TAV Havalimanlari (TAVHL) Q1 2026 earnings summary

Executive summary

• Passenger traffic rose 7% year-over-year to 19 million, outpacing global averages despite economic and geopolitical uncertainty.

• Reported a consolidated net loss of €56.6 million for Q1 2026, compared to a €43.9 million loss in Q1 2025.

• Strategic milestones included the new Ankara Esenboğa concession and completion of major Antalya and Almaty investments.

• Focus shifted from pure growth to quality, sustainability, and long-term value creation.

• Total comprehensive loss improved to €30.6 million from €60.4 million in the prior year, mainly due to positive currency translation and hedge reserve movements.

Financial highlights

• Revenue declined 5% year-over-year to €360.6m, mainly due to geopolitical factors, lower Almaty fuel sales, and FX effects.

• EBITDA fell 14% to €77.6m; EBITDA margin dropped to 21.5% from 23.8%.

• Net loss after minority widened to €58.6m from €45.6m, impacted by higher D&A and increased interest expenses.

• Cash and cash equivalents decreased to €210.6 million from €477.3 million at year-end 2025.

• Free cash flow decreased to -€125.1m, mainly due to upfront payments and construction outflows for Tbilisi.

Outlook and guidance

• 2026 guidance: total passenger volume 116–123m, international passengers 78–83m.

• Revenue expected at €1,880–1,980m, EBITDA at €590–650m, and capex below €330m.

• Guidance assumes no mobility restrictions or major FX volatility.

• Seasonality expected to drive higher revenues and profits in the second half of the year.

• No formal forward-looking guidance provided.