Slide 1: FY26 Q2/H1 Results
FY26 Q2/H1 RESULTS 13 May 2026 TUI BLUE Mai Khao Lak , Thailand
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 Q2 Operational & Strategic Highlights 2 FY26 Q2/H1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 4: Strong Q2 driven by M+A transformation & strong cruise demand
Strong Q2 driven by M+A transformation & strong cruise demand Und. EBIT up + €19m at CC / +€64m excl. Iran war/Jamaica Strong Q2 Iran war impacts trading Revenue of €3.8bn (+1.3%) at CC1 TUI Cruises: MS4/MS5 resuming Und. EBIT of -€188m (+€19m) at CC1 itineraries from mid-May despite -€40m Iran war
Slide 5: Growth & Transformation – strong progress delivered in H1
Growth & Transformation – strong progress delivered in H1 H1 ACHIEVEMENTS HOTEL PIPELINE HOTELS & RESORTS ✓ New COO function strengthens TUI's unique vertical integration ✓ Hotels: Further expansion in Africa and Asia ✓ River Cruises: “Aria” SHIP PIPELINE CRUISES ✓ Function-led Target Operating Mode
Slide 6: Iran war – TUI prioritising guest safety & welfare
Iran war – TUI prioritising guest safety & welfare Operations impacted TUI crisis management ~5k customers Markets + in Gulf region ✓ All customers safely repatriated Airline Disruption long -haul East via ✓ 12 TUI Airways flights & 25+ chartered flights deployed UAE hubs ✓ Al Ain Airport access as
Slide 7: Iran war – Q2 impact absorbed, uncertainty limits near-term visibility
Iran war – Q2 impact absorbed, uncertainty limits near -term visibility 10k customer safely repatriated Key implications Itineraries for Mein Schiff 4 & 5 can only resume from mid -May TUI Cruises 1 Markets + Airline Q2 -€20m -€20m impact Forward -€20m Late booking trend visibility while evaluating
Slide 8: HEX Q2 Und. EBIT broadly in line / up €20m excl. one-offs
HEX Q2 Und. EBIT broadly in line / up + €20m excl. one -offs, driven by strong cruise demand HOLIDAY EXPERIENCES Q2 Und. EBIT € 168 m (-€ 5m vs. PY) | H1 Und. EBIT €381m (+€13 m vs. PY) FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 Key KeyKPIs KPIs Incl. -€15m Jamaica hurricane impact Excl. Q2 YoY Jamaica1 Incl.
Slide 9: M+A Q2 Und. EBIT up €29m / +€49m excl. Iran war impact
M+A Q2 Und. EBIT up + €29m / +€49m excl. Iran war impact, underlining transformation progress MARKETS + AIRLINE Q2 Und. EBIT -€336m (+€29m vs. PY) | H1 Und. EBIT -€451m (+€ 39 m vs. PY) FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 Key KPIs Incl. -€20m Incl. -€20m Iran war impact Iran war & -€6m Jamaica impact Q2
Slide 10: AI First – TUI enhancing the travel journey through AI
AI First – TUI enhancing the travel journey through AI TUI TOURS GROUP Further expansion • New Partnership with Google TUI x ChatGPT go -live enables verified AI-powered in-tour planning (“Grounding with • ChatGPT becomes new shop Google Maps”) window for TUI enabled by TUI app integration & AEO/GEO
Slide 11: Launch of TUI Smiles Rewards Club across Europe in 2026
Launch of TUI Smiles Rewards Club across Europe in 2026, following successful Finland pilot 3-level programme unlocking enhanced rewards Amazing Partner TUI Treats Service Value Perks • Exclusive • Local and global • Monthly game • Progressive Smiles offers & partners that encouraging service person
Slide 12: Agenda
AGENDA 1 FY26 Q2 Operational & Strategic Highlights 2 FY26 Q2/H1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 13: Best H1 performance up €45m at CC
Best H1 performance up +€45m at CC, up +€106m excl. Iran war & Jamaica hurricane impact KEY KPIs FY26 H1 YoY REVENUE €8.6bn at Act 1 In line -€116m at Act +€40m UND. EBIT -€111m at CC +€45m NET DEBT €3.0bn In line 14 consecutive quarters of Und. EBIT growth 2 TUI MAGIC LIFE 13 1 €8.7bn / +€0.1bn vs.
Slide 14: FY26 Q2 Und. EBIT up €19m at CC driven by M+A transformation
FY26 Q2 Und. EBIT up + €19m at CC driven by M+A transformation & strong cruise demand, up + €64m excl. Iran war & Jamaica hurricane FY26 Q2 vs. FY25 Q2 UNDERLYING EBIT in €m +€14m +€19m (+€59m LFL) (+€64m LFL) -148 -143 One -off impacts LFL LFL H&R Cruises M+A Group -207 Jamaica -5 -5 -20 -20 -40 On
Slide 15: FY26 H1 Und. EBIT up €45m at CC
FY26 H1 Und. EBIT up + €45m at CC driven by M+A transformation & strong cruise demand, up + €106m excl. Iran war & Jamaica hurricane FY26 H1 vs. FY25 H1 UNDERLYING EBIT in €m +€40m +€45m (+€101m LFL) (+€106m LFL) -55 -50 LFL LFL One -off impacts H&R Cruises M+A Group Jamaica -15 -6 -21 One-off One-o
Slide 16: Income Statement – Best H1 performance with improved seasonality
Income Statement – Best H1 performance with improved seasonality H1 COMMENTARY REVENUE In €m FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 • Development in line at actual rates; up +1.3% at constant currency Revenue 3,701 3,705 8,562 8,577 ADJUSTMENTS Underlying EBITDA 38 11 337 289 • Mainly PPA & Transformation
Slide 17: Cash Flow Statement – Change reflecting later booking profile
Cash Flow Statement – Change reflecting later booking profile due to Iran war H1 COMMENTARY WORKING CAPITAL In €m FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 • Outflow in line with seasonal working capital swing. Reduction mainly due to Underlying EBITDA 38 11 337 289 lower customer deposits Adjustments -5 -5 -
Slide 18: Net Debt in line with prior year
Net Debt in line with prior year In € bn FY26 H1 FY25 H1 YoY ∆ Financial liabilities -4.5 -4.8 0.3 - Lease liabilities under IFRS16 -2.3 -2.7 0.4 - Senior Notes -0.5 -0.5 0.0 - Convertible Bonds -0.4 -0.5 0.1 - Liabilities to banks1 -1.2 -1.1 -0.1 Cash & Bank Deposits 1.5 1.8 -0.3 Net Debt -3.0 -3.0
Slide 19: Agenda
AGENDA 1 FY26 Q2 Operational & Strategic Highlights 2 FY26 Q2/H1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 20: HEX – Underlying demand remains strong in uncertain geopolitical environment
HEX – Underlying demand remains strong in uncertain geopolitical environment TRADING UPDATE 1 FY26 H2 YoY HOTELS & Avail. Bed Nights 2 +1% RESORTS Occupancy 2 -6%pts Occupancy i mpacted by shift from East to West Med, Jamaica hurricane & softer Mexico Ave. Daily Rate 2 +4% CRUISES Avail. Pax Cruise
Slide 21: M+A – S26 seeing increased consumer caution & bookings closer to departure
M+A – S26 seeing increased consumer caution & bookings closer to departure TRADING UPDATE 1 S26 vs. S25 UK -10% YoY Booked Revenue -7% Germany -3% YoY TRADING COMMENTS • Trading is impacted by Iran war leading to increased consumer caution, bookings closer to departure & a shift in demand from Easte
Slide 22: Summer holidays remain a top priority: 45% yet to book
Summer holidays remain a top priority: 45% of consumers planning a holiday yet to book THOSE YET TO BOOK A HOLIDAY HOLIDAY INTENTION MIDDLE EAST IMPACT LATE BOOKING 45% ~60% ~38% of those yet to book of those yet to book yet to book, influenced by conflict expected to book in Aug-Oct unchanged to Ma
Slide 23: FY26 Guidance at constant currency as announced on 22 April
FY26 Guidance at constant currency as announced on 22 April FY26e 1 FY25 Revenue Guidance suspended €24,179m Expect Und. EBIT of €1.1bn to €1.4bn Underlying EBIT €1,413m Ambition to build towards the prior year level TUI Musement ROBINSON Khao Lak MS Europa Boeing 737 MAX Mountainbike Tour 23 1 Base
Slide 24: FY26 Und. EBIT Guidance at constant currency
FY26 Und. EBIT Guidance at constant currency as announced on 22 April 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
Slide 25: 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 (now expect lower end) -€335m Net Interest CF -€240m to -€255m (now expect lower end) -€244m 3 Net Investments CF -€ 86 0m to -€ 90 0m (now expect lower end) -€ 676 m CF Strong
Slide 26: Agenda
AGENDA 1 FY26 Q2 Operational & Strategic Highlights 2 FY26 Q2/H1 Results 3 Trading & Outlook 4 Summary 5 Appendix
Slide 27: TUI delivers strong FY26 H1 – transformation & growth strategy on track
TUI delivers strong FY26 H1 – transformation & growth strategy on track – Iran war preventing outperformance STRONG UNDERLYING FUNDAMENTALS AI acceleration & building Strong financial metrics Expect FY26 Und. EBIT blocks as strategic pillars & balance sheet of €1.1bn to €1.4bn at CC 1 BUILDING BLOCK
Slide 28: Appendix
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Slide 29: FY26 Q2 Revenue by segment
FY26 Q2 Revenue by segment (excludes intra -group Revenue and JVs/associates) 1 In €m Change Change FY26 Q2 FY25 Q2 incl FX excl FX ∆ FX Hotels & Resorts 278.1 254.6 23.6 26.1 -2.5 - Riu 237.5 220.6 16.9 18.8 -1.9 - Robinson 22.8 17.9 4.9 5.4 -0.5 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 17.9 16.1 1
Slide 30: FY26 Q2 Underlying EBITDA by segment
FY26 Q2 Underlying EBITDA by segment 1 In €m Change Change FY26 Q2 FY25 Q2 incl FX excl FX ∆ FX Hotels & Resorts 150.1 148.1 2.0 8.5 -6.5 - Riu 140.7 135.9 4.7 6.0 -1.3 - Robinson -1.3 -1.3 0.1 0.9 -0.8 - Royalton 2 28.1 36.3 -8.3 -5.3 -3.0 - Other -17.4 -22.8 5.5 6.9 -1.4 Cruises 107.3 107.8 -0.5 1
Slide 31: FY26 Q2 Underlying EBIT by segment
FY26 Q2 Underlying EBIT by segment 1 In €m Change Change FY26 Q2 FY25 Q2 incl FX excl FX ∆ FX Hotels & Resorts 97.1 102.6 -5.6 0.3 -5.9 - Riu 107.3 107.9 -0.6 0.3 -0.9 - Robinson -10.9 -10.1 -0.8 -0.2 -0.6 - Royalton 2 28.1 36.3 -8.3 -5.3 -3.0 - Other -27.4 -31.6 4.1 5.5 -1.4 Cruises 79.3 81.8 -2.5
Slide 32: FY26 H1 Revenue by segment
FY26 H1 Revenue by segment (excludes intra -group Revenue and JVs/associates) 1 In €m Change Change FY26 H1 FY25 H1 incl FX excl FX ∆ FX Hotels & Resorts 566.5 545.4 21.1 26.4 -5.3 - Riu 465.4 457.9 7.5 11.8 -4.3 - Robinson 56.0 48.5 7.5 8.4 -0.8 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 45.0 39.0 6.
Slide 33: FY26 H1 Underlying EBITDA by segment
FY26 H1 Underlying EBITDA by segment 1 In €m Change Change FY26 H1 FY25 H1 incl FX excl FX ∆ FX Hotels & Resorts 330.0 356.6 -26.6 -18.5 -8.2 - Riu 283.1 320.6 -37.5 -35.8 -1.7 - Robinson 18.3 10.2 8.1 9.3 -1.3 - Royalton 2 25.5 34.4 -8.9 -5.8 -3.1 - Other 3.0 -8.7 11.7 13.8 -2.1 Cruises 216.1 180.9
Slide 34: FY26 H1 Underlying EBIT by segment
FY26 H1 Underlying EBIT by segment 1 In €m Change Change FY26 H1 FY25 H1 incl FX excl FX ∆ FX Hotels & Resorts 228.1 253.0 -24.9 -17.9 -7.0 - Riu 221.1 254.6 -33.5 -32.5 -0.9 - Robinson -1.2 -7.2 6.0 6.9 -0.9 - Royalton 2 25.5 34.4 -8.9 -5.8 -3.1 - Other -17.4 -28.9 11.4 13.5 -2.0 Cruises 161.5 129.
Slide 35: Cash Flow Statement incl. Adj. Financing Cash Flow
Cash Flow Statement incl. Adj. Financing Cash Flow In €m FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 H1 COMMENTARY Underlying EBITDA 38 11 337 289 WORKING CAPITAL Adjustments -5 -5 -4 -8 • Outflow in-line with seasonal working capital swing. Reduction mainly due Reported EBITDA 33 6 333 281 to lower customer de
Slide 36: Cash Flow Statement Reconciliation to H1 Cash Flow in Quarterly Statement
Cash Flow Statement – Reconciliation to H1 Cash Flow in Quarterly Statement Cash Flow Statement €m Line items Cash Flow in Q2/H1 Report Explanation Reference -237 Group Profit see Income Statement 465 Depreciation, amortisation, impairm. (+) / write-backs (-) see Key figures of income statement Repo
Slide 37: Movement in Net Debt FY25 H1 to FY26 H1
Movement in Net Debt FY25 H1 to FY26 H1 In €m FY26 H1 FY25 H1 In €m FY26 H1 FY25 H1 IFRS 16 IFRS 16 YoY ∆ YoY ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,305 -1,641 336 Financial liabilities -4,472 -4,807 336 Adj, FCF after Dividends -1,453 -1,165 -288 - Lease liabilities under IFRS16 -2,3
Slide 38: Movement in Net Debt FY26 Q1 to FY26 H1
Movement in Net Debt FY26 Q1 to FY26 H1 In €m FY26 H1 FY26 Q1 In €m FY26 H1 FY26 Q1 IFRS 16 IFRS 16 QoQ ∆ QoQ ∆ IFRS 16 IFRS 16 Opening Net Debt as at 1 October -1,305 -1,305 0 Financial liabilities -4,472 -5,174 702 Adj, FCF after Dividends -1,453 -2,090 638 - Lease liabilities under IFRS16 -2,323
Slide 39: Financing facilities overview per 31 March 2026
Financing facilities overview per 31 March 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 (sustainabil
Slide 40: 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 LFL Like-for-like ADR Average Daily Rate LLM Large Language Model AOS All Other Segments M+A Markets + Airline APCD Available Passenger
Slide 41: Analyst and Investor Enquiries
ANALYST AND INVESTOR ENQUIRIES FINANCIAL CALENDAR Nicola Gehrt, Group Director Investor Relations Tel: +49 (0)511 566 1435 13 May 2026 FY26 Half -Year Results Adrian Bell, Senior Investor Relations Manager Tel: +49 (0)511 566 2332 12 August 2026 FY26 Q3 Results 22 September 2026 Pre -Close Trading U