Frankfurt, Feb 10, 2026, 13:09 CET — Regular session
- TUI shares slipped midway through the session, after the travel company pointed to a modest dip in booked revenue for summer 2026.
- The company just logged its strongest first-quarter underlying EBIT since merging in 2014, and kept its full-year guidance unchanged.
- Late-booking trends and how profits shape up for the peak summer stretch are grabbing investor attention.
TUI AG slipped 3.5% to 9.02 euros in Frankfurt on Tuesday, as the market digested a robust Q1 but flagged lighter booked revenue for the summer. Shares touched an intraday low of 8.60 euros. 1
This is a big deal—summer’s when Europe’s largest tour operator usually rakes in the bulk of its profits. Even slight shifts in booking trends can knock on to prices, plane loads, and how full hotels get.
TUI wants to dial back on “own-risk” capacity — those seats and rooms it locks in early — and instead lean harder on dynamic packages via apps and outside suppliers. On paper, the risk profile shrinks. The flip side: growth numbers can get bumpier from one week to the next.
TUI’s quarterly numbers showed underlying EBIT at 77.1 million euros, with revenue holding steady at 4.9 billion euros for the first quarter. Net debt edged down to 3.6 billion euros. The company stuck to its full-year targets—revenue up 2% to 4%, underlying EBIT up 7% to 10%. Booked revenue slipped, down 1% for winter 2025/26 and 2% lower for summer 2026. 2
Chief executive Sebastian Ebel assured shareholders the group’s year was off to a “good start,” booking numbers for both winter and summer are “robust” and “meet our expectations.” Chief financial officer Mathias Kiep, for his part, pointed to a stronger financial profile and a reduction in net debt. 3
Jamie Rollo at Morgan Stanley flagged the first quarter as “seasonally small” for TUI—a period prone to swings—but pointed out the stronger kickoff now leaves the company needing “+7% EBIT for the rest of the year.” Rollo also thought the shares would likely see a “slightly negative” response, citing softer numbers from the Markets + Airline segment. 4
TUI is noticing a change in European travel patterns, according to Ebel. Demand for trips to the United States has dropped off “significantly,” while more customers are opting for destinations in the Emirates and Asia, and interest in the Caribbean is on the rise. 5
For investors, there’s a clear risk: if last-minute booking trends pick up pace into spring, airlines and hotels could be pushed to slash prices just to fill seats and rooms. Margins are already vulnerable—rising fuel bills, sudden operational snags, or unexpected weather can bite fast in travel. TUI flagged macro and geopolitical uncertainty as well.
Investors will be watching Tuesday’s annual general meeting for a dividend vote, with the next key date for the market coming up on May 13, when the half-year report lands. 6
