Interim / Quarterly Report • May 14, 2025
Interim / Quarterly Report
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Half Year Financial Report 1 October 2024 – 31 March 2025
1
| Interim Management Report 3 | |
|---|---|
| Summary 3 | |
| Report on changes in expected development 9 | |
| Consolidated earnings 10 | |
| Segmental performance 11 | |
| Financial position and net assets 16 | |
| Comments on the consolidated income statement 17 | |
| Alternative performance measures 18 | |
| Other segment indicators 19 | |
| Corporate Governance 20 | |
| Risk and Opportunity Report 20 | |
| Unaudited condensed consolidated Interim Financial Statements21 | |
| Notes27 | |
| General 27 | |
| Accounting principles27 | |
| Group of consolidated companies28 | |
| Acquisitions – Divestments 28 | |
| Notes to the unaudited condensed consolidated Income Statement 29 | |
| Notes to the unaudited condensed consolidated Statement of Financial Position 31 | |
| Responsibility Statement 42 | |
| Review Report 43 | |
| Cautionary statement regarding forward-looking statements 44 | |
| Financial calendar44 | |
| Contacts 44 |
1 Impact of Easter holidays shifting to FY 2025 Q3 against FY 2024 Q2 in previous year
2 Since the merger of TUI AG and TUI Travel in 2014
3 FY 2025 trading data (excluding Blue Diamond in Hotels & Resorts) as of 4 May 2025 compared to 2024 trading data
4 Bookings up to 4 May 2025, relate to all customers whether risk or non-risk and includes amendments and voucher re-bookings
Whilst we remain mindful of the current macroeconomic and geopolitical uncertainties, our guidance is based on delivering further sustainable growth in Holiday Experiences and transforming the Markets + Airline business and is supported by the strong performance in H1. On this basis we are pleased to reaffirm the following guidance for FY 2025 as published in our Annual Report 2024:
We have a clear strategy to accelerate profitable growth by maximising the customer lifetime value and leveraging the synergies throughout our integrated business yielding higher returns by using our Markets + Airline distribution powerhouse to drive a superior performance in Holiday Experiences. We are focused on creating a business which is more agile, more cost-efficient and which achieves a higher speed to market with the aim to create additional shareholder value. We have a clear roadmap to achieve these targets and re-affirm our mid-term ambitions as follows:
As an industry-leading Group, we want to set the standard for sustainability in the market. We believe that sustainable transformation should not be viewed solely as a cost factor, but that sustainability pays off – for society, for the environment, and for economic development. Our strategy is therefore underpinned by clear science-based goals and targets on sustainability. TUI's Sustainability Agenda consists of three building blocks ‒ People, Planet and Progress. Our efforts towards reducing relative emissions and meeting our environmental targets are ongoing. Recent achievements include:
5 Based on constant currency
6 Net leverage ratio defined as net debt (Financial liabilities plus lease liabilities less cash & cash equivalents less other current financial assets) divided by underlying EBITDA
7 Further details on our Sustainability Agenda are published in our Annual Report 2024 and also on our website under Responsibility (tuigroup.com)
| Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % | Var. % at constant |
|
|---|---|---|---|---|---|---|---|
| € million | currency | ||||||
| Revenue | 3,704.6 | 3,650.0 | + 1.5 | 8,576.6 | 7,952.5 | + 7.8 | + 6.9 |
| Revenue (at constant currency) | 3,681.6 | 3,650.0 | + 0.9 | 8,500.6 | 7,952.5 | + 6.9 | |
| Underlying EBITI | |||||||
| Hotels & Resorts | 102.6 | 117.4 | - 12.6 | 253.0 | 208.1 | + 21.6 | + 28.6 |
| Cruises | 81.8 | 70.1 | + 16.7 | 129.9 | 104.5 | + 24.3 | + 23.2 |
| TUI Musement | - 12.1 | - 16.5 | + 26.5 | - 14.4 | - 27.1 | + 46.9 | + 55.9 |
| Holiday Experiences | 172.3 | 171.0 | + 0.8 | 368.5 | 285.5 | + 29.1 | + 34.7 |
| Northern Region | - 182.1 | - 164.9 | - 10.5 | - 270.6 | - 215.3 | - 25.7 | - 21.6 |
| Central Region | - 98.2 | - 89.1 | - 10.2 | - 90.8 | - 87.8 | - 3.4 | - 3.5 |
| Western Region | - 84.6 | - 72.1 | - 17.3 | - 128.6 | - 118.4 | - 8.6 | - 9.0 |
| Markets + Airline | - 364.9 | - 326.1 | - 11.9 | - 490.1 | - 421.5 | - 16.3 | - 14.3 |
| All other segments | - 14.2 | - 33.6 | + 57.7 | - 34.4 | - 46.7 | + 26.3 | + 26.9 |
| Underlying EBITI TUI Group | - 206.8 | - 188.7 | - 9.6 | - 155.9 | - 182.7 | + 14.7 | + 28.1 |
| TUI Group | |||||||
| (at constant currency) | - 197.0 | - 188.7 | - 4.4 | - 131.3 | - 182.7 | + 28.1 | |
| EBITI | - 217.1 | - 194.9 | - 11.4 | - 174.4 | - 194.7 | + 10.4 | |
| Underlying EBITDA | 11.0 | 15.6 | - 29.4 | 289.1 | 224.2 | + 29.0 | |
| EBITDAII | 6.0 | 14.7 | - 59.5 | 281.2 | 222.7 | + 26.3 | |
| Group loss | - 262.8 | - 247.0 | - 6.4 | - 293.2 | - 330.5 | + 11.3 | |
| Earnings per share € |
- 0.60 | - 0.58 | - 3.4 | - 0.77 | - 0.82 | + 6.1 | |
| Net capex and investment | 130.6 | 276.2 | - 52.7 | 361.4 | 320.1 | + 12.9 | |
| Equity ratio (31 Mar)III % |
9.5 | 7.7 | + 1.8 | ||||
| Net debt (31 Mar) | 3,011.1 | 3,090.7 | - 2.6 | ||||
| Employee (31 Mar) | 57,781 | 56,370 | + 2.5 |
Due to rounding, some of the figures may not add up precisely to the stated totals, and percentages may not precisely reflect the absolute figures. All change figures refer to the previous year, unless otherwise stated.
I We define the EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement of the Group's interest hedges. For further details please see page 39.
II EBITDA is defined as earnings before interest, income taxes and result of the measurement of the Group's interest hedges, goodwill impairment and amortisation and write-ups of other intangible assets, depreciation and write-ups of property, plant and equipment, investments and current assets.
III Equity divided by balance sheet total in %, variance is given in percentage points.
The present Half Year Financial Report H1 2025 is based on TUI Group's reporting structure set out in the Consolidated Financial Statements of TUI AG as at 30 September 2024. For further information please see our Annual Report 2024 from page 27.
• H1 2025 Group revenue was €8.6bn, up +€0.6bn (H1 2024: €8.0bn). The Group's H1 2025 seasonal operating loss (underlying EBIT) declined by €26.8m to €-155.9m (H1 2024: €-182.7m).
Trading update Holiday Experiences8 – H2 trading remains well on track to deliver further growth, underlining strong demand for our wide and varied product offering
| Trading | H2 2025 |
|---|---|
| Variation in % versus previous year | |
| Hotels & Resorts | |
| Available bed nights | + 0 |
| Occupancy (Var. in %pts) | + 1 |
| Average daily rate | + 8 |
| Cruises | |
| Available passenger cruise days | + 23 |
| Occupancy (Var. in %pts) | + 0 |
| Average daily rate | + 2 |
| TUI Musement | |
| Experiences sold | + high-single-digit% |
| Transfers | in line with Markets + Airline |
8 FY 2025 trading data (excluding Blue Diamond in Hotels & Resorts) as of 4 May 2025 compared to 2024 trading data
9 Number of hotel days open multiplied by beds available in the hotel (Group owned and leased hotels)
10 Occupied beds divided by available beds (Group owned and lease hotels)
11 Board and lodging revenue divided by occupied bed nights (Group owned and leased hotels)
12 Number of operating days multiplied per berths available on the operated ships
13 Achieved passenger cruise days divided by available passenger cruise days
14 TUI Cruises: Ticket revenue divided by achieved passenger cruise days, Marella Cruises: Revenue (stay on ship inclusive of transfers, flights and hotels due to the integrated nature of Marella Cruises) divided by achieved passenger cruise days
Trading update Markets + Airline15 – Winter bookings & ASP levels maintained, supported by good lates market. Summer season bookings robust seeing an Easter related later booking profile, based on flat capacity assumptions. ASP improvement being maintained.
Winter 2024/25 vs. Winter 2023/24
| Bookings (variance in %) | + 2 |
|---|---|
| ASP (variance in %) | + 4 |
| Bookings (variance in %) | - 1 |
|---|---|
| ASP (variance in %) | + 4 |
| Programme sold for Summer 2025 year-to-date (%) | 57 |
15 Bookings up to 4 May 2025 relate to all customers whether risk or non-risk and include amendments and voucher re-bookings.
We continue to drive forward our TUI Group strategy as outlined in the Annual Report 2024 16 and at our Capital Markets Day17 in March 2025. We are committed to delivering profitable growth through sustainable asset-right growth in Holiday Experiences and the transformation of the Markets + Airline business. The foundations to achieve this have already been laid and delivery is well underway:
We remain firmly committed to our capital allocation framework, focusing on driving profitable growth and improving cash flow, whilst maintaining disciplined capital investment and targeting a further improvement in our balance sheet metrics with net leverage of strongly below 1.0x in the medium-term. Based on an annualised pro-forma Marella re-fleeting case, net leverage is still expected to be below 1.0x. As we previously communicated in December 2024, we are well on track to define a shareholder return strategy by the end of 2025. During Q2, the significant operational and financial progress we have made as a business, has been reflected in a further improvement in our credit rating. As a result, S&P upgraded to BB- and Moody's to Ba3, with Fitch rating the TUI Group for the first time at BB, all with a stable outlook.
In March 2025, we successfully improved our maturity profile by refinancing our sustainability-linked Revolving Credit Facility (RCF) as our core financing instrument. The new RCF with a five-year tenor, maturing in March 2030, has a volume of around €1.9bn (€1.7bn cash line and €0.2bn guarantee line) compared to the previous credit line of €1.64bn and enhances our financial flexibility and liquidity position. The strong demand for participation in the new RCF underlines the confidence in our strategic positioning and our future growth initiatives.
16 Details on our strategy see TUI Group Annual Report 2024 from page 23
17 https://www.tuigroup.com/en/investors/publications/capital-markets-day-2025
We re-confirm all our expectations for financial year 2025 set out in the Annual Report 2024. See TUI Group Annual Report 2024 from page 51 onwards.
We would expect the FY 2025 forecast for our net capex and investments to increase by a down payment of €50m relating to the re-fleeting of Marella Cruises. This is however subject to the conclusion of binding shipbuilding contracts, the availability of financing and other customary terms and conditions.
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Hotels & Resorts | 254.6 | 247.3 | + 2.9 | 545.4 | 499.0 | + 9.3 |
| Cruises | 213.2 | 216.9 | - 1.7 | 389.1 | 383.8 | + 1.4 |
| TUI Musement | 168.1 | 149.5 | + 12.4 | 399.1 | 344.4 | + 15.9 |
| Holiday Experiences | 635.9 | 613.8 | + 3.6 | 1,333.6 | 1,227.2 | + 8.7 |
| Northern Region | 1,351.4 | 1,348.5 | + 0.2 | 2,990.0 | 2,790.0 | + 7.2 |
| Central Region | 1,178.3 | 1,158.1 | + 1.7 | 3,097.0 | 2,791.5 | + 10.9 |
| Western Region | 535.6 | 527.4 | + 1.5 | 1,151.0 | 1,140.0 | + 1.0 |
| Markets + Airline | 3,065.3 | 3,034.1 | + 1.0 | 7,238.0 | 6,721.6 | + 7.7 |
| All other segments | 3.4 | 2.1 | + 58.8 | 5.0 | 3.7 | + 33.4 |
| TUI Group | 3,704.6 | 3,650.0 | + 1.5 | 8,576.6 | 7,952.5 | + 7.8 |
| TUI Group (at constant | ||||||
| currency) | 3,681.6 | 3,650.0 | + 0.9 | 8,500.6 | 7,952.5 | + 6.9 |
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Hotels & Resorts | 102.6 | 117.4 | - 12.6 | 253.0 | 208.1 | + 21.6 |
| Cruises | 81.8 | 70.1 | + 16.7 | 129.9 | 104.5 | + 24.3 |
| TUI Musement | - 12.1 | - 16.5 | + 26.5 | - 14.4 | - 27.1 | + 46.9 |
| Holiday Experiences | 172.3 | 171.0 | + 0.8 | 368.5 | 285.5 | + 29.1 |
| Northern Region | - 182.1 | - 164.9 | - 10.5 | - 270.6 | - 215.3 | - 25.7 |
| Central Region | - 98.2 | - 89.1 | - 10.2 | - 90.8 | - 87.8 | - 3.4 |
| Western Region | - 84.6 | - 72.1 | - 17.3 | - 128.6 | - 118.4 | - 8.6 |
| Markets + Airline | - 364.9 | - 326.1 | - 11.9 | - 490.1 | - 421.5 | - 16.3 |
| All other segments | - 14.2 | - 33.6 | + 57.7 | - 34.4 | - 46.7 | + 26.3 |
| TUI Group | - 206.8 | - 188.7 | - 9.6 | - 155.9 | - 182.7 | + 14.7 |
| TUI Group (at constant | ||||||
| currency) | - 197.0 | - 188.7 | - 4.4 | - 131.3 | - 182.7 | + 28.1 |
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Hotels & Resorts | 102.6 | 117.4 | - 12.6 | 253.0 | 209.2 | + 20.9 |
| Cruises | 81.8 | 70.1 | + 16.7 | 129.9 | 104.5 | + 24.3 |
| TUI Musement | - 13.6 | - 17.9 | + 24.3 | - 17.3 | - 30.0 | + 42.3 |
| Holiday Experiences | 170.8 | 169.5 | + 0.8 | 365.6 | 283.7 | + 28.9 |
| Northern Region | - 186.4 | - 168.7 | - 10.4 | - 278.5 | - 220.4 | - 26.3 |
| Central Region | - 98.6 | - 89.5 | - 10.2 | - 93.2 | - 89.4 | - 4.3 |
| Western Region | - 86.4 | - 72.7 | - 18.8 | - 131.5 | - 116.9 | - 12.4 |
| Markets + Airline | - 371.4 | - 331.0 | - 12.2 | - 503.2 | - 426.8 | - 17.9 |
| All other segments | - 16.6 | - 33.5 | + 50.4 | - 36.8 | - 51.6 | + 28.7 |
| TUI Group | - 217.1 | - 194.9 | - 11.4 | - 174.4 | - 194.7 | + 10.4 |
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Revenue | 635.9 | 613.8 | + 3.6 | 1,333.6 | 1,227.2 | + 8.7 |
| Revenue at constant currency | 643.2 | 613.8 | + 4.8 | 1,345.5 | 1,227.2 | + 9.6 |
| Underlying EBIT | 172.3 | 171.0 | + 0.8 | 368.5 | 285.5 | + 29.1 |
| Underlying EBIT at constant currency | 178.4 | 171.0 | + 4.3 | 384.4 | 285.5 | + 34.7 |
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Total revenue1 | 430.2 | 416.7 | + 3.2 | 940.4 | 865.1 | + 8.7 |
| Revenue | 254.6 | 247.3 | + 2.9 | 545.4 | 499.0 | + 9.3 |
| Underlying EBIT | 102.6 | 117.4 | - 12.6 | 253.0 | 208.1 | + 21.6 |
| Underlying EBIT at constant currency | 108.3 | 117.4 | - 7.8 | 267.6 | 208.1 | + 28.6 |
| Available bed nights2 ('000) | 7,515 | 7,642 | - 1.7 | 16,569 | 16,456 | + 0.7 |
| Riu | 3,506 | 3,379 | + 3.8 | 7,119 | 6,897 | + 3.2 |
| Robinson | 573 | 604 | - 5.1 | 1,305 | 1,385 | - 5.8 |
| Blue Diamond | 1,533 | 1,564 | - 2.0 | 3,080 | 3,083 | - 0.1 |
| Occupancy3 (%, variance in % pts.) | 82 | 81 | + 1 | 81 | 79 | + 2 |
| Riu | 89 | 93 | - 4 | 90 | 91 | - 1 |
| Robinson | 70 | 70 | - | 73 | 71 | + 2 |
| Blue Diamond | 96 | 95 | + 1 | 87 | 89 | - 2 |
| Average daily rate4 (€) | 113 | 109 | + 3.6 | 103 | 99 | + 3.9 |
| Riu | 97 | 91 | + 6.2 | 93 | 87 | + 6.9 |
| Robinson | 123 | 123 | - 0.2 | 116 | 114 | + 1.6 |
| Blue Diamond | 183 | 181 | + 1.6 | 173 | 167 | + 4.1 |
Revenue includes fully consolidated companies, all other KPIs incl. companies measured at equity
1 Total revenue includes intra-Group revenue
2 Number of hotel days open multiplied by beds available (Group owned and leased hotels)
3 Occupied beds divided by available beds (Group owned and leased hotels)
4 Board and lodging revenue divided by occupied bed nights (Group owned and leased hotels)
H1 2025 total revenue improved to €940.4m, an increase of +8.7% (H1 2024: €865.1m). This supported a higher H1 2025 underlying EBIT up +€44.9m to €253.0m (H1 2024: €208.1m) continuing the positive development of the segment.
Q2 2025 total revenue rose by +3.2% to €430.2m (Q2 2024: €416.7m). Excluding revaluation effects, the segment delivered an operational improvement driven by higher rates and building on the record Q2 result18 of the previous year. Recognising the impact of revaluation effects, Q2 underlying EBIT of €102.6m, was €-14.7m (Q2 2024: €117.4m). The Canaries, Egypt, Mainland Spain, and Cape Verde continue to be popular destinations with our guests during the Winter period, with Mexico and Thailand the leading long-haul destinations.
The segment offered a total of 7.5m available bed nights (capacity) in Q2, which was as expected lower at -2% as we continued to renovate and update our portfolio during the quieter Q2 period. Q2 occupancy rate increased yearon-year by +1%pt to 82%. Average daily rates were generally higher across our key brands up by +4% to €113 overall, although rates for Robinson were lower due to the planned closure and modernisation of the Robinson Club Maldives throughout the quarter.
18 Since the merger of TUI AG and TUI Travel PLC in 2014
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Revenue1 | 213.2 | 216.9 | - 1.7 | 389.1 | 383.8 | + 1.4 |
| Underlying EBIT | 81.8 | 70.1 | + 16.7 | 129.9 | 104.5 | + 24.3 |
| Underlying EBIT at constant currency | 81.2 | 70.1 | + 15.9 | 128.8 | 104.5 | + 23.2 |
| Available passenger cruise days2 ('000) | 2,691 | 2,327 | + 15.6 | 5,259 | 4,663 | + 12.8 |
| Mein Schiff | 1,718 | 1,346 | + 27.7 | 3,444 | 2,775 | + 24.1 |
| Hapag-Lloyd Cruises | 145 | 147 | - 1.1 | 293 | 293 | - 0.2 |
| Marella Cruises | 828 | 835 | - 0.8 | 1,523 | 1,595 | - 4.5 |
| Occupancy3 (%, variance in % pts) | 96 | 98 | - 2 | 96 | 97 | - 1 |
| Mein Schiff | 98 | 100 | - 2 | 97 | 100 | - 3 |
| Hapag-Lloyd Cruises | 74 | 77 | - 3 | 69 | 75 | - 6 |
| Marella Cruises | 98 | 99 | - 1 | 98 | 96 | + 2 |
| Average daily rate (€) | 218 | 221 | - 1.7 | 215 | 213 | + 1.1 |
| Mein Schiff4 | 176 | 169 | + 4.2 | 179 | 169 | + 5.5 |
| Hapag-Lloyd Cruises4 | 745 | 772 | - 3.5 | 715 | 726 | - 1.6 |
| Marella Cruises5 (in £) |
194 | 197 | - 1.4 | 192 | 188 | + 2.1 |
1 Revenue is not included for Mein Schiff and Hapag-Lloyd Cruises as the joint venture TUI Cruises is consolidated at equity
2 Number of operating days multiplied by berths available on the operated ships.
3 Achieved passenger cruise days divided by available passenger cruise days
4 Ticket revenue divided by achieved passenger cruise days
5 Revenue (stay on ship inclusive of transfers, flights and hotels due to the integrated nature of Marella Cruises) divided by achieved passenger cruise days
Cruises revenue only includes Marella Cruises, as TUI Cruises is reported at equity. Revenue in H1 2025 increased by +1.4% to €389.1m (H1 2024: €383.8m). H1 2025 underlying EBIT for the segment (including the equity result of TUI Cruises) improved to €129.9m, an increase of +€25.4m (H1 2024: €104.5m).
Q2 revenue again reflecting Marella Cruises only, was -1.7% lower at €213.2m (Q2 2024: €216.9m) due as expected, to lower rates and occupancies following the change of itineraries from Asia to the Canaries as a consequence of the political tensions around the Suez Canal. Q2 underlying EBIT, including the equity result of TUI Cruises, was again a record19 for the segment, rising by +€11.7m to €81.8m (Q2 2024: €70.1m). Here, EAT (Earning after Tax) for TUI Cruises was up +€15.9m to €59.5m (Q2 2024: €43.6m) as the business continued to benefit from an improved and expanded product offering against the background of a strong trading environment. Following the successful launch of Mein Schiff 7 in June 2024, our three cruise brands had a full fleet of 17 ships in operation during the period with a new build, the Mein Schiff Relax, complementing the fleet towards the end of the quarter. The new ships were the key driver in an increase in the number of available passenger cruise days by +16% to 2.7m (Q2 2024: 2.3m), whereby refitting work on Marella Discovery 2 did impact capacity for Marella Cruises during the quarter.
Mein Schiff – With the latest additions, the business deployed a fleet of eight ships by the end of Q2 offering itineraries to the Canaries, the Orient, the Caribbean, Central America, Asia, South Africa, and Northern Europe. Occupancy levels remained high at 98% (Q2 2024: 100%) although there was some impact from Suez-related re-routing. The average daily rate was up +4% at €176 (Q2 2024: €169) underlining the strong demand for our German language, premium all-inclusive cruise product.
Hapag-Lloyd Cruises – During the quarter, itineraries of the five ships ranged from the Americas, Asia, Africa, the South Pacific, and Europe, with the semi-circumnavigation of Antarctica a particular highlight. Operations were particularly affected by the late changes to itineraries as a consequence of the political tensions around the Suez Canal. As a result Q2 occupancy of 74% compared to 77% in the previous year, whilst average daily rate was €745 (Q2 2024: €772).
Marella Cruises – Our UK brand operated a full fleet of five ships during the quarter providing itineraries to the Canaries and the Caribbean. The change of itineraries from Asia to the Canaries, thereby avoiding routes through the Suez Canal, weighed both on occupancy of 98% (-1%pt vs. Q2 2024: 99%) and average daily rate of £194 (-1% vs. Q2 2024: £197).
19 Since the merger of TUI AG and TUI Travel PLC in 2014
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Total revenue1 | 234.4 | 207.9 | + 12.7 | 547.9 | 476.4 | + 15.0 |
| Revenue | 168.1 | 149.5 | + 12.4 | 399.1 | 344.4 | + 15.9 |
| Underlying EBIT | - 12.1 | - 16.5 | + 26.5 | - 14.4 | - 27.1 | + 46.9 |
| Underlying EBIT at constant currency | - 11.1 | - 16.5 | + 32.6 | - 12.0 | - 27.1 | + 55.9 |
1 Total revenue includes intra-Group revenue
TUI Musement, our tours and activities business achieved an H1 2025 revenue of €399.1m, up +15.9% (H1 2024: €344.4m). H1 2025 underlying EBIT was €-14.4m, an improvement of +€12.7m (H1 2024: €-27.1m).
In Q2, the segment reported an increase in revenue of +12.4% to €168.1m (Q2 2024: €149.5m), underlining the strong growth in this segment, the benefits of our integrated model and the increase of third-party sales via B2B partners utilising TUI Musement platform technology. Q2 underlying EBIT of €-12.1m improved by +€4.4m (Q2 2024: €-16.5m), driven by higher experience volumes as well as transfers for our Markets + Airline business.
As a result, the number of tour operator guest transfers provided by the business in the destinations rose +2% to 4.0m (Q2 2024: 3.9m), whilst experiences sold globally, increased by +4% to 1.5m (Q2 2024: 1.5m). Own products developed by the TUI Musement team, including our TUI Collection excursions and National Geographic Day Tours, are a key differentiator and driver of profitable growth. In Q2, sales of our portfolio of own experiences, including our flagship TUI Collection products, increased by +18% to 0.7m. Popular own experiences from the TUI Collection included the Sal Experience with Lobster Lunch and Salt Lake in Cape Verde and Gran Canaria's "Little Venice" Tour.
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Revenue | 3,065.3 | 3,034.1 | + 1.0 | 7,238.0 | 6,721.6 | + 7.7 |
| Revenue at constant currency | 3,035.0 | 3,034.1 | + 0.0 | 7,150.2 | 6,721.6 | + 6.4 |
| Underlying EBIT | - 364.9 | - 326.1 | - 11.9 | - 490.1 | - 421.5 | - 16.3 |
| Underlying EBIT at constant currency | - 361.4 | - 326.1 | - 10.8 | - 481.6 | - 421.5 | - 14.3 |
| Direct distribution mix1 | ||||||
| (in %, variance in % points) | 75 | 75 | - | 72 | 74 | - 2 |
| Online mix2 | ||||||
| (in %, variance in % points) | 52 | 52 | - | 50 | 51 | - 1 |
| Customers ('000) | 2,650 | 2,778 | - 4.6 | 6,377 | 6,293 | + 1.3 |
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 2025 revenue of €7,238.0m was up 7.7% (H1 2024: €6,721.6m). H1 2025 underlying EBIT was €-490.1m, €-68.5m (H1 2024: €-421.5m).
Q2 2025 revenue increased by +1.0% to €3,065.3m (Q2 2024: €3,034.1m). Q2 2025 underlying EBIT of €-364.9m, was €-38.8m against the previous year (Q2 2024: €-326.1m). Results reflect as expected the phasing effect from Easter holidays shifting into Q3 of €31m, higher costs for the emission trading scheme (ETS), as well as higher seasonal costs. Customer volume in the quarter of 2,650k was -5%, as a result of the timing of the Easter break. Prices pleasingly continued to track higher in a competitive market, helping to mitigate the higher cost environment.
We continue to develop and enhance our dynamically packaged product as a core component in transforming our tour operator offering providing our customers with greater choice and more flexibility without increasing our risk capacity. As a result, dynamically packaged products increased by +3% to 0.4m (Q2 2024: 0.4m). Average load factor remained high at 90% although lower than in the previous year due in particular to the phasing of the Easter holidays (Q2 2024: 93%).
Short- and medium-haul destinations including the Canaries, Egypt, Mainland Spain, and Cape Verde were again popular destinations. Key long-haul destinations in the quarter included Mexico and the Dominican Republic with Thailand and the UAE in particular seeing significant growth.
As part of our strategy to accelerate the Group's transformation into a digital platform business, we are focused on making the TUI app our main digital channel, complementing our retail business, enabling greater cross- and upselling opportunities as well as personalised marketing and driving down distribution costs. In Q2, app sales constituted 9.5% of overall sales, rising significantly by +40% against Q2 2024.
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Revenue | 1,351.4 | 1,348.5 | + 0.2 | 2,990.0 | 2,790.0 | + 7.2 |
| Underlying EBIT | - 182.1 | - 164.9 | - 10.5 | - 270.6 | - 215.3 | - 25.7 |
| Underlying EBIT at constant currency | - 178.0 | - 164.9 | - 8.0 | - 261.8 | - 215.3 | - 21.6 |
| Direct distribution mix1 | ||||||
| (in %, variance in % points) | 93 | 92 | + 1 | 93 | 93 | - |
| Online mix2 | ||||||
| (in %, variance in % points) | 69 | 69 | - | 69 | 68 | + 1 |
| Customers ('000) | 1,036 | 1,074 | - 3.5 | 2,352 | 2,314 | + 1.6 |
1 Share of sales via own channels (retail and online)
2 Share of online sales
Northern Region is made up of the source markets UK, Ireland and Nordics.
H1 2025 revenue of €2,990.0m was +7.2% higher (H1 2024: €2,790.0m). Underlying EBIT of €-270.6m was €-55.3m against the previous year (H1 2024: €-215.3m).
Q2 2025 revenue for the region of €1,351.4m was in line with prior year at +0.2% (Q2 2024: €1,348.5m), driven by higher prices across the markets whilst volumes were impacted by the shift of Easter to Q3. In line with expectations, Q2 2025 underlying EBIT of €-182.1m was €-17.2m (Q2 2024: €-164.9m), reflecting the timing of Easter as well as higher ETS and seasonal costs.
Q2 2025 customer numbers were -3.5% lower at 1,036k (Q2 2024: 1,074k) due to the shift of the Easter holidays to Q3. Online distribution continued high at 69% (Q2 2024: 69%), remaining highest in the Nordic region. Direct distribution was up modestly to 93% (Q2 2024: 92%). Our UK market continues to drive growth of app usage in the Group. In Q2, UK app sales made up 17.5% of overall sales, a rise of 50.9% against the previous year.
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % | ||
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,178.3 | 1,158.1 | + 1.7 | 3,097.0 | 2,791.5 | + 10.9 | ||
| Underlying EBIT | - 98.2 | - 89.1 | - 10.2 | - 90.8 | - 87.8 | - 3.4 | ||
| Underlying EBIT at constant currency | - 98.4 | - 89.1 | - 10.4 | - 90.9 | - 87.8 | - 3.5 | ||
| Direct distribution mix1 | ||||||||
| (in %, variance in % points) | 55 | 54 | + 1 | 51 | 53 | - 2 | ||
| Online mix2 | ||||||||
| (in %, variance in % points) | 29 | 29 | - | 26 | 28 | - 2 |
1 Share of sales via own channels (retail and online)
2 Share of online sales
Central Region comprises the source markets Germany, Austria, Switzerland, and Poland.
H1 2025 revenue of €3,097.0m increased +10.9% (H1 2024: €2,791.5m). During the same period, underlying EBIT was €-90.8m, €-3.0m against the previous year (H1 2024: €-87.8m).
Customers ('000) 914 975 - 6.2 2,478 2,358 + 5.1
Q2 2025 revenue of €1,178.3m, rose by +1.7% (Q2 2024: €1,158.1m) supported by higher prices. As anticipated, underlying EBIT was -€9.1m lower at €-98.2m (Q2 2024: €-89.1m) due in particular to the phasing of the Easter holiday period.
Customer volumes were -6.2% at 914k (Q2 2024: 975k) in line with the phasing of Easter to Q3, whereby the expansion of the Winter programme in Poland supported higher volumes here. Online distribution was in line at 29% (Q2 2024: 29%). Direct distribution was up slightly at 55% (Q2 2024 of 54%).
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Revenue | 535.6 | 527.4 | + 1.5 | 1,151.0 | 1,140.0 | + 1.0 |
| Underlying EBIT | - 84.6 | - 72.1 | - 17.3 | - 128.6 | - 118.4 | - 8.6 |
| Underlying EBIT at constant currency | - 84.9 | - 72.1 | - 17.8 | - 129.0 | - 118.4 | - 9.0 |
| Direct distribution mix1 | ||||||
| (in %, variance in % points) | 74 | 76 | - 2 | 76 | 76 | - |
| Online mix2 | ||||||
| (in %, variance in % points) | 56 | 59 | - 3 | 58 | 59 | - 1 |
| Customers ('000) | 700 | 729 | - 4.1 | 1,547 | 1,621 | - 4.5 |
1 Share of sales via own channels (retail and online)
2 Share of online sales
Western Region is made up of the source markets Belgium, Netherlands, and France.
H1 2025 revenue rose by +1.0% to €1,151.0m (H1 2024: €1,140.0m). H1 2025 underlying EBIT of €-128.6m was €-10.2m lower (H1 2024: €-118.4m).
Western Region Q2 2025 revenue of €535.6m rose +1.5% (Q2 2024: €527.4m). Despite improved prices, results were impacted by lower volumes in particular in the Netherlands and Belgium in a competitive environment, as well as higher costs including ETS. As a result Q2 underlying EBIT of €-84.6m, was -€12.5m lower (Q2 2024: €-72.1m).
A total of 700k customers departed during the quarter, -4.1% lower (Q2 2024: 729k). Online distribution for the region stood at 56%, -3%pts against the previous year (Q2 2024: 59%). Direct distribution at 74%, was -2%pts. over the same period (Q2 2024: 76%).
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Revenue | 3.4 | 2.1 | + 58.8 | 5.0 | 3.7 | + 33.4 |
| Underlying EBIT | - 14.2 | - 33.6 | + 57.7 | - 34.4 | - 46.7 | + 26.3 |
| Underlying EBIT at constant currency) | - 14.1 | - 33.6 | + 58.1 | - 34.1 | - 46.7 | + 26.9 |
All other segments includes amongst others, the corporate centre functions of TUI AG and the interim holdings, the Group's real estate companies and the Group's key tourism functions.
H1 2025 underlying EBIT improved by €12.3m to €-34.4m (H1 2024: €-46.7m).
Q2 2025 underlying EBIT of €-14.2m increased by +€19.4m (Q2 2024: €-33.6m) mainly as a result of valuation effects.
TUI Group's operating cash outflow in H1 2025 of €315.9m increased by + 17.7% year-on-year. For details on the cash flow please refer to page 26 and 38.
Net debt as at 31 March 2025 of €3.0bn decreased by €0.1bn compared to previous year level (31 March 2024: €3.1bn).
| € million | 31 Mar 2025 | 31 Mar 2024 | Var. % |
|---|---|---|---|
| Financial debt | 2,107.5 | 2,074.1 | + 1.6 |
| Lease liabilities | 2,700.0 | 2,718.0 | - 0.7 |
| Cash and cash equivalents | 1,743.0 | 1,648.2 | + 5.8 |
| Short-term interest-bearing investments | 53.3 | 53.2 | + 0.2 |
| Net debt | 3,011.1 | 3,090.7 | - 2.6 |
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Cash gross capex | ||||||
| Hotels & Resorts | 85.6 | 126.2 | - 32.2 | 189.6 | 153.5 | + 23.5 |
| Cruises | 6.7 | 7.7 | - 13.0 | 41.7 | 29.5 | + 41.4 |
| TUI Musement | 5.1 | 5.9 | - 13.6 | 10.3 | 11.2 | - 8.0 |
| Holiday Experiences | 97.3 | 139.8 | - 30.4 | 241.7 | 194.1 | + 24.5 |
| Northern Region | 7.7 | 6.3 | + 22.2 | 16.4 | 11.3 | + 45.1 |
| Central Region | 4.9 | 3.6 | + 36.1 | 8.5 | 8.0 | + 6.3 |
| Western Region | 5.2 | 6.1 | - 14.8 | 8.7 | 13.5 | - 35.6 |
| Markets + Airline1 | 36.7 | 21.4 | + 71.5 | 70.4 | 38.7 | + 81.9 |
| All other segments | 30.8 | 31.3 | - 1.6 | 61.2 | 65.0 | - 5.8 |
| TUI Group | 164.8 | 192.5 | - 14.4 | 373.3 | 297.7 | + 25.4 |
| Net pre delivery payments | ||||||
| on aircraft | - 26.2 | 5.0 | n. a. | 8.5 | 66.2 | - 87.2 |
| Financial investments | 3.5 | 77.4 | - 95.5 | 3.6 | 78.8 | - 95.4 |
| Divestments | - 11.5 | 1.3 | n. a. | - 24.0 | - 122.6 | + 80.4 |
| Net capex and invest | ||||||
| ments | 130.6 | 276.2 | - 52.7 | 361.4 | 320.1 | + 12.9 |
1 Including €18.9m for Q2 2025 (Q2 2024: €5.4m) and €36.8m for H1 2025 ( H1 2024: €5.9m) cash gross capex of the aircraft leasing companies.
Cash gross capex in H1 2025 of €373.3m was €75.6m higher year-on-year. The significant increase was mainly due to higher investments in the Hotel & Resorts segment at Riu and also higher cash gross capex for our airline yearon-year. The decline in financial investments compared to H1 2024 was due to the pro rata capital injection into Pep Toni Hotels S.A. included in the previous year. Divestments were significantly lower than in the first six months of the previous year, as this figure included higher sales proceeds in the hotel segment comprising subsequent inflows from the sale of shares in RIU Hotels S.A. in FY 2021 and from the sale of a hotel in Cape Verde. Net capex and investments totalled €361.4m, an increase of €41.3m in the first six months of financial year 2025 compared with previous year.
We have a strategy of hedging the majority of our jet fuel and currency requirements for future seasons. Our hedging policy gives us certainty of costs when planning capacity and pricing. The following table shows the percentage of our forecast requirement that is currently hedged for Euros, US Dollars and jet fuel for our Markets + Airline.
| % | Summer 2025 | Winter 2025/26 | Summer 2026 |
|---|---|---|---|
| Euro | 92 | 65 | 23 |
| US Dollar | 95 | 82 | 48 |
| Jet Fuel | 92 | 85 | 54 |
| As at 4 May 2025 |
Assets and liabilities
| € million | 31 Mar 2025 | 30 Sep 2024 | Var. % |
|---|---|---|---|
| Non-current assets | 12,825.8 | 12,148.0 | + 5.6 |
| Current assets | 4,664.8 | 5,268.8 | - 11.5 |
| Total assets | 17,490.6 | 17,416.7 | + 0.4 |
| Equity | 1,666.3 | 1,774.3 | - 6.1 |
| Provisions | 1,997.7 | 1,994.6 | + 0.2 |
| Financial liabilities | 2,107.5 | 1,902.4 | + 10.8 |
| Other liabilities | 11,719.2 | 11,745.3 | - 0.2 |
| Total equity, liabilities and provisions | 17,490.6 | 17,416.7 | + 0.4 |
In the first six months of financial year 2025, TUI Group's revenue was higher than in H1 2024, due to a year-onyear increase in pax numbers and higher average prices, in particular in Markets + Airline. TUI Group's results generally also reflect the significant seasonal swing in tourism between the winter and summer travel months.
In H1 2025, consolidated revenue increased by €0.6bn year-on-year to €8.6bn.
Unaudited condensed consolidated Income Statement of TUI AG for the period from 1 Oct 2024 to 31 Mar 2025
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Revenue | 3,704.6 | 3,650.0 | +1.5 | 8,576.6 | 7,952.5 | +7.8 |
| Cost of sales | 3,747.5 | 3,651.3 | +2.6 | 8,358.5 | 7,757.7 | +7.7 |
| Gross profit / loss | - 42.9 | - 1.3 | n. a. | 218.2 | 194.8 | +12.0 |
| Administrative expenses | 267.8 | 283.2 | - 5.4 | 531.4 | 528.6 | +0.5 |
| Other income | 4.9 | 1.2 | +308.3 | 6.1 | 8.5 | - 28.2 |
| Other expenses | 3.1 | 1.8 | +72.2 | 6.7 | 10.1 | - 33.7 |
| Impairment (+) / Reversal of impairment (-) of financial | ||||||
| assets | - 2.4 | - | n. a. | 2.2 | - 7.2 | n. a. |
| Financial income | 9.3 | 20.8 | - 55.3 | 40.0 | 39.5 | +1.3 |
| Financial expense | 110.2 | 126.0 | - 12.5 | 217.9 | 247.8 | - 12.1 |
| Share of result of investments accounted for using the equity method |
91.3 | 90.3 | +1.1 | 140.8 | 133.4 | +5.5 |
| Earnings before income taxes | - 316.1 | - 300.0 | - 5.4 | - 353.2 | - 403.1 | +12.4 |
| Income taxes (expense (+), income (-)) | - 53.4 | - 53.0 | - 0.8 | - 60.0 | - 72.6 | +17.4 |
| Group loss | - 262.8 | - 247.0 | - 6.4 | - 293.2 | - 330.5 | +11.3 |
| Group loss attributable to shareholders of TUI AG | - 306.1 | - 294.2 | - 4.0 | - 391.5 | - 416.8 | +6.1 |
| Group profit attributable to non-controlling interest | 43.4 | 47.2 | - 8.1 | 98.4 | 86.3 | +14.0 |
The Group's main financial KPI is the underlying EBIT. We define the EBIT in underlying EBIT as earnings before interest, income taxes and the result from the measurement of the Group's interest hedges. EBIT by definition includes goodwill impairments.
In calculating underlying EBIT from EBIT, we adjust for separately disclosed items (including any goodwill impairment) and expenses from purchase price allocations. Separately disclosed items include adjustments for income and expense items that reflect amounts and frequencies of occurrence rendering an evaluation of the operating profitability of the segments and Group more difficult or causing distortions. These items include gains on disposal of financial investments, significant gains and losses from the sale of assets as well as significant restructuring and integration expenses and any goodwill impairments. Effects from purchase price allocations, ancillary acquisition costs and conditional purchase price payments are adjusted. Expenses from purchase price allocations relate to the amortisation of intangible assets from acquisitions made in previous years.
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| Earnings before income taxes | - 316.1 | - 300.0 | - 5.4 | - 353.2 | - 403.1 | +12.4 |
| plus: Net interest expenses (excluding expense / in | ||||||
| come from measurement of interest hedges) | 91.9 | 104.5 | - 12.1 | 176.1 | 207.3 | - 15.1 |
| plus: Expense/less income from measurement of in | ||||||
| terest hedges | 7.1 | 0.6 | n. a. | 2.7 | 1.1 | +145.5 |
| EBIT | - 217.1 | - 194.9 | - 11.4 | - 174.4 | - 194.7 | +10.4 |
| Adjustments: | ||||||
| plus: Separately disclosed items | 5.1 | 0.9 | 7.9 | 1.5 | ||
| plus: Expense from purchase price allocation | 5.2 | 5.3 | 10.5 | 10.5 | ||
| Underlying EBIT | - 206.8 | - 188.7 | - 9.6 | - 155.9 | - 182.7 | +14.7 |
The TUI Group's operating result adjusted for special items (underlying EBIT) improved by €26.8m to €-155.9m in H1 2025.
For further details on separately disclosed items see page 39 of this Interim Financial Report.
| € million | Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|---|
| EBITDA | 6.0 | 14.7 | - 59.5 | 281.2 | 222.7 | + 26.3 |
| Depreciation/amortisation less reversals of deprecia | ||||||
| tion* | - 223.1 | - 209.7 | - 6.4 | - 455.6 | - 417.4 | - 9.1 |
| EBIT | - 217.1 | - 194.9 | - 11.4 | - 174.4 | - 194.7 | + 10.4 |
| Income/Expense from the measurement of interest | ||||||
| hedges | 7.1 | 0.6 | n. a. | 2.7 | 1.1 | + 145.5 |
| Net interest expense (excluding expense/income from | ||||||
| measurement of interest hedges) | 91.9 | 104.5 | - 12.1 | 176.1 | 207.3 | - 15.1 |
| EBT | - 316.1 | - 300.0 | - 5.4 | - 353.2 | - 403.1 | + 12.4 |
* on property, plant and equipment, intangible assets, right of use assets and other assets
| Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|
| + 19.7 | |||||
| + 21.0 | |||||
| n. a. | |||||
| + 23.7 | |||||
| - 71.9 | |||||
| - 12.0 | |||||
| - 10.0 | |||||
| - 37.8 | |||||
| + 34.3 | |||||
| + 29.0 | |||||
| 148.1 107.8 - 4.7 251.1 - 104.8 - 73.1 - 47.0 - 224.8 - 15.2 11.0 |
161.7 92.8 - 8.8 245.6 - 90.4 - 62.8 - 37.0 - 190.2 - 39.8 15.6 |
- 8.4 + 16.2 + 46.5 + 2.2 - 16.0 - 16.4 - 26.9 - 18.2 + 61.7 - 29.4 |
356.6 180.9 0.3 537.8 - 116.1 - 40.7 - 54.0 - 210.7 - 38.0 289.1 |
297.9 149.5 - 12.5 434.9 - 67.5 - 36.4 - 49.1 - 152.9 - 57.8 224.2 |
| Q2 2025 | Q2 2024 | Var. % | H1 2025 | H1 2024 | Var. % |
|---|---|---|---|---|---|
| + 19.3 | |||||
| + 21.0 | |||||
| n. a. | |||||
| + 23.4 | |||||
| - 76.6 | |||||
| - 14.0 | |||||
| - 20.0 | |||||
| - 43.6 | |||||
| + 35.6 | |||||
| 6.0 | 14.7 | - 59.5 | 281.2 | 222.7 | + 26.3 |
| 148.1 107.8 - 4.7 251.1 - 106.1 - 73.3 - 48.2 - 227.5 - 17.6 |
161.7 92.8 - 8.8 245.6 - 91.3 - 62.9 - 37.0 - 191.2 - 39.7 |
- 8.4 + 16.2 + 46.5 + 2.2 - 16.2 - 16.5 - 30.2 - 19.0 + 55.6 |
356.6 180.9 0.3 537.8 - 118.1 - 42.7 - 55.5 - 216.2 - 40.4 |
299.0 149.5 - 12.5 436.0 - 66.9 - 37.5 - 46.3 - 150.5 - 62.8 |
| 31 Mar 2025 | 31 Mar 2024 | Var. % | |
|---|---|---|---|
| Hotels & Resorts | 22,729 | 22,014 | + 3.2 |
| Cruises* | 85 | 77 | + 10.4 |
| TUI Musement | 8,466 | 8,295 | + 2.1 |
| Holiday Experiences | 31,280 | 30,386 | + 2.9 |
| Northern Region | 10,891 | 10,833 | + 0.5 |
| Central Region | 7,474 | 7,337 | + 1.9 |
| Western Region | 5,466 | 5,089 | + 7.4 |
| Markets + Airline | 23,831 | 23,259 | + 2.5 |
| All other segments | 2,670 | 2,725 | - 2.0 |
| Total | 57,781 | 56,370 | + 2.5 |
* Excludes TUI Cruises (joint venture) employees. Cruises employees are primarily hired by external crew management agencies.
In H1 2025 and until 13 May 2024 the composition of the Boards of TUI AG changed as follows:
The District Court of Hanover has appointed Mr Rainald Thannisch as a new member of the Supervisory Board of TUI AG. He took office as an employee representative with effect from 6 January 2025. Rainald Thannisch succeeds Peter Bremme, who stepped down from the Supervisory Board after ten years as part of his retirement plans.
The term of office of the Supervisory Board members Dr Jutta A. Dönges, Prof. Dr Edgar Ernst and Janina Kugel ended at the close of the Annual General Meeting on 11 February 2025. Prof. Dr Ernst, who had also been the Chairman of the Audit Committee, was not available for re-election. This made a new election necessary. Based on corresponding proposals of the Nomination Committee and taking into account the Supervisory Board's aims published in the Declaration on Corporate Governance regarding its composition, the competence profile as well as the diversity concept, the Supervisory Board proposed that the following individuals were elected to the Supervisory Board as shareholder representatives: Dr Jutta A. Dönges, Janina Kugel and Pepijn Rijvers. All three candidates were elected individually by the Annual General Meeting on 11 February 2025. Dr Jutta A. Dönges was also elected by the Supervisory Board as Chairwoman of the Audit Committee. This appointment was in line with recommendation C.10 of the German Corporate Governance Code.
There were no changes in the TUI AG Executive Board in the period under review.
The current, complete composition of the Executive Board and Supervisory Board is published on our website, where it is permanently accessible to the public.
www.tuigroup.com/en-en/investors/corporate-governance
Successful management of existing and emerging risks is critical to the long-term success of our business and to the achievement of our strategic objectives. In order to seize market opportunities and leverage the potential for success, risk must be taken to a reasonable degree. Risk management is therefore an integral component of the Group's Corporate Governance.
Full details of our risk governance framework, principal risks and opportunities can be found in the Annual Report. The current discussion about customs tariffs between the United States and Europe may lead to higher maintenance cost provisions in the airline's balance sheet in FY 2025; the tour operator business is less affected. Overall, the main risks and opportunities described in detail in the Group Management Report 2024 have not changed significantly in H1 2025 and up to 13 May 2025.
For details of risks and opportunities, see our Annual Report 2024, from page 34 and page 52
Unaudited condensed consolidated Income Statement of TUI AG for the period from 1 Oct 2024 to 31 Mar 2025
| € million | Notes | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
|---|---|---|---|---|---|
| Revenue | (1) | 3,704.6 | 3,650.0 | 8,576.6 | 7,952.5 |
| Cost of sales | (2) | 3,747.5 | 3,651.3 | 8,358.5 | 7,757.7 |
| Gross profit / loss | - 42.9 | - 1.3 | 218.2 | 194.8 | |
| Administrative expenses | (2) | 267.8 | 283.2 | 531.4 | 528.6 |
| Other income | (3) | 4.9 | 1.2 | 6.1 | 8.5 |
| Other expenses | (4) | 3.1 | 1.8 | 6.7 | 10.1 |
| Impairment (+) / Reversal of impairment (-) of financial assets |
(17) | - 2.4 | - | 2.2 | - 7.2 |
| Financial income | (5) | 9.3 | 20.8 | 40.0 | 39.5 |
| Financial expense | (5) | 110.2 | 126.0 | 217.9 | 247.8 |
| Share of result of investments accounted for using the equity method |
(6) | 91.3 | 90.3 | 140.8 | 133.4 |
| Earnings before income taxes | - 316.1 | - 300.0 | - 353.2 | - 403.1 | |
| Income taxes (expense (+), income (-)) | (7) | - 53.4 | - 53.0 | - 60.0 | - 72.6 |
| Group loss | - 262.8 | - 247.0 | - 293.2 | - 330.5 | |
| Group loss attributable to shareholders of TUI AG | - 306.1 | - 294.2 | - 391.5 | - 416.8 | |
| Group profit attributable to non-controlling interest | (8) | 43.4 | 47.2 | 98.4 | 86.3 |
| € | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
|---|---|---|---|---|
| Basic and diluted loss / earnings per share | - 0.60 | - 0.58 | - 0.77 | - 0.82 |
| Unaudited condensed consolidated Statement of Comprehensive Income of TUI AG for the period from 1 Oct | |||
|---|---|---|---|
| 2024 to 31 Mar 2025 |
| € million | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
|---|---|---|---|---|
| Group loss | - 262.8 | - 247.0 | - 293.2 | - 330.5 |
| Remeasurements of defined benefit obligations and related fund assets |
18.5 | - 8.9 | - 5.7 | - 103.8 |
| Other comprehensive income of investments accounted for using the equity method that will not be reclassified |
- | 2.1 | 1.0 | 2.1 |
| Fair value profit / loss on investments in equity instruments desig nated as at FVTOCI |
2.4 | 0.1 | 2.3 | 0.1 |
| Income tax related to items that will not be reclassified (expense (- ), income (+)) |
- 6.0 | 1.4 | - 0.9 | 29.5 |
| Items that will not be reclassified to profit or loss | 14.9 | - 5.2 | - 3.3 | - 72.0 |
| Foreign exchange differences | - 64.7 | 9.1 | 27.4 | - 42.6 |
| Foreign exchange differences outside profit or loss | - 64.7 | 9.1 | 27.4 | - 42.7 |
| Reclassification | - | - | - | 0.1 |
| Cash flow hedge reserve (OCI I) | - 169.9 | 119.6 | 211.5 | - 224.3 |
| Changes in the fair value | - 240.8 | 129.6 | 161.6 | - 218.9 |
| Reclassification | 70.9 | - 10.0 | 49.9 | - 5.4 |
| Cost of hedging reserve (OCI II) | - 6.2 | - | - 15.8 | - |
| Changes in the fair value | - 7.4 | - | - 16.9 | - |
| Reclassification | 1.3 | - | 1.2 | - |
| Other comprehensive income of investments accounted for using the equity method that may be reclassified |
- 9.5 | 7.7 | 8.3 | - 5.6 |
| Changes in the measurement outside profit or loss | - 9.5 | 7.7 | 8.3 | - 5.6 |
| Income tax related to items that may be reclassified (expense (-), income (+)) |
39.3 | - 29.8 | - 42.9 | 51.1 |
| Items that may be reclassified to profit or loss | - 210.9 | 106.6 | 188.6 | - 221.4 |
| Other comprehensive income | - 196.0 | 101.3 | 185.3 | - 293.5 |
| Total comprehensive income | - 458.8 | - 145.7 | - 107.9 | - 624.0 |
| attributable to shareholders of TUI AG | - 483.7 | - 209.6 | - 208.6 | - 717.1 |
| attributable to non-controlling interest | 25.0 | 64.0 | 100.8 | 93.2 |
| Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2025 | |
|---|---|
| ---------------------------------------------------------------------------------------------- | -- |
| € million | Notes | 31 Mar 2025 | 30 Sep 2024 |
|---|---|---|---|
| Assets | |||
| Goodwill | 2,998.5 | 2,998.7 | |
| Other intangible assets | 595.5 | 589.6 | |
| Property, plant and equipment | (9) | 4,095.3 | 3,697.4 |
| Right-of-use assets | (10) | 2,592.9 | 2,538.7 |
| Investments in joint ventures and associates | 1,648.3 | 1,507.5 | |
| Trade and other receivables | (11), (17) | 135.8 | 131.7 |
| Derivative financial instruments | (17) | 21.4 | 16.7 |
| Other financial assets | (17) | 13.5 | 11.2 |
| Touristic payments on account | 198.7 | 168.8 | |
| Other non-financial assets | 90.4 | 81.2 | |
| Income tax assets | - | 17.2 | |
| Deferred tax assets | 435.6 | 389.2 | |
| Non-current assets | 12,825.8 | 12,148.0 | |
| Inventories | 68.8 | 66.4 | |
| Trade and other receivables | (11), (17) | 1,035.2 | 1,145.7 |
| Derivative financial instruments | (17) | 41.0 | 14.1 |
| Other financial assets | (17) | 53.3 | 53.4 |
| Touristic payments on account | 1,418.4 | 917.3 | |
| Other non-financial assets | 248.2 | 188.6 | |
| Income tax assets | 52.3 | 35.0 | |
| Cash and cash equivalents | (17) | 1,743.0 | 2,848.2 |
| Assets held for sale | (12) | 4.8 | - |
| Current assets | 4,664.8 | 5,268.8 | |
| Total assets | 17,490.6 | 17,416.7 |
| Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2025 | |
|---|---|
| ---------------------------------------------------------------------------------------------- | -- |
| € million | Notes | 31 Mar 2025 | 30 Sep 2024 |
|---|---|---|---|
| Equity and liabilities | |||
| Subscribed capital | 507.4 | 507.4 | |
| Capital reserves | 7,980.4 | 7,980.4 | |
| Revenue reserves | - 7,740.1 | - 7,531.5 | |
| Equity before non-controlling interest | 747.8 | 956.4 | |
| Non-controlling interest | 918.5 | 817.9 | |
| Equity | (16) | 1,666.3 | 1,774.3 |
| Pension provisions and similar obligations | (13) | 586.1 | 630.7 |
| Other provisions | 855.0 | 884.6 | |
| Non-current provisions | 1,441.1 | 1,515.3 | |
| Financial liabilities | (14), (17) | 1,632.4 | 1,543.6 |
| Lease liabilities | (15) | 2,098.0 | 2,057.4 |
| Derivative financial instruments | (17) | 34.1 | 44.1 |
| Other financial liabilities | (17) | 43.6 | 43.3 |
| Other non-financial liabilities | 283.9 | 297.5 | |
| Income tax liabilities | 9.3 | 8.5 | |
| Deferred tax liabilities | 69.9 | 103.2 | |
| Non-current liabilities | 4,171.2 | 4,097.7 | |
| Non-current provisions and liabilities | 5,612.3 | 5,613.0 | |
| Pension provisions and similar obligations | (13) | 31.3 | 33.7 |
| Other provisions | 525.3 | 445.7 | |
| Current provisions | 556.6 | 479.3 | |
| Financial liabilities | (14), (17) | 475.1 | 358.8 |
| Lease liabilities | (15) | 601.9 | 582.4 |
| Trade payables | (17) | 2,030.7 | 3,393.2 |
| Derivative financial instruments | (17) | 215.1 | 415.3 |
| Other financial liabilities | (17) | 141.5 | 125.1 |
| Touristic advance payments received | 5,614.7 | 4,017.1 | |
| Other non-financial liabilities | 504.3 | 557.6 | |
| Income tax liabilities | 72.3 | 100.5 | |
| Current liabilities | 9,655.5 | 9,550.0 | |
| Current provisions and liabilities | 10,212.1 | 10,029.3 | |
| Total equity, liabilities and provisions | 17,490.6 | 17,416.7 |
Unaudited condensed consolidated Statement of Changes in Equity of TUI AG for the period from 1 Oct 2024 to 31 Mar 2025
| Subscribed capital |
Capital reser ves |
Revenue re serves |
Equity before non-control ling interest |
Non-control ling interest |
Total | |
|---|---|---|---|---|---|---|
| € million | ||||||
| Balance as at 1 Oct 2023 | 507.4 | 9,090.1 | - 8,474.7 | 1,122.8 | 824.4 | 1,947.2 |
| Dividends | - | - | - | - | - 75.0 | - 75.0 |
| Group loss for the year | - | - | - 416.8 | - 416.8 | 86.3 | - 330.5 |
| Foreign exchange differences | - | - | - 49.4 | - 49.4 | 6.8 | - 42.6 |
| Cash flow hedges | - | - | - 224.3 | - 224.3 | - | - 224.3 |
| Remeasurements of defined benefit obligations and re lated fund assets |
- | - | - 103.8 | - 103.8 | - | - 103.8 |
| Other comprehensive income of investments accounted for using the equity method |
- | - | - 3.5 | - 3.5 | - | - 3.5 |
| Taxes attributable to other comprehensive income | - | - | 80.6 | 80.6 | - | 80.6 |
| Other comprehensive income | - | - | - 300.3 | - 300.3 | 6.8 | - 293.5 |
| Total comprehensive income | - | - | - 717.1 | - 717.1 | 93.2 | - 624.0 |
| Balance as at 31 Mar 2024 | 507.4 | 9,090.1 | - 9,191.8 | 405.7 | 842.5 | 1,248.2 |
| Balance as at 1 Oct 2024 Dividends |
507.4 - |
7,980.4 - |
- 7,531.5 - |
956.4 - |
817.9 - 0.1 |
1,774.3 - 0.1 |
| Group loss for the year | - | - | - 391.5 | - 391.5 | 98.4 | - 293.2 |
| Foreign exchange differences | - | - | 25.0 | 25.0 | 2.4 | 27.4 |
| Financial assets at FVTOCI | - | - | 2.3 | 2.3 | - | 2.3 |
| Cash flow hedges | - | - | 195.5 | 195.5 | - | 195.5 |
| Remeasurements of defined benefit obligations and re lated fund assets |
- | - | - 5.7 | - 5.7 | - | - 5.7 |
| Other comprehensive income of investments accounted for using the equity method |
- | - | 9.3 | 9.3 | - | 9.3 |
| Taxes attributable to other comprehensive income | - | - | - 43.8 | - 43.8 | - | - 43.8 |
| Other comprehensive income | - | - | 182.9 | 182.9 | 2.4 | 185.3 |
| Total comprehensive income | - | - | - 208.6 | - 208.6 | 100.8 | - 107.9 |
| Balance as at 31 Mar 2025 | 507.4 | 7,980.4 | - 7,740.1 | 747.8 | 918.6 | 1,666.3 |
| Group loss - 293.2 - 330.5 Depreciation, amortisation and impairment (+) / write-backs (-) 455.6 417.5 Other non-cash expenses (+) / income (-) - 147.9 - 133.9 Interest expenses 216.5 243.5 Dividends from joint ventures and associates 11.9 19.4 Profit (-) / loss (+) from disposals of non-current assets 0.9 2.9 Increase (-) / decrease (+) in inventories - 2.3 - 1.2 Increase (-) / decrease (+) in receivables and other assets - 548.7 - 169.9 Increase (+) / decrease (-) in provisions - 23.9 - 101.2 Increase (+) / decrease (-) in liabilities (excl. financial liabilities) 15.1 - 215.1 Cash inflow / cash outflow from operating activities (20) - 315.9 - 268.5 Payments received from disposals of property, plant and equipment and intangible assets 63.2 46.0 Payments received from disposals of consolidated companies (less disposals of cash and cash equivalents due to divestments) - 44.1 Payments received from disposals of other non-current assets 0.1 58.6 Payments made for investments in property, plant and equipment and intangible assets - 421.1 - 390.3 Payments received / made from investments in consolidated companies (less cash and cash equivalents received due to acquisitions) - 0.3 2.9 Payments made for investments in other non-current assets - 3.3 - 81.7 Cash inflow / cash outflow from investing activities (20) - 361.4 - 320.4 Dividends from subsidiaries to non-controlling interest - 0.1 - 76.0 Proceeds from the raising of financial liabilities 105.5 811.3 Transaction costs related to loans and borrowings - 12.3 - 8.3 Payments made for redemption of loans and financial liabilities - 66.9 - 36.9 Payments made for principal of lease liabilities - 302.8 - 319.3 Interest paid - 171.3 - 197.1 Cash inflow / cash outflow from financing activities (20) - 448.1 173.7 Net change in cash and cash equivalents - 1,125.4 - 415.2 Development of cash and cash equivalents (20) Cash and cash equivalents at beginning of period 2,848.2 2,060.5 Change in cash and cash equivalents due to exchange rate fluctuations 20.2 2.8 Net change in cash and cash equivalents - 1,125.4 - 415.2 Cash and cash equivalents at end of period 1,743.0 1,648.2 |
€ million | Notes | H1 2025 | H1 2024 |
|---|---|---|---|---|
The TUI Group and its major subsidiaries and shareholdings operate in tourism. TUI AG, based in Karl-Wiechert-Allee 23, 30625 Hanover, Germany, is the TUI Group's parent company and a listed corporation under German law. The Company is registered in the commercial registers of the district courts of Berlin-Charlottenburg (HRB 321) and Hanover (HRB 6580), Germany. The shares in TUI AG are traded on the Frankfurt am Main and Hanover Stock Exchanges. In this document, the term "TUI Group" represents the consolidated group of TUI AG and its direct and indirect investments. Additionally, the unaudited condensed consolidated interim financial statements of TUI AG are referred to as "Interim Financial Statements", the unaudited condensed consolidated income statement of TUI AG is referred to as "income statement", the unaudited condensed consolidated statement of financial position of TUI AG is referred to as "statement of financial position", the unaudited condensed consolidated statement of comprehensive income of TUI AG is referred to as "statement of comprehensive income" and the unaudited condensed consolidated statement of changes in equity of TUI AG is referred to as "statement of changes in equity".
The Interim Financial Statements cover the period from 1 October 2024 to 31 March 2025. The Interim Financial Statements are prepared in €. Unless stated otherwise, all amounts are stated in million euros (€m). TUI Group's results generally also reflect the significant seasonal swing in tourism between the winter and summer travel months.
The Interim Financial Statements were approved for publication by the Executive Board of TUI AG on 13 May 2025.
The consolidated interim financial report for the period ended 31 March 2025 comprise the Interim Financial Statements and the Interim Management Report in accordance with section 115 of the German Securities Trading Act (WpHG).
The Interim Financial Statements were prepared in conformity with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) and the relevant interpretations of the IFRS Interpretations Committee (IFRIC) for interim financial reporting applicable in the European Union.
In accordance with IAS 34, the Interim Financial Statements are published in a condensed form compared with the consolidated annual financial statements and should therefore be read in combination with TUI Group's consolidated financial statements for financial year 2024. The Interim Financial Statements were reviewed by the Group's auditor.
The preparation of the Interim Financial Statements requires management to make estimates and judgements that affect the reported values of assets, liabilities and contingent liabilities at the balance sheet date and the reported values of revenues and expenses during the reporting period.
The accounting and measurement methods adopted in the preparation of the Interim Financial Statements as at 31 March 2025 are materially consistent with those followed in preparing the annual consolidated financial statements for the financial year ended 30 September 2024, except for the initial application of new or amended standards, as outlined below.
The result from income taxes was recorded based on the best estimate of the weighted average tax rate.
Since the beginning of financial year 2025, TUI Group has initially applied the following standards, amended by the IASB and endorsed by the EU, on a mandatory basis:
Newly applied standards in financial year 2025
| Standard | Applicable from |
Amendments | Impact on financial statements |
|---|---|---|---|
| Amendments to IAS 1 Classification of Liabili ties as Current or Non Current |
1 Jan 2024 | The amendments to IAS 1 are intended to clarify the criteria used to classify a liability as current or non-current. In future, the classification of liabilities as current or non-current will be exclusively based on 'rights' that are in exist ence at the end of the reporting period. The amendments additionally include guidance on the interpretation of the criterion 'right to defer settlement by at least twelve months' and clarify what 'settlement' refers to. |
No material impacts. |
| Amendments to IAS 1 Non-Current Liabilities with Covenants |
1 Jan 2024 | The amendments to IAS 1 clarify that only covenants an entity must comply with on or before the reporting date should affect the classification of the corresponding liability as current or non-current. However, an entity is re quired to disclose information in the notes that enables users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. |
No material impacts. |
| Amendments to IAS 7 and IFRS 7 Supplier Finance Ar rangements |
1 Jan 2024 | The amendments intend to increase the transparency of supplier finance ar rangements and their effect on an entity's liabilities, cash flows and exposure to liquidity risk. The amendments complement existing disclosure require ments insofar that an entity shall provide additional qualitative and quantita tive information about finance arrangements with suppliers. |
No material impacts. |
| Amendments to IFRS 16 Lease Liability in a Sale and Leaseback |
1 Jan 2024 | The amendments clarify how a seller/lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be ac counted for as a sale. |
No material impacts. |
The Interim Financial Statements include all material subsidiaries over which TUI AG has control. Control requires TUI AG to have decision-making power over the relevant activities, be exposed to variable returns or have entitlements regarding the returns, and can affect the level of those variable returns through its decision-making power.
The Interim Financial Statements as of 31 March 2025 comprised a total of 248 subsidiaries of TUI AG.
Development of the group of consolidated companies* and the Group companies measured at equity
| Consolidated subsidiaries |
Associates | Joint ventures | |
|---|---|---|---|
| Number at 30 Sep 2024 | 252 | 17 | 25 |
| Additions | 1 | - | - |
| Incorporation | 1 | - | - |
| Disposals | 5 | 1 | - |
| Liquidation | 3 | - | - |
| Sale | - | 1 | - |
| Merger | 2 | - | - |
| Number at 31 Mar 2025 | 248 | 16 | 25 |
* excl. TUI AG
In the first six months of financial year 2025, no acquisitions were made.
No companies were acquired after the balance sheet date.
One company was divested in the first six months of financial year 2025.
By contract dated 9 January 2025, the shares in the equity-accounted associate InteRes Gesellschaft für Informationstechnologie mbH, Darmstadt, were sold. The purchase price was €0.2m. The sale resulted in the derecognition of part of the goodwill allocated to the cash-generating unit 'Central Region' amounting to €0.2m. The preliminary loss on disposal from this transaction is €0.2m and is recognized in Other Expenses.
No companies were divested after the balance sheet date.
In the first six months of financial year 2025, TUI Group's revenue increased slightly compared to H1 2024, due to a year-on-year increase in pax numbers and higher average prices, in particular in Markets + Airline. TUI Group's results generally also reflect the significant seasonal swing in tourism between the winter and summer travel months.
In the first six months of the financial year 2025, consolidated revenue increased by €0.6bn year-on-year to €8.6bn.
External revenue allocated by destinations for the period from 1 Oct 2024 to 31 Mar 2025
| € million | Spain (incl. Canary Is lands) |
Other Euro pean desti nations |
Caribbean, Mexico, USA & Canada |
North Africa & Türkiye |
Rest of Af rica, Ind. Ocean, Asia |
Other countries |
H1 2025 Revenues from con tracts with customers |
Other | H1 2025 Total |
|---|---|---|---|---|---|---|---|---|---|
| Hotels & Resorts | 206.2 | 30.9 | 150.0 | 29.4 | 128.9 | - | 545.4 | - | 545.4 |
| Cruises | 144.0 | 32.0 | 199.0 | 14.1 | - | - | 389.1 | - | 389.1 |
| TUI Musement | 53.5 | 102.1 | 80.3 | 18.4 | 106.1 | 38.7 | 399.1 | - | 399.1 |
| Holiday experiences | 403.7 | 165.0 | 429.3 | 61.9 | 235.0 | 38.7 | 1,333.6 | - | 1,333.6 |
| Northern Region | 915.1 | 545.5 | 580.8 | 363.2 | 565.4 | 13.5 | 2,983.5 | 6.6 | 2,990.0 |
| Central Region | 904.0 | 479.7 | 217.3 | 789.3 | 702.3 | 4.0 | 3,096.6 | 0.3 | 3,097.0 |
| Western Region | 358.2 | 141.9 | 250.3 | 178.0 | 208.2 | 13.9 | 1,150.5 | 0.5 | 1,151.0 |
| Markets + Airline | 2,177.3 | 1,167.1 | 1,048.4 | 1,330.5 | 1,475.9 | 31.4 | 7,230.6 | 7.4 | 7,238.0 |
| All other segments | 0.4 | 4.6 | - | - | - | - | 5.0 | - | 5.0 |
| Total | 2,581.4 | 1,336.7 | 1,477.7 | 1,392.4 | 1,710.9 | 70.1 | 8,569.2 | 7.4 | 8,576.6 |
| € million | Spain (incl. Canary Is lands) |
Other Euro pean desti nations |
Caribbean, Mexico, USA & Canada |
North Africa & Türkiye |
Rest of Af rica, Ind. Ocean, Asia |
Other countries |
H1 2024 Revenues from con tracts with customers |
Other | H1 2024 Total |
|---|---|---|---|---|---|---|---|---|---|
| Hotels & Resorts | 183.4 | 31.4 | 154.3 | 21.4 | 108.5 | - | 499.0 | - | 499.0 |
| Cruises | 95.1 | 21.6 | 211.5 | - | 55.5 | - | 383.7 | - | 383.8 |
| TUI Musement | 42.3 | 90.0 | 67.1 | 19.5 | 90.1 | 35.4 | 344.4 | - | 344.4 |
| Holiday experiences | 320.8 | 143.0 | 432.9 | 40.9 | 254.1 | 35.4 | 1,227.1 | - | 1,227.2 |
| Northern Region | 885.7 | 506.2 | 591.9 | 289.8 | 496.7 | 14.0 | 2,784.3 | 5.7 | 2,790.0 |
| Central Region | 853.5 | 456.4 | 207.5 | 630.1 | 640.2 | 3.8 | 2,791.5 | - | 2,791.5 |
| Western Region | 364.3 | 120.2 | 277.5 | 165.3 | 199.3 | 13.5 | 1,140.1 | - | 1,140.0 |
| Markets + Airline | 2,103.5 | 1,082.8 | 1,076.9 | 1,085.2 | 1,336.2 | 31.3 | 6,715.9 | 5.7 | 6,721.6 |
| All other segments | 0.4 | 3.3 | - | - | - | - | 3.7 | - | 3.7 |
| Total | 2,424.7 | 1,229.1 | 1,509.8 | 1,126.1 | 1,590.3 | 66.7 | 7,946.7 | 5.7 | 7,952.5 |
Cost of sales relates to the expenses we incur in the provision of tourism services. In addition to expenses for personnel, depreciation and amortisation, and rental and leasing expenses directly related to revenue-generating activities, it includes all costs we incur in connection with the procurement and delivery of airline services, hotel accommodation, cruises and distribution costs.
Due to the increased business volume, the cost of sales increased by 7.7% to €8.4bn in H1 2025.
Administrative expenses comprise all expenses incurred in connection with the performance of administrative functions and break down as follows:
| € million | H1 2025 | H1 2024 |
|---|---|---|
| Staff costs | 356.2 | 337.0 |
| Rental and leasing expenses | 6.7 | 6.3 |
| Depreciation, amortisation and impairment | 35.1 | 32.3 |
| Others | 133.4 | 153.0 |
| Total | 531.4 | 528.6 |
The cost of sales and administrative expenses include the following expenses for staff and depreciation/amortisation:
| € million | H1 2025 | H1 2024 |
|---|---|---|
| Wages and salaries | 1,090.5 | 1,010.2 |
| Social security contributions, pension costs and benefits | 237.0 | 212.8 |
| Total | 1,327.5 | 1,223.0 |
| € million | H1 2025 | H1 2024 |
|---|---|---|
| Depreciation and amortisation of other intangible assets, property, plant and equipment and | ||
| right-of-use assets | 446.8 | 417.4 |
| Impairment of other intangible assets, property, plant and equipment and right-of-use assets | 10.4 | 0.3 |
| Total | 457.2 | 417.7 |
The impairments of €10.4m were presented within cost of sales (H1 2024 €0.3m). For further information on the impairments, please refer to Note 9, 'Property, plant and equipment'.
As in the previous year, other income in the first six months of the 2025 financial year mainly includes gains from the sale of aircraft assets.
As in the previous year, other expenses in the period under review mainly relate to losses from the disposal of aircraft assets.
The improvement in the net financial result from €-208.3m in the first six months of the previous year to €-177.9m in the current financial year results mainly from lower interest expenses due to lower utilization of the revolving credit facility.
| € million | H1 2025 | H1 2024 |
|---|---|---|
| Hotels & Resorts | 45.4 | 52.3 |
| Cruises | 92.6 | 72.3 |
| TUI Musement | 7.6 | 5.9 |
| Holiday Experiences | 145.6 | 130.5 |
| Northern Region | - 6.6 | 1.2 |
| Central Region | 1.0 | 1.5 |
| Western Region | 0.6 | - |
| Markets + Airline | - 5.0 | 2.7 |
| All other segments | 0.2 | 0.2 |
| Total | 140.8 | 133.4 |
The tax income arising in the first half year of 2025 is mainly driven by the seasonality of the tourism business.
The majority of TUI Group's results attributable to non-controlling interests relates to a gain generated by RIUSA II Group amounting to €95.6m (H1 2024 €84.2m profit).
Compared to 30 September 2024, property, plant and equipment increased by €397.9m to €4,095.3m. Additions of €518.5m included acquisitions of €207.1m in the Hotels & Resorts segment. The refurbishment of one hotel in Jamaica and the construction of one new hotel in Zanzibar, one hotel in Mexico and one hotel in Thailand led to additions in the Riu Group totalling €192.4m. In addition, advance payments of €200.4m were recorded for the future delivery of aircraft. Further additions of €48.4m related to the purchase of aircraft engines and spare parts. Additions to assets under construction of €41.5m related to carrying out maintenance work on cruise ships. Reclassifications from right-of-use assets led to an increase in property, plant and equipment of €58.2, of which €56.9m were mainly due to the reclassification of aircrafts resulting from the exercise of existing purchase options.
On the other hand, depreciation and amortisation of €148.1m led to a decrease in property, plant and equipment. Disposals of €47.3m led to a further reduction of property, plant and equipment and are mainly caused by the disposal of advance payments for future delivery of aircraft (€39.2m). Due to sale and leaseback transactions, the disposal of these advance payments led to the addition of right-of-use assets. The review of the carrying amounts resulted in impairments of €10.0m for property, plant and equipment. The impairments were primarily due to renovation measures, which led to an impairment of the existing residual carrying amounts of hotels, including land in the Hotels & Resorts segment for hotels of the RIU brand.
Compared to 30 September 2024 right-of-use assets increased by €54.2m to €2,592.9m.
Modifications and reassessments of existing lease contracts increased the right-of-use assets by €204.6m. These modifications and reassessments resulted primarily from contract extensions related to leased aircraft (€157.4m), hotel leases (€23.3m), and leased travel agencies (€16.5m).
Additions increased the right-of-use assets by €104.9m. This increase is mainly attributable to the leasing of three aircraft (€79.0m) that were acquired as part of a sale and leaseback transaction. Further additions included with €9.1m new lease contracts for travel agencies and with €6.8m newly leased vehicles. Foreign exchange translation increased the right-of-use assets by €24.9m.
Conversely, depreciation charged of €229.1m reduced the right-of-use assets. Reclassifications into property, plant and equipment led to a further reduction of right-of-use assets by €56.9m. In this context, we refer to Note 9, 'Property, plant and equipment'.
The corresponding liabilities are explained in the section 'Lease Liabilities'.
The slight decrease in current trade and other receivables mainly results from reduced security deposits issued to secure advance payment from customers due to seasonal effects.
As at 31 March 2025, assets in the amount of €4.8m were classified as held for sale. The classification includes the shares in the following three companies of the ARP Group: Ranger Safaris Ltd, Arusha, ARP Africa Travel Ltd, Harrow, and Pollman's tours and Safaris Ltd, Nairobi.
There were no reclassifications to assets held for sale during the period under review.
| € million | 31 Mar 2025 | 30 Sep 2024 |
|---|---|---|
| Investments accounted for using the equity method | 4.8 | - |
| Total | 4.8 | - |
As at 31 March 2025, there were no liabilities in relation to assets held for sale.
The pension provisions for unfunded plans and underfunded plans decreased by €47.0m from €664.4m to €617.4m compared to the end of the previous financial year. This was mainly due to higher discount rates in the eurozone.
In order to limit the risk from the obligation, the trustees of the UK tour operators' pension plans acquired insurance policies in December 2024 that guarantee full reimbursement of the payments to be made for further parts of the existing obligations by insurers. This resulted in an actuarial loss of € 13.2 million. The surplus cover for funded pension plans reported under other non-financial assets amounted to €71.8m as at 31 March 2025 (30 September 2024: €75.4m).
On January 17, 2025, TUI AG fully terminated the remaining undrawn portion of €214m of the KfW portion of the Revolving Credit facility, so that the restrictions, for example, regarding a dividend payment by TUI AG, no longer apply.
In March 2025, TUI also fully terminated the remaining part of the credit facility and entered into a new revolving credit facility (RCF). The new revolving credit facility has a volume of €1.89 billion, including a guarantee credit line of €190m. The RCF has a term of five years, maturing in March 2030. The interest terms and conditions under that revolving credit facility will be linked to achieving the Group's emission reduction targets confirmed by the Science Based Targets initiative. The RCF is subject to compliance with certain financial covenants, which are reviewed based on the last four reported quarters at the end of the financial year and at the end of the half year of a financial year.
At 31 March 2025, the new revolving credit lines were not drawn.
In November 2024, TUI concluded an agreement with The Boeing Company and BOC Aviation (Cayman) Ltd on the financing of pre-delivery payments for up to 14 aircraft orders. The corresponding liabilities are shown under financial liabilities and lead to an increase in both long-term and short-term financial liabilities.
Non-current financial liabilities increased by €88.8m to €1,632.4m compared to 30 September 2024.
Current financial liabilities increased by €116.3m to €475.1m compared to 30 September 2024.
Compared to 30 September 2024, the lease liabilities increased by €60.1m to €2,699.9m.
Changes and remeasurements of existing leases resulted in an increase of €209.3m. This increase includes €161.3m from extensions of aircraft lease contracts, €23.1m from extensions of hotel lease contracts and €16.5m from extensions of travel agency lease contracts.
Furthermore, the increase is attributable to additions from new lease contracts of €109.6m which primarily relate to €79.6m for the addition of three aircraft, €9.1m for leased travel agencies and €6.8m for vehicle leases. Interest increased lease liabilities by €82.8m. Additionally, €39.6m of the increase resulted from foreign exchange translation.
Conversely, lease liabilities decreased due to repayments of lease liabilities amounting to €381.6m.
Overall, equity decreased by €108.0m when compared to 30 September 2024, from €1,774.3m to €1,666.3m.
The Group loss in the first six months of the financial year 2025 is mainly caused by the seasonality of the tourism business.
The proportion of gains and losses from hedging instruments for effective hedging of future cash flows includes an amount of €211.5m (pre-tax) carried under other comprehensive income in equity outside profit and loss (Cash flow hedge reserve – OCI I) (previous year €-224.3m).
For foreign exchange forward contracts concluded from 1 April 2024 onwards, and accounted for as cash flow hedges using the cost of hedging approach, the change in value attributable to the forward component amounting to €-15.8m (pre-tax) is reported in the Cost of hedging reserve (OCI II) (previous year €0.0m).
The revaluation of pension obligations is also recognised under other comprehensive income directly in equity without effect on profit and loss.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 31 Mar 2025
| Category according to IFRS 9 | ||||||
|---|---|---|---|---|---|---|
| € million | Carrying amount |
At amortised cost |
Fair value with no effect on profit and loss without recycling |
Fair value with no effect on profit and loss with re cycling |
Fair value through profit and loss |
Fair value of financial in struments |
| Assets | ||||||
| Trade receivables and other receivables | ||||||
| thereof instruments within the scope of IFRS 9 | 1,171.0 | 1,147.9 | - | - | 23.1 | 1,164.4 |
| thereof instruments within the scope of IFRS 16 | - | - | - | - | - | - |
| Derivative financial instruments | ||||||
| Hedging transactions | 42.6 | - | - | 42.6 | - | 42.6 |
| Other derivative financial instruments* | 19.8 | - | - | - | 19.8 | 19.8 |
| Other financial assets | 66.8 | 53.3 | 12.6 | - | 0.9 | 66.9 |
| Cash and cash equivalents | 1,743.0 | 1,582.5 | - | - | 160.5 | 1,743.0 |
| Liabilities | ||||||
| Financial liabilities | 2,107.5 | 2,107.5 | - | - | - | 2,154.7 |
| Trade payables | 2,030.7 | 2,030.7 | - | - | - | 2,030.7 |
| Derivative financial instruments | ||||||
| Hedging transactions | 216.3 | - | - | 216.3 | - | 216.3 |
| Other derivative financial instruments | 32.9 | - | - | - | 32.9 | 32.9 |
| Other financial liabilities | 185.1 | 185.1 | - | - | - | 185.1 |
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2024
| Category according to IFRS 9 | ||||||
|---|---|---|---|---|---|---|
| € million | Carrying amount |
At amortised cost |
Fair value with no effect on profit and loss without recycling |
Fair value with no effect on profit and loss with re cycling |
Fair value through profit and loss |
Fair value of financial in struments |
| Assets | ||||||
| Trade receivables and other receivables | ||||||
| thereof instruments within the scope of IFRS 9 | 1,276.6 | 1,276.6 | - | - | - | 1,261.1 |
| thereof instruments within the scope of IFRS 16 | 0.8 | - | - | - | - | 0.9 |
| Derivative financial instruments | ||||||
| Hedging transactions | 9.7 | - | - | 9.7 | - | 9.7 |
| Other derivative financial instruments* | 21.1 | - | - | - | 21.1 | 21.1 |
| Other financial assets | 64.6 | 53.4 | 10.3 | - | 0.9 | 61.8 |
| Cash and cash equivalents | 2,848.2 | 1,894.7 | - | - | 953.5 | 2,848.2 |
| Liabilities | ||||||
| Financial liabilities | 1,902.4 | 1,902.4 | - | - | - | 1,914.6 |
| Trade payables | 3,393.2 | 3,393.2 | - | - | - | 3,393.2 |
| Derivative financial instruments | ||||||
| Hedging transactions | 383.4 | - | - | 383.4 | - | 383.4 |
| Other derivative financial instruments | 76.0 | - | - | - | 76.0 | 76.0 |
| Other financial liabilities | 168.4 | 168.4 | - | - | - | 169.7 |
* Including embedded derivatives
The amounts shown in the column 'carrying amount' (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the section 'Assets held for sale' and 'Liabilities related to assets held for sale´.
The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short-term fluctuations in the fair value in the income statement would not be in line with TUI Group's strategy; these equity instruments were therefore designated as at fair value through OCI.
The fair values of non-current financial instruments at amortized costs correspond to the present values of the cash flows associated with the assets or liabilities, taking account of current interest parameters which reflect market and counterparty-related changes in terms and expectations. In the case of current financial instruments at amortized costs the carrying amount approximates the fair value due to the short remaining term.
For fuel price hedges as well as for foreign currency hedges the ineffective portions are determined by the Dollar-Offset Method. The designation of the fuel price hedges as well as foreign currency hedges is evaluated on a seasonal basis. This approach reflects the business model with both a summer and winter season within a financial year, and adheres to the hedging approach of TUI's risk management strategy.
| € million | Carrying amount of financial instruments Total |
Fair Value |
|---|---|---|
| Financial assets | ||
| at amortised cost | 2,783.7 | 2,777.2 |
| at fair value – recognised directly in equity without recycling | 12.6 | 12.6 |
| at fair value – through profit and loss | 204.3 | 204.3 |
| Financial liabilities | ||
| at amortised cost | 4,323.3 | 4,370.5 |
| at fair value – through profit and loss | 32.9 | 32.9 |
| € million | Carrying amount of financial instruments Total |
Fair Value |
|---|---|---|
| Financial assets | ||
| at amortised cost | 3,224.7 | 3,211.5 |
| at fair value – recognised directly in equity without recycling | 10.3 | 10.3 |
| at fair value – through profit and loss | 975.5 | 975.5 |
| Financial liabilities | ||
| at amortised cost | 5,464.0 | 5,477.5 |
| at fair value – through profit and loss | 76.0 | 76.0 |
The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs:
| Fair value hierarchy | ||||
|---|---|---|---|---|
| € million | Total | Level 1 | Level 2 | Level 3 |
| Assets | ||||
| Other receivables | 23.1 | - | - | 23.1 |
| Other financial assets | 13.5 | - | - | 13.5 |
| Derivative financial instruments | ||||
| Hedging transactions | 42.6 | - | 42.6 | - |
| Other derivative financial instruments | 19.8 | - | 19.8 | - |
| Cash and cash equivalents | 160.5 | 160.5 | - | - |
| Liabilities | ||||
| Derivative financial instruments | ||||
| Hedging transactions | 216.3 | - | 216.3 | - |
| Other derivative financial instruments | 32.9 | - | 32.9 | - |
| Fair value hierarchy | |||||
|---|---|---|---|---|---|
| € million | Total | Level 1 | Level 2 | Level 3 | |
| Assets | |||||
| Other receivables | - | - | - | - | |
| Other financial assets | 11.2 | - | - | 11.2 | |
| Derivative financial instruments | |||||
| Hedging transactions | 9.7 | - | 9.7 | - | |
| Other derivative financial instruments | 21.1 | - | 21.1 | - | |
| Cash and cash equivalents | 953.5 | 953.5 | - | - | |
| Liabilities | |||||
| Derivative financial instruments | |||||
| Hedging transactions | 383.4 | - | 383.4 | - | |
| Other derivative financial instruments | 76.0 | - | 76.0 | - |
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2.
Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer.
The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm's length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. Level 1 financial instruments only include shares in money market funds measured at fair value.
The fair values of financial instruments not traded in an active market, e.g., over-the-counter derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use of observable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2.
If one or several key inputs are not based on observable market data, the instrument is classified as Level 3.
The following specific valuation techniques are used to measure financial instruments:
The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3:
Financial assets measured at fair value in Level 3
| Other receivables | Other financial assets | |
|---|---|---|
| € million | IFRS9 | IFRS 9 |
| Balance as at 1 Oct 2023 | 38.9 | 10.8 |
| Disposals | - 39.1 | - |
| payment | - 39.1 | - |
| Total gains or losses for the period | 0.2 | 0.9 |
| recognised through profit and loss | 0.2 | - |
| recognised in other comprehensive income | - | 0.9 |
| Foreign currency effects | - | - 0.5 |
| Balance as at 30 Sep 2024 | - | 11.2 |
| Balance as at 1 Oct 2024 | - | 11.2 |
| Additions | 23.1 | - |
| from contract change | 23.1 | - |
| Total gains or losses for the period | - | 2.3 |
| recognised through profit and loss | - | - |
| recognised in other comprehensive income | - | 2.3 |
| Balance as at 31 Mar 2025 | 23.1 | 13.5 |
The fair value of financial instruments in level 3 has been determined by TUI Group's financial department using the discounted cash flow method. This involves the market data and parameters required for measurement being compiled or validated. Non-observable input parameters are reviewed based on internally available information and updated if necessary.
In principle, the unobservable input parameters for other financial assets relate to the following parameters: the (estimated) EBITDA margin is in a range between -5.9 % and 34.8 %. The constant growth rate is 1 %. The weighted average cost of capital (WACC) is 9.33 %. Due to materiality, no detailed figures have been provided. With the exception of the WACC, there is a positive correlation between the input factors and the fair value.
Financial instruments classified as Other financial assets include shares in corporations. The total fair value of these financial investments is €12.6m (30 September 2024: €10.3m). None of these strategic financial investments were sold during the reporting period. These financial investments resulted in dividend payments totalling €0.7m in the reporting period (30 September 2024: €0.1m).
The fair value of the other financial receivables, which are to be settled by the debtor in equity instruments according to an agreement entered into at the end of March 2025, was determined by means of a DCF calculation carried out by an independent, external appraiser prior to the negotiations.
The effects of remeasuring financial assets carried at fair value through OCI as well as the effective portions of changes in fair values of derivatives designated as cash flow hedges are listed in the statement of changes in equity.
As at 31 March 2025, contingent liabilities amounted to €63.7m (as at 30 September 2024 €61.4m). They are mainly attributable to the granting of guarantees for the benefit of hotel activities and the granting of guarantees for contingent liabilities from aircraft leasing agreements. The contingent liabilities are reported at an amount representing the best estimate of the expenditure required to meet the potential obligation at the balance sheet date.
Nominal values of other financial commitments
| € million | 31 Mar 2025 | 30 Sep 2024 |
|---|---|---|
| Order commitments in respect of capital expenditure | 2,066.1 | 2,434.8 |
| Other financial commitments | 174.3 | 176.9 |
| Total | 2,240.4 | 2,611.7 |
As at 31 March 2025 order commitments in respect of capital expenditure decreased by €368.7m as against 30 September 2024.
The decrease in order commitments is primarily attributed to a reduction in aircraft obligations. The significant decline is largely explained by pre delivery payments and by delivery of aircraft, while the overall reduction is partially offset by the impact of foreign exchange fluctuations on order commitments denominated in non-functional currencies.
The cash flow statement shows the flow of cash and cash equivalents on the basis of a separate presentation of cash inflows and outflows from operating, investing and financing activities. The effects of changes in the group of consolidated companies and of foreign currency translation are eliminated.
In the period under review, cash and cash equivalents decreased by €1,105.2m to €1,743.0m.
In H1 2025, the cash outflow from operating activities totalled €315.9m (H1 2024 cash outflow of €268.5m). This amount includes cash inflows of €43.1m (H1 2024 €31.3m) from interest payments, €11.9m (H1 2024 €19.4m) from dividend payments received from companies accounted at equity, and €0.8m dividends from investments (H1 2024 €0.0m). Income tax payments resulted in a cash outflow of €90.6m (H1 2024 €83.9m).
The total cash outflow from investing activities totalled €361.4m (H1 2024 cash outflow of €320.4m). This amount includes a cash outflow for capital expenditure on property, plant and equipment and intangibles of €421.1m. The Group recorded a cash inflow of €63.2m from the disposal of property, plant and equipment and intangible assets. The TUI Group contributed €3.3m to the capital increase of the TUI Global Hospitality Fund.
The cash outflow from financing activities totalled €448.1m (H1 2024 cash inflow of €173.7m). Transactions costs of €12.1m were spent on extending the syndicated credit facility of TUI AG, which was not utilized as of the reporting date. Other companies within the TUI Group raised loans amounting to €105.5m, with €0.3m spent on transaction costs. €369.7m was used for the repayment of financial liabilities, including €302.8m for lease liabilities. €171.3m was used for interest payments.
In addition, cash and cash equivalents increased by €20.2m (H1 2024 €2.8m) due to changes in exchange rates.
As at 31 March 2025 cash and cash equivalents worth €686.6m were subject to restrictions (as at 30 September 2024 €690.5m).
In September 2024, TUI AG and TUI UK Ltd. agreed with the Pension Trustees on amendments to the agreement to close the long-term gap between the obligations and the fund assets of defined benefit pension plans in the UK. At the balance sheet date, an amount of €77.6m was deposited as security within a bank account (as at 30 September 2024 €78.1m). TUI Group can only use this amount of cash and cash equivalents if it provides alternative collateral.
Furthermore, an amount of €116.3m (as at 30 September 2024 €117.0m) related to cash collateral received, which was deposited with a Belgian subsidiary without acknowledgement of debt by the Belgian tax authorities in financial year 2013 in respect of long-standing litigation over VAT refunds for the period from 2001 to 2011. The purpose was to suspend the accrual of interest for both parties. In order to collateralise a potential repayment, the Belgian government was granted a bank guarantee. Due to the bank guarantee, TUI's ability to dispose of the cash and cash equivalents is restricted.
The remaining €492.7m (as at 30 September 2024 €495.4m) relate to cash and cash equivalents to be deposited due to statutory or regulatory requirements, mainly in order to secure customer deposits and credit card payables.
Revenue by segment for the period from 1 Oct 2024 to 31 Mar 2025
| € million | External | Group | H1 2025 Total |
|---|---|---|---|
| Hotels & Resorts | 545.4 | 395.0 | 940.4 |
| Cruises | 389.1 | - | 389.1 |
| TUI Musement | 399.1 | 148.8 | 547.9 |
| Consolidation | - | - 0.7 | - 0.7 |
| Holiday Experiences | 1,333.6 | 543.1 | 1,876.7 |
| Northern Region | 2,990.0 | 160.7 | 3,150.7 |
| Central Region | 3,097.0 | 39.8 | 3,136.8 |
| Western Region | 1,151.0 | 60.9 | 1,211.9 |
| Consolidation | - | - 248.0 | - 248.0 |
| Markets + Airline | 7,238.0 | 13.4 | 7,251.4 |
| All other segments | 5.0 | 3.1 | 8.1 |
| Consolidation | - | - 559.6 | - 559.6 |
| Total | 8,576.6 | - | 8,576.6 |
Revenue by segment for the period from 1 Oct 2023 to 31 Mar 2024
| External 499.0 383.8 344.4 |
Group 366.1 - |
H1 2024 Total 865.1 |
|---|---|---|
| 383.8 | ||
| 132.0 | 476.4 | |
| - 0.6 | ||
| 1,724.7 | ||
| 2,945.7 | ||
| 2,830.1 | ||
| 1,200.5 | ||
| - 243.7 | ||
| 6,732.6 | ||
| 6.5 | ||
| - 511.3 | ||
| 7,952.5 | - | 7,952.5 |
| - 1,227.2 2,790.0 2,791.5 1,140.0 - 6,721.6 3.7 - |
- 0.6 497.5 155.7 38.6 60.5 - 243.7 11.0 2.8 - 511.3 |
The segment data shown are based on regular internal reporting to the Executive Board. Since the 2020 fiscal year, the internationally more commonly used earnings measure "underlying EBIT" is used for value-based management. Accordingly, this represents the segment performance indicator within the meaning of IFRS 8.
We define the EBIT in underlying EBIT as earnings before interest, income taxes and result from the measurement of the Group's interest rate hedging instruments. Impairment losses on goodwill are by definition included in EBIT.
In calculating Underlying EBIT from EBIT, we adjust for separately disclosed items (including any goodwill impairment) and expenses from purchase price allocations. Separately disclosed items include adjustments for income and expense items that reflect amounts and frequencies of occurrence rendering an evaluation of the operating profitability of the segments and Group more difficult or causing distortions. These items include gains on disposal of financial investments, significant gains and losses from the sale of assets as well as significant restructuring and integration expenses and any goodwill impairments. Effects from purchase price allocations, ancillary acquisition costs and conditional purchase price payments are adjusted. Expenses from purchase price allocations relate to the amortisation of intangible assets from acquisitions made in previous years.
In H1 2025, underlying EBIT includes results of investments accounted for using the equity method of €140.8m (H1 2024 €133.4m). For a split up by segments, please refer to Note 6 'Share of result of investments accounted for using the equity method'.
| € million | H1 2025 | H1 2024 |
|---|---|---|
| Hotels & Resorts | 253.0 | 208.1 |
| Cruises | 129.9 | 104.5 |
| TUI Musement | - 14.4 | - 27.1 |
| Holiday Experiences | 368.5 | 285.5 |
| Northern Region | - 270.6 | - 215.3 |
| Central Region | - 90.8 | - 87.8 |
| Western Region | - 128.6 | - 118.4 |
| Markets + Airline | - 490.1 | - 421.5 |
| All other segments | - 34.4 | - 46.7 |
| Total | - 155.9 | - 182.7 |
| € million | H1 2025 | H1 2024 |
|---|---|---|
| Hotels & Resorts | 10.1 | - |
| Holiday Experiences | 10.1 | - |
| Northern Region | 0.3 | 0.3 |
| Markets + Airline | 0.3 | 0.3 |
| Total | 10.4 | 0.3 |
| € million | H1 2025 | H1 2024 |
|---|---|---|
| Earnings before income taxes | - 353.2 | - 403.1 |
| plus: Net interest expenses (excluding expense / income from measurement of interest | ||
| hedges) | 176.1 | 207.3 |
| plus: Expense / less income from measurement of interest hedges | 2.7 | 1.1 |
| EBIT | - 174.4 | - 194.7 |
| Adjustments: | ||
| plus / less: Separately disclosed items | 7.9 | 1.5 |
| plus: Expense from purchase price allocation | 10.5 | 10.5 |
| Underlying EBIT | - 155.9 | - 182.7 |
Net expenses for separately disclosed items of €7.9m in H1 2025 include restructuring expenses of €2m in All Other Segments, €2m in the Northern Region, €2m in the Central Region and €2m in the Western Region and -€0.2m from the disposal of an IT company in the Central Region. These are partially offset by €0.3m in income from the Sunwing earn-out from the sale of the tour operator business by the equity method accounted company Sunwing Travel Group Inc., Ontario, in the North region in the 2023 financial year.
Net expenses for separately disclosed items of €1.5m in H1 2024 included restructuring expenses of €5m in All Other Segments, €1m in Northern Region and €0.3m in Central Region, partially offset by €1m disposal gains in Holiday Experiences, €3m release of restructuring provisions no longer needed in Western Region as well as income of €2m Sunwing earn-out from the sale of the tour operator business by the equity method accounted company Sunwing Travel Group Inc., Ontario, in Northern Region in the previous fiscal year and €1m disposal losses in Markets & Airline.
Expenses for purchase price allocations of €10.5m (previous year €10.5m) relate in particular to the scheduled amortisation of intangible assets from acquisitions made in previous years.
Apart from the subsidiaries included in the Interim Financial Statements, TUI AG, in carrying out its business activities, maintains direct and indirect relationships with related parties. All transactions with related parties were executed on an arm's length basis.
Detailed information on related parties is provided under section 48 in the Notes to the consolidated financial statements 2024.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting and in the accordance with (German) principles of proper accounting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Hanover, 13 May 2025 The Executive Board Sebastian Ebel Mathias Kiep Peter Krueger Sybille Reiss David Schelp
We have reviewed the condensed interim consolidated financial statements – comprising the condensed income statement, the condensed statement of comprehensive income, the condensed statement of financial position, the condensed statement of changes in equity, the condensed statement of cash flows as well as selected explanatory notes to the consolidated financial statements – and the interim group management report for the period from 1 October 2024 until 31 March 2025 of TUI AG, Berlin and Hanover, which are part of the half-year financial report under § 115 WpHG (Wertpapierhandelsgesetz: German Securities Trading Act). The preparation of the condensed interim consolidated financial statements in accordance with IFRS® Accounting Standards issued by the International Accounting Standards Board (IASB) (hereinafter "IFRS Ac-counting Standards") applicable to interim financial reporting as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the entity's executive board. Our responsibility is to issue a review report on the condensed interim consolidated financial statements and on the interim group management report based on our review.
We conducted our review of the condensed interim consolidated financial statements and of the interim group management report in compliance with the German Generally Accepted Standards for the Review of Financial Statements promulgated by the Institut der Wirtschaftsprüfer (IDW) and in supplementary compliance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". Those standards require that we plan and perform the review to obtain a limited level of assurance to preclude through critical evaluation that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting as adopted by the EU or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of personnel of the entity and to analytical procedures applied to financial data and thus provides less assurance than an audit. Since, in accordance with our engagement, we have not performed an audit, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements of TUI AG, Berlin and Hanover, have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports.
Hanover/Germany, 13 May 2025
Deloitte GmbH Wirtschaftsprüfungsgesellschaft
Annika Deutsch Thomas Singer
German Public Auditor German Public Auditor
The present Half-Year Financial Report contains various statements relating to TUI Group's and TUI AG's future development. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, they are not guarantees of future performance since our assumptions involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include market fluctuations, the development of world market prices for commodities and exchange rates or fundamental changes in the economic environment. TUI does not intend to and does not undertake any obligation to update any forward-looking statements in order to reflect events or developments after the date of this Report.
| Date | |
|---|---|
| Half-Year Financial Report H1 2025 | 14 May 2025 |
| Quarterly Statement Q3 2025 | 13 August 2025 |
| Trading Update Q4 2025 | 23 September 2025 |
| Annual Report 2025, Analyst and Investor Conference | 10 December 2025 |
Nicola Gehrt Group Director Investor Relations Tel: + 49 (0)511 566 1435
Adrian Bell Senior Manager Investor Relations Tel: + 49 (0)511 566 2332
Stefan Keese Senior Investor Relations Manager Tel: + 49 (0)511 566 1387
Zara Wajahat Investor Relations Manager Tel: + 44 (0)158 264 4710
Anika Heske Investor Relations Manager, Retail Investors & AGM Tel: + 49 (0)511 566 1425
TUI AG Karl-Wiechert-Allee 23 30625 Hannover Tel: + 49 (0)511 566 00 www.tuigroup.com
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