Cruises show 'really strong improvement' in TUI Group's Q3

CFO Mathias Klep cited 'really strong improvement' in the cruise business, half attributable to the UK's Marella Cruises and half to the German brands.

TUI Group operates 17 ships across Marella, Hapag-Lloyd Cruises and TUI Cruises. 

Occupancy 98%, average daily fare €235

In the cruises segment, revenue was €201.2m, up from €164.6m a year ago. Underlying EBIT was €91m, up from €64m, on higher occupancy and higher rates. Occupancy improved 3 points, to 98%. The average daily fare was €235, up 7% compared to Q3 2023.

TUI Group profit for the quarter was €103.6m, up from €52.5m a year ago, on revenue of €5.78b, up from €5.28b.

Full year guidance reiterated

Citing the strong increase in underlying EBIT achieved so far, supported by a 'significant improvement' in the Hotel & Resorts and Cruises segment and a return to normal hedging policty in Markets & Airlines, TUI Group confirmed its full year 2024 guidance to increase revenue at least 10% year over year and underlying EBIT at least 25%.

Shares were up nearly 3% in trading.