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FY26 Q3 / 9M RESULTS 12 August 2026 TUI TUI BLUE Meltemi , Santorini
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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
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AGENDA FY26 Q3 Operational & Strategic Highlights 1 FY26 Q3/9M Results 2 3 Trading & Outlook 4 Summary 5 Appendix
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Transformation gaining momentum Resilience & vertical integration TUI diff. & new no-frills products App, loyalty & AI Resilient Q3 Revenue of €5.9bn (-5.6%) at CC1 Und. EBIT of €235m (-€86m) at CC1 incl. -€20m one-offs 9M up + €40m at CC 1 excl. one - off impacts Revenue of €14.5bn (-1.6%) at CC1 Und. EBIT of €123m (-€41m) at CC1 incl. -€81m one-offs 4 Resilient Q3 managing challenging geopolitical headwinds, with 9M Und. EBIT up excl. one - off impacts – FY26 guidance reaffirmed 1 Constant Currency | 2 Based on constant currency; the guidance reflects current trading conditions for the summer season and assumes no material escalation in geopolitical tensions, and that fuel supplies can be maintained 9M key impacts TUI one-off: -€60m Iran & -€21m Jamaica hurricane General: high fuel cost, East Med softness Consumer caution TUI SUNEO Royal Kenz, Tunisia FY26 Guidance reaffirmed FY26 Und. EBIT guidance of €1.1bn to €1.4bn at CC2
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Key KPIs Q3 YoY Avail. Bed Nights 11.3m +1% Occupancy 77% -5%pts Ave. Daily Rate €88 +0% ROBINSON Djerba Bahiya, Djerba FY26 9M FY25 9M FY26 Q3 FY25 Q3 HEX Q3 Und. EBIT up + €4m excl. Iran war highlighting solid underlying demand HOLIDAY EXPERIENCES Q3 Und. EBIT € 278m ( - €16m vs. PY) | 9M Und. EBIT € 659 m ( - € 3m vs. PY) HOTELS & RESORTS CRUISES TUI MUSEMENT 23 21 15 6 Key KPIs 123 131 351 384 Q3 YoY # Experiences Sold 2.9m -1% # Transfers 7.9m -10% 294 273 132 143 Phi Phi Cove Tour TUI Musement , Thailand55 Incl. -€20m Iran war impact Incl. -€40m Iran war impact Q3 YoY Excl. Iran war1 Avail. Pax Days 3.0m -1% -8% Occupancy 92% -6%pts +1%pts Ave. Daily Rate €252 +4% +4% Incl. -€15m Jamaica hurricane impact 1 Excl. MS4/MS5 in FY26 Q3 avail. pax cruise days, as itineraries were cancelled until mid-May due to Iran war
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-17 -21-10 25 MARKETS + AIRLINE Q3 Und. EBIT - €17m ( - € 67 m vs. PY) | 9M Und. EBIT - € 469 m ( - €28m vs. PY) FY26 9 M FY25 9M FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 M+A Q3 Und. EBIT - €67m vs. PY managing geopolitical headwinds & pricing pressure NORTHERN REGION CENTRAL REGION WESTERN REGION 9 45 FY26 Q3 FY25 Q3 MARKETS + AIRLINE Key KPIs Q3 YoY Departed Pax 5.5m -6% o/w Dynamic Package 1.0m +0% App Sales 12.9% +20% Load Factor 91% -2%pts -17 50 -469 -440 ROBINSON Djerba Bahiya, Djerba, Tunisia66 Incl. -€20m Iran war & -€6m Jamaica impact
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• Building on our exclusive, differentiated TUI products and strong brand • New Sundeals platform launched in July – additional focus on no-frills segment with dynamic products distributed in the UK Implementing our initiatives to build TUI of tomorrow (1/2) AIRLINE Commercialisation well on track • Focus on cost & network efficiency; improve mix through flight-only offers – fully implemented S27 • TUIfly.com launched in June 2026, enabling direct airline sales 7 MARKETS Reaching new & existing customers across all segments Loyalty programme exceeding expectations • AI-powered Semantic Search, enabling users to find more relevant holidays in UK & driving +28% Search-to-Book uplift for engaged users • TUI x ChatGPT upgrade, enhancing customer experience through hotels map view & multi- destination search Strengthening sales through App & AI GROUP TUI x ChatGPT – Hotels Map View • Live in the Nordics, UK & Ireland – ~0.6m members in just over 4 months & 92% customer recommendations
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Implementing our initiatives to build TUI of tomorrow (2/2) Mein Schiff Flow off to a strong start • Outstanding NPS of 95 since launch in June 2026 • Strong demand: MS fleet capacity +18% with occupancy levels well above 100% in July • Emission-reduction: set for e-LNG operations CRUISES New global asset - right hotel openings • Further expansion with net 10 more mgmt./franchise/ JV hotels in Q3 • Expanding in urban leisure destinations this Winter with 2 TUI Blue hotels in Seville & Lisbon HOTELS & RESORTS 8 Ocean House Costa del Sol by GRUPOTEL , Spain
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AGENDA FY26 Q3 Operational & Strategic Highlights 1 FY26 Q3/9M Results 2 3 Trading & Outlook 4 Summary 5 Appendix
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HAPAG - LLOYD, Hanseatic Inspiration R obust 9M performance with FY26 guidance reaffirmed 10 KEY KPIs REVENUE UND. EBIT NET DEBT €14.4bn 1 €199m excl. one - offs 2 €118m 3 €2.3bn FY26 9M YoY - 2.7% + €35m - €46m + €0.4bn Third consecutive year of positive 9M EBIT underlining improved seasonality 1 €14.5bn / -1.6% vs. PY at constant currency | 2 €204m / +€40m excl. one-offs at constant currency | 3 €123m / -€41m at constant currency
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FY26 Q3 vs. FY25 Q3 UNDERLYING EBIT in €m Resilient FY26 Q3 Und. EBIT versus record prior year incl. - €20m one - offs whilst managing challenging geopolitical headwinds 321 FY25 Q3 -8 Hotels & Resorts 235 FY26 Q3 Constant Currency One-off impacts 20 FX translation 1 FY26 Q3 254 LFL 234 One-off impacts 20 AOS -3 Markets + Airline Cruises -67 TUI Musement 2-10 255 LFL -€87m (-€67m LFL) -€86m (-€66m LFL) 11 One - off impacts H&R Cruises M+A Group Iran war - -20 - -20 Total - -20 - -20
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FY26 9M vs. FY25 9M UNDERLYING EBIT in €m Robust FY26 9M with Und. EBIT up + €35m at Act (+€40m at CC) excl. one - offs 165 118 123 21 FX translation One-off impacts 81 FY26 9M Constant Currency FY25 9M -33 Hotels & Resorts Cruises 8 TUI Musement -28 Markets + Airline -15 AOS One-off impacts 81 FY26 9M 5 199 204 -€46m (+€35m LFL) -€41m (+€40m LFL) 12 One - off impacts H&R Cruises M+A Group Jamaica -15 - -6 -21 Iran war - -40 -20 -60 Total -15 -40 -26 -81
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In €m FY26 Q3 FY25 Q3 FY26 9M FY25 9M Revenue 5,822 6,200 14,384 14,776 Underlying EBITDA 466 543 803 832 Depreciation & Amortisation -232 -222 -685 -667 Underlying EBIT 234 321 118 165 Adjustments (SDIs and PPA) -15 15 -32 -4 EBIT 219 335 86 161 Net interest expense -66 -66 -225 -244 EBT 153 270 -139 -84 Income taxes -29 -45 26 15 Group result cont. operations 124 225 -112 -69 Minority interest -42 -42 -131 -140 Group result after minorities 82 183 -243 -208 Basic EPS (€) 0.16 0.36 -0.48 -0.41 Underlying EPS (€) 0.19 0.33 -0.47 -0.43 Income Statement – Third consecutive year of positive 9M EBIT underlining improved seasonality 9M COMMENTARY 13 REVENUE • Lower M+A volumes due to increased uncertainty in the current geopolitical environment & FX translation UND. EBIT • Up +€35m at Act (+€40m at CC) excl. one-off impacts ADJUSTMENTS • Mainly PPA & Transformation cost against PY disposal gains • FY26 assumption reaffirmed1: -€70m to -€90m NET INTEREST • Improvement mainly due to lower RCF & lease and asset financing costs compensating lower interest income • FY26 assumption reaffirmed1: -€325m to -€350m (expect lower end) INCOME TAXES • In line with our assumption of an und. effective tax rate of ~18% 1 Please refer to page 22 for FY26e modelling assumptions
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Cash Flow Statement – Change reflecting customers booking closer to departure due to Iran war In €m FY26 Q3 FY25 Q3 FY26 9M FY25 9M Underlying EBITDA 466 543 803 832 Adjustments -10 12 -14 4 Reported EBITDA 456 555 789 836 Working capital 783 1,019 179 715 Other cash effects -50 -51 -108 -100 At equity income -100 -132 -265 -273 Dividends received (JV's, associates) 4 13 50 25 T axpaid -26 -35 -139 -126 Interest (cash) -44 -48 -153 -176 Pension contribution & payments -6 -33 -32 -102 Operating Cash Flow 1,016 1,287 322 800 Net Investments -143 -167 -595 -529 Lease & asset financing repayments -132 -139 -388 -456 Adj. Free Cash Flow before Div. 741 981 -661 -184 Dividends to TUI shareholders 0 0 -51 0 Dividends from subs. to minorities -65 -45 -65 -45 Adj. Free Cash Flow after Div. 676 936 -777 -230 14 9M COMMENTARY WORKING CAPITAL • Lower customer deposits partly due to customers booking closer to departure CASH INTEREST • Improvement mainly due to lower RCF & lease and asset financing costs compensating lower interest income • FY26 assumption reaffirmed1: -€240m to -€255m (expect lower end) PENSION CONTRIBUTION & PAYMENTS • UK schemes fully funded in FY25 Q4, significant improvement in FY26 NET INVESTMENTS • Increase driven by higher Hotels & Resorts and Airline Capex • FY26 assumption updated1: -€810m to -€830m (prior: lower end of -€860m to -€900m) LEASE & ASSET FINANCING REPAYMENTS • Reduction in-line with guidance; including c.-€40m scheduled repayments of asset financing • FY26 assumption reaffirmed1: strong improvement (FY25: -€595m) 1 Please refer to page 22 for FY26e modelling assumptions
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Alerts Alert Bright 243.203.71 Alert Light 255.239.189 Alert Deep 243.147.0 Sustainability Light 197.228.205 Sustainability Bright 48.182.117 Sustainability Deep 5.66.61 Extended Palette Primary colours • Use TUITypeLight for body copy, Ambit Bold for Headlines • Font size 14pt • Line spacing 6 pt • Titles in TUI-Deep Blue • Bullet points & standard text in TUI- Deep Blue Conventions New TUI Energy Blue 53.103.246 New TUI-Deep Blue 27.17.92 TUI Sky Blue 112.203.244 TUI Red 212.14.20 RIU Palace Maldivas , Maldives In € bn FY26 9M FY25 9M YoY ∆ Financial liabilities -4.6 -4.6 0.0 - Lease liabilities under IFRS16 -2.3 -2.5 0.3 - Senior Notes -0.5 -0.5 0.0 - Convertible Bonds -0.4 -0.5 0.1 - Liabilities to banks1 -1.4 -1.0 -0.3 Cash & Bank Deposits 2.2 2.7 -0.5 Net Debt -2.3 -1.9 -0.4 - Net Pension Obligation -0.5 -0.5 0.0 Memo: Lease liabilities - Aircraft -1.7 -1.8 0.1 - Hotels -0.2 -0.2 0.0 - Ships 0.0 -0.2 0.2 Memo: Liabilities to banks - RCF 0.0 0.0 0.0 - SSD -0.3 -0.2 -0.1 - Asset Financing Hotels -0.3 -0.3 -0.1 - Asset Financing Aircraft -0.7 -0.5 -0.2 Net Debt driven by working capital 15 1 Please refer to page 22 for FY26e modelling assumptions
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AGENDA FY26 Q3 Operational & Strategic Highlights 1 FY26 Q3/9M Results 2 3 Trading & Outlook 4 Summary 5 Appendix
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Alerts Alert Bright 243.203.71 Alert Light 255.239.189 Alert Deep 243.147.0 Sustainability Light 197.228.205 Sustainability Bright 48.182.117 Sustainability Deep 5.66.61 Extended Palette Primary colours • Use TUITypeLight for body copy, Ambit Bold for Headlines • Font size 14pt • Line spacing 6 pt • Titles in TUI-Deep Blue • Bullet points & standard text in TUI- Deep Blue Conventions New TUI Energy Blue 53.103.246 New TUI-Deep Blue 27.17.92 TUI Sky Blue 112.203.244 TUI Red 212.14.20 TUI MUSEMENT CRUISES HOTELS & RESORTS HEX – Strong u nderlying demand in uncertain geopolitical environment Experiences Sold Avail. Bed Nights 2 Ave. Daily Rate 2 Occupancy 2 Avail. Pax Cruise Days Ave. Daily Rate Occupancy Transfers 17 +2% +0%pts +12% FY26 Q4 YoY +4% -3%pts +1% In line with Markets + Airline Occupancy i mpacted by Jamaica hurricane & challenging Mexico MARELLA Voyager, Corsica, France +low/mid single-digit% TRADING UPDATE 1 1 2026 trading data as of 2 August 2026 compared to 2025 trading data | 2 Based on Group-owned and -leased hotels
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Alerts Alert Bright 243.203.71 Alert Light 255.239.189 Alert Deep 243.147.0 Sustainability Light 197.228.205 Sustainability Bright 48.182.117 Sustainability Deep 5.66.61 Extended Palette Primary colours • Use TUITypeLight for body copy, Ambit Bold for Headlines • Font size 14pt • Line spacing 6 pt • Titles in TUI-Deep Blue • Bullet points & standard text in TUI- Deep Blue Conventions New TUI Energy Blue 53.103.246 New TUI-Deep Blue 27.17.92 TUI Sky Blue 112.203.244 TUI Red 212.14.20 TRADING UPDATE 1 M+A – S26 bookings closer to departure, encouraging L4W ahead of PY 18 S26 W26/27 S27 EURO 88% 69% 36% USD 86% 74% 44% FUEL 96% 63% 39% HEDGED POSITION TRADING COMMENTS • We have flexed our business model and cut risk capacity by 5% to reflect the geopolitical and competitive environment • Trading impacted by Iran war leading to increased consumer caution, bookings closer to departure • ASPs continue to hold up well in a very competitive market environment • L4W trading encouraging, with booked revenue up +7% • W26/27 at an early stage, with limited visibility as customers remain focused on Summer holidays continue to book closer to departure S26 vs. S25 Booked Revenue -6% o/w UK -8% o/w GER -3% TUI BLUE Bahari, Zanzibar Season to date +7% Encouraging momentum Last 4 weeks 1 Bookings as of 9 August 2026. Bookings relate to all customers whether risk or non-risk
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Alerts Alert Bright 243.203.71 Alert Light 255.239.189 Alert Deep 243.147.0 Sustainability Light 197.228.205 Sustainability Bright 48.182.117 Sustainability Deep 5.66.61 Extended Palette Primary colours • Use TUITypeLight for body copy, Ambit Bold for Headlines • Font size 14pt • Line spacing 6 pt • Titles in TUI-Deep Blue • Bullet points & standard text in TUI- Deep Blue Conventions New TUI Energy Blue 53.103.246 New TUI-Deep Blue 27.17.92 TUI Sky Blue 112.203.244 TUI Red 212.14.20 75% 100% 125% -2% -7% -6% Per Q2 reporting Per Q1 reporting Positive momentum in L4W with M+A booked revenue ahead… 19 M+A – S26 B ooked Revenue in % vs. S25 Per Q3 reporting - 6 % Cumulated …d emonstrating the continued resilience of demand for holiday travel New ceasefire agreement Cumulated booked revenue Weekly booked revenue 21 Jun 26 05 Jul 26 19 Jul 2614 Jun 26 28 Jun 26 12 Jul 26 26 Jul 26 L4W: +7% 02 Aug 26 09 Aug 26 1 Bookings as of 9 August 2026. Bookings relate to all customers whether risk or non-risk
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FY26 Guidance at constant currency reaffirmed FY26e 1 FY25 Guidance suspended Expect Und. EBIT of €1.1bn to €1.4bn Revenue Underlying EBIT €24,179m €1,413m 20 1 Based on constant currency; the guidance reflects current trading conditions for the summer season and assumes no material escalation in geopolitical tensions, and that fuel supplies can be maintained MS Europa ROBINSON Khao Lak TUI Musement Mountainbike Tour Boeing 737 MAX
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€ 1,413 m €735m €481m €67m € 200 m Expect Und. EBIT of €1.1bn to €1.4bn GROUP ➢ Slightly below prior year Jamaica hurricane ( - €15m) & softer demand for Mexico offsetting our strategic growth initiatives ➢ Slight growth Strong demand and annualisation of MS Relax & new MS Flow against non - repeat of positive FY25 Marella ship valuation & impact from Iran war ( - €40m) HOTELS & RESORTS CRUISES ➢ Strong growth Growth in Experiences and leveraging operational efficiencies – expect l ow double - digit % Und. EBIT growth TUI MUSEMENT ➢ Below prior year Uncertain geopolitical environment driving consumer caution & bookings closer to departure incl. impact from Iran war/Jamaica ( - €26m), while we expect further progress on transformation MARKETS + AIRLINE FY26 Und. EBIT Guidance at constant currency reaffirmed FY26e 1 FY25 21 1 Based on constant currency; the guidance reflects current trading conditions for the summer season and assumes no material escalation in geopolitical tensions, and that fuel supplies can be maintained
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- € 810 m to - €830m (prior: lower end of - €860m to - €900m) Net Investments 3 - € 676 m Increase Net Debt €1,305m FY26 Modelling Assumptions updated FY26e 1 FY25 - € 70 m to - € 90 m Adjustments (incl. PPA) 2 - €44m Strong improvement Broadly stable Leases & Asset Financing - €595m €3,089m CF B/S CF B/S P&L - €325m to - €350m (expect lower end) - €240m to - €255m (expect lower end) Net Interest - €335m - €244m P&L CF 22 1 Based on constant currency; the guidance reflects current trading conditions for the summer season and assumes no material escalation in geopolitical tensions, and that fuel supplies can be maintained | 2 Adjustments include goodwill impairment and SDIs | 3 Subject to clarification of Boeing aircraft delivery schedule and the consequent pre-delivery payment (PDPs) schedule
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AGENDA FY26 Q3 Operational & Strategic Highlights 1 FY26 Q3/9M Results 2 3 Trading & Outlook 4 Summary 5 Appendix
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TUI’s growth FY27+ will be driven by vertical integration combining global distribution with unique products which our customers love 24 1 Based on constant currency; the guidance reflects current trading conditions for the summer season and assumes no material escalation in geopolitical tensions, and that fuel supplies can be maintained TUI well positioned to deliver sustainable growth & shareholder returns TUI of tomorrow Powered by loved brand MARKETS + AIRLINE Transformation • Commercialisation of airline • Grow exclusive diff. products • Build attractive no-frills offering • Multi-channel distribution prioritising our App & AI HOTELS & RESORTS Hotel Pipeline • Growth with asset-right hotel pipeline – mainly mgmt., franchise & JVs • Selected growth investments • Leverage our proven brands globally (e.g. RIU & TUI Blue) CRUISES Ship Pipeline • MS Flow in operation since June 2026 • Further TUI Cruises ships to be delivered in FY31 & FY33 • Marella investment in modernisation TUI MUSEMENT Digital & AI growth • Attractive growth model for diff. Experiences & Transfers • Deliver further operational efficiencies through digitalisation & AI AI, customer loyalty & sustainability at our core
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APPENDIX
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FY26 Q3 Revenue by segment (excludes intra - group Revenue and JVs/associates) 1 In €m FY26 Q3 FY25 Q3 Change incl FX Change excl FX ∆ FX Hotels & Resorts 313.3 300.3 13.0 7.5 5.5 - Riu 253.0 233.3 19.7 14.0 5.7 - Robinson 30.9 32.8 -1.9 -1.8 -0.1 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 29.5 34.2 -4.7 -4.6 -0.1 Cruises 238.6 230.8 7.8 12.7 -4.9 - TUI Cruises 2 0.0 0.0 0.0 0.0 0.0 - Marella Cruises 238.6 230.8 7.8 12.7 -4.9 TUI Musement 307.9 283.5 24.4 22.6 1.8 Holiday Experiences 859.8 814.7 45.1 42.8 2.3 - Northern Region 2,112.1 2,338.6 -226.4 -190.7 -35.7 - Central Region 2,084.5 2,227.6 -143.1 -145.1 2.0 - Western Region 760.5 816.1 -55.6 -55.6 0.0 Markets + Airline 4,957.1 5,382.3 -425.1 -391.4 -33.7 All other segments 4.8 2.6 2.2 2.2 0.0 TUI Group 5,821.7 6,199.5 -377.8 -346.5 -31.3 1 Table contains rounding effects | 2 No revenue is carried for Royalton as an associate which is consolidated at equity nor for Mein Schiff and Hapag-Lloyd Cruises which are consolidated at equity within TUI Cruises JV26
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FY26 Q3 Underlying EBITDA by segment 1 In €m FY26 Q3 FY25 Q3 Change incl FX Change excl FX ∆ FX Hotels & Resorts 176.4 178.3 -2.0 -4.0 2.0 - Riu 147.1 137.1 10.0 7.7 2.3 - Robinson 13.2 12.1 1.1 1.2 -0.1 - Royalton 2 -2.0 6.6 -8.5 -8.5 0.0 - Other 18.1 22.6 -4.5 -4.2 -0.3 Cruises 160.5 169.3 -8.8 -7.2 -1.6 - TUI Cruises 2 84.2 98.2 -14.0 -14.0 0.0 - Marella Cruises 76.3 71.1 5.2 6.8 -1.6 TUI Musement 30.0 28.0 2.0 2.3 -0.3 Holiday Experiences 366.9 375.7 -8.7 -8.9 0.1 - Northern Region 86.6 120.4 -33.9 -31.5 -2.3 - Central Region 18.0 49.9 -31.9 -31.6 -0.3 - Western Region 20.1 15.7 4.5 5.1 -0.6 Markets + Airline 124.7 186.0 -61.3 -58.2 -3.1 All other segments -25.4 -18.6 -6.7 -6.8 0.1 TUI Group 466.3 543.0 -76.7 -73.9 -2.9 1 Table contains rounding effects | 2 Royalton consolidated at equity. Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 27
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FY26 Q3 Underlying EBIT by segment 1 1 Table contains rounding effects | 2 Royalton consolidated at equity. Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 28 In €m FY26 Q3 FY25 Q3 Change incl FX Change excl FX ∆ FX Hotels & Resorts 122.7 130.8 -8.1 -9.6 1.5 - Riu 113.7 108.6 5.1 3.4 1.7 - Robinson 2.7 3.0 -0.3 -0.3 0.0 - Royalton 2 -2.0 6.6 -8.5 -8.5 0.0 - Other 8.2 12.6 -4.4 -4.2 -0.2 Cruises 132.4 142.7 -10.3 -9.3 -1.0 - TUI Cruises 2 84.2 98.2 -14.0 -14.0 0.0 - Marella Cruises 48.2 44.5 3.7 4.7 -1.0 TUI Musement 22.7 20.8 2.0 2.2 -0.3 Holiday Experiences 277.8 294.3 -16.5 -16.7 0.2 - Northern Region 9.5 45.5 -36.0 -35.2 -0.8 - Central Region -10.2 25.4 -35.6 -35.5 -0.1 - Western Region -16.6 -21.1 4.5 4.7 -0.2 Markets + Airline -17.4 49.7 -67.0 -65.9 -1.1 All other segments -26.6 -23.4 -3.3 -3.4 0.2 TUI Group 233.8 320.6 -86.8 -86.1 -0.7
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FY26 9M Revenue by segment (excludes intra - group Revenue and JVs/associates) 1 In €m FY26 9M FY25 9M Change incl FX Change excl FX ∆ FX Hotels & Resorts 879.8 845.7 34.1 33.9 0.1 - Riu 718.4 691.2 27.2 25.8 1.4 - Robinson 86.9 81.3 5.6 6.5 -0.9 - Royalton 2 0.0 0.0 0.0 0.0 0.0 - Other 74.5 73.2 1.3 1.6 -0.3 Cruises 634.7 620.0 14.8 37.5 -22.8 - TUI Cruises 2 0.0 0.0 0.0 0.0 0.0 - Marella Cruises 634.7 620.0 14.8 37.5 -22.8 TUI Musement 718.3 682.6 35.6 49.2 -13.6 Holiday Experiences 2,232.8 2,148.3 84.5 120.7 -36.2 - Northern Region 5,047.1 5,328.5 -281.5 -156.7 -124.7 - Central Region 5,225.5 5,324.6 -99.1 -103.9 4.8 - Western Region 1,864.5 1,967.1 -102.6 -102.6 0.0 Markets + Airline 12,137.1 12,620.3 -483.2 -363.2 -119.9 All other segments 14.0 7.6 6.5 6.5 -0.1 TUI Group 14,383.9 14,776.1 -392.2 -236.0 -156.2 1 Table contains rounding effects | 2 No revenue is carried for Royalton as an associate which is consolidated at equity nor for Mein Schiff and Hapag-Lloyd Cruises which are consolidated at equity within TUI Cruises JV29
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FY26 9M Underlying EBITDA by segment 1 In €m FY26 9M FY25 9M Change incl FX Change excl FX ∆ FX Hotels & Resorts 506.3 534.9 -28.6 -22.4 -6.2 - Riu 430.2 457.7 -27.5 -28.1 0.6 - Robinson 31.5 22.3 9.2 10.5 -1.3 - Royalton 2 23.6 41.0 -17.4 -14.4 -3.1 - Other 21.1 13.9 7.2 9.6 -2.4 Cruises 376.6 350.3 26.3 32.4 -6.1 - TUI Cruises 2 200.1 190.8 9.3 9.3 0.0 - Marella Cruises 176.5 159.4 17.1 23.2 -6.1 TUI Musement 36.3 28.3 8.0 10.7 -2.7 Holiday Experiences 919.2 913.5 5.8 20.8 -15.0 - Northern Region 13.0 4.3 8.7 12.0 -3.3 - Central Region -20.2 9.1 -29.3 -26.4 -2.9 - Western Region -34.6 -38.3 3.7 9.0 -5.3 Markets + Airline -41.7 -24.7 -17.0 -5.5 -11.6 All other segments -74.4 -56.6 -17.8 -18.4 0.6 TUI Group 803.1 832.1 -29.1 -3.3 -25.8 1 Table contains rounding effects | 2 Royalton consolidated at equity. Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 30
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FY26 9M Underlying EBIT by segment 1 1 Table contains rounding effects | 2 Royalton consolidated at equity. Mein Schiff and Hapag-Lloyd Cruises are consolidated at equity within TUI Cruises JV 31 In €m FY26 9M FY25 9M Change incl FX Change excl FX ∆ FX Hotels & Resorts 350.7 383.7 -33.0 -27.6 -5.4 - Riu 334.8 363.1 -28.3 -29.1 0.8 - Robinson 1.6 -4.2 5.8 6.7 -0.9 - Royalton 2 23.6 41.0 -17.4 -14.4 -3.1 - Other -9.2 -16.2 7.0 9.3 -2.3 Cruises 293.9 272.7 21.2 24.3 -3.0 - TUI Cruises 2 200.1 190.8 9.3 9.3 0.0 - Marella Cruises 93.8 81.8 12.0 15.0 -3.0 TUI Musement 14.6 6.4 8.3 10.9 -2.7 Holiday Experiences 659.3 662.8 -3.5 7.6 -11.1 - Northern Region -222.8 -225.2 2.4 -6.3 8.6 - Central Region -103.7 -65.5 -38.3 -37.1 -1.2 - Western Region -142.0 -149.7 7.7 9.6 -2.0 Markets + Airline -468.6 -440.4 -28.2 -33.7 5.5 All other segments -72.4 -57.7 -14.7 -15.2 0.6 TUI Group 118.3 164.7 -46.4 -41.4 -5.0
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Cash Flow Statement incl. Adj. Financing Cash Flow In €m FY26 Q3 FY25 Q3 FY26 9M FY25 9M Underlying EBITDA 466 543 803 832 Adjustments -10 12 -14 4 Reported EBITDA 456 555 789 836 Working capital 783 1,019 179 715 Other cash effects -50 -51 -108 -100 At equity income -100 -132 -265 -273 Dividends received (JV's, associates) 4 13 50 25 T axpaid -26 -35 -139 -126 Interest (cash) -44 -48 -153 -176 Pension contribution & payments -6 -33 -32 -102 Operating Cash Flow 1,016 1,287 322 800 Net Investments -143 -167 -595 -529 Lease & asset financing repayments -132 -139 -388 -456 Adj. Free Cash Flow before Div. 741 981 -661 -184 Dividends to TUI shareholders 0 0 -51 0 Dividends from subs. to minorities -65 -45 -65 -45 Adj. Free Cash Flow after Div. 676 936 -777 -230 Adj. Financing Cash Flow 56 -1 -151 39 o/w inflow from fin. Instruments 82 -1 333 92 o/w outflow from fin. instruments -25 0 -485 -53 T otal Cash Flow 732 935 -928 -191 Please refer to page 22 for FY26e modelling assumptions32 9M COMMENTARY WORKING CAPITAL • Lower customer deposits partly due to customers booking closer to departure CASH INTEREST • Improvement mainly due to lower RCF & lease and asset financing costs compensating lower interest income • FY26 assumption reaffirmed1: -€240m to -€255m (expect lower end) PENSION CONTRIBUTION & PAYMENTS • UK schemes fully funded in FY25 Q4, significant improvement in FY26 NET INVESTMENTS • Increase driven by higher Hotels & Resorts and Airline Capex • FY26 assumption updated1: -€810m to -€830m (prior: lower end of -€860m to -€900m) LEASE & ASSET FINANCING REPAYMENTS • Reduction in-line with guidance; including c.-€40m scheduled repayments of asset financing • FY26 assumption reaffirmed1: strong improvement (FY25: -€595m)
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Cash Flow Statement Line items Cash Flow in Q3 Report Explanation Reference -112 Group Profit see Income Statement 702 Depreciation, amortisation, impairm. (+) / write-backs (-) see Key figures of income statement 271 Interest expenses -46 Increase (-) / decrease (+) in receivables and other assets -26 Increase (+) / decrease (-) in liabilities (excl. financial liab.) Income tax see Income Statement -4 Increase (-) / decrease (+) in inventories -1,050 Increase (-) / decrease (+) in receivables and other assets 15 Increase (+) / decrease (-) in provisions 1,218 Increase (+) / decrease (-) in liabilities (excl. financial liab.) -226 Increase (-) / decrease (+) in receivables and other assets -54 Increase (+) / decrease (-) in provisions 197 Increase (+) / decrease (-) in liabilities (excl. financial liab.) -4 Profit (-) / loss (+) from disposals of non-current assets see Cash Flow Statement -21 Other non-cash expenses (+) / income (-) Dividends received 50 50 Dividends from joint ventures and associates see Cash Flow Statement At Equity income -265 -265 Other non-cash expenses (+) / income (-) see Income Statement Tax paid -139 -139 Increase (+) / decrease (-) in liabilities (excl. financial liab.) 42 Increase (-) / decrease (+) in receivables and other assets interest income payments -195 Interest paid interest expense payments see Cash Flow Statement Pension Contribution -32 -32 Increase (+) / decrease (-) in provisions Operating Cash flow 322 -592 Cash flow from investing activities see Cash Flow Statement -3 incl. in payments received from disp. of other non-cu. assets and payments received from disp. of partial interest in subsid. Money market funds, changes in minority interest Lease & asset financing repayments -388 -388 included in Cash flow from financing activities Recurring lease and asset fin. repayments Adj. Free Cash Flow before div. -661 Dividends to TUI shareholders -51 -51 Dividend payments see Cash Flow Annual Report Dividends from subs. to minorities -65 -65 Dividend payments Adj. Free Cash Flow after div. -777 Adj. Financing Cash Flow -151 -151 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 -928 -928 Net change in cash and cash equivalents see Cash Flow Statement Net investments -595 Working Capital 179 €m Reported EBITDA 789 Net interest of 159 €m Interest (Cash) -153 see Segmental Reporting, reconciliation to EBIT 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 Other cash effects -108 Changes in interest, tax or derivative-related assets and liabilities, maintenance and restructuring provisions Cash Flow Statement – Reconciliation to 9M Cash Flow in Quarterly Statement 33 Delta Operating Cash Flow - €195m Interest expense paid included in Financing Cash Flow in Annual Report vs. Operating Cash Flow in presentation
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In €m FY26 9M IFRS 16 FY25 9M IFRS 16 YoY ∆ Financial liabilities -4,579 -4,604 26 - Lease liabilities under IFRS16 -2,275 -2,550 274 - Senior Notes -507 -506 -1 - Convertible Bonds -407 -505 97 - Liabilities to banks -1,387 -1,040 -347 - Other liabilities -2 -4 2 Cash & Bank Deposits 2,231 2,694 -463 Net Debt -2,348 -1,911 -437 - Net Pension Obligation -495 -518 23 Memo: Lease liabilities - Aircraft -1,697 -1,816 120 - Hotels -208 -220 12 - Ships -18 -198 180 - Other -352 -315 -37 Memo: Liabilities to banks - SSD -337 -247 -90 - Asset Financing -1,050 -793 -257 In €m FY26 9M IFRS 16 FY25 9M IFRS 16 YoY ∆ Opening Net Debt as at 1 October -1,305 -1,641 336 Adj, FCF after Dividends -777 -230 -547 Lease & asset financing repayments 388 456 -68 Non cash additions1 -597 -580 -17 Other -57 84 -141 Closing Net Debt -2,348 -1,911 -437 Movement in Net Debt FY25 9M to FY26 9M COMMENTS • As at 30/06/2026: o Cash RCF - €0.0bn of €1.8bn utilised • €250m Schuldschein issued in July 2025 and upsized to €295.5m in August 2025, blended coupon of c. 4%, tenor 3/5 yrs to repay ship & aircraft leases early & take ownership of the assets • Early redemption of outstanding c. €118m of 2028 convertible bonds executed at par in Nov 2025 1 Leases & Asset Financing34
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In €m FY26 9M IFRS 16 FY26 H1 IFRS 16 QoQ ∆ Financial liabilities -4,579 -4,472 -107 - Lease liabilities under IFRS16 -2,275 -2,323 48 - Senior Notes -507 -499 -8 - Convertible Bonds -407 -402 -6 - Liabilities to banks -1,387 -1,247 -141 - Other liabilities -2 -1 -1 Cash & Bank Deposits 2,231 1,460 771 Net Debt -2,348 -3,012 664 - Net Pension Obligation -495 -470 -25 Memo: Lease liabilities - Aircraft -1,697 -1,724 27 - Hotels -208 -216 8 - Ships -18 -21 4 - Other -352 -361 9 Memo: Liabilities to banks - SSD -337 -334 -3 - Asset Financing -1,050 -913 -137 In €m FY26 9M IFRS 16 FY26 H1 IFRS 16 QoQ ∆ Opening Net Debt as at 1 October -1,305 -1,305 0 Adj, FCF after Dividends -777 -1,453 676 Lease & asset financing repayments 388 255 133 Non cash additions1 -597 -455 -142 Other -57 -55 -2 Closing Net Debt -2,348 -3,012 664 Movement in Net Debt FY26 H1 to FY26 9M COMMENTS 1 Leases & Asset Financing35 • As at 30/06/2026: o Cash RCF - €0.0bn of €1.8bn utilised
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Financing facilities overview per 30 June 2026 Instrument Facility €m Utilisation €m Debt/equity Maturity date Bank facilities Banks RCF (unsecured) 1,776 - Debt March 2030 190 Guarantee line - Schuldschein 2018 32.5 Debt July 2028 Schuldschein 2025 295.5 Debt July 2028/30 Bonds Senior Notes (sustainability-linked) 500 Debt March 2029 Convertible Bonds 2024 487 Debt / Equity-Linked July 20311 Lease liabilities Lease liabilities 2,275 Debt Various 1 Bondholder Put Option in July 202836
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Glossary ACT Actual Rates Add. Growth Additional Growth Adj. FCF Adjusted Free Cash Flow ADR Average Daily Rate AOS All Other Segments APCD Available Passenger Cruise Days ASP Average Selling Price Avail. Available B/S Balance Sheet CAGR Compound Annual Growth Rate CC Constant Currency CCE Central Customer Eco-System CLV Customer Lifetime Value CSAT Customer Satisfaction Score Departed Pax Departed Passengers Dyn. Package Dynamic Package H&R Hotels & Resorts HEX Holiday Experiences JV Joint Venture LFL Like-for-like M+A Markets + Airline MS Mein Schiff NPS Net Promoter Score Pax Passengers PDPs Pre-Delivery Payments PPA Purchase Price Allocation RCF Revolving Credit Facility S26 Summer 2026 SDIs Separately Disclosed Items SSD Schuldscheindarlehen (Promissory note) W26/27 Winter 2026/2027 37
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FINANCIAL CALENDAR 12 August 2026 FY26 Q3 Results 22 September 2026 Pre - Close Trading Update 9 December 2026 FY26 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