Pre-Close Trading Update

“Winter 2016/17 is closing out as expected, with a good performance by Hotels & Resorts, Cruise and growth in Source Market revenues, increasingly booked via our direct and online channels. Overall, Summer 2017 remains in line with our expectations, with almost half of the Source Markets’ programme sold, further openings scheduled in our Group hotel brands, and cruise ship launches in both TUI Cruises and the UK.

We are progressing our transformation as the world’s leading integrated tourism business focussed on own hotel and cruise brands, financed by our strong cash flows and proceeds from the disposals of Hotelbeds Group and Travelopia, creating a more competitive and less seasonal business for the long term. Whilst the impact of macroeconomic and geopolitical challenges is evident in certain source markets and destinations, our balanced portfolio of markets and destinations, our focus on growth in own hotel and cruise brands and our strong balance sheet put us in a robust position. We therefore reiterate our guidance of at least 10% growth in Group underlying EBITA in 2016/17¹.”

• Please find the full version of the Pre-Close Trading Update here (PDF)

 _{¹ At constant foreign exchange translation rates applied in the current and prior period, and based on the current group structure}