Tui Ag · XETR:TUI1
Tui — Q3 2026 Earnings Presentation
38 slides from Tui's earnings presentation, Aug 12, 2026
Slide 1: FY26 Q3/9M Results
FY26 Q3/9M RESULTS 12 August 2026 TUI BLUE Meltemi , Santorini
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 Q3 Operational & Strategic Highlights 2 FY26 Q3/9M Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 4: Resilient Q3 managing challenging geopolitical headwinds, with 9M Und. EBIT up excl. one-off impacts
Resilient Q3 managing challenging geopolitical headwinds, with 9M Und. EBIT up excl. one -off impacts – FY26 guidance reaffirmed 9M up + €40m at CC 1 9M key impacts excl. one -off impacts TUI one-off: -€60m Iran & Revenue of €14.5bn (-1.6%) at CC1 -€21m Jamaica hurricane Und. EBIT of €123m (-€41m) a
Slide 5: HEX Q3 Und. EBIT up +€4m excl. Iran war highlighting solid underlying demand
HEX Q3 Und. EBIT up + €4m excl. Iran war highlighting solid underlying demand HOLIDAY EXPERIENCES Q3 Und. EBIT € 278m (-€16m vs. PY) | 9M Und. EBIT € 659 m (-€ 3m vs. PY) FY26 Q3 FY25 Q3 FY26 9M FY25 9M Key KeyKPIs KPIs Incl. -€15m Jamaica hurricane impact Q3 YoY Avail. Bed Nights 11.3m +1% HOTELS &
Slide 6: M+A Q3 Und. EBIT -€67m vs. PY managing geopolitical headwinds & pricing pressure
M+A Q3 Und. EBIT -€67m vs. PY managing geopolitical headwinds & pricing pressure MARKETS + AIRLINE Q3 Und. EBIT -€17m (-€ 67 m vs. PY) | 9M Und. EBIT -€ 469 m (-€28m vs. PY) FY26 Q3 FY25 Q3 FY26 9 M FY25 9M Key KPIs Q3 YoY Incl. -€20m 50 Iran war & -€6m Departed Pax 5.5m -6% MARKETS Jamaica impact o
Slide 7: Implementing our initiatives to build TUI of tomorrow (1/2)
Implementing our initiatives to build TUI of tomorrow (1/2) MARKETS GROUP Reaching new & existing Strengthening sales through customers across all segments App & AI • AI-powered Semantic Search, enabling users • Building on our exclusive, differentiated to find more relevant holidays in UK & driving
Slide 8: Implementing our initiatives to build TUI of tomorrow (2/2)
Implementing our initiatives to build TUI of tomorrow (2/2) CRUISES Mein Schiff Flow off to a strong start • Outstanding NPS of 95 since launch in June 2026 • Strong demand: MS fleet capacity +18% with occupancy levels well above 100% in July • Emission-reduction: set for e-LNG operations HOTELS & R
Slide 9: Agenda
AGENDA 1 FY26 Q3 Operational & Strategic Highlights 2 FY26 Q3/9M Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 10: Robust 9M performance with FY26 guidance reaffirmed
R obust 9M performance with FY26 guidance reaffirmed KEY KPIs FY26 9M YoY REVENUE €14.4bn 1 -2.7% €199m excl. one -offs 2 +€35m UND. EBIT €118m 3 -€46m NET DEBT €2.3bn +€0.4bn Third consecutive year of positive 9M EBIT HAPAG -LLOYD, underlining improved seasonality 10 1 €14.5bn / -1.6% vs. PY at con
Slide 11: Resilient FY26 Q3 Und. EBIT versus record prior year incl. -€20m one-offs
Resilient FY26 Q3 Und. EBIT versus record prior year incl. -€20m one -offs whilst managing challenging geopolitical headwinds FY26 Q3 vs. FY25 Q3 UNDERLYING EBIT in €m -€87m -€86m (-€67m LFL) (-€66m LFL) -8 -10 2 -67 254 255 LFL LFL 321 One-off One-off impacts impacts 20 20 -3 1 One -off impacts H&R
Slide 12: Robust FY26 9M with Und. EBIT up +€35m at Act (+€40m at CC) excl. one-offs
Robust FY26 9M with Und. EBIT up + €35m at Act (+€40m at CC) excl. one -offs FY26 9M vs. FY25 9M UNDERLYING EBIT in €m -€46m -€41m (+€35m LFL) (+€40m LFL) 199 204 One-off One-off impacts 8 impacts 81 -33 -28 81 21 -15 5 One -off impacts 165 H&R Cruises M+A Group Jamaica -15 - -6 -21 118 123 Iran war
Slide 13: Income Statement
Income Statement – Third consecutive year of positive 9M EBIT underlining improved seasonality 9M COMMENTARY REVENUE In €m FY26 Q3 FY25 Q3 FY26 9M FY25 9M • Lower M+A volumes due to increased uncertainty in the current geopolitical Revenue 5,822 6,200 14,384 14,776 environment & FX translation Under
Slide 14: Cash Flow Statement
Cash Flow Statement – Change reflecting customers booking closer to departure due to Iran war 9M COMMENTARY WORKING CAPITAL In €m FY26 Q3 FY25 Q3 FY26 9M FY25 9M • Lower customer deposits partly due to customers booking closer to departure Underlying EBITDA 466 543 803 832 Adjustments -10 12 -14 4 C
Slide 15: Net Debt driven by working capital
Net Debt driven by working capital In € bn FY26 9M FY25 9M YoY ∆ Financial liabilities -4.6 -4.6 0.0 - Lease liabilities under IFRS16 -2.3 -2.5 0.3 - Senior Notes -0.5 -0.5 0.0 - Convertible Bonds -0.4 -0.5 0.1 - Liabilities to banks1 -1.4 -1.0 -0.3 Cash & Bank Deposits 2.2 2.7 -0.5 Net Debt -2.3 -1
Slide 16: Agenda
AGENDA 1 FY26 Q3 Operational & Strategic Highlights 2 FY26 Q3/9M Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 17: HEX – Strong underlying demand in uncertain geopolitical environment
HEX – Strong u nderlying demand in uncertain geopolitical environment TRADING UPDATE 1 FY26 Q4 YoY HOTELS & Avail. Bed Nights 2 +1% RESORTS Occupancy 2 -3%pts Occupancy i mpacted by Jamaica hurricane & challenging Mexico Ave. Daily Rate 2 +4% CRUISES Avail. Pax Cruise Days +12% Occupancy +0%pts Ave.
Slide 18: M+A – S26 bookings closer to departure, encouraging L4W ahead of PY
M+A – S26 bookings closer to departure, encouraging L4W ahead of PY TRADING UPDATE 1 Season Last S26 to date 4 weeks vs. S25 Booked Revenue -6% +7% o/w UK -8% Encouraging o/w GER -3% momentum TRADING COMMENTS • We have flexed our business model and cut risk capacity by 5% to reflect the geopolitical
Slide 19: Positive momentum in L4W with M+A booked revenue ahead…
Positive momentum in L4W with M+A booked revenue ahead… M+A – S26 B ooked Revenue -6 % in % vs. S25 Cumulated 125% New ceasefire L4W: +7% agreement 100% -2% -7% -6% 75% Per Q1 Per Q2 14 Jun 26 21 Jun 26 28 Jun 26 05 Jul 26 12 Jul 26 19 Jul 26 26 Jul 26 02 Aug 26 09 Aug 26 Per Q3 reporting reporting
Slide 20: FY26 Guidance at constant currency reaffirmed
FY26 Guidance at constant currency reaffirmed FY26e 1 FY25 Revenue Guidance suspended €24,179m Underlying EBIT Expect Und. EBIT of €1.1bn to €1.4bn €1,413m TUI Musement ROBINSON Khao Lak MS Europa Boeing 737 MAX Mountainbike Tour 20 1 Based on constant currency; the guidance reflects current trading
Slide 21: FY26 Und. EBIT Guidance at constant currency reaffirmed
FY26 Und. EBIT Guidance at constant currency reaffirmed FY26e 1 FY25 ➢ Slightly below prior year HOTELS & RESORTS Jamaica hurricane ( -€15m) & softer demand for Mexico offsetting our strategic growth €735m initiatives ➢ Slight growth CRUISES Strong demand and annualisation of MS Relax & new MS Flow
Slide 22: FY26 Modelling Assumptions updated
FY26 Modelling Assumptions updated FY26e 1 FY25 Adjustments P&L -€ 70 m to -€ 90 m -€44m (incl. PPA) 2 P&L -€325m to -€350m (expect lower end) -€335m Net Interest CF -€240m to -€255m (expect lower end) -€244m 3 Net Investments CF -€ 810 m to -€830m (prior: lower end of -€860m to -€900m) -€ 676 m CF
Slide 23: Agenda
AGENDA 1 FY26 Q3 Operational & Strategic Highlights 2 FY26 Q3/9M Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 24: TUI's growth FY27+ will be driven by vertical integration
TUI’s growth FY27+ will be driven by vertical integration combining global distribution with unique products which our customers love TUI of tomorrow Powered by loved brand AI, customer loyalty & sustainability at our core MARKETS + AIRLINE HOTELS & RESORTS CRUISES TUI MUSEMENT Transformation Hotel
Slide 25: Appendix
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Slide 26: FY26 Q3 Revenue by segment
FY26 Q3 Revenue by segment (excludes intra -group Revenue and JVs/associates) 1 In €m Change Change FY26 Q3 FY25 Q3 incl FX excl FX ∆ FX Hotels & Resorts 313.3 300.3 13.0 7.5 5.5 - Riu 253.0 233.3 19.7 14.0 5.7 - Robinson 30.9 32.8 -1.9 -1.8 -0.1 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 29.5 34.2 -4
Slide 27: FY26 Q3 Underlying EBITDA by segment
FY26 Q3 Underlying EBITDA by segment 1 In €m Change Change FY26 Q3 FY25 Q3 incl FX excl FX ∆ FX Hotels & Resorts 176.4 178.3 -2.0 -4.0 2.0 - Riu 147.1 137.1 10.0 7.7 2.3 - Robinson 13.2 12.1 1.1 1.2 -0.1 - Royalton 2 -2.0 6.6 -8.5 -8.5 0.0 - Other 18.1 22.6 -4.5 -4.2 -0.3 Cruises 160.5 169.3 -8.8 -7
Slide 28: FY26 Q3 Underlying EBIT by segment
FY26 Q3 Underlying EBIT by segment 1 In €m Change Change FY26 Q3 FY25 Q3 incl FX excl FX ∆ FX Hotels & Resorts 122.7 130.8 -8.1 -9.6 1.5 - Riu 113.7 108.6 5.1 3.4 1.7 - Robinson 2.7 3.0 -0.3 -0.3 0.0 - Royalton 2 -2.0 6.6 -8.5 -8.5 0.0 - Other 8.2 12.6 -4.4 -4.2 -0.2 Cruises 132.4 142.7 -10.3 -9.3 -
Slide 29: FY26 9M Revenue by segment
FY26 9M Revenue by segment (excludes intra -group Revenue and JVs/associates) 1 In €m Change Change FY26 9M FY25 9M incl FX excl FX ∆ FX Hotels & Resorts 879.8 845.7 34.1 33.9 0.1 - Riu 718.4 691.2 27.2 25.8 1.4 - Robinson 86.9 81.3 5.6 6.5 -0.9 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 74.5 73.2 1.3
Slide 30: FY26 9M Underlying EBITDA by segment
FY26 9M Underlying EBITDA by segment 1 In €m Change Change FY26 9M FY25 9M incl FX excl FX ∆ FX Hotels & Resorts 506.3 534.9 -28.6 -22.4 -6.2 - Riu 430.2 457.7 -27.5 -28.1 0.6 - Robinson 31.5 22.3 9.2 10.5 -1.3 - Royalton 2 23.6 41.0 -17.4 -14.4 -3.1 - Other 21.1 13.9 7.2 9.6 -2.4 Cruises 376.6 350.
Slide 31: FY26 9M Underlying EBIT by segment
FY26 9M Underlying EBIT by segment 1 In €m Change Change FY26 9M FY25 9M incl FX excl FX ∆ FX Hotels & Resorts 350.7 383.7 -33.0 -27.6 -5.4 - Riu 334.8 363.1 -28.3 -29.1 0.8 - Robinson 1.6 -4.2 5.8 6.7 -0.9 - Royalton 2 23.6 41.0 -17.4 -14.4 -3.1 - Other -9.2 -16.2 7.0 9.3 -2.3 Cruises 293.9 272.7 2
Slide 32: Cash Flow Statement incl. Adj. Financing Cash Flow
Cash Flow Statement incl. Adj. Financing Cash Flow In €m FY26 Q3 FY25 Q3 FY26 9M FY25 9M 9M COMMENTARY Underlying EBITDA 466 543 803 832 WORKING CAPITAL Adjustments -10 12 -14 4 • Lower customer deposits partly due to customers booking closer to departure Reported EBITDA 456 555 789 836 Working capi
Slide 33: Cash Flow Statement – Reconciliation to 9M Cash Flow in Quarterly Statement
Cash Flow Statement – Reconciliation to 9M Cash Flow in Quarterly Statement Cash Flow Statement €m Line items Cash Flow in Q3 Report Explanation Reference -112 Group Profit see Income Statement 702 Depreciation, amortisation, impairm. (+) / write-backs (-) see Key figures of income statement Reporte
Slide 34: Movement in Net Debt
Movement in Net Debt FY25 9M to FY26 9M In €m FY26 9M FY25 9M In €m FY26 9M FY25 9M IFRS 16 IFRS 16 YoY ∆ YoY ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,305 -1,641 336 Financial liabilities -4,579 -4,604 26 Adj, FCF after Dividends -777 -230 -547 - Lease liabilities under IFRS16 -2,275 -2
Slide 35: Movement in Net Debt
Movement in Net Debt FY26 H1 to FY26 9M In €m FY26 9M FY26 H1 In €m FY26 9M FY26 H1 IFRS 16 IFRS 16 QoQ ∆ QoQ ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,305 -1,305 0 Financial liabilities -4,579 -4,472 -107 Adj, FCF after Dividends -777 -1,453 676 - Lease liabilities under IFRS16 -2,275 -
Slide 36: Financing facilities overview per 30 June 2026
Financing facilities overview per 30 June 2026 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 (sustainabili
Slide 37: Glossary
Glossary ACT Actual Rates H&R Hotels & Resorts Add. Growth Additional Growth HEX Holiday Experiences Adj. FCF Adjusted Free Cash Flow JV Joint Venture ADR Average Daily Rate LFL Like-for-like AOS All Other Segments M+A Markets + Airline APCD Available Passenger Cruise Days MS Mein Schiff ASP Average
Slide 38: Analyst and Investor Enquiries
ANALYST AND INVESTOR ENQUIRIES FINANCIAL CALENDAR Nicola Gehrt, Group Director Investor Relations Tel: +49 (0)511 566 1435 12 August 2026 FY26 Q3 Results Adrian Bell, Senior Investor Relations Manager Tel: +49 (0)511 566 2332 22 September 2026 Pre -Close Trading Update 9 December 2026 FY26 Annual Re