TUI AG (TUI) expects to report strong operational Q2 FY 2026 performance, with underlying EBIT (at constant currency) up +€5m to +€25m against prior year (Q2 FY 2025: -€207m). This improvement is driven by the benefits from the transformation of Markets + Airline despite absorbing approximately €40m from the Iran war in March, including repatriation efforts and related operational disruptions.

While continuing to demonstrate strong operational improvement in H1 FY 2026, the ongoing conflict in the Middle East and the uncertainty surrounding its duration continue to limit near-term visibility and drive consumer caution.

Against this background, our ambition is to achieve an underlying EBIT (atconstant currency) towards the level of prior year of 1.4bn, supported by the benefits of the transformation and the growth in Cruises. Subject to the recovery in the respective markets, the Group has adjusted its guidance (at constant currency) and now expects underlying EBIT for FY 2026 to be in the range of €1.1bn to €1.4bn (prior guidance +7-10%; FY 2025: €1,413m). At the same time, TUI is suspending revenue guidance until conditions stabilize (prior guidance +2-4%; FY 2025: €24.2bn).

Following the onset of the conflict in the Middle East in late February, TUI successfully repatriated around 10,000 guests in March, including approximately 5,000 passengers from cruise ships Mein Schiff 4 and Mein Schiff 5, and around 5,000 guests from European source markets, as well as a further 1,500 crew members.

As a result of the hostilities, Mein Schiff 4 and Mein Schiff 5 remained in the ports of Abu Dhabi and Doha respectively, with all itineraries for these vessels cancelled until mid-May 2026. On 19 April, during a pause in hostilities, both ships were able to leave the Persian Gulf safely with the relevant coordination and approval from the authorities. They will now commence their summer season itineraries in the Mediterranean from mid-May. Trading for the remainder of our TUI Cruises as well as the Marella Cruises fleet continues to reflect a sustained, strong booking environment, following a very positive Wave Season.

In Markets + Airline and Hotels & Resorts, the geopolitical situation has led to a partial shift in customer demand from Eastern to Western Mediterranean destinations, with customers demonstrating increased caution and booking closer to departure dates. As a result, Markets + Airline booked revenue for Summer 2026 is currently -7% below prior year, whilst hotel occupancy has softened further to -7% below prior year for H2. This development is driven by the impact of the Iran war particularly in Türkiye, Cyprus, and Egypt, as well as by the aftermath of the hurricane in the Caribbean.

As of 15 April 2026, TUI has hedged 83% of Summer 2026 and 62% of Winter 2026/27 jet fuel requirements, with over 80% of FY 2026 energy costs hedged for TUI’s cruise businesses.

Despite the volatile geopolitical backdrop, TUI remains well positioned. The Group’s strong financial position and robust balance sheet provide flexibility to navigate the current environment while executing its strategic transformation. The above adjustment to guidance is based on current trading conditions, assumes no material escalation in geopolitical tensions, and that fuel supplies can be maintained. Management continues to closely monitor developments and their potential implications.