AGM 2026

Feb 10, 2026

Ladies and gentlemen, my name is Dieter Zetsche. As Chairperson of the Supervisory Board, I open the ordinary annual general meeting of TUI AG and assume the chair in accordance with the articles of association. On behalf of the Executive Board and my colleagues of the Supervisory Board, I would like to extend a warm welcome to our shareholders and shareholder representatives, and also the representatives of the press. As you can see from the invitation, today's annual general meeting will be held exclusively in person and not as a virtual general meeting. Ladies and gentlemen, the notarization of our annual general meeting is being carried out by our notary, Dr. Corinna Neumann. She is sitting to my left, as seen from your perspective, at a separate table. I note that all but two members of the Supervisory Board are present here today. Mr. Rainer Thalmann and Annette Strempel are unable to attend this meeting due to illness, but they also apologize for this. All members of the executive board are present. I would like to welcome them, too. The Annual General Meeting was convened in due form and time with the announcement in the Federal Gazette on the 22nd of December, 2025. All publications relating to the convocation, including the necessary documents, have been available on the TUI AG website since the convocation and are available for inspection today at the registration desk to your left in front of this stage in this hall. The notice was also forwarded to the media, enabling Europe-wide distribution. All publication requirements in connection with the Annual General Meeting have been fulfilled. No motions to supplement or to supplement the agenda requiring disclosure have not been received. 8 counter motions were received in due form and time for agenda items 2, 3, 4, 7, 9.1, 10, were made available by the company on its website on 6th, 13th, 16th, and 27th January 2026, on the website. There are no further counter motions and/or election proposals which were received in due form and time before the annual general meeting and which have to be made available. Counter motions and election proposals can only be put to the vote if they are submitted during the annual general meeting. This also applies in the event of publication of a relevant counter motion or election proposal prior to the annual general meeting. The attendance area for today's annual general meeting comprises the foyer on this side of the shareholder reception desk in the Niedersachsenhalle, the sanitary facilities accessible from the foyer, the open adjoining rooms, in particular the Glashalle and this hall, the Eilenriedehalle. The events on stage will be broadcast via loudspeakers throughout the entire attendance area. However, comments, questions, and motions, as well as participation in votes, are only possible here in the hall. I will explain the voting formalities in detail at a later time. The entire annual general meeting can be seen through the password in the protected Investor Portal of TUI AG by our shareholders. However, shareholder rights cannot be exercised via the Investor Portal during the AGM. The first part of the meeting, up to the end of the speeches by Sebastian Ebel or Matthias Kiep, will also be broadcast to the public via the company's website. Image and sound recordings, as well as recordings of the video broadcast, are not permitted. The list of participants is being currently compiled, and once it has been finalized and the initial announcement made, this will be available for inspection at the registration desk. I will announce the attendance as soon as it has been confirmed, but no later before the first vote. If you wish to leave the meeting early, you may authorize the company's proxies or a third party to exercise the voting rights attached to your shares. To issue a proxy and instructions to the company's proxies, please use your admission ticket with the QR code. We will have tablets at the exit for issuing proxies and instructions to the proxies. By scanning the QR code on your admission ticket, the system will recognize your name and number of votes. Please issue instructions for each item on the agenda. The proxies cannot represent you for agenda items for which you do not have issued instructions. After checking your vote, please confirm it by pressing the button provided so that your proxy and instructions to the proxies are stored in our system. To authorize a third party, please contact our staff. We have provided proxy forms for you at the exit counters. Please fill out the proxy form, hand your admission ticket to your proxy, and hand in the proxy form at an exit counter when you leave the Annual General Meeting. I hereby stipulate that the granting, amendment, and revocation of authorizations and instructions to the company's proxies will only be possible until the end of the general debate. I will, of course, announce this moment again in good time. ... So if you leave the- ... Annual General Meeting early, please present your admission tickets at one of the exit counters so that we can update the list of participants. If you wish to participate in discussions on the agenda, please register your request to speak at the registration desk here in front of the stage on your left. Please state your name and present your admission ticket for identification purposes. If you wish to submit a motion or an election proposal, please announce this at the registration desk when you register to speak. This will enable me to determine whether you should be given priority to speak in exceptional cases. During the discussion, I will call on the shareholders and their representatives who have registered to speak, and ask them to come to one of the lecterns in front of the stage. After the general debate has ended, I will announce the start of the voting procedure in order to give all shareholders and shareholder representatives the opportunity to return to this hall for the vote. I will explain the exact voting procedure to you in more detail after the debate. We will now proceed with the agenda, which consists of 10 items. You're familiar with these items from the notice of meeting, published in the Federal Gazette. The invitation available on the company's website, and is also here at the speaker's desk. Let us start with agenda item 1: presentation of the approved annual financial statements and the approved consolidated financial statements, the combined management report and group management report, with the explanatory report on the disclosures pursuant to sections 289A and 315A of the German Commercial Code, and the report of the Supervisory Board, each for the financial year ended 30 September 2025. The documents are available at the registration desk and have also been available on the company's website since the date of the convocation. I may therefore assume that the documents are known to you. Before I give the floor to our Chief Executive Officer, Sebastian Ebel, and our Chief Financial Officer, Matthias Kiep, I would first like to turn to the report of the Supervisory Board. Dear shareholders. Dear guests. Today, we welcome you back in person for the first time. All of you here in this hall have embarked on a journey to meet with the Executive Board and the Supervisory Board here in Hanover. I would also like to take you on a journey in my speech. On this journey, I do not want to talk about figures. Our Chief Executive Officer, Sebastian Ebel, and our Chief Financial Officer, Matthias Kiep, will take care of that part. Instead, I would like to talk about orientation, responsibility, and the future. Our journey can be compared to a cruise. At sea, a ship needs clear orientation. It needs a course that will guide it safely through calm waters and headwinds. Today, I would like to explain this course using four central themes, four elements that guide us on the Supervisory Board: course, control, crew, destination port. Let me start with TUI's course, our strategy. 2025 was a year of return to stability, both financially and operationally. We steer by added value per risk, not by volume. We secured refinancing, extended the revolving credit facility, and successfully placed promissory note loans. We used strategic discussions with the executive board to stay on course, but not blindly, not at any price, but rather consciously towards a clear vision: TUI as a global provider of curated leisure experiences. TUI's journey is much more than an economic movement. It is a promise, a promise to create unique experiences that connect people responsibly, sustainably, and of particular importance to you here and now, profitably. Let me now turn to control. That is the monitoring of the course. A ship can only reach its destination if its course is checked on a regular basis. Control is not an end in itself, it creates reliability. One example of this is that we in the Supervisory Board have dealt intensively with your criticism of the remuneration report for 2024, and adjusted our course accordingly. Additional explanations, more illustrations, and one thing always in our sights, an executive board remuneration system that combines responsibility and performance with success and with ambitious targets, and that sets a clear course for a sustainable and solidly positioned company. We clearly show you, dear shareholders, that you can rely on us as a supervisory and control body. We are certain of one thing, trust is created when control is a matter of course, not when it becomes spectacular. Dear shareholders, no ship reaches its destination without a crew. The crew is united by culture, and that culture is created by people through the courage to embrace change and through cooperation. We are putting our courage for innovation into practice, thanks to your strong vote last year. At the end of this AGM, the composition of the Supervisory Board will change. The reduction from 20 to 16 members will give us greater focus and efficiency. At the end of this AGM, we will also be saying goodbye to long-standing companions who have not only helped shape TUI's course over the years, but have also helped shape the culture of the company. Sonja Ostermüller, Helena Murano, Tanja Viehl, Stefan Weinhofer, Coline McConville, and Annette Strempel. All of them helped shape TUI's course over the years, in calm waters and in stormy times. On behalf of the entire Supervisory Board, I would like to express my sincere thanks for your commitment. At the same time, we are welcoming 2 members on board, new members on board. Daniel Döhm and Thomas Köhler will enrich our committee. On behalf of the employee representatives and with Johan Lundgren, dear shareholders, a proven tourism expert is standing up for election. Mr. Lundgren has been enriching our Supervisory Board with fresh ideas and valuable expertise since last summer. He will introduce himself to you personally in a moment. When I talk about culture and people, I am, of course, also referring to you, dear shareholders. Direct dialogue with you is important to us, here today in Hanover and in person. During the years of virtual meetings, however, we have also come to know and appreciate their added value. We believe that the proposal submitted today by the Executive Board and the Supervisory Board is a good compromise, a compromise that strikes a balance between the advantages of virtual and physical Annual General Meetings, with the possibility of acting responsibly and in a manner appropriate to the situation at any time. We are counting on your support for the proposal as it combines modernity with tradition, thereby strengthening trust. What else is missing on our journey today? Every sea voyage has a destination port. The Executive Board is steering towards it with three clear priorities, and the Supervisory Board is accompanying it in accordance with its role. Firstly, operational resilience, digitalization, risk management, capital discipline. Secondly, people, that's customer and employee satisfaction. Thirdly, sustainability, not as a label, but as a competitive advantage. And yes, the dividend. We have discussed this intensively on the Supervisory Board, fact-based, responsibly and forward-looking. A dividend is not a ritual, it is a promise. A promise that only carries weight if it comes from strength, not from sentiment. That is why we are saying clearly today, we propose a dividend that maintains stability, that leaves room for investment, and supports sustainable value growth. Not more to please, but not less to be conscious, but just right for a company that after years of transformation, is now setting course for reliable growth. We are starting deliberately and are confident that we will accelerate our progress in the coming years. Dear shareholders, the Supervisory Board accompanies this journey not only as a supervisory body, but also as a sparring partner and advisor, always with a clear direction. We are investing in technology and artificial intelligence to redefine the customer experience. We are strengthening our brand as and our position as a leading provider of leisure experiences, and we remain financially disciplined and focused because we know that trust is not built on words alone, but on results. In all of this, travel always begins with trust, trust in what awaits you, and with that, trust in those who shape the journey. In the case of TUI, they shape the journey to success. My special thanks goes therefore to our employees on land, in the air, on board, in the offices, in the hotels all over the world. Without them, there would be no experience, no brand, no TUI. My thanks also goes to the executive board, which navigates TUI with foresight. My thanks goes to you, dear shareholders, for your dialogue, your criticism, and for your trust. You have supported TUI in recent years, enabling us to continue our journey together. Our course is clear: strategy, control, culture, future. This is how we remain steerable and maneuverable in calm seas and in headwinds. Thank you very much. ... I would now like to ask our Chairman of the Board, Sebastian Ebel, and then our Chief Financial Officer, Matthias Kiep, to explain the documents referred to in agenda item one, then the situation of the company, as well as the agenda items up for discussion. Sebastian and Matthias, you have the floor. Dear shareholders, dear guests. So I, I'm happy that we have so many people here and that you have so many interest in our meeting here in person. And on behalf of the TUI Group Executive Committee and the entire TUI team, I would like to welcome you very warmly to our annual general meeting. I'm delighted that so many of you have accepted our invitation to join us here in Hanover. 2025 was a year of geopolitical shifts and macroeconomic uncertainty. We are living in times of upheaval. Okay, we have also to tackle this. We live in time of upheavals here in Germany and Europe, but also in the rest of the world, many things are in movement. The first few weeks of the new year have also shown that also 2026, we will have to face negative surprises and negative predictability. So strengthening resilience is a key challenge for companies and their business models. Resilience is the foundation of our business model at TUI. The vertical integration of our business areas and increasingly international sales, make our two operators, our airline and hotel and cruise business, strong and unique with their range of experiences. TUI is strategically, operationally, and commercially prepared for market changes. Our company is experienced in evaluation and management in a challenging market environment. We are well positioned to continue to operate profitably in this environment. The past year has once again showed this impressively. Despite difficult conditions, we have delivered. This is the result of our joint efforts, of our determination to succeed and perform well in the recent years of the entire team. I would like to take this opportunity to thank you, dear shareholders, right at the outset. The fact that TUI is in such good shape is also thanks to your great loyalty to the company. Thank you very much for that. Let me take a look at the past financial year. Since the end of the pandemic, we have continued to develop. We are growing steadily. In each of the past years, we have delivered what we set out to do and what we promised to you. Reliability and sustainable, profitable growth, that was our goal, and it remains our goal, and I personally stand for this. What is the basis for the positive development of the recent years, even in economically and geopolitical difficult years? Our vertical integration. Our position in the tourism sector is unique. We cover the entire tourism value chain from a single source, and this benefits the entire business. Our hotels and resorts benefit from our sales strength of our tour operators, and thus achieve occupancy rates that are unrivaled in the international hotel industry. Our tour operators, on the other hand, benefit from the availability of our popular hotel runs, which guarantee maximum customer satisfaction. This brings supply and demand together in one ecosystem. The same logic applies to the cruise business and also to amusement, where we bundle our activities and experiences. TUI Musement benefits from the enormous sales strength and the global market access of our tour operators. We can offer 35 million guests excursions from TUI Musement directly and without huge external sales expense. Our tour operators, on the other hand, benefit from the TUI Musement's product portfolio, which is exclusive and attractive, and our outstanding customer satisfaction that this one-stop service offers. Our integrated positioning is the recipe for TUI's success. That was the case last year, and we will continue to build on this strength in the future. This very clear strategic focus is easily overlooked and sometimes also underestimated. The strength of the TUI ecosystem is particularly evident in the development of new destinations. And here, I'm particularly pleased that we have been able to gain Oman as new strategic partner. Together, we will develop the tourist area around Salalah into a new year-round holiday destination. We are starting with five hotels from our strong TUI brands, launching a cooperation between our airline and Oman Air, and building up an extensive range of excursions and experiences. And of course, we are leveraging the sales strength of our tour operators to ensure good occupancy rates and excellent returns from the start.... So developing destinations from scratch, no one can do that like TUI. That is why we are the preferred partner in our sector for so many countries around the world. This makes us proud, and at the same time also obliges us to continue setting the gold standard for reliability and responsibility in the future. Thanks to this setup, we achieve our ambitious targets quarter after quarter. The past financial year, 2025, was no different. On the contrary, we significantly exceeded our earnings target. It was a record year for TUI, despite the challenges in some business areas, which I clearly identify and which we are tackling also with great energy. Around 35 million guests entrusted TUI with their holidays. We are now present in 180 destinations around the world. We achieved an EBIT result of EUR 1.4 billion, which excluding currency effects, corresponds to earnings growth of 12.6%. The good figures for the period from October to December 2025, presented this morning, show that the positive development has continued in the first quarter of the new financial year. The main driver of earnings in the past financial year was our holiday experience segment, which comprises TUI hotels and resorts, the cruise companies, and the experiences and activities division. We continue to grow very profitably in all three areas. Our unique products and strong brands are the backbone of our success. With over 460 group-owned hotels, 18 cruise ships, and a portfolio of over 50,000 excursions and experiences worldwide, we are ideally positioned for the future growth. These exclusive products and brands set us apart from the others. TUI is a tourism group that designs, develops, invests in all markets and individual products in the hotel sector, cruises, and experiences. This distinguishes TUI from pure tour operators. We are consistently expanding our differentiated product portfolio. We currently have our over 70 new hotel projects in the development. The Mein Schiff fleet will also welcome another addition this year. Two more ships have already been ordered and will follow in the years 2023 and 2024. In doing so, we are strictly following our Asset-Right approach. This means we tie up capital where it creates significant value for the group. Our tour operators and airline business are undergoing an ambitious transformation. We are very well aware of the challenges and have initiated major changes. The restructuring is in full swing. We are seeing first results of this transformation of the tour operator and airline business, but we are not yet at the end of this journey. We are realigning the segment and also laying the foundation for profitable growth in the future. We are transforming traditionally regional tour operators into a leading global marketplace with curated products, where our customers can find carefully selected offers. Our promise to our customers remains clear. At TUI, they will find quality and reliability with powerful and scalable platforms and with also exclusive brands like TUI Blue and RIU. And we tap also into new markets as Latin America and Eastern Europe. And at the end of the week, we will be launching TUI Romania. Thanks to our lean approach, these new markets deliver good margins and have enormous growth potential. In short, the restructuring of our strong, established markets is running parallel to the expansion into new markets. There will be a lot happening in the coming years. So TUI Airline, with its modern fleet of over 120 aircraft, will also make even greater use of opportunities that arise from our tour operator business. We have built up a strong airline team that is setting new standards and repositioning the airline in the competitive environment. With greater commercial independence, our airline will tap into new customer groups and new destinations, and thereby creating more value for the group. I look forward to seeing the results of this realignment. We worked intensively on transforming the market airlines segment in the past financial year, and expect to see first results as early as this financial year. My colleague, Matthias Kiep, will shortly be discussing the good figures for the past financial year and the specific outlook for 2026. Let me outline a few strategic cornerstones which are central to our success. Our TUI team. Tourism is a people business. Our great team is a key success factor. Our colleagues in all areas of the company are there for our customers, 365 days a year, around the clock... and our guests appreciate this, and that is why we achieve outstanding customer satisfaction. I would like now to thank all my colleagues for their tireless commitment for TUI. I'm particularly pleased- Absolutely. Thank you very much for the applause. Our employees really deserve this. I'm particularly pleased that the TUI team clearly enjoys its work, and that satisfaction with TUI as an employer is growing steadily. Our latest TUI employee survey showed excellent results. Lasting me to this- I would also like to take this opportunity to thank the employee representatives, and our deputy chairperson of the Supervisory Board and chairperson of the group's works council, for the excellent cooperation. Last year, we continued to pull together in the interest for a strong TUI. These are good. This cooperation is also one of the secrets of TUI's success. Therefore, thank you very much also to you. Ganz bewusst, So now, very consciously, after thanking the TUI team, I'd like now to dwell on artificial intelligence. It's not about AI versus employees, but it's about AI and employees. This is our approach. In all areas of our company, AI has already then entered. Over 38,000 colleagues have completed intensive AI training modules, and are already using the possibilities of artificial intelligence in their daily work. Every day, new AI agents are developed and deployed in our company. I'm delighted with the openness and innovative spirit with which the team is exploiting these opportunities. In this respect, AI is not a topic for the future, but it is already a decisive influence in our thinking and actions today. Rise in. So a lot will change in the future when it comes to product searches and bookings, but also when it comes to putting together trips. For TUI, this presents more opportunities than risks, and which is why we're actively addressing the changes and aim to remain at the forefront of AI in tourism. Another topic is sustainability. Another area which we are also further expanding our position within the industry is sustainability. At the last AGM, I gave you a detailed overview of our sustainability agenda, people, planet, progress. We made enormous progress in implementing the strategy in the last financial year, and we're not only able to meet our interim targets for reducing our CO2 emissions, but also exceeded them in all three areas, in the flight business, cruises, and also TUI Hotels and Resorts. This shows sustainability is not just a buzzword, but to see a strategic cross-cutting issue, and we are also dealing with this, although, for example, there is no less attention in the media and the public eye. Then we also expect also the first delivery of the electric bus at the Canaries. And in the entrance, you have seen that in the first cooperation with SMART, we have already then launched the first TUI SMARTS into the market. Also, TUI Care Foundation, which is supported by the group, our employees and our guests, also further expanded its commitment to destinations around the world last year. The foundation- The foundation now runs over 100 projects in 35 countries, always with a clear goal: to enable local people to benefit from the success of tourism in their countries. Last, before I end. Before I conclude, let me take a look at our environment. Yes, we are seeing challenging conditions, particularly in Germany and Europe. Bureaucracy and stagnation are hampering growth here. Politicians must continue to take action and turn announcements into reality. The weak economic development shows that far too little has been done in this area. Germany needs growth. Europe needs growth. Europe does not lack talent and ideas, it lacks the space to develop them. When it comes to innovation, in particular, we should change our approach and focus on the opportunities rather than the concerns, then we will have every opportunity to catch up again. As TUI, we do not want to, and must not, get caught up in European stagnation. That is why we are growing in new regions, making our business less independent on Europe and focusing on a strong global growth. Our home is Germany and Hanover, but our ambition is to become the preferred holiday brand worldwide. The TUI smile is already known in all corners of the world. The strong brand helps us to tap into new customers and markets. From a global perspective, there is a stable trend, the enormous pent-up demand among the growing middle classes in Asia, Latin America and also Eastern Europe. As I mentioned earlier, we are entering these markets with scalable platforms and want to exploit these growth opportunities even more strongly in the future. Despite all challenges... We can see clearly in Germany and Europe that tourism remains a growth industry, and is growing faster than the global economy as a whole. Nothing has changed here in this respect. Even in difficult times, holidays remain important to consumers and are the core consumer expenditure item that is least likely to be cut on. In particular, demand for unique offerings from strong brands is rising, and we are benefiting from this. Therefore, our view and outlook are positive. TUI is back. It is therefore right and important that you, as shareholders, also benefit directly from this positive development. The starter dividend announced for the past year is a first sign. We have planned a new dividend policy for the future, which our Chief Financial Officer, Matthias Kiep, will discuss shortly. I would like to take this opportunity to thank you once again for your trust in the company and your loyalty. Dear shareholders, from strategy and products to our team, TUI is well positioned, even in a challenging environment. TUI is growing internationally, which makes it less dependent on traditional markets in Europe. TUI has strong brands of its own. This is genuine differentiation and a great asset. Therefore, we can look forward to the new financial year with optimism, but also with respect. The world around us has rarely seen so many fundamental changes and uncertainties. This makes it all the more important that TUI has positioned itself very broadly in terms of destinations, products, and source markets, and we will continue on this path. We want to offer even more products to even more customers. However, there's no question that politicians need to make the frameworks simpler, faster and better, and more business friendly. This applies to the EU as well as to the politicians at our company headquarters in Germany. This country has been regulated to death. The state is regulating more and more individual issues with even more laws. Essentially, they are covering themselves for all eventualities. So please trust your citizens, your companies, and have courage and give them freedom. The economic turnaround in Germany must succeed, in order that we have also a stable democracy. An example for our industry is the protection of package tours in the German Travel Security Fund. Around EUR 1 billion has now been deposited there, an unimaginable sum that is dead money for the business location. And what could companies in the travel industry invest with EUR 1 billion? Nevertheless, the fees were only minimally reduced by the Federal Ministry of Justice. So despite this, it's not making then investments in a modern way as pension funds and so on. But this is an example, which is really very concerning us, and I do not want to dwell on this further. We are working now on this issue as an industry with rare consensus and energy. And politicians are called upon to act, because otherwise, ones will to some promise economic change and others counteract this. The goal for TUI is clear, sustainable, profitable growth, as we have announced and delivered in the past, since the pandemic, quarter after quarter after quarter. That remains our focus as a group executive committee, and it also remains my personal focus. You can count on this. Thank you very much for your commitment in your hour, TUI. Thank you. Thank you very much, Sebastian. Thank you. I would also like to welcome you warmly to today's Annual General Meeting in Hanover. Thank you for coming. So many of you have come, we are delighted to see that. Thank you. I have three topics I would like to address, just like Sebastian Ebel and Dieter Zetsche previously announced. Number one, the financial development in the past financial year. Number two, the new dividend policy with the proposed distribution on today's agenda. And thirdly, the outlook for the current financial year, 2026. And Sebastian, you just mentioned, TUI 25 was a year where TUI achieved record results. The reported growth in revenue and profitability led to an improvement in earnings per share. This represents an increase of 25%, and that means that earnings per share was even higher than the growth and operating profit. This is also a result of the successful financial strategy and the financial transformation that was previously mentioned. Our net debt was again significantly reduced to an amount of EUR 1.3 billion. What is really important is that the underlying balance sheet structures improved as well. Let me give you three examples. The outstanding portion of the old convertible bond was repaid early. The two ships previously leased by Marella Cruises have been taken over into our ownership, and the British pension fund has been closed, and that means that we no longer have to make regular additional payments. As a result, our debt ratio in 2025 was 0.6x the EBITDA. That's the lowest level over the past years. This shows that we have successfully implemented our financial strategy, and we've achieved a record result in 2025. At the same time, we managed to improve our financial profile, and that's the right basis and the right time for addressing the topic of capital allocation and the dividend policy. Dieter Zetsche and Sebastian Ebel previously mentioned that these two poles need to be converged when we talk about dividend strategy. On the one hand, capital allocation and our opportunities on the investment side, and a further deleveraging of the group, and thirdly, sustainable dividend payments need to be converged and balanced out. With regard to organic growth, which is, of course, driven strongly by investment opportunities, we want to continue to invest in our hotel portfolio. We see a very strong demand and attractive returns. These are opportunities that we need to seize. At the same time, we need to modernize our aircraft fleet. You may have heard about the delays in delivery at Boeing and Airbus. This will change. We are expecting around 15, or maybe even more, new aircraft for this year. This is crucial for the competitiveness and the efficiency of our fleet, but at the same time, it, with regard to our capital allocation and investments, a decisive step. Overall, we are planning to increase investments to EUR 860 million-EUR 900 million for this year. The other item is reducing our leverage ratio. Currently, we are at 0.6. That's an interim step. We want to reduce this figure further. In the midterm, we want to be under 0.5 times. With this poll and with these framework conditions, we have discussed our financial and dividend policy at length. Thank you to the Supervisory Board for the constructive... critical but constructive discussions in this regard. The aim was to strike a balance between investment, deleveraging, and attractive dividends, and as a result, we came to the conclusion that 10%-20% of adjusted earnings per share are to be distributed as from this financial year onwards. In view of the operational and financial progress already made in the last financial year, 2025, we are able to propose a starter dividend in the amount of EUR 0.10 per share, retroactively for 2025. You will find this proposal under agenda item 2. And with this, I would like to turn to the current financial year, 2026. Sebastian Ebel already commented on the strategy and the operational development. And based on this, we expect, and that's also what we were able to announce in December, a revenue growth of 2%-4% and an increase in adjusted EBIT of 7%-10% at constant exchange rates. We are one of the few companies in the sector that dared to make such a forecast. In the first quarter, TUI achieved a good start. In the first quarter, an underlying EBIT of EUR 75 million were achieved. That's EUR 26 million more compared to the previous year. And because of that, within the scope of the quarterly financial reports, we were able to confirm our forecast for the current fiscal year, and that's a very good step into the new financial year. With a view to further developments in this fiscal year, I would like to comment briefly on the technical aspects of our planned partnership with Oman that we announced in September. Based on the agreement in principle that has been concluded, Oman is to become a 1.4% strategic shareholder in the TUI Group through the tourism development company called OMRAN, which will then operate five new hotels.... Considering the technical aspects and under the existing authorizations from the 2025 Annual General Meeting, around 7 million new shares from the authorized capital are to be issued to OMRAN at a price of EUR 9.50. This compares with the closing price of around EUR 8 at the time of the agreement, when the agreement was concluded, and the resolution by the executive board and supervisory board on the utilization of the authorized capital. This capital increase is to be made, and the new shares will have a blocking period of three years. Let me summarize. 2025 was very successful for the TUI Group. We significantly increased our earnings, and our financial profile is now considerably stronger than it was a year ago. This was also reflected in the share price, particularly in the second half of the year. Although the, if we look at the calendar year in total, 2025 in total, it was 10%, and it's one of the shares that developed best in this challenging sector. We are very much aware of the fact that this can only be a first step, also considering the volatility that the share is affected by. But what made us optimistic was your feedback, feedback from our shareholders. When we look at the share price, objectives and the potentials identified by the market, we know that we have a good future ahead of us. Against this backdrop, I would like to personally thank you for your trust and your support. I am personally very much, very happy that we are starting to pay out dividends again with this starter dividend for 2025. And I'm fully aware of the fact that some shareholders would like to see a higher payout or higher dividend or a higher dividend in the future compared to the 10%-20% defined. But what is important is to have the right balance. On the one hand, investments in growth and in the opportunities, the investment requirements with regard to the fleet. Investors often urge us to do more. We have to create a good balance, but at the same time, we have to further reduce our leverage. And that's something, if you look at the ratings and what the credit rating agencies are giving us in terms of classification, we have to improve compared to our competitors. These are the two poles that we see when balancing out our dividend policy in the future. This is important for TUI now and in the following years. And with this, I would like to thank you for your attention, for your time, and attending today's Annual General Meeting. Thank you very much. Thank you very much, Sebastian. Thank you very much, Matthias. Thank you for your explanations. At this juncture, the public broadcast of this Annual General Meeting via the company's website will come to an end. I would like to thank all viewers-