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TUI Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Dec, 2025
Executive summary
Achieved record FY25 results with revenue of €24.2bn (+4.4%) and underlying EBIT of €1,459m (+12.6% at constant currency), surpassing guidance, driven by strong performance in Hotels & Resorts, Cruises, and Musement.
Launched a new dividend policy, starting with a €0.10 per share payout for FY25 and a 10-20% payout ratio of underlying EPS from FY26, reflecting improved profitability and balance sheet strength.
Net debt reduced to €1.3bn (from €1.6bn), with net leverage at 0.6x, the lowest in a decade and targeting below 0.5x mid-term.
Strategic transformation continued with investments in IT, marketing, M&A, and AI integration, focusing on asset-light growth, operational efficiency, and digitalization.
Customer volumes grew 5% to 34.7m, supported by dynamic packaging and expanded product offerings.
Financial highlights
Revenue grew to €24.2bn (+4.4% year-over-year), with underlying EBIT up 12.6% at constant currency and 9% at actual rates.
Underlying EPS increased 30% to €1.34, and group result (EAT after minority interests) rose 25% to €636m.
Net debt reduced by €336m to €1,305m, with net leverage ratio improved from 0.8x to 0.6x.
Adjusted free cash flow after dividends reached €358m, up from €236m in FY24.
S&P, Moody's, and Fitch upgraded credit ratings to BB/Ba territory with stable outlooks.
Outlook and guidance
FY26 revenue expected to grow by 2-4%, with underlying EBIT guidance of +7-10% at constant currency.
Net investments for FY26 projected at €860-900m, focused on growth in hotels, cruises, and airline fleet modernization.
Mid-term ambitions include underlying EBIT CAGR of 7-10%, net leverage below 0.5x, and a 10-20% dividend payout ratio.
Markets + Airline transformation cost vs savings
Dividend policy impact on growth investment
Oman JV: TUI's capital contribution
AI's direct booking capability via LLMs
Markets & Airlines: drivers for 3% EBIT margin
Dividend payout vs. deleverage and CapEx
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Next TUI earnings date
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Next TUI earnings date
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Frequently asked questions
Tailor-Made Journeys
TUI AG is a leading international tourism company that specializes in providing tour operator, travel agency, and leisure cruise services. The company offers a wide range of travel options, including package holidays, flights, hotels, and cruises, catering to various customer preferences and budgets. TUI's menu of travel experiences encompasses popular destinations worldwide, providing customers with diverse choices for their dream vacations.
Tourism, Hotels & Resorts, and Cruises
TUI operates through three main business segments: Tourism, Hotels & Resorts, and Cruises. The Tourism segment includes tour operator and travel agency services, offering package holidays and individual travel arrangements to customers. The Hotels & Resorts segment comprises the company's hotel operations, which encompass a broad portfolio of owned, managed, and franchised hotels across different destinations. The Cruises segment focuses on providing cruise holidays through its fleet of ships, offering passengers unforgettable experiences at sea.
The company's business model revolves around capturing value throughout the entire customer journey, from planning and booking to the actual travel experience. TUI earns revenue by selling holiday packages, flight tickets, hotel accommodations, cruise bookings, and additional services such as travel insurance and excursions. By operating across multiple segments, TUI aims to cater to various customer segments and leverage its extensive network and industry expertise to provide comprehensive travel solutions.
A 100-year-old company operating in over 100 countries
TUI is a global company with a significant presence in the tourism industry. It operates in over 100 countries and serves millions of customers annually. The company traces its roots back to the 1920s, but its current form emerged through a series of mergers and acquisitions. TUI was formed through the merger of the German company Preussag AG and the British travel group Thomson Travel in 2002, followed by subsequent acquisitions and rebranding efforts.
As for its peers, three notable listed companies operating in the tourism industry are: Expedia Group, Booking Holdings, and Carnival Corporation.
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