TAV Havalimanlari (TAVHL) Investor presentation summary

Strategic positioning and market outlook

• Operates 15 airports across Türkiye, Kazakhstan, Georgia, Tunisia, North Macedonia, Saudi Arabia, Croatia, and Latvia, with a diversified and vertically integrated business model.

• Türkiye and surrounding regions are experiencing robust aviation growth, with passenger numbers and airline fleets expanding rapidly.

• Holds leading market positions: #2 airport terminal operator in Türkiye and #1 in international O&D.

• 101 airports in 36 countries have a TAV subsidiary as of FY25.

• Growth is supported by the rising global middle class and increasing propensity to fly in core markets.

Financial performance and guidance

• 1H26 revenue rose 5% to €867.3m, EBITDA up 3% to €244.8m, and net profit after minority swung from -€50.0m to €8.0m.

• FY25 revenue grew 10% to €1,823.2m, EBITDA up 14% to €560.2m, but net profit after minority dropped 72% to €50.7m due to non-cash one-offs.

• 2026 guidance: revenue €1,880–1,980m, EBITDA €580–630m, capex under €300m, and total passengers 112–118m.

• Free cash flow in 1H26 was -€48.4m, mainly due to upfront payments and construction outflows.

• Net debt increased 3% to €1,833m in 1H26, reflecting ongoing investments.

Operational highlights and traffic trends

• 1H26 passenger traffic up 1% year-on-year to 48.2m; international passengers down 1%, domestic up 5%.

• FY25 total passengers reached 113.1m (+6% YoY), with international and domestic segments both growing 6%.

• Key airports like Ankara and Almaty saw double-digit international traffic growth, while some locations faced headwinds from geopolitical events and engine issues.

• New terminals and capacity expansions completed at Antalya and Ankara, boosting capacity and expected to enhance retail spend per passenger.

• Duty free spend per passenger rose 20% in 1H26, driven by new Antalya operations.