m.

• Adjustments (including PPA) expected at -€70m to -€90m for FY26, higher than -€44m in FY25.

• Net investments projected at €810m–€830m, up from €676m in FY25.

• Strong balance sheet and financial position provide flexibility for ongoing transformation.

Outlook and guidance

• FY26 EBIT guidance assumes no material escalation in geopolitical tensions and stable fuel supplies.

• Booked revenue for Summer 2026 is in line with risk-adjusted capacity; ASPs remain resilient.

• Holiday Experiences expected to maintain high occupancy and higher rates into H1 FY27, with key winter destinations including Canaries, Egypt, Cape Verde, and the Caribbean.

• Markets + Airline segment continues to manage capacity flexibly in response to demand trends.

• FY26 modelling assumptions reaffirmed, with net interest and net investments expected at the lower end of guidance.