TAV Havalimanlari (TAVHL) Q1 2025 earnings summary

Executive summary

• Achieved 18% year-over-year revenue growth in 1Q25 to €378.5 million, outpacing international passenger growth, driven by price increases, commercial expansion, and new projects.

• EBITDA rose 5% year-over-year, but net profit after minority swung to a €45.6m loss, mainly due to €40.1m non-cash effects below EBITDA, including deferred tax and FX losses.

• The period ended with a net loss of €43.9 million, compared to a net profit of €10.8 million in 1Q24, mainly due to higher personnel and operating expenses, increased finance costs, and negative equity-accounted results.

• Major infrastructure milestones: Antalya new terminals opened April 2025, Ankara investments 99% complete, with capacity expansions and solar projects progressing.

• Board intends to propose a dividend based on full-year 2025 net income; no dividends distributed in Q1 2025.

Financial highlights

• Revenue: €378.5m (+18% year-over-year); EBITDA: €90.1m (+5%); EBITDA margin: 24% (down 3 ppt).

• Net profit after minority: -€45.6m (vs. €8.9m in 1Q24); net debt stable at €1.8bn.

• Cash opex up 23% year-over-year, mainly due to wage inflation, new projects, and asset recovery in 1Q24.

• Free cash flow: -€43.3m (vs. -€22.1m in 1Q24); capex: €29m.

• Cash and cash equivalents decreased to €315.1 million from €352.6 million at year-end 2024.

Outlook and guidance

• 2025 revenue guidance: €1.75–1.85bn; EBITDA: €520–590m; total passengers: 110–120m.

• Capex guidance: €140–160m plus Almaty investment plan (~€300m over 2025–2029).

• Net debt/EBITDA expected at 2.5–3.0x.

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

• Higher revenues and operating profits expected in H2 due to seasonality, with peak passenger traffic from June to August.