TUI has reported sustained demand for holidays despite the Iran war, as the world’s biggest travel company posted lower-than-expected quarterly losses and said bookings for the second half of the year remained strong.
The German tourism giant reported a loss of €188 million ($221 million) for the quarter ended 31 March on Wednesday (13 May). The figure was 9% lower than the previous year, despite a €40 million ($46 million) hit linked to the Iran war, which forced flight cancellations and the rerouting of ships.
The Hanover-headquartered company said bookings for the second half of the year were strong, with higher prices expected to boost revenue.
Analysts polled by the London Stock Exchange Group had projected a loss of €194 million ($227 million). Shares in TUI rose 0.6% at the open on Wednesday.
TUI said tourists were increasingly shifting away from destinations in the eastern Mediterranean, closer to the Middle East, towards destinations in western Europe, while also making more last-minute bookings.
“The very strong results give us confidence for the second half of the year. Due to geopolitical challenges and dynamic operating conditions, this will require great dedication and flexibility,” TUI chief executive Sebastian Ebel said in a statement.
Ebel said the company would continue to focus on diversification to remain resilient, adding that he did not expect a jet fuel shortage.
“We think that the discussion on fuel is a little bit artificial as we do see no shortages for the next weeks and I would also see no impact in the summer at all, except [higher] prices,” Ebel said.
The chief executive said there had been no negative impact on TUI cruise bookings from the hantavirus scare, adding that cruises were helping to bolster results and had “extremely strong bookings”.
TUI also confirmed its revised April outlook for operating profit of between €1.1 billion and €1.4 billion ($1.3 billion to $1.6 billion) for the 2026 financial year.
The company cut its profit forecast and suspended its revenue guidance last month amid spiralling jet fuel costs and uncertainty surrounding the Iran war.
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