)

TAV Havalimanlari (TAVHL) investor relations material
TAV Havalimanlari H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 12–12.5% year-over-year in 1H25 to €823.5m, outpacing passenger growth, driven by higher fees, increased duty-free spend per passenger, new commercial areas, and expanded operations.
EBITDA rose 10% year-over-year to €236.7m, with margin expansion in non-Turkish airports in 2Q25, despite inflation and new project pressures.
Net loss after minority was €44.2–50m, impacted by €111m in non-cash one-offs, higher costs, finance expenses, and currency effects.
Major investments were completed in Ankara and Antalya, supporting long-term growth.
Seasonality impacts results, with higher revenues and profits expected in the second half.
Financial highlights
1H25 revenue: €823.5m (+12–12.5% year-over-year); EBITDA: €236.7m (+10%); EBITDA margin: 28.7% (-0.7 ppt year-over-year).
Net profit after minority: -€44.2–50.0m (vs. €81.0–86.7m in 1H24), mainly due to €111m in non-cash one-offs and higher finance costs.
Cash opex increased 14% year-over-year, driven by wage inflation, higher headcount, and new projects.
Free cash flow declined to €12.4m (-66% year-over-year); net debt rose to €1.5–1.779bn.
Duty-free spend per passenger fell 12% to €8.1, diluted by new operations in Almaty and Antalya.
Outlook and guidance
2025 revenue guidance: €1,750–1,850m; EBITDA: €520–590m; total passengers: 110–120m; capex: €140–160m plus Almaty investment.
Net income for 2025 is not expected to exceed 2024 due to higher amortization, interest expenses, and TL impact.
No dividend was distributed for the period, in line with policy.
Management expects stronger performance in the second half due to seasonality and peak travel months.
Almaty investment plan of €300m over five years; new international terminal in Madinah to be completed by 2028 with no equity injection required.
Next TAV Havalimanlari earnings date

Next TAV Havalimanlari earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage