TAV Havalimanlari (TAVHL) H2 2025 earnings summary

Executive summary

• Served 113 million passengers in 2025, with international traffic up 6%, domestic traffic up 8%, and non-Turkish airports growing 9%.

• Revenue rose 10% to €1.82bn, EBITDA increased 14% to €560.2m, and free cash flow rose 44% to €222.6m.

• Net profit after minority was €50.7m, down 72%, impacted by €119m in non-cash one-offs and higher finance expenses.

• Turkish airports faced headwinds from geopolitical tensions and a strong lira; Ankara and İzmir benefited from low-cost carrier growth, while Antalya was more resilient.

Financial highlights

• Revenue was €1,823.2m (+10%); EBITDA was €560.2m (+14%) and margin reached 30.7%, up 1.2 percentage points.

• Free cash flow was €222.6m (+44%); net debt fell 6% to €1,619.3m, with net debt/EBITDA at 2.89x.

• Aviation revenue was €652.1m (+3%), ground handling €398.6m (+10%), and catering €224.1m (+22%).

• Duty-free revenue rose 17% year over year; like-for-like spend per passenger increased 9%, excluding Antalya and Almaty.

• Spend per passenger was €8.5, down 6%, diluted by ramp-ups in Almaty and Antalya; like-for-like duty-free spend per passenger was €10.3, up 13%.

Outlook and guidance

• 2026 guidance: 116–123m passengers, including 78–83m international passengers; revenue of €1.88–1.98bn and EBITDA of €590–650m.

• 2026 capex is expected to be below €330m, with major investments in Almaty and Georgia.

• EBITDA is expected to surpass the 2018 all-time high; priorities include traffic growth, efficiency, and inorganic opportunities.