Availability of building slots for two new vessels confirmed, being the basis for TUI AG’s re-fleeting of Marella Cruises

March 31, 2025

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TUI AG / Key word(s): Miscellaneous
Availability of building slots for two new vessels confirmed, being the basis for TUI AG’s re-fleeting of Marella Cruises

31-March-2025 / 08:46 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this announcement.

Inside Information according to article 17 MAR

Availability of building slots for two new vessels confirmed, being the basis for TUI AG’s re-fleeting of Marella Cruises

The shipbuilder Fincantieri S.p.A. has confirmed building slots for two vessels with delivery availability from FY31 onwards; the order representing a value of exceeding €2 billion

We expect customary market financing, based on an Export Credit Agency (ECA) structure (80% debt and 20% equity) and that the equity contribution could be generated by an increase of joint venture dividends

March 31, 2025

Availability of building slots for two new vessels confirmed, being the basis for TUI AG’s re-fleeting of Marella Cruises

Ad Hoc Releases

Inside Information according to article 17 MAR

Availability of building slots for two new vessels confirmed, being the basis for TUI AG’s re-fleeting of Marella Cruises

The shipbuilder Fincantieri S.p.A. has confirmed building slots for two vessels with delivery availability from FY31 onwards; the order representing a value of exceeding €2 billion

We expect customary market financing, based on an Export Credit Agency (ECA) structure (80% debt and 20% equity) and that the equity contribution could be generated by an increase of joint venture dividends

Hanover, 31 March 2025, 08:45 am (CEST). The Executive Board ofTUI AG (“TUI”) has decided to begin the re-fleeting of Marella Cruises (“Marella”), thereby replacing a significant proportion of the capacity of the current fleet. This is against the background of an aging Marella fleet. Following Sunday’s approval by TUI’s Supervisory Board and today’s confirmation of the slot availability by the shipbuilder Fincantieri S.p.A, the first ship delivery is expected in financial year 2031, with the second ship expected to follow in financial year 2033. The value of the order for the two new vessels will exceed €2 billion. The re-fleeting is subject to the conclusion of binding shipbuilding contracts, the availability of financing and other customary terms and conditions. The re-fleeting may take place within the current Marella ownership structure. In parallel TUI continues to explore partnership options.

The project is anticipated to enhance Marella’s competitive position in the UK market ensuring a long-term cruise product proposition. An indicative business case calculates an EBIT of between €130m and €150m p.a. per ship and Return on Invested Capital (ROIC) of 11% to 12%.

We expect customary market financing, based on an Export Credit Agency (ECA) structure (80% debt and 20% equity) and that the equity contribution could be generated by an increase of joint venture dividends.

TUI remains committed to its capital allocation framework maintaining disciplined capital investment, strengthening its balance sheet, supported by profitable operational growth and improved cash flow. Based on an annualised pro-forma Marella re-fleeting case, net leverage is still expected to be below 1.0x. TUI reaffirms its target to define a shareholder return strategy by end of 2025.

End of Inside Information

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Availability of building slots for two new vessels confirmed, being the basis for TUI AG’s re-fleeting of Marella Cruises