846.9   1,518.8           2,390.7   2,367.7 
plus: Net interest expenses (excluding expense / income from          97.2    69.0      +40.9   336.7     173.6     +94.0 
measurement of interest hedges) 
plus / less: (Expenses) income from measurement of interest hedges    1.8     - 6.3     n. a.   7.4       - 7.9     n. a. 
EBIT                                                                  -       -         +48.6   -         -         7.1 
                                                                      748.0   1,456.1           2,046.6   2,202.0 
Adjustments: 
plus: Separately disclosed items                                      70.0    266.0             43.5      194.9 
plus: Expense from purchase price allocation                          8.2     17.9              24.4      40.2 
Underlying EBIT                                                       -       -         +42.9   -         -         - 0.6 
                                                                      669.8   1,172.2           1,978.6   1,966.9

The TUI Group's operating loss adjusted for special items increased by ?11.7m to ?1,978.6m in 9M 2021. -- For further details on the separately disclosed items see page 47 in the Notes of this report. 


Key figures of income statement 
 
                                                           Q3 2021   Q3 2020     Var. %   9M 2021     9M 2020     Var. % 
EBITDAR                                                    - 489.5   - 790.5     + 38.1   - 1,313.5   - 952.4     - 37.9 
Operating rental expenses                                  - 1.9     - 3.7       + 48.6   - 9.4       - 38.7      + 75.7 
EBITDA                                                     - 491.4   - 794.2     + 38.1   - 1,322.9   - 991.1     - 33.5 
Depreciation/amortisation less reversals of                - 256.6   - 661.9     + 61.2   - 723.7     - 1,210.9   + 40.2 
depreciation* 
EBIT                                                       - 748.0   - 1,456.1   + 48.6   - 2,046.6   - 2,202.0   + 7.1 
Income/Expense from the meaurement of interest hedges      1.8       - 6.3       n. a.    7.4         - 7.9       n. a. 
Net interest expense                                       97.2      69.0        + 40.9   336.7       173.6       + 94.0 
EBT                                                        - 846.9   - 1,518.8   + 44.2   - 2,390.7   - 2,367.7   - 1.0 
* on property, plant and equipment, intangible assets, right of use assets and other assets

Other segment indicators 


Underlying EBITDA 
 
? million             Q3 2021   Q3 2020   Var. %    9M 2021     9M 2020   Var. % 
Hotels & Resorts      - 18.8    - 162.5   + 88.4    - 105.9     - 6.1     n. a. 
Cruises               - 65.2    - 94.9    + 31.3    - 187.4     6.1       n. a. 
TUI Musement          - 28.7    - 31.2    + 8.0     - 78.3      - 46.5    - 68.4 
Holiday Experiences   - 112.7   - 288.6   + 60.9    - 371.6     - 46.5    - 699.1 
Northern Region       - 204.7   - 73.5    - 178.5   - 460.2     - 321.3   - 43.2 
Central Region        - 77.4    - 168.6   + 54.1    - 287.3     - 272.1   - 5.6 
Western Region        - 53.6    - 39.3    - 36.4    - 144.2     - 138.7   - 4.0 
Markets & Airlines    - 335.7   - 281.3   - 19.3    - 891.8     - 732.0   - 21.8 
All other segments    - 0.4     - 52.5    + 99.2    - 41.5      - 109.9   + 62.2 
TUI Group             - 448.7   - 622.4   + 27.9    - 1,304.8   - 888.4   - 46.9 
EBITDA 
 
? million             Q3 2021   Q3 2020   Var. %    9M 2021     9M 2020   Var. % 
Hotels & Resorts      - 21.2    - 162.8   + 87.0    - 108.4     - 6.4     n. a. 
Cruises               - 65.2    - 94.9    + 31.3    - 187.4     6.1       n. a. 
TUI Musement          - 38.2    - 34.8    - 9.8     - 89.1      - 54.6    - 63.2 
Holiday Experiences   - 124.5   - 292.4   + 57.4    - 384.9     - 54.9    - 601.1 
Northern Region       - 205.6   - 74.4    - 176.3   - 477.7     - 323.9   - 47.5 
Central Region        - 79.0    - 296.8   + 73.4    - 240.3     - 318.2   + 24.5 
Western Region        - 66.2    - 73.6    + 10.1    - 159.9     - 177.4   + 9.9 
Markets & Airlines    - 350.8   - 444.8   + 21.1    - 878.0     - 819.4   - 7.2 
All other segments    - 16.1    - 57.0    + 71.8    - 60.0      - 116.8   + 48.6 
TUI Group             - 491.4   - 794.2   + 38.1    - 1,322.9   - 991.1   - 33.5 
Employees 
 
                                            30 June 2021                 30 June 2020                 Var. % 
Hotels & Resorts                            18,312                       9,754                        + 87.7 
Cruises*                                    58                           340                          - 82.9 
TUI Musement                                4,510                        3,807                        + 18.5 
Holiday Experiences                         22,880                       13,901                       + 64.6 
Northern Region                             9,210                        11,149                       - 17.4 
Central Region                              7,636                        9,090                        - 16.0 
Western Region                              4,495                        5,666                        - 20.7 
Markets & Airlines                          21,341                       25,905                       - 17.6 
All other segments                          2,297                        2,287                        + 0.4 
Total                                       46,518                       42,093                       + 10.5 
* Excludes TUI Cruises (JV) employees. Cruises employees are primarily hired by external crew management agencies.

Corporate Governance

Composition of the Boards

The composition of TUI AG's Boards changed as follows in the first nine months in FY 2021:

The terms of office of all ten employee representatives on the Supervisory Board and four of the ten Supervisory Board members to be elected by the Annual General Meeting ended at the close of the Annual General Meeting on 25 March 2021.

The following members were elected or re-elected to the Supervisory Board by this year's the ordinary General Meeting:

Dr. Jutta Dönges, Managing Director of Finanzagentur GmbH; Prof. Dr. Edgar Ernst, President of the German Financial Reporting Enforcement Panel (FREP); Janina Kugel, Supervisory Board member & Senior Advisor and Alexey Mordashov, Chairman of the Board of Directors of PAO Severstal. Peter Long and Angelika Gifford re-signed from the Supervisory Board at the end of their regular term of office.

The ten Supervisory Board members representing the employees were already elected on 8 October 2020. Mark Muratovic and Tanja Viehl were elected to the Supervisory Board as new employee representatives. Dr Dierk Hir-schel and Michael Pönipp stepped down at the end of their regular term of office.

There were the following changes in TUI AG's Executive Board:

Birgit Conix, who had been responsible for Finance on TUI AG's Executive Board since July 2018, left in December 2020. She was succeeded by Executive Board member Sebastian Ebel.

In January 2021, Peter Krueger took over a newly tailored Executive Board department as Chief Strategy Officer, combining the TUI Airlines, hotel and cruise shareholdings as well as his previous areas of responsibility TUI Strate-gy and M&A.

On 11 May 2021, the Supervisory Board of TUI AG decided to appoint Sybille Reiß as Member of the Executive Board responsible for Human Resources and as Labor Director with effect from 1 July 2021. She took over the position from Dr Elke Eller, who did not renew her contract, which was scheduled to expire.

The current, complete composition of the Executive Board and Supervisory Board is published on our website, where it is permanently accessible to the public.

? www.tuigroup.com/en-en/investors/corporate-governance

Risk and Opportunity Report

Successful management of existing and emerging risks is critical to the long-term success of our business and to the achievement of our strategic objectives. Full details of our risk governance framework and principal risks can be found in the Annual Report 2020.

? Details see Risk Report in our Annual Report 2020, from page 33

Actively Managed: IT Development & Strategy, Integration & Restructuring, Corporate & Social Responsibility, Information Security, Brexit

Monitored: Destination Disruption, Customer Demand, Input Cost Volatility, Cash flow, Legal & Regulatory Compliance, Health & Safety, Supplier Reliance, Talent & Leadership Development, Joint Venture Partnerships

Several principal risks materialised simultaneously as a result of the COVID-19 pandemic, which has led to travel restrictions across the world, both within the markets as well as in destination countries.

With the customer deposits received and expected for the peak season in the summer (July to October 2021), additional funds from the convertible bond placed in Q3 2021, the cash inflow from the sale of RIU Hotels S.A. and the extension of the revolving credit facilities including the further suspension of the review of financial covenants, the Executive Board believes that, despite the existing risks, the TUI Group currently has sufficient funds, and will continue to have sufficient funds in the future, resulting both from borrowing and from operating cash flows, to meet its payment obligations and to continue as a going concern. The Executive Board anticipates that as at 30 June 2021, a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern no longer exists. Therefore, as at 30 June 2021, the Executive Board no longer identifies any material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern. The Executive Board no longer considers the remaining risk with regard to a further pandemic-related change in booking behaviour as a threat to the company as a going concern. In its assessment, the Executive Board assumes that the booking figures will

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