(45) Services of the auditors of the consolidated financial statements
TUI AG’s consolidated financial statements have been audited by Deloitte GmbH Wirtschaftsprüfungsgesellschaft. Since financial year 2022, Annika Deutsch has been the auditor in charge. Total expenses for the services provided by the auditors of the consolidated financial statements in financial year 2025 are as follows:
| Services of the auditors of the consolidated financial statements | ||
|---|---|---|
| € million | 2025 | 2024 |
| Audit fees for TUI AG and subsidiaries in Germany | 3.8 | 3.7 |
| Audit fees | 3.8 | 3.7 |
| Review of interim financial statements | 0.2 | 0.3 |
| Other certification services (mainly in connection with comfort letters) | 0.1 | 0.7 |
| Other certification services | 0.3 | 1.0 |
| Total | 4.1 | 4.7 |
(46) Remuneration of Executive and Supervisory Board members according to § 314 HGB
In the completed financial year, the remuneration granted to active Executive Board members totalled €13.0m (previous year €12.6m, adjusted), and that of the Supervisory Board members totalled €3.0m (previous year €2.9m). The remuneration granted to the former members of the Executive Board members in the financial year totalled €0.0m (previous year €8.4m). The aforementioned remuneration of the Executive Board members includes a tranche of the long term incentive plan of €4.5m (previous year €6.8m), which represents the fair value at the time of granting in relation to a number of 829.346 phantom shares granted in the 2025 financial year (previous year 1,309,450). This includes €0.0m (previous year €1.9m, adjusted) for former Executive Board members.
Pension payments for former Executive Board members or their surviving dependants totalled €6.7m (previous year €6.6m) in the completed financial year. Pension obligations according to IAS 19 for former Executive Board members and their surviving dependants amounted to €57.5m (previous year €63.8m) at the balance sheet date.
(47) Use of exemption provision
The following German subsidiaries fully included in consolidation made use of the exemption provision in accordance with section 264 (3) of the German Commercial Code (HGB) in financial year 2025:
| Use of exemption provisions | |
|---|---|
| DEFAG Beteiligungsverwaltungs GmbH I, Hannover | TUI BLUE DE GmbH, Hannover |
| DEFAG Beteiligungsverwaltungs GmbH III, Hannover | TUI Business Services GmbH, Hannover |
| FIRST Travel GmbH, Hannover | TUI Customer Operations GmbH, Hannover |
| Leibniz-Service GmbH, Hannover | TUI Deutschland GmbH, Hannover |
| l’tur GmbH, Rastatt | TUI Group Services GmbH, Hannover |
| Preussag Beteiligungsverwaltungs GmbH IX, Hannover | TUI Hotel Betriebsgesellschaft mbH, Hannover |
| Robinson Club GmbH, Hannover | TUI Immobilien Services GmbH, Hannover |
| TICS GmbH Touristische Internet und Call Center Services, Rastatt | TUI InfoTec GmbH, Hannover |
| TLT Urlaubsreisen GmbH, Hannover | TUI Insurance & Financial GmbH, Hannover |
| TUI 4 U GmbH, Bremen | TUI Leisure Travel Service GmbH, Neuss |
| TUI Airline Service GmbH, Hannover | TUI Platform Services GmbH, Hannover |
| TUI Asset Management and Advisory GmbH, Hannover | TUI TravelStar GmbH, Hannover |
| TUI Aviation GmbH, Hannover | TUIfly GmbH, Langenhagen |
| TUI Aviation Holding GmbH, Hannover | TUIfly Vermarktungs GmbH, Hannover |
| TUI Beteiligungs GmbH, Hannover | |
(48) Related parties
Apart from the subsidiaries included in the consolidated financial statements, TUI AG, in carrying out its ordinary business activities, maintains indirect or direct relationships with related parties. Related parties controlled by TUI Group or over which TUI Group is able to exercise a significant influence are shown in the list of shareholdings (Note 51). Apart from pure equity investments, related parties also include companies that supply goods or provide services for TUI Group companies.
Financial obligations from order commitments vis-à-vis related parties primarily relate to the purchasing of hotel services.
| Transactions with related parties | ||
|---|---|---|
| € million | 2025 | 2024 |
| Services provided by the Group | ||
| Management and consultancy services | 12.1 | 11.2 |
| Sales of tourism services | 82.1 | 59.4 |
| Other services | 0.7 | 1.0 |
| Total | 94.9 | 71.6 |
| Services received by the Group | ||
| Rental and leasing agreements | 40.1 | 36.8 |
| Purchase of hotel services | 415.2 | 403.8 |
| Distribution services | 0.8 | 3.3 |
| Other services | 13.5 | 8.6 |
| Total | 469.6 | 452.5 |
| Transactions with related parties | ||
|---|---|---|
| € million | 2025 | 2024 |
| Services provided by the Group to | ||
| non-consolidated Group companies | 0.6 | 0.6 |
| joint ventures | 83.5 | 60.2 |
| associates | 10.8 | 10.8 |
| Total | 94.9 | 71.6 |
| Services received by the Group from | ||
| non-consolidated Group companies | 1.8 | 1.7 |
| joint ventures | 373.0 | 338.8 |
| associates | 94.8 | 112.0 |
| Total | 469.6 | 452.5 |
Transactions with joint ventures and associates mainly occur in the tourism business. They relate in particular to the tourism services of the hotel companies used by the Group’s tour operators.
In accordance with IAS 24, all transactions with related parties were executed on an arm’s length basis as would be customary with third parties outside the Group.
| Receivables from related parties | ||
|---|---|---|
| € million | 30 Sep 2025 | 30 Sep 2024 |
| Trade receivables from | ||
| joint ventures | 55.3 | 13.8 |
| associates | 0.9 | 1.2 |
| Total | 56.2 | 15.0 |
| Advances and loans to | ||
| joint ventures | 3.1 | 3.1 |
| associates | 4.2 | 0.2 |
| Total | 7.3 | 3.3 |
| Payments on account to | ||
| joint ventures | 9.8 | 12.8 |
| Total | 9.8 | 12.8 |
| Other receivables from | ||
| non-consolidated Group companies | 0.9 | 1.3 |
| joint ventures | 6.3 | 14.0 |
| associates | - | - |
| Total | 7.2 | 15.3 |
| Payables due to related parties | ||
|---|---|---|
| € million | 30 Sep 2025 | 30 Sep 2024 |
| Trade payables due to | ||
| non-consolidated Group companies | 0.1 | 0.1 |
| joint ventures | 43.5 | 52.7 |
| associates | 10.9 | 12.6 |
| Total | 54.5 | 65.4 |
| Financial liabilities due to | ||
| non-consolidated Group companies | 0.8 | 0.1 |
| joint ventures | 118.9 | 189.6 |
| Total | 119.7 | 189.7 |
| Other liabilities due to | ||
| non-consolidated Group companies | 5.2 | 8.5 |
| joint ventures | 54.4 | 53.2 |
| associates | 4.4 | 5.1 |
| key management personnel | 6.0 | 7.2 |
| Total | 70.0 | 74.0 |
Financial liabilities to joint ventures included liabilities from leases of €118.9m (previous year €189.60m).
The share of result of associates and joint ventures is shown separately in segment reporting.
The Executive Board and the Supervisory Board are key management personnel. They are therefore related parties in the meaning of IAS 24 whose compensation must be disclosed separately.
| Remuneration of Executive and Supervisory Board | ||
|---|---|---|
| € million | 2025 | 2024¹ |
| Short-term benefits | 10.6 | 9.9 |
| Post-employment benefits | 2.0 | 0.9 |
| Share-based payment | 2.1 | 4.7 |
| Termination benefits - Other | - | 3.9 |
| Total | 14.7 | 19.4 |
| ¹ adjusted | ||
Post-employment benefits are transfers to or reversals of pension provisions for Executive Board members active in the reporting period. The expenses mentioned do not meet the definition of remuneration for Executive and Supervisory Board members under German accounting rules. The share-based remuneration represents a net amount consisting of the expense for additions or the income from reversals resulting from the valuation of the corresponding provision. The benefits granted in connection with the termination of the employment relationship in the previous year related to payments to David Burling as compensation for the early termination of his employment contract and the non-compete compensation for a 12-month post-contractual non-compete obligation
Pension provisions for active Executive Board members total €8.7m (previous year €7.7m) as at the balance sheet date. In addition, provisions for active Executive Board members of €11.3m (previous year €8.3m) are recognised relating to the long-term incentive programme.
(49) International Financial Reporting Standards (IFRS) not yet applied
| New standards endorsed by the EU, but applicable after 30 Sep 2025 | |||
|---|---|---|---|
| Standard | Applicable from | Amendments | Expected impact on financial position and performance |
| Amendments to IAS 21 | 1 Jan 2025 | The amendments require an entity to apply a consistent approach in assessing whether a currency is exchangeable into another currency and, if not, in determining the exchange rate to be used and the required disclosures in the notes. | No material impact |
| Lack of Exchangeability | |||
| Annual Improvements to IFRS Standards | 1 Jan 2026 | The amendments from the annual improvement process include clarifications, narrow-scope corrections, or the resolution of inconsistencies between individual IFRS. The omnibus standard issued on 18 July 2024 includes improvements to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. | No material impact |
| Volume 11 | |||
|
Amendments to IFRS 9 and IFRS 7 |
1 Jan 2026 |
The amendments concerns three subjects: - The derecognition of financial liabilities settled via electronic payment methods. There is now an accounting choice regarding the timing of derecognition; and - the application of the cash flow criterion for the classification of financial instruments in the case of (a) financial instruments with ESG conditions, (b) financial instruments with non-recourse features, and so-called contractually-linked instruments (CLI); and - additional disclosure requirements for (a) equity instruments classified as FVOCI, and (b) financial instruments with cash flows whose amount or timing depends on the occurrence or non-occurrence of contingent events. |
No material impact |
| Amendments to the Classification and Measurement of Financial Instruments | |||
|
Amendments to IFRS 9 and IFRS 7 |
1 Jan 2026 | Nature dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. The amendments include: (1) clarifications how the 'own-use exemption' may be applied to contracts with physical delivery of nature-dependent electricity; (2) permitting hedge accounting if these contracts are used as hedging instruments; and (3) new disclosure requirements for contracts in scope of the amendments. | No material impact |
| Contract Referencing Nature-dependent Electricity | |||
The following amendments and new standards have not yet been endorsed by the European Union.
| New standards and interpretations not yet endorsed by the EU and applicable after 30 Sep 2025 | |||
|---|---|---|---|
| Standard | Applicable from | Amendments | Expected impact on financial position and performance |
|
IFRS 18 Presentation and Disclosure in Financial Statements |
1 Jan 2027 | IFRS 18 replaces IAS 1 Presentation of Financial Statements. The aim of IFRS 18 is the improvement of the reporting of financial performance with a focus on the income statement. Most important impacts comprise the introduction of pre-defined subtotals and the categorisation of income and expenses in the income statement as well as the introduction of disclosures that are related to certain management-defined performance measures. IFRS 18 is effective for annual periods beginning on or after 1 January 2027 and needs to be applied retrospectively. Early adoption is permitted. The transition requirements stipulate that the quantitative information according to IAS 8.28f. does not need to be provided. Instead, a reconciliation of the prior year comparatives must be disclosed. | TUI will review the impact of this standard in financial year 2026. |
|
Amendments to IAS 21
The Effects of Changes in Foreign Exchange Rates |
1 Jan 2027 | According to the amendments to IAS 21 issued on 13 November 2025 the translation of financial statements in a non-hyperinflationary functional currency to a hyperinflationary currency shall be done using the closing rate at the date of the current statement of financial position. The amendments are effective for annual periods beginning on or after 1 January 2027 and are applied retrospectively with certain transition provisions. Early adoption is permitted. | Not relevant |
|
IFRS 19
Subsidiaries without Public Accountability: Disclosures |
1 Jan 2027 | IFRS 19 permits certain subsidiaries without public accountability, which prepare individual financial statements according to IFRS, to make reduced disclosures according to IFRS 19 instead to apply the dedicated disclosure requirements in other IFRS accounting standards. | Not relevant |
|
Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures |
1 Jan 2027 | The amendments to IFRS 19 issued on 21 August 2025 provide reduced disclosure requirements for new or amended IFRS Accounting Standards issued between February 2021 and May 2024. | Not relevant |
(50) Significant events after balance sheet date
In October 2025, TUI finalized an agreement to secure financing for advance payments related to ten aircraft deliveries scheduled between October 2026 and March 2027, with a total facility amount of up to USD 126 million.
On 17 November 2025, TUI bought back the remaining convertible bonds issued in 2021 at their book value of €117.6m. Approximately 80% of the issuance of 2021 had already been repurchased in July 2024.
On 8 December 2025, TUI repaid the remaining financial liabilities with joint ventures arising from the leasing of a cruise ship, totaling €115.5m. Following the repayment, ownership of the vessel was transferred to TUI.
(51) TUI Group Shareholdings
| Company | Country | Capital share |
|---|---|---|
| Consolidated companies | ||
| Tourism | ||
| Absolut Holding Limited, Qormi | Malta | 99.9 |
| Advent Insurance PCC Limited (Absolut Cell), Qormi | Malta | 100 |
| Africa Focus Tours Namibia (Proprietary) Limited, Windhoek | Namibia | 100 |
| Atalaya Collections SL, Palma | Spain | 100 |
| ATC African Travel Concept Proprietary Limited, Cape Town | South Africa | 50.1 |
| ATC Consulting Services Proprietary Limited, Cape Town | South Africa | 100 |
| B.D.S Destination Services Tours, Cairo | Egypt | 100 |
| Cabotel-Hoteleria e Turismo Lda, Santiago | Cape Verde | 100 |
| Cel Obert SL, Sant Joan de Caselles | Andorra | 100 |
| Chaves Hotel & Investimentos S.A., Sal Rei, Boa Vista Island | Cape Verde | 100 |
| Citirama Ltd., Quatre Bornes | Mauritius | 100 |
| Club Hôtel Management Tunisia SARL, Djerba | Tunisia | 100 |
| Clubhotel BV SA, Boa Vista | Cape Verde | 100 |
| Clubhotel Cala Serena S.A., Madrid | Spain | 100 |
| Clubhotel IP A.E., Athens | Greece | 100 |
| Clubhotel JD, S.A., Las Palmas | Spain | 100 |
| Clubhotel Zanzibar Limited, Zanzibar | Tanzania | 100 |
| Cruisetour AG, Zurich | Switzerland | 100 |
| Daidalos Hotel- und Touristikunternehmen A.E., Athens | Greece | 89.8 |
| Darecko GmbH, Hanover | Germany | 100 |
| Destination Services Singapore Pte Limited, Singapore | Singapore | 100 |
| Egyptian Germany Co. for Hotels Limited, Cairo | Egypt | 66.6 |
| Elena SL, Palma de Mallorca | Spain | 100 |
| ETA Turizm Yatirim ve Isletmeleri A.S., Ankara | Türkiye | 100 |
| Explorers Travel Club Limited, Luton | United Kingdom | 100 |
| First Choice (Turkey) Limited, Luton | United Kingdom | 100 |
| First Choice Holiday Hypermarkets Limited, Luton | United Kingdom | 100 |
| First Choice Holidays & Flights Limited, Luton | United Kingdom | 100 |
| First Choice Land (Ireland) Limited, Dublin | Ireland | 100 |
| FIRST Reisebüro Güttler GmbH & Co. KG, Dormagen | Germany | 75.1 |
| FIRST Travel GmbH, Hanover | Germany | 100 |
| Follow Coordinate Hotels Portugal Unipessoal Lda, Albufeira | Portugal | 100 |
| Fritidsresor Tours & Travels India Pvt Ltd., Bardez, Goa | India | 100 |
| GBH Turizm Sanayi Isletmecilik ve Ticaret A.Ş., Istanbul | Türkiye | 100 |
| GEAFOND Número dos Fuerteventura S.A., Las Palmas, Gran Canaria | Spain | 100 |
| GEAFOND Número uno Lanzarote S.A., Las Palmas, Gran Canaria | Spain | 100 |
| Gemma Limited, Unguja | Tanzania | 100 |
| Germantur Turizm Ticaret A.Ş., Izmir | Türkiye | 100 |
| Gulliver Travel d.o.o., Dubrovnik | Croatia | 100 |
| Hellenic EFS Hotel Management E.P.E., Athens | Greece | 100 |
| Holiday Center S.A., Cala Serena/Cala d'Or | Spain | 100 |
| Holidays Services S.A., Agadir | Morocco | 100 |
| Holidays USA, Inc., Fort Lauderdale | United States | 100 |
| Hoteli Koločep d.d., Koločep | Croatia | 100 |
| Hoteli Živogošće d.d., Živogošće | Croatia | 100 |
| Iberotel International A.S., Antalya | Türkiye | 100 |
| Iberotel Otelcilik A.Ş., Istanbul | Türkiye | 100 |
| Imperial Cruising Company SARL, Heliopolis-Cairo | Egypt | 90 |
| Inter Hotel SARL, Tunis | Tunisia | 100 |
| Intercruises Port Operations Spain SLU, Barcelona | Spain | 100 |
| Intercruises Port Operations USA, Inc., Wilmington DE | United States | 100 |
| Intercruises Shoreside & Port Services Canada, Inc., Quebec | Canada | 100 |
| Intercruises Shoreside & Port Services Pty Limited, Sydney | Australia | 100 |
| Intercruises Shoreside & Port Services Sam, Monaco | Monaco | 100 |
| Intercruises Shoreside & Port Services SARL, Paris | France | 100 |
| Intercruises Shoreside & Port Services UK Limited, Luton | United Kingdom | 100 |
| Intercruises Shoreside & Port Services, Inc., Wilmington DE | United States | 100 |
| Intercruises Shoreside and Port Services Greece A.E., Kallithea | Greece | 100 |
| Intercruises Shoreside and Port Servies Portugal, Unipessoal LDA, Faro | Portugal | 100 |
| Itaria Limited, Nicosia | Cyprus | 100 |
| Jandia Playa S.A., Morro Jable/Fuerteventura | Spain | 100 |
| Kurt Safari Proprietary Limited, White River - Mpumalanga | South Africa | 51 |
| Kybele Turizm Yatırım San. Ve Tic. A.Ş., Istanbul | Türkiye | 100 |
| Label Tour EURL, Levallois-Perret | France | 100 |
| Le Passage to India Tours and Travels Pvt Ltd., New Delhi | India | 100 |
| Lima Tours S.A.C., Lima | Peru | 100 |
| l’tur GmbH, Rastatt | Germany | 100 |
| L’TUR Suisse AG, Basel | Switzerland | 100 |
| Magic Hotels SA, Tunis | Tunisia | 100 |
| MAGIC LIFE Assets GmbH, Vienna | Austria | 100 |
| Magic Life Egypt for Hotels LLC, Sharm el Sheikh | Egypt | 100 |
| Magic Tourism International S.A., Tunis | Tunisia | 100 |
| Mai Khao Golden Land Company Limited, Phuket | Thailand | 100 |
| Manahe Ltd., Quatre Bornes | Mauritius | 51 |
| Marella Cruises Limited, Luton | United Kingdom | 100 |
| Meetings & Events Spain S.L.U., Palma de Mallorca | Spain | 100 |
| MSN 41662 Limited, Luton | United Kingdom | 100 |
| MSN 41663 Limited, Luton | United Kingdom | 100 |
| Musement S.p.A., Milan | Italy | 100 |
| MX RIUSA II S.A. de C.V., Cabo San Lucas | Mexico | 100 |
| Nazar Nordic AB, Malmö | Sweden | 80 |
| Nouvelles Frontières Senegal S.R.L., Dakar | Senegal | 100 |
| Nungwi Limited, Zanzibar | Tanzania | 100 |
| Ocean College LLC, Sharm el Sheikh | Egypt | 100 |
| Ocean Ventures for Hotels and Tourism Services SAE, Sharm el Sheikh | Egypt | 98 |
| Pacific World (Shanghai) Travel Agency Co. Limited, Shanghai | China | 100 |
| Pacific World Destination East Sdn. Bhd., Penang | Malaysia | 65 |
| Pacific World Meetings & Events Hong Kong, Limited, Hong Kong | Hong Kong SAR | 100 |
| Pacific World Meetings and Events France SARL, Nice | France | 100 |
| Papirüs Otelcilik Yatırım Turizm Seyahat İnşaat Ticaret A.Ş., Antalya | Türkiye | 100 |
| Paradise Hotel Management Company LLC, Cairo | Egypt | 100 |
| PATS N.V., Ostend | Belgium | 100 |
| Promociones y Edificaciones Chiclana S.A., Palma de Mallorca | Spain | 100 |
| PT Pacific World Nusantara, Bali | Indonesia | 100 |
| RCHM S.A.S., Agadir | Morocco | 100 |
| Rideway Investments Limited, London | United Kingdom | 100 |
| Riu Jamaicotel Ltd., Negril | Jamaica | 100 |
| Riumauricio Ltd., Port Louis | Mauritius | 100 |
| RIUSA II S.A., Palma de Mallorca1 | Spain | 50 |
| Riusa Lanka (PVT) Ltd., Ahungalla | Sri Lanka | 100 |
| Robinson Austria Clubhotel GmbH, Villach-Landskron | Austria | 100 |
| Robinson Club GmbH, Hanover | Germany | 100 |
| Robinson Club Italia S.p.A., Marina di Ugento | Italy | 100 |
| Robinson Club Maldives Private Limited, Malé | Maldives | 100 |
| Robinson Clubhotel Turizm Ltd. Sti., Istanbul | Türkiye | 100 |
| Robinson Hoteles España S.A., Cala d'Or | Spain | 100 |
| Robinson Hotels Portugal S.A., Vila Nova de Cacela | Portugal | 67 |
| Robinson Otelcilik A.Ş., Istanbul | Türkiye | 100 |
| Société d'Exploitation du Paladien Marrakech SA, Marrakesh | Morocco | 100 |
| Société d'Investissement Aérien S.A., Casablanca | Morocco | 100 |
| Société d'investissement hotelier Almoravides S.A., Marrakesh | Morocco | 100 |
| Société Marocaine pour le Developpement des Transports Touristiques S.A., Agadir | Morocco | 100 |
| Sons of South Sinai for Tourism Services and Supplies SAE, Sharm el Sheikh | Egypt | 84.1 |
| Stella Polaris Creta A.E., Heraklion | Greece | 100 |
| STIVA RII Ltd., Dublin | Ireland | 100 |
| Summer Times Ltd., Quatre Bornes | Mauritius | 100 |
| Summertime International Ltd., Quatre Bornes | Mauritius | 100 |
| Sunshine Cruises Limited, Luton | United Kingdom | 100 |
| Tantur Turizm Seyahat A.Ş., Istanbul | Türkiye | 100 |
| Tec4Jets NV, Zaventem | Belgium | 100 |
| Thomson Reisen GmbH, St. Johann | Austria | 100 |
| Thomson Travel Group (Holdings) Limited, Luton | United Kingdom | 100 |
| TICS GmbH Touristische Internet und Call Center Services, Rastatt | Germany | 100 |
| TLT Reisebüro GmbH, Hanover | Germany | 100 |
| TLT Urlaubsreisen GmbH, Hanover | Germany | 100 |
| Travel Choice Limited, Luton | United Kingdom | 100 |
| Trust Travel B.V., Rijswijk | Netherlands | 100 |
| TT Hotels Croatia d.o.o., Zagreb | Croatia | 100 |
| TT Hotels Italia S.R.L., Rome | Italy | 100 |
| TT Hotels Turkey Otel Hizmetleri Turizm ve ticaret A.Ş., Antalya | Türkiye | 100 |
| TUI 4 U GmbH, Bremen | Germany | 100 |
| TUI Airline Service GmbH, Hanover | Germany | 100 |
| TUI Airlines Belgium N.V., Ostend | Belgium | 100 |
| TUI Airlines Nederland B.V., Rijswijk | Netherlands | 100 |
| TUI Airways Limited, Luton | United Kingdom | 100 |
| TUI Ambassador Tours Unipessoal Lda, Lisbon | Portugal | 100 |
| TUI Asset Management and Advisory GmbH, Hanover | Germany | 100 |
| TUI Austria Holding GmbH, Vienna | Austria | 100 |
| TUI Aviation Asset Company Limited, Luton | United Kingdom | 100 |
| TUI Aviation GmbH, Hanover | Germany | 100 |
| TUI Aviation Services Limited, Luton | United Kingdom | 100 |
| TUI Belgium NV, Ostend | Belgium | 100 |
| TUI Belgium Real Estate N.V., Brussels | Belgium | 100 |
| TUI Belgium Retail N.V., Zaventem | Belgium | 100 |
| TUI BLUE AT GmbH, Schladming | Austria | 100 |
| TUI BLUE DE GmbH, Hanover | Germany | 100 |
| TUI Blue Hotels L.L.C., Dubai | United Arab Emirates | 100 |
| TUI Bulgaria EOOD, Varna | Bulgaria | 100 |
| TUI China Travel CO. Ltd., Beijing | China | 75 |
| TUI Curaçao N.V., Curaçao | Country of Curaçao | 100 |
| TUI Customer Operations GmbH, Hanover | Germany | 100 |
| TUI Cyprus Limited, Nicosia | Cyprus | 100 |
| TUI Danmark A/S, Copenhagen | Denmark | 100 |
| TUI Destination Experiences (Thailand) Limited, Bangkok1 | Thailand | 49 |
| TUI Destination Experiences Costa Rica SA, San José | Costa Rica | 100 |
| TUI Destination Services Cyprus, Nicosia | Cyprus | 100 |
| TUI Deutschland GmbH, Hanover | Germany | 100 |
| TUI Dominicana SAS, Higuey | Dominican Republic | 100 |
| TUI España Turismo SL, Palma de Mallorca | Spain | 100 |
| TUI Finland OY AB, Helsinki | Finland | 100 |
| TUI France SA, Levallois-Perret | France | 100 |
| TUI Group Fleet Finance Limited, Luton | United Kingdom | 100 |
| TUI Group UK Healthcare Limited, Luton | United Kingdom | 100 |
| TUI Hellas Travel Tourism and Airlines A.E., Athens | Greece | 100 |
| TUI Holding Spain S.L., Palma de Mallorca | Spain | 100 |
| TUI Holidays Ireland Limited, Dublin | Ireland | 100 |
| TUI Hotel Betriebsgesellschaft mbH, Hanover | Germany | 100 |
| TUI Hotels & Resorts Global Distribution Unipessoal Lda, Matosinhos | Portugal | 100 |
| TUI India Private Limited, New Delhi | India | 100 |
| TUI International Holiday (Malaysia) Sdn. Bhd., Kuala Lumpur | Malaysia | 100 |
| TUI Ireland Limited, Luton | United Kingdom | 100 |
| TUI Italia S.r.l., Sorrento | Italy | 100 |
| TUI Jamaica Limited, Montego Bay | Jamaica | 100 |
| TUI LTE Viajes S.A de C.V, Mexico City | Mexico | 100 |
| TUI Malta Limited, Pieta | Malta | 100 |
| TUI Mexicana S.A. de C.V., Mexico City | Mexico | 100 |
| TUI Musement UK Holding Limited, Luton | United Kingdom | 100 |
| TUI Nederland Holding N.V., Rijswijk | Netherlands | 100 |
| TUI Nederland N.V., Rijswijk | Netherlands | 100 |
| TUI Nordic Holding AB, Stockholm | Sweden | 100 |
| TUI Norge AS, Stabekk | Norway | 100 |
| TUI Northern Europe Limited, Luton | United Kingdom | 100 |
| TUI Österreich GmbH, Vienna | Austria | 100 |
| TUI Pension Scheme (UK) Limited, Luton | United Kingdom | 100 |
| TUI Pensions Restricted SPV Limited, Luton | United Kingdom | 100 |
| TUI Poland Dystrybucja Sp. z o.o., Warsaw | Poland | 100 |
| TUI Poland Sp. z o.o., Warsaw | Poland | 100 |
| TUI PORTUGAL - Agencia de Viagens e Turismo S.A., Faro | Portugal | 100 |
| TUI Reisecenter Austria Business Travel GmbH, Vienna | Austria | 74.9 |
| TUI Romania SRL, Bucharest | Romania | 100 |
| TUI Service AG, Altendorf | Switzerland | 100 |
| TUI Ship Financing Limited, Luton | United Kingdom | 100 |
| TUI Spain, SLU, Madrid | Spain | 100 |
| TUI Suisse AG, Zurich | Switzerland | 100 |
| TUI Suisse Retail AG, Zurich | Switzerland | 100 |
| TUI Sverige AB, Stockholm | Sweden | 100 |
| TUI Travel Aviation Finance Limited, Luton | United Kingdom | 100 |
| TUI TRAVELStar GmbH, Hanover | Germany | 100 |
| TUI Tunisia S.A., Tunis | Tunisia | 100 |
| TUI UK Limited, Luton | United Kingdom | 100 |
| TUI UK Retail Limited, Luton | United Kingdom | 100 |
| TUI UK Transport Limited, Luton | United Kingdom | 100 |
| TUIfly GmbH, Langenhagen | Germany | 100 |
| TUIfly Nordic AB, Stockholm | Sweden | 100 |
| TUIfly Vermarktungs GmbH, Hanover | Germany | 100 |
| Tunisie Investment Services Holding S.A., Tunis | Tunisia | 100 |
| Turcotel Turizm A.Ş., Istanbul | Türkiye | 100 |
| Turkuaz Insaat Turizm A.Ş., Ankara | Türkiye | 100 |
| Ultramar Express Transport S.A., Palma de Mallorca | Spain | 100 |
| Umbhaba Eco Lodge Proprietary Limited, Cape Town | South Africa | 100 |
| Zanzibar Beach Village Limited, Zanzibar | Tanzania | 100 |
| ¹ Entrepreneurial management | ||
| Company | Country | Capital share |
|---|---|---|
| Consolidated companies | ||
| All other segments | ||
| Absolut Insurance Limited, St. Peter Port | Guernsey | 100 |
| Canadian Pacific (UK) Limited, Luton | United Kingdom | 100 |
| Cast Agencies Europe Limited, Luton | United Kingdom | 100 |
| CP Ships (Bermuda) Ltd., Hamilton | Bermuda | 100 |
| CP Ships (UK) Limited, Luton | United Kingdom | 100 |
| DEFAG Beteiligungsverwaltungs GmbH I, Hanover | Germany | 100 |
| DEFAG Beteiligungsverwaltungs GmbH III, Hanover | Germany | 100 |
| First Choice Holidays Finance Limited, Luton | United Kingdom | 100 |
| First Choice Holidays Limited, Luton | United Kingdom | 100 |
| Jetset Group Holding (Brazil) Limited, Luton | United Kingdom | 100 |
| Jetset Group Holding Limited, Luton | United Kingdom | 100 |
| Leibniz-Service GmbH, Hanover | Germany | 100 |
| PM Peiner Maschinen GmbH, Hanover | Germany | 100 |
| Preussag Beteiligungsverwaltungs GmbH IX, Hanover | Germany | 100 |
| Sovereign Tour Operations Limited, Luton | United Kingdom | 100 |
| Thomson Airways Trustee Limited, Luton | United Kingdom | 100 |
| travel-Ba.Sys GmbH & Co KG, Mülheim an der Ruhr | Germany | 83.5 |
| TUI Aviation Holding GmbH, Hanover | Germany | 100 |
| TUI Beteiligungs GmbH, Hanover | Germany | 100 |
| TUI Business Services GmbH, Hanover | Germany | 100 |
| TUI Canada Holdings, Inc., Toronto | Canada | 100 |
| TUI Global Business Services Tunisia S.A.R.L, Tunis | Tunisia | 100 |
| TUI Group Services GmbH, Hanover | Germany | 100 |
| TUI Group UK Trustee Limited, Luton | United Kingdom | 100 |
| TUI Immobilien Services GmbH, Hanover | Germany | 100 |
| TUI InfoTec GmbH, Hanover | Germany | 100 |
| TUI Insurance & Financial GmbH, Hanover | Germany | 100 |
| TUI Leisure Travel Service GmbH, Neuss | Germany | 100 |
| TUI Platform Services GmbH, Hanover | Germany | 100 |
| TUI Technology NV, Zaventem | Belgium | 100 |
| TUI Technology Portugal Unipessoal Lda., Matosinhos | Portugal | 100 |
| TUI Travel Common Investment Fund Trustee Limited, Luton | United Kingdom | 100 |
| TUI Travel Group Solutions Limited, Luton | United Kingdom | 100 |
| TUI Travel Holdings Limited, Luton | United Kingdom | 100 |
| TUI Travel Limited, Luton | United Kingdom | 100 |
| TUI Travel Overseas Holdings Limited, Luton | United Kingdom | 100 |
| Company | Country | Capital share |
|---|---|---|
| Non-consolidated Group companies | ||
| Toursim | ||
| „Schwerin Plus“ Touristik-Service GmbH, Schwerin | Germany | 80 |
| Airline Consultancy Services S.A.R.L., Casablanca | Morocco | 100 |
| Centro de Servicios Corporativos Destination Management S.A. de C.V., Cancun | Mexico | 100 |
| FIRST Reisebüro Güttler Verwaltungs GmbH, Hanover | Germany | 75 |
| L’TUR SARL, Schiltigheim | France | 100 |
| Lunn Poly (Jersey) Limited, St. Helier | Jersey | 100 |
| Nouvelles Frontières Burkina Faso EURL, Ouagadougou | Burkina Faso | 100 |
| Nouvelles Frontières Tereso EURL, Grand Bassam | Ivory Coast | 100 |
| Nouvelles Frontières Togo S.R.L. (i.L), Lome | Togo | 99 |
| Riusa Hotel Management FZC, Dubai | United Arab Emirates | 100 |
| Société de Gestion du resort Al Baraka, Marrakesh | Morocco | 100 |
| TUI 4 U Poland sp.zo.o., Warsaw | Poland | 100 |
| TUI d.o.o., Maribor | Slovenia | 100 |
| TUI Magyarország Utazasi Iroda Kft., Budapest | Hungary | 100 |
| TUI Reisecenter GmbH, Salzburg | Austria | 100 |
| TUI ReiseCenter Slovensko s.r.o., Bratislava | Slovakia (Slovak Republic) | 100 |
| TUI Travel Cyprus Limited, Nicosia | Cyprus | 100 |
| TUIFly Academy Brussels, Zaventem | Belgium | 100 |
| VPM Antilles S.R.L., Clichy | France | 100 |
| VPM SA, Clichy | France | 100 |
| All other segments | ||
| Bergbau Goslar GmbH, Goslar | Germany | 100 |
| travel-Ba.Sys Beteiligungs GmbH, Mülheim an der Ruhr | Germany | 83.5 |
| Company | Country | Capital share |
|---|---|---|
| Joint ventures and associates | ||
| Tourism | ||
| Abou Soma for Hotels S.A.E., Giza | Egypt | 16.7 |
| Ahungalla Resorts Limited, Colombo | Sri Lanka | 40 |
| Aitken Spence Travels (Private) Limited, Colombo | Sri Lanka | 50 |
| Atlantica Hellas A.E., Rhodes | Greece | 50 |
| Atlantica Hotels and Resorts Limited, Lemesos | Cyprus | 49.9 |
| Bartu Turizm Yatirimlari Anonim Sirketi, Istanbul | Türkiye | 50 |
| Bentour Reisen AG, Zurich | Switzerland | 20 |
| Clubhotel Kleinarl GmbH & Co KG, Flachau | Austria | 24 |
| Daktari Travel & Tours Ltd., Limassol | Cyprus | 33.3 |
| Dar Izem S.A., Marrakesh | Morocco | 45 |
| ENC for touristic Projects Company S.A.E., Sharm el Sheikh | Egypt | 50 |
| Etapex, S.A., Agadir | Morocco | 35 |
| Fanara Residence for Hotels S.A.E., Sharm el Sheikh | Egypt | 50 |
| Fly4 Airlines Green Limited, Dublin | Ireland | 49 |
| Gebeco Gesellschaft für internationale Begegnung und Cooperation mbH & Co. KG, Kiel | Germany | 50 |
| Grupotel dos S.A., Can Picafort | Spain | 50 |
| Ha Minh Ngan Company Limited, Hanoi | Vietnam | 50 |
| Holiday Travel (Israel) Limited, Airport City | Israel | 50 |
| Hydrant Refuelling System NV, Brussels | Belgium | 25 |
| Jaz Hospitality Services DMCC, Dubai | United Arab Emirates | 50 |
| Jaz Hotel Group S.A.E., Cairo | Egypt | 51 |
| Kamarayat Nabq Company for Hotels S.A.E., Sharm el Sheikh | Egypt | 50 |
| Midnight Canada, Inc., Toronto | Canada | 49 |
| Midnight Holdings Limited, George Town, Grand Cayman | Cayman Islands | 49 |
| Pep Toni Hotels S.A., Palma | Spain | 49 |
| Reliance Hospitality Limited, Nicosia | Cyprus | 50 |
| Royalton Hotels International Limited, Toronto | Canada | 49 |
| Sharm El Maya Touristic Hotels Co. S.A.E., Cairo | Egypt | 50 |
| Südwest Presse + Hapag-Lloyd Reisebüro GmbH & Co. KG, Ulm | Germany | 50 |
| Sun Oasis for Hotels Company S.A.E., Hurghada | Egypt | 50 |
| Teckcenter Reisebüro GmbH, Kirchheim unter Teck | Germany | 50 |
| Tikida Bay S.A., Agadir | Morocco | 34 |
| TIKIDA DUNES S.A., Agadir | Morocco | 30 |
| Tikida Palmeraie S.A., Marrakesh | Morocco | 33.3 |
| Travco Group Holding S.A.E., Cairo | Egypt | 50 |
| TUI Cruises GmbH, Hamburg | Germany | 50 |
| TUI Global Hospitality Fund SCS, SICAF-RAIF, Grevenmacher | Luxembourg | 10 |
| UK Hotel Holdings FZC L.L.C., Fujairah | United Arab Emirates | 50 |
| Vitya Holding Co. Ltd., Takua, Phang Nga Province | Thailand | 47.5 |
| All other segments | ||
| .BOSYS SOFTWARE GMBH, Hamburg | Germany | 25.2 |