View source for TUI Group

{{Short description|German multinational travel company}}
{{Infobox company
| name = TUI AG
| type = [[Public company|Public]] (''[[Aktiengesellschaft]]'')
| logo = TUI Logo 2016.svg
| traded_as = {{Frankfurt Stock Exchange|TUI1}}<br>[[MDAX]]<br />{{London Stock Exchange|TUI}}
| ISIN = {{ISIN|sl=n|pl=y|DE000TUAG505}}
| trade_name = TUI Group
| former_name = Preussag AG (1923–2002)
| foundation = {{Start date and age|1923|||df=yes}}
| location = [[Hanover]] and [[Berlin]], Germany
| area_served = {{unbulleted list| Austria | Belgium | Canada | Czechia | Denmark | Finland | Germany | Greece | Ireland | Netherlands | Norway | Poland | Portugal | Spain | Sweden | Switzerland | Türkiye |United Kingdom}}
| key_people = {{ubl|[[Dieter Zetsche]] (Chairman of the Supervisory Board)|Sebastian Ebel (CEO)}}
| industry = [[Hospitality industry|Hospitality]], [[tourism]]
| products = [[Charter airline|Charter]] and scheduled passenger [[airline]]s, [[package holiday]]s, [[cruise line]]s, [[hotel]]s and [[resort]]s
| services = [[Travel agency|Travel agencies]]
| revenue = {{increase}} €23,167.3 million (2024)<ref name="AR">{{cite web |url=https://cdn.sanity.io/files/b6xulh2p/production/6e058b0c6b3aaf08390b0a4ccd4e00cc1e81ccf1.pdf|title=Annual Report 2024|publisher=TUI |access-date = 6 April 2025}}</ref>
| operating_income = {{increase}} €1,275.3 million (2024)<ref name="AR" />
| net_income = {{increase}} €507 million (2024)<ref name="AR" />
| num_employees = 66,845 (2024)<ref name="AR" />
| homepage = {{URL|https://www.tuigroup.com/en-en|tuigroup.com}}
}}

'''TUI [[Aktiengesellschaft|AG]]''' ([[Trade name|trading as]] '''TUI Group''') is a German multinational leisure, travel and tourism company; it is the largest such company in the world.<ref>[http://www.dw.de/tui-forges-worlds-biggest-tourism-operator/a-17921804 TUI forges World's biggest tourism operator]. TUI AG. Retrieved on 29 October 2014.</ref><ref>{{cite news|url=https://www.tenoftheday.de/die-10-groessten-reiseveranstalter-der-welt/|title=Die 10 Grossten Reiseveranstalter der welt|publisher=Ten of the Day|access-date=15 December 2023}}</ref> TUI is an acronym for ''Touristik Union International'' ("Tourism Union International"). TUI AG was known as Preussag AG until 1997 when the company changed its activities from mining to tourism. It is headquartered in [[Hanover]], Germany,<ref>"[http://www.tui-group.com/en/konzern/meta/kontakt/ Contact TUI Group]." TUI AG. Retrieved on 29 May 2009.</ref> and trading on the [[Frankfurt Stock Exchange]] and Hanover Stock Exchange.

It fully or partially owns several [[travel agency|travel agencies]], [[hotel chain]]s, [[cruise lines]] and [[retail shop]]s as well as five European [[airline]]s. These activities involve the operation of 353 hotels with 275,144 beds and it allows its brand to be used for another 65 hotels operated by third parties. These hotels accommodate 21 million guests a year.<ref>{{Cite web |title=About TUI Group |url=http://www.tuigroup.com/en-en/about-us/about-tui-group |access-date=2023-10-10 |website=www.tuigroup.com |language=en}}</ref> It also operates 16 cruise ships under the [[TUI Cruises]], [[Hapag-Lloyd|Hapag-Lloyd Cruises]] and [[Marella Cruises]] brands, as well as a fleet of 134 aircraft.<ref name="AR" />

==History==
[[File:TUI KWA4.JPG|thumb|TUI Group head office in [[Hanover]]]]
===Foundation and early years===
The origins of the company lie in the industrial and transportation company Preussag AG, which was originally formed as a German mining company. It was incorporated on 9 October 1923, as ''Preußische Bergwerks- und Hütten-Aktiengesellschaft'' (Prussian Mine and Foundry Company). In 1927 it was merged with the [[Ruhr Area|Ruhr]] coal company, Hibernia AG, and electricity utility to become the ''Vereinigte Elektrizitäts und Bergwerks AG'' (VEBA AG) (United Electrical and Mining Company).<ref>{{cite web |url=https://www.preussenelektra.de/pe-internet/Historie-631.htm?rdeLocaleAttr=en& |title=History |publisher=Preussen Elektra |access-date=14 April 2017}}</ref>

After the sale of [[Salzgitter AG]] and purchase of [[Hapag-Lloyd]] AG (the navigation and logistics company) in 1997, Preussag AG became a global enterprise in the service and [[leisure industry]]. At that time, Hapag-Lloyd held a 30% interest in the tourism conglomerate TUI (founded 1968), increased to 100% by 1999. In addition the company acquired 25% of [[Thomas Cook & Son|Thomas Cook]] shares in 1997, which it doubled the following year. On 2 February 1999, the Carlson Leisure Group merged with Thomas Cook into a [[holding company]] owned by the German bank [[WestLB|Westdeutsche Landesbank]], Carlson Inc and Preussag.<ref>{{Cite web |title=WESTDEUTSCHE LANDESBANK / CARLSON / THOMAS COOK (Merger) [1999] ECComm 26 (8 March 1999) |url=http://www.worldlii.org/eu/cases/ECComm/1999/26.html |website=www.worldlii.org |access-date=2015-12-02}}</ref> However, in mid-2000 Preussag acquired Thomas Cook's rival [[Thomson Travel]] and was forced to sell its majority 50.1% stake in Thomas Cook by regulatory authorities.<ref>{{cite web |url=http://news.bbc.co.uk/1/hi/business/1059350.stm |title=German firm buys Thomas Cook |date=7 December 2000 |publisher=BBC |access-date=14 April 2017}}</ref> In 2002, Preussag renamed itself TUI AG.<ref>{{cite news |url=https://www.telegraph.co.uk/travel/comment/farewell-thomson-hello-tui/ |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/travel/comment/farewell-thomson-hello-tui/ |archive-date=2022-01-12 |url-access=subscription |url-status=live |title=Goodbye Thomson, hello TUI – how Germany beat Britain in the battle of the sunlounge |newspaper=The Telegraph |date=18 October 2017 |access-date=11 March 2019|last1=Leadbeater |first1=Chris }}{{cbignore}}</ref>

TUI announced a merger of its travel division with the British tour operator [[First Choice (travel firm)|First Choice]] in March 2007,<ref>{{cite news |title=First Choice to tie up with TUI |url=http://news.bbc.co.uk/1/hi/business/6465387.stm |newspaper=BBC News |date=19 March 2007 |access-date=24 June 2013}}</ref> which was approved by the European Commission on 4 June 2007, on the condition that the merged company sell Budget Travel in Ireland.<ref>{{cite news |title=First Choice-TUI merger cleared |url=http://news.bbc.co.uk/1/hi/business/6720995.stm |newspaper=BBC News |date=4 June 2007 |access-date=24 June 2013}}</ref> TUI held a 55% stake in the new company, [[TUI Travel]] PLC, which began operations in September 2007.<ref>{{cite web|url=https://www.theguardian.com/business/2007/mar/19/travel.travelnews|title=Thomson and First Choice to merge|date=19 March 2007|work=The Guardian|last=Walsh|first=Fiona}}</ref>

In April 2008, [[Alexey Mordashov]], who purchased his first shares in TUI Travel in autumn 2007, purchased additional TUI Travel shares under S-Group in order to expand TUI Travel into [[Eastern Europe]] and [[Russia]].<ref name=FinancialTimes2008-04-11>{{cite news |url=http://www.genios.de/presse-archiv/artikel/FTD/20080411/tui-gruendet-mit-mordaschow-reiseto/D8H384O4.html |title=TUI gründet mit Mordaschow Reisetochter in Russland Touristikkonzern und Oligarch vertiefen Partnerschaft |language=de|trans-title=TUI establishes a subsidiary in Russia with Mordashov. Touristkonzern and Oligarch deepen partnership. |date=11 April 2008 |newspaper=[[Financial Times Deutschland]]|access-date=22 October 2018}}</ref><ref name=GoettingerTagenblatt2010-08-30>{{cite news |url=http://www.goettinger-tageblatt.de/Nachrichten/Wirtschaft/Regional/Alexej-Mordaschow-baut-Einfluss-bei-TUI-aus |title=Alexej Mordaschow baut Einfluss bei TUI aus |language=de|trans-title=Alexei Mordashov is extending his influence at TUI |date=30 August 2010 |newspaper=[[Göttinger Tageblatt]] |last=Heitmann |first=Jens|access-date=22 October 2018}}</ref><ref name=Spiegel2011-01-31>{{cite news |url=http://www.spiegel.de/wirtschaft/unternehmen/reisegigant-russischer-investor-baut-einfluss-bei-tui-aus-a-742649.html |title=Russischer Investor baut Einfluss bei TUI aus |language=de|trans-title=Russian investor is extending his influence at TUI |date=31 January 2011 |newspaper=[[Der Spiegel]] |access-date=22 October 2018}}</ref>

Its logistics activities, concentrated in the shipping sector, were kept separate and bundled within Hapag-Lloyd AG. A majority stake in Hapag-Lloyd was sold to the ''[[Albert Ballin]] [[consortium]]'' of investors in March 2009<ref name="Reuters">{{cite news |last=Kuehnen |first=Eva |title=TUI AG completes sale of Hapag-Lloyd unit |url=https://www.reuters.com/article/idUSLN56520520090323 |access-date=8 August 2010 |date=23 March 2009 |work=[[Reuters]]}}</ref> and a further stake was sold to Ballin in February 2012, as TUI worked to exit from the shipping business and to optimize its tourism business with expansion in [[Russia]], [[China]] and [[India]] under [[Michael Frenzel]].<ref name=Spiegel2011-01-31/><ref>{{cite web |url=http://www.chicagotribune.com/business/sns-rt-us-tui-hapaglloydtre81b0al-20120212,0,121923.story |title=TUI AG set to agree Hapag-Lloyd deal this week |website=[[Chicago Tribune]] |date=12 February 2012}}{{Dead link|date=June 2018 |bot=InternetArchiveBot |fix-attempted=no }}</ref> Prior to August 2010, [[John Fredriksen]] held the largest Norwegian privately held stake in TUI Travel and had a significant influence upon TUI Travel's direction and strategy.<ref name=FinanceMagazin2010-08-30>{{cite news |url=https://www.finance-magazin.de/deals/ma/tui-grossaktionaer-stockt-anteil-auf-1117172/ |title=Tui-Großaktionär stockt Anteil auf |language=de|trans-title=Tui major shareholder increases stake |date=30 August 2010 |work=[[:de:Finance (Magazin)|Finance]] |last=Wnuck |first=Corinna|access-date=22 October 2018}}</ref> As Alexey Mordashov through his S-Group Travel Holding increased his stake in TUI Travel to a stake larger than Fredriksen's stake, the shipping business had to be sold.<ref name=FinanceMagazin2010-08-30/>

In June 2014, the company announced it would fully merge with TUI Travel to create a united group with a value of $US9.7 billion.<ref>{{cite web |url=http://www.internationaltravelnews.com/index.php/sid/223325423/scat/26e7946dced8f2bc/ht/Tui-Travel-agrees-to-merger-with-German-majority-stakeholder |title=Tui Travel agrees to merger with German majority stakeholder |publisher=International Travel News |access-date=17 December 2014 |archive-url=https://web.archive.org/web/20141006110023/http://www.internationaltravelnews.com/index.php/sid/223325423/scat/26e7946dced8f2bc/ht/Tui-Travel-agrees-to-merger-with-German-majority-stakeholder |archive-date=2014-10-06 |url-status=dead }}</ref> The merger was completed on 17 December 2014 and the combined business began trading on the Frankfurt and London stock exchanges.<ref>{{cite news |last=Young |first=Sarah |title=TUI Travel, TUI AG merger completes |url=http://uk.reuters.com/article/uk-tui-travel-m-a-tui-ag-idUKKBN0JV0KP20141217 |archive-url=https://web.archive.org/web/20160305203620/http://uk.reuters.com/article/uk-tui-travel-m-a-tui-ag-idUKKBN0JV0KP20141217 |url-status=dead |archive-date=March 5, 2016 |date=17 December 2014 |publisher=Reuters |access-date=17 December 2014}}</ref> Prior to this merger, Alexey Mordashov, the largest private shareholder in TUI Travel, held a blocking stake in TUI Travel through his S-Group.<ref name=Bild2017-09-01>{{cite news |url=https://www.bild.de/geld/aktuelles/wirtschaft/roundup-tuigrossaktionaer-mordaschow-naehert-49663300.bild.html |title=Roundup: Tui-Großaktionär Mordaschow nähert sich der Sperrminorität |language=de|trans-title=Roundup: Tui major shareholder Mordashov approaches the blocking minority |date=1 September 2017 |newspaper=[[Bild]]|access-date=22 October 2018}}</ref> After the merger, Mordashov's stake was reduced to less than a blocking stake of 25%.<ref name=Bild2017-09-01/> On 12 December 2016, Mordashov increased his stake in TUI Group from 18% to more than 20%.<ref name="Bild2017-09-01" /><ref name="RBC2017-01-10">{{cite news |url=https://www.rbc.ru/rbcfreenews/5874fd489a79474cd2fe6a32 |title=Алексей Мордашов приблизил свою долю в TUI к блокирующему пакету |language=ru|trans-title=Alexey Mordashov brought his stake in TUI closer to the blocking stake |date=10 January 2017 |work=[[RBK Group|RBC]]|access-date=22 October 2018}}</ref> In October 2018, his 24.9% stake was the largest privately held stake in TUI Group.<ref name="TUIGroup2018-10">{{cite web |url=https://www.tuigroup.com/en-en/investors/share/shareholder-structure |title=Shareholder structure |work=TUI Group|access-date=22 October 2018}}</ref> In June 2019, Mordashov transferred 65% of his stake to the KN-Holding, owned by his sons Kirill and Nikita Mordashov. TUI stated in a statement that they ”welcomed the second generation of the family amongst its shareholders”.<ref>{{Cite web|url=http://www.tuigroup.com/en-en/media/press-releases/2019/2019-06-21-change-in-the-shareholder-structure|title=Change in the shareholder structure of TUI AG|website=www.tuigroup.com|language=en|access-date=2019-12-05}}</ref>

Berge & Meer and Boomerang Reisen as well as Atraveo were sold to the holding company GENUI in 2019.<ref>{{Cite web |title=TUI Group to sell German specialist tour operators "Berge & Meer" and "Boomerang Reisen" / Group sharpens its profile |url=http://www.tuigroup.com/en-en/media/press-releases/2019/2019-09-12-divestment-berge-und-meer-boomerang-reisen |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref> At the end of 2019, the holiday home provider Wolters Reisen GmbH and the round trip specialist Wolters Rundreisen GmbH, of which TUI Group owned 100% of the shares via an investment company, were sold to the Frankfurt-based company e-domizil.<ref>{{Cite web |title=TUI Group sells German holiday home provider Wolters Reisen |url=http://www.tuigroup.com/en-en/media/press-releases/2019/2019-12-23-tui-group-sells-wolters-reisen |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref>

===Development since 2020===
In August 2020, the company reported a net loss of €2.3 billion (from October 2019 to June 2020) as a result of the [[COVID-19 pandemic]]. Out of the sum, €1.5 billion loss related to the period from April to June 2020, while the revenue for the same period was €75 million, 98% less than the same period in 2019. TUI's chief executive officer, Fritz Joussen announced that the firm was considering selling the Marella cruise line.<ref>{{cite news|url=https://www.ft.com/content/f1898c97-2479-4ced-bfa1-dc417945f919|title= Tour operator Tui considers disposals after racking up €2.3bn loss|work=Financial Times|last=Hancock|first=Alice|date=13 August 2020|access-date=13 August 2020}}</ref>

In March 2022, the company's largest single shareholder, Alexey Mordashov, a Russian oligarch and confidante of [[Vladimir Putin]], was placed under sanctions due to the [[2022 Russian invasion of Ukraine]].<ref>{{Cite web |date=2022-03-02 |title=Alexei Mordashov: Russia's richest man is now an EU sanctions target |url=https://www.theguardian.com/news/2022/mar/02/alexei-mordashov-russias-richest-man-is-now-an-eu-sanctions-target |access-date=2022-03-05 |website=The Guardian |language=en|last=Partridge|first=Joanna}}</ref><ref>{{Cite web |last=Welle |first=Deutsche |title=The Russian oligarchs of the FinCEN Files {{!}} DW {{!}} 26.09.2020 |url=https://www.dw.com/en/the-russian-oligarchs-of-the-fincen-files/a-55062675 |access-date=2022-03-05 |website=DW.COM |language=en-GB}}</ref><ref>{{cite news |last1=Джонс |first1=Пит (Jones, Pete) |last2=Стэк |first2=Грэм (Stack, Graham) |url=https://www.occrp.org/en/cyprus-confidential/cyprus-wing-of-auditing-giant-pwc-may-have-breached-sanctions-in-work-for-oligarch |title=Кипрский филиал аудиторского гиганта PwC, вероятно, нарушил санкции при работе на российского олигарха: Утечка документов показала, что PwC Cyprus поспешила реструктурировать компании российских олигархов, когда возникла угроза санкций. Власти Кипра заверяют, что расследуют эпизод, когда PwC предположительно завершила сделку по продаже акций россиянина через несколько дней после того, как он попал в санкционный список ЕС. |trans-title=Cyprus Wing of Auditing Giant PwC May Have Breached Sanctions in Work for Oligarch: Leaked documents show staff at PwC Cyprus hurried to restructure companies belonging to Russian oligarchs as the prospect of sanctions loomed. Now Cyprus says it is investigating one case in which PwC staff appeared to work on the transfer of an oligarch’s assets in the days after he was sanctioned by the EU. |language=ru |work=[[OCCRP]] |date=14 November 2023 |access-date=16 November 2023 |archive-date=17 November 2023 |archive-url=https://web.archive.org/web/20231117033844/https://www.occrp.org/en/cyprus-confidential/cyprus-wing-of-auditing-giant-pwc-may-have-breached-sanctions-in-work-for-oligarch}} [https://www.compromat.ru/page_44788.htm Alternate archive]</ref><ref>{{cite news |last=Розэ |first=Анна (Rose, Anna) |url=https://www.svoboda.org/a/zhurnalist-dlya-putina-kak-hubert-zaypelj-za-denjgi-hvalil-kremlj/32685573.html |title=Журналист для Путина. Как Хуберт Зайпель за деньги хвалил Кремль: Немецкий телеканал ARD и его дочерняя телерадиовещательная компания NDR годами, уже после аннексии Крыма, внимали байкам о России от проплаченного Кремлем журналиста. По данным только что вышедшего в свет расследования, видный немецкий тележурналист Хуберт Зайпель получал из Москвы сотни тысяч евро за книги о Путине. Тем самым Зайпель стал первым западным журналистом, тайное финансирование которого Кремлем было документально доказано. |trans-title=Journalist for Putin. How Hubert Seipel praised the Kremlin for money: For years, after the annexation of Crimea, the German television channel ARD and its subsidiary broadcasting company NDR listened to stories about Russia from a journalist paid by the Kremlin. According to a just-published investigation, prominent German television journalist Hubert Seipel received hundreds of thousands of euros from Moscow for books about Putin. Thus, Seipel became the first Western journalist whose secret financing by the Kremlin was documented. |language=ru |work=[[Радио Свобода]] |date=15 November 2023 |access-date=16 November 2023 |archive-date=17 November 2023 |archive-url=https://web.archive.org/web/20231117033149/https://www.svoboda.org/a/zhurnalist-dlya-putina-kak-hubert-zaypelj-za-denjgi-hvalil-kremlj/32685573.html}} [https://www.compromat.ru/page_44791.htm Alternate archive]</ref>

In March 2023, it was announced that TUI would seek to raise $1.8 billion by selling shares at a discount to existing investors, excluding Mordashov as a result of sanctions under German securities law.<ref>{{Cite web |url=https://www.cityam.com/putin-ally-and-russian-billionaire-sanctioned-tui/ |website=City A.M. |accessdate=2023-08-15 |date=2023-03-24 |title=TUI open to new majority shareholder following resignation of sanctioned Russian billionaire}}</ref><ref>{{Cite web |url=https://www.travelgossip.co.uk/latestnews/tui-launches-e1-8bn-share-sale-but-russian-owner-is-banned/ |website=Travel Gossip |title=TUI launches €1.8bn share sale, but Russian owner is banned |date=2023-03-24 |access-date=2023-08-15}}</ref>

==Corporate affairs==
===Governance===
The following people have served in key roles:
{| class="wikitable"
|+
!Time period
!Chief Executive Officer (CEO)
!Time period
!Chairman of the Supervisory Board
|-
|2022-
|[[Sebastian Ebel]]
|2019-
|[[Dieter Zetsche]]<ref name=":2">{{Cite web |title=Dr Dieter Zetsche to succeed Professor Klaus Mangold as Chairman of the Supervisory Board of TUI AG in 2018 |url=http://www.tuigroup.com/en-en/investors/news/2017/ir-news/20171212 |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref>
|-
|2013-2022
|[[Friedrich Joussen]]
|2011-2019
|Klaus Mangold<ref name=":2" />
|-
|2014-2016
|Peter Long (Co-CEO)<ref>{{Cite web |title=Change at the helm of TUI Group: Fritz Joussen becomes sole CEO of TUI Group / Peter Long, Joint CEO up to the AGM, becomes Supervisory Board member |url=http://www.tuigroup.com/en-en/media/press-releases/2016/change-at-the-helm-of-tui-group |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref>
|2010-2011
|Dietmar Kuhnt<ref name=":3">{{Cite web |date=2009-10-28 |title=EANS-Adhoc: TUI AG / Change at the helm of the Supervisory Board |url=https://www.presseportal.de/en/pm/44027/1501200 |access-date=2023-10-02 |website=presseportal.de |language=de}}</ref>
|-
|
|
|2004-2010
|Jürgen Krumnow<ref name=":3" />
|}

===Shareholders===
The company's shares are listed on the Frankfurt Stock Exchange, the London Stock Exchange, as well as the Hanover Stock Exchange.<ref>{{Cite web |title=TUI Group listed in the Open Market of the Frankfurt Stock Exchange as of 1 April |url=http://www.tuigroup.com/en-en/media/press-releases/2015/20150401-open-market |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref>

In spring 2007, the Norwegian shipowner and financial investor John Fredriksen acquired a 15.01% stake in TUI. At TUI's AGM in May 2008, Fredriksen demanded a split-up of the group and the dismissal of TUI CEO Michael Frenzel.<ref>{{Cite news |date=2008-03-14 |title=TUI shares soar on breakup news |language=en |work=Reuters |url=https://www.reuters.com/article/us-tui-idUSL1400260220080314 |access-date=2023-10-02}}</ref> At the AGM on 13 May 2009, Fredriksen demanded that Supervisory Board Chairman Jürgen Krumnow be voted out of office so that he could then join the Supervisory Board himself. However, these attempts were unsuccessful.<ref>{{Cite web |title=Activist investor fails to oust Tui chairman {{!}} Financial Times |url=https://www.ft.com/content/1db26672-1c2a-11dd-8bfc-000077b07658 |access-date=2023-10-02 |website=www.ft.com}}</ref> On 28 February 2014, Monteray Enterprises Ltd (John Fredriksen) notified TUI that its share of voting rights in TUI had fallen below the 3% thresholds on 24 February 2014.<ref>{{Cite web |title=Financial Statements TUI AG |url=https://www.tuigroup.com/damfiles/default/ir/29_geschaeftsbericht_2011_12/downloads/TUI_AG_2011-12_English-71358199f9a5889690ac6ef3d69ff50b.pdf |website=tuigroup.com}}</ref>

Russian oligarch Alexei Mordashov joined TUI at the beginning of 2008. By July 2008, he had increased his stake to 15.03% and in March 2012 to 25.29%, and later to 34%.<ref>{{Cite web |title=TUI AG has been informed about changes in ownership of shareholder Unifirm Limited / Change in TUI's shareholder structure |url=http://www.tuigroup.com/en-en/investors/news/2022/ir-news/20220304 |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref> He was thus the largest single shareholder.<ref>{{Cite web |date=2022-03-01 |title=TUI Group's Largest Shareholder Hit With European Union Sanctions |url=https://finance.yahoo.com/news/tui-group-largest-shareholder-hit-031700315.html |access-date=2023-10-02 |website=Yahoo Finance |language=en-US}}</ref> Mordashov has been on the EU sanctions list since 28 February 2022 and, according to a corresponding voting rights notification, transferred control of most of his indirectly held shares to the Virgin Islands-based company Ondero Limited, controlled by Marina Mordashova, on that date. Due to an investigation by the Federal Ministry of Economics and Climate Protection regarding the transfer of the shares to Ondero Limited, the transfer is suspended.<ref>{{Cite web |title=TUI AG receives information about the owner of its shareholder Unifirm |url=http://www.tuigroup.com/en-en/media/press-releases/2022/2022-03-18-news-about-the-owner |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref> The shareholding in TUI AG therefore continues to be held (indirectly) by Mordashov. Due to the capital increase in spring 2023, in which Mordashov was not allowed to participate due to his sanction,<ref>{{Cite web |title=Capital Increase |url=http://www.tuigroup.com/en-en/investors/capital-increase-march-2023 |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref> his shareholding has meanwhile decreased significantly. According to the voting rights notifications of the German Federal Financial Supervisory Authority of 16 May 2023, 10.87% shares in TUI AG have been indirectly attributable to Mordashov since 19 April 2023, while Marina Mordashowa holds 0% in TUI AG.<ref>{{Cite web |title=Shareholder structure |url=http://www.tuigroup.com/en-en/investors/share/shareholder-structure |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref>

In February 2024, the company decided to leave the [[London Stock Exchange]] retaining its listings on the Frankfurt Stock Exchange and the Hanover Stock Exchange.<ref>{{cite news|url=https://www.theguardian.com/business/2024/feb/13/tui-record-results-potential-london-exit-de-listing-lse-germany-shareholders-travel |title=Tui investors vote to leave London Stock Exchange amid record results|date=13 February 2024|newspaper=The Guardian|access-date=31 May 2024}}</ref>

{| class="wikitable"
|+Shareholder structure <small>(July 2023)</small>
!Shareholder
!Share
|-
|Institutional investors
|57.8 %
|-
|Alexei Mordashov
|10.9 %
|-
|Private investors
|30.2 %
|-
|RIU S.A. (Familie Riu Güell)
|1.1 %
|}

===Business figures===
The key indicators of the TUI Group are (as at the financial year ending 30 September):<ref name=":0">{{Cite web |title=All TUI Annual Reports |url=https://www.tuigroup.com/en-en/investors/annual-reports |access-date=18 February 2023 |website=www.tuigroup.com}}</ref><ref>{{Cite web |title=TUI Fundamentalanalyse {{!}} KGV {{!}} Kennzahlen |url=https://www.boerse.de/fundamental-analyse/TUI-Aktie/DE000TUAG505 |access-date=2024-03-02 |website=boerse.de |language=de}}</ref>
{| class="wikitable" style="text-align:center;"
|+TUI Group Financial Information
!Year
!Revenue (€bn)
!Net Profit (€m)
!Number of employees
|-
|2016
|17.1
|910
|66,779
|-
|2017
|18.5
|645
|66,577
|-
|2018
|19.5
|733
|69,546
|-
|2019
|18.9
|416
|71,473
|-
|2020
|7.9
|–3,148
|48,330
|-
|2021
|4.7
|–2,467
|50,584
|-
|2022
|16.5
|–277
|61,091
|-
|2023
|20.6
|306
|65,413
|-
|2024
|23.2
|507
|66,845
|}

== Operations ==
=== Accommodation ===
In the 2022 financial year, the Hotels & Resorts segment comprised a total of 353 hotels with 275,144 beds. With 322 properties, the majority are four- or five-star hotels. 53% were operated under management contracts, 38% were owned by the respective hotel company, 8% were leased and 1% of the facilities were operated under franchise agreements. In addition, 65 hotels were operated by third-party hoteliers under TUI's international concept brands as at 30 September 2022, bringing the total number including third-party hotels to 418.<ref name="AR" />

=== Cruises ===
TUI's cruise segment operates a total of 16 cruise ships under three brands:
* [[TUI Cruises]] is a joint venture with Royal Caribbean Cruises. The fleet currently comprises seven ships named Mein Schiff 1 to 7.<ref name=":4">{{Cite web |title=Our business |url=http://www.tuigroup.com/en-en/about-us/about-tui-group/our-business/cruises |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref>

* [[Hapag-Lloyd cruises|Hapag-Lloyd Cruises]] is responsible for luxury and expedition cruises in German-speaking countries. The brand was transferred to TUI Cruises in 2020.<ref>{{Cite web |title=TUI Group: Sale of Hapag-Lloyd Cruises to TUI Cruises completed |url=http://www.tuigroup.com/en-en/media/press-releases/2020/2020-07-08-tui-sale-hapag-lloyd-cruises |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref><ref>{{Cite web |title=Imprint - Hapag-Lloyd Cruises |url=https://www.hl-cruises.com/legal/imprint |access-date=2023-10-02 |website=www.hl-cruises.com |language=en}}</ref> With the MS Europa and the MS Europa 2, the group offers luxury cruises; the two ships were the only cruise ships worldwide to be awarded the 5-star-plus category by the Berlitz Cruise Guide. HEANSEATIC class expedition ships include the HANSEATIC nature, the HANSEATIC inspiration and the HANSEATIC spirit.<ref>{{Cite web |title=Our Ships - Hapag-Lloyd Cruises |url=https://www.hl-cruises.com/ships |access-date=2023-10-02 |website=www.hl-cruises.com |language=en}}</ref>

* [[Marella Cruises]] offers cruises with four ships, primarily in the UK market.<ref name=":4" />

=== Airlines ===
TUI owns several airlines operating under the brands ''TUI fly'' and ''TUI Airways'' which are managed by TUI Airline Management.

{| class="wikitable" style="margin:0.5em auto; text-align:center"
|- 
!Airline
!Origin
!Description
|-
|[[TUI Airways]]
|{{nowrap|{{flag|United Kingdom}}}}
|TUI Airways is the largest of the TUI airlines. It has 70 aircraft and flies from 26 British airports to 109 destinations worldwide. It was formed by the merger of [[Thomsonfly]] (formerly [[Britannia Airways]]) and [[First Choice Airways]] (formerly [[Air 2000]]). The airline was the last TUI airline to be rebranded.
|-
|[[TUI fly Belgium]]
|{{flag|Belgium}}
|TUI fly Belgium has operated since March 2004 to more than 105 destinations around Europe, the Red Sea, Caribbean, Canary Islands, US and Africa. Since 2012 it has operated scheduled flights as well as charter services. It was formerly known as Jetairfly, rebranded to TUI fly Belgium in late 2016. 
|-
|{{nowrap|[[TUI fly Deutschland]]}}
|{{flag|Germany}}
|TUI fly Deutschland has operated since 1972, originally as ''[[Hapag-Lloyd Flug]]'', becoming ''TUIfly'' in 2007. It was later renamed ''TUI fly Deutschland''. It has 40 aircraft, flying to 39 destinations.
|-
|[[TUI fly Netherlands]]
|{{flag|Netherlands}}
|Since 2005, TUI fly Netherlands has operated charter flights from Amsterdam Schiphol Airport to destinations in [[Southern Europe]], [[North Africa]], the [[Caribbean]], and [[Latin America]]. Originally called Arkefly, became Arke in 2013, and changed its name in 2015 to TUI fly Netherlands.
|-
|[[TUI fly Nordic]]
|{{flag|Denmark}} <br /> {{flag|Finland}} <br /> {{flag|Norway}} <br /> {{flag|Sweden}}
|TUI fly Nordic flies from Ireland, Sweden, Denmark, Finland, and Norway. They fly holidaymakers travelling with the following tour operators; [[TUI Sverige]] (Sweden), TUI Finland (Finland), TUI Norge (Norway), and TUI Danmark (Denmark). There was a slight name change, from TUIfly Nordic to TUI fly Nordic.
|}

==Controversies==
*On 16 April 2009, TUI Travel and S-Group Travel Holding of the Russian shareholder Alexey Mordashov declared the formation of a joint venture in Russia with investments of 30 million euros to develop tourism activities in Russia and Ukraine. The intention was to take over the tour operators VKO Group and Mostravel in Russia and Voyage Kiev in Ukraine, which had over 160 travel agencies and over half a million customers.<ref>{{Cite web |title=TUI Travel launches Russian joint venture |url=https://www.travelweekly.com/Travel-News/Tour-Operators/TUI-Travel-launches-Russian-joint-venture |access-date=2023-10-02 |website=www.travelweekly.com |language=en}}</ref> In March 2022, TUI AG terminated the brand use agreement with TUI Russia; TUI Russia is no longer a TUI Group company. The last shares in TUI Russia were sold in 2021.<ref>{{Cite web |title=TUI terminates agreement: TUI brand name may no longer be used by TUI Russia |url=http://www.tuigroup.com/en-en/media/press-releases/2022/2022-03-10-tui-terminates-agreement |access-date=2023-10-02 |website=www.tuigroup.com |language=en}}</ref> In May 2022, it was reported that the major stakeholder and Russian oligarch Alexei Mordashov had made a transfer of a holding of 29.9% of the company: TUI failed to follow the rules and verify the new owner of the shares. In addition, the transfer was a violation of the sanctions against Russia by the European Union, which sanctioned Mordashov personally.<ref name=":1">{{Cite web |title=ZDF Magazin Royale vom 20. Mai 2022 |url=https://www.zdf.de/uri/aae2ffa7-386e-4d55-b3e9-ef68b25bdd55 |access-date=2022-05-20 |website=www.zdf.de |language=de}}</ref><ref>{{Cite web |last=Ltd |first=Jacobs Media Group |title=Scrutiny grows on Mordashov Tui stake |url=http://travelweekly.co.uk/news/travel-agents/scrutiny-grows-on-mordashov-tui-stake |access-date=2022-05-20 |website=Travel Weekly |language=en}}</ref>

*A 2018 study in the UK found that TUI had the largest [[gender pay gap]] reported to date by a major UK company, with its male employees paid more than twice what female employees are paid.<ref>{{cite news |url=https://www.theguardian.com/society/2018/feb/16/tui-travel-group-male-employees-paid-more-than-double-female-staff-report |title=Tui's male employees paid more than double female staff – report |first1=Sarah |last1=Butler |first2=Caelainn |last2=Barr |newspaper=The Guardian |date=16 February 2018 |access-date=22 January 2019 |via=www.theguardian.com}}</ref>

*TUI has become the main airline carrying out charter deportation flights for the UK [[Home Office]].<ref>{{Cite web|url=https://corporatewatch.org/the-two-sides-of-tui-crisis-hit-holiday-giant-turned-deportation-specialist/|title=The two sides of TUI: crisis-hit holiday giant turned deportation specialist – Corporate Watch|website=corporatewatch.org|date=27 January 2021}}</ref> It is estimated that in November and December 2020 TUI carried out the deportation of more than 150 people in 13 flights to 23 destinations for the Home Office.<ref>{{Cite web|url=https://corporatewatch.org/the-home-office-deportation-drive-against-channel-crossing-migrants-a-balance-sheet/|title=The Home Office deportation drive against Channel-crossing migrants: a balance sheet – Corporate Watch|website=corporatewatch.org|date=29 April 2021}}</ref>

==References==
{{reflist}}

==External links==
{{Commons category inline}}
* {{official website|https://www.tuigroup.com/en-en}}
* {{20th Century Press Archives|FID=co/045346|TEXT=Documents and clippings about|NAME=Preussag}}

{{Portalbar|Companies|Germany}}
{{TUI}}
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{{DEFAULTSORT:Tui Ag}}
[[Category:TUI Group| ]]
[[Category:Holding companies of Germany]]
[[Category:German companies established in 1923]]
[[Category:Companies based in Hanover]]
[[Category:Companies listed on the London Stock Exchange]]
[[Category:Companies listed on the Frankfurt Stock Exchange]]
[[Category:German brands]]
[[Category:Holding companies established in 1923]]
[[Category:Hospitality companies established in 1923]]
[[Category:Multinational companies headquartered in Germany]]
[[Category:Shipping companies of Germany]]
[[Category:Transport companies established in 1923]]
[[Category:Travel and holiday companies of Germany]]
[[Category:Airlines for Europe]]