Slide 1: FY25 Results & Strategy Update
FY25 RESULTS & STRATEGY UPDATE 10 December 2025
Slide 2: Forward-Looking Statements
FORWARD -LOOKING STATEMENTS This presentation contains a number of statements related to the future development of TUI. These statements are based both on assumptions and estimates. Although we are convinced that these future -related statements are realistic, we cannot guarantee them, for our assum
Slide 3: Agenda
AGENDA 1 FY25 Operational Highlights 2 Strategy Update & Mid -Term Ambitions 3 FY25 Q4/12M Results 4 Trading & Outlook 5 Summary 6 Appendix
Slide 4: FY25 Und. EBIT exceeding guidance, FY26 to deliver further growth, new dividend policy
FY25 Und. EBIT exceeding guidance, FY26 to deliver further growth – new dividend policy announced Record FY25 Integrated strategy Monetising M+A performance delivering strong results transformation Revenue of €24.2bn (+4.4%) Outstanding returns in our Investments into growth & cost Und. EBIT of €1,4
Slide 5: HEX FY25 Und. EBIT of €1.3bn, +€191m vs. PY
HEX FY25 Und. EBIT of €1.3bn, +€191m vs. PY – continued strong demand across all segments HOLIDAY EXPERIENCES Q4 Und. EBIT € 620 m (+€ 56 m vs. PY) | FY25 Und. EBIT € 1,283 m (+€ 191m vs. PY) FY25 Q 4 FY2 4 Q4 FY25 FY2 4 Key KPIs 735 668 FY25 YoY HOTELS & Avail. Bed Nights 39.8m +0% 351 329 Occupanc
Slide 6: M+A FY25 Und. EBIT of €200m, -€104m vs. PY
M+A FY25 Und. EBIT of €200m, -€104m vs. PY – sign. investment into transformation & growth MARKETS + AIRLINE Q 4 Und. EBIT €640m (-€ 69 m vs. PY) | FY25 Und. EBIT €2 0 0m (-€ 104m vs. PY) FY25 Q4 FY2 4 Q4 FY25 FY2 4 Key KPIs 709 640 FY25 YoY Departed Pax 20.2m 0% MARKETS + 304 o/w Dynamic Package 3.
Slide 7: Vertical integration driving superior HEX performance
Vertical integration driving superior HEX performance TUI funnel maximises returns on own assets… …and delivers superior operational KPIs New Customers New Markets + Airline customers 34.7m customers 8.7 Highest CSATs across full portfolio 1 CSAT TUI Hotels Tour operator - 15 regions Distribution On
Slide 8: Agenda
AGENDA 1 FY25 Operational Highlights 2 Strategy Update & Mid -Term Ambitions 3 FY25 Q4/12M Results 4 Trading & Outlook 5 Summary 6 Appendix
Slide 9: Ambitious strategy poised to capture growth in holiday demand
Ambitious strategy poised to capture growth in holiday demand Global Travel & Tourism growing ahead of GDP 1 • Most UK travellers plan to spend the same or more on holidays in 2026 compared to 2025 2 • Travel remains a top priority , with Europeans delaying major purchases to afford their summer hol
Slide 10: Strong track record of delivering Und. EBIT growth
Strong track record of delivering Und. EBIT growth TUI Group Und. EBIT 1 Comments In €m +12.6% @CC +7-10% 1,413 / CAGR +9% • Und. EBIT up +80% vs. FY141, 1,296 1,187 driven by our vertically integrated business model -€293m Boeing 977 MAX impact • Holiday Experiences ~85% of Group EBIT (vs. ~30% in
Slide 11: Our strategy will deliver further growth
Our strategy will deliver further growth Vertically integrated tourism group 1 2 3 4 Hotels & Resorts Cruises TUI Musement Markets + Airline Sustainable, globally differentiated product growth Transformational growth – global curated leisure marketplace Hotels, Cruises and Experiences global product
Slide 12: Hotels & Resorts – Delivering growth with our asset-right hotel pipeline
1 Hotels & Resorts – Delivering growth with our asset -right hotel pipeline FY25 FY26+ Signed pipeline of 70+ hotels, mainly mgmt./franchise No. of hotels 463 (+18 1) ➢ Strategically focused on higher-growth destinations Eastern Med Other Caribbean / S & CE America 5% 7% 5% Africa / ROIC 19% (+1%pts
Slide 13: Oman partnership: new vertically integrated destination cluster
1 Oman partnership: new vertically integrated destination cluster will drive end -to -end profitability – proven Cape Verde showcase Strategic rationale – New destination cluster with 5 new hotels ➢ Salalah becoming year-round sun and beach destination with differentiated hotels & experiences ➢ Oman
Slide 14: Cruises – JV newbuilds driving de-risked growth & profitability
2 Cruises – JV newbuilds driving de -risked growth & profitability FY25 FY26+ Growth through +3 new ships No. of ships 18 (+1) ➢ Off-balance sheet investments driven by successful TUI Cruises JV FY26 +1 ROIC 32% (+5%pts) FY31 +1 84 92 72 Q4 NPS 1 Mein Hapag -Lloyd Marella FY33 +1 Schiff Cruises Crui
Slide 15: TUI Musement – global, differentiated growth leveraging digital platform
3 TUI Musement – global, differentiated growth leveraging digital platform FY25 FY26+ Digital growth, supported by vertical integration Transfers 30.9m (+1%) Platforming of Transfers & Tours ➢ Slight growth p.a. in Transfers Experiences 10.6m (+6%) ➢ Enhancing our multi-day Tours offering Uptake Rat
Slide 16: Markets + Airline – Transformation into Global Curated Leisure Marketplace
4 Markets + Airline – Transformation into Global Curated Leisure Marketplace FY25 FY26+ Two Platforms that maximise vertical integration Customers 20.2m (+0%) o/w Dyn. Airline 3.3m (+11%) Transformation: Package Commercialisation of Airline App Sales % 10.3% (+41%) Markets Transformation: Transformi
Slide 17: Markets + Airline – our transformation levers
4 Markets + Airline – our transformation levers Airline Overhead Marketplace Growth Operational Excellence Commercialisation Cost Reduction New Customers, Digital First Risk Right & Own AI-powered Tech Lean Organisation Products & Airline Growth Marketing & Sales Dynamic Growth Products platforms &
Slide 18: Markets + Airline – first benefits of transformation planned for FY26
4 Markets + Airline – first benefits of transformation planned for FY26 Transformation benefits – Und. EBIT in €m Growth • Digital First Distribution Target >3% • Marketing Effectiveness EBIT Margin • Airline Efficiency • Customer • AI-powered Tech Commercialisation Platforms • Network & Route Profi
Slide 19: Markets + Airline – cost reduction programme targeting ~€250m savings by FY28
4 Markets + Airline – We have launched a cost reduction programme targeting ~ €250 million in savings by FY28 ~€250m In €m Savings Realisation 100% 60% 30% ~60% Overhead Cost Reductions FY26e FY27e FY28e SDIs In €m ~40% Operational Excellence 50-60 39 Reduction in Distribution Lean Operating Model &
Slide 20: Travel in an AI world – search is changing
5 Travel in an AI world – search is changing - from traditional to agentic TUI AI transformation Our customers AI / agentic search Better Content Better Customer Experience Hyper-personalisation Lower Costs OUR AI VISION ➢ AI First – TUI changes to an AI powered organisation ➢ TUI products visible &
Slide 21: AI First – TUI changes to an AI powered organisation
5 AI First – TUI changes to an AI powered organisation , working with a broad range of strategic partners & products AI for our colleagues Actively working AI for our customers with key players 35k+ e -learnings Ability to source new completed in last 12m dynamic products 50% faster than previously
Slide 22: Key ingredients for success for LLM platform bookers
5 Key ingredients for success for 1 – LLM platform bookers 2 – Brand specific bookers AEO/GEO Partnerships TUI ‘AI Differentiated Making brands Concierge’ products AI ready Agent Data - end to end customer insights Trustworthy verified content 22 LLMs = Large Language Models
Slide 23: TUI partners with Mindtrip for AI-Powered trip planning
5 TUI partners with Mindtrip for AI -Powered trip planning x tours • Mindtrip is an AI-powered travel planning platform, turning inspiration into personalised, bookable itineraries • AI-powered: Conversational trip planning (e.g. "Where should I go in December?") • Seamless booking: Customers can pl
Slide 24: Delivering on our FY25 SBTi targets in all segments
6 Delivering on our FY25 SBTi targets in all 3 segments 2030 SBTi Targets 1 -24% reduction airline 2 -27.5% reduction cruise 3 -46.2% reduction TUI Hotels & Resorts 3 Our FY25 achievements for emissions reduction 1 Airline Cruises Hotels -7.8% -5.5% -17.5% -0.9%pts -2.5%pts -2.5 %pts better vs. FY25
Slide 25: Agenda
AGENDA 1 FY25 Operational Highlights 2 Strategy Update & Mid -Term Ambitions 3 FY25 Q4/12M Results 4 Trading & Outlook 5 Summary 6 Appendix
Slide 26: Successful FY25 & positive outlook for FY26 – new dividend policy
Successful FY25 & positive outlook for FY26 – new dividend policy Revenue Und. EBIT at CC Record performance €24.2bn , up +4.4% €1,459m , up +12.6% in FY25 (up +9.0% at Act) Net Debt Net Leverage Financial profile €1.3bn vs. €1.6bn PY 0.6x vs. 0.8x in PY strengthened FY26 Guidance Dividend Policy Gu
Slide 27: FY25 Und. EBIT exceeding guidance with an increase of +12.6%
FY25 Und. EBIT exceeding guidance with an increase of +12.6% (following August upgrade to +9 -11%) FY25 vs. FY24 UNDERLYING EBIT in €m +€117m / +9.0% +€163m / +12.6% 18 -104 46 107 30 Markets + Airline: -€104m 67 (-€87m @CC) • Departed Pax 20.2m (broadly in line) 1,459 o/w Dynamic Package 3.3m (+11%
Slide 28: Income Statement – record year with significant improvement in Und. EPS
Income Statement – record year with significant improvement in Und. EPS by +30% 12M COMMENTARY REVENUE In €m FY25 Q4 FY24 Q4 FY25 12M FY24 12M • Growth +4.4%, up across all segments, driven by resilient demand at higher prices Revenue 9,403 9,428 24,179 23,167 Underlying EBITDA 1,439 1,449 2,272 2,1
Slide 29: Cash Flow Statement – robust cash generation
Cash Flow Statement – robust cash generation, structure substantially improved • Cash interest: -€244m In €m (+€52m YoY; in line with guidance) • Pensions: -€113m (+€27m YoY) 269 -464 268 -594 -676 2,249 1,729 -595 458 -99 358 FY25 Rep. Working capital At equity Dividends Other cash Operating CF Net
Slide 30: Net Debt improved by ~20%
Net Debt improved by ~20% In € bn FY25 12M FY24 12M YoY ∆ Financial liabilities -4.4 -4.5 0.1 - Lease liabilities under IFRS16 -2.5 -2.6 0.2 - Senior Notes -0.5 -0.5 0.0 - Convertible Bonds -0.5 -0.5 0.0 1 - Liabilities to banks -1.0 -0.9 -0.1 Cash & Bank Deposits 3.1 2.9 0.2 Net Debt -1.3 -1.6 0.3
Slide 31: FY25 Net Leverage at 0.6x – target achieved
FY25 Net Leverage at 0.6x – target of strongly <1.0x achieved New target to improve to below 0.5x in the mid -term Net Leverage Ratio improved strongly Financing targets Credit Rating back to BB / Ba territory Excl. Boeing MAX cost impact 1.4x1 1.6x ➢ Target to improve to below 0.5x in the Excl. Boe
Slide 32: Strong financial foundation enables next phase in capital allocation
FY25 – strong financial foundation enables next phase in capital allocation 1 Financial Priorities delivered 2 3 ✓ FY25 record results € ✓ Robust cash flow, structure substantially improved ✓ High financial discipline Further New dividend growth ✓ Strong financial metrics and balance sheet policy ✓
Slide 33: Attractive growth opportunities – disciplined investment strategy
Attractive growth opportunities – continue our disciplined investment strategy 1 2 Further growth – FY26e Net Investments 3 Hotels & Resorts • ~60% investments into growth € Cruises (Marella) • Projects RIU & Robinson • Fueled by vertical integration Airline €860m Financial to Hotels Markets + Airli
Slide 34: Combining growth with a strong balance sheet – attractive dividend policy
Combining growth with a strong balance sheet – platform for attractive dividend policy 1 2 3 € Financial Further New dividend polic y Priorities growth FY25: Starter dividend of €0.10 per share delivered FY26+: 10 -20% of Underlying EPS 34
Slide 35: TUI Capital Allocation Framework
TUI Capital Allocation Framework Organic growth Dividend Policy Investment into hotels and FY25: Starter dividend of aircraft, JV & asset right €0.10 per share growth as well as digital FY26+: 10-20% of Und. EPS platforms to achieve superior returns Increase Shareholder Value Mergers & Acquisitions
Slide 36: Agenda
AGENDA 1 FY25 Operational Highlights 2 Strategy Update & Mid -Term Ambitions 3 FY25 Q4/12M Results 4 Trading & Outlook 5 Summary 6 Appendix
Slide 37: HEX – FY26 H1 with positive trading momentum
HEX – FY26 H1 with positive trading momentum of our unique & differentiated products TRADING UPDATE 1 FY26 H1 YoY HOTELS & Avail. Bed Nights 2 +3% RESORTS Occupancy 2 -1%pts Av. Daily Rate 2 +4% CRUISES Avail. Pax Cruise Days +13% Occupancy +5%pt Av. Daily Rate +0% TUI MUSEMENT Experiences Sold +mid
Slide 38: M+A – W25/26 with booked revenue up & positive early indications for S26
M+A – W25/26 with booked revenue up & positive early indications for S26 TRADING UPDATE 1 W25/26 UK +2% YoY vs. W24/25 Booked Revenue +1% Germany +2% YoY TRADING COMMENTS • W25/26 booked revenue resilient in a competitive market • Positive booked revenue momentum in recent weeks with higher demand e
Slide 39: FY26 Guidance at Constant Currency
FY26 Guidance at Constant Currency FY26e 1 FY25 Revenue Expect Revenue to increase by +2 -4% €24,179m Expect Und. EBIT to increase by +7 -10% Underlying EBIT €1,413m driven by Summer 26 39 1 Based on constant currency; the guidance is provided acknowledging the current trading environment as well as
Slide 40: FY26 Und. EBIT Guidance at Constant Currency
FY26 Und. EBIT Guidance at Constant Currency FY26e 1 FY25 ➢ Slight growth HOTELS & RESORTS Strong demand, average growth invest. of €150m p.a. at ROIC of significantly >11% & €735m asset -light pipeline ➢ Slight growth CRUISES Strong demand, annualisation of MS Relax (+6 months ) & new MS Flow (c.3
Slide 41: FY26 Modelling Assumptions
FY26 Modelling Assumptions FY26e 1 FY25 Adjustments P&L -€ 70 m to -€ 90 m -€44m (incl. PPA) 2 P&L -€325m to -€350m -€335m Net Interest CF -€240m to -€255m -€244m 3 Net Investments CF -€ 86 0m to -€ 90 0m -€ 676 m CF Strong improvement -€595m Leases & Asset Financing B/S Broadly stable €3,089m Net D
Slide 42: Mid-term ambitions – building blocks of profitable growth FY26+
Mid -term ambitions – building blocks of profitable growth FY26+ FY26e FY27e FY28+ c. €420m ➢ Target ROIC significantly >11%1 Growth investments Net Investments broadly stable ➢ Add. growth of 55+ mgmt . / franchise HOTELS & o/w ~60% growth hotels (total pipeline 70+) RESORTS MS Relax +6 months 2 +2
Slide 43: Agenda
AGENDA 1 FY25 Operational Highlights 2 Strategy Update & Mid -Term Ambitions 3 FY25 Q4/12M Results 4 Trading & Outlook 5 Summary 6 Appendix
Slide 44: Vertical integration propels growth & customer satisfaction
Vertical integration propels growth & customer satisfaction: strong & resilient HEX business boosted by M+A marketplace TUI's Unique Synergy Fly Wheel Holiday Experiences: Markets + Airline Marketplace Hotels, Cruises, TUI Musement ▪ European market leader ▪ Lighthouse products ▪ Global reach throug
Slide 45: Appendix
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Slide 46: FY25 12M Revenue by segment
FY25 12M Revenue by segment (excludes intra -group Revenue and JVs/associates) 1 In €m Change Change FY25 12M FY24 12M incl FX excl FX ∆ FX Hotels & Resorts 1,243.8 1,152.4 91.4 138.7 -47.3 - Riu 965.3 893.4 71.9 118.1 -46.2 - Robinson 131.6 120.1 11.5 11.3 0.2 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Oth
Slide 47: FY25 12M Underlying EBITDA by segment
FY25 12M Underlying EBITDA by segment 1 In €m Change Change FY25 12M FY24 12M incl FX excl FX ∆ FX Hotels & Resorts 933.0 843.4 89.6 117.6 -28.0 - Riu 661.5 574.5 87.0 106.4 -19.4 - Robinson 80.3 87.4 -7.1 -7.5 0.3 - Royalton 2 32.5 28.6 3.9 2.4 1.5 - Other 158.7 152.8 5.9 16.3 -10.5 Cruises 563.9 4
Slide 48: FY25 12M Underlying EBIT by segment
FY25 12M Underlying EBIT by segment 1 In €m Change Change FY25 12M FY24 12M incl FX excl FX ∆ FX Hotels & Resorts 735.0 668.4 66.5 90.5 -23.9 - Riu 542.7 468.6 74.1 90.1 -16.0 - Robinson 48.6 60.2 -11.6 -12.0 0.4 - Royalton 2 32.5 28.6 3.9 2.4 1.5 - Other 111.2 111.0 0.2 10.0 -9.8 Cruises 481.1 374.
Slide 49: FY25 Q4 Revenue by segment
FY25 Q4 Revenue by segment (excludes intra -group Revenue and JVs/associates) 1 In €m Change Change FY25 Q4 FY24 Q4 incl FX excl FX ∆ FX Hotels & Resorts 398.1 361.1 37.0 41.3 -4.2 - Riu 274.1 245.6 28.5 32.5 -4.1 - Robinson 50.4 46.0 4.3 4.4 -0.1 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 73.7 69.4 4
Slide 50: FY25 Q4 Underlying EBITDA by segment
FY25 Q4 Underlying EBITDA by segment 1 In €m Change Change FY25 Q4 FY24 Q4 incl FX excl FX ∆ FX Hotels & Resorts 398.1 366.5 31.6 34.6 -3.0 - Riu 203.8 188.0 15.8 18.8 -3.0 - Robinson 58.0 57.6 0.4 0.4 0.0 - Royalton 2 -8.5 -12.7 4.1 3.7 0.4 - Other 144.8 133.5 11.3 11.7 -0.4 Cruises 213.7 196.0 17.
Slide 51: FY25 Q4 Underlying EBIT by segment
FY25 Q4 Underlying EBIT by segment 1 In €m Change Change FY25 Q4 FY24 Q4 incl FX excl FX ∆ FX Hotels & Resorts 351.2 329.4 21.8 24.1 -2.3 - Riu 179.6 162.1 17.5 20.0 -2.4 - Robinson 52.8 56.5 -3.7 -3.8 0.1 - Royalton 2 -8.5 -12.7 4.1 3.7 0.4 - Other 127.4 123.6 3.9 4.3 -0.4 Cruises 208.4 178.4 30.0
Slide 52: Cash Flow Statement – robust cash generation, structure substantially improved
Cash Flow Statement – robust cash generation, structure substantially improved In €m FY25 Q4 FY24 Q4 FY25 12M FY24 12M 12M COMMENTARY Underlying EBITDA 1,439 1,449 2,272 2,120 WORKING CAPITAL Adjustments -27 2 -23 2 • WC broadly in line with PY driven by revenue growth Reported EBITDA 1,413 1,451 2,
Slide 53: Financing facilities overview per 30 September 2025
Financing facilities overview per 30 September 2025 Instrument Facility €m Utilisation €m Debt/equity Maturity date 1,7761 - Debt Banks RCF (unsecured) March 2030 190 Guarantee line - Bank facilities Schuldschein 2018 32.5 - Debt July 2028 Schuldschein 2025 295.52 - Debt July 2028/30 Senior Notes (s
Slide 54: Movement in Net Debt
Movement in Net Debt FY24 YE to FY25 YE In €m FY25 YE FY24 YE In €m FY25 YE FY24 YE IFRS 16 IFRS 16 YoY ∆ YoY ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,641 -2,106 466 Financial liabilities -4,437 -4,542 105 Adj. FCF after Dividends 358 236 122 - Lease liabilities under IFRS16 -2,454 -2,6
Slide 55: Movement in Net Debt
Movement in Net Debt FY25 9M to FY25 YE In €m FY25 YE FY25 9M In €m FY25 YE FY25 9M IFRS 16 IFRS 16 QoQ ∆ QoQ ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,641 -1,641 0 Financial liabilities -4,437 -4,604 167 Adj. FCF after Dividends 358 -230 588 - Lease liabilities under IFRS16 -2,454 -2,55
Slide 56: Cash Flow Statement – Reconciliation to FY25 Cash Flow in Annual Report
Cash Flow Statement – Reconciliation to FY25 Cash Flow in Annual Report Cash Flow Statement €m Line items Cash Flow in Annual Report Explanation Reference 842 Group Profit see Income Statement 880 Depreciation, amortisation, impairm. (+) / write-backs (-) see Segmental Reporting Reported EBITDA 2,24
Slide 57: Glossary
Glossary a/c Aircraft H&R Hotels & Resorts ABTA Association of British Travel Agents HEX Holiday Experiences ACT Actual Rates Germany's state-owned development bank (Kreditanstalt KfW Add. Growth Additional Growth für den Wiederaufbau) Adj. FCF Adjusted Free Cash Flow LLMs Large Language Models ADR
Slide 58: Analyst and Investor Enquiries
ANALYST AND INVESTOR ENQUIRIES FINANCIAL CALENDAR Nicola Gehrt, Group Director Investor Relations Tel: +49 (0)511 566 1435 10 December 2025 FY25 Annual Report 10 February 2026 FY26 Q1 Results Adrian Bell, Senior Investor Relations Manager Tel: +49 (0)511 566 2332 10 February 2026 Annual General Meet