Earnings roundup: TUI Group, TBO Tek, Yatra, Mondee

As publicly traded travel companies continue to report their earnings quarter that ended June 30, we round up the latest reports.

TUI Group

TUI Group posted its eighth consecutive quarter of double-digit earnings growth in the third quarter of its 2024 fiscal year, ending June 30.

The Germany-based conglomerate owns more than 400 hotels and resorts, 16 cruise ships, tour operator brands, airlines, about 1,200 travel agencies and the TUI Musement tours and activities platform.

The company’s group revenue grew by 9% in the quarter to a record €5.8 billion. Its EBIT, earnings before interest and tax, increased 37% to €232 million.

TUI Group said it saw strong performance across all of its divisions. Its tours and activities business, TUI Musement, increased its underlying EBIT to €19 million, up from €13 million the previous year, and the number of guest transfers in destinations rose by 7% to 8.7 million, with 2.8 million experiences sold. In July TUI Musement announced it would become the preferred experiences partner for Lastminute.com and its brands.

"We are a tourism group with strong companies and brands in hotels and cruises. Our tour operators with their own travel agencies provide access to 19 million customers. By expanding our product portfolio, we are growing our customer base and want to open up new markets in Asia and America,” said Sebastien Ebel, TUI Group CEO.

“TUI is expanding its global presence and is therefore less dependent on vacation periods in Northern, Western and Central Europe. We are a developer, investor and operator in the destinations, which makes us very different from our competitors. The transformation is in full swing: We are expanding our product portfolio and pushing ahead with digitalization.”

TBO Tek

India-based travel distribution platform TBO Tek reported its gross transaction value grew by 14% in the first quarter of its fiscal year 2025, ending June 30, to reach $945.8 million.

The company’s revenue from operations was $49.8 million in the quarter, up 21% year over year, and its adjusted EBITDA was up 23% to $10.1 million.

The company said a highlight in the quarter was that its hotel business is growing faster than its air business and accounted for 57% of its total business in the quarter.

In December, TBO Tek acquired Jumbonline and said it is now seeing a positive impact in its gross transaction value and revenue.

"We achieved a robust 24% growth in active agents across our international source markets. Our recent acquisition of Jumboline has started contributing meaningfully to both our top line and bottom line,” said Gaurav Bhatnagar, co-founder and joint managing director of TBO Tek.

“We also invested in improving the self-serve features on the India platform for international air ticketing, which resulted in a 9% increase in transactions, which required no manual intervention. Furthermore, we are very optimistic about the newly launched cloud-native platform, which aims to deliver operational efficiencies for our API customers by reducing latency significantly, thereby enhancing the user experience on the platform. We aim to innovate our platform with AI capabilities to improve our customer experience while reducing operational costs.”

The TBO platform connects 164,000 buyers across more than 100 countries with more than 1 million suppliers.

Yatra

India-based corporate travel provider and online travel agency Yatra reported revenue of $12.6 million for the three months ended June 30, a decline of 5% year over year. But its adjusted EBITDA took a much bigger hit - down more than 43% year over year to $800,000.

The company said it saw “challenges in the B2C segment” but its corporate travel division had “robust growth across all key metrics.”

Yatra reported it secured 34 new corporate customer accounts and that it is exploring potential mergers and acquisitions to further strengthen its corporate travel segment. 

The company reported its adjusted air ticketing margins saw a nearly 21% decline, down to $11 million, due to lower volumes in its B2C segment. Its adjusted margin from hotels and packages was $3.3 million, down nearly 10% year over year.

In its earnings statement, the company said, “In addition, we made significant strides in our meetings, incentives, conferences and exhibitions (MICE) business. During the quarter, a newly onboarded team began ramping up operations. While MICE contributions were muted for the June quarter, early indicators for the current quarter are positive, with meaningful business already secured. We anticipate this business will become a significant growth driver in the near future.

Progress continues toward simplifying our corporate structure, with the board-appointed restructuring committee actively engaging with all relevant stakeholders. The committee is diligently working on developing a comprehensive proposal to streamline our operations and enhance shareholder value.”

Yatra said it has about 800 large corporate customers and 50,000 small- and medium-size customers.

Mondee

Mondee, a travel marketplace and technology company for leisure and corporate travel, reported revenue of $58.3 million in the second quarter of this year, up 3% year over year.

Gross bookings in the quarter were $678 million and adjusted EBITDA was $6.1 million, up 38% from Q2 2023.
Along with its financial results, the company also shared news of a long-term refinancing plan.

“Mondee delivered a strong second quarter, with net revenue, take rate and adjusted EBITDA up year over year - the latter by 38%. Our non-air component surged to 47% of net revenue and take rate grew 20 basis points to 8.6%,” said Prasad Gundumogula, founder, chairman and CEO of Mondee.

“We are also successfully refinancing our term loan and preferred equity, securing favorable terms that position Mondee for long-term growth. This new capital structure is expected to fuel our expansion, improve profitability and solidify our AI leadership in travel.”

Founded in 2011, the company operates 22 offices across the United States and Canada and has core operations in Brazil, Mexico, India, Thailand and Greece. The company said its network and marketplace include about 65,000 travel experts, more than 500 airlines, more than 1 million hotels and vacation rentals, 30,000 rental car pickup locations and more than 50 cruise lines.