TUI AG Transfers Newbuild Slots to TUI Cruises in Strategic Realignment

On September 29, 2025, TUI AG announced a strategic shift in its cruise operations by transferring two newbuild slots to TUI Cruises. This move aims to enhance TUI's growth platform in the UK and Northern Europe. The ships, originally intended for Marella Cruises' expansion, will now be delivered to TUI Cruises in FY31 and FY33. This decision aligns with TUI's asset-right approach and leverage targets while utilizing TUI Cruises' strong financial position.

TUI Cruises will enter the UK and Northern European markets as part of this strategy. Marella Cruises, with a strong presence in the UK market, will continue with its current fleet. The new ships' impact on TUI's earnings is expected to parallel the performance of the Mein Schiff vessels. TUI's net leverage ratio target remains below 1.0x in the mid-term.