TAV Havalimanlari (TAVHL) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €1,389.8 million, up 13% year-over-year, with strong growth in international and total passenger numbers despite geopolitical and currency headwinds.

• EBITDA rose 14% to €467.4 million, with margin expansion driven by operating leverage and new operations, especially in Antalya and Ankara.

• Net income after minority interest increased 21% in Q3, but full-period net profit fell to €75.3 million due to €103 million in non-cash one-offs, higher tax, and finance costs.

• Major investments were completed or are underway at Ankara and Antalya airports, enhancing capacity and commercial offerings.

• Free cash flow for the period was €182.7 million, with robust cash generation despite a 9% decline from 2024.

Financial highlights

• Consolidated revenue up 13% year-over-year to €1,389.8 million; EBITDA up 14% to €467.4 million, with a 0.2 ppt margin expansion to 33.6%.

• Net profit after minority interest fell 59% to €75.3 million, impacted by non-cash one-offs; adjusted net income for 2025 would be only 4% below last year, excluding these effects.

• Free cash flow reached €182.7 million; net debt increased slightly to €1,637.8 million.

• Duty free spend per passenger declined 18% due to ramp-up at new terminals, but like-for-like spend rose 9% to €10.3.

• Net debt/EBITDA at 3.0x as of September 30, 2025, in line with guidance.

Outlook and guidance

• 2025 revenue guidance maintained at €1,750–1,850 million, EBITDA at €520–590 million, and capex at €220–240 million.

• Net debt/EBITDA guidance maintained at 2.5–3.0x for year-end.

• Dividend payment out of 2025 earnings planned for 2026, marking a return to distributions.

• Net income for 2025 is not expected to exceed 2024 due to higher amortization and interest expenses.

• Concession periods for key airports in Turkey and North Macedonia extended by two years, supporting long-term revenue.