TAV Havalimanlari (TAVHL) H1 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 reached €732.1 million, up 31% year-over-year, with net profit of €86.7 million compared to a loss of €3.7 million in the prior year period.

• Achieved 20% international and 17% total passenger growth year-over-year, supported by a shorter winter and airline fleet expansions.

• Opened new Almaty international terminal in June 2024, doubling capacity and enhancing operational efficiency.

• Major investments in Antalya (84% complete) and Ankara (58% complete) are on track, with openings expected in 2025.

• The Group benefited from extended airport concession periods in Turkey and North Macedonia due to pandemic-related force majeure, supporting future revenue streams.

Financial highlights

• Revenue increased 31% year-over-year to €732.1m; EBITDA up 47% to €215.4m; net profit after minority swung from -€7.5m to €81.0m.

• Operating profit rose to €152.4 million from €104.2 million year-over-year.

• Free cash flow turned positive at €14.6m versus -€289.3m last year.

• Net debt decreased 6% year-over-year to €1,739m despite ongoing investments.

• Duty free spend per passenger rose 6% to €9.2.

Outlook and guidance

• 2024 revenue guidance: €1,500–1,570m; EBITDA: €430–490m; passenger volume: 100–110m.

• 2025 guidance includes New Ankara: revenue CAGR 14–18% (2022–2025), EBITDA margin above 2022 (>30.6%).

• Capex guidance for 2024 revised upward due to strong Almaty growth.

• Management expects higher revenues and profits in the second half of the year due to seasonality.

• Assumes no mobility restrictions, force majeure, or abnormal FX volatility.