• Travel trend continues: 3.7 million customers travelled with TUI in Q1 2025 – 18 per cent increase in dynamically packaged holidays to 0.7 million

• Revenue up 13 per cent to 4.9 billion euros (previous year: 4.3 billion euros)

• Underlying EBIT increases to 51 million euros (last year: 6 million euros) due to strong performance in Holiday Experiences (Hotels & Resorts, Cruises, TUI Musement)

• Back to pre-pandemic rating levels: TUI awarded BB rating by Fitch with stable outlook

• Positive trading momentum for Winter 2024/25 and Summer 2025

• Guidance for FY 2025 confirmed: 5-10 per cent increase in revenue, 7-10 per cent increase in underlying EBIT

• TUI CEO Sebastian Ebel: “The first quarter shows that we are on track for further growth in the full year. People prioritise their holidays even in times of change and economic risks. Our hotel and cruise businesses are growing continuously and are highly profitable. With the initiated transformation, we are strengthening the tour operator business in the core European markets. To become less dependent on Europe, we are focusing on new growth markets in Southeast Europe, Asia and Latin America."

TUI had a positive start into the new financial year 2025. 3.7 million guests travelled with TUI in the first quarter (October to December 2024). This resulted in a 13 per cent increase in Group revenue to 4.9 billion euros (Q1 2024: 4.3 billion euros). “TUI is strategically well positioned. Thanks to our integrated business model, we create synergies between the two business areas Markets + Airline, with our tour operators and flight business, and Holiday Experiences, with our own Hotels, Cruises and TUI Musement. The roadmap is clear: We are accelerating our transformation and aiming for global growth. We set the course for that in the last financial year and will continue to deliver consistently in 2025. The first quarter shows: our strategy is paying off, operationally we are delivering. People prioritise their holidays even in times of change, and even in a challenging economic environment in Europe for almost all sectors. For ten quarters in a row, TUI has successfully aligned trends, strategy and operational performance,’ said TUI Group CEO Sebastian Ebel.

‘The promising performance in the first financial quarter of 2025, and thus the tenth consecutive quarter of earnings growth, will help us achieve our ambitious growth targets for the full year: we expect underlying EBIT to grow by 7-10 per cent. We have also reached another milestone in our financial profile: Fitch rating agency has given TUI a credit rating of BB with a stable outlook. This marks our return to pre-pandemic levels,’ said Mathias Kiep, TUI Group CFO.

Development of the first financial quarter 2025

3.7 million guests travelled with TUI in the first quarter of 2025 – an increase of six per cent year-on-year. The number of holidaymakers who opted for a dynamically packaged holiday rose by 18 per cent to 0.7 million guests. The Group sees major growth opportunities in this area in the future. As in the prior year, the average occupancy rate in the markets was 85 per cent. Underlying EBIT improved to 50.9 million euros (previous year 6.0 million euros). This development was driven primarily by the very good performance of the Holiday Experiences segment, which comprises Hotels & Resorts, Cruises and TUI Musement (Tours & Activities).

Due to seasonal factors, the first two quarters of the financial year (October to March) are usually negative for companies in the industry in terms of earnings. Nevertheless, the Group was able to improve on last year's good result. Revenue climbed by 13 per cent to 4.9 billion euros (previous year: 4.3 billion euros).

TUI receives BB rating from Fitch with stable outlook

Fitch has issued a rating for TUI Group for the first time. Fitch has given TUI a credit rating of BB with a stable outlook, which marks a return to pre-pandemic levels. The rating reflects TUI's leading position and brand recognition. Fitch emphasises the advantages of the vertically integrated model, which leads to increased efficiency and better control over the entire value chain. The rating agency also highlights TUI's conservative debt coverage ratio.

Positive trading momentum with higher average selling prices on stable capacity

The positive booking momentum for Winter 2024/25 and Summer 2025 continues, with current bookings up 2 per cent compared to last year. In particular, the positive booking momentum in recent weeks shows that consumers continue to prioritise their vacation.

Average prices for Winter 2024/25 are currently 4 per cent above last year's levels. Bookings are driven in particular by short and medium-haul destinations. The Canary Islands, Egypt and the Cape Verde Islands are once again proving to be popular destinations. For Summer 2025, average prices are also 4 per cent higher than in the prior year. The most popular destinations for TUI customers in Summer 2025 are again Spain, Greece and Turkey.

Guidance for Full Year 2025

TUI is geared for growth – the Group's focus for the full year remains on operational excellence, delivery of its strategy and transformation. This strategic roadmap, the strong operational improvements delivered to date and the balance sheet strengthening actions are the basis for delivering on the full year targets. The guidance is based on continued sustainable growth in Holiday Experiences and the Markets + Airline transformation, supported by the good performance in the first financial quarter.

On this basis, the Group confirms the following outlook for financial year 2025:

• an increase in revenue of 5-10% year-on-year

• an increase in underlying EBIT of 7-10% year-on-year, in particular due to expectations for Summer 2025 including an Easter shift effect of around 30 million euros into Q3

In the medium term, TUI expects:

• an average growth in underlying EBIT of ~7-10 per cent CAGR,

• a leverage ratio of strongly below 1.0x,

• a return to a credit rating in line with our pre-pandemic BB/Ba (Moody's/S&P) rating