TUI Share¹

TUI shares climb 13% on strong operating performance

The TUI share rose 13% in financial year 2025, climbing from €6.84 at the start of the year to €7.74^2,3 on 30 September 2025. Against a backdrop of macroeconomic and geopolitical uncertainty, the share experienced significant volatility. While falling energy prices and anticipated central bank rate cuts supported market sentiment, ongoing tensions in the Middle East and Ukraine – along with their potential impact on booking behaviour and oil price fluctuations – created uncertainty. Debates over US tax policy added further volatility to global financial markets. In Germany, the federal government's €500bn investment and growth package, approved in March, raised hopes for economic recovery. However, the International Monetary Fund forecasts only modest growth of 0.9% for Germany in 2026, below the +1.1% expected for the Eurozone. The TUI share reached its lowest point on 4 April 2025 at €5.86^2,3, before climbing to an annual high of €9.29^2,3 on 15 August 2025, buoyed by strong Q3 results and positive summer booking momentum.

A key highlight of the financial year was TUI's Capital Markets Day, held at the Riu Plaza España Hotel in Madrid in March 2025. The management team provided analysts and investors with detailed insights into the Group's strategy, transfor-mation progress in Markets + Airline, and growth strategy for Holiday Experiences.

TUI advanced its Group strategy throughout financial year 2025: To position Oman as a sun-and beach destination, TUI signed a strategic agreement with OMRAN Group in September to jointly develop a destination cluster of five new hotels in Dhofar Governorate. As part of this strategic partnership, OMRAN Group will acquire a 1.4% stake in TUI through newly issued shares priced at €9.50 per share, becoming a long-term strategic shareholder. The share issuance is expected in financial year 2026. TUI also advanced its asset-right strategy in Cruises. In September, TUI reallocated two newbuild slots originally secured for Marella Cruises to TUI Cruises, reinforcing long-term growth ambitions in the UK and Northern Europe. With delivery scheduled for 2031 and 2033, this move strengthens TUI's asset-right approach, supports leverage targets, and capitalizes on TUI Cruises' strong financial position and growth potential.

TUI made significant progress strengthening its financing structure. Following the inaugural rating by Fitch at BB in February 2025 and upgrades from S&P and Moody's to BB-/Ba3 in February and March 2025, TUI successfully returned to pre-pandemic rating levels – a milestone reflecting the Group's operational and balance sheet recovery. In March, TUI in-creased and extended its Revolving Credit Facility (RCF) to €1.9bn with a five-year tenor. In July, TUI successfully placed €250m in Schuldscheindarlehen (promissory notes) at a 4% coupon, later increased to €295.5m, demonstrating TUI's improved financing capability.

TUI continued its growth trajectory in Holiday Experiences and transformation in Markets + Airline throughout financial year 2025. Recent weeks have shown a resilient booking momentum for Winter 2025/26 despite a highly competitive market. After raising underlying EBIT growth guidance to +9 – 11% (from +7 – 10%) in August, TUI announced preliminary results in November showing underlying EBIT growth of 12.6% at constant currency for financial year 2025.

Building on this operational and financial strength, TUI will resume dividend payments. The newly defined dividend policy balances growth investment with attractive shareholder returns, comprising a starter dividend of €0.10 per share for fi-nancial year 2025 and 10 – 20% of underlying earnings per share⁴ from financial year 2026 onwards.

TUI share price^1,2

¹ Source: LSEG (formerly Reuters), Xetra closing prices

² Historical prices adjusted for the effect of the capital reduction through the reverse stock split and rights issue

Quotations, indices and trading

The TUI share has its primary listing in the Prime Standard of the Frankfurt Stock Exchange and is listed in the MDAX, where the share ranked 56^th (including DAX 40) in financial year 2025, and in the STOXX Europe. The share also has a secondary listing at the Hanover Stock Exchange.

In financial year 2025, the average daily trading volume on Xetra was around 3.9m shares. Across all trading platforms, the daily trading volume amounted to around 9.0m shares. The TUI share thus delivered strong liquidity for trading by institutional and retail investors.

Analyst recommendations

Analyst recommendations

Analyses and recommendations by financial analysts are a key decision-making factor for institutional and private investors. In the financial year under review, 17 analysts regularly published studies on TUI Group. In September 2025, 76% of analysts issued a recommendation to ‘buy’ the TUI share, with 24% recommending ‘hold’. The average analyst price target at the end of financial year 2025 was €10.90, with targets ranging between €7.30 and €16.00.

Shareholder structure

Shareholder structure (30 September 2025)

At the end of financial year 2025, around 89% of TUI shares were in free float. Around 32% of all TUI shares were held by private investors, around 56% by institutional investors and financial institutes, and around 12% by strategic investors. Shareholders from Europe and the EU accounted for around 75% (previous year approx. 81%) of the stock. The second largest proportion was held by shareholders from North America at 13% (previous year approx. 7%).

Geographical shareholder structure

The current shareholder structure and the voting right notifications pursuant to Section 33 of the German Securities Trading Act are available online at: www.tuigroup.com/en/investors/share/shareholder-structure and www.tuigroup.com/en/investors/financial-news

Dividend policy

TUI successfully returned to operational and financial strength in financial year 2025. With record results, net leverage improved to 0.6x, and credit ratings restored to pre-pandemic levels, we are resuming sustainable dividend payments, enabling shareholders to participate in the company's success. Our new dividend policy clearly defines our commitment to sustainably increasing shareholder value within our capital allocation framework.

Our strategic focus remains on profitable growth through investments aligned with our asset-right strategy, expansion of digital platforms, and portfolio optimisation through value-accretive Mergers & Aquisitions opportunities. Our new dividend policy – a starter dividend of €0.10 per share for financial year 2025 and distribution of 10 – 20% of underlying earnings per share⁵ from 2026 onwards – strikes the right balance between shareholder returns and strategic priorities. At the same time, we are targeting a further strengthening of our balance sheet metrics with net leverage to improve to below 0.5x in the medium-term.

The Executive and Supervisory Boards of TUI AG therefore propose a dividend of €0.10 per share for financial year 2025 to the Annual General Meeting, consistent with our dividend policy. This represents a dividend yield of approximately 1.3% based on the year-end TUI share price.

Investor Relations

TUI's management and Investor Relations team maintained open and continuous dialogue with institutional investors, equity and credit analysts, lenders, and retail shareholders throughout the year. Discussions covered Group strategy, business performance across segments, strong operational momentum, financing initiatives, and inflationary impacts.

In financial year 2025, dialogue with investors primarily addressed the following topics:

• Demand for travel, capacity development and booking numbers for the Winter 2024/25 and the Summer 2025 season
• The impact of the unrest in the Middle East and Ukraine on customers’ booking behaviour
• Financing measures: extension of the revolving credit facility and issuance of the Schuldschein
• Strategic priorities: implementation of the transformation of Markets + Airline and growth through dynamic packaging; asset-right growth in Holiday Experiences and realignment of the UK cruise market and strategic partnership with the Omani OMRAN Group
• Questions about future shareholder return strategy for shareholders
• Progress in implementing our Sustainability Strategy and initiatives to achieve our SBTi⁶ targets by 2030

TUI's management team engaged with investors through physical and virtual roadshows and conferences in New York, London, Frankfurt am Main, Munich, Zurich, Warsaw, Paris, Lyon and Madrid, as well as meetings with investors from other European financial centres and from South and North America, Asia and Australia.

TUI's Investor Relations team also prioritized direct engagement with retail investors. IR representatives presented TUI Group at shareholder association events and addressed questions from this audience. TUI also provided comprehensive information for analysts, investors and retail shareholders on its website, including live streams of all financial results conference calls.