Due to the conflict in Iran, travel giant TUI has lowered its earnings target for 2026. The company announced on Wednesday that underlying operating profit (EBIT) is now expected to range between 1.1 billion and 1.4 billion euros on a constant-currency basis. TUI had previously projected growth of seven to ten percent, following an EBIT of approximately 1.4 billion euros the previous year. The group has temporarily suspended its revenue forecast. Management cited customer reluctance and a shift toward shorter-term bookings due to uncertainty in the Middle East as the primary reasons.

In March alone, the conflict cost the group approximately 40 million euros. This figure includes repatriation efforts and operational disruptions. TUI repatriated around 10,000 guests and 1,500 crew members from the region. Two cruise ships from the "Mein Schiff" fleet had to cancel their voyages until mid-May but have since been able to leave the Persian Gulf. A spokesperson stated that they are currently en route back to Europe.

The geopolitical situation is causing a shift in demand from the Eastern to the Western Mediterranean. Consequently, booked revenue for the summer of 2026 is currently seven percent below the previous year. This is largely attributable to declining bookings for Turkey, Cyprus, and Egypt, as well as the lingering effects of a hurricane in the Caribbean. Despite these headwinds, TUI expects an improved operating result for the second quarter compared to the prior year.

Regarding rising energy costs, TUI stated that as of April 15, it had hedged 83 percent of its kerosene requirements for the summer and 62 percent for the 2026/27 winter season. For the cruise business, over 80 percent of energy costs for the full year have been hedged. Airlines and travel groups are concerned about kerosene supplies and are facing higher prices in light of the blockade of the Strait of Hormuz.

(Report by Anneli Palmen, edited by Thomas Seythal)