The TUI Group is experiencing very high demand for holiday travel. For the first time since the beginning of the pandemic, the Group closed the third financial quarter profitably. All segments showed a positive operating performance and contributed to the improvement in earnings. The growth sector Hotels & Resorts reported underlying earnings above pre-crisis levels for the fifth consecutive quarter. With continued strong bookings, the Group confirms its expectation of a significantly higher underlying EBIT for the full year 2023. This is the first quarterly report from the Group since the start of the pandemic that no longer includes government funding. The WSF aid was fully repaid in the reporting period. The banks’ credit lines are currently undrawn. The Group significantly reduced net debt by €1.1 billion in the period under review, to €2.2 billion as of June 30, 2023.
TUI CEO Sebastian Ebel, presenting the quarterly figures in Hanover: “Summer 2023 is going very well and demand for holidays remains high. The Mediterranean remains the most sought-after destination for summer holidays. The heatwave in Northern Europe in June and the wildfires in Southern Europe have only dampened temporarily the previously strong development – but overall it will be a very good travel summer and a good year for TUI in 2023. For the full year we continue to expect a significant year-on-year increase in underlying EBIT. We are investing today to continue to significantly grow profitably in the future. We continue to drive TUI’s transformation and strengthen our competitive position by investing in our profitable growth areas.”
In the reporting period April to June 2023, TUI recorded high demand for holidays and good operating business with 5.5 million guests (previous year: 5.1 million). Consequently, the third financial quarter was closed profitably for the first time since the beginning of the pandemic with underlying EBIT of €169 million (previous year: €-27 million). Revenue improved significantly by €900 million, or 19%, to €5.3 billion (previous year: €4.4 billion). (£1.00 = €1.15 at time of publication).