In our view, TUI's sustainability-linked finance framework, published on Feb. 26, 2024, is aligned with the Sustainability-Linked Bond Principles, ICMA, 2023, and the Sustainability-Linked Loan Principles, LMA/LSTA/APLMA, 2023. Germany-based TUI provides fully integrated tourism services through its subsidiaries, including sales of flight and cruise tickets, tours, and hotel accommodation as individual components or packaged tours to both wholesale and individual customers.