Europe's largest tour operator TUI has today given a more conservative outlook for 2026 than the market had expected, citing the current trading environment and prevailing macroeconomic and geopolitical uncertainties.
For 2026, the company expects its revenue to increase by 2% to 4% and underlying operating profit to rise by 7% to 10%, meaning it will not sustain growth from 2025 as markets have assumed.
TUI in November reported preliminary full-year results for 2025 above its own guidance, citing strong performance in the cruise and hotel sectors. Still, it acknowledged challenges in some of its markets.
"Our goal is clear: we want to grow globally with our own differentiated products and thus become independent of the challenging European market environment. All segments will become even more profitable and efficient in the future," chief executive Sebastian Ebel said in a statement.
Underlying earnings before interest and taxes for its fiscal year, which ended on September 30, came in at €1.46 billion at constant currencies, up 12.6% from a year earlier and ahead of TUI's targeted rise of between 9% and 11%.
TUI has struggled with weakness in its core German market but has managed to bolster its results by focusing on making its offer more international and emphasising its more profitable businesses.
