TAV Havalimanlari (TAVHL) H1 2025 earnings summary

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.