19 September 2023

Customer demand for travel remains strong: TUI publishes Q4 pre-close trading update and confirms earnings expectation for FY23.

Confirmation of expectations for a strong Summer 2023 with bookings in final month of season well ahead of Summer 2022. We are pleased to see the positive momentum continuing into Winter 2023/24 supported by higher prices. TUI is well positioned to achieve the results target for FY 2023.

  • Current booking trends underlining the strong consumer demand in the current macro-economic environment and the popularity of our product offering

Summer 2023

  • Strong pipeline of 13.7m1 bookings for the Summer 2023 season, a +5% increase against prior season and close to pre-pandemic levels at 96%
  • 1.1m additional bookings taken since our Q3 2023 update with demand in the final month of season well ahead of Summer 2022 at +8%
  • Season extension in particular in Greece and Turkey to accommodate increased demand
  • ASP for Summer 2023 continues to be well ahead at +8% versus prior season and +27% versus Summer 2019, slightly ahead of the levels reported at Q3

Winter 2023/24

  • Positive momentum continuing into Winter 2023/24 with an expanded programme and overall bookings up +15% against Winter 2022/23. Promising booking situation across all key source markets supported by higher prices +4% versus prior season. We are hedged for the coming Winter and Summer season in line with our expectations
  • UK, as usual, with 38% of the season sold, is the most advanced booked on a larger programme. Bookings are at +8% and ASP +3% against Winter 2022/23
  • Holiday Experiences trading remains well on track to deliver in line with expectations both for Summer 2023 and Winter 2023/24


  • TUI reconfirms expectations to increase underlying EBIT2 significantly for both Q4 2023 and also for FY 2023 against FY 2022

    TUI Group
  • Q4 underlying EBIT FY 20232 expected to increase significantly against prior year – Hotels & Resorts anticipated to be close to an already strong prior year. Both Cruises and Markets & Airlines set to achieve a significantly improved result with a strong increase in results expected for TUI Musement
  • FY 2023 Assumption2 – we reconfirm our expectations to increase underlying EBIT significantly for  FY 2023
  • Mid-term ambitions – we are focused on operational excellence and execution of our strategy. We have a clear strategy to accelerate profitable growth with new customer segments and more product sales. Our mid-term 2025/26 ambitions are for underlying EBIT to significantly build on €1.2bn3. We have a target to return to a gross leverage ratio4 of well below 3.0x and aim to return to a credit rating in line with the pre-pandemic rating of BB / Ba territory
  • We will issue the TUI Group Full Year results on Wednesday 6 December 2023 and hold a presentation for investors and analysts in London on the same day. Further details will follow


Bookings up to 10 September 2023 and relate to all customers whether risk or non-risk
2 Based on constant currency
3 FY 2019 underlying EBIT of €893m including €293m Boeing MAX cost impact
4 Defined as gross debt (financial liabilities incl. lease liabilities & net pension obligations) divided by underlying EBITDA

About TUI Group

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.