TUI Wins Cut in German Travel Fund Levy but Intensifies Campaign for Total Abolition
28.06.2026 - 15:54:33 | boerse-global.de
The German Travel Security Fund (DRSF) has halved its contribution rate on tour operators from 0.5 percent to 0.25 percent of insured turnover, a move that gives TUI some breathing room but falls well short of what Europe’s largest travel group had been demanding. The decision, taken on June 27, comes after the fund’s first real test — the insolvency of FTI Group in summer 2024 — which it passed with what regulators consider ample capital.
TUI immediately welcomed the reduction, which frees up cash tied to insolvency protection. But the company has made no secret of its preference: a total suspension of contributions. Management argues that the DRSF is now sufficiently capitalised and that maintaining any ongoing levy siphons money that could be reinvested in the business or passed to customers as lower prices. The group is pressing politicians for a broader reform that would also slash the security deposits required of all operators.
The stock market has so far greeted the news with caution. TUI shares closed Friday at €7.38, shedding 3.66 percent on the day. Although the stock managed a slight weekly gain, the year-to-date picture remains bleak — down roughly 17 percent. Technically, the shares are trading below their 200-day moving average of €7.67, a level that has acted as resistance and must be reclaimed before any sustained recovery can take hold.
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Macroeconomic headwinds are compounding the challenge. Germany’s tank discount expires on July 1, adding around 16.7 cents per litre to petrol prices and squeezing household budgets just as the summer holiday season peaks. The travel group has hedged 83 percent of its kerosene needs for the current summer season, insulating it from short-term fuel spikes, but unprotected autumn bookings could face upward price pressure. On the positive side, easing tensions in the Middle East and lower oil prices have lent the stock some support in recent sessions, briefly pushing it above the €7 mark.
One bright spot is the share’s recovery from its 52-week low of €6.11 — a gain of more than 20 percent. Whether that bounce can extend into a full-fledged rally depends on two factors: stable travel demand in the second half of the year, and TUI’s ability to wring further concessions from the DRSF. The group is unlikely to let up its lobbying campaign, arguing that a well-capitalised fund no longer justifies the administrative and financial burden on the industry. For investors, breaking above the 200-day line would be the first technical sign that the market shares that view.
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