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TUI, which operates holidays, hotels, cruise ships and an airline, posted underlying earnings (EBIT) of 409 million euros ($435 million) for the 12 months to the end of September, compared to the 2 billion euro loss it recorded the previous year.
Given its return to profit and a forecast for higher earnings in 2023, TUI said it planned to repay the COVID-19 aid it had taken from the German state in full and reduce related credit lines.
For 2023, TUI guided to a significant increase in underlying earnings (EBIT), although it was cautious given the economic outlook. It added that average holiday prices for this winter were 28% higher than pre-pandemic levels which would help cushion against high inflation levels.
“We also expect 2023 to be a solid and good year, but we are very aware of external market factors,” said TUI’s new chief executive Sebastian Ebel, who is just two months into the top job having formerly been CFO.
Winter bookings were stable TUI said, although it added that customers were booking close to departure dates.
($1 = 0.9399 euros)
