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TUI Group
TUI Group
TUI Group
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TUI AG (trading as TUI Group) is a German multinational leisure, travel and tourism company; it is the largest such company in the world.[2][3] TUI is an acronym for Touristik Union International ("Tourism Union International"). TUI AG was known as Preussag AG until 1997, when the company changed its activities from mining to tourism. It is headquartered in Hanover, Germany,[4] and trading on the Frankfurt Stock Exchange and Hanover Stock Exchange.

Key Information

It fully or partially owns several travel agencies, hotel chains, cruise lines and retail shops as well as five European airlines. These activities involve the operation of 353 hotels with 275,144 beds and it allows its brand to be used for another 65 hotels operated by third parties. These hotels accommodate 21 million guests a year.[5] It also operates 16 cruise ships under the TUI Cruises, Hapag-Lloyd Cruises and Marella Cruises brands, as well as a fleet of 134 aircraft.[1]

History

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TUI Group head office in Hanover

Foundation and early years

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The origins of the company lie in the industrial and transportation company Preussag AG, which was originally formed as a German mining company. It was incorporated on 9 October 1923, as Preußische Bergwerks- und Hütten-Aktiengesellschaft (Prussian Mine and Foundry Company). In 1927, it was merged with the Ruhr coal company, Hibernia AG, and electricity utility to become the Vereinigte Elektrizitäts und Bergwerks AG (VEBA AG) (United Electrical and Mining Company).[6]

After the sale of Salzgitter AG and purchase of Hapag-Lloyd AG (the navigation and logistics company) in 1997, Preussag AG became a global enterprise in the service and leisure industry. At that time, Hapag-Lloyd held a 30% interest in the tourism conglomerate TUI (founded 1968), increased to 100% by 1999. In addition, the company acquired 25% of Thomas Cook shares in 1997, which it doubled the following year. On 2 February 1999, the Carlson Leisure Group merged with Thomas Cook into a holding company owned by the German bank Westdeutsche Landesbank, Carlson Inc and Preussag.[7] However, in mid 2000, Preussag acquired Thomas Cook's rival Thomson Travel and was forced to sell its majority 50.1% stake in Thomas Cook by regulatory authorities.[8] In 2002, Preussag renamed itself TUI AG.[9]

TUI announced a merger of its travel division with the British tour operator First Choice in March 2007,[10] which was approved by the European Commission on 4 June 2007, on the condition that the merged company sell Budget Travel in Ireland.[11] TUI held a 55% stake in the new company, TUI Travel PLC, which began operations in September 2007.[12]

In April 2008, Alexey Mordashov, who purchased his first shares in TUI Travel in autumn 2007, purchased additional TUI Travel shares under S-Group in order to expand TUI Travel into Eastern Europe and Russia.[13][14][15]

Its logistics activities, concentrated in the shipping sector, were kept separate and bundled within Hapag-Lloyd AG. A majority stake in Hapag-Lloyd was sold to the Albert Ballin consortium of investors in March 2009,[16] and a further stake was sold to Ballin in February 2012, as TUI worked to exit from the shipping business and to optimize its tourism business with expansion in Russia, China and India under Michael Frenzel.[15][17] Prior to August 2010, John Fredriksen held the largest Norwegian privately held stake in TUI Travel and had a significant influence upon TUI Travel's direction and strategy.[18] As Alexey Mordashov through his S-Group Travel Holding increased his stake in TUI Travel to a stake larger than Fredriksen's stake, the shipping business had to be sold.[18]

In June 2014, the company announced it would fully merge with TUI Travel to create a united group with a value of $US9.7 billion.[19] The merger was completed on 17 December 2014 and the combined business began trading on the Frankfurt and London stock exchanges.[20] Prior to this merger, Alexey Mordashov, the largest private shareholder in TUI Travel, held a blocking stake in TUI Travel through his S-Group.[21] After the merger, Mordashov's stake was reduced to less than a blocking stake of 25%.[21] On 12 December 2016, Mordashov increased his stake in TUI Group from 18% to more than 20%.[21][22] In October 2018, his 24.9% stake was the largest privately held stake in TUI Group.[23] In June 2019, Mordashov transferred 65% of his stake to the KN-Holding, owned by his sons Kirill and Nikita Mordashov. TUI stated in a statement that they ”welcomed the second generation of the family amongst its shareholders”.[24]

Berge & Meer and Boomerang Reisen as well as Atraveo were sold to the holding company GENUI in 2019.[25] At the end of 2019, the holiday home provider Wolters Reisen GmbH and the round trip specialist Wolters Rundreisen GmbH, of which TUI Group owned 100% of the shares via an investment company, were sold to the Frankfurt-based company e-domizil.[26]

Development since 2020

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In August 2020, the company reported a net loss of €2.3 billion (from October 2019 to June 2020) as a result of the COVID-19 pandemic. Out of the sum, €1.5 billion loss related to the period from April to June 2020, while the revenue for the same period was €75 million, 98% less than the same period in 2019. TUI's chief executive officer, Fritz Joussen announced that the firm was considering selling the Marella cruise line.[27]

In March 2022, the company's largest single shareholder, Alexey Mordashov, a Russian oligarch and confidante of Vladimir Putin, was placed under sanctions due to the 2022 Russian invasion of Ukraine.[28][29][30][31]

In March 2023, it was announced that TUI would seek to raise $1.8 billion by selling shares at a discount to existing investors, excluding Mordashov as a result of sanctions under German securities law.[32][33]

Corporate affairs

[edit]

Governance

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The following people have served in key roles:

Time period Chief Executive Officer (CEO) Time period Chairman of the Supervisory Board
2022- Sebastian Ebel 2019- Dieter Zetsche[34]
2013-2022 Friedrich Joussen 2011-2019 Klaus Mangold[34]
2014-2016 Peter Long (Co-CEO)[35] 2010-2011 Dietmar Kuhnt[36]
2004-2010 Jürgen Krumnow[36]

Shareholders

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The company's shares are listed on the Frankfurt Stock Exchange, the London Stock Exchange, as well as the Hanover Stock Exchange.[37]

In spring 2007, the Norwegian shipowner and financial investor John Fredriksen acquired a 15.01% stake in TUI. At TUI's AGM in May 2008, Fredriksen demanded a split-up of the group and the dismissal of TUI CEO Michael Frenzel.[38] At the AGM on 13 May 2009, Fredriksen demanded that Supervisory Board Chairman Jürgen Krumnow be voted out of office so that he could then join the Supervisory Board himself. However, these attempts were unsuccessful.[39] On 28 February 2014, Monteray Enterprises Ltd (John Fredriksen) notified TUI that its share of voting rights in TUI had fallen below the 3% thresholds on 24 February 2014.[40]

Russian oligarch Alexei Mordashov joined TUI at the beginning of 2008. By July 2008, he had increased his stake to 15.03% and in March 2012 to 25.29%, and later to 34%.[41] He was thus the largest single shareholder.[42] Mordashov has been on the EU sanctions list since 28 February 2022 and, according to a corresponding voting rights notification, transferred control of most of his indirectly held shares to the Virgin Islands-based company Ondero Limited, controlled by Marina Mordashova, on that date. Due to an investigation by the Federal Ministry of Economics and Climate Protection regarding the transfer of the shares to Ondero Limited, the transfer is suspended.[43] The shareholding in TUI AG therefore continues to be held (indirectly) by Mordashov. Due to the capital increase in spring 2023, in which Mordashov was not allowed to participate due to his sanction,[44] his shareholding has meanwhile decreased significantly. According to the voting rights notifications of the German Federal Financial Supervisory Authority of 16 May 2023, 10.87% shares in TUI AG have been indirectly attributable to Mordashov since 19 April 2023, while Marina Mordashowa holds 0% in TUI AG.[45]

In February 2024, the company decided to leave the London Stock Exchange retaining its listings on the Frankfurt Stock Exchange and the Hanover Stock Exchange.[46]

Shareholder structure (July 2023)
Shareholder Share
Institutional investors 57.8 %
Alexei Mordashov 10.9 %
Private investors 30.2 %
RIU S.A. (Familie Riu Güell) 1.1 %

Business figures

[edit]

The key indicators of the TUI Group are (as at the financial year ending 30 September):[47][48]

TUI Group Financial Information
Year Revenue (€bn) Net Profit (€m) Number of employees
2016 17.1 910 66,779
2017 18.5 645 66,577
2018 19.5 733 69,546
2019 18.9 416 71,473
2020 7.9 –3,148 48,330
2021 4.7 –2,467 50,584
2022 16.5 –277 61,091
2023 20.6 306 65,413
2024 23.2 507 66,845

Operations

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Accommodation

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In the 2022 financial year, the Hotels & Resorts segment comprised a total of 353 hotels with 275,144 beds. With 322 properties, the majority are four- or five-star hotels. 53% were operated under management contracts, 38% were owned by the respective hotel company, 8% were leased and 1% of the facilities were operated under franchise agreements. In addition, 65 hotels were operated by third-party hoteliers under TUI's international concept brands as at 30 September 2022, bringing the total number including third-party hotels to 418.[1]

Cruises

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TUI's cruise segment operates a total of 16 cruise ships under three brands:

  • TUI Cruises is a joint venture with Royal Caribbean Cruises. The fleet currently comprises seven ships named Mein Schiff 1 to 7.[49]
  • Hapag-Lloyd Cruises is responsible for luxury and expedition cruises in German-speaking countries. The brand was transferred to TUI Cruises in 2020.[50][51] With the MS Europa and the MS Europa 2, the group offers luxury cruises; the two ships were the only cruise ships worldwide to be awarded the 5-star-plus category by the Berlitz Cruise Guide. HEANSEATIC class expedition ships include the HANSEATIC nature, the HANSEATIC inspiration and the HANSEATIC spirit.[52]

Airlines

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TUI owns several airlines operating under the brands TUI fly and TUI Airways which are managed by TUI Airline Management.

Airline Origin Description
TUI Airways United Kingdom TUI Airways is the largest of the TUI airlines. It has 70 aircraft and flies from 26 British airports to 109 destinations worldwide. It was formed by the merger of Thomsonfly (formerly Britannia Airways) and First Choice Airways (formerly Air 2000). The airline was the last TUI airline to be rebranded.
TUI fly Belgium Belgium TUI fly Belgium has operated since March 2004 to more than 105 destinations around Europe, the Red Sea, the Caribbean, the Canary Islands, the US and Africa. Since 2012, it has operated scheduled flights as well as charter services. It was formerly known as Jetairfly, and renamed TUI fly Belgium in late 2016.
TUI fly Deutschland Germany TUI fly Deutschland has operated since 1972, originally as Hapag-Lloyd Flug, becoming TUIfly in 2007. It was later renamed TUI fly Deutschland, and it has 40 aircraft, flying to 39 destinations.
TUI fly Netherlands Netherlands Since 2005, TUI fly Netherlands has operated charter flights from Amsterdam Schiphol Airport to destinations in Southern Europe, North Africa, the Caribbean, and Latin America. It was originally called Arkefly and later became Arke in 2013, before being renamed TUI fly Netherlands in 2015.
TUI fly Nordic Denmark
Finland
Norway
Sweden 		TUI fly Nordic flies from locations across Europe. They fly holidaymakers travelling with the following tour operators; TUI Sverige (Sweden), TUI Finland (Finland), TUI Norge (Norway), and TUI Danmark (Denmark). There was a slight name change, from TUIfly Nordic to TUI fly Nordic.

Controversies

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  • On 16 April 2009, TUI Travel and S-Group Travel Holding of the Russian shareholder Alexey Mordashov declared the formation of a joint venture in Russia with investments of 30 million euros to develop tourism activities in Russia and Ukraine. The intention was to take over the tour operators VKO Group and Mostravel in Russia and Voyage Kiev in Ukraine, which had over 160 travel agencies and over half a million customers.[53] In March 2022, TUI AG terminated the brand use agreement with TUI Russia; TUI Russia is no longer a TUI Group company. The last shares in TUI Russia were sold in 2021.[54] In May 2022, it was reported that the major stakeholder and Russian oligarch Alexei Mordashov had made a transfer of a holding of 29.9% of the company: TUI failed to follow the rules and verify the new owner of the shares. In addition, the transfer was a violation of the sanctions against Russia by the European Union, which sanctioned Mordashov personally.[55][56]
  • A 2018 study in the UK found that TUI had the largest gender pay gap reported to date by a major UK company, with its male employees paid more than twice what female employees are paid.[57]
  • TUI has become the main airline carrying out charter deportation flights for the UK Home Office.[58] It is estimated that in November and December 2020 TUI carried out the deportation of more than 150 people in 13 flights to 23 destinations for the Home Office.[59]

References

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TUI Group

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from Grokipedia
TUI Group is a German multinational corporation headquartered in , specializing in integrated leisure travel and services, encompassing package holidays, airlines, hotels, cruises, and related offerings as one of the world's largest providers in the sector. Formed in 1968 through the consolidation of four German tour operators into Touristik Union International, the entity later became a of the industrial conglomerate Preussag AG, which rebranded to TUI AG in 2002 to concentrate on after divesting non-core assets. The company's vertically integrated model spans the entire value chain, from booking advisory to post-travel services, operating across multiple European source markets including , the , , the , and the . In 2024, TUI Group achieved revenue of 23.2 billion euros, a 12 percent increase from the prior year, driven by robust demand for its hotels, resorts, and cruises, while serving around 33 million customers via six airlines with approximately 150 aircraft, over 300 hotels offering 214,000 beds, 18 cruise ships, and about 1,600 travel agencies. Under CEO Sebastian Ebel, TUI emphasizes profitable growth through , customer flexibility, and , having demonstrated resilience with consecutive quarters of underlying EBIT expansion post the disruptions.

History

Origins and Early Development (1920s–1990s)

Preussag AG, the industrial predecessor to the modern TUI Group, was established on December 3, 1923, in as Preussische Bergwerks- und Hütten-Aktiengesellschaft, a state-supported venture aimed at consolidating and expanding mining and smelting operations in Prussia's resource-rich regions, including , , and salt extraction. Initially capitalized at 100 million Reichsmarks, the company rapidly grew through , acquiring mines and foundries to supply for Germany's industrial expansion during the and early Nazi era. By the late 1920s, it employed over 20,000 workers and produced millions of tons of raw materials annually, though operations were disrupted by the and rearmament policies. Following , Preussag was dismantled and partially nationalized under Allied control, with assets in the Soviet zone lost; the western remnants were reorganized in 1951 as a headquartered in , focusing on reconstruction in energy and metals sectors. accelerated in the , enabling diversification into , chemicals, and , with international ventures such as stakes in African by the 1960s; revenues exceeded DM 10 billion by 1970, supported by Germany's . The company navigated the 1970s oil crises by shifting toward non-ferrous metals and trading, but faced profitability pressures from global competition and environmental regulations by the . Parallel to Preussag's industrial evolution, the tourism foundations of TUI emerged independently in West Germany. On December 1, 1968, four mid-sized tour operators—Touropa (founded 1923), Scharnow-Reisen (1949), Hummel-Reisen (1952), and Dr. Tigges (1928)—merged to form Touristik Union International (TUI) in Hannover, pooling resources to compete in the burgeoning mass tourism market driven by affordable air travel and rising disposable incomes. This entity quickly scaled, chartering flights and developing package holidays to Mediterranean destinations, with customer numbers growing from hundreds of thousands in 1970 to over 2 million by 1980; it also launched hotel brands like Grecotel in Greece. TUI's model emphasized vertical integration, acquiring airlines and resorts to control supply chains amid the 1970s-1980s boom in European leisure travel. By the early 1990s, Preussag grappled with stagnating core businesses amid post-Cold War and , prompting CEO under Hans-Jürgen Schinzler. In June 1997, Preussag acquired AG from the Wessels family for approximately DM 1.2 billion, gaining entry into shipping, cruises, and a 30% stake in TUI, which catalyzed a pivot toward sectors offering higher margins than declining . This marked the onset of divestitures in and —selling assets worth over DM 5 billion by 1999—while consolidating holdings; in 1998, Preussag reorganized TUI and Hapag's travel arms into Hapag Touristik Union (HTU), handling 15 million passengers annually and foreshadowing the conglomerate's full transformation. By decade's end, generated 40% of Preussag's revenues, up from negligible levels, driven by synergies in aviation and hotels rather than industrial cycles.

Formation of Modern TUI and Expansion (2000–2014)

In 2000, Preussag AG, an industrial conglomerate, acquired the UK-based Thomson Travel Group Plc for approximately €1.8 billion, marking a pivotal expansion into the Northern European tourism market and establishing Preussag as a dominant player in package holidays. This deal, cleared by the European Commission with conditions to preserve competition in accommodation sourcing, integrated Thomson's extensive network of tour operations, airlines, and hotels, complementing Preussag's existing German and continental European holdings under Hapag Touristik Union (HTU), which was renamed TUI Group that year. The acquisition accelerated Preussag's strategic shift from mining and manufacturing toward leisure travel, divesting non-core assets to fund further tourism investments. By 2002, following the full consolidation of its subsidiaries—including the 2001 acquisition of full ownership in TUI Group—Preussag AG rebranded as TUI AG on September 2, signaling a complete refocus on the sector. This transformation involved selling off industrial divisions, such as firm VTG in 2005, while retaining and expanding travel-related entities like for cruises and container shipping until partial spin-offs. TUI AG grew its portfolio through , controlling airlines, hotels, and retail agencies across , achieving a exceeding €5 billion by mid-decade and positioning itself as Europe's largest by customer volume, serving over 20 million travelers annually. The 2007 merger of TUI AG's tourism division with First Choice Holidays Plc created TUI Travel Plc, a London-listed entity in which TUI AG held a 55% stake, valued at around £5.5 billion. This all-share transaction enhanced scale in the UK and added First Choice's charter airline and brands, enabling cost synergies estimated at €150 million annually through shared and operations. Expansion continued with joint ventures, such as the 2005 partnership in , and selective acquisitions in emerging markets, bolstering TUI's global footprint amid rising demand for integrated leisure experiences. Culminating the period, TUI AG and announced a full merger in June 2014, completed in December, forming the unified TUI Group with a market value of €7 billion and operations spanning 180 countries, including 1,800 travel agencies, 136 aircraft, and 300 hotels. The deal, structured as an all-share exchange (0.229 new TUI shares per TUI Travel share), eliminated the dual structure, streamlined governance under headquarters, and reinforced to capture €100 million in annual synergies, solidifying TUI's leadership in leisure tourism despite economic headwinds like the .

Mergers, Challenges, and Restructuring (2014–2020)

In December 2014, TUI AG completed its all-share merger with PLC, a deal initially agreed in June 2014 valued at approximately €3.6 billion (£4.5 billion at the time), forming the world's largest vertically integrated leisure travel group with combined revenues exceeding €18 billion. The merger integrated tour operations, airlines, hotels, and cruises under a unified structure, enabling greater control over the customer from booking to destination experiences, though it required resolving approvals and regulatory hurdles in the UK and . Following the merger, TUI pursued a strategic realignment announced in May 2015, reorganizing into a flatter hierarchy that fully integrated tour operating with hotels and cruise operations to enhance and . This included milestones for growth by 2018, such as expanding the TUI master brand, investing in digital platforms, and optimizing and cruise segments through fleet modernization and route adjustments, aiming for 10-15% core earnings growth in fiscal 2014/15 despite costs. The focus shifted toward high-margin , with divestitures like the 2016 sale of HBX Group (a hotel booking platform) to for $1.3 billion to streamline non-core assets. From 2015 to 2019, TUI faced persistent challenges including geopolitical instability affecting key destinations (e.g., and reducing bookings), Brexit uncertainty delaying UK demand, summer heatwaves in , and rising and capacity costs, which contributed to stagnant underlying profits despite growth to €18.5 billion by fiscal 2018/19. The 2019 collapse of rival provided short-term capacity relief and market share gains for TUI, which reported double-digit earnings growth that year, but structural pressures like online booking shifts and low industry margins persisted, prompting ongoing cost discipline and initiatives such as emission reductions. The in 2020 triggered TUI's most severe crisis, halting nearly all operations by March, grounding fleets, and closing hotels and cruises, resulting in a €3 billion net loss for the ended 2020 and liquidity strains necessitating €4.75 billion in government-backed loans from , the , and others. In response, TUI accelerated with a global realignment plan in May 2020, targeting 30% overhead cost reductions, divestment of non-essential assets, and a shift to digital and product-focused operations; this included repositioning in markets like via store closures and workforce adjustments, alongside management reshuffles effective January 2021 to prioritize recovery.

Post-Pandemic Recovery and Recent Growth (2020–Present)

The severely disrupted TUI Group's operations, leading to near-total shutdowns of travel and tourism activities in fiscal years 2020 and 2021, with revenues falling to €7.9 billion in FY2020 (a 58% decline from pre-pandemic levels) and further to €4.7 billion in FY2021 amid prolonged lockdowns and travel restrictions. The company recorded substantial losses, including an underlying EBIT of negative €3.1 billion in FY2020, necessitating government support packages totaling over €5 billion from , the , and other governments to avert , alongside cost-cutting measures such as fleet groundings and staff furloughs. Recovery began in FY2022 as borders reopened, driving revenues up 250% to €16.5 billion, though the group still posted a net loss of €277 million due to lingering demand uncertainty and inflationary pressures on fuel and operations. By FY2023, TUI achieved a turnaround to profitability, with revenues reaching €20.7 billion and underlying EBIT turning positive at €306 million, fueled by pent-up traveler demand, strategic capacity increases in high-margin segments like hotels and cruises, and a shift toward more resilient package holiday models that bundled flights, accommodations, and experiences. This momentum accelerated in FY2024, as revenues climbed 12% to €23.2 billion and underlying EBIT rose to €1.3 billion, supported by record performances in the Hotels & Resorts division (contributing over 20% growth) and Cruises (with new ship launches like Mein Schiff 7 boosting occupancy to near 100%). Key strategies included accelerated digitalization for personalized bookings, investments to appeal to eco-conscious consumers, and financial , such as repaying pandemic-era bonds early in 2024 and 2025 to reduce debt by hundreds of millions of euros. Into FY2025, TUI has sustained growth amid a normalizing market, reporting €3.71 billion in Q2 revenues (up 1.5% year-over-year, adjusted for calendar effects) and raising full-year underlying EBIT guidance to +9-11% growth (from €1.3 billion base), driven by strong summer bookings and fleet expansions including 18 cruise ships deployed for winter. Operating profit for the first nine months reached €199 million at constant currencies, with emphasis on high-yield markets in and strategic realignments like transferring newbuild slots to for long-term capacity in the UK and . Challenges persist from one-off costs and geopolitical risks, but the group's focus on and diversified revenue streams—hotels and cruises now comprising over 40% of EBIT—positions it for sustained expansion beyond pandemic-era volatility.
Fiscal YearRevenue (€ billion)Underlying EBIT (€ million)
20207.9-3,148
20214.7-2,467
202216.5-277
202320.7306
202423.21,296

Corporate Governance and Ownership

Executive and Supervisory Structure

TUI AG, as a German , operates under a two-tier board system mandated by German corporate law, comprising an (Vorstand) responsible for managing the company's operations and representing it externally, and a (Aufsichtsrat) tasked with overseeing the Executive Board, approving strategic decisions, and ensuring compliance with standards. The Executive Board consists of five members, each handling specific operational domains, while the has 20 members, including employee representatives, to reflect stakeholder interests. This structure aligns with the , emphasizing responsible management and transparency. The Executive Board, led by Chief Executive Officer Sebastian Ebel, directs day-to-day business across TUI's tourism segments, including airlines, hotels, and tour operations. Key members include Mathias Kiep as , overseeing financial and reporting; Peter Krueger as Chief Strategy Officer and CEO of Holiday Experiences, focusing on hotels and resorts; Sybille Reiss as Chief People Officer and Labour Director, managing and ; and David Schelp as CEO of Markets and Airlines, handling tour operators, retail, and air transport. The board is supported by the Group Executive Committee, comprising 10 members who provide broader strategic input and operational coordination. The , chaired by Dr. since 2021, appoints and monitors the Executive Board, reviews annual , and authorizes major transactions such as acquisitions or divestitures. It includes specialized committees, including the Presiding Committee for board coordination, the for financial oversight led by Dr. Jutta A. Dönges, and others addressing nominations, , and . Recent appointments include Rainald Thannisch as an employee representative effective January 6, 2025, and Johan Lundgren, former CEO of ' parent, via court appointment on June 30, 2025, replacing Pepijn Rijvers, reflecting ongoing adjustments to expertise in and strategy. The board's composition balances , employee, and independent voices, with tied to metrics to align with long-term value creation.

Major Shareholders and Ownership Dynamics

As of September 2025, TUI AG's largest individual shareholder is Alexey Mordashov, holding approximately 10.9% of shares, though his voting rights have been suspended since February 2022 under sanctions related to Russia's invasion of . Institutional investors collectively hold around 58% of the company, with key holders including at 3.59%, Norges Bank Investment Management at 3.0%, and Union Investment at 2.84%. Private investors account for about 30%, while smaller stakes include private companies such as RIU S.A. at 1.1% and government entities at roughly 2.6%.
ShareholderOwnership PercentageAs of Date
Alexey Mordashov10.9%September 2025
3.59%September 29, 2025
Investment Management3.0%August 24, 2025
Union Investment2.84%Recent filings
Ownership dynamics reflect a dispersed structure with limited concentrated control, exacerbated by regulatory restrictions on Mordashov's stake; following sanctions, he transferred portions of his holdings to entities linked to his wife, Marina Mordashova, in March 2022, reducing his direct influence while maintaining economic exposure. This shift, from an earlier ~34% stake pre-2022, has diluted individual power, with Mordashov resigning from the in 2022 amid the sanctions. Institutional holders, including sovereign wealth and index funds, drive voting outcomes, promoting stability but exposing TUI to broader market pressures rather than activist interventions. Recent developments include OMRAN Group's acquisition of a 1.4% stake in September 2025 as a strategic , signaling interest from Middle Eastern players, alongside minor adjustments like Norges Bank's position changes in May 2024. The free-float nature, with no dominant , aligns with returns, though past pandemic-era state aid from (fully repaid by 2023) temporarily influenced dynamics before reverting to market-led ownership.

Financial Performance

TUI Group's financial performance exhibited steady growth in the decade leading to 2019, driven by across services and expansion in high-margin segments like hotels and cruises, culminating in FY2019 of €18.9 billion and underlying EBITA of €893 million. The onset of the in early 2020 disrupted global travel, resulting in a collapse of demand and government-mandated restrictions, which slashed FY2020 to €4.7 billion—a drop of over 75% from the prior year—and produced a net loss of €2.5 billion, reflecting near-total cessation of operations in Q2 and Q3. Post-pandemic recovery accelerated from FY2021 onward, supported by vaccination rollouts, eased restrictions, and pent-up demand, with rebounding to €16.5 billion amid partial resumption of flights and tours, though net losses persisted at €277 million due to lingering costs and from financing. Profitability returned in FY2022 as climbed to €20.7 billion, exceeding pre-COVID levels in absolute terms through higher average per customer from premium offerings and , yielding a net profit of €306 million and EBITDA of €1.9 billion. This upward trajectory continued, with FY2023 reaching €23.2 billion and net profit €507 million, and FY2024 marking records at €24.2 billion in , €663 million in net profit, and €2.4 billion in EBITDA, as customer volumes approached 20.3 million—still modestly below 2019 peaks but offset by elevated spending and efficiency gains in integrated operations. Key historical metrics underscore the volatility and resilience:
Fiscal Year (ending Sep 30)Revenue (€ million)EBITDA (€ million)Net Income (€ million)Customers Travelled (million)
201918,900N/A532~21
20204,732-999-2,467<1
202116,5451,222-277~12
202220,6661,919306~18
202323,1672,21850719.0
202424,2042,39166320.3
Data for FY2019 from ; FY2020–2024 from consolidated income statements; customer estimates derived from reported figures and pre/post-COVID comparisons, with exact 2019 implied from 2023 being 9.8% below. levels, peaking above €5 billion during with state aid, have since moderated to net debt of approximately €2.1 billion by mid-2025 through and generation. Overall, while customer volumes lag pre-pandemic norms due to structural shifts toward independent travel, and profitability trends reflect successful via owned assets and higher yields.

Recent Results and Outlook (2023–2025)

In 2023 (ending 30 September 2023), TUI Group achieved record revenue of €20.7 billion, a 25% increase from €16.5 billion in the prior year, driven by strong post-pandemic demand recovery across tour operations, hotels, and cruises. Underlying EBIT rose sharply to €977 million, up 139% or €568 million year-over-year, reflecting improved operational efficiencies and higher volumes despite lingering supply chain pressures. Fiscal year 2024 (ending 30 September 2024) saw continued momentum, with revenue expanding 12% to €23.2 billion, supported by robust customer bookings in hotels, resorts, and cruises amid sustained European demand. Underlying EBIT grew 33% to €1.3 billion (or 35% at constant currency), bolstered by margin improvements in the Holiday Experiences segment and cost controls, though offset partially by inflationary fuel and wage costs. For fiscal year 2025 (ongoing as of October 2025), TUI reported strong nine-month performance through June 2025, with Q3 underlying EBIT reaching a record €320.6 million, fueled by exceptional results in hotels, cruises, and activities. The company raised its full-year underlying EBIT growth guidance to 9-11% at constant currency (from 7-10%), citing resilient summer volumes and average selling price increases of 3% despite a 2% dip in overall bookings. A September 2025 pre-close update confirmed trajectory toward this target, with positive early winter 2025/26 bookings signaling stable demand, though management noted potential headwinds from one-off transformation costs and softer package holiday volumes.
Fiscal YearRevenue (€ billion)Underlying EBIT (€ million)Key Driver
202320.7 ( +25% YoY )977 ( +139% YoY )Demand recovery
202423.2 ( +12% YoY )1,300 ( +33% YoY )Segment margins
2025 (guidance)N/A+9-11% growth (cc)Holiday Experiences

Core Operations

Hotels and Resorts Portfolio

TUI Hotels & Resorts operates as an independent division of TUI Group, managing a portfolio exceeding 400 hotels and resorts worldwide, primarily in prime vacation destinations such as the Mediterranean, , , the , and emerging markets in and . These properties emphasize leisure experiences tailored to regional attractions, with a focus on owned and managed assets offering over 214,000 beds as of recent reports. The division integrates vertically with TUI's tour operations, enabling bundled packages that drive occupancy and revenue synergies. The portfolio encompasses 12 primary leisure hotel brands, including RIU Hotels & Resorts, TUI BLUE, Robinson, TUI MAGIC LIFE, Royalton Luxury Resorts, Atlantica Hotels & Resorts, and the newly debuted luxury brand The Mora, alongside others like Iberotel. These brands target diverse segments, from family-oriented all-inclusives to upscale wellness retreats, with RIU and TUI BLUE forming core pillars in beachfront and urban-adjacent locations. TUI also partners with external chains such as Karisma Hotels & Resorts, Rixos Hotels, and Meliá Hotels for selective integrations, expanding effective capacity without full ownership. Expansion efforts have accelerated post-2020, with achieving its 500th project milestone in March 2025 and securing over 70 signed contracts to surpass 500 properties, aiming for 600 in the mid-term. In , over 230 hotels bolster the core market, while targets doubling to 44 properties by 2027 through 22 new openings in , , , and . sees growth via established brands, contributing to underlying EBIT stability amid seasonal demand. This strategy prioritizes high-yield destinations, with Q3 2025 revenue up 6% to €548.4 million, reflecting resilient performance.

Cruise Division

TUI Group's Cruise Division encompasses three primary brands: , operating in the premium segment primarily for the German-speaking market; Hapag-Lloyd Cruises, focused on luxury and expedition voyages; and , targeting the market with diverse cruise formats. The division manages a fleet of approximately 18 ships, serving markets in and worldwide destinations. TUI Cruises was established in 2008 as a 50:50 between TUI AG and , headquartered in , with its Mein Schiff brand launching operations in 2009 to cater to German holidaymakers seeking premium all-inclusive experiences. In February 2020, TUI AG contributed its wholly owned Hapag-Lloyd Cruises into the for an enterprise value of €1.2 billion, integrating luxury and expedition operations under the same ownership structure while maintaining brand distinctions; the transaction closed in July 2020. , rebranded from Thomson Cruises in 2018, operates independently under TUI Group but aligns with the division's UK-focused strategy. The fleet includes seven Mein Schiff vessels for TUI Cruises, such as Mein Schiff 1 (built 2018, 97,193 gross tons, capacity ~2,500 passengers), Mein Schiff 2 (2019), and newer additions like Mein Schiff Relax (2023) and Mein Schiff Flow (2025 delivery pending expansions). Hapag-Lloyd Cruises operates five specialized ships: luxury liners MS Europa (1999, 28,437 gross tons, ~500 passengers) and MS Europa 2 (2013, 62,849 gross tons, ~700 passengers), plus expedition vessels Hanseatic Nature, Inspiration, and Spirit (each ~15,000 gross tons, ~230 passengers, delivered 2019–2020 for polar and remote itineraries). Marella's five ships, including Marella Voyager (2023 refurbished, 141,000 gross tons, ~2,800 passengers) and Explorer 2 (adults-only), emphasize Mediterranean and Caribbean routes with all-inclusive options. Operations emphasize segmented markets: focuses on short-haul Mediterranean and voyages from German ports; targets high-end global itineraries, including and expeditions with ice-class capabilities; Marella prioritizes no-fly departures and family-oriented sailings. In September 2025, TUI AG allocated two newbuild slots to to bolster long-term capacity in and the . Financially, the division contributed to TUI Group's 2024 revenue of €23.2 billion, with cruises achieving 99% average occupancy amid robust demand. Underlying EBIT for cruises reached €82 million in Q2 2025, a record, driven by premium pricing and high load factors. and Marella combined generated peak revenue of approximately €1.5 billion for the October 2023–September 2024 period, reflecting post-pandemic recovery and fleet utilization.

Airlines and Air Transport

TUI Group's airlines division comprises five independent carriers—TUI Airways (United Kingdom and Ireland), TUI fly Deutschland, TUI fly Belgium, TUI fly Netherlands, and TUI fly Nordic—operating under centralized management through TUI Aviation. These airlines focus exclusively on leisure travel, transporting passengers to vacation destinations in Europe, Africa, Asia, and the Americas. Collectively, they serve over 100 destinations from multiple European bases, integrating seamlessly with TUI's tour operator and hotel segments to support package holidays. The fleet totals approximately 130 aircraft, comprising medium- and long-haul models optimized for high-density leisure configurations. Short- and medium-haul operations rely primarily on Boeing 737-800 and 737 MAX variants, while long-haul routes utilize , with TUI maintaining one of Europe's largest Dreamliner fleets. As of early 2025, TUI Airways alone operates around 60-69 aircraft from 17 and Irish bases, including 14 for transatlantic and extended-range flights. The group has 34 narrow-body jets on order, including 27 737 MAX 10s and seven 737 MAX 8s, to modernize and expand capacity amid post-pandemic demand recovery. Air transport underpins TUI's , with airlines accounting for the majority of guest journeys to resorts and cruises. In peak seasons, the fleet expands via wet-leases to over 175 aircraft to handle seasonal surges in holiday bookings. Operations emphasize efficiency, with bases at major airports like London Gatwick, , Hannover, , and facilitating direct flights to sun-and-beach hotspots such as , , , and the . Sustainability initiatives in air transport include a commitment to reduce CO2 equivalent emissions per revenue passenger kilometer by 24% by 2030 from 2019 levels, achieved through fleet renewal, optimized routing via tools like SITA OptiClimb for climb-phase fuel savings, and increased use of sustainable aviation fuel (SAF). In 2024, TUI utilized 1,700 tons of SAF, with ongoing trials for waste reduction and partnerships for further decarbonization, such as with Cepsa for SAF supply. These measures address aviation's environmental footprint while supporting operational resilience.

Tour Operators and Retail Networks

TUI Group's tour operations center on packaged holidays that integrate air transport, accommodations, and ancillary services, primarily marketed under the unified TUI brand following the 2014 merger of its predecessor entities. These operations serve as the group's primary customer-facing division in source markets across , generating revenue through bundled travel products tailored to leisure consumers. In 2024, tour operator activities contributed significantly to the group's overall turnover of €23.2 billion, with underlying EBIT growth reflecting robust demand for summer and winter programs. The division emphasizes destinations in the Mediterranean, , and long-haul locations, leveraging with TUI's airlines and hotels to control costs and enhance reliability. Regionally, TUI holds leading positions in key European markets, including , the , the , , and the , where it operates as the dominant provider of organized . For instance, the Northern Region—encompassing the , Nordics, and —emerged as the most profitable segment in recent years, driven by high-margin package sales and customer loyalty programs. Market analyses position TUI as Europe's largest by volume, with operations spanning over 100 countries and focusing on mass-market and premium segments without reliance on subcontracted capacity. The retail network complements tour operations by providing physical and digital points of sale, enabling personalized consultations and impulse bookings. As of late 2024, TUI maintained approximately 1,600 travel agencies, incorporating traditional high-street stores alongside digital holiday outlets to adapt to shifting consumer preferences. These outlets, concentrated in urban centers across (over 500 locations), the (around 400), and other core markets, facilitate 40-50% of bookings in mature regions where face-to-face advice remains valued for complex itineraries. Digital integration has accelerated since 2020, with online platforms handling a growing share of sales while retail stores emphasize experiential elements like previews and sustainability consultations. This hybrid model supports TUI's strategy of maintaining market proximity amid competition from direct-to-consumer online aggregators.

Sustainability Efforts and Environmental Considerations

Corporate Initiatives and Commitments

TUI Group's Sustainability Agenda, launched in 2021 and updated periodically, structures its environmental commitments around three pillars: , , and , aiming to integrate sustainable practices across its tourism operations. The Planet pillar emphasizes emission reductions and resource efficiency, with the company pledging to achieve net-zero emissions across its business areas and supply chains by 2050 at the latest. These targets align with the (SBTi), which validated specific 2030 goals in 2023: a 24% reduction in CO₂e per revenue passenger kilometer for TUI Airlines, a 27.5% absolute reduction in CO₂e for cruise operations, and at least a 46.2% reduction in CO₂e for TUI Hotels & Resorts, all relative to 2019 baselines. In support of these emission goals, TUI has issued sustainability-linked senior notes, including a February 2024 issuance tied to a key performance indicator of reducing CO₂e per revenue passenger kilometer by 11% by fiscal year 2026, with financial penalties for non-achievement. The company also commits to advancing sustainable aviation fuels and energy-efficient technologies in its airlines and cruises, as outlined in its 2024 Annual Report. For resource management, TUI targets the elimination of single-use plastics through its "Avoid, Reuse, Replace" framework, including the introduction of microfibre filters in hotels and updated plastic reduction guidelines across operations. Through the TUI Care Foundation, established in 2006, the group pledges ongoing investment in biodiversity protection and , with commitments to verify experiences against international criteria and support local community projects in destination countries. TUI further aligns its strategy with broader frameworks like the UN and the Cruise Lines International Association's net-zero emissions target by 2050 for its cruise division. These initiatives are monitored via annual , with external validations such as inclusion on the CDP A List for action in 2024.

Measured Impacts and Empirical Data

TUI Group's total across Scope 1, 2, and 3 reached 7,192,680 metric tons of CO₂ equivalent in 2023, with accounting for approximately 70% of the 's overall footprint. Scope 2 emissions, primarily from purchased , totaled 536,495 tCO₂e in the same period. In 2024, TUI Hotels & Resorts reported an 11% reduction in CO₂ emissions per guest night compared to the prior year, measured in tons of CO₂ equivalent relative to guest nights across owned, managed, and leased properties. The company's airline operations utilized 1,700 tons of sustainable (SAF), marking a 50% increase from the previous year, contributing to incremental emission offsets. For cruises, 72 port calls employed onshore power connections by September 2024, up 38% from 52 calls in 2023, each saving approximately 15 tons of CO₂ through reduced auxiliary engine use. Additional operational metrics include up to 90% fuel emission reductions from renewable diesel (HVO) in a Benidorm coach pilot and over 65 contrail avoidance flights to minimize high-altitude . TUI's German office buildings transitioned to 100% renewable energy sourcing, while three solar plants in generated 15 MW of photovoltaic capacity to power eight hotels. Waste reduction efforts saved an estimated 24 million single-use plastic bottles annually through installations at 72 Jaz hotels in .
MetricValue (FY2024 unless noted)Comparison/Baseline
CO₂ per guest night (hotels)11% reductionvs. FY2023
SAF usage (airlines)1,700 tons+50% vs. prior year
Onshore power port calls (cruises)72+38% vs. 52 in 2023; ~15 tCO₂ saved per call
Total GHG emissions (Scopes 1-3)7,192,680 tCO₂eFY2023

Controversies and Criticisms

Environmental and Advertising Disputes

In May 2024, the Dutch Advertising Code Board of Appeal ruled that TUI ' "Fair Travel" campaign, promoted as an environmentally responsible alternative to Black Friday with discounts on "greener" hotels, was misleading on five counts. The campaign emphasized reduced hotel emissions but omitted the dominant impact of , which constitutes the majority of tourism-related carbon footprints, leading to consumer deception about overall . In August 2024, the Hamburg Regional Court prohibited from using advertising claims of achieving a "decarbonized cruise operation by 2050," following a by the environmental NGO Deutsche Umwelthilfe (DUH). The court found the assertions unsubstantiated, as TUI lacked verifiable plans or technologies to eliminate dependency in shipping, despite industry-wide challenges in maritime decarbonization. A related claim of "sustainable expeditions" was also deemed to give a false impression of low environmental impact from cruise operations. Separate from sustainability claims, in August 2018, the UK Advertising Standards Authority (ASA) banned a TUI promoting a "perfect summer " package, as the dates were restricted to September and October, misleading viewers about availability during peak summer months. The ASA upheld 37 complaints, ruling the ad breached codes on misleading timing and required future ads to clarify off-peak restrictions.

Operational and Ethical Challenges

In 2026, over 800 British holidaymakers initiated High Court action against TUI seeking £5 million in damages after suffering gastric illnesses, including cases linked to E. coli, during stays at the five-star Riu Palace Santa Maria hotel in Cape Verde. The claims allege failures in hygiene and safety standards at the resort. TUI Group has encountered significant operational disruptions from external IT failures and delays. In July 2024, a global IT outage caused by a software update issue led to widespread flight cancellations, stranding approximately 200 TUI passengers in for over three days without timely repatriation, highlighting vulnerabilities in the company's reliance on third-party digital infrastructure for booking and operations. Additionally, aircraft delivery delays in 2024 constrained fleet expansion and contributed to one-off costs, exacerbating capacity shortages during peak demand periods. Labor actions, such as air crew strikes coordinated by unions like those affecting , , and TUI in 2024, have further disrupted schedules, particularly at key European hubs. Ethical challenges primarily revolve around labor practices in TUI's and internal employment decisions. A 2023 study by the Business & Human Rights Resource Centre identified deficiencies in core labor standards, including and , at Travelife-certified hotels in contracted by TUI subsidiaries, despite the certification's claims of ethical compliance; the report criticized the absence of verifiable enforcement mechanisms, raising questions about the efficacy of TUI's supplier audits. In a 2023 UK Employment Tribunal case, TUI was found to have discriminated against a cabin crew member during redundancy selection based on her , resulting in an ruling that underscored lapses in equitable HR processes. TUI has responded with modern slavery statements affirming commitments to UN Global Compact principles, including on suppliers, though independent benchmarks like the World Benchmarking Alliance rated low on provisions (1.2 out of 6) and respect (2.4 out of 10) as of recent assessments. These issues reflect broader tensions in the sector's global operations, where cost pressures can incentivize oversight gaps in remote supplier networks.

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  114. https://www.seatrade-cruise.com/finance-legal-regulatory/german-court-rules-tui-cruises-advertisement-misleading-on-sustainability
  115. https://www.travelmole.com/news/tui-cruises-climate-action-ad-banned/
  116. https://www.bbc.com/news/uk-45262708
  117. https://www.travelmole.com/news/tui-summer-advert-banned-for-misleading-customers/?region
  118. https://www.dailymail.co.uk/news/article-15542357/Holidaymakers-sue-travel-firm-gastric-illness-Cape-Verde-hotel.html
  119. https://www.irwinmitchell.com/news-and-insights/newsandmedia/2025/march/more-than-800-uk-holidaymakers-launch-high-court-legal-action-after-illness-linked-to-cape-verde
  120. https://www.bbc.com/news/articles/cg640n1zw16o
  121. https://www.msn.com/en-gb/travel/news/wednesday-strike-warning-for-passengers-of-easyjet-ba-tui-and-wizz/ar-AA1FyJ13
  122. https://www.business-humanrights.org/en/latest-news/travelifes-broken-promises-to-hotel-workers-a-study-of-labour-rights-at-hotels-in-turkey-contracted-by-apollo-kuoni-fritidsresor-tui-and-ving-thomas-cook/
  123. https://www.machins.co.uk/news/tui-discriminated-against-employee-during-redundancy-process/
  124. https://downloads.modern-slavery-statement-registry.service.gov.uk/pdf-published/cEgIuMTL/2025/2024_Modern%2520Slavery%2520Statement_final.pdf
  125. https://www.worldbenchmarkingalliance.org/publication/social/companies/tui-cruises/
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