7:08 AM 2024 UK | Travel Services TUI Group | HOLD TUI1 GR | €7.00 | PT: €7.50 | % to PT: +7% TUI Group | HOLD TUI LN | £6.01 | PT: £6.40 | % to Beat, Small Consensus Upgrades, Summer Trading Mixed Conclusion 2Q24 sales are 4% ahead of consensus, and underlying EBIT also a €15m beat. Winter trading finished broadly in-line. There will be some debate around Summer 24, for which forward bookings appear to have softened since the last update, but pricing has held at +4%. Given market concern around Summer 24 in recent weeks, we believe the mixed trading update was already in the price. Full-year guidance is unchanged, in-line with market expectations, in our opinion. The Q2 EBIT beat drives limited consensus upgrades (c.1%).