Turkey · Delayed Price · Currency is TRY TAV Havalimanlari Holding A.S. Earnings Call Transcripts
Fiscal Year 2026
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Nine-month revenue rose 5% and EBITDA 7%, with passenger traffic up 3% and free cash flow up 17%. 2026 revenue and EBITDA guidance was maintained, while CapEx was revised to below EUR 300m.
Fiscal Year 2025
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International traffic fell 3% in 2025 due to geopolitical tensions and a strong lira, but revenue and EBITDA grew, driven by new concessions and robust duty-free sales. 2026 guidance anticipates continued growth, with major CapEx in Almaty and Georgia and resumed dividends.
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Nine-month 2025 results show 13% revenue and 18% Q3 EBITDA growth, with strong operating leverage and margin expansion, despite geopolitical and currency headwinds. Major investments in Ankara and Almaty are progressing, and a dividend is planned for 2026.
Fiscal Year 2024
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Passenger numbers rose 11% and revenue and EBITDA each grew 27% year-over-year, with net income at EUR 183 million. Major investments in Almaty, Ankara, and Antalya are nearly complete, and 2025 guidance for EBITDA and revenue has been upgraded.
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Passenger and revenue growth remained robust in the first nine months of 2024, with EBITDA margin at 33% and strong cash flow despite inflation and geopolitical headwinds. Major investments in Almaty, Ankara, and Antalya are on track, and 2025 guidance is maintained.