TUI stock under pressure after Fly4 enters liquidation

TUI's 49%-owned Fly4 Airlines Green has entered provisional liquidation in Ireland after the charter carrier ran into financial difficulties linked to higher fuel costs. The Irish High Court appointed joint provisional liquidators on Wednesday, November 11, according to the Irish Examiner.

TUI stock traded at EUR 7.57 on Lang & Schwarz at 11:43 CET on Friday, November 13, 2026, 0.39% below the Xetra close of Thursday, November 12. The move followed the disclosure of pressure at a small aviation joint venture, although the reported court proceedings do not establish a direct cause for the share price movement.

Losses force an orderly process

Fly4 was established in August 2023 as a joint venture between TUI B and Polish airline Enter Air. Enter Air owns 51%, while TUI holds the remaining 49%. The company operates four Boeing 737-800 aircraft under lease arrangements, with aircraft located in Turkey, Germany and Belgium.

The court proceedings are intended to address an insolvency situation expected to arise by the end of November. Judge Brian Cregan appointed Mark Degnan and Brendan O'Reilly of Interpath as joint provisional liquidators. Their mandate includes securing the company's assets and addressing aircraft leases, which may give lessors rights to repossess or require the return of the aircraft.

Fly4's financial trajectory had deteriorated despite an improvement from its start-up year. The company reported a EUR 16 million loss in 2024 after start-up costs of about EUR 8 million. Losses narrowed to about EUR 4 million in 2025, but the business remained exposed to weak winter aircraft utilisation and the seasonal nature of charter demand.

Fuel costs hit 2026 expectations

Fly4 had initially expected a EUR 3 million profit in 2026. Instead, it recorded a EUR 1.1 million loss in the first nine months. Chief financial officer Douglas Fay attributed the result to the impact of the US-Iran war and higher fuel costs, saying performance fell materially short of expectations.

The company had cash of about EUR 2.7 million, while its underlying monthly cash cost run-rate stood at EUR 2.5 million to EUR 3 million. Fly4 also expected net exposure of about EUR 4 million for heavy maintenance over the following six months. The court heard that the company employs 12 people in Ireland and eight in the United Kingdom, with about 80 further crew members engaged through third parties.

Limited direct exposure for TUI

For TUI, the liquidation creates a risk around its investment in the joint venture and may require further assessment of related receivables, guarantees or other obligations. The available court reporting does not quantify a potential charge for TUI. The wider group operates hotels, cruises, tours and activities, so Fly4 represents only one part of its integrated leisure portfolio.

The case is scheduled to return to court at the end of November. Investors will focus on the liquidators' assessment of the aircraft leases, creditor claims and any financial consequences for TUI as the process develops.

The broader German market can be followed through current market reports.

More news and analyses on TUI stock.

TUI AG at a glance

• Company: TUI AG
• ISIN: DE000TUAG505
• Xetra symbol: TUI1.DE
• Latest Lang & Schwarz price: EUR 7.57 at 11:43 CET on November 13, 2026
• Change versus Xetra close: 0.39% below EUR 7.60 on November 12, 2026
• Fly4 ownership: TUI 49%, Enter Air 51%