Slides
Page 1
FY25 Q2/H1 RESULTS 14 May 2025
Page 2
FORWARD-LOOKING STATEMENTS This presentation contains a number of statements related to the future development of TUI. These statements are based both on assumptions and estimates. Although we are convinced that these future-related statements are realistic, we cannot guarantee them, for our assumptions involve risks and uncertainties which may give rise to situations in which the actual results differ substantially from the expected ones. The potential reasons for such differences include market fluctuations, the development of world market fluctuations, the development of world market commodity prices, the development of exchange rates or fundamental changes in the economic environment. TUI does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of these materials. 2
Page 3
AGENDA FY25 Q2 Operational & Strategic Highlights1 FY25 Q2/H1 Results2 3 Appendix5 Trading & Outlook 4 Summary
Page 4
Please find here the full presentation and recording of the TUI Capital Markets Day TUI’s balance sheet & cash flow are set for growth, well on track to define a shareholder return strategy by end of FY25 Consistency & dialogue: Successful Capital Markets Day in Madrid with positive feedback, where TUI detailed its transformation and growth strategy for the global curated leisure marketplace “Our strategy is working and we remain on track to deliver our full year targets, our transformation and our mid-term ambitions to grow Underlying EBIT by c. 7-10% CAGR” Global travel demand is robust while we continue to monitor the current greater geopolitical and macro- economic uncertainties – our focus is on margin protection & cost-reduction 4 TUI delivers healthy Q2, focus on full year targets
Page 5
HEX: H2 trading remains well on track to deliver further growth based on strong demand & higher rates for our unique & differentiated products M+A: Good lates market in W24/25 with bookings +2%, ASP +4% & S25 robust with bookings slightly lower -1% due to Easter-related later booking profile, ASP maintained at +4% FY25 Q2 results: +€14m Und. EBIT growth (Easter-adjusted) – Solid HEX performance & M+A as anticipated 5 1 Based on constant currency; we remain mindful within the framework of the macroeconomic and geopolitical uncertainties currently known FY25 Q2 delivered revenues of €3.7bn, up +1.5% and Und. EBIT of -€207m as anticipated, mainly driven by -€32m Easter holidays shift into Q3 Based on the strong performance in H1, delivering an increase in Und. EBIT of +€27m vs. PY (+€59m Easter-adjusted), we reaffirm our FY25 guidance of an increase by 7-10%1
Page 6
103 117 HEX FY25 Q2 Und. EBIT in line with strong PY – Cruises delivering another record quarter FY25 Q2 HOLIDAY EXPERIENCES Q2 Und. EBIT €172m (+€1m vs. PY) | H1 Und. EBIT €368m (+€83m vs. PY) HOTELS & RESORTS CRUISES TUI MUSEMENT 253 208 82 70 130 105 -12 -16 -14 -27 FY24 Q2 FY25 H1 FY24 H1 YoY Q2 YoY Avail. Bed Nights 7.5m -2% Occupancy 82% +1%pt Ave. Daily Rate €113 +4% Q2 YoY Avail. Pax Days 2.7m +16% Occupancy 96% -2%pts Ave. Daily Rate €218 -2% Q2 YoY # Experiences Sold 1.5m +4% o/w own Experiences 0.7m +18% # Transfers 4.0m +2% 6 Strong op. performance offset by Easter & revaluation effects Impacted by Suez itinerary changes
Page 7
FY25 H1 FY24 H1FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2FY25 Q2 FY24 Q2 M+A FY25 Q2 Und. EBIT -€39m vs. PY – mainly driven by -€31m Easter holidays shift into Q3 MARKETS + AIRLINE Q2 Und. EBIT €-365m (-€39m vs. PY) | H1 Und. EBIT -€490m (-€69m vs. PY) NORTHERN REGION CENTRAL REGION WESTERN REGION -182 -165 FY25 Q2 FY24 Q2 -98 -89 -85 -72 7 MARKETS + AIRLINE YoY -422 -490 -326-365 Q2 YoY Departed Pax 2.7m -5% o/w Dynamic Package 0.4m +3% App Sales 9.5% +40% Load Factor 90% -3%pts Easter holidays shift into Q3
Page 8
Q2 progress on transformation & our strategic initiatives (1/2) TUI celebrating the opening of 20th hotel in Asia • TUI BLUE Guilin Watermark Promenade – TUI’s 4th hotel in China • Based on great interest from new franchise & mgmt. partners, we have a pipeline of 26 further hotels in Asia (e.g. in China, Vietnam, Cambodia & Thailand) HOTELS & RESORTS 8 Successful expansion of TUI Cruises fleet • MS Relax launch in March 2025 • New Build MS Flow now bookable with first guests expected in FY26 Q3 TUI CRUISES Global hotel fund acquires hotel in Jamaica • Joint project with Royalton CHIC Resorts managing the hotel • 3rd asset of TUI Global Hospitality Fund, supporting asset-right growth • New builds expected in FY31 and FY33 • Re-fleeting potentially within current ownership structure; continue to explore partnership options MARELLA CRUISES Re-fleeting: availability of building slots for two new vessels confirmed
Page 9
Q2 Share of App Sales increasing to 9.5% +40% vs. PY • Increasing promotion of App on Mobile Web over turn of year • More dynamic products on sale • Alignment of Web & App capabilities Further extension of our dynamic offer with Oman Air • Partnership with Oman Air, broadening our portfolio of destinations • In line with our strategy to reach new customer segments and generate additional revenue Q2 progress on transformation & our strategic initiatives (2/2) MARKETS + AIRLINE 9 TUI announcing winners of TUI Sustainability Impact Awards 2025 • Prizes recognise outstanding sustainability initiatives by TUI suppliers in the fields of technology, indirect purchasing, cruises and airlines SUSTAINABILITY MS Relax sets new standards as first TUI Cruises vessel with dual-fuel LNG engines • Bio-LNG ready • Significantly lower carbon emissions per passenger • Advanced catalytic converters & shore power connection
Page 10
AGENDA FY25 Q2 Operational & Strategic Highlights1 FY25 Q2/H1 Results2 3 Appendix5 Trading & Outlook 4 Summary
Page 11
Strong performance in H1 – well on track to deliver our FY25 guidance Revenue €8.6bn (+8%) Und. EBIT -€156m (+€27m) Net Debt €3.0bn (improved by €0.1bn) H1 MAIN OPERATIONAL & FINANCIAL KPIs 11 1 Re-fleeting is subject to finalisation of shipbuilding contracts and other terms and conditions Expect TUI Cruises dividends to return return to pre-pandemic levels of at least €170m Expect c.€50m down payments for Marella re-fleeting case1 Full funding expected in FY25 Q4 – no further cash-out from FY26+ (c. €80m) FY25 CASH FLOW CONSIDERATIONS Dividends Net Investments UK Pension Schemes Easter-adj.: -€124m (+€59m)
Page 12
FY25 Q2 vs. FY24 Q2 UNDERLYING EBIT in €m FY25 Q2 result mainly driven by Easter holidays shift into Q3 – Easter- adjusted improvement +€14m -15 -39 -189 FY24 Q2 Easter -32 FY25 Q2 Constant Currency -165 FX translation 10 FY25 Q2 -207 Easter -32 -175 AOS 19 Markets + Airline 4 TUI MusementCruises 12 Hotels & Resorts -197 -€18m (+€14m Easter-adj.) -€8m (+€24m Easter-adj.) Holiday Experiences: +€1m • Hotels & Resorts Higher occupancy and rates • Cruises Higher avail. pax cruise days • TUI Musement Experiences sold & Transfers up 12 Markets + Airline -€39m • €31m Easter holidays shift into Q3 • Revenue +1%; Departed Pax 2.7m (-5%) • o/w Dynamic Package 0.4m (+3%) • Higher prices
Page 13
FY25 H1 vs. FY24 H1 UNDERLYING EBIT in €m FY25 H1 result up +€27m driven by strong HEX performance – Easter- adjusted improvement +€59m -69 -183 FY24 H1 45 Easter -32 FY25 H1 Constant Currency -100 FX translation 25 FY25 H1 -156 Easter -32 -124 AOS 12 Markets + Airline Cruises TUI Musement 13 25 Hotels & Resorts -132 +€27m (+€59m Easter-adj.) +€51m (+€83m Easter-adj.) Holiday Experiences: +€83m • Hotels & Resorts Higher avail. bed nights, occupancy and rates • Cruises Higher avail. pax cruise days & rates • TUI Musement Experiences sold & Transfers up 13 Markets + Airline -€69m • €31m Easter holidays shift into Q3 • Revenue +8%; Departed Pax 6.4m (+1%) • o/w Dynamic Package 1.1m (+12%) • Higher prices
Page 14
In €m FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 Revenue 3,705 3,650 8,577 7,953 Underlying EBITDA 11 16 289 224 Depreciation & Amortisation -218 -204 -445 -407 Underlying EBIT -207 -189 -156 -183 Adjustments (SDIs and PPA) -10 -6 -18 -12 EBIT -217 -195 -174 -195 Net interest expense -99 -105 -179 -208 EBT -316 -300 -353 -403 Income taxes 53 53 60 73 Group result cont. operations -263 -247 -293 -331 Minority interest -43 -47 -98 -86 Group result after minorities -306 -294 -392 -417 Basic EPS (€) -0.60 -0.58 -0.77 -0.82 REVENUE • Growth of +8%, up across all segments, driven by higher demand at improved prices UNDERLYING EBIT • Up +€27m / +€59m Easter-adjusted ADJUSTMENTS • Adjustments mainly relate to PPA costs & to M+A transformation • FY25 assumption reaffirmed1: -€40m to -€60m NET INTEREST • Improvement due to lower RCF drawings, lower Convertible Bond interest & higher interest income • FY25 assumption upgraded1: -€355m to -€385m (prior: -€385m to -€415m) INCOME TAXES • In line with our reconfirmed assumption of an underlying effective tax rate of ~18% for FY25 MINORITY INTEREST • Strong performance of RIU Hotels Income Statement – H1 well on track to deliver our FY25 guidance 1 Please refer to page 25 for FY25e modelling assumptions14 H1 COMMENTARY
Page 15
WORKING CAPITAL • WC in line with PY – development in H1 reflecting normal seasonal profile DIVIDENDS • FY25 assumption: Expect TUI Cruises dividends to return to pre-pandemic levels of at least €170m, Hotel JVs pay-out c. 30% CASH INTEREST • Improvement due to lower RCF drawings, lower Convertible Bond interest & higher interest income • FY25 assumption upgraded1: -€260m to -€280m (prior: -€290m to -€310m) PENSION CONTRIBUTION & PAYMENTS • Full funding in UK expected in FY25 Q4; no further cash-out expected from FY26 onwards (c. €80m) NET INVESTMENTS • Increase to PY, mainly driven by higher RIU Capex and less H&R Divestments • FY25 assumption updated1: -€620m to -€680m, add. c.€50m Marella re-fleeting down payments expected2 LEASE & ASSET FINANCING REPAYMENTS • FY25 H1 includes c.-€54m scheduled repayments of asset financing • FY25 assumption reaffirmed1: Broadly stable vs. PY at -€0.5bn to -€0.6bn In €m FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 Underlying EBITDA 11 16 289 224 Adjustments -5 -1 -8 -1 Reported EBITDA 6 15 281 223 Working capital 1,478 1,504 -304 -254 Other cash effects -10 -40 -49 -9 At equity income -91 -90 -141 -133 Dividends received (JV's, associates) 6 4 12 19 T ax paid -23 -30 -91 -84 Interest (cash) -75 -81 -128 -166 Pension contribution & payments -35 -32 -68 -62 Operating Cash Flow 1,256 1,249 -487 -466 Net Investments -131 -276 -361 -320 Lease & asset financing repayments -151 -132 -316 -276 Adj. Free Cash Flow before Div. 975 841 -1,165 -1,062 Dividends from subs. to minorities 0 0 0 -76 Adj. Free Cash Flow after Div. 974 841 -1,165 -1,138 1 Please refer to page 25 for FY25e modelling assumptions | 2 Re-fleeting is subject to finalisation of shipbuilding contracts and other terms and conditions Cash Flow Statement – H1 Adj. FCF in line even given Easter shift to Q3 15 H1 COMMENTARY
Page 16
In €bn FY25 H1 FY24 H1 YoY ∆ Financial liabilities -4.8 -4.8 0.0 - Lease liabilities under IFRS16 -2.7 -2.7 0.0 - Senior Notes -0.5 -0.5 0.0 - Convertible Bonds -0.5 -0.5 0.0 - Liabilities to banks -1.1 -1.0 -0.1 Cash & Bank Deposits 1.8 1.7 0.1 Net Debt -3.0 -3.1 0.1 - Net Pension Obligation -0.5 -0.6 0.1 Memo: Lease liabilities - Aircraft -2.0 -1.9 0.0 - Hotels -0.2 -0.2 0.0 - Ships -0.2 -0.2 0.0 Memo: Liabilities to banks - RCF 0.0 0.0 0.0 - SSD -0.2 -0.2 0.0 - Asset Financing Hotels -0,3 -0.3 0.0 - Asset Financing Aircraft -0.6 -0.3 -0.3 - Bilateral credit lines 0.0 -0.2 0.2 16 Reflects non-cash impact from aircraft financing 1 Please refer to page 25 for FY25e modelling assumptions FY25 assumption reaffirmed1: slight improvement of Net Debt (FY24: €1.6bn) Net Debt slightly improved vs. PY
Page 17
Marella re-fleeting update – Two new ships expected to be delivered in FY31 & FY33 Note: re-fleeting is subject to finalisation of shipbuilding contracts and other terms and conditions17 • 2 ships, ~3.2k berths each – total investment value of >€2bn • Promising growth opportunity, derisked through proven business model & vertical integration • Shipbuilder Fincantieri confirmed availability of building slots • TUI Net Leverage still expected below 1.0x based on an annualised pro-forma re-fleeting case • FY25: Finalisation of contracts for shipbuilding and other terms and conditions • Partnership structures for Marella remain an option Path to re-fleeting
Page 18
Marella re-fleeting update – envisaged financing structure Note: re-fleeting is subject to finalisation of shipbuilding contracts and other terms and conditions18 80% Debt • Export Credit Agency (ECA) financed 20% Equity • Increase of TUI Cruises dividends beyond historical levels Financing Marella new build 20% down payments ahead of delivery • FY25: C. €50m upon signing of the 2 ships • FY26: none • FY27-FY30: Ship 1 remaining down payments phased over 4-year period • FY29-FY32: Ship 2 remaining down payments phased over 4-year period 80% final payments upon delivery in FY31 & FY33 TUI remains committed to the financial priorities within its capital allocation framework Cash Flow
Page 19
FY24 Net Leverage: 0.8x Hand-back of state financing finalized New RCF with maturity FY30 and volume of €1.9bn2 BB (Fitch), Ba3/BB- upgrades (Moody‘s/S&P) UK Pensions – remaining scheme fully funded in FY25e Progress with our financial priorities: positioning for future opportunities 1 Defined as net debt (Financial liabilities plus lease liabilities less cash & cash equivalents less other current financial assets) divided by Underlying EBITDA | 2 €1.7bn cash facility19 Well on track to define shareholder return strategy by end of FY25 FY24 €1.3bn record profit FY25 Und. EBIT guidance: 7–10% increase JV dividend strategy in execution Define shareholder return strategy by end of FY25 3 • Credit rating - return to BB/Ba level • Mid-term Net Leverage strongly below 1.0x1 Balance sheet 2 • Grow profits & cash flow • Grow JV dividends • Asset right & JV growth 1 Drive profitable growth
Page 20
AGENDA FY25 Q2 Operational & Strategic Highlights1 FY25 Q2/H1 Results2 3 Appendix5 Trading & Outlook 4 Summary
Page 21
TUI MUSEMENT CRUISES HOTELS & RESORTS HEX – H2 trading remains well on track to deliver further growth 1 2025 trading data (excluding Blue Diamond) as of 4 May 2025 compared to 2024 trading data | 2 Based on Group-owned and -leased hotels Experiences Sold Avail. Bed Nights2 Av. Daily Rate2 Occupancy2 Avail. Pax Cruise Days Av. Daily Rate Occupancy Transfers 21 +2% +0%pt +23% FY25 H2 YoY +8% +1%pts +0% +high single-digit% In line with Markets + Airline TRADING UPDATE 1
Page 22
TRADING UPDATE 1 S25 vs. S24 W24/25 vs. W23/24 M+A – Good lates market in W24/25 & robust S25 with Easter-related later booking profile 1 Bookings as of 4 May 2025. Bookings relate to all customers whether risk or non-risk Bookings Programme sold YTD ASP Bookings Programme sold YTD ASP 22 TRADING COMMENTS • W24/25 bookings & ASP maintained • S25 is robust on flat risk capacity with later Easter-related booking profile • Our focus is on dynamic growth, margin protection and cost reduction • ASP helping to mitigate higher cost environment S25 W25/26 S26 EURO 92% 65% 23% USD 95% 82% 48% FUEL 92% 85% 54% HEDGED POSITION 57% +4% -1% 100% +4% +2% UK +1% YoY; 100% sold Germany +5% YoY; 100% sold UK +0% YoY; 64% sold Germany -3% YoY; 53% sold Broadly in line with PY
Page 23
FY25 Guidance reaffirmed 1 Based on constant currency and within the framework of the macroeconomic and geopolitical uncertainties currently known FY25e1 FY24 Expect Revenue to increase by 5-10% Expect Und. EBIT to increase by 7-10% driven by Summer 25, with €32m Easter holidays shift into Q3 Revenue Underlying EBIT €23,167m €1,296m 23
Page 24
FY25 Und. EBIT Guidance reaffirmed 1 Based on constant currency and within the framework of the macroeconomic and geopolitical uncertainties currently known FY25e1 FY24 Expect Und. EBIT to increase by 7-10% driven by Summer 25, with €32m Easter holidays shift into Q3GROUP €1,296m ➢ Slight growth based on portfolio growth, increased rates & high occupancies ➢ Slight growth based on MS7 in full operations & delivery of new MS Relax against ESG costs & route mix HOTELS & RESORTS CRUISES €668m €374m ➢ Strong growth while investing into business expansionTUI MUSEMENT €49m ➢ Moderate growth, driven by Summer/Q4 ➢ Volume growth supported by Dynamic Packaging & Component sales ➢ Higher ASP helping to mitigate the higher cost environment, incl. cost for SAF & ETS MARKETS + AIRLINE €304m 24
Page 25
-€620m to -€680m Expect additional c.-€50m Marella re-fleeting down payments4Net Investments3 -€602m Slight improvementNet Debt €1,641m FY25 Modelling Assumptions updated 1 Based on constant currency and within the framework of the macroeconomic and geopolitical uncertainties currently known | 2 Adjustments include goodwill impairment and SDIs | 3 Subject to clarification of Boeing aircraft delivery schedule and the consequent pre-delivery payment (PDPs) schedule | 4 Re-fleeting is subject to finalisation of shipbuilding contracts and other terms and conditions; partnership structures for Marella remain an option FY25e1 FY24 -€40m to -€60m Upgraded: -€355m to -€385m (prior: -€385m to -€415m) Upgraded: -€260m to -€280m (prior: -€290m to -€310m) Adjustments (incl. PPA)2 Net Interest -€21m -€414m -€296m 25 Broadly stable Broadly stable Leases & Asset Financing -€542m €3,304m CF B/S P&L CF CF B/S P&L
Page 26
AGENDA FY25 Q2 Operational & Strategic Highlights1 FY25 Q2/H1 Results2 3 Appendix5 Trading & Outlook 4 Summary
Page 27
Accelerate profitable growth by implementing global platforms 1 Based on constant currency and within the framework of the macroeconomic and geopolitical uncertainties currently known | 2 Defined as net debt (Financial liabilities plus lease liabilities less cash & cash equivalents less other current financial assets) divided by Underlying EBITDA Improve profitability & margin Focus on Cash FlowStrengthen Balance Sheet OUR MID-TERM AMBITIONS1 ➢ Revenue to increase by 5-10% ➢ Und. EBIT to increase by 7-10% ➢ Slight improvement of Net Debt Summary and Q&A OUR FY25e GUIDANCE1 ➢ Und. EBIT growth c. 7-10% CAGR ➢ Target Net Leverage2 strongly below 1.0x 27 LET’S UNLOCK THE VALUE THROUGH TRANSFORMATION
Page 28
APPENDIX
Page 29
FY25 Q2 Revenue by segment (excludes intra-group Revenue and JVs/associates)1 In €m FY25 Q2 FY24 Q2 Change incl FX Change excl FX ∆ FX Hotels & Resorts 254.6 247.3 7.2 20.8 -13.5 - Riu 220.6 208.6 12.0 25.5 -13.4 - Robinson 17.9 21.4 -3.5 -3.7 0.2 - Blue Diamond2 0.0 0.0 0.0 0.0 0.0 - Other 16.1 17.4 -1.3 -1.0 -0.3 Cruises 213.2 216.9 -3.7 -8.9 5.2 - TUI Cruises2 0.0 0.0 0.0 0.0 0.0 - Marella Cruises 213.2 216.9 -3.7 -8.9 5.2 TUI Musement 168.1 149.5 18.6 17.5 1.1 Holiday Experiences 635.9 613.8 22.1 29.4 -7.3 - Northern Region 1,351.4 1,348.5 2.8 -21.8 24.6 - Central Region 1,178.3 1,158.1 20.3 14.5 5.7 - Western Region 535.6 527.4 8.2 8.2 0.0 Markets + Airline 3,065.3 3,034.1 31.3 0.9 30.3 All other segments 3.4 2.1 1.3 1.3 0.0 TUI Group 3,704.6 3,650.0 54.6 31.6 23.0 1 Table contains rounding effects | 2 No revenue is carried for Blue Diamond as an associate which is consolidated at equity or for Mein Schiff and Hapag-Lloyd Cruises which are consolidated at equity within TUI Cruises JV29
Page 30
FY25 Q2 Underlying EBITDA by segment1 In €m FY25 Q2 FY24 Q2 Change incl FX Change excl FX ∆ FX Hotels & Resorts 148.1 161.7 -13.6 -7.1 -6.5 - Riu 135.9 130.4 5.5 10.6 -5.1 - Robinson -1.3 4.3 -5.7 -5.9 0.2 - Blue Diamond2 36.3 35.2 1.1 0.2 0.9 - Other -22.8 -8.2 -14.6 -12.0 -2.5 Cruises 107.8 92.8 15.0 13.8 1.2 - TUI Cruises2 59.5 43.6 15.9 15.9 0.0 - Marella Cruises 48.3 49.2 -0.9 -2.0 1.2 TUI Musement -4.7 -8.8 4.1 5.1 -1.0 Holiday Experiences 251.1 245.6 5.5 11.9 -6.4 - Northern Region -104.8 -90.4 -14.4 -12.2 -2.3 - Central Region -73.1 -62.8 -10.3 -10.9 0.6 - Western Region -47.0 -37.0 -10.0 -10.8 0.8 Markets + Airline -224.8 -190.2 -34.6 -33.8 -0.8 All other segments -15.2 -39.8 24.5 24.8 -0.2 TUI Group 11.0 15.6 -4.6 2.8 -7.4 1 Table contains rounding effects | 2 Blue Diamond consolidated at equity, Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 30
Page 31
FY25 Q2 Underlying EBIT by segment1 1 Table contains rounding effects | 2 Blue Diamond consolidated at equity, Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 31 In €m FY25 Q2 FY24 Q2 Change incl FX Change excl FX ∆ FX Hotels & Resorts 102.6 117.4 -14.7 -9.1 -5.6 - Riu 107.9 103.8 4.1 8.5 -4.4 - Robinson -10.1 -4.2 -5.8 -6.0 0.1 - Blue Diamond2 36.3 35.2 1.1 0.2 0.9 - Other -31.6 -17.4 -14.2 -11.8 -2.3 Cruises 81.8 70.1 11.7 11.2 0.5 - TUI Cruises2 59.5 43.6 15.9 15.9 0.0 - Marella Cruises 22.3 26.4 -4.2 -4.7 0.5 TUI Musement -12.1 -16.5 4.4 5.4 -1.0 Holiday Experiences 172.3 171.0 1.3 7.4 -6.1 - Northern Region -182.1 -164.9 -17.2 -13.1 -4.1 - Central Region -98.2 -89.1 -9.1 -9.3 0.2 - Western Region -84.6 -72.1 -12.5 -12.8 0.3 Markets + Airline -364.9 -326.1 -38.8 -35.3 -3.5 All other segments -14.2 -33.6 19.4 19.5 -0.1 TUI Group -206.8 -188.7 -18.1 -8.3 -9.8
Page 32
FY25 H1 Revenue by segment (excludes intra-group Revenue and JVs/associates)1 In €m FY25 H1 FY24 H1 Change incl FX Change excl FX ∆ FX Hotels & Resorts 545.4 499.0 46.3 71.5 -25.2 - Riu 457.9 420.3 37.7 62.0 -24.3 - Robinson 48.5 45.8 2.7 2.4 0.3 - Blue Diamond2 0.0 0.0 0.0 0.0 0.0 - Other 39.0 33.0 6.0 7.2 -1.2 Cruises 389.1 383.8 5.4 -6.7 12.1 - TUI Cruises2 0.0 0.0 0.0 0.0 0.0 - Marella Cruises 389.1 383.8 5.4 -6.7 12.1 TUI Musement 399.1 344.4 54.7 53.5 1.3 Holiday Experiences 1,333.6 1,227.2 106.5 118.3 -11.8 - Northern Region 2,990.0 2,790.0 200.0 124.4 75.6 - Central Region 3,097.0 2,791.5 305.5 293.2 12.3 - Western Region 1,151.0 1,140.0 10.9 10.9 0.0 Markets + Airline 7,238.0 6,721.6 516.4 428.6 87.8 All other segments 5.0 3.7 1.2 1.2 0.0 TUI Group 8,576.6 7,952.5 624.1 548.1 76.0 1 Table contains rounding effects | 2 No revenue is carried for Blue Diamond as an associate which is consolidated at equity or for Mein Schiff and Hapag-Lloyd Cruises which are consolidated at equity within TUI Cruises JV32
Page 33
FY25 H1 Underlying EBITDA by segment1 In €m FY25 H1 FY24 H1 Change incl FX Change excl FX ∆ FX Hotels & Resorts 356.6 297.9 58.7 75.2 -16.5 - Riu 320.6 254.5 66.1 75.8 -9.7 - Robinson 10.2 18.0 -7.9 -8.2 0.3 - Blue Diamond2 34.4 35.9 -1.5 -2.9 1.4 - Other -8.7 -10.6 1.9 10.4 -8.5 Cruises 180.9 149.5 31.4 28.7 2.7 - TUI Cruises2 92.6 72.3 20.3 20.3 0.0 - Marella Cruises 88.3 77.3 11.1 8.4 2.7 TUI Musement 0.3 -12.5 12.8 15.3 -2.4 Holiday Experiences 537.8 434.9 102.9 119.1 -16.2 - Northern Region -116.1 -67.5 -48.6 -42.9 -5.7 - Central Region -40.7 -36.4 -4.4 -4.9 0.5 - Western Region -54.0 -49.1 -4.9 -5.9 1.0 Markets + Airline -210.7 -152.9 -57.8 -53.7 -4.1 All other segments -38.0 -57.8 19.8 20.3 -0.5 TUI Group 289.1 224.2 64.9 85.8 -20.8 1 Table contains rounding effects | 2 Blue Diamond consolidated at equity, Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 33
Page 34
FY25 H1 Underlying EBIT by segment1 1 Table contains rounding effects | 2 Blue Diamond consolidated at equity, Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 34 In €m FY25 H1 FY24 H1 Change incl FX Change excl FX ∆ FX Hotels & Resorts 253.0 208.1 44.9 59.5 -14.6 - Riu 254.6 201.2 53.4 61.6 -8.3 - Robinson -7.2 0.9 -8.0 -8.3 0.2 - Blue Diamond2 34.4 35.9 -1.5 -2.9 1.4 - Other -28.9 -29.9 1.1 9.0 -7.9 Cruises 129.9 104.5 25.4 24.3 1.1 - TUI Cruises2 92.6 72.3 20.3 20.3 0.0 - Marella Cruises 37.3 32.3 5.1 3.9 1.1 TUI Musement -14.4 -27.1 12.7 15.2 -2.4 Holiday Experiences 368.5 285.5 83.0 99.0 -16.0 - Northern Region -270.6 -215.3 -55.3 -46.4 -8.8 - Central Region -90.8 -87.8 -3.0 -3.1 0.0 - Western Region -128.6 -118.4 -10.2 -10.6 0.4 Markets + Airline -490.1 -421.5 -68.5 -60.1 -8.4 All other segments -34.4 -46.7 12.3 12.6 -0.3 TUI Group -155.9 -182.7 26.8 51.4 -24.6
Page 35
Financing facilities and support packages overview per 31 March 2025 Instrument Facility €m Utilisation €m Debt/equity Maturity date Banks RCF (unsecured)1 1,700 - Debt March 2030 190 Guarantee line - Schuldschein 242 - Debt July 2025/28 Senior notes (sustainability-linked) 500 - Debt March 2029 Convertible Bonds 2021 (incl. tap issue) 1182 - Debt / Equity-Linked April 20283 Convertible Bonds 2024 487 - Debt / Equity-Linked July 20314 Lease liabilities 2,700 - Debt Various Bank facilities Bonds Lease liabilities 1 Per end of March 2025, the sustainability-linked RCF has been refinanced to FY30. The new RCF has a volume of €1.9bn (€1.7bn cash facility) | 2 The funds of the new Convertible Bonds issuance in July 2024 have been used to buy back €472m of the existing Convertible Bond 2021, reducing the outstanding amount to c.€118m | 3 Bondholder Put Option in April 2026 | 4 Bondholder Put Option in July 202835
Page 36
In €m FY25 H1 IFRS 16 FY24 H1 IFRS 16 YoY ∆ Financial liabilities -4,807 -4,792 -15 - Lease liabilities under IFRS16 -2,700 -2,718 18 - Senior Notes -499 -488 -11 - Convertible Bonds -500 -548 49 - Liabilities to banks -1,105 -1,003 -103 - Other liabilities -4 -35 31 Cash & Bank Deposits 1,796 1,701 95 Net debt -3,011 -3,091 80 - Net Pension Obligation -546 -630 85 Memo: Lease liabilities - Aircraft -1,953 -1,947 -7 - Hotels -234 -242 9 - Ships -206 -245 39 - Other -307 -284 -23 Memo: Liabilities to banks - SSD -245 -245 0 - Asset Financing -860 -606 -254 - Bilateral credit lines 0 -150 150 In €m FY25 H1 IFRS 16 FY24 H1 IFRS 16 YoY ∆ Opening net debt as at 1 October -1,641 -2,106 466 Adj. FCF after Dividends -1,165 -1,139 -27 Lease & asset financing repayments 316 276 40 Non cash additions1 -473 -149 -324 Other -49 26 -75 Closing Net Debt -3,011 -3,091 80 Movement in Net Debt FY24 H1 to FY25 H1 COMMENTS • As at 31/03/25: o Cash RCF - €0.0bn of €1.7bn utilised • In July 2024, a 1.95% Convertible Bond due in 2031 was placed. The funds have been used to buy back €472m of the existing 5% Convertible Bond due 2028 with a shareholder put date in 2026. Moreover, the undrawn KfW RCF was further reduced to €214m per end of July 2024. • The remaining €214m undrawn KfW RCF have been handed back per end of January 2025, as envisaged. • Per end of March 2025, the sustainability-linked RCF has been refinanced. The new RCF has a volume of €1.9bn (€1.7bn cash facility) and a maturity in FY30. 1 Leases & Asset Financing36
Page 37
In €m FY25 H1 IFRS 16 FY25 Q1 IFRS 16 QoQ ∆ Financial liabilities -4,807 -5,762 954 - Lease liabilities under IFRS16 -2,700 -2,826 126 - Senior Notes -499 -506 7 - Convertible Bonds -500 -497 -3 - Liabilities to banks -1,105 -1,929 824 - Other liabilities -4 -4 0 Cash & Bank Deposits 1,796 1,659 138 Net debt -3,011 -4,103 1,092 - Net Pension Obligation -546 -589 44 Memo: Lease liabilities - Aircraft -1,953 -2,051 97 - Hotels -234 -254 21 - Ships -206 -216 10 - Other -307 -306 -1 Memo: Liabilities to banks - RCF 0 -647 647 - SSD -245 -246 0 - Asset Financing -860 -836 -24 - Bilateral credit lines 0 -200 200 In €m FY25 H1 IFRS 16 FY25 Q1 IFRS 16 QoQ ∆ Opening net debt as at 1 October -1,641 -1,641 0 Adj. FCF after Dividends -1,165 -2,140 974 Lease & asset financing repayments 316 166 151 Non cash additions1 -473 -340 -133 Other -49 -149 100 Closing Net Debt -3,011 -4,103 1,092 Movement in Net Debt FY25 Q1 to FY25 H1 COMMENTS • As at 31/03/25: o Cash RCF - €0.0bn of €1.7bn utilised • The remaining €214m undrawn KfW RCF have been handed back per end of January 2025, as envisaged. • Per end of March 2025, the sustainability-linked RCF has been refinanced. The new RCF has a volume of €1.9bn (€1.7bn cash facility) and a maturity in FY30. 1 Leases & Asset Financing37
Page 38
Cash Flow Statement – incl. Adj. Financing Cash Flow In €m FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 Underlying EBITDA 11 16 289 224 Adjustments -5 -1 -8 -1 Reported EBITDA 6 15 281 223 Working capital 1,478 1,504 -304 -254 Other cash effects -10 -40 -49 -9 At equity income -91 -90 -141 -133 Dividends received (JV's, associates) 6 4 12 19 T axpaid -23 -30 -91 -84 Interest (cash) -75 -81 -128 -166 Pension contribution & payments -35 -32 -68 -62 Operating Cash Flow 1,256 1,249 -487 -466 Net Investments -131 -276 -361 -320 Lease & asset financing repayments -151 -132 -316 -276 Adj. Free Cash Flow before Div. 975 841 -1,165 -1,062 Dividends from subs. to minorities 0 0 0 -76 Adj. Free Cash Flow after Div. 974 841 -1,165 -1,138 Adj. Financing Cash Flow -840 -918 40 723 o/w inFlow from fin. instruments1 -143 523 93 803 o/w outFlow from fin. instruments2 -697 -1,441 -53 -79 T otal Cash Flow 134 -76 -1,125 -415 1 Please refer to page 25 for FY25e modelling assumptions | 2 Re-fleeting is subject to finalisation of shipbuilding contracts and other terms and conditions38 WORKING CAPITAL • WC in line with PY – development in H1 reflecting normal seasonal profile DIVIDENDS • FY25 assumption: Expect TUI Cruises dividends to return to pre-pandemic levels of at least €170m, Hotel JVs pay-out c. 30% CASH INTEREST • Improvement due to lower RCF drawings, lower Convertible Bond interest & higher interest income • FY25 assumption upgraded1: -€260m to -€280m (prior: -€290m to -€310m) PENSION CONTRIBUTION & PAYMENTS • Full funding in UK expected in FY25 Q4; no further cash-out expected from FY26 onwards (c. €80m) NET INVESTMENTS • Increase to PY, mainly driven by higher RIU Capex and less H&R Divestments • FY25 assumption updated1: -€620m to -€680m, add. c.€50m Marella re-fleeting down payments expected2 LEASE & ASSET FINANCING REPAYMENTS • FY25 H1 includes c.-€54m scheduled repayments of asset financing • FY25 assumption reaffirmed1: Broadly stable vs. PY at -€0.5bn to -€0.6bn H1 COMMENTARY
Page 39
Cash Flow Statement – Reconciliation to H1 Cash Flow in Quarterly Report 39 €m Line items Cash Flow in Quarterly Report Explanation Reference -293 Group Profit see Income Statement 456 Depreciation, amortisation, impairm. (+) / write-backs (-) see Key figures of income statement 216 Interest expenses -38 Increase (-) / decrease (+) in receivables and other assets -60 Increase (+) / decrease (-) in liabilities (excl. financial liab.) Income tax see Income Statement -2 Increase (-) / decrease (+) in inventories -481 Increase (-) / decrease (+) in receivables and other assets 20 Increase (+) / decrease (-) in provisions 159 Increase (+) / decrease (-) in liabilities (excl. financial liab.) -7 Other non-cash expenses (+) / income (-) 1 Profit (-) / loss (+) from disposals of non-current assets see Cash Flow Statement -74 Increase (-) / decrease (+) in receivables and other assets 25 Increase (+) / decrease (-) in provisions 7 Increase (+) / decrease (-) in liabilities (excl. financial liab.) Dividends received 12 12 Dividends from joint ventures and associates see Cash Flow Statement At Equity income -141 -141 Other non-cash expenses (+) / income (-) see Income Statement Tax paid -91 -91 Increase (+) / decrease (-) in liabilities (excl. financial liab.) 43 Increase (-) / decrease (+) in receivables and other assets interest income payments -171 Interest paid interest expense payments see Cash Flow Statement Pension Contribution -68 -68 Increase (+) / decrease (-) in provisions Operating Cash flow -487 -361 Cash flow from investing activities see Cash Flow Statement Lease & asset financing repayments -316 -316 included in Cash flow from financing activities Recurring lease and asset fin. repayments Adj. Free Cash Flow after div. -1,165 Adj. Financing Cash Flow 40 40 Cash flow from financing activities excluding interest paid, div. payments, MMF, recurring lease and asset fin. repayments Net inflow from Group financing Total Cash flow -1,125 -1,125 Net change in cash and cash equivalents see Cash Flow Statement Cash Flow Statement Other cash effects -49 Changes in interest, tax or derivative-related assets and liabilities, maintenance and restructuring provisions Interest (Cash) -128 Working Capital -304 Changes in inventories, trade receivables and payables, prepayments, customer deposits, other receivables and payables (not interest, tax or derivatives related), provisions w/o maintenance and restructuring provisions Net investments -361 Reported EBITDA 281 Net interest of 178 €m see Segmental Reporting, reconciliation to EBIT Delta Operating Cash Flow -€171m Interest expense paid included in Financing Cash Flow in Annual Report vs. Operating Cash Flow in presentation
Page 40
FINANCIAL CALENDAR 14 May 2025 FY25 Half-Year Results 13 August 2025 FY25 Q3 Report 23 September 2025 Pre-Close Trading Update 10 December 2025 FY25 Annual Report ANALYST AND INVESTOR ENQUIRIES Nicola Gehrt, Group Director Investor Relations Tel: +49 (0)511 566 1435 Adrian Bell, Senior Investor Relations Manager 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 Brenda Bedaam, Junior Investor Relations Manager Tel: +49 (0)511 566 1442 Celina Kiesling, Team Assistant Investor Relations Tel: +49 (0)511 566 1426