TAV Havalimanlari (TAVHL) Q4 2025 earnings summary

Executive summary

• International passenger growth was robust in 2025, with 113 million served and strong non-Turkish asset performance (+9%), despite geopolitical headwinds and a strong Turkish lira impacting some Turkish airports.

• Revenue grew nearly 10% to €1.82 billion, driven by aviation, ground handling, and catering, while EBITDA rose 14% to €560 million.

• Net profit attributable to owners dropped to €50.7 million, impacted by €119 million in non-cash one-offs, equity-accounted investee losses, and higher taxes.

• Free cash flow increased 44% to €223 million, reflecting strong cash generation and improved balance sheet.

• Major investments included Ankara’s new concession, Antalya’s terminal, solar installations, and Tbilisi Airport concession extension to 2031.

Financial highlights

• Revenue: €1,823.2m (+10% YoY); EBITDA: €560.2m (+14% YoY); EBITDA margin: 30.7%.

• Free cash flow: €223 million, up 44% year-over-year; net debt reduced by 6% to €1,619.3m.

• Net profit after minority: €50.7m, mainly due to non-cash one-offs and higher finance expenses.

• CapEx for 2025 was €200.6m, with 2026 guidance capped at €330 million, focused on Almaty and Georgia.

• Duty-free revenue rose 17% YoY, with like-for-like spend per passenger up 13%.

Outlook and guidance

• 2026 guidance: 116–123 million passengers, revenue €1.88–1.98 billion, EBITDA €590–650 million, capex below €330 million.

• Full-year effect of Ankara’s new concession and ATÜ’s Antalya operations expected to boost 2026 profitability.

• Management expects higher revenue and operational profit in the second half due to seasonality.

• Ongoing investments and concession extensions are expected to support future growth.