TAV Airports reports 2025 full-year results

TAV Airports posted annual consolidated revenue of EUR 1.823 billion, up 10% year over year. Completing major investments in Antalya and Ankara, and extending its concession in Georgia, the company served a total of 113 million passengers in 2025.

TAV Airports, a member of Groupe ADP, posted strong financial and operational results for fiscal year 2025. In line with its expectations, the company served 75 million international and 38 million domestic passengers across its portfolio. Group EBITDA stood at EUR 560 million, up 14%. Board of Directors decided to propose a 50% dividend payment to shareholders, to be approved at the General Assembly.  

TAV Airports CEO Serkan Kaptan stated “We completed 2025 with 6% international and 8% domestic traffic growth across our portfolio of 15 airports and reached 113 million total passengers served. The year presented challenges in the form of geopolitical developments and the relative strength of the Turkish lira, while a shorter winter season provided some tailwinds.  Non-Turkish assets performed very strongly with 9% growth, once again demonstrating the overall resiliency of our geographically diversified portfolio.

On the back of sustained passenger growth, Ankara’s new concession and BTA’s new Antalya business, we were able to grow revenue above passenger at 10% and reached 1.823 billion euros. EBITDA growth was above revenue at 14% and we reached an EBITDA of 560 million euros. Free cash flow was 223 million euros with a 44% growth. With significant cash generation, net debt dropped 6% to 1.62 billion euros during another year of continuing heavy investments. Net income which was pressured by 119 million euros of non-cash one-off items came in at 51 million euros.

In January 2026 we secured an extension for Tbilisi Airport for five years. With this extension, we will be operating Tbilisi Airport until the end of 2031. In return, we will increase the capacity of the airport to more than 10 million passengers. During the last two decades, the airport grew nearly ten times from 567 thousand to 5.4 million passengers. We are very happy to have contributed to the growth of the aviation industry in Georgia, and we are looking forward to growing the sector even further through continuing investments.

As part of our long-term commitment to environmental responsibility and operational efficiency, we have completed the construction of solar panel installations in Bodrum and Izmir. Through this investment 30% of the electricity consumption of these two airports are provided from renewable sources. Furthermore, now all our airports are participating in the Airport Carbon Accreditation (ACA) program, which sets an important milestone for our commitment to be carbon neutral by 2030.

The new terminal and ancillary investments coupled with the duty-free, food & beverage, and lounge offerings, we have elevated the passenger experience and significantly increased the capacity of Antalya Airport. The commercial ramp up of duty free and food and beverage operations continue, with additional fashion, specialty retail, and restaurant openings. We will be operating Antalya airport until 2052.

We completed the investments at Ankara Esenboga Airport and started to operate the airport under the conditions of the new concession, which lasts until 2050. The profitability boost from two quarters of operations under the new concession supported our consolidated results in 2025. In 2026, we will be operating the airport under the new concession for the full year. Ongoing international traffic growth, supported by low cost carriers and better operating conditions throughout the new concession are expected to further underpin profitability.

To meet the demands of Almaty Airport, which has doubled its traffic since our acquisition, we have started the second phase of various airside investments expected to total around 315 million euros. These investments will support future growth of the airport and are being financed by its internally generated cash and its bank loans. We started the construction of a new international terminal in Madinah to support the traffic growth of the holy city. We expect to complete the project by 2028 without any equity injection from TAV Airports Holding.

The board of directors has proposed to distribute a dividend of 1.3 billion TL out of 2025 earnings. The dividend corresponds to a payout ratio of 50%, in line with our dividend policy. We are looking forward to another year of high capital expenditures in 2026. In this context, the dividend proposal shows the cash generation capacity of our Company and the strength of our balance sheet.

In 2026 we expect to serve between 116 to 123 million passengers and reach an EBITDA of 590 to 650 million euros. Alongside major investments in Almaty and Georgia, we expect total capital expenditures to remain below 330 million euros.

Our EBITDA guidance implies that in 2026 we will surpass our all-time high EBITDA of 573 million euros which was achieved in 2018. This will be another historical milestone for TAV Airports. In 2018, our average EBITDA weighted duration was 10 years. Today it’s 32 years. With the investments we have made since 2021, we have tripled our asset base compared to 2018.

We are looking forward to another great year of operations where our focus will be on increasing the traffic in our airports, looking for inorganic growth opportunities and increasing the efficiency and service quality of our operations. As a widely sought-after airport operator, we will continue to serve our airports with the highest standards that TAV Airports is known for. I would like to express my most heartfelt gratitude to our employees, shareholders and business partners for having created together a global brand that is synonymous with quality.”

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 2025, TAV Airports welcomed 113 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