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Türk Hava Yollari Anonim Ortakligi (THYAO) investor relations material
Türk Hava Yollari Anonim Ortakligi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Total revenues increased 5.6% year-over-year in Q2 2025, driven by strong passenger demand, while cargo revenues declined due to global trade softness.
Net income for Q2 was $690M, down 25–27% year-over-year, mainly due to currency effects and higher tax expenses, despite operational profit growth.
Passenger capacity rose 7% year-over-year, surpassing pre-pandemic levels by 50%, with over 23 million passengers and an 82% load factor in Q2.
Direct sales ratio increased by 16 points, reducing distribution costs and saving $30M in Q2.
Recognized as Europe's best airline for the tenth time and received awards for sustainability-linked financing and business class catering.
Financial highlights
EBITDAR margin in Q2 2025 was 25–26%, up over 1 point year-over-year.
Profit from main operations exceeded $700M, up nearly 20% year-over-year.
Free cash flow more than doubled year-over-year to $1.2B in the quarter; liquidity increased to $7.7B.
Net debt to EBITDA was 1.2x, reflecting strong deleveraging and expected to remain stable by year-end.
Fuel expenses dropped 9.5% year-over-year in Q2, offset by a 22% rise in personnel costs.
Outlook and guidance
2025 revenue guidance maintained at 6–8% growth; EBITDAR margin expected at 22–24%.
Annual passenger capacity growth target raised to 7–8%, with over 91 million passengers targeted.
Fleet size projected at 520–525 by year-end, with further growth planned through 2027.
Ex-fuel unit cost increases expected to normalize to low single digits in 2025 as inflation moderates.
New international routes launched, expanding the network to 353 destinations in 131 countries.
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