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TAV Havalimanlari
TAV Havalimanlari (TAVHL) investor relations material
TAV Havalimanlari Q3 2026 & Investor Day 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 & Investor Day 2026 earnings summary22 Oct, 2026
Executive summary
9M26 passenger traffic reached 89.4m, up 3%; revenue rose 5% to €1,461.127m and EBITDA increased 7% to €502m. Q3 EBITDA grew 11%.
Net profit attributable to owners more than doubled to €173.391m from €75.276m; results benefited from lower FX losses and improved deferred tax and equity-accounted investment results.
Financial highlights
9M26 EBITDA margin was 34.3%, up 0.7 percentage points; Q3 revenue rose 5% to €593.801m and EBITDA increased 11% to €257.0m.
Operating profit rose 15% to €328.578m and profit before tax increased 43% to €219.103m; tax expense fell to €30.130m from €64.553m.
Cash from operating activities increased 22% to €306.703m; cash and equivalents reached €652.118m at September-end, versus €477.315m at FY25-end.
Cash OPEX rose 4% to €959m, below revenue growth; personnel costs increased 17%, reflecting higher headcount and wage inflation.
9M25 included €103m of non-cash one-offs; 9M26 deferred tax income was €31.5m versus a €32.4m expense in 9M25.
Outlook and guidance
2026 passenger guidance was cut to 112m–118m from 116m–123m, including 72m–77m international passengers versus 78m–83m previously.
Revenue guidance remains €1.88bn–€1.98bn; EBITDA guidance was reduced to €580m–€630m from €590m–€650m, and CapEx to below €300m from below €330m.
Outlook assumes normal business conditions, no mobility restrictions or force majeure/security events, and no unexpected FX volatility; JV airports count in passenger guidance but not revenue, EBITDA or CapEx guidance.
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Latest events from TAV Havalimanlari
- Revenue and passenger growth sustained by investments, with robust ESG and carbon commitments.TAVHL
Investor presentation - Revenue and profit rebounded in H1 2026, supported by traffic and commercial growth.TAVHLQ2 2026
- Passenger growth contrasted with lower revenue, EBITDA, and a widened net loss in Q1 2026.TAVHLQ1 2026
- Strong revenue and EBITDA growth in FY25, with resilient traffic and robust sustainability focus.TAVHLInvestor presentation
- Revenue and EBITDA grew in 2025, with 2026 guidance targeting further gains.TAVHLH2 2025
- Revenue and EBITDA up, profit down on non-cash items; major airport investments completed.TAVHLQ3 2025
- Revenue and net profit grew, with strong EBITDA margin and major airport investments advancing.TAVHLQ3 2024
- Q1 revenue rose 18% but net loss reached €45.6m amid higher costs and non-cash losses.TAVHLQ1 2025
- Record revenue and EBITDA growth in 2024, with major airport expansions nearing completion.TAVHLH2 2024
Next TAV Havalimanlari earnings date
Q4 20264 Feb, 2027
TAV Havalimanlari
Next TAV Havalimanlari earnings date
Q4 20264 Feb, 2027
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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.