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TUI : Investor Presentation - September 2026 (02 September 2026)
TUI : Investor Presentation - September 2026 (02 September
About this update from Tui Ag
TUI GROUP INVESTOR PRESENTATION CoBa & ODDO BHF Corporate Conference, Frankfurt 2 September 2026 ROBINSON Djerba Bahiya, Tunisia AGENDA Group at a Glance Strategy Update FY26 Q3/9M Results 3 Trading & Outlook HAPAG-LLOYD MS Europa, Moorea ROBINSON, Maldives TUI BLUE Khao Lak, Thailand Jeep Tour, Cape Verde, TUI Musement TUI Airline TUI MAGIC LIFE Jacaranda, Türkiye 4 TUI Group at a glance - FY2fl TUI GROUP HOLIDAY EXPERIENCES (Und. EBIT) ~8fl% 34.7m Customers ( +5% yoy) €24.2bn Revenue (+4% yoy) €1.4bn Und. EBIT (+9% yoy) 463 Hotels 18 Cruise ships >fl0k Experiences Experiences Transfers Tours €73flm €481m €67m Leading leisure hotel and club brands around the world; investments, operations, ownership Leading German & UK cruise brands Tours, activities and service provider in destination €1.3bn €2.3bn 0.6x Net Leverage 1 (vs. 0.8x in PY) MARKETS + AIRLINE (Und. EBIT) ~1fl% ~66,900 Employees (+1% yoy) BB1 12fl Aircraft ~1,200 Shops ~180 Destinations €200m Market leader in packaged distribution, fulfilment, strong market and customer knowledge 5 1 Defined as net debt (Financial liabilities plus lease liabilities less cash & cash equivalents less other current financial assets) divided by Underlying EBITDA Folie 5 BB1 Annual Report 25: 66,854 / AR 24: 66,845 Bedaam, Brenda; 2025-12-02T11:15:10.970 Strong track record of delivering profit growth TUI Group Und. EBIT 1 In €m +12.6% @CC 1,413 / FY26 Guidance 1,187 1,296 +9% 1,100 - 1,400 -€293m Boeing MAX impact 977 409 COVID-19 Pandemic FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26e 1 FY14-FY17 TUI Group Und. EBIT excludes Discontinued Operations; FY14-FY19 Und. EBIT on IAS17 basis, FY20 and further on IFRS16 basis AGENDA Group at a Glance Strategy Update FY26 Q3/9M Results 7 Trading & Outlook Travel a growing sector - Continuing to outpace GDP growth TRAVEL IS A MEGA TREND MEIN SCHIFF 1, Tortola RIU Palace Paradise Island, Bahamas Pico do Arieiro Sunrise Tour, Madeira, TUI Musement Tourism growth above GDP -a multi-year growth industry Favourable demographic supported by high disposable income and longevity Experiences The new lifestyle & global trend in travel 8 TUI - The world's leading integrated tourism business Hotels & Resorts Cruises TUI Musement TUI BLUE Sensatori, Türkiye MEIN SCHIFF 2 Sea Kayaking, Scalability through platforms Cross & up-selling Kefalonia 14.5m customers 1 - Holiday Experiences - (Und. EBIT) ~85% 34.7m Customers 20.2m customers - Markets + Airline - (Und. EBIT) ~15% Marketplace ROBINSON DJERBA BAHIYA, Tunisia Airline TUI Airline Transforming into the TUI of tomorrow - Global Curated Leisure Marketplace 9 Numbers per FY25 | 1 14.5m HEX customers include 62% of H&R customers, 100% of Cruises customers, and 58% of TUI Musement Experiences customers Our strategy will deliver further growth Vertically integrated tourism group 1 2 3 Hotels & Resorts Cruises 4 fl TUI Musement Markets + Airline Sustainable, globally differentiated product growth Selling platform with exclusive and differentiated products & global sourcing TUI MAGIC LIFE Plimmiri, Rhodes MEIN SCHIFF fl, Cape Town Palma Tour with Cathedral, Mallorca, TUI Collection TUI.com TUI Airline Future of search, AI powered connected trip & global platforms Brand, Loyalty, Customer Retention & CCE 1 8 Sustainability 10 1 CCE = Central Customer Ecosystem 1 Vertical integration - TUI Group business model Markets + Airline Holiday Experiences FY25 customers in m Group 34.7m 20.2 App | Web | Retail shops Direct | 3rd party 14.fl Markets + Airline 3.8 1.8 3.3 11.1 125 Aircraft 20.2 Flight-Only 16.2 Acco- Dyn. Package Only Wholesale Package 11.3 463 Hotels & Resorts M+A hotel customers (27% in TUI hotels ) 12.0 3 rd party hotel 4.2 TUI hotel 1.2 7.1 TUI hotel customers (60-80% for short-/med-haul 38% via M+A ) 18 Cruise ships Cruise customers 0.4 0.8 TUI Musement Experiences 10.6 Experiences sold (42% via M+A) 4,fl 6.1 Transfers 1fl.4 1 Transfer customers (mostly via M+A) Flight customers TUI Airline 18.3 29% 13% fl8% 95% 82% 74% 31% 31% 0% BE UK NL DE Nordic PL/CH/FR Flight customers 3 rd party wholesale 3 rd party dynamic TUI Airline 11 1 Transfers customers not included in Group customer count given high M+A customer alignment 1 Vertical integration - Cape Verde example TUI cluster development driving end-to-end profitability 1 Differentiated hotel cluster 3 Cruises: port calls 7 Hotels +1 pipeline 7 Ships 21 Annual Port calls 2 Differentiated experiences 4 Direct flights Service DMC Operations AI-generated image 2.5k Annual Flights 49% of total flights to C.V. 12 2 Hotels & Resorts - Delivering growth with our asset-right hotel pipeline FY2fl FY26+ No. of hotels 463 (+18 1 ) ROIC 19% (+1%pts) Q4 CSAT 2 8.7 Signed pipeline of 70+ hotels, mainly mgmt./franchise Strategically focused on higher-growth destinations Eastern Med Other Caribbean / S & CE America Asia 7% 5% 5% 70+ 44% 39% Africa / Egypt / UAE Diversified across proven brands & positioned to meet market demand Luxury TUI Suneo TUI Magic Life Robinson Global Other 13% 4% 8% 1% 70+ 42% TUI Blue THE MORA Sahara Tozeur, Tunisia Regional Price-conscious RIU 12% 20% JAZ 13 1 Total +30; addition of further +12 hotels in our Caribbean portfolio was through a revised count of asset-light hotels reported by our regional joint venture part bner | 2 CSAT = Customer satisfaction score, rated on a scale ranging from 0 to 10 (ideal result) 3 Cruises - JV newbuilds driving de-risked growth & profitability No. of ships ROIC Q4 NPS 1 FY2fl 18 (+1) FY26+ Growth through +3 new ships Off-balance sheet investments driven by successful TUI Cruises JV 32% (+5%pts) FY26 +1 +1 +1 FY31 84 Mein Schiff 92 Hapag-Lloyd Cruises 72 Marella Cruises 100% owned 50% Joint Venture FY33 MEIN SCHIFF fl, Cape Town TUI Cruises New Builds FY31 & FY33 Capitalising on the growth of German-speaking market Further leveraging TUI Cruises strong brand in UK & Northern Europe Utilising TUI Cruises' financial capacity for fleet expansion , supporting our asset-right growth strategy 14 1 NPS = Net promoter score, ranging from -100 to +100 (-100 to 0: critical; 0 to +50: neutral to satisfactory; +50 to +100: excellent) 4 TUI Musement - Global, differentiated growth leveraging digital platform FY2fl Transfers 30.9m (+1%) Experiences 1 10.6m (+6%) Uptake Rate c. 30% FY26+ Platforming of Transfers & Tours Slight growth p.a. in transfers Enhancing our multi-day Tours offering TUI Musement enhancing travel journey through AI Partnership with Google enables verified AI-powered in-tour planning LLM 2 -based conversational Agent enhances efficiency & customer satisfaction Gondola Tour, Venice, TUI Musement Experiences as key growth driver Sun & Beach destinations with increasing cities footprint Exclusive TUI collection offers Up- & cross-selling - 1 of 3 M+A customers buy an Experience 15 1 Experiences refers to number sold | 2 Large Language Model We expect "Experiences sold" to increase by low double-digit CAGR in the mid-term fl Markets + Airline - Transformation into Global Curated Leisure Marketplace FY2fl FY26+ Customers o/w Dyn. Package App Sales % Two Platforms that maximise vertical integration 20.2m (+0%) 3.3m (+11%) 10.3% (+46%) Markets Transformation: TUI Airline Transforming regional tour operators to Global Curated Leisure Marketplace Airline Transformation: Commercialisation of Airline Our ambition is to improve M+A to >3% Und. EBIT margin in the mid-term 16 fl Markets + Airline - Our transformation levers Marketplace Growth Airline Commercialisation Operational Excellence Overhead Cost Reduction Risk Right & Dynamic Growth Own Products New Customers, Products & Markets Airline Growth Digital First Marketing & Sales (Web/App) AI-powered Tech platforms Lean Organisation & Winning Culture Flexibility & Choice Commercial risk right steering Dynamic package growth by low-double digit CAGR Product Differentiation Drive exclusive TUI hotels and concept offer Optimise marketplace portfolio CLV Management Acquire & retain customer across leisure segments & holiday types Existing & new markets Customer and Commercial New customer revenue streams Network & route profitability Fleet optimisation Marketing Effectiveness Grow digital by mid-double digit CAGR (App push) Drive frequency Decrease distribution cost Global Scalability IT Platforming Entering new growth markets Leverage Next-Gen Tech at lower costs Reorganisation & Efficiency Lean organisation Lean & smart operating model and operations High performance culture 17 CCE = Central Customer Ecosystem | CLV = Customer Lifetime Value fl Markets + Airline - First benefits of transformation planned for FY26 Und. EBIT in €m Transformation benefits -Growth Customer Commercialisation Network & Route Profitability Digital First Distribution Marketing Effectiveness Airline Efficiency AI-powered Tech Platforms Target >3% EBIT Margin Risk Right & Dynamic Growth Fleet Optimisation Lean Operating Model Own Products New Customer, Markets & Products Lean Service 1.0% EBIT Margin Transformation benefits -Cost reductions FY2fl Marketplace Growth Airline Commercialisation Operational Excellence Overhead Cost Reductions Mid-term Mid-term building blocks Anticipated FY26e delivery 18 fl Markets + Airline - We have launched a cost reduction programme targeting ~€2fl0 million in savings by FY28 ~€2fl0m In €m Savings Realisation ~60% Overhead 30% 60% 100% Cost Reductions FY26e FY27e FY28e ~40% Operational Excellence 39 50-60 In €m SDIs Reduction in Distribution Costs & Airline Efficiency Lean Operating Model & Service FY25 FY26e FY27e 19 SDIs = Separately Disclosed Items 6 Travel in an AI world - Search is changing - from traditional to agentic TUI AI transformation AI / agentic search Our customers Better Content Better Customer Experience Hyper-personalisation AI-generated image Lower Costs OUR AI VISION AI First - TUI changes to an AI powered organisation TUI products visible & bookable via all front doors (AEO/GEO) TUI open to all LLMs (ChatGPT etc.) TUI AI advantage: strong brand & unique products & integrated travel experiences 20 6 AI First - TUI changes to an AI powered organisation, working with a broad range of strategic partners & products AI for our colleagues 3flk+ e-learnings completed in last 12m 1.flk+ FTEs trained in Amazon Q increasing speed to market (<25%) ~2.2k AI Assistants created by colleagues saving 1000s hrs per week Launch of new AI Literacy Framework to accelerate transformation to "AI Actively working with key players AI for our customers Ability to source new dynamic products fl0% faster than previously AI used to create inspirational videos, content & translations to improve trip planning AI powered recommendations and personalisations across the customer journey (2x to 9x conversion uplift) Voice, chat agents with AI-generated image First" organisation *a subset shown for illustration smart routing enabling Customer Services to deliver record NPS & CSAT scores 21 7 One well-recognised global master brand in all our markets TUI Brand Awareness FY2fl MEIN SCHIFF 7 94% 94% 96% 95% 96% 93% TUI Suneo El Trebol, Lanzarote 22 TUI Brand Tracker (Jan - 21 June 2026); Question - Aided Brand Awareness: 'Using the scale below, please indicate how familiar you are with this travel, holiday or leisure company (know it well / know it by name)' 7 Top quality & service at scale - Unique products drive superior NPS & CSAT HOLIDAY EXPERIENCES MARKETS + AIRLINE NPS FY25 Q4 CSAT 1 FY25 Q4 Retention FY25 NPS FY25 Q4 flfl 8.fl TUI Customer c.40% 92 84 72 CSAT 2 FY25 Q4 Multiple market segments with average customer age of 47 years Higher share of consumers in mid- to high income brackets High share of couples & families who continue to prioritise holidays 8.7 8.7 8.fl 8.8 23 NPS = Net promoter score, ranging from -100 to +100 (-100 to 0: critical; 0 to +50: neutral to satisfactory; +50 to +100: excellent) | CSAT = Customer satisfaction score , rated on a scale ranging from 0 to 10 (ideal result) | 1 Holiday Overall CSAT | 2 Accommodation Overall CSAT 7 Launch of TUI Smiles Rewards Club across Europe in 2026, following successful Finland pilot 3-level programme unlocking enhanced rewards ROBINSON, Djerba Amazing Value Exclusive Smiles offers & personalised rewards Designed to drive increased conversion through relevance Partner Perks Local and global partners that enhance the end-to-end travel journey Increase membership benefit & frequency of interaction TUI Treats Monthly game encouraging repeat log-ins with great prizes TUI product trip-based rewards including on board or in hotel benefits Service Progressive service enhancements for higher-tier members Priority Live Chat and Priority Call Support TUI Value Creation • Increases engagement frequency • Increases engagement frequency • Increases engagement frequency 24 Drives Engagement & 24 Direct Traffic Higher Conversion & Lower Distribution Cost Improves Customer Retention & Lifetime Value 8 Delivering our ESG strategy - SBTi targets achieved in FY2fl 1 Reduction vs FY19 baseline year | 2 CO2e per revenue passenger kilometre | 3 Absolute CO 2e 2030 SBTi Targets 1 -24% reduction airline 2 Emission Reduction Roadmap -27.fl% reduction cruise 3 -46.2% reduction TUI Hotels & Resorts 3 TUI BLUE Palm Garden, Türkiye Our FY2fl achievements for emissions reduction 1 Airline Cruises Hotels -7.8% -fl.fl% -17.fl% TUI MAGIC LIFE, Fuerteventura -0.9%pts better vs. FY25 target -2.fl%pts better vs. FY25 target -2.fl %pts better vs. FY25 target 25 1 Reduction vs FY19 baseline year | 2 CO2e per revenue passenger kilometre | 3 Absolute CO2e Reasons to invest: TUI - A global leisure brand set for growth & delivering attractive shareholder returns Travel - A Growing Sector Travel & Tourism continues to outpace GDP #1 discretionary spending priority Integrated Business Model World's largest fully integrated travel group, operating across value chain Superior returns in HEX boosted by scale in M+A - our global leisure curated marketplace Ready for Growth Asset-right growth in HEX; transformational growth in M+A The TUI App as the central sales channel for engagement & repeat customer bookings AI-led business enhancing customer experience Strong Financial Profile Well positioned to deliver sustainable profitable growth FY25 net leverage of 0.6x, well below COVID-19 levels Target to improve net leverage to <0.5x in the mid-term Sustainable Shareholder Returns 26 26 Balancing investments into growth & continued deleveraging FY25: starter dividend of €0.10/share FY26+: 10-20% payout of Und. EPS Southern Iceland Tour, TUI Musement AGENDA Group at a Glance Strategy Update FY26 Q3/9M Results 27 Trading & Outlook Resilient Q3 managing challenging geopolitical headwinds, with 9M Und. EBIT up excl. one-off impacts - FY26 guidance reaffirmed 9M up +€40m at CC 1 excl. one-off impacts Revenue of €14.5bn (-1.6%) at CC 1 Und. EBIT of €123m (-€41m) at CC 1 incl. -€81m one-offs 9M key impacts TUI one-off: -€60m Iran & -€21m Jamaica hurricane General: high fuel cost, East Med softness Consumer caution TUI SUNEO Royal Kenz, Tunisia Resilient Q3 Revenue of €5.9bn (-5.6%) at CC 1 Und. EBIT of €235m (-€86m) at CC 1 incl. -€20m one-offs Transformation gaining momentum Resilience & vertical integration TUI diff. & new no-frills products App, loyalty & AI FY26 Guidance reaffirmed FY26 Und. EBIT guidance of €1.1bn to €1.4bn at CC 2 28 1 Constant Currency | 2 Based on constant currency; the guidance reflects current trading conditions for the summer season and assumes no material escalation in geopolitical tensions, and that fuel supplies can be maintained HOLIDAY EXPERIENCES Q3 Und. EBIT €278m (-€16m vs. PY) | 9M Und. EBIT €6fl9m (-€3m vs. PY) 123 131 351 384 132 143 294 273 29 Phi Phi Cove Tour 29 TUI Musement, Thailand Q3 YoY Excl. Iran war 1 Avail. Pax Days Occupancy Ave. Daily Rate 3.0m 92% €252 -1% -8% -6%pts +1%pts +4% +4% HEX Q3 Und. EBIT up +€4m excl. Iran war highlighting solid underlying demand FY26 Q3 FY2fl Q3 FY26 9M FY2fl 9M Incl. -€15m Jamaica hurricane impact KKeeyyKKPPIsIs HOTELS & RESORTS Incl. -€40m Iran war impact CRUISES TUI MUSEMENT 15 6 1 Excl. MS4/MS5 in FY26 Q3 avail. pax cruise days, as itineraries were cancelled until mid-May due to Iran war 2.9m Q3 11.3m -10% Avail. Bed Nights 21 23 Incl. -€20m Iran war impact Q3 YoY # Experiences Sold +0% -1% # Transfers 7.9m YoY +1% Occupancy 77% -5%pts Ave. Daily Rate €88 M+A Q3 Und. EBIT -€67m vs. PY managing geopolitical headwinds & pricing pressure MARKETS + AIRLINE Q3 Und. EBIT -€17m (-€67m vs. PY) | 9M Und. EBIT -€469m (-€28m vs. PY) MARKETS + AIRLINE FY26 Q3 FY2fl Q3 FY26 9M FY2fl 9M 50 -17 Incl. -€20m Iran war & -€6m Jamaica impact -440 -469 Key KPIs Q3 YoY Departed Pax 5.5m -6% o/w Dynamic Package 1.0m +0% App Sales 12.9% +20% Load Factor 91% -2%pts NORTHERN REGION CENTRAL REGION WESTERN REGION FY26 Q3 FY2fl Q3 FY26 Q3 FY2fl Q3 FY26 Q3 FY2fl Q3 45 9 25 -10 -17 -21 30 ROBINSON Djerba Bahiya, 30 Djerba, Tunisia Robust 9M performance with FY26 guidance reaffirmed KEY KPIs FY26 9M YoY REVENUE €14.4bn 1 -2.7% UND. EBIT €199m excl. one-offs 2 €118m 3 +€35m -€46m NET DEBT €2.3bn +€0.4bn Third consecutive year of positive 9M EBIT underlining improved seasonality 1 €14.5bn / -1.6% vs. PY at constant currency | 2 €204m / +€40m excl. one-offs at constant currency | 3 €123m / -€41m at constant currency 31 HAPAG-LLOYD, Hanseatic Inspiration Robust FY26 9M with Und. EBIT up +€3flm at Act (+€40m at CC) excl. one-offs FY26 9M vs. FY25 9M UNDERLYING EBIT in €m -€46m (+€35m LFL) -€41m (+€40m LFL) 199 204 -33 21 8 -28 165 -15 One-off impacts One-off impacts 81 One-off impacts 81 118 123 5 H&R Cruises M+A Group Jamaica -15 - -6 -21 Iran war - -40 -20 -60 Total -15 -40 -26 -81 FY25 9M 32 Hotels & Resorts Cruises TUI Musement Markets + Airline AOS FY26 9M FX translation FY26 9M Constant Currency Income Statement - Third consecutive year of positive 9M EBIT underlining improved seasonality 9M COMMENTARY In €m FY26 Q3 FY2fl Q3 FY26 9M FY2fl 9M Revenue 5,822 6,200 14,384 14,776 Underlying EBITDA 466 543 803 832 Depreciation & Amortisation -232 -222 -685 -667 Underlying EBIT 234 321 118 165 Adjustments (SDIs and PPA) -15 15 -32 -4 EBIT 219 335 86 161 Net interest expense -66 -66 -225 -244 EBT 153 270 -139 -84 Income taxes -29 -45 26 15 Group result cont. operations 124 225 -112 -69 Minority interest -42 -42 -131 -140 Group result after minorities 82 183 -243 -208 Basic EPS (€) 0.16 0.36 -0.48 -0.41 Underlying EPS (€) 0.19 0.33 -0.47 -0.43 REVENUE Lower M+A volumes due to increased uncertainty in the current geopolitical environment & FX translation UND. EBIT Up +€35m at Act (+€40m at CC) excl. one-off impacts ADJUSTMENTS Mainly PPA & Transformation cost against PY disposal gains FY26 assumption reaffirmed 1 : -€70m to -€90m NET INTEREST Improvement mainly due to lower RCF & lease and asset financing costs compensating lower interest income FY26 assumption reaffirmed 1 : -€325m to -€350m (expect lower end) INCOME TAXES In line with our assumption of an und. effective tax rate of ~18% 33 1 Please refer to page 41 and 42 for FY26e modelling assumptions Cash Flow Statement - Change reflecting customers booking closer to departure due to Iran war 34 1 Please refer to page 41 and 42 for FY26e modelling assumptions 9M COMMENTARY In €m Underlying EBITDA Adjustments FY26 Q3 466 -10 FY2fl Q3 543 12 FY26 9M 803 -14 FY2fl 9M 832 4 Reported EBITDA 456 555 789 836 Working capital 783 1,019 179 715 Other cash effects -50 -51 -108 -100 At equity income -100 -132 -265 -273 Dividends received (JV's, associates) 4 13 50 25 Tax paid -26 -35 -139 -126 Interest (cash) -44 -48 -153 -176 Pension contribution & payments -6 -33 -32 -102 Operating Cash Flow 1,016 1,287 322 800 Net Investments -143 -167 -595 -529 Lease & asset financing repayments -132 -139 -388 -456 Adj. Free Cash Flow before Div. 741 981 -661 -184 Dividends to TUI shareholders 0 0 -51 0 Dividends from subs. to minorities -65 -45 -65 -45 Adj. Free Cash Flow after Div. 676 936 -777 -230 WORKING CAPITAL Lower customer deposits partly due to customers booking closer to departure CASH INTEREST Improvement mainly due to lower RCF & lease and asset financing costs compensating lower interest income FY26 assumption reaffirmed 1 : -€240m to -€255m (expect lower end) PENSION CONTRIBUTION & PAYMENTS UK schemes fully funded in FY25 Q4, significant improvement in FY26 NET INVESTMENTS Increase driven by higher Hotels & Resorts and Airline Capex FY26 assumption updated 1 : -€810m to -€830m (prior: lower end of -€860m to -€900m) LEASE & ASSET FINANCING REPAYMENTS Reduction in-line with guidance; including c.-€40m scheduled repayments of asset financing FY26 assumption reaffirmed 1 : strong improvement (FY25: -€595m) Net Debt driven by working capital In €bn Financial liabilities FY26 9M -4.6 FY2fl 9M -4.6 YoY ∆ 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 banks 1 -1.4 -1.0 -0.3 Cash & Bank Deposits 2.2 2.7 -0.5 Net Debt -2.3 -1.9 -0.4 - Net Pension Obligation -0.5 -0.5 0.0 Memo: Lease liabilities - Aircraft -1.7 -1.8 0.1 - Hotels -0.2 -0.2 0.0 - Ships 0.0 -0.2 0.2 Memo: Liabilities to banks - RCF 0.0 0.0 0.0 - SSD -0.3 -0.2 -0.1 - Asset Financing Hotels -0.3 -0.3 -0.1 - Asset Financing Aircraft -0.7 -0.5 -0.2 35 1 Please refer to page 41 and 42 for FY26e modelling assumptions RIU Palace Maldivas, Maldives AGENDA Group at a Glance Strategy Update FY26 Q3/9M Results 36 Trading & Outlook HEX - Strong underlying demand in uncertain geopolitical environment TRADING UPDATE 1 HOTELS & RESORTS Avail. Bed Nights 2 Occupancy 2 Ave. Daily Rate 2 FY26 Q4 YoY +1% -3%pts +4% Occupancy impacted by Jamaica hurricane & challenging Mexico CRUISES TUI MUSEMENT Avail. Pax Cruise Days Occupancy Ave. Daily Rate Experiences Sold Transfers +12% +0%pts +2% +low/mid single-digit% In line with Markets + Airline MARELLA Voyager, 37 1 2026 trading data as of 2 August 2026 compared to 2025 trading data | 2 Based on Group-owned and -leased hotels Corsica, France M+A - S26 bookings closer to departure, encouraging L4W ahead of PY TRADING UPDATE 1 S26 vs. S25 Season to date Booked Revenue -6% o/w UK -8% o/w GER -3% Last 4 weeks +7% Encouraging momentum TRADING COMMENTS We have flexed our business model and cut risk capacity by 5% to reflect the geopolitical and competitive environment Trading impacted by Iran war leading to increased consumer caution, bookings closer to departure ASPs continue to hold up well in a very competitive market environment L4W trading encouraging , with booked revenue up +7% W26/27 at an early stage, with limited visibility as customers remain focused on Summer holidays continue to book closer to departure 38 1 Bookings as of 9 August 2026. Bookings relate to all customers whether risk or non-risk HEDGED POSITION S26 W26/27 S27 EURO 88% 69% 36% USD 86% 74% 44% FUEL 96% 63% 39% TUI BLUE Bahari, Zanzibar Positive momentum in L4W with M+A booked revenue ahead… M+A - S26 Booked Revenue in % vs. S25 -6% Cumulated 125% L4W: +7% New ceasefire agreement -2% 100% 02 Aug 26 26 Jul 26 19 Jul 26 75% Per Q1 reporting -7% Per Q2 reporting 14 Jun 26 21 Jun 26 28 Jun 26 05 Jul 26 12 Jul 26 09 Aug 26 -6% Per Q3 reporting Cumulated booked revenue Weekly booked revenue …demonstrating the continued resilience of demand for holiday travel 39 1 Bookings as of 9 August 2026. Bookings relate to all customers whether risk or non-risk Attention : This is an excerpt of the original content. To continue reading it, access the original document here .