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TAV Havalimanlari (TAVHL) investor relations material
TAV Havalimanlari Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Revenue for the first nine months of 2025 reached €1,389.8 million, up 13% year-over-year, with strong growth in international and total passenger numbers despite geopolitical and currency headwinds.
EBITDA rose 14% to €467.4 million, with margin expansion driven by operating leverage and new operations, especially in Antalya and Ankara.
Net income after minority interest increased 21% in Q3, but full-period net profit fell to €75.3 million due to €103 million in non-cash one-offs, higher tax, and finance costs.
Major investments were completed or are underway at Ankara and Antalya airports, enhancing capacity and commercial offerings.
Free cash flow for the period was €182.7 million, with robust cash generation despite a 9% decline from 2024.
Financial highlights
Consolidated revenue up 13% year-over-year to €1,389.8 million; EBITDA up 14% to €467.4 million, with a 0.2 ppt margin expansion to 33.6%.
Net profit after minority interest fell 59% to €75.3 million, impacted by non-cash one-offs; adjusted net income for 2025 would be only 4% below last year, excluding these effects.
Free cash flow reached €182.7 million; net debt increased slightly to €1,637.8 million.
Duty free spend per passenger declined 18% due to ramp-up at new terminals, but like-for-like spend rose 9% to €10.3.
Net debt/EBITDA at 3.0x as of September 30, 2025, in line with guidance.
Outlook and guidance
2025 revenue guidance maintained at €1,750–1,850 million, EBITDA at €520–590 million, and capex at €220–240 million.
Net debt/EBITDA guidance maintained at 2.5–3.0x for year-end.
Dividend payment out of 2025 earnings planned for 2026, marking a return to distributions.
Net income for 2025 is not expected to exceed 2024 due to higher amortization and interest expenses.
Concession periods for key airports in Turkey and North Macedonia extended by two years, supporting long-term revenue.
Impact of joint venture losses on profit?
TAV Tunisia loan breach implications?
Update on TAV Ankara concession?
Update on Georgia concession extension talks?
Adjust dividend policy for non-cash FX impacts?
Almaty traffic growth: supply bottlenecks?
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Next TAV Havalimanlari earnings date
Q4 202516 Feb, 2026
Next TAV Havalimanlari earnings date
Q4 202516 Feb, 2026
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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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