TUI Group: Q1 Revenue Up by 15%, Greece a Favorite Destination

Rhodes, Greece. Photo source: TUI

TUI Group announced that revenues increased by 15 percent to 4.3 billion euros in the first quarter (Q1) of the year with Greece among its most popular destinations in 2024.

According to the tour operator, increasing desire to travel and strong operating performance delivered a positive underlying EBIT in Q1 for the first time with nearly all segments of the group contributing to earnings improvement.

Indicatively, 3.5 million TUI customers traveled in Q1 2024, up from 3.3 million in the same quarter last year, marking a 6 percent rise while booking momentum for winter and summer going strong. Winter bookings were up by 8 percent and summer bookings by 8 percent year-on-year.

Looking ahead, the group confirmed its full-year targets which include at least 10 percent growth in revenue and an operating result of at least +25 percent.

Overall, group EBIT improved by 159 million euros year-on-year and at six million euros turning positive for the first time.

Average prices for winter 2023/24 are currently 4 percent above the previous year’s level with short and medium-haul destinations driving bookings.

Average prices for the summer ahead are 4 percent higher than in the previous year with demand for all key medium and short-haul destinations up on the previous year.

Leading destinations for TUI customers include Greece, Spain, and Turkey. Greece was also a favorite destination in 2023 which led the group to extend its program into November.

“We are on track… people’s high willingness to travel ensures strong economic development in all areas of the group. This reiterates our expectations for the year as a whole: We want to increase our revenue by at least 10 percent and our operating result by at least 25 percent,” said TUI CEO Sebastian Ebel.