TUI AG

Who owns TUI?
TUI AG is publicly traded on the Frankfurt Stock Exchange under ticker TUI1. The company has a broad institutional and retail shareholder base. Alexei Mordashov's Unifirm Limited holds approximately 10.6% of shares, but this stake is subject to EU and UK sanctions following Russia's invasion of Ukraine. Mordashov cannot exercise voting rights or receive dividends.

Is TUI publicly traded?
Yes, TUI AG is listed on the Frankfurt Stock Exchange (Xetra: TUI1). The company delisted from the London Stock Exchange in June 2024 to reduce costs and simplify its corporate structure. The delisting was approved by 98% of voting shareholders.

When was TUI founded?
Touristik Union International (TUI) was established in 1968. The modern TUI AG emerged from Preussag AG's transformation into a tourism company in the late 1990s, with the TUI AG name adopted in 2002.

Did TUI receive government bailout money during COVID-19?
Yes, TUI received approximately €4.3 billion in German government aid during the COVID-19 pandemic. The company subsequently repaid the aid through capital increases and asset sales, including the sale of its stake in Hapag-Lloyd shipping line.

How many customers does TUI serve per year?
TUI serves approximately 19 million customers per year across its package holiday, hotel, airline, and cruise operations.

What is TUI's revenue?
TUI reported FY2025 revenue of approximately €23.9 billion (ending September 2025), up from €21.5 billion in FY2024. Underlying EBIT was approximately €1.2 billion.

Why did TUI delist from the London Stock Exchange?
TUI delisted from the London Stock Exchange in June 2024 to reduce costs and complexity associated with maintaining two listings. The decision was approved by 98% of voting shareholders in February 2024. Trading is now consolidated on the Frankfurt Stock Exchange.

TUI's origins trace to 1968, when Touristik Union International (TUI) was established as a joint venture of several German travel companies. The organization was created to coordinate package holiday offerings for German consumers.

The modern TUI AG emerged from Preussag AG, a German industrial conglomerate founded in 1923 as a Prussian mining and metallurgy company. In the late 1990s, Preussag's CEO Michael Frenzel led a dramatic strategic transformation, divesting the company's industrial assets and pivoting entirely to tourism.

Preussag acquired Hapag-Lloyd's tourism division in 1997, gaining control of TUI (the travel brand), Hapag-Lloyd Airlines, and other tourism assets. Preussag renamed itself TUI AG in 2002, completing its transformation from an industrial company to a tourism group.

TUI expanded aggressively through acquisitions in the early 2000s, acquiring Thomson Travel Group (UK) in 2000 and other European travel companies. The company built an integrated tourism model combining travel agencies, airlines, hotels, and cruise ships.

In 2007, TUI AG merged its tourism operations with First Choice Holidays (UK) to create TUI Travel PLC, a separately listed company. TUI AG retained a majority stake. In 2014, TUI AG and TUI Travel PLC merged to create a single unified TUI AG, simplifying the corporate structure.

TUI was severely impacted by the COVID-19 pandemic, which effectively shut down international travel in 2020 and 2021. The German government provided TUI with approximately €4.3 billion in state aid to help the company survive. TUI subsequently repaid the state aid through capital increases and asset sales, including the sale of its stake in Hapag-Lloyd shipping line.

In June 2024, TUI delisted from the London Stock Exchange, consolidating trading on the Frankfurt Stock Exchange to reduce costs and simplify its corporate structure. The delisting followed a shareholder vote in February 2024 in which 98% of voting shares supported the move.

For FY2025 (ending September 2025), TUI reported revenue of approximately €23.9 billion, up from €21.5 billion in FY2024, with strong demand across all source markets.

TUI has implemented sustainability initiatives focused on reducing the environmental impact of tourism and promoting responsible travel. Key initiatives include:

• Sustainable Aviation Fuel (SAF): TUI has invested in sustainable aviation fuel initiatives to reduce the carbon footprint of its airline operations.
• Hotel Sustainability: TUI's hotel brands have implemented environmental standards including energy efficiency, waste reduction, and water conservation.
• Green and Fair Holidays: TUI offers sustainability-certified holidays and promotes destinations with strong environmental and social standards.
• Carbon Reduction Targets: TUI has set carbon reduction targets for its operations, including commitments to reduce airline emissions per passenger kilometer.

The company faces ongoing challenges in balancing mass tourism with sustainability goals, particularly given the carbon intensity of aviation.

TUI faced significant controversy following Russia's invasion of Ukraine in February 2022. Alexei Mordashov, a Russian billionaire who held shares in TUI through his company Unifirm Limited, was placed on EU and UK sanctions lists. Mordashov's shares were effectively frozen, creating a complex corporate governance situation. TUI has stated that Mordashov cannot exercise voting rights or receive dividends on his sanctioned shares.

TUI received approximately €4.3 billion in German government aid during the COVID-19 pandemic, which attracted scrutiny regarding the use of public funds to support a private company. TUI subsequently repaid the aid through capital increases and asset sales.

The 2019 bankruptcy of Thomas Cook, TUI's main competitor, left hundreds of thousands of British tourists stranded abroad and required a major government repatriation effort. The incident highlighted the risks of the integrated tour operator model and led to increased regulatory scrutiny of the sector.

TUI has faced criticism regarding the environmental impact of mass tourism and aviation emissions. The company has responded with sustainability initiatives but faces ongoing pressure from environmental groups and regulators.