TAV Havalimanlari (TAVHL) Q4 2025 earnings summary

Executive summary

• International passenger traffic declined 3% in 2025 due to geopolitical tensions and a strong Turkish lira, with Bodrum most affected and Antalya more resilient; Ankara and İzmir saw international growth, and Georgia and Macedonia airports posted strong gains.

• Served 113 million passengers in 2025, with 6% international and 8% domestic growth, and non-Turkish assets up 9%.

• Revenue grew nearly 10% to €1.82 billion, EBITDA rose 14% to €560 million, and free cash flow increased 44% to €223 million.

• Net profit attributable to owners dropped to €50.7 million, mainly due to €119 million in non-cash one-offs and losses from equity-accounted investees.

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

Financial highlights

• Revenue: €1,823.2m (+10% YoY); EBITDA: €560.2m (+14% YoY); EBITDA margin: 30.7% (+1.2 ppt YoY).

• Free cash flow: €223 million in 2025, up 44% year-over-year.

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

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

• Spend per passenger: €8.5 (-6% YoY), diluted by ramp-up in Almaty and Antalya.

Outlook and guidance

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

• Dividend distribution resumes in 2025, with TRY 1.3 billion planned, representing 50% of IFRS net income.

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