TUI AG Reports Record Q3 Revenue and Confirms FY24 EBIT Growth Guidance

TUI Group announced record-breaking Q3 FY24 results, generating €5.8bn in revenue, a 9% increase from the prior year. The company also noted a significant improvement in underlying EBIT across all segments, reporting an overall increase of €62.4m to reach €231.9m.

Segment highlights include Hotels & Resorts experiencing a 16.3% rise in EBIT, Cruises a 42.7% jump, and TUI Musement improving by 48.2%. The Markets & Airlines segment more than doubled its EBIT to €16.5m. Strong customer demand was a key driver, with 5.8 million customers served, a 4% year-on-year increase.

TUI's net debt improved by €42.1m to €2.1bn by June 2024, bolstered by positive free cash flow. The company also finalized its refinancing through a successful €487m convertible bond placement.

The company reaffirmed its FY24 guidance, anticipating a minimum 25% rise in underlying EBIT and a revenue increase of at least 10% year-on-year.