Slide 1: FY26 Q1 Results
FY26 Q1 RESULTS 10 February 2026
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 FY26 Q1 Operational & Strategic Highlights 2 FY26 Q1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 4: Strong Q1 provides solid platform for FY26
Strong Q1 provides solid platform for FY26 – guidance reaffirmed Today's AGM to vote on starter dividend Best Q1 Positive HEX trading FY26 growth target performance momentum reaffirmed Revenue of €4.9bn (in line) Good start to H2 Und. EBIT guidance Und. EBIT of €77m (+€26m) underlining strong demand
Slide 5: HEX FY26 Q1 Und. EBIT of €214m, +€18m vs. PY
HEX FY26 Q1 Und. EBIT of €214m, +€18m vs. PY – strong demand, one -off impacts in Hotels HOLIDAY EXPERIENCES Und. EBIT €214m (+€ 18m vs. PY) FY2 6 Q 1 FY25 Q1 Key KPIs +€6m op. improvement Excl. Excl. -€10m Jamaica hurricane impact & non-repeat of Q1 YoY Jamaica +€15m revaluation effects PY HOTELS &
Slide 6: M+A FY26 Q1 Und. EBIT of -€115m, +€10m vs. PY
M+A FY26 Q1 Und. EBIT of -€115m, +€10m vs. PY – benefitting from business transformation MARKETS + AIRLINE Und. EBIT -€115m (+€10m vs. PY ) FY26 Q1 FY25 Q1 Key KPIs -€6m Jamaica Q1 YoY hurricane impact Departed Pax 3.7m -2% MARKETS + o/w Dynamic Package 0.8m +8% AIRLINE App Sales 11.3% +26% Load Fac
Slide 7: Recent progress on our strategic initiatives
Recent progress on our strategic initiatives MARKETS + AIRLINE HOTELS & RESORTS New markets, scaling dynamic sourcing & Delivering hotel expansion in high -growth expanding own products destinations • Source market Romania welcomes first customers, building on strong • Africa expansion: Added 5 hote
Slide 8: Agenda
AGENDA 1 FY26 Q1 Operational & Strategic Highlights 2 FY26 Q1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 9: Strong Q1 performance & financial progress
Strong Q1 performance & financial progress Revenue ➢ €4.9 bn (+1.3% at CC / in line at ACT) Q 1 MAIN OPERATIONAL & Und. EBIT ➢ € 77m (+€26 m) FINANCIAL KPIs Net Debt ➢ €3.6bn (improved by € 0.5 bn) Optimising ➢ Final cruise ship Marella Voyager taken Financing Mix into ownership (prior lease) FINANC
Slide 10: FY26 Q1 Und. EBIT driven by strong demand for our own HEX products
FY26 Q1 Und. EBIT driven by strong demand for our own HEX products with M+A benefitting from transformation FY26 Q1 vs. FY25 Q1 UNDERLYING EBIT in €m +€26m +€26m +€16m op. improvement excl. Jamaica impact -1 0 10 3 +€6m op. improvement, excl. one-off impacts Markets + Airline: + €10m (+€7m @CC) • De
Slide 11: Income Statement – Best Q1 performance with improved seasonality
Income Statement – Best Q1 performance with improved seasonality Q1 COMMENTARY REVENUE In €m FY26 Q1 FY25 Q1 • Development in line at actual rates; up +1.3% at constant currency, with all segments contributing Revenue 4,861 4,872 UND. EBIT Underlying EBITDA 299 278 • Up +€26m, driven by strong deman
Slide 12: Cash Flow Statement – Improved Free Cash Flow with higher Net Investments
Cash Flow Statement – Improved Free Cash Flow with higher Net Investments Q1 COMMENTARY WORKING CAPITAL In €m FY26 Q1 FY25 Q1 • Outflow in line with seasonal working capital swing Underlying EBITDA 299 278 Adjustments 1 -3 CASH INTEREST Reported EBITDA 300 275 • Improvement mainly due to lower RCF &
Slide 13: Net Debt improved by €0.5bn driven by operating cash flow & FX effects
Net Debt improved by €0.5bn driven by operating cash flow & FX effects In € bn FY26 Q1 FY25 Q1 YoY ∆ Financial liabilities -5.2 -5.8 0.6 - Lease liabilities under IFRS16 -2.3 -2.8 0.5 - Senior Notes -0.5 -0.5 0.0 - Convertible Bonds -0.4 -0.5 0.1 - Liabilities to banks1 -1.9 -1.9 0.0 Cash & Bank Dep
Slide 14: Shareholder returns: FY25 starter dividend to be approved at today's AGM
Shareholder returns : FY25 starter dividend to be approved at today‘s AGM Dividend Timeline AGM 2026 10 Feb: Annual General Meeting to approve starter dividend FY25 11 Feb: Share trades ex-dividend 13 Feb: Payment Date 14
Slide 15: Agenda
AGENDA 1 FY26 Q1 Operational & Strategic Highlights 2 FY26 Q1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 16: HEX – Positive trading momentum with good start to H2
HEX – P ositive trading momentum with good start to H2, underlining strong demand TRADING UPDATE 1 FY26 Q2 YoY FY26 H2 YoY 3 HOTELS & Avail. Bed Nights 2 +4% +3% Q2 excl. Jamaica RESORTS Occupancy 2 +0%pts -4%pts Q2 Hotel KPIs excl. Jamaica to reflect underlying performance 3: Ave. Daily Rate 2 +3%
Slide 17: M+A – Booked revenue resilient, trading in line with risk capacity assumptions
M+A – Booked revenue resilient, trading in line with risk capacity assumptions TRADING UPDATE 1 W25/26 UK +0% YoY vs. W24/25 Booked Revenue -1% Germany -1% YoY S26 UK -4% YoY vs. S25 Booked Revenue -2% Germany +2% YoY TRADING COMMENTS • In a competitive market, booked revenue remains resilient with
Slide 18: FY26 Guidance at constant currency reaffirmed
FY26 Guidance at constant currency reaffirmed 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 18 1 Based on constant currency; the guidance is provided acknowledging the current trading environment
Slide 19: Agenda
AGENDA 1 FY26 Q1 Operational & Strategic Highlights 2 FY26 Q1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 20: Vertical integration propels growth & customer satisfaction
Vertical integration propels growth & customer satisfaction: strong & resilient HEX business boosted by M+A marketplace Holiday Experiences: Markets + Airline Marketplace Hotels, Cruises, TUI Musement Key KPI: Revenue + Margins Key KPI: ROIC FY26 UND. EBIT TO GROW BY +7 -10% 1 MID -TERM AMBITIONS TO
Slide 21: Appendix
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Slide 22: FY26 Q1 Revenue by segment
FY26 Q1 Revenue by segment (excludes intra -group Revenue and JVs/associates) 1 In €m Change Change FY26 Q1 FY25 Q1 incl FX excl FX ∆ FX Hotels & Resorts 288.3 290.8 -2.5 0.3 -2.8 - Riu 228.0 237.3 -9.3 -6.9 -2.4 - Robinson 33.2 30.6 2.6 2.9 -0.3 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 27.1 22.9 4.
Slide 23: FY26 Q1 Underlying EBITDA by segment
FY26 Q1 Underlying EBITDA by segment 1 In €m Change Change FY26 Q1 FY25 Q1 incl FX excl FX ∆ FX Hotels & Resorts 179.9 208.5 -28.6 -26.9 -1.7 - Riu 142.5 184.7 -42.2 -41.8 -0.4 - Robinson 19.5 11.5 8.0 8.4 -0.4 - Royalton 2 -2.5 -1.9 -0.6 -0.5 -0.1 - Other 20.4 14.2 6.2 7.0 -0.7 Cruises 108.8 73.1 3
Slide 24: FY26 Q1 Underlying EBIT by segment
FY26 Q1 Underlying EBIT by segment 1 In €m Change Change FY26 Q1 FY25 Q1 incl FX excl FX ∆ FX Hotels & Resorts 131.0 150.3 -19.3 -18.3 -1.1 - Riu 113.8 146.7 -32.9 -32.8 0.0 - Robinson 9.7 2.9 6.8 7.1 -0.3 - Royalton 2 -2.5 -1.9 -0.6 -0.5 -0.1 - Other 10.0 2.7 7.3 8.0 -0.7 Cruises 82.3 48.2 34.1 35.
Slide 25: FY26 Und. EBIT Guidance at Constant Currency reaffirmed
FY26 Und. EBIT Guidance at Constant Currency reaffirmed 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
Slide 26: FY26 Modelling Assumptions reaffirmed
FY26 Modelling Assumptions reaffirmed 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
Slide 27: Cash Flow Statement incl. Adj. Financing Cash Flow
Cash Flow Statement incl. Adj. Financing Cash Flow In €m FY26 Q1 FY25 Q1 Q1 COMMENTARY Underlying EBITDA 299 278 WORKING CAPITAL Adjustments 1 -3 • Outflow in line with seasonal working capital swing Reported EBITDA 300 275 Working capital -1,782 -1,782 CASH INTEREST Other cash effects 2 -38 • Impro
Slide 28: Cash Flow Statement – Reconciliation to Q1 Cash Flow in Quarterly Statement
Cash Flow Statement – Reconciliation to Q1 Cash Flow in Quarterly Statement Cash Flow Statement €m Line items Cash Flow in Annual Quarterly Report Statement Explanation Reference 3 Group Profit see Income Statement 227 Depreciation, amortisation, impairm. (+) / write-backs (-) see Key figures of inc
Slide 29: Movement in Net Debt
Movement in Net Debt FY25 Q1 to FY26 Q1 In €m FY26 Q1 FY25 Q1 In €m FY26 Q1 FY25 Q1 IFRS 16 IFRS 16 YoY ∆ YoY ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,305 -1,641 336 Financial liabilities -5,174 -5,762 588 Adj. FCF after Dividends -2,090 -2,140 49 - Lease liabilities under IFRS16 -2,328
Slide 30: Movement in Net Debt
Movement in Net Debt FY25 YE to FY26 Q1 In €m FY26 Q1 FY25 YE In €m FY26 Q1 FY25 YE IFRS 16 IFRS 16 QoQ ∆ QoQ ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,305 -1,641 336 Financial liabilities -5,174 -4,437 -737 Adj. FCF after Dividends -2,090 358 -2,448 - Lease liabilities under IFRS16 -2,3
Slide 31: Financing facilities overview per 31 December 2025
Financing facilities overview per 31 December 2025 Instrument Facility €m Utilisation €m Debt/equity Maturity date 1,776 - Debt Banks RCF (unsecured) March 2030 190 Guarantee line - Bank facilities Schuldschein 2018 32.5 - Debt July 2028 Schuldschein 2025 295.5 - Debt July 2028/30 Senior Notes (sust
Slide 32: Glossary
Glossary a/c Aircraft H&R Hotels & Resorts ACT Actual Rates HEX Holiday Experiences Add. Growth Additional Growth JV Joint Venture Adj. FCF Adjusted Free Cash Flow Germany's state-owned development bank (Kreditanstalt KfW ADR Average Daily Rate für den Wiederaufbau) AOS All Other Segments M+A Market
Slide 33: Analyst and Investor Enquiries
ANALYST AND INVESTOR ENQUIRIES FINANCIAL CALENDAR Nicola Gehrt, Group Director Investor Relations Tel: +49 (0)511 566 1435 10 February 2026 FY26 Q1 Results Adrian Bell, Senior Investor Relations Manager Tel: +49 (0)511 566 2332 10 February 2026 Annual General Meeting 2026 13 May 2026 FY26 Half -Year