Tui AG: 2Q result and FY26 guide unchanged from 22 April warning

研报英文原文证据摘录

Tui AG: 2Q result and FY26 guide unchanged from 22 April warning

Equity Research

European Transportation

13 May 2026

Tui AG

2Q result and FY26 guide

unchanged from 22 April warning First Look

2Q underlying EBIT in line with 22 April warning. Full year TUI1n.DE/TUI1 GY OVERWEIGHT

guidance held. Summer outlook marginally brighter for European Transportation NEUTRAL

hotels, cruises stable, M+A suffers from late bookings. Fuel Price Target EUR 9.00

Price (12-May-26) EUR 6.39

hedging strong relative to airline peers. New strategic Potential Upside/Downside +40.9%

initiatives on AI and loyalty. Modest positive reaction. Source: Bloomberg, Barclays Research

European TransportationView: The business is in a tough place but there is some reassurance that FY guidance is steady

Andrew Lobbenberg

relative to 22 April profit warning. Details of 2Q remind us how well the business traded through

+44 (0)20 3555 0639

1H, improving 2Q underlying EBIT by €18m despite €40m Iran and €5m Jamaica hurricane andrew.lobbenberg@barclays.com

headwinds. 2H Hotel outlook marginally brighter rates and occupancy than at 22 April. Markets Barclays, UK

and Airlines are weak – notable that booked revenue down 10% in UK versus down 3% in

Rahul Singh

Germany. Cruise outlook for balance of year looks strong, hotels OK. As usual, bears will fall on

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the competitiveness of tour operating, the company on 0800 UK call will highlighted its cost and rahul.xb.singh@barclays.com

margin strategy and new disclosure of strategic developments on loyalty and AI. We expect Barclays, UK

a small positive reaction to Tui shares, after uncertainty for the sector from the weak results and

Emilie Fung

18% share price drop from peer On The Beach yesterday (vs. -2.3% SMXX Index. At first glance