TAV Airports announces EUR 1.7B revenue in 2024

TAV Airports announced the full-year financial and operational results for 2024 . The company served 107 million passengers, with a 11% increase compared to the previous year.

TAV Airports, a member of Groupe ADP, increased its revenue by 27% to 1.7 billion euros in 2024 on the backdrop of a strong growth in passenger traffic across its portfolio. Forecasting 110 to 120 million passengers in 2025, the company is set to complete its three-year historic investment program with upcoming openings in Antalya and Ankara.

TAV Airports CEO Serkan Kaptan stated “2024 was another remarkable year for us, both operationally and financially. We closed the year with a total of 107 million passengers, reflecting an 11% year-over-year growth, and served 71 million international passengers, marking a 13% increase over 2023. Several key factors contributed to this growth, including fleet expansion by major airlines operating at our airports, strong travel demand, increasing accessibility of aviation through fuel-efficient aircraft, the expansion of the global middle class, and an extended summer season. Additionally, the continuing expansion of e-commerce volume has significantly boosted air cargo traffic.

The post-pandemic recovery has driven a substantial increase in passenger traffic across our airports. Compared to 2019, passenger volumes have surged in key markets: Germany (+29%), UK (+98%), Poland (+121%), UAE (+59%), France (+46%), Egypt (+73%), and Kazakhstan (+113%)

With another year of strong traffic growth, we delivered outstanding financial results in 2024.

• Revenue increased by 27% to €1.66 billion.
• EBITDA rose 27% to €489 million.
• Net income reached €183 million.
• Free cash flow to the firm stood at €154 million.
• Net debt/EBITDA improved to 3.5x, reflecting a significant reduction in leverage.

Our long-term growth drivers remain strong, giving us confidence to pursue an ambitious investment program initiated in 2021 which is now nearing completion. By the end of 2025, our total investment—including the acquisition of Almaty Airport, upfront rent payments to the Turkish State Airports Authority (DHMI), and other investments—will exceed €2.5 billion. This program has extended our average EBITDA-weighted concession duration to 32 years in 2025 in contrast to 9 years in 2019, reinforcing our long-term commitment to aviation.

In Almaty Airport, the new international terminal opened in June 2024 following a €252 million investment comprising the construction and modernization of the new international terminal in addition to other miscellaneous investments. Since our acquisition, we have nearly doubled the number of destinations and by 2025, we expect passenger traffic to have doubled compared to 2021. To support this rapid growth, we have announced an additional airside investment up to 300 million, with further details planned to be disclosed after our April 2025 Board meeting.

In Antalya Airport, our €850 million investment is 96% complete, with the opening scheduled in April 2025. This expansion will increase capacity from 38 million to 65 million passengers, significantly enhancing passenger experience and commercial opportunities. Our service subsidiaries are actively preparing to deliver TAV’s renowned service standards, as the retail area being tripled in size will bring a substantial increase in shopping, dining and lounge options.

In Ankara Airport, airside expansion investments of €210 million are 98% complete and will be finalized in Q2 2025.

Furthermore, we have launched solar energy projects, the construction for which have started in Bodrum and Izmir and will soon start in Ankara. The total installed capacity will be 16.1 MW with an investment of $20 million. Once completed in 2025, these projects will offset 30% of electricity consumption across these three airports.

For 2025, we anticipate serving between 110 – 120 million passengers and achieving an EBITDA between €520–590 million. We also expect to continue deleveraging, targeting a net debt/EBITDA ratio of 2.5–3.0x.

As TAV Airports marks its 25 years of operations, I take immense pride in our achievements and remain excited about the opportunities ahead. Over the next 20 years, global passenger traffic is expected to double to 20 billion passengers, requiring $2.4 trillion in airport infrastructure investments. With our expertise, strong financial position, and visionary shareholders, we are well-positioned to play a significant role in shaping the next 25 years of aviation growth.

We remain committed to ensuring that TAV’s signature service excellence is evident in every aspect of the passenger experience across all our airports.”

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