TUI has reported a record underlying EBIT of €77.1 million in its first quarter — ending December 31, 2025 — and marks a €26.3 million increase from a year prior.
The tour group's revenues were stable at a 1.3% growth at constant currency to €4.9bn.
The company's markets and airlines segment's underlying EBIT improved €10 million, though still at a negative €115 million. TUI said this improvement comes despite the competitive market environment.
Underlying loss per share has improved €0.09 to a €0.08 loss per share.
Earnings before tax in the quarter totalled €4 million, swinging from €37 million in losses before tax a year prior.
The company noted that while booked revenue for winter 2025/26 and summer 2026 is down 1% and 2% respectively, management noted that the later-booking trend has continued.
“We see a late booking trend,” said TUI CEO and chairman Sebastian Ebel during the company's earnings call. “The average daily rate increase [in bookings] is about 3%, which is a healthy number also to cope with the cost inflation.”
Management said that it was typically families that were booking later. The trend has seen travellers booking trips closer to their departure date. This has led to airlines having to be more flexible in deploying and adjusting capacity. As a result, it has led to somewhat of a more constrained visibility for demand.
“We are confident for the second quarter, and we also expect a good summer,” said Ebel.
The company expects revenues to be up 2-4% for its financial year 2026, with the previous year totalling €24.2bn. Underlying EBIT is expected to be up 7-10% on last year's €1.4bn — driven by its summer 2026 expectations.
The company's holidays & resorts segment's underlying EBIT was down €19 million to €131 million in the quarter, while cruises was up €34 million to €82 million. TUI Musement — the company's platform for tours and experiences — had improved €3 million from its negative €2 million a year prior.
Ebel said these holidays and experiences segments are the “main driver” for the company's profits as opposed to its market and airlines segment.
As of the end of the quarter, TUI's net debt had improved €489 million in the first quarter, compared to a year prior, to €3.6bn.
The company declared a start dividend for the fiscal year 2025 of €0.10 per share. From fiscal year 2026 onwards, a dividend of 10-20% of underlying EPS will be distributed, the company said.
Additionally, after its 2026 annual general meeting, the company has reduced its supervisory board from 20 to 16 members, which had previously been decided at the 2025 annual general meeting.