Commenting on the performance, Sebastian Ebel, CEO of TUI Group, said: “2025 was a successful year for TUI. In a highly competitive market environment, we achieved the best result in the company’s history and exceeded the EBIT forecast for the full year 2025. The TUI ecosystem with strong proprietary brands such as RIU, Robinson, TUI Blue, and TUI Cruises, and growing global distribution through our well-known tour operators are our strengths.
We benefited from record results in the Holiday Experiences segment with our TUI hotel brands, the TUI cruise companies, and our experience provider TUI Musement. The Markets + Airline segment was characterised by investments in the global expansion of the curated marketplace and the associated transformation. This laid the foundation for future volume and earnings growth in this segment as well.
Our goal is clear: we want to grow globally with our own differentiated products and thus become independent of the challenging European market environment. All segments will become even more profitable and efficient in the future. Booking flights, transfers, hotels, cruises or excursions: only TUI offers a travel experience from a single source – this underlines our unique position in the global tourism market.
Artificial intelligence is a great opportunity for TUI. We are making our content AI-visible and AI-bookable – for example, through partnerships such as Mindtrip. Customers such as travel agencies can already use AI to plan complex round trips and transfer customers directly to a booking via a TUI button. At the same time, we are focusing on stationary travel sales. Travel agencies often book very high-quality trips for customers at a very early stage. Qualified advice and the experience of travel experts are valuable for guests and for us. We offer a travel experience that only TUI can provide.”
On the financial side, Mathias Kiep, Chief Financial Officer of TUI Group, highlighted deleveraging and improved credit metrics as key achievements: “We also achieved important financial milestones in the 2025 financial year: we reduced net debt to 1.3 billion euros, further improved our net debt ratio from 0.8x to 0.6x in the 2025 financial year, and the major rating agencies upgraded our credit rating. This solid financial basis enables us to move on to the next phase of our capital allocation. Now is the right time for a new, attractive, and sustainable dividend policy.”
From 1 October 2024 to 30 September 2025, a total of 34.7 million guests travelled with TUI. Underlying Group EBIT climbed to the record 1.46 billion euros from 1.29 billion euros a year earlier, while revenue reached 24.2 billion euros.
Record profitability in Holiday Experiences
The Holiday Experiences segment – hotels & resorts, cruises and TUI Musement – was a major driver of the improved result. Underlying EBIT in this segment increased to 1.31 billion euros, up from 1.09 billion euros.
Hotels & Resorts delivered another strong year, supported by higher rates and occupancy levels, and achieved a record EBIT of 759 million euros, an increase of 90 million euros over the previous year.
TUI’s cruise brands (Hapag-Lloyd Cruises, TUI Cruises, Marella) also reported record results. Underlying EBIT rose by 108 million euros to 482 million euros. The group highlighted high capacity utilisation, an increase in passenger days and higher daily rates as the main performance indicators. The cruise fleet grew to 18 ships with the launch of Mein Schiff Relax in March. Capacity utilisation averaged 99% (in line with the previous year), available passenger days rose 18% to 11.4 million, and the average daily rate increased by 2% to 235 euros.
TUI Musement, covering excursions, activities, tickets, transfers and multi-day tours, raised its underlying EBIT to 71 million euros, compared with 49 million euros previously. During the reporting period, 10.6 million excursions, tours and activities were sold (up from 10 million), and the number of transfers increased by 1% to 30.9 million.
Markets + Airline: transformation and marketplace expansion
The Markets + Airline segment includes TUI tour operators in Northern, Central and Western Europe, and TUI Airline with fleets in Germany, the UK, the Netherlands, Belgium and Sweden. The segment recorded revenue growth in 2025, driven by higher prices while booking volumes remained broadly in line with the previous year.
However, due to strong competition and ongoing investments in transformation and global marketplace expansion, underlying EBIT in Markets + Airline stood at 217 million euros, down from 304 million euros in the prior year.
The group is investing in a global curated marketplace, enhanced IT systems and new sales channels, and is shifting more capacity into dynamically packaged products. These packages, which combine flexibility and choice with the protection of a package tour, are growing in importance: 3.3 million guests chose a dynamic package last year, an increase of 11%, and this product now represents a significant share of TUI’s overall portfolio. Capacity utilisation in Markets + Airline remained at a high level of 91% for the full year.
By region, underlying EBIT in the Northern Region (TUI UK&I and Nordics) reached 140 million euros (previous year: 165 million euros). The Central Region (Germany, Austria, Switzerland, Poland) generated 98 million euros (previous year: 128 million euros), while the Western Region (Netherlands, Belgium, France) reported underlying EBIT of -21 million euros (previous year: 10 million euros.
Solid bookings and outlook for 2026
For winter 2025/26, TUI reports a positive booking situation. In Markets + Airline, booked revenue for the season is currently up 1%, while Holiday Experiences continues to benefit from strong demand for the group’s own branded products. Early signals for summer 2026 are described as positive.
Looking ahead, TUI continues to focus on operational excellence and profitable growth. The group’s hotel portfolio has reached 463 properties worldwide, with a further 70 hotels already signed and in the pipeline. On the cruise side, the next TUI Cruises ship, Mein Schiff Flow, is scheduled to enter service in summer 2026.
On this basis, TUI expects for the 2026 financial year:
- revenue growth of 2–4% versus the previous year
- an increase in underlying EBIT of 7–10%, mainly driven by expectations for summer 2026
In the medium term, the group is targeting:
- average underlying EBIT growth of around 7–10% CAGR
- a net debt ratio of below 0.5x
- a dividend payout of 10–20% of underlying earnings per share from fiscal year 2026 onwards
These targets are set against the backdrop of the current market environment and ongoing macroeconomic and geopolitical uncertainties. For travel trade professionals, the figures confirm TUI’s continued emphasis on integrated holiday experiences, stronger balance sheet metrics and a clearer capital return framework, while the company accelerates its digital, AI and marketplace-driven transformation.
Tags: Sebastian Ebel, TUI Group
