TUI repays financial aid from the Economic Stabilisation Fund in full

April 28, 2023

IR News

Silent Participation I and Warrant Bond repaid as agreed
Economic Stabilisation Fund (WSF) receives final payment of 750 million euros
Payments by TUI for providing WSF stabilisation measures during the pandemic for interest, coupons and compensation for conversion rights amount to around 381 million euros
TUI CEO Sebastian Ebel: "This is a very important day for TUI – the roadmap to repay the state aid has been implemented consistently and swiftly. Today we are repaying the remaining aid from the WSF including interest. The confidence of the capital market and the state as well as the support of shareholders and TUI employees have made this possible. We are very grateful to all those involved. TUI is strengthened and on course, now the focus is on profitable growth."

Hanover, 28 April 2023. TUI today repaid the remaining aid from the Economic Stabilisation Fund (WSF). In order to be able to repay the state aid quickly, the Group had successfully carried out a capital increase as agreed. With the proceeds, the WSF's Silent Participation I in the nominal amount of 420 million euros was completely redeemed. TUI had already repaid the Silent Participation II of nominally 671 million euros in 2022. In addition – following the repurchase of bonds with a nominal value of 91 million euros, which had also already taken place in 2022 – the remaining Warrant Bond of 59 million euros was redeemed. WSF receives a final amount of 750 million euros including compensation for the conversion rights and accrued interest and coupons. TUI's payments to the German state for providing the WSF stabilisation measures during the pandemic for interest, coupons and as compensation for conversion rights amount to around 381 million euros.

April 28, 2023

TUI repays financial aid from the Economic Stabilisation Fund in full

IR News

Silent Participation I and Warrant Bond repaid as agreed
Economic Stabilisation Fund (WSF) receives final payment of 750 million euros
Payments by TUI for providing WSF stabilisation measures during the pandemic for interest, coupons and compensation for conversion rights amount to around 381 million euros
TUI CEO Sebastian Ebel: "This is a very important day for TUI – the roadmap to repay the state aid has been implemented consistently and swiftly. Today we are repaying the remaining aid from the WSF including interest. The confidence of the capital market and the state as well as the support of shareholders and TUI employees have made this possible. We are very grateful to all those involved. TUI is strengthened and on course, now the focus is on profitable growth."

Sebastian Ebel, CEO of TUI Group: "This is a very important day for TUI. Together with the WSF, we had agreed on a roadmap to repay the state aid and implemented it consistently and swiftly. Today we are repaying the remaining aid from the WSF including interest. Sustainable travel demand, a future-proof business model, the confidence of the capital market and the state as well as the support of our shareholders and all TUI employees worldwide have made this possible. We are very grateful to all those involved. TUI is strengthened and on course, now the focus is on profitable growth."

Mathias Kiep, Chief Financial Officer of TUI Group: "The successful implementation of the capital increase and the repayment of the WSF aid is a decisive step for TUI, on which we have worked intensively with all stakeholders over the past months. My thanks go to the entire team who prepared and implemented this important milestone. We are reducing our debt and interest costs and already expect a better net leverage ratio for the current financial year than in 2019. We have thus strengthened our balance sheet and gain more financial flexibility in implementing our strategy."

Peter Krueger, Member of the Executive Board, Chief Strategy Officer and CEO Holiday Experiences, TUI Group: "The full repayment of the aid marks the end of the stabilisation package received from the WSF in accordance with the framework agreement. My team and I would like to thank the WSF for the trustful and constructive cooperation and the quick and effective support from the state during the Corona pandemic. We have agreed on many strategically important and right steps since 2020, worked very intensively together and the measures were successfully implemented in the interest of the state and TUI."

TUI had received a total of three state stabilisation packages worth around 4.3 billion euros. These have been gradually returned, including interest, since the beginning of 2022 by means of several equity measures and through the return of the operating business. The undrawn credit line from KfW remains in the amount of 1.1 billion euros.

TUI Group is a leading global tourism group and operates worldwide. The Group is headquartered in Germany. TUI shares are listed on the FTSE 250, an index of the London Stock Exchange, on the regulated market of the Hanover Stock Exchange and on the Open Market segment of the Frankfurt Stock Exchange. The TUI Group offers integrated services from a single source for its 21 million customers.

The entire tourism value chain is covered under one roof. This includes over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 16 cruise ships, from the MS Europa and the MS Europa 2 in the luxury class and expedition ships to the Mein Schiff fleet of TUI Cruises and cruise ships at Marella Cruises in Great Britain. The Group also includes leading tour operator brands and online marketing platforms across Europe, five airlines with more than 130 modern medium and long-haul aircraft and around 1,200 travel agencies. In addition to expanding its core business with hotels, cruises via successful joint ventures and activities in holiday destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a digital company.

Global responsibility for sustainable economic, ecological and social action is at the core of our corporate culture. The TUI Care Foundation, initiated by TUI, focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards with projects in 25 countries. It thus supports holiday destinations in their development.

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TUI repays financial aid from the Economic Stabilisation Fund in full

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TUI repays financial aid from the Economic Stabilisation Fund in full