TAV Havalimanlari (TAVHL) H2 2024 earnings summary

Executive summary

• Achieved record operational and financial results in 2024, serving 107 million passengers (+11% YoY), with 71 million international passengers (+13% YoY), driven by airline fleet expansions and strong travel demand.

• Revenue and EBITDA both grew 27% year-over-year, reaching EUR 1.66 billion and EUR 489 million, respectively; net income was EUR 183 million.

• Free cash flow reached EUR 154 million despite heavy investment cycle and negative one-offs.

• Major investments in Almaty, Ankara, and Antalya airports are on track or nearly complete, totaling over EUR 2.5 billion.

• Board proposed no dividend for 2024 due to high debt, ongoing investments, and borrowing costs; policy to be reassessed after 2025.

Financial highlights

• Revenue: EUR 1.66 billion (+27% YoY); EBITDA: EUR 489 million (+27% YoY, margin 29.5%).

• Net income: EUR 183 million; ordinary net income up 147% YoY when excluding 2023 one-offs.

• Free cash flow: EUR 154 million positive despite heavy CAPEX and interest payments.

• Net debt: EUR 1.7 billion; net debt/EBITDA improved to 3.5x.

• Duty free spend per passenger increased 2% to EUR 9.1.

Outlook and guidance

• 2025 guidance: revenue EUR 1.75–1.85 billion, passengers 110–120 million, EBITDA EUR 520–590 million, capex EUR 140–160 million plus Almaty investment, net debt/EBITDA 2.5–3.0x.

• Passenger growth expected at 10–14% CAGR (2022–2025); EBITDA margin guidance 29.7%–31.9%.

• 2025 net income not expected to exceed 2024 due to higher amortization, interest, and non-cash effects from recent investments.

• CAPEX guidance for 2025: EUR 140–160 million (excluding Almaty), with Almaty investment plan details pending.

• Dividend distribution to be reconsidered after 2025.