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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.H1 2025 earnings summary29 Jul, 2025
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.
How did force majeure affect airport contracts?
What is the effective interest rate after swap?
What is the nature of the DHMI concession payables?
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Next TAV Havalimanlari earnings date
Q3 202524 Oct, 2025
Next TAV Havalimanlari earnings date
Q3 202524 Oct, 2025
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Frequently asked questions
TAV Havalimanları Holdings AŞ (TAV Airports) is a company specializing in the development, operation, and management of airports. Its services include terminal operations, ground handling, duty-free retail, catering, and other aviation-related services. TAV operates airports in various countries, serving passengers, airlines, and cargo operators. The company also provides airport construction and consultancy services through its subsidiaries. The company is headquartered in Istanbul, Turkey, and its shares are listed on the Borsa Istanbul.
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