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Presentation TUI Group Investor Presentation JANUARY 2019 What is TUI Group? Hotel & Resorts, Cruises and Destination Experiences holiday experiences “product” provider with own distribution and fulfilment KEY HIGHLIGHTS HOLIDAY EXPERIENCES €426m Leading leisure hotel and club brands around 27m customers (1) EBITA the world; investments, operations, ownership €324m €19.5bn revenues EBITA Leading German & UK cruise brands €45m (2) Tours, activities and service provider in €1.15bn EBITA EBITA destination % 23.0% ROIC MARKETS & AIRLINES % 10.9% (3) earnings growth €453m Market leaders in packaged distribution, fulfilment, EBITA strong market and customer knowledge 1 21m Markets & Airlines plus further 2m from Cruise and from our strategic joint ventures in Canada and Russia totals 23m; in addition 4m from customers direct and via 3rd party channels to our Hotels & Resorts and Cruise brands 2 Underlying; 3 According to company guidance earnings growth is at constant currency 2 TUI GROUP | Investor Presentation | January 2019 Our business model: Product-focused holiday provider with almost 70% Holiday Experience earnings Markets & Airlines – ~30% EBITA HOLIDAY EXPERIENCES – ~70% EBITA INTEGRATION BENEFITS Rest Own & Committed Digitalisation, efficiency, diversification 23m customers1 Growth, diversification 4m customers2 • Own customer end-to-end: personalised offerings ~150 TUI Aircraft, 3803 • Yielding our risk capacity: 27m Owned / managed / JV 3rd party flying Hotels Integrated ROIC FY18: 14% 3rd party customers to optimise own hotels/ distribution distribution cruises demand Own, 3rd party • Unique TUI experiences and 164 committed & Owned / JV Ships fulfillment differentiating TUI from non-committed Integrated ROIC FY18: 23% 3rd party competition, customer satisfaction distribution distribution • Double diversification across Customer, Markets & Airlines and Holiday 115 knowledge, service Owned / JV Experiences mitigates localised & fulfilment Destinations Integrated ROIC FY18: 26% 3rd party external shocks distribution distribution 5 ROIC FY18: 80% More than 70% of profits from GROUP PLATFORMS own and committed differentiated risk capacity 1 21m Markets & Airlines customers plus a further 2m for Cruise and from our strategic joint ventures in Canada and Russia totals 23m 2 4m customers direct and via 3rd party channels to our Hotels & Resort and Cruise brands 3 This number includes group hotels and 3rd party concept hotels as at end of FY18 4 As at end of FY18 5 This number relates to Markets & Airlines and All other segments 3 TUI GROUP | Investor Presentation | January 2019 What does it mean? Integrated model brings strong strategic benefits in the wider market context INTEGRATION BENEFITS / TUI STRATEGY WIDER MARKET CONTEXT 1 Own customer end-to-end Enables us to personalise our customers’ holiday experiences, basis for targeted marketing 2 Yielding our own risk capacity: 27m customers to Reduces reliance on third party distribution and allows optimise own hotels / cruises demand yielding of our products 3 Unique TUI holiday experiences and fulfilment Differentiates us from the OTAs, other pure-play differentiating TUI from competition distributors and the airlines, drives customer satisfaction and retention 4 Double diversification across Markets & Airlines and Diversified across source markets and destinations - Holiday Experiences helps to mitigate the impact of cyclicality in individual markets and geopolitical shocks 4 TUI GROUP | Investor Presentation | January 2019 Market environment: TUI has moved on and developed into an integrated provider of Holiday Experiences OTAs “Best and unique product, “Depth of offering“ individualised offering“ • Agent model, trading margin • Dynamic packaging • No/ limited risk capacity • Own hotels, flights and cruises: • Increasingly dynamic packaging ̶ Yielding of risk capacities ̶ Own distribution & fulfillment Tour operators ̶ Double diversification “Packaged holidays“ • Packaging of hotel & flight, fulfillment Airlines • Trading margin leveraged by “Ancillary packages“ ̶ Flight risk capacity • Airline as core business ̶ Hotel commitments1 • Packages as add-on and to de-risk flight capacity • Trading margin on hotels • Increasingly direct hotel sourcing Potential new entrants • Global tech companies 1 Prepayments and volume guarantees 5 TUI GROUP | Investor Presentation | January 2019 Superior strategy delivers strong results in a challenging market environment • Fourth consecutive year of double-digit earnings1 growth post-merger TURNOVER UNDERLYING EBITA • Successful transformation; ~70% of earnings from €19.5bn €1,147m Holiday Experiences versus 30% at merger +6.3%1 +10.9%1 • Holiday Experiences businesses are outperforming • Delivering attractive shareholder returns - dividend UNDERLYING EPS per share of €0.72 proposed €1.173 ROIC4 • Strong ROIC performance continues 1 +10.5% 23.0 % • Reiterate our guidance of at least 10% CAGR in DIVIDEND PER SHARE WACC4 underlying EBITA for the three years to FY201,2 and 72 cents 6.4% expect to deliver at least 10% underlying EBITA growth for FY191 1 Based on constant currency growth 2 Three year CAGR from FY17 Base to FY20 3 Pro forma basis, for calculation of underlying EPS please refer to page 39 of the FY18 Annual Report 4 For ROIC and WACC methodology please refer to pages 36-37 of the FY18 Annual Report 6 TUI GROUP | Investor Presentation | January 2019 What do we offer to our investors – 3 reasons to be invested / to invest 1 • Global leading tourism group • Holiday product provider with own distribution STRONG • Own customer end to end: Markets & Airlines, Hotels, Cruises, Destination Experiences STRATEGIC POSITION • Individualisation and targeted marketing • Yielding of own products • Risk mitigation by double diversification 2 • Global leisure travel market growing above GDP • Strong track record driven by merger synergies: STRONG 1 EARNINGS • Underlying EBITA CAGR of 13% since merger GROWTH • Underlying EPS CAGR of 16% since merger • Future growth supported by digitalisation benefits and by reinvesting disposal proceeds • Reiterate at least 10% CAGR in underlying EBITA for the three years to FY202 3 • 23% group ROIC FY18, significantly above cost of capital • Strong operating cash conversion, enabling to fund STRONG CASH GENERATION • investments • high cash returns to shareholders in form of dividends • balance sheet stability 1 Underlying EBITA CAGR of 10% since merger / average CAGR of 13% since merger at constant currency (company earnings guidance is at constant currency) 2 Based on constant currency growth, three year CAGR from FY17 base to FY20 7 TUI GROUP | Investor Presentation | January 2019 GROWTH & DIGITALISATION INITIATIVES TUI GROUP | Investor Presentation | January 2019 Future earnings growth driven by reinvestment of disposal proceeds, digitalisation and efficiency benefits STRONG GROWTH TRACK RECORD: FUTURE GROWTH: MERGER SYNERGIES INVESTMENTS, DIGITALISATION & EFFICIENCY HIGHLIGHTS • 3 earnings waves, heading towards 2 ≥10% third wave +13%1 3rd wave: • Mix of earnings growth changes Digitalisation & efficiency gradually over time 2nd wave: benefits 1• Growth from investments Transformation • Digitalisation and efficiency st 2 1 wave: investments benefits Synergies FY14 FY15 FY16 FY17 FY18 FY19e FY20e 1 Underlying EBITA CAGR of 10% since merger / average CAGR of 13% since merger at constant currency 2 Reiterate our guidance of at least 10% CAGR in underlying EBITA for the three years to FY20; three year CAGR from FY17 Base to FY20 9 TUI GROUP | Investor Presentation | January 2019 1 Hotels & Resorts investments: 44 new hotels since merger, lower capital intensity PORTFOLIO DIVERSIFICATION DERISKED GROWTH • Predominantly lower capital intensity Berlin Croatia Bulgaria • Ownership in 365 days Dublin destinations/ where scarcity of New York Greece Portugal Ibiza Italy Turkey assets Dom Rep Cyprus Mexico Tunisia Egypt • De-risking through JV off- balance sheet financings Jamaica Aruba St. Lucia • 15% Blended ROIC hurdle Maldives Sri Lanka Thailand • FY19 new 21 hotels to come Zanzibar Mauritius Management, Franchise Ownership, Lease > 60% OF INVESTMENTS WITH 44 NEW HOTELS OPENED SINCE ROIC 44 HOTELS FY18: >15% CAPITAL DISCIPLINE LOWER CAPITAL INTENSITY1 MERGER (TARGET) 1 Low capital intensity is defined as Management, Franchise and 50% of owned hotels due to joint venture structures 10 TUI GROUP | Investor Presentation | January 2019 1 TUI’s cruise capacity growth financed through disposal proceeds re-investment programme and off-balance sheet (JV) OFF-BALANCE SHEET FINANCING AS BRAND / OWNERSHIP FLEET DEVELOPMENT PREFERRED OPTION Off-balance sheet: JV Current fleet: Exit FY22 • Funded by JV • No CAPEX requirements for TUI Deliveries: FY19 FY23 FY24 FY26 On balance sheet Current fleet: • Part of TUI’s growth investment strategy • Funded by reinvesting disposal proceeds Deliveries: FY19 (SGE1) On balance sheet Current fleet: • Part of TUI’s growth investment strategy • Funded by reinvesting disposal proceeds Deliveries: FY19 FY20 FY21 1 Marella Cruises acquires SkySea Golden Era (SGE) to replace Mein Schiff 2, which will remain within TUI Cruises fleet due to high demand in the German cruise market. Note both Marella Spirit and Hanseatic left the Group fleet in Autumn 2018 11 TUI GROUP | Investor Presentation | January 2019 1 Strategic expansion of our Destination Experiences business – Ticking all boxes: Musement acquisition complementary to recent HBG Destination Management acquisition DIGITALISATION MORE PRODUCTS MORE GUESTS
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