Ladies and gentlemen, thank you for standing by. I am Gaylee, your conference call operator. Welcome, and thank you for joining the TAV Airports Investor Day live webcast to present and discuss the 2023 full-year financial results. At this time, I would like to turn the conference over to Mr. Serkan Kaptan, CEO, and Ms. Burcu Geriş , Deputy CEO and CFO. Mr. Kaptan, you may now proceed.
Thank you. Welcome you all. I would like to start the summary of year 2023, which was a very successful year for our group. In 2023 we served 96 million passengers, which is above our target which is 7% above our 2019 levels. We take 2019 as a reference because it was the record year of aviation, so we try to put our benchmark compared to 2019. All in all, we were 7% above 2019 and 22% above 2022. We see that the last quarter of 2023 and the first one and a half months of 2024 is coming very strong. We have a healthy and strong traffic growth. The international demand is strong, especially to the Turkish airports. When we break down our passengers of international and domestic, we see that international is even stronger compared to 2019 by 13%.
As we have disclosed earlier, in terms of domestic passengers, we have a decrease in domestic passengers compared to 2019 because a price cap is applied in Turkey for domestic passengers, where the airlines try not to fly domestic because they lose money in domestic routes. This doesn't create any problem to us because we make our money mainly from the international passenger, because the international passenger fee that we collect from the international passenger is 5-6 times higher than the domestic. Also, we have additional revenues like duty-free food and beverage on international passengers. So the composition of the demography of the passenger also changed after COVID. With the start of the Russian invasion to Ukraine, as you know, we had a decrease on Russian passengers. It decreased down to 40% levels in Antalya. Now it reached up to 60% as a recovery compared to 2019.
However, we fulfilled this gap mainly by German market, UK market, Polish market, and Middle Eastern market. So almost in all Turkish airports, we have the recovery of the Russian traffic by German, British, Polish, and the Middle Eastern traffic. In Georgia, which is also a significant operation to us, as you may remember, since 2018 we had a ban on Russian traffic. It was before the Russian-Ukraine conflict, but the ban for Russian travel officially was lifted in May 2023. The flights started, end of July. This helped us a lot for the recovery of the total passenger in Georgia, so Georgia was also a successful one. We surpassed, 2019 levels, by the help of Russian traffic and some other traffic to Georgia. In terms of another significant operation, which is Kazakhstan, you may remember that we took over Kazakhstan operation back in 2022, May 2022.
Last year, as a full year at 2023, we had a huge growth. We reached up to 9.5 million passengers in Kazakhstan. In 2016 it was 6.4. It's almost a 50% growth compared to 2019. And the good thing is that between our Turkish airports, Georgian airports, and the Almaty airport, our Kazakhstan portfolio, there were a lot of cross-flights between our airport pairs. So we had 1.1 million Kazakh travelers coming to our airports, between our airports, which contributed to our revenue development as well. This year we target to start operating the new terminal of Almaty airport in June 2024. It will bring a totally new experience to our passengers in Almaty because the current facility is under capacity, sorry, over capacity. With the design capacity is 3 million, we catered 9.5 million passengers as set.
With the new capacity and the new international terminal, we expect to have a significant growth in our revenues in Kazakhstan in 2024. It's an upcoming market, of course. The touristic travel is yet developing. The national carrier, the base carrier of Kazakhstan, Air Astana, bases their aircraft in Almaty airport, and in two years' time we expect their aircraft growth by 45%. So the fleet of Kazakh carriers this year and next year will develop by 45%, which will directly contribute to our traffic growth in Almaty airport. Of course, Almaty is very strategically located between the European and Central Asian corridor. It's an ideal hub for cargo operations. Our cargo traffic quadrupled during the last three years. It with the help of COVID, then with the help of this Russian ban on some certain countries, we have transit cargo through Almaty airport.
In terms of our development plans, we are in a massive investment period at three new airports. One is Almaty, the other one extension of Antalya, and extension of Ankara. We have completed most of our investments. In Antalya we are slightly over 70% of our investment program. End of this year the new facilities will be ready, and we will start operating all new facilities with additional capacity in Antalya Airport beginning of 2025. In Almaty in Kazakhstan, as said earlier, by June all investments will be completed with additional capacity, and we'll start enjoying upsides related to the commercial revenues and upsides related to the additional international passenger in Almaty. For Ankara we are around 34% completion rate. It's mainly airside facilities, which will improve the traffic flow to the airport, and it will be completed by end of 2025.
So we'll enter 2025 with most of our investments completed, only some remaining investment of Ankara left. When we started this huge investment program by the end of 2021, we targeted 2025 as our blooming year where all investments will be completed. Currently investment program is around EUR 1.2 billion, and the total investments and the upfront payments of the airports and the other assets will reach up to EUR 2.5 billion. This is a huge program, but it also shows our commitment and confidence to the aviation in Turkey and in our core geography, which could be considered as Central Asia, Middle East, Africa, and Eastern Europe. So in our core geography, with this investment we'll start collecting our increased revenues starting by year 2025. In terms of the operational results, our revenues grew by 25% compared to 2022.
So we are in excess of EUR 1.3 billion of revenues end of 2023. So our EBITDA grew by 19%, and we reached up to EUR 385 million of EBITDA. And our net income reached up to EUR 249 million with more than 100% growth compared to year 2022. For year 2024 we expect our total passenger traffic to go up to a range of 100-110 million passengers, and we expect our revenue to go above EUR 1.5 billion. So the range that we give is from EUR 1.5 billion to EUR 1.57 billion of revenues, and we forecast to have an EBITDA of EUR 430-EUR 490 million of EBITDA. Of course we are growing our services companies like our lounge and hospitality company, our ground handling services companies. We had new additions to our portfolio.
We'll enjoy these new additions to our portfolio, the lounge portfolio and the ground handling, by this year because, especially in Paris, because of the Olympics and with the new lounges getting into operation, we expect a very strong growth, especially in our new Parisian operation. In terms of our compounded average growth for between 2022 and 2025, we have updated we have revised our expectations for this coming 2024 and 2025, like for revenue as 14%-18% growth and for EBITDA 14%-20% growth in our expectation for the coming two years. In terms of our commitments to the ESG part, for our decarbonization efforts, we also established a massive program for clean energy. So we are building a solar generation capacity in three major airports in Turkey, namely Ankara, Bodrum, and Izmir. The total capacity will be over 18 MW.
The investment amount will be $20 million, and we expect to have these investments completed by the beginning of summer season, by June. Since 2021 we are managing a strong portfolio, to prepare the future of TAV airports by adding these three very important projects to the group, Kazakhstan and the two Turkish assets, which took our concession duration to 30 years, our maturity to 30 years. When this with the end of our heavy investment program by 2025, we'll enjoy these investments, and they will be more visible, and we will collect the fruits of these investments. We thank to our employees, shareholders, business partners, and our investors for bearing with us. With their help we are building our global brand to carry to the future, with a successful operation. Thank you.
I'll hand it over to Burcu Geriş my deputy and the CFO of the group.
Thank you, Serkan, for the summary. So I would like to continue on our financial communication. I'll go over the slides. There are a lot of numbers, obviously, so I'm on page three. To start with the revenue, we had an excellent year, as you may have seen in the numbers. On the revenue side, our revenues reached EUR 1.3 billion, EUR 1.310 billion to be exact. So this is a 25% year-on-year increase. Our EBITDA reached EUR 385 million. This is a 19% year-on-year increase. Our margin, there's a slight decrease in margin. I'll explain the details of why this happened, but it's at 29% compared to the 30% of last year. On the equity-accounted investees, there's a huge increase. There are some one-offs in this. I will explain that as well. It's EUR 151 million.
This includes, there was a TIBA, the Medina share sales, as you know, so there's this impact here. Also there's the inflation accounting impact here as well. All in all, as a result, our bottom line, our net profit after minority, was almost EUR 250 million, EUR 249 million to be exact. This again includes some one-offs, just for full disclosure. Our ordinary course of income is a bit lower than this. Thanks to this one-off income from the share sales and the inflation accounting, it seems higher, at EUR 249 million.
If we were to deduct these one-off impacts of EUR 83 million coming from Tibah share sales and EUR 59 million coming from inflation accounting, and also add back the Tunisian impairment of EUR 10 million, we would end up with EUR 117 million net income from ordinary course of business, which ties in nicely with last year's EUR 97 million ordinary income. Regarding CapEx, as Serkan mentioned, we are in this heavy CapEx cycle, which continues into 2024. Hopefully 2024 will be our last year of this heavy CapEx. In 2023 our CapEx number was EUR 214 million. This is in line, in fact, a bit below our guidance. 2024 will be the last year of this around EUR 250 million CapEx, and then after that CapEx will normalize to around EUR 100 million levels. Our net debt, as expected, saw a slight increase to EUR 1.670 billion, so almost EUR 1.7 billion.
This is again in line with our CapEx, and this will—we are in a deleveraging mode as we have given the guidance two years ago. By 2025 we, we are already de- peaking in this, and we will reach the 2.5-3 times net debt to EBITDA levels. 2024 will be our last year of high net debt to EBITDA. In terms of passengers, Serkan will go in detail on the passenger performance, but we may say it was an excellent year, and we had 25% increase in our international passengers, which reached 63 million. Total mass passengers had an increase of 22% to 96 million. This is above our guidance. Duty-free spend per pax was stable at around EUR 8.9.
If we continue with the next page, which are page 4, on the highlights of the fourth quarter, very strong fourth quarter operations, 15% international pax growth year-on-year, 15% EBITDA growth year-on-year, slight decrease in net debt quarter-on-quarter in low season, so very strong fourth quarter, in fact. We had a very successful bond issue in December, $400 million 5-year eurobond issued at $8.50 USD coupon, and we swapped it to euros, so the effective rate in euros is 6.87%. As we had briefly discussed, there's this deferred tax gains from statutory accounts due to inflation accounting. So this was realized due to revaluation of non-monetary assets in statutory accounts, which would be expected to increase depreciation and amortization expenses in statutory accounts. And this was a year of inflation accounting in CMB Turkish Lira financials.
The scope was our Turkish Lira financial companies such as TGS, operating services, security, BTA, and our real estate company, which owns our headquarters buildings. The summary effects were the equity was up, PPE was up, inventory up, and you'll see the result in the financials. On page five, these are some good charts in showing and comparing the performance versus 2019. As you know, before COVID 2019 was the record year for aviation and record year for TAV. We're very happy to say that now, as of last quarter of 2023, we are 33% over 2019 figures in terms of international PAX. Even if you look at like for like, we are 25-21% over. On the revenue side, we have doubled our revenues versus 2019, and again for like for like, we are 32% above. On the EBITDA, 38% above 2019 numbers.
So all in all, in all aspects, international passenger revenues, EBITDA, we have already surpassed 2019 numbers, and, as, as we had promised and hoped for. And even the future is looking good for 2024, 2025 with these new investments Serkan mentioned, which will come into play, the new terminals opening first in Almaty, then in Antalya, which will even bring additional revenues and EBITDA and will add to this performance. On page six, very brief summary of the bond terms that was realized in December, $400 million, 5-year tenure, it's callable after two years, $8.50 . First-time rating on corporate and issue basis. For S&P, the issue rating was double B minus, the bond rating was B plus. For Fitch it was double B for both.
It was at that date it was very much oversubscribed, and we were one of the first corporates to start this, let's say, one-off bond issuances. Oh yeah, I think we can continue with the traffic performance. I will hand over to Serkan.
Thank you, Burcu. In terms of the traffic, performance, as a summary, the Antalya traffic, which is a significant asset, as you know, is 2% above 2019. As said earlier, Antalya performed better compared to 2019 despite the Russian effect. The Russian recovery for Antalya was at 60%. If we consider the 11 million passengers visiting Antalya, 60% is an important recovery, but the top-up came from the other airlines. For Ankara international traffic, it's a good growth as well. You see that we had 24% growth compared to 2019. It is mainly coming from AJet, which was a subsidiary of Turkish Airlines and which will be a fully independent airline end of March, and we expect this growth to continue further. In terms of Izmir, you see also 25% growth on international. It's also coming by SunExpress, a Turkish-German partnership, which is boosting the international traffic in Izmir.
Almaty, the latest addition to our portfolio, is a great airport where we have experienced 49% growth compared to 2019. The good thing about the passenger composition is that our international passengers served compared to total passengers served increased over time. In 2013 till 2018, it was more like a steady split of 57% international and 43% domestic, where today it reached up to 66% international and 34% domestic. So two-thirds of our portfolio is generating international traffic, which creates extra revenues compared to domestic passengers. In terms of the total passengers, in year 2023 we experienced 22% growth compared to 2022 and 7% compared to 2019. International passengers, which is the important denominator for us, we are 25% above year 2022, and we are 13% above year 2019.
When we look at this year, it is important, although January is a low base compared to the summer peaks, it also gives us an outlook. We clearly see that we served in January 18% over 2023 numbers. So this is an amazing growth, which is one of a kind in the aviation world for January. In terms of the revenue in terms of the international split of January traffic, it's even 27% above 2023. This is a massive number. The international traffic in TAV managed airports is 27% above 2023. For Antalya, which is significant, the international traffic is 11% above 2023. For Ankara, it is 51% above 2023. As said, it's mainly coming from AnadoluJet, AJet, Pegasus, and SunExpress. There is massive growth, 50% over 2023. And at Izmir, we have 30% growth compared to our 2023 January, mainly coming from SunExpress and Pegasus.
It's also amazing growth when we compare year-on-year. For Almaty, it's another 28% growth, compared to 2023. When we look at the international passenger breakdown by destination, we look at that by destination because we always had geopolitical challenges around Turkey and around the airports that we are managing, you clearly see that the Russian traffic is down by 40% compared to 2019, so we are at 60% recovery. However, the German traffic is up by 24%, UK traffic is up by 58%, the Turkish traffic is up by 75%, the Polish traffic is up by 78%, and UAE traffic is up by 65%. These are massive increases compared to elsewhere. All in all, the growth compared to 2019 in terms of international passenger traffic is like 37% in TAV managed airports.
On page 10 there are also some useful graphs comparing all these, you know, revenues, EBITDA, net profit, among 2019, 2022, and 2023. I touched upon this a little bit, so I don't want to repeat myself too much, but all in all, the revenues are now 75% higher versus 2019 and 25% higher versus the last year, and EBITDA 37% higher compared to 2019 and 19% higher compared to last year.
Net profit after minority, I'm especially stressing this because I know that the net income was much above consensus, but the reason for it I tried to explain, there were some one-offs, and the inflation accounting, it's kind of complicated for everyone to maybe estimate the impact, but here the numbers would show 240% increase versus 2019 if you look at just the headline figures, whereas the ordinary course of income is more normalized around EUR 117 million. On the next page, page 11, there's a breakdown of the revenues and OpEx by nature. I won't go into too much detail. These are very much in line with traffic growth. Maybe a couple of headlines you will have noticed that our service companies are growing very nicely as well. Again, an explanation to our margin drop, we may talk about it here.
As you know, we have several types of businesses which are complementary to airports, like F&B, lounge operations, IT services, security, and on top of that we have ground handling for a long time, as you know, and we have Almaty operations which include cargo and fuel. So these operations are not bringing same margins as airport concessions. They are lower margins. Having said that, they are growing very nicely, and they are bringing additional EBITDA and EBIT additional value. So our real growth on EBITDA in euro terms is around 20%, which we will talk about in the guidance section as well. But since these Turkish businesses have lower margins of around 10%, 15%, 20% depending on the type of business, they are having a dilutive impact on the margin, and this is why we are ending up around, you know, 29%-30% levels.
Going forward, of course, there will be some improvement of this margin, but we shouldn't expect, like, huge improvements. There is real growth in absolute numbers. The magnitude of EBITDA will continue to grow. The margin is around same levels, maybe, you know, improve with a few percentage points up going into the future. I'm going to pass this one important thing, page 12 is, you know, there's this question always about inflation, obviously. I'm going to talk about it during OpEx page as well, but it's important how much of this inflation we are able to pass over to our prices. Obviously, we are a regulated market. We cannot, you know, adjust our tariffs every day, based on inflation. Having said that, we were able to adjust our tariffs last year, and we can do this regularly.
Plus, on the businesses such as F&B, lounges, ground handling, we are more freely able to pass through this inflation, on a regular basis. This is why the inflation impact is quite limited in our numbers. And on page 13, there's the OpEx numbers where you see, obviously, an increase in OpEx. We should take into account that Turkish lira OpEx was mostly affected by hyperinflation and high CPI. Having said that, the worst part we think is already over, and it's already priced in, and it's already in the 2023 numbers. Now that the inflation will be in the dropping mode, the highest impact was already realized. So even with this inflation hit, we were able to increase our EBITDA 20%. Imagine if we didn't have inflation, the high impact we would have.
Also, with traffic, we had this disadvantage of not having the Russian passengers, for example. We served only 60% of the Russian passengers which we served in 2019. If those Russian passengers were to come back, there's also upside on that. On page 14, there's the net profit. Again, this is a repetition of what I talked about. On page 15, this is an important slide, the breakdown by country. So in the past, we were predominantly a Turkish operator when we operated Atatürk Airport and the Turkish airports. Now we can say that this has reversed. We were once 2/3 Turkey, 1/3 foreign. Now this has reversed to 1/3 Turkey, 2/3 foreign revenues. So only 33, 32% of our revenues come from Turkey, and 24% of EBITDA come from Turkey, which brings diversity and a hedge to our operations.
I would like to also talk a little about the debt on page 18. It's important because we always talk about this net debt, and we are on a, you know, high debt cycle, high CapEx, high debt cycle, but this will normalize by 2025. We have a decentralized debt structure. We have always had this project-financed, long-term, financing way. On top of this, we now even diversified our investor base, our, creditor base by tapping into the DCM and issuing our bonds. We kind of, ended this refinancing risk at holding level with short-term debt and have a, a longer maturity at holding level as well with a 5-year bond. So currently, our average maturity of bond, loans is 4.0, 4.5 years. Our cost of debt increased, a bit, to 6.9%. This is obviously due to the interest hikes that have happened through 2022 and 2023.
68% of our loans are hedged, whereas 32% is floating. So this 32% was impacted by the hikes. And our net debt to EBITDA has now gone down to 4.3 times, whereas our guidance was 5-6 times, so we performed much better. And we confirm our guidance for 2025 to be remaining between 2.5-3 times. Our gross debt maturity profile is important because you see our short-term debt higher than it actually is. This is because of Tunisia debt being reclassed as of June to short-term. We have had some breaches in Tunisia as well due to a lag in performance after COVID recovery. All of our airports performed very well and recovered very fast, but Tunisia was not as fast. So looks like we would need to maybe do a mini restructuring on this as well in the future.
But there was a mini breach of the covenants of the financing agreement, so that's why there was a reclass to short-term. On page 19, a bit about CapEx development. Our cash CapEx for financial year 2023 was EUR 214 million. This was in line, even lower than our guidance. For this year, due to our CapEx investments and indebtedness, the board has decided not to distribute dividends. As you know, we have been a regular dividend payer between 2011 and 2019. Our dividend policy is 50% of net income taken into account the investment plan and cash position of the company. We have been keeping this dividend policy for a long time. For 2020, we didn't distribute dividends because there was net loss.
Throughout this last three years, there was this CapEx program, and this is the reason we don't distribute dividends, because the money is expensive, and it's, it's very expensive to borrow and distribute dividends. And this is in line with the dividend policy. I think I can pass over to Serkan.
Okay. I'll talk about the investments, the three major investments I mentioned earlier. For Ankara Esenboğa Airport, 34% of the construction is completed by the end of the year 2023. We have a contract of EUR 210 million, as an EPC contract which started early 2023, including a new runway, car park, the solar panels of 5 MW, and an aircraft control tower to be built at Ankara Airport. The target is to complete all these investments by end of 2025, and it's in line, the current progress is in line with the signed contract. To talk about Antalya, the initial contract of Ankara ends at May 2025, so the new concession for another 25 years starts at May 2025.
We'll have higher revenue than the existing concession because we have additional sources of revenue collection in terms of international passengers with an increased fee of international passengers. So we have less sharing with the state. That's why you will see a significant revenue growth in Ankara, whereas the OpEx will remain the same. The traffic, as said, in January, it grew by 50% because AnadoluJet, AJet, which is the subsidiary of Turkish Airlines, started their hubbing strategy, collecting passengers from Central Anatolia and Eastern Anatolia and having direct international flights out of Ankara. The AJet's current fleet is 90 aircraft, and within the coming 10 years, they will grow up to 200 aircraft, which will be a significant growth for Ankara Airport. For Antalya, 70% of construction is completed by end of 2023.
As said, we expect to start beginning of 2025 the new operations in the new terminals and the new facilities. We almost double all capacities at the airport. International terminal will be doubled. Domestic terminal will be doubled. And the airside facility, the parking spots for the aircraft, will be more than doubled. With the new terminals coming into the picture, of course, we'll have a positive effect on the retail because the retail offer will be different. Spaces are grown by threefold compared to the existing spaces. So we'll witness in 2025 huge growth on the commercial revenues as well. In page 22, you see the growth in our assets. In the five-year period of 2015 to 2019, for Antalya, the average growth was around 8%-8.3% as international passenger growth.
Within this five-year period, we had the incident and Russian flight ban at 2016. As you may remember, at 2016, we had some bombings in Turkey, terrorist attacks, including Istanbul Atatürk Airport, which we were managing. We had the coup attempt in 2016, and we also had a downing of Russian aircraft, which is followed by a flight ban from Russia. Despite that, we grew by 8.3% as international passengers in Antalya. So between 2020 to 2023, during the COVID and the recovery period, we just passed over 2%, so it was like a breakeven. That's four years' period. And from now on, we expect huge growth. If you look at the financial numbers of Antalya, in terms of revenues in 2019, which was the record year, as said, we had almost EUR 195 million of revenue, whereas last year, we closed the year by EUR 2024 million.
Our adjusted EBITDA was around EUR 110 million. We closed the year with EUR 130 million. In terms of net profit, our net profit was EUR 75 million in 2019, and last year, it was EUR 85 million. So we see this growth trend continuing in Antalya, and we believe that it will continue. For Almaty Airport, 86% of the construction is completed by end of 2023. New terminal will start operating in June 2024. It will have a huge capacity increase and additional commercial revenues. So that's why we wanted to also upgrade our guidances, the current guidance, the realization we want to talk about for at page 24. As you may remember, for 2023 guidance, for revenue total passengers, international passengers, net debt, EBITDA, EBITDA number, and CapEx, we surpassed all items of the guidance.
So our revenue total passenger, international passengers, all are far better than what we have guided our investors, so it was a very successful year. Also, we wanted to upgrade our guidance for 2025 in page 25. You see that for year 2024, we are targeting EUR 1.5 billion-EUR 1.57 billion as revenues. We target to have a passenger range of 100-110 million. We target to have an international passenger range of 67-73 million. We target to have a net debt to EBITDA of 3.5-4.5 and EBITDA of EUR 430 million-EUR 490 million and a CapEx around EUR 230 million-EUR 270 million. For 2025, we upgraded our guidance. So in terms of revenues, we target there 14%-18% CAGR between 2022 and 2025, year 2022 and 2025. Total passenger growth expectation is the same, 10%-14%.
For our EBITDA, we also upgraded our EBITDA to be in a CAGR of 14%-20% between 2022 to 2025. So that's all. We will be ready to have your questions, and we continue with our answers to the questions.
Okay. Thank you very much. So I will first read the question and then answer it. First question by Cenk Orcan from HSBC. The question is, "Could you elaborate on the effects of inflation accounting?" Very good question. And everybody is, I'm sure, very curious and working on inflation accounting. So, just to try to simplify our answer, we had a twofold effect from inflation accounting this quarter. Although we have been applying inflation accounting in IFRS financials since 2022, this was the first quarter we applied in, CMB financials in Turkish lira. The scope here is limited to TGS, operating services, security, BTA, and the real estate company, which holds our headquarters building. We did not have a very material P&L effect on this front, but the non-monetary assets in the tax financials were significantly revalued as a result of indexation, which created significant deferred tax gain.
We should keep in mind that as long as this inflation continues, a revaluation of non-monetary items is expected to continue as well, and this will take place in tax financials. I'm coming with the second question, continuing with the second question. Erol Danış from Ünlü & Co. Question is, "Which airports and operations will be the main drivers of revenues and EBITDA during 2024?" So we expect, in line with our guidance, we expect, growth to continue all across the board in our portfolio. In line with our guidance, we were close to the market yesterday. We came out of the pandemic stronger, both operationally and financially, due to agile investments we made during this period. As you know, we observed strong traffic results even in the low season in January 2024, which we announced. This was a 27% increase year-on-year in international passenger growth.
For example, just to give some examples, Ankara 2023 international traffic was 47% above 2022, and this trend is continued into January 2024, with a year-over-year growth of 51% in international traffic. So there was already 47%, now another 51%. AJet, AnadoluJet, Pegasus, SunExpress, these are driving growth in Ankara international traffic. Also, in addition to strong operations, Ankara is also enjoying the exit from IFRIC 12 application. Last year, the exit had approximately EUR 17.5 million effect on revenue and EBITDA. And this year, this will add another EUR 12 million on top of that figure just from the exit of IFRIC 12. Just to remind you, IFRIC 12 was, you know, the guaranteed passenger number not showing in the revenues and EBITDA. Now that we are out of IFRIC 12, we are able to show these revenues and EBITDA, just as ordinary revenue and EBITDA.
Starting from 20 May 2025, with the new concession fee, we will have higher fees and more passenger revenue caps from the guaranteed structure, so this will have even a better upside. Also, just to add, with our service companies, as I mentioned previously, our global footprint is reaching 110 airports in 33 countries. As a global company, our Turkish revenue now only comprises 39% of our consolidated revenue, whereas this figure was 57% in 2019. We also expect a very strong year in services with increased shareholding in Paris lounges to 100%. So what we did was we purchased 50% of the Paris lounges through our TAV Operation Services company, and now we're consolidating the revenues and EBITDA of this business. And there are also new lounges going into operation, so we should have a very positive year in Operation Services EBITDA as well.
Also, price increases in Havaş. As I mentioned previously, we are able to reflect inflation and minimum wage increases into our pricing, into our agreements with the airlines. So we expect Havaş will also have a very strong year in terms of EBITDA. And for our IT company, there are new projects, new airports, new software sold to new airports. So we expect also our IT company to really perform very well in 2024 in terms of EBITDA. Next question, same, by Ünlü & Co again. How should the EBITDA of Almaty Airport outperform in 2024? International traffic, as you have followed, is booming with the growth of Kazakh middle class, increased business travel due to New Kazakhstan Initiative, and growth in inbound tourism. Situated strategically between China and Europe, Almaty also enjoys strong cargo traffic supported by e-commerce.
We also expect an increase in EBITDA of Almaty together with the opening of the new terminal. We expect this to happen in June. And this will also enhance the commercial revenue stream, which is almost, you know, nonexistent. It's very low. And so, starting from the second half of the year, we will see these commercial revenues increasing. The service quality of the airport will also significantly improve because, as also Serkan mentioned, the current capacity of the current terminal is very limited and it's overcapacity. So we will provide the best-in-class user experience with our new terminal to our guests with top-quality services and support functions. And with the new terminal, TAV Kazakhstan is expected to have duty-free revenues, as I said, which were nonexistent in the current terminal, and additional lounge and F&B services. Next question.
Should we expect a significant improvement in Antalya's revenues and EBITDA in 2025 following the completion of the new terminal? Short answer is yes. So Antalya, as you know, is Turkey's most popular holiday destination and also amongst the most visited destinations in the world. It has 500 km of coastal line, which includes several beaches. Antalya hotels have more than 600,000 bed capacity, which is higher than the whole country of Portugal. Antalya 2023 international traffic was 2% above 2019, so we already caught 2019 figures despite this weakness in Russian traffic, which was 40% below 2019 levels of 13 million passengers. We also had zero Ukrainian traffic, which was 2.5 million in 2019. So if this traffic was to come back, as I said, it's an upside.
Antalya is enjoying a strong start to the year with a warm January 2024, where international traffic is 11% above 2023. With the new terminal, the capacity of the airport will almost double from 35 million to 65 million passengers per year. And we will triple the retail areas in the airport. With a wider and newer retail offering, we will enhance passenger experience significantly and improve the commercial performance of the airport. So we expect a generally very positive effect from the new terminal on commercial revenue. The new terminal opening is for the beginning of 2025, year 2025. Yes, next question.
So I switch to the question of Melis Pocar from OYAK Yatırım. The question is, taking into account that concessions in Georgia expire in 2027 and its contribution to your consolidated EBITDA, what are your plans? Are you interested in staying in the country, and when do you expect the renewal of the tenders? What is the current passenger handling capacity of the airport? Would new tender require higher CapEx? The answer is, Georgia is a strategic asset for us, and we would naturally like to stay in the country for the upcoming years within our investment criteria. A new Prime Minister of Georgia has been appointed very recently, and the parliamentary election will be held on the 26th of October 2024. We know the country, we know the region very well, and we believe the future of Georgia.
The timing of the renewal process, a possible tender or a renewal, is completely up to the government, but the process could be accelerated after the election of October 2024. Once the process is officially announced, we will, of course, start evaluating this. As the resident operator, we have many advantages versus our competitors, but we will always look at these terms, tenders in a disciplined manner. The Georgian airports, the two airports, Tbilisi and Batumi, have around 6 million passenger capacity with their terminals. The required CapEx amount for these airports will be based on the scope of the specifications, which will be defined by the Georgian government.
So next question is the following. Since 2023 included various one-offs, can you give us some color about 2024's net income range? I think also I touched base with this, but just to answer properly. Yes, as you rightly pointed out, there were some one-offs in 2023, including the earthquake tax, current tax increase, you know, from 20%-25%, the positive effect of the TBAS share sales, and deferred tax due to inflation accounting. So if we deduct these one-offs, which affect within 2023, our net income would be EUR 117 million in the ordinary course of business. So you should also consider these one-offs going forward and the guidance we have given in our revenue EBITDA growth.
When you build your model for the year 2024, we are not able to give net income guidance for year 2024 because, as I mentioned before, there will again be some inflation accounting impacts, one-off impacts for the year 2024 as well, as long as the inflation accounting continues due to the revaluation of our balance sheet. Next question is from BNP Paribas, Erdem Kaylı. Can you give us a color on your indebtedness metrics based on your investment plan and projections? Which quarter do you expect net debt to flatten on quarter-on-quarter basis? We tried to touch on this topic as well. We disclosed on 2024 and 2025 CapEx and net debt to EBITDA guidance yesterday. The CapEx plan for 2024 is between EUR 230 million-EUR 270 million, and net debt to EBITDA guidance is between 3.5-4.5.
And we are also preparing for potential new projects that may or may not come to a tender stage in 2024. However, in line with our de-leveraging plan, in 2025, our expected CapEx drops to between EUR 90-110 million, so it normalizes to around EUR 100 million levels. And our net debt to EBITDA expectation is between 2.5-3 times, which is very standard and even below industry average because, as you know, as an industry, we are very heavy front-end CapEx long-term concessions. So it's only normal that initially the net debt to EBITDA during CapEx cycle is high, and then as the cash is generated, this net debt to EBITDA normalizes. So I can say that we plan for the real de-leveraging to start in 2025 in line with our guidance.
The next question is, do we have any capacity constraints, also considering the airlines' available slots and etc. at Ankara Airport for international passenger? We don't have a capacity constraint at Atatürk Airport. The terminal capacity of the airport is around 30 million passengers. As you have witnessed, we had some decreasing domestic passenger and international passenger coming as a balance, so we do not have any terminal capacity problem at Ankara. The air side of the airport will also be served by a new runway, which is under construction, which is in our investment plan. With the two runways of the airport, the capacity would be able to handle twice this number, so there will not be any constraint on air side or lands ide, which is the terminal that we call. We don't foresee any capacity issues. The growth, the long-term growth, will be handled.
We don't see any possible interruption in the Ankara Airport. The high growth in international passengers in 2023 is ongoing with January 2024, and we will be able to reap the benefits of this growth fully after May 2025 when we have the new runway ready and when we have additional commercial outlets at the terminals.
Next question from Daria Naumenko from Ninety One. Looking at the dynamics of Havaş EBITDA margins, we saw it going down from the peak of 35% in 2021 to 22% in 2023. Could you please guide on key reasons that we were driving that were driving this decrease and how we should be thinking about margins for the business going forward? So there are two main reasons behind this. One is, the reality that the Russian sanctions and Russian traffic going down had an impact on Havaş profitability because Russian charters were also one very profitable part of the high EBITDA margin part of Havaş business. So this is one side. So as Russian business comes back, we can see an improvement of those margins. The second one is the labor-intensive nature of the business. As you know, Havaş is a ground handling company, so it's almost predominantly blue-collar, minimum wage employees.
It's very sensitive to Turkish lira wage increases. As you know, the minimum wage increase in Turkey was 49%, for example, for this year. So we are adjusting for this effect with price increases, but it comes with a lag, so we cannot do it immediately. Now we are, you know, adjusting, constantly adjusting our, airline agreements to have, clauses for increases linked to minimum wage and linked to inflation. So we have guided for a strong year in Havaş with increase in EBITDA margin and EBITDA absolute numbers for 2024.
Okay. Continuing with the next question. Could you please update us on any new projects that you are currently considering and any, any potential associated investments and timing in relation with them? In terms of the new projects, the most concrete projects that we are working on are Montenegro and Kuwait airports. Kuwait airport project is an O&M contract, and it doesn't require any investment because the airport, the terminal, is under construction at this moment. Once it is completed, the authority is asking an operations and maintenance contract to manage the assets. So that's of our interest. The other one is Montenegro. In Montenegro, we will have some investments. We may see some development in these potential projects in 2024. In Montenegro, there is a new government in place. We were qualified for this project back in 2020, early 2020.
With the COVID and changing governments in Montenegro, the project was at stall. Now, the new Prime Minister decided to continue. That's why we expect to have some developments in the tendering of these projects.
Next question. Do you have any imminent plans to come back to the bond market? We don't have any imminent plans. Currently, we are all fully funded for our projects, and our cash flow is on track. So it will mostly depend on new projects and new requirements of financing, which we don't see imminently. But if there's a need, we would be happy to go back to the bond market again. Next question. This is from Görkem Göker, Yapı Kredi. Are there various anomalies we see in the margins after COVID-19 have completely disappeared, or are there some permanent changes that we should take into account in our models? We can say that they have mostly disappeared, so we are coming to a more normalized margins. But I mentioned already that there is a change in the breakdown of the businesses, which is there to stay.
So the growth in service businesses, it's a reality. It's there to stay. So, this is not a temporary phenomenon. I mean, that we see these service businesses growing. So we wouldn't expect the margins to, imminently go to 40%-45%, which a pure concession player would enjoy if we were just an airport operator or a terminal operator and just run, I don't know, Antalya, Ankara, Izmir airports. That would have been the margins, maybe. But with the service businesses, this is a more, diverse, business. So the margins are, here to stay, but, of course, would improve with the operation leverage and with the growth.
So the next question is, how many new airlines do you expect, that would start flying to Turkey in 2024, especially to Antalya, and how much additional capacity you foresee from airlines other than Turkish Airlines and Pegasus? We would expect to have, new airlines, of course, flying to Antalya. I mean, in terms of number, the expectation is minimum of 10 new carriers to come to Antalya. The additional seat capacity is around 10% that we expect to come from, the airlines other than Turkish Airlines and Pegasus. As you may know, Turkish and Pegasus is not serving heavily on Antalya. We are more dependent on charter and tourism traffic. That's why we expect this 10% additional capacity mainly from the foreign carriers.
Next question. What are the core drivers of the revision in your mid-term revenues and EBITDA guidance? I think we tried to answer this during our presentation as well. The core drivers, on one side, there is the passenger growth, as explained, and on one on the other side, there's the services service businesses growth. Plus, there will be the commercial revenue growth. So all of this together, make the reasoning for the mid-term revenue and EBITDA guidance, upgrade.
The next question coming from Sean Thompson from TCW. How do you see the current conflict in the Middle East impacting TAV's tourism traffic? Are any of your airports particularly vulnerable? As you know, we do not operate Istanbul Airport since 2019. In Turkey, Istanbul is the main gateway for transfer passengers as well. We have some traffic from Israel in Antalya Airport, mainly at Antalya Airport. It's not too significant. However, for Antalya, we have another diverse traffic coming from the Middle East. Normally, we had Middle Eastern traffic coming to the cooler destinations in Turkey. It changed a bit last year. So we have traffic coming mainly from UAE and Saudi Arabia to Antalya. We see that this will continue growing. So we expect that the net of Israel flights will be through the Middle East. That's why we don't see any possible fallout in the passenger traffic.
Another question coming from Vittorio Carelli from Fitch Ratings. Is there any M&A insight? As said earlier, for 2024, we are getting prepared for Montenegro and Kuwait projects because these are officially announced. Montenegro is in process. We are expecting the request for proposal to come out in the next three-six months. For Kuwait, there is a tender continuing. It has a deadline in April. So we are getting prepared for Kuwait O&M as well.
Thank you very much. These were the end of the questions. Thank you for listening, and thank you for interest. See you later.