Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Read more
Holiday giant Tui has hailed the highest annual earnings in its history, but forecast more modest sales growth in the year ahead and cost cutting across its airlines arm.
The German firm, which is Europe’s biggest tour operator, reported underlying earnings up 12.6% on a constant currency basis to 1.46 billion euros (£1.27 billion) for the year to September 30 as revenues rose 4.4%.
It saw pre-tax earnings lift by 20% to 1.03 billion euros (£890 million).
The group said earnings were set to grow over the year ahead, by between 7% to 10%, while revenues are expected to rise by a slower 2% to 4%, with shares down by 2% in Frankfurt.
The guidance is given “acknowledging the current trading environment as well as prevailing macroeconomic and geopolitical uncertainties”, according to Tui.
The firm said it was cutting costs by 250 million euros (£218.5 million) in its airlines and market division, which saw underlying earnings fall by more than a third (34%) in 2024-25 after higher expenses and a hit of “hundreds of millions” from delays to Boeing aircraft deliveries.
Sebastian Ebel, chief executive of Tui, said it was not looking to axe jobs to drive savings, but would reduce in other areas, such as cutting the number of external IT workers hired by the group.
In a boost for holidaymakers, he also signalled some easing of price pressures on travel, saying the market was “over the high inflation times”.
It said early signs were “positive” for summer 2026, “with booked revenue well ahead in what remains a challenging operating environment”.
Popular destinations for next year include Greece, the Balearics and Turkey, according to the firm.
But Tui said it had seen a “marked” drop in recent airlines bookings to Jamaica since the devastating hurricane at the end of October.
The record annual earnings haul for 2025-25 beats the upgraded guidance given by the firm in August, when it raised its outlook after solid summer demand.
Mr Ebel said: “In a highly competitive market environment, we achieved the best result in the company’s history and exceeded the EBIT (earnings before interest and tax) forecast for the full year 2025.”
He said the group was expanding its use of artificial intelligence (AI), which he said was a “great opportunity for Tui”.
“We are making our content AI-visible and AI-bookable – for example, through partnerships such as Mindtrip.
“Customers such as travel agencies can already use AI to plan complex round trips and transfer customers directly to a booking via a Tui button.”
But he stressed “qualified advice and the experience of travel experts are valuable for guests and for us”.
