Strong travel summer for TUI Group: TUI continues to expect return to significantly positive underlying EBIT for the full year – First near-breakeven quarterly result since the pandemic already in Q3 2022 – Holiday Experiences segment and the Central Region with positive results – Average prices around one fifth above pre-Corona level
- TUI almost breaks even in Q3 2022 despite additional costs of 75 million euros for disruptions in air traffic – without additional costs clearly in the profit zone: adjusted EBIT 48 million euros (with expenses for additional costs -27 million euros)
- Growth segment Holiday Experiences with clear positive underlying EBIT of 122 million euros (previous year: -186 million euros): Cruises and TUI Musement with positive quarterly results for the first time since the start of the pandemic, Hotels & Resorts positive for the fourth quarter in a row
- 5.1 million guests travelled with TUI in the period under review – turnover in the third quarter almost sevenfold at 4.43 billion euros (previous year: 650 million euros)
- 90 per cent of Summer 2019 booking level achieved – Group confirms expectations to return to significantly positive EBIT in full- year 2022
- Free cash flow increases to 1.2 billion euros, state credit lines further reduced, net debt falls to 3.3 billion euros
- CFO and designated CEO Sebastian Ebel: "Our business performed well in the third quarter – despite the operational challenges in the European tourism sector. This shows the robustness of our integrated business model, the strength of the TUI brand and the continued high demand for holidays. We want to offer our guests TUI's high standards of quality and service, despite the difficult environment. We continue to expect a strong travel summer 2022 with capacity close to pre-crisis levels and significantly positive underlying EBIT for the full year."
After nine months of the financial year, TUI continues to expect a significantly positive underlying EBIT for 2022, TUI CEO Fritz Joussen and his successor, now CFO Sebastian Ebel, confirmed at the presentation of the Q3 results. "The figures after nine months confirm the trends and our expectations for 2022. We are experiencing a strong travel summer. TUI is secured and economically and operationally back on track when I hand over the chairmanship to Sebastian Ebel on 30 September. All growth areas expanded in recent years are back on track after Corona: Hotels, Cruises and the Tours & Activities field with our digital subsidiary TUI Musement. TUI was strong and profitable before Corona and will continue to be so after the crisis of the century. I would like to thank our customers for their trust during these difficult times and our employees for their enormous commitment. After two years of crisis management, they can now focus on growth again. Sebastian Ebel knows the company and the industry. With him, TUI is in the best hands when it comes to new growth and dealing with the aftermath of Corona," said Fritz Joussen. A continued strong travel summer 2022 with unchanged high demand for holidays has secured a strongly improved Q3 2022 for the TUI Group with a near breakeven result. The core Holiday Experiences segment with Hotels, Cruises and Tours & Activities, as well as the Region with tour operators in Germany, Austria, Switzerland and Poland returned to operating profit in the period under review. Excluding unplanned additional costs due to irregularities in European air traffic, the Group achieved a positive operating quarterly result for the first time since the beginning of the pandemic (48 million euros).
Sebastian Ebel, CFO and designated CEO of TUI Group: "People want to travel. Holidays continue to top the list of planned spending – this has not changed. Although the entire European airline sector continues to face challenges, we have successfully ramped up our business with a significant increase in demand and achieved a good third quarter. This shows once again: our integrated business model is robust. TUI is a strong brand, trusted by holidaymakers and our partners in the destinations. We are consistently tackling the operational challenges of the restart. We want to offer our guests the usual high TUI standards of quality and service. The topics of quality and customer experience are therefore at the top of my agenda. To this end, I will engage in intensive dialogues with the destinations, retail, but also with system partners such as airports and airlines. TUI's travel summer will be strong, with capacity almost at precrisis levels in 2019. We expect a significantly positive underlying EBIT for the full year."