TAV Airports served 17.8 million passengers in 1Q
TAV Airports announced the first quarter financial and operational results. International traffic rose by 5% to 9.8 million passengers and domestic traffic reached 8 million with a 4% increase.
TAV Airports, a member of Groupe ADP, increased its revenue by 18% to 379 million euros in the first three months of 2025. Having recently inaugurated new facilities in Antalya Airport, it is expected to complete the investments in Ankara in coming days.
TAV Airports CEO Serkan Kaptan stated “We began 2025 with 5% year-on-year growth in international passenger traffic during the first quarter. While the growth was partially tempered by a relatively colder winter in Antalya, the Easter seasonality, and the Ramadan period falling within the low season, these factors reflect the strong seasonality inherent in our business. It is important to note that only 13% of our annual international traffic is typically realized in the first quarter compared to 39% in the third quarter. As such, first-quarter performance is not indicative of our full-year outlook and we remain confident in a robust summer season ahead.
A key milestone was the successful opening of the new terminal and airside capacity investments in Antalya in April. These developments have increased the airport’s capacity from 38 million to 65 million passengers annually. Looking further ahead, we plan to expand capacity beyond 80 million during our concession period with additional investments scheduled after 2038. We are also pleased to report the signing of long-term financing agreements for this transformational project which will solidify Antalya’s position as the leading mass tourism destination in the Mediterranean and continue delivering long-term value to our shareholders.
Our airside investment in Ankara Esenboğa Airport is progressing as planned and remains on track for completion in the second quarter.
As part of our long-term commitment to environmental responsibility and operational efficiency, we have made continued progress on our solar energy projects. The construction of solar panel installations in both Bodrum and Izmir is proceeding according to schedule, with completion expected in the second quarter of 2025.
In the first quarter we had strong operations with 18% revenue growth, significantly above traffic growth, which was boosted by price adjustments, commercial basket size growth, new commercial areas in Almaty and the new TAV Technologies project in Qatar. EBITDA growth was in line with passenger growth at 5%. The margin dilution of the new TAV Tech project, one-off gains which had boosted EBITDA last year and Turkish Lira inflation were the main factors in the low season for the differential between EBITDA growth and revenue growth percentages. We had non-cash effects totaling 40.1 million EUR which affected the bottom line disproportionately in the low season. Our net debt was nearly unchanged vs last year at 1.8 billion EUR despite the ongoing heavy investment program.
Looking forward, we remain focused on realizing a strong summer season and further enhancing the long-term value of our portfolio. Our Board of Directors has also communicated their intention to propose a dividend based on full-year 2025 net income—an important milestone we are proud to work towards for our investors.
I would like to take this opportunity to thank all our employees, shareholders, and business partners for their continued support and commitment. Together, we are building a strong and sustainable global brand and I am confident that we will continue to achieve new milestones in our success story.”
KEY PERFORMANCE INDICATORS
(in EURm) | 1Q24 | 1Q25 | Chg % |
Revenue | 320.8 | 378.5 | 18% |
EBITDA | 86.0 | 90.1 | 5% |
EBITDA margin (%) | 26.8% | 23.8% | -3.0 ppt |
Net Profit | 8.9 | (45.6) | nm |
Number of passengers (m) | 17.1 | 17.8 | 4% |
- International | 9.3 | 9.8 | 5% |
- Domestic | 7.7 | 8.0 | 4% |
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
