TUI Group's second-quarter (Q2 2023) revenue came to €3.2bn, €1.1bn more than during the period in 2022, with EBIT up €88 million to -242 million during the financial year Q2.
The travel business's markets and airlines section reported underlying EBIT was "almost back" to pre-Covid levels.
"The underlying EBIT loss of -308.5 million euros in Q2 2023 was higher than in the previous year and almost at the same level as in 2019," the group said, explaining that "the same quarter of the previous year included a gain of 43 million euros from the revaluation and unwinding of ineffective hedge positions as well as around 50 million euros in state compensation in the Central Region for loss of business in the course of the pandemic."
"Traditional short- and medium-haul destinations such as the Canaries and Egypt were again popular destinations for TUI guests, but long-haul destinations such as Mexico and the Dominican Republic were also in demand," the company said.
"Overall, however, the segment continued to be impacted by inflationary pressures, in particular in energy costs, as well as exchange rate fluctuations. In Q2 2023, a total of 2.4 million customers travelled with TUI, an increase of 0.6 million compared to Q2 2022," TUI added in its May 10 statement.
The group reported a net debt of €3.1bn after it recently repaid German state assistance provided during the pandemic period.
Bookings for summer 2023 were at 96% of 2019's level, the group said, or up 13% on 2022.
"We have significantly increased our results in the second quarter, the completed winter season has developed in line with our expectations with good prices," said chief executive Sebastian Ebel.
"Our strategic initiatives are taking effect, we have repaid the WSF aid and are gearing everything towards profitable growth," Ebel added.