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TAV Havalimanlari
TAV Havalimanlari (TAVHL) investor relations material
TAV Havalimanlari Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
International passenger growth was robust in 2025, with 113 million served and strong non-Turkish asset performance (+9%), despite geopolitical headwinds and a strong Turkish lira impacting some Turkish airports.
Revenue grew nearly 10% to €1.82 billion, driven by aviation, ground handling, and catering, while EBITDA rose 14% to €560 million.
Net profit attributable to owners dropped to €50.7 million, impacted by €119 million in non-cash one-offs, equity-accounted investee losses, and higher taxes.
Free cash flow increased 44% to €223 million, reflecting strong cash generation and improved balance sheet.
Major investments included Ankara’s new concession, Antalya’s terminal, solar installations, and Tbilisi Airport concession extension to 2031.
Financial highlights
Revenue: €1,823.2m (+10% YoY); EBITDA: €560.2m (+14% YoY); EBITDA margin: 30.7%.
Free cash flow: €223 million, up 44% year-over-year; net debt reduced by 6% to €1,619.3m.
Net profit after minority: €50.7m, mainly due to non-cash one-offs and higher finance expenses.
CapEx for 2025 was €200.6m, with 2026 guidance capped at €330 million, focused on Almaty and Georgia.
Duty-free revenue rose 17% YoY, with like-for-like spend per passenger up 13%.
Outlook and guidance
2026 guidance: 116–123 million passengers, revenue €1.88–1.98 billion, EBITDA €590–650 million, capex below €330 million.
Full-year effect of Ankara’s new concession and ATÜ’s Antalya operations expected to boost 2026 profitability.
Management expects higher revenue and operational profit in the second half due to seasonality.
Ongoing investments and concession extensions are expected to support future growth.
Explain the €119M non-cash impact on FY25 net profit
Assess the new Tbilisi concession's financial impact
Address TAV Tunisia's financial agreement breach
Why did equity investee profit decline sharply?
Detail related party loan maturity and impact
Summarize new concession impacts on future ops
Impact of A321neo engine issues on Almaty?
Ankara's full year EBITDA potential in 2026?
Strategy to mitigate Turkish lira headwinds?
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Next TAV Havalimanlari earnings date
Q1 202624 Apr, 2026
TAV Havalimanlari
Next TAV Havalimanlari earnings date
Q1 202624 Apr, 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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