Investor Presentation - September 2026 (02 September 2026)

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 Leverage1

(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. 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. EBIT1

   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

2. 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 customers1 - 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

1. Future of search, AI powered connected trip & global platforms

2. Brand, Loyalty, Customer Retention & CCE1

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

3rd 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.41 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

3rd party wholesale

3rd 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

Hotels

pipeline

Ships

Annual Port calls

2 Differentiated experiences

4 Direct flights

Service

DMC

Operations

AI-generated image

Annual Flights

of total flights to C.V.

12

2 Hotels & Resorts - Delivering growth with our asset-right hotel pipeline

FY2fl FY26+

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 NPS1

FY2fl

18

(+1)

FY26+

Growth through +3 new ships

• Off-balance sheet investments driven by successful TUI Cruises JV

32% (+5%pts)

FY26

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

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

• LLM2-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:

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

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

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

CSAT1

FY25 Q4

Retention

FY25

NPS

FY25 Q4

TUI Customer

92 84 72

CSAT2

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 Targets1

-24% reduction airline2

Emission Reduction Roadmap

-27.fl% reduction cruise3

-46.2% reduction TUI Hotels & Resorts3

TUI BLUE Palm Garden,

Türkiye

Our FY2fl achievements for emissions reduction1

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 CC1 excl. one-off impacts

Revenue of €14.5bn (-1.6%) at CC1 Und. EBIT of €123m (-€41m) at CC1 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 CC1 Und. EBIT of €235m (-€86m) at CC1

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 CC2

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)

351

29

Phi Phi Cove Tour

29 TUI Musement, Thailand

Q3 YoY

Excl. Iran

war1

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

Incl. -€20m Iran war & -€6m Jamaica impact

-440

-469

Key KPIs

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

€14.4bn1

-2.7%

UND. EBIT

€199m excl. one-offs2

€118m3

+€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

-15

One-off impacts

One-off impacts 81

One-off impacts 81

5

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

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 reaffirmed1: -€70m to -€90m

  NET INTEREST

• Improvement mainly due to lower RCF & lease and asset financing costs compensating lower interest income

• FY26 assumption reaffirmed1: -€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

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 reaffirmed1: -€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 updated1: -€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 reaffirmed1: strong improvement (FY25: -€595m)

Net Debt driven by working capital

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 Nights2 Occupancy2

Ave. Daily Rate2

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

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

100%

02 Aug 26

26 Jul 26

19 Jul 26

75%

Per Q1 reporting

Per Q2 reporting

14 Jun 26

21 Jun 26

28 Jun 26

05 Jul 26

12 Jul 26

09 Aug 26

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