TAV Havalimanlari (TAVHL) Investor presentation summary

Financial performance and growth

• Revenue grew 10% to €1,823m in FY25, with EBITDA up 14% to €560m and free cash flow up 44% to €223m, driven by strong operating leverage and new concessions in Ankara and Antalya.

• Net profit after minority fell 72% to €51m due to non-cash one-off items, including deferred tax effects, FX losses, and higher finance expenses.

• Net debt decreased 6% to €1,619m despite significant capex, with a net debt/EBITDA ratio of 2.89, within guidance.

• 73% of revenue is generated in or indexed to hard currencies, supporting a large offshore cash balance.

• FY25 capex was €201m, below guidance due to delayed Almaty investments; a €25m dividend is proposed for 2025.

Operational highlights and portfolio

• Passenger traffic reached 113.1m in 2025, up 6% year-on-year, with international passengers up 6%.

• 15 airports operated across Türkiye, Kazakhstan, Georgia, Tunisia, North Macedonia, Saudi Arabia, Croatia, and Latvia.

• Major investments completed in Ankara (new runway, taxiways, apron) and Antalya (new terminals, expanded capacity to 65m pax/year).

• Diversified business areas include duty free, food & beverage, ground handling, IT, security, and lounge services.

• Service companies operate in 36 countries and 101 airports globally.

Market and strategic positioning

• Türkiye remains a fast-growing aviation market, with local airlines planning significant fleet expansions through 2033.

• Strong market positions: #2 airport terminal operator in Türkiye, #1 in international O&D.

• Diversified customer base, with top 10 customers accounting for 46% of revenue.

• Dividend policy targets 50% payout of consolidated IFRS net profit, subject to investment needs.

• Well-positioned for further organic and inorganic growth in Central/Eastern Europe, Baltics, Africa, Middle East, and CIS.