TAV Havalimanlari (TAVHL) Q3 2026 & Investor Day 2026 earnings summary

Executive summary

• 9M26 passenger traffic reached 89.4m, up 3%; revenue rose 5% to €1,461.127m and EBITDA increased 7% to €502m. Q3 EBITDA grew 11%.

• Net profit attributable to owners more than doubled to €173.391m from €75.276m; results benefited from lower FX losses and improved deferred tax and equity-accounted investment results.

Financial highlights

• 9M26 EBITDA margin was 34.3%, up 0.7 percentage points; Q3 revenue rose 5% to €593.801m and EBITDA increased 11% to €257.0m.

• Operating profit rose 15% to €328.578m and profit before tax increased 43% to €219.103m; tax expense fell to €30.130m from €64.553m.

• Cash from operating activities increased 22% to €306.703m; cash and equivalents reached €652.118m at September-end, versus €477.315m at FY25-end.

• Cash OPEX rose 4% to €959m, below revenue growth; personnel costs increased 17%, reflecting higher headcount and wage inflation.

• 9M25 included €103m of non-cash one-offs; 9M26 deferred tax income was €31.5m versus a €32.4m expense in 9M25.

Outlook and guidance

• 2026 passenger guidance was cut to 112m–118m from 116m–123m, including 72m–77m international passengers versus 78m–83m previously.

• Revenue guidance remains €1.88bn–€1.98bn; EBITDA guidance was reduced to €580m–€630m from €590m–€650m, and CapEx to below €300m from below €330m.

• Outlook assumes normal business conditions, no mobility restrictions or force majeure/security events, and no unexpected FX volatility; JV airports count in passenger guidance but not revenue, EBITDA or CapEx guidance.