TAV Airports announce EUR 824 million revenue in six months

TAV Airports announced the first half financial and operational results. International traffic rose by 5% to 30.3 million passengers and domestic traffic reached 17.4 million with a 3% increase.

TAV Airports, a member of Groupe ADP, increased its revenue by 12% to EUR 824 million in the first six months of 2025. The company increased its EBITDA by 10% to EUR 237 million. 

TAV Airports CEO Serkan Kaptan stated “We completed the first half of the year with 5% international passenger growth which was affected by geopolitical developments in the Middle East in the second quarter. We had strong revenue growth at 12% which was above traffic growth due to higher fees, duty-free spend per passenger growth in existing operations, new commercial areas in Almaty, new catering operations in Antalya and the new TAV Technologies project in Qatar. The Qatar project and TL inflation had affected margins in the first quarter but in the second quarter, our non-Turkish airports had EBITDA growth above revenue and delivered margin expansion. Thus, consolidated EBITDA for the first six months came in at 237 million euros with 10% year-over-year growth. Net income continued to be pressured by non-cash items such as deferred tax and translation losses which are due to the appreciation of euro.

In April, we opened the new terminal in Antalya where we also started our commercial operations. Our service companies are improving the passenger experience in the airport significantly while the commercial revenue profile of the airport is also becoming greatly enhanced.

The investments that we have made in Ankara as per our new concession contract between May 2025 and May 2050 have been completed. In this scope, we built a new 3,750-meter-long runway, 27,000 square meters of taxiways, 85,000 square meters of cargo aprons and a new air traffic control tower. These investments will support the long-term growth of the airport for many years.

We have started the investments related to the Almaty investment plan, estimated to total 300 million EUR in the next five years. These investments will allow the airport to continue growing smoothly and enable the airlines serving the airport to continue increasing their fleet sizes. Related to the investment plan, we have also started getting increases in passenger and security fees yielding so far approximately 5% EBITDA growth in Almaty for 2026.

To meet the growing demand in international travel, in the third quarter, we are going to start the construction of a new international terminal in Madinah where we are a 26% shareholder. The international terminal and related ancillary facilities such as new connecting roads, utility lines and a car park are expected to require a total investment of approximately 300 million USD. We expect the investment to be completed by 2028 and to be financed with no equity injection from TAV Airports Holding.

We have also proposed to the Georgian Government an investment of approximately 150 million USD in Tbilisi Airport to increase the passenger capacity to 10 million passengers annually and to extend the concession expiry date to at least 2031.  The final conditions regarding the investment amount and the concession period will be determined according to the results of the negotiations.

I would like to thank our employees, our shareholders and all our business partners for their efforts and trust that has built our global brand.”

KEY PERFORMANCE INDICATORS

About TAV Airports

TAV Airports provides integrated services in all areas of airport operations, with a global footprint at more than 100 airports in more than 30 countries. In 2024, TAV Airports welcomed 107 million passengers across its portfolio. A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security, and commercial area management. The company is quoted on Istanbul Stock Exchange.

For further information: Erhan Ustundag,
+90 212 463 30 00/2097 and +90 530 228 80 59
erhan.ustundag@tav.aero
www.tavairports.com
https://ir.tav.aero