TAV Havalimanlari (TAVHL) Q2 2026 earnings summary

Executive summary

• Revenue grew 5% year-over-year to €867.3 million in 1H26, with EBITDA up 3% to €245 million and net profit rebounding to €14.9 million from a loss in 1H25.

• Passenger traffic increased 1% to 48.2 million, with strong performance in Ankara, İzmir, North Macedonia, and robust international growth in Almaty.

• Operational flexibility, a diversified portfolio, and disciplined management helped offset pressures from a strong Turkish lira, geopolitical tensions, and higher jet fuel prices.

• Commercial revenue per passenger and duty-free spend per passenger rose significantly, supported by new commercial areas at Antalya Airport.

• Total comprehensive income for the period was €27.7 million, compared to a loss of €91.9 million year-over-year.

Financial highlights

• Consolidated revenue: €867.3m (+5% vs 1H25); EBITDA: €244.8m (+3%); Net profit: €14.9m (vs loss in 1H25).

• Duty-free spend per passenger increased 20% to €9.7.

• Free cash flow turned negative at €-48.4m, mainly due to upfront payments and construction outflows for the Tbilisi concession extension.

• Net debt rose 3% year-over-year to €1,833m, reflecting ongoing investments.

• Cash and cash equivalents decreased to €307.6 million from €477.3 million at year-end 2025.

Outlook and guidance

• 2026 revenue guidance maintained at €1,880–1,980m; EBITDA guidance slightly reduced to €580–630m.

• Total passenger outlook for 2026 revised to 112–118 million, with international passengers expected at 72–77 million.

• Capex guidance for 2026 lowered to less than €300m.

• Dividend distribution of €25.7 million approved, to be paid in two installments in July and September 2026.

• Guidance assumes no major mobility restrictions, force majeure, or abnormal FX volatility.