TUI Navigates Turbulent Waters: Resilient Business Model Shines Amidst Global Challenges, Confirms EBIT Outlook
Hanover, 12 August 2026 – In a year marked by unprecedented global volatility, TUI, the world’s leading tourism group, has demonstrated remarkable resilience, reporting a robust performance for the third quarter and first nine months of its 2026 financial year. Despite ongoing geopolitical uncertainties, including the war in Iran, economic headwinds across Europe, and a pronounced shift towards short-term booking behaviour, TUI has reaffirmed its EBIT outlook for the full financial year, projecting figures between 1.1 billion and 1.4 billion euros. This steadfast performance underscores the strength of its diversified business model and its ability to adapt to a dynamic market.
“2026 is no ordinary year. TUI has held its own well in a difficult global environment. Our business model is proving to be resilient,” stated TUI CEO Sebastian Ebel. He further elaborated on the impact of external factors, noting, “Travel remains highly relevant to people’s lives, but the timing of travel decision has shifted. Wars and geopolitical tensions, consumer caution, economic weakness and rising inflation in Europe’s core markets – all these factors have influenced consumer sentiment and the timing of purchasing decisions.”
Ebel highlighted the enduring strength of TUI’s integrated business model, particularly its portfolio of proprietary hotel brands, cruise lines, and the diverse experiences offered by TUI Musement. These assets, combined with tour operators, travel agencies, and a strong destination presence, continue to form a solid foundation for the company’s success. The latest figures clearly indicate that demand for travel persists even amidst crises, albeit with a tendency for last-minute bookings. This trend has been particularly evident in the last five weeks, which have seen a distinctly positive upturn in booking activity.
Solid Nine-Month Performance Despite Headwinds
For the third quarter (April to June 2026), TUI reported an underlying EBIT of 235 million euros, a decrease from 321 million euros in the previous year, primarily due to a 20 million euro impact from the war in Iran affecting TUI Cruises operations. However, the nine-month underlying EBIT stood at 123 million euros. Excluding one-off effects totaling 81 million euros (related to the war in Iran and a hurricane in Jamaica), this figure would be approximately 40 million euros higher than the previous year, showcasing the underlying resilience of the business. Revenue for the nine-month period reached 14.5 billion euros, a modest -1.6 percent decline, while Q3 revenue was 5.9 billion euros, down -5.6 percent. All figures quoted are at constant currency.
Holiday Experiences Drive Strong Results
The Holiday Experiences division, encompassing Hotels & Resorts, Cruises, and TUI Musement, posted an underlying EBIT of 278 million euros in Q3 2026. Stripping out the 20 million euro burden on the Cruises segment from the war in Iran, the division would have seen a 4 million euro increase in underlying EBIT. The Hotels & Resorts segment achieved a commendable operating result of 121 million euros, with available bed-nights rising by 1 percent. While occupancy dipped to 77 percent due to new hotel ramp-ups and reduced demand in certain regions, the average daily rate held steady at 88 euros. The Cruises segment continued its strong operational trajectory, recording a 133 million euro underlying EBIT in Q3. Excluding the 20 million euro impact from the war in Iran, the segment’s underlying EBIT would have improved by 10 million euros, driven by a 4 percent increase in rates to 252 euros and a load factor improvement to 99 percent.
TUI Musement saw a significant 10.8 percent rise in Q3 underlying EBIT to 23 million euros, thanks to improved B2B business and operational efficiencies. For the first nine months, TUI Musement’s underlying EBIT surged by 171 percent to 17.3 million euros, reflecting robust demand for its exclusive experiences.
Markets + Airline Navigates Challenging Environment
The Markets + Airline business area faced a challenging Q3, reporting an underlying EBIT of -16 million euros. This was attributed to weaker demand, increased price pressure, higher fuel costs, and additional market capacity. Nine-month underlying EBIT for this segment stood at -474 million euros. However, TUI’s strategic transformation efforts and a focus on efficiency improvements are beginning to show results. Sales via the TUI app increased to just under 13 percent (+20 percent), and the average flight load factor remained high at 91 percent.
Outlook Confirmed, Strategic Growth Initiatives Underway
TUI is maintaining its EBIT outlook for the 2026 financial year, anticipating a range of 1.1 billion to 1.4 billion euros, contingent on no significant escalation in geopolitical tensions and stable fuel supplies. The company has suspended its revenue forecast for FY 2025 (24.2 billion euros). Looking ahead, TUI is committed to sustainable growth across all product segments, focusing on:
- Building attractive low-cost offerings in Markets + Airline through brands like ltur and Sundeals, alongside further development of TUI’s sales channels and AI integration.
- Continued growth in Hotels & Resorts through selective investments and leveraging established brands such as RIU and TUI Blue.
- Strengthening the cruise business with new ships from TUI Cruises and modernizing the Marella fleet.
- Focusing TUI Musement on exclusive experiences and enhanced efficiency through digitalization and AI.
The trend towards later booking behaviour is expected to continue for summer 2026 in the Markets + Airline segment, though recent weeks have shown a significant pickup in demand. TUI remains confident in its strong financial position and robust balance sheet to navigate the current market environment and drive its strategic transformation forward. The annual report and full-year figures for 2026 are scheduled for release on 9 December 2026.
