Ladies and gentlemen, thank you for standing by. I am Kelly, your current call operator. Welcome and thank you for joining the TAV Airports Investor Day live webcast to present and discuss the full year 2022 financial results. At this time, I would like to turn the conference over to Mr. Franck Mereyde, Executive Board Member and Chair of Executive Committee, and Ms. Burcu Geriş, Deputy CEO and CFO. Mr. Mereyde, you may now proceed.
Thank you very much. Good afternoon to all of you. First, I wanted to share with you how sad all of us we are after the dramatic event which happened in the country, in the southeast of Turkey. We are with all our colleagues strongly involved also to bring all the support we can do. We have volunteers in all companies. We are seeing also the strength of our group because we are looking people from BTA producing food. I think we have produced more than 70,000 meal since the beginning. Friends and colleagues from Havas involved in ground handling and logistic, helping to load and load aircraft. Colleagues of TAV Security following what is happening on site and other companies which are less able to bring direct support.
We have volunteers working with the others to bring support. We have people from TAV Technologies in IT or Hospitality and Lounge working together with people of F&B to work. It's the saddest event I ever seen. We ever seen, I think. What we can do is, of course, to pray for the family, for the people, and do our best to bring as fast as possible support to people who are in the pain. We are at a national multi-local group. Today, we are strongly focused on southeast of Turkey because a lot of colleagues has friends, family, relatives there, and this is a strong focus. It's unrelated to financial, but it shows so that in this period also our group is a strong family.
Our big shareholders also like ADP's organizing also support through their foundation. We are focused to bring all support we can. In the first day, main focus was food. We have also our firefighters and some people well-trained who went to bring support for rescue. Nowadays, we are more bringing support for hot meal and looking how we can bring support for housing to allow people to find a safe place to stay. All teams are. We are still running the business, but as an also very operational team, we are managing and doing our best to support people in this terrible crisis. I will move to the 2022 results. 2022 results. When we look at the financial performance, we are always benchmarking us to 2019.
From financial perspective, if we exclude Atatürk Istanbul Airport closure, we are exceeding. It means that we have a full recovery from a financial perspective compared to 2019. In 2022, we also won the new tender for Ankara. It mean that we have now the maturity of Ankara is until 2050. During the previous three years, we are focused to renew our portfolio after this closure of Atatürk Airport. We brought in the group three strong deals. One of them is Almaty, which allow us to diversify our portfolio but stay on a margin market. Second is Antalya, which is a very strong asset in our portfolio. We know it very well. We had a short maturity. It is extended by 25 years till 2052.
The last one with a very short maturity was Ankara. We are successful to provide the best offer and to secure Ankara till 2050. It mean that all in all, we have increased a lot the maturity of our portfolio, and we are net clearly over 30 years now. It was a huge effort for all parties, our teams, of course, to manage, to do handover. This with the support of all our shareholders, because this, we are focused for the last three years to renew the portfolio and provide growth for the coming decades.
If I go more in the detail on the number, in 2022, our revenue, are EUR 1.05 billion, EBITDA EUR 322 million, net profit EUR 122 million, which is about above what we were expecting to do, thanks to a strong recovery of the traffic of passengers. Even with the war where we have lost significant part of some market, big market like Russia and Ukraine, the resilience of the portfolio and the asset on the other market, has allowed us to support this growth.
Our midterm, let's say, target is in the future, thanks to this new portfolio, to have enough organic growth to reach the strong performance and result we were able to deliver in 2018 regarding EBITDA and net profit. At the end of 2022, we welcomed 78.5 million passengers, and we expect for the coming two, three years a growth of 10%-14% regarding our portfolio. Regarding the EBITDA, we expect 12%-18% growth until 2025 for the EBITDA growth. If I highlight a little bit our strategy, our strategy is not only increase the maturity of the portfolio with new projects in area where we know very well the market, but also to have a strong focus on hospitality.
It allow us to deliver a very good service in B2C and to be well-recognized by states who award us as an airport concessionaire. About digital, we have a strong program for digitalization on the coming three years with the support of TAV Technologies, our IT company, who is producing software for airport. We're doing more revenue out of our network than for our own network. It means that what we are doing, we are using all the scale effects from this. ESG and especially sustainability, we have a strong focus on carbon emission. Regarding carbon emission, we have two pillars. One is to reduce our consumption, the other one is to increase renewable energy in our portfolio. We have many assets, especially in Turkey, with very strong opportunities regarding the sun.
It means that our target is to use much more solar panel. According to Turkish regulation, it's very easy to implement Turkish solar panel as soon as it's to cover our needs. We expect to be able to produce by ourselves, most probably around 30% of our needs of electricity in the coming two years, let's say, thanks to solar panel implementation, mainly on site, on the roof of buildings, terminals or car park or in the vicinity of our airport. If I do an highlight on the service companies, I mention them quickly. They support us a lot through TAV OS, which is promoting lounge and meet and assist all premium services on airport. TAV Technologies, second one for digitalization.
I will not mention the other, but the big one, is of course Havas, which is a strong contributor also to our performance. All of them together allow us to have a footprint in 108 airports in 29 countries. It help us to follow the best trends, to improve ourselves and to bring better solutions for ourselves and to have scale effect by selling our solution to third parties. I will do a comment and highlight regarding our dividend policy. Our dividend policy, the rule is to distribute half with a 50% payout ratio as soon as we are in a regular trend. Except this rule doesn't apply if we are in a period where we are able to manage a strong growth with strong investment to prepare the long-term development of the company.
What we have done with the three projects I have mentioned, and we'll come back on them, it's a way to secure and replace what we used to have in Istanbul by three strong assets with long maturity, emerging market, very good growth, and more diversified than what we used to have before. Strong focus also with Antalya on tourism market, and we see that touristic market is very resilient. It's not easy to replace a holiday that's under the sun by a Zoom meeting. Regarding the introduction, I think it's the main significant topic. If we look at the distribution of our revenue and between Turkey and other countries, in 2019, we are 57% inside Turkey. Today, we'll be at 37%.
It means that we are, this is part of our diversification and still an emerging market. We have now with, Almaty, which is the new one in the family, enough feedback to see that the growth is here. It's also diversification because it's a strong asset in cargo. We'll come back on this topic. It means that it allow us to enjoy the trade between, let's say, Asia, Europe and Africa. I give the floor to, Burcu.
Thank you. Good afternoon, everybody. I would like to continue with some details on our financials. As Franck mentioned, it was a good year for TAV. We have recovered financially, back to our 2019 figures. Our revenues were up 101% from last year to EUR 1.051 billion. If you compare with 2019, this is a 40% increase. If you compare the fourth quarter, it's 81% increase compared to 2019, same period. Our OpEx, I think despite the inflationary pressures, we were able to manage our OpEx quite well. We are at EUR 729 million, but this shows only 3% increase compared to financial year 2019.
We should also note that EUR 248 million of it comes from Almaty, just to make sure that we are, you know, apples to apples comparing. Our EBITDA as a result ended up at EUR 322 million, which is again 115% increase year on year. Compared to 2019 is 15% above. One quarter of this EBITDA is coming from our, you know, newcomer, Almaty, which showed to be a good investment from day one. One fourth of our EBITDA is due to our Almaty, which has recovered really well in terms of traffic and also had a really good cargo traffic as well.
If you come down to our net profit, we are at EUR 122 million, which, you know, comes on the back of a good EBITDA generation after the financial expenses. This is a 173% increase. If you compare this to 2019 ordinary income, which was EUR 75 million, you will see that this is also a huge increase. Our CapEx was EUR 175 million, most of which is coming from Almaty, which we had already guided for. Our net debt obviously has increased due to all the investments we are making. We're at EUR 1.6 billion. I must mention that in this net income, there's also the Almaty minority put and deferred payments. EUR 100 million of it is coming from there.
Our net debt to EBITDA is at five times. As you know, our guidance for 2025 is that it normalizes to between 2.5 to three times, which is a very sustainable level. It could even be higher in an infra company. We are seeing that it is normalizing faster than we thought. We were thinking we would be at six times this year, but we are at five times our EBITDA. Which shows strong cash generation, and the net debt to EBITDA is improving by this. The number of passengers Franck mentioned was 78.5%, 50 million, 78.5 million, 50 million of which is coming from international, which is a good breakdown.
As you know, in the past, this was more towards domestic passengers when we were operating Ataturk Airport. We had a lot of domestic and transfer passengers. Nowadays, when you look at our portfolio, you see that 2/3 is coming from international passengers, where we make most of our income, actually. Our duty-free spend per pax has been flat. It's at 8.9 EUR, which is a good level. Just to highlight again on slides four and five, this, since the second quarter, we have been surpassing our 2019 figures by double-digit numbers. It is very striking that, for example, for the financial year 2022, if you look at financial year, we, our net income is 68% above our year 2019.
Three, four. This is despite, you know, COVID and war and all of the negative consequences of which has happened. We have, I think we have come through the COVID even more strengthened financially in terms of our balance sheet and our PNL. We have shown that this will be on a sustainable basis, and we showed that in our guidance, we see the improvement as well. I think we can move on to maybe some more details on the passenger numbers. I will pass the floor to Franck again, if he wants to give maybe on page seven, eight, nine, he can talk about some passenger details.
Thank you, Burcu. Regarding the passenger, all of us, we need to have in mind that international passenger, regarding financial contribution, are much more important for us than domestic because passenger fee are much higher and we have also duty-free revenue and people stay longer in the airport. We have more F&B, food and beverage revenue. When we look at the recovery of international passengers, I'm on page eight even, we are close to 91% of recovery. The question could be: What about domestic? If we look at some markets like Turkish markets, if airlines, They need aircraft to fly. Last year, it was in many countries, difficulties for carrier to find the aircraft to follow the demand.
What we have seen is that some big carriers who are involved in domestic and international have moved some capacity to be allowed to fulfill the needs and the demands on international. It means that if domestic is a little bit weaker, from our perspective, it's a good move to have a shift from domestic to international passengers. In the portfolio, I mentioned quickly, we need also to look at the cargo through Almaty. That's why for Almaty, we are looking at ATM, which is a traffic movement, aircraft traffic movement. It's part of the resilience of a new portfolio because cargo is not following exactly the same trend and not bringing the same opportunity. Since the sky over Russia is closed, many carrier are also using south connection.
We are in a very, one of the best location between Asia, Europe and Africa. We believe also that in the future, this platform will stay a very strong location. Our team has worked also on good development business. It's not only to enjoy what is coming by itself, but the job of our teams allow us to catch more opportunity regarding cargo. Strong recovery on international. Little bit lower for domestic, but it's from our perspective, a good shift regarding the financial aspect. Regarding Antalya, Ankara, Almaty, sorry, strong growth supported also by cargo. If I move to page nine, you will see also more details. I will comment Antalya. Antalya for international, we are at 88% recovery. 88% recovery, including the negative impact of Russia and Ukraine war.
We have seen a very, very strong growth with number higher than 2019 with Western Europe and other markets like Central Asia and Middle East. Western Europe, with countries like Germany, U.K., is performing very well, and it shows also the strong resilience of Antalya asset. One quick comment, if you look at the lower numbers, one of the lower is Gazipaşa, but Gazipaşa is very close to Antalya, and we should consider that it's kind of bundled working together, where in Antalya also we have a good revenue per pax. Medina is different profile of course of market, is again, part of our diversification of the portfolio. Has the recovery has started later, but now we are seeing a strong recovery.
Meaning that the whole portfolio is coming back. The only one which is below now is Tunisia, but it doesn't weight so much in the portfolio, and we have long maturity, 2047. We expect that in the future, it will come back for sure, it's question of time, and it's not a big part of the portfolio. Slide 10, you can see also the impact of cargo in Almaty with more than 100% growth compared to 2019. You can see also the contribution to the EBITDA of TAV of Almaty, which is fluctuating according to the season, but also with less seasonality than other assets. Which help us to stabilize our cash flow all around the year and our portfolio.
Page 11, a focus on what we are doing in Almaty regarding the CapEx. We bought the airport, but also we are investing to increase the capacity. We will increase the capacity. It will open in 2024. With this new building, which will be connected with the previous one, we'll use both. It will allow us to provide better, much better customer experience. A high level of aircraft in contact using jet bridges to the airport, using both terminals. Also in the current one, it was part of a deal. We were not able to have a duty-free. In the new one, we'll have a nice significant duty-free area, which will be operated of course by, we will get and we will enjoy all the benefits from this area.
Which means that we'll support the capacity, but also the revenue per passengers, thanks to this additional revenue from duty-free, plus food and beverage. We are doing part of food and beverage today. Tomorrow, we have more space to deliver, to offer various concept. We expect also a growth, not only thanks to the number of passengers, but thanks to the revenue per passenger. I will move to slide 12. Slide 12, you can follow the recovery of Antalya, which is also one of the three big improvements we have done in the last three years. I will not go into details to comment all of them, but it show the strong recovery even if we have this impact on some area.
Slide 13, the construction is moving well, on time, fast, and we'll extend Antalya as it was expected in the tender to open it in 2025. We'll extend strongly the Terminal two. You will see the picture on this slide. You can see the progress of the construction. Again, we'll implement a very strong and much bigger and really up-to-date commercial area with better customer experience and also improving our efficiency from green energy. We are working to implement solar panel capacity on the roof of this building, at least. It's part of the project, and we are looking at other location on the airport to increase this. The benefit of solar panel energy payback is short. This day, we can see payback around three years.
It will be implemented active for the opening in 25 of this new facility. Page 14, Ankara. Ankara, two part again. The upfront payment to the state and the CapEx. The CapEx will be more focused on airside. Ankara is more focused on domestic, but very resilient traffic, regular. Again, I think kind of part of a diversification. We know very well this asset, meaning that all OpEx are really well managed, and it will stay. At the same time, knowing that we will stay for a while, we are now implementing our the same strategy regarding improvement related to customer experience and energy with solar panel. We'll do it before 25. I will give back the floor to Burcu.
Thank you very much. I mean, we can look at actually we have these slides about our subsidiaries, details, but I won't go too much into detail because we already talked in general. I can say that Havas, our ground handling company has despite, again, the Russian-Ukraine issue, in Antalya, it has still had much better results than we had budgeted for. Its margins are still at a good level for the, I mean it's around 30% margins. TGS also had an excellent year as with Turkish Airlines flights growing. Because we get this question a lot, how we deal with inflationary pressures.
Luckily, most of our revenues are hard currency based, our TL OpEx is also somewhat, some part of it is protected from the inflation pressures. The TL revenues, we were able to reflect the inflation. I mean, for BTA, for example, we either have euro pricing and also we were able to reflect the food inflation and the euro rates on this. On Havas, we were able to have on our TL-based contracts, we were able to renegotiate the contracts and link it to inflation. We were somewhat protected from the inflationary pressures from on the Turkish lira side. On the FX-denominated ones, as I said, we were already somewhat immune. For ATÜ, I already mentioned during SBP, we had a good SBP level.
I must mention that in iGA we had an excellent year in the new airport for ATÜ boutiques and bazaar concept. There was an excellent year due to this demand for luxury goods and bazaar goods. For BTA, it had a great turnaround from the COVID period, and it emerged really strong with the financials. Now, we can say our service companies, such as BTA, TAV Operation Services and TAV IT, they have become around EUR 100 million revenue generating each and EUR 15 million EBITDA almost. I mean, I'm giving round numbers. EUR 15 million EBITDA generating each companies. They grew from very small companies. I mean, we, I think there's the sometimes we get the question why we have it in the other section rather than re-report them on a one-by-one basis.
Now they have grown so much that we may start reporting them on separately. They have somewhat the definitely additive impact on the EBITDA. They are each making EUR 15 million EBITDA, which adds on to the consolidated EBITDA. One of the impact is the margin dilutive impact, so that as their revenues increase and their share in the revenues increase, but their margin obviously since they are service businesses, are around 10%-15%, they have a margin dilutive impact on the overall EBITDA margin. Hence, we will discontinue and Franck will talk about our guidance in a bit. We will discontinue giving an EBITDA margin guidance because we think now it's kind of meaningless to give it just a standalone EBITDA margin guidance.
What's most important is the absolute EBITDA number growth, which is in fact happening. We are seeing that this EBITDA is really strong and it's growing substantially and consistently. I would like to talk a little bit about the debt structure, in fact, on page 22, because I think it's important, since we have for the first time last year, we have given a long-term guidance for 2025. The idea behind that was because we are in an investment phase, we didn't want to plus, due to the impacts of COVID on our EBITDA, we had unprecedented high levels of net debt to EBITDA for a couple of years. We wanted to guide our investors that this is a temporary phenomenon and it will be normalized in a very short timescale.
I think by giving 2022 numbers, we have shown that this is really happening. For page 23 shows the breakdown of our debt, our net debt to EBITDA stays at 5x our door to door maturities around seven years. Average maturity 4.6 years. One important question we get sometimes from investors or analysts is that, you know, are you impacted by this interest rate increase in the environment where Fed and ECB have increased the rates very fast, in fact, faster than we have ever seen compared in the last 12 months. I think we have seen, I was talking about the debt maturity and the interest rate increase impact on our financials. I'm happy to say that 78% of all our loans have fixed rates.
We had already had IRS and fixed those rates. Only 22% of all our loans are floating rate, and this has a limited impact on our financials. We have seen the advantage of fixing the rates for our project finance and other loans. One more thing I would like to mention is our CapEx related to... This, the CapEx obviously is the reason and the rationale behind all this debt. We are investing heavily, and we will be investing heavily for the next two, three years in Antalya, Almaty, and Ankara. These three projects are forming our CapEx. Antalya, obviously, since it is not consolidated, you don't see it in our CapEx numbers, but it is impacting our net debt in terms of our equity.
Our cash CapEx was EUR 175 million for the year 2022. One more issue we get more questions is again, about inflation and how much. I touched upon this briefly, but if we were to go on page 25, we can see in more detail what % of our revenues are indexed to inflation and what % isn't. We can see that in most of our almost 88% of our revenues are, in one way or another, linked to inflation. We can reflect inflation in our revenues, which we see in our costs. Only fixed item is the passenger fees. These are also linked to the concession fees, which are also fixed. In fact, we are kind of on a natural hedge on that level.
I would like to pass the floor back to Franck to talk about last year's guidance and next year's guidance.
Thank you, Burcu. For 2022, when we look at our guidance and what was delivered, we have exceeded the revenue. The high part of the guidance was EUR 1.01 billion, we reached EUR 1.051 billion. Passengers we exceed a little bit, international a little bit. If I move to EBITDA, we reached EUR 322 million, which also higher, and net income higher. Burcu mentioned a little bit, we have also a significant part of revenue coming from non-pure airport revenue, let's say, like service companies or service we provide. That's why it could change the ratio between when we look at EBITDA margin, it could change. If we look and if we are focused on revenue and EBITDA, we see clearly that revenue increase, EBITDA increase.
For 2023, we are moving to guidance in EBITDA rather than ratio to be more clear and to catch better this diverse part between high EBITDA margin with significant CapEx and low EBITDA margin with low CapEx, classic airport activities and services. For 2023, what we plan and expect is revenue in the range of EUR 1.23 billion-EUR 1.29 billion. I will focus on also net debt to EBITDA five to six. As Burcu mentioned, in 2025 we expect to go down to 2.5 to three, because we are at the peak of investments, CapEx and also upfront payment to states.
In CapEx, you can see that CapEx are increasing because we are building new capacity to prepare the EBITDA and net income of future years. For 2025, I think what it's important to keep in mind is that our availability to decrease this net debt to EBITDA and this growth of the traffic which we expect. For the coming three years, we believe that regarding the worldwide trend, our portfolio and its diversity, we are confident to deliver this guidance. I go back quickly again on dividend policy. I mentioned that because of this huge investment, this new page we are building all together to create the revenue of the future, we are investing a lot in a period where borrowing money is more expensive.
The board of director of the company will propose not to distribute dividend in 2022, considering that it doesn't make sense to borrow at very high price when we have this level also of debt. Main expectation is to have TAV as it is part of our strategy, first word of our strategy. We are a growing company. Our strategy is growth in a sustainable way. It means that we will reduce, we'll grow in revenue, in passengers, in EBITDA net profit with less carbon impact, more better customer experience, thanks to a strong digitalization. In a nutshell, this is our strategy based on growth, and the way to reach this is this new portfolio, customer experience, hospitality, digital and ESG with focus on environment and green.
At this time, this is in a nutshell what we wanted to say about our operations and financials, we can come to the Q&A session. Thank you for listening. I start with the first question. It's coming from Aytunç Uz from Ak Yatırım. Thank you for this question. It's a good one. All the questions are good, this is a very detailed one. The question is, previously you have provided EUR 190 million shareholder loan to Medina Airport. Have you collected this amount back? The short answer is no, not all of it, yet. The longer answer is, we have started collecting the interest, as of this year, we are also starting collected principles. It won't be paid in a one-off way, it will be paid off from the excess cash.
During the fourth, maybe, you know, you will remember we had announced it in the past when we restructured Medina Airport together with GACA and lenders. At that time, we had gotten a force majeure relief up to eight years whenever we catch up 8.1 million passengers. It, it will be any time up to eight years. From the looks of it looks like we are recovering faster, so it won't take eight years. It will either recover this year or next year. During the force majeure period, including this year, we have an excess cash sharing mechanism where we don't pay concession fees and all the cash is shared between most of it goes to the shareholder and some of it goes to GACA.
After this, all the excess cash, after debt service and concession payments are subject to dividend lock-up test are also paid, used to repay the shareholder loans. We are on a good track to get the repayment of these shareholder loans, you know, continue on to 2023 and 2024.
Next question is from Banu Dirim from Global Securities. Thank you so much for this question. The question is on purpose, very linked to the current event. We had seen an effect in touristic arrival after the 1999 earthquake. Do you expect a similar effect from the earthquake currently? The answer is that we don't expect a material impact. We don't expect the same effect. First reason is that in 1999, the earthquake was very close to Istanbul, and it has affected Istanbul. Regarding our airports, the closest to the earthquake is at 800 kilometers. Antalya is at 800 kilometers from Hatay, meaning that it's not the same area. If we look at other countries, it's even very, very far away. Distance is the first reason. Second reason is the timing. It happened in February.
The season, if we look at the closest one, which is at 800 km, the season starts really in May. In May, we expect that with time people will move forward. Regarding our customers who are coming from abroad and quite, let's say three, four hours by flight from here, for many of them, we expect that this should have a limited impact. Last comment is that Turkey is keeping a very good value for money offer in the market where tourism is still strong. It means that we expect to keep the attractiveness and competitiveness we have compared to possible other destination in the area. The next question is from Görkem Göker from Yapı Kredi. Is there any specific reason or problem behind the somewhat prolonging tender in Lagos, Nigeria?
Can you provide your latest expectation for potential contribution from the airport? Regarding Nigeria, we are in the tender. We are in the best position. What is happening is that there is election in Nigeria, the 25th of February, in the coming days. We believe that we are so close to the election, that it's the best and clear explanation why it's not moving now. It's not moving in any direction. What we have already disclosed is as soon as we have any information on this process, it will continue or we have new information, we'll disclose immediately to the market. For the moment, we are not saying anything because nothing is moving, and this process is still alive.
Next question is again from Görkem Göker. Considering relatively wider range of your guidance for 2023 than last year, both on volumes and financials, what plays the most influential role behind such prudent approach? In fact, we expect a strong 2023, as you can see from 23 guidance. Nevertheless, you know, the year also incorporates potential risks. You know, one such risk possible is the new developments regarding the war between Russia and Ukraine. You know, it could have an effect on Russian passengers, and we don't know. I mean, it is true that 2022 happened to be much better than our expectations. At the start of the sanctions issue, we were really scared that, you know, what would happen, whether Russian passengers would be able to come to our country and whether we would end up serving zero passengers, but we didn't.
Luckily, 50% of our Russian passengers were able to come, whereas, also, as Franck mentioned, all the other countries made up for the lacking 50%. To be prudent for still for 2023, not knowing the breadth of such sanctions and how they will end, when they will end, we wanted to still keep a prudent approach. Although, as Franck mentioned, we do not expect a material effect from the earthquake. Still we wanted to be prudent, and we wanted to be, make sure that the low side of the guidance takes into account any potential downside risk. Another one we thought about is, you know, there had been worries of an imminent economic downtown for some time.
You know, we've For a period, we were always talking about, you know, whether there will be depression in Europe, whether how deep it would be, and whether it would impact travel behavior. You know, which means that the European passengers were not able to travel or would not travel as much. We've seen that these worries are not as bad as it should have. I mean, it were scared off, so it wasn't as bad. We still wanted to incorporate some of that risk into our guidance. As you know, in the past, like 2020 shows this, we have given a prudent guidance, and we have upgraded it twice with the developments. As we know, we update it.
We don't want to overpromise and underdeliver, so we give a larger range, taking into account both downsides and the upsides. We are confident that, we'll have a good strong year, with good tourism, for 2023.
Next question is about duty-free and food and beverage revenue. Regarding duty-free, we don't expect a significant change on the revenue per passenger for the coming year. Later, when we'll open the new terminal in Almaty with a commercial area, in average we'll expect a very good impact. In Antalya, even if it's not consolidated, it's a big part of our also profitability. With a new T-two extension, we expect also to improve commercial revenue. The boost will be with new area, new offer, new shops, new concept. Regarding food and beverage, we are progressing, and we expect also we have seen some improvements this year. We expect improvement next year. We have changed some concepts, renew concept to fit more to the customer expectation.
Using euro-based pricing in Turkey is helping us also to avoid impact of inflation in the country. As Burcu mentioned, in Turkey we have more or less one-third of our business now for the consolidated part. The passengers fee, airport fee are in euro terms, the duty-free is in euro terms, and we have moved also the F&B in euro terms, more or less. It means that it's mainly a euro-based business in the country. These are the main topics. We expect improvement in F&B in short term and in duty-free we'll expect additional revenue at the scale of TAV Group after the opening of a new facilities.
Thank you. Next question is coming from Esra Şiriner from İş Yatırım. TAV has so much investments over the next three years. Are you experiencing difficulties in funding your investments in Turkey? Very valid question. In fact, given the circumstances, the macro tightness, it's a very valid one. Luckily, despite these circumstances, we, you know, I don't wanna say we have gone through the worst because, you know, the last time I said that was after, right after the bombing, unfortunate bombing in Atatürk Airport. Then I was talking to investors and said, "You know, what worse can happen?" Then fifteenth of July coup attempt happened. I don't wanna say, oh, it's the worst now. Still, we closed Antalya bridge financing where CDS was at record high.
Russian-Ukrainian War had just started. There was a lot of uncertainty in the market over Russian traffic. I'm talking about last January, because we won the tender of Antalya in December. We were trying to raise the financing in three months' time to make a huge down payment to DHMİ. At that time there was a lot of uncertainty. It has been difficult. We managed, and we managed to raise, at that time, EUR 1.2 billion. After closing of that, we managed to increase this bridge loan, together with the signing in of IFIs, who are about to sign in the next days. It will reach almost EUR 2 billion, which in this environment, raising EUR 2 billion in the for a Turkish airport is a big success.
It just shows that, regardless of the circumstances, and even though we are in difficult circumstances, for a good project, a good asset, good sponsor can still find loans under these circumstances. Obviously the cost of the funding is not ideal, as we would have liked, but still, under the circumstances, it was really good to be able to finance it. Since we are looking for good IRRs in this, in these projects, I think we have justified the cost of that. There's always a lot of interest in our projects. We can see that for our Ankara project as well. Now we have just started our works to raise financing for Ankara bridge, in the amount of around almost EUR 300 million. We see this continued interest.
In fact, some of the same investors, institutional investors who invested for Antalya are very happy with the performance of the sponsors and the assets, they want to invest in Ankara as well. Almaty, we had already closed it down and hedged our interest, in fact, just before the interest rates hiked. We didn't get impacted by that. We had closed the deal with the IFIs. I might say we are at a good space still with, on that side. Thank you for this question.
Next, next one is related to service companies, especially IT. Regarding service company, I will read the question. Other revenues under service segments significantly grew, driven by increasing number of software IT projects, I guess. Could you please give some details about how we should project other revenue stream and profitability over the next three years? For example, how should we project their share in consolidated revenue for the next three years? First, regarding IT, TAV Technologies is doing three jobs. One is to be part of airport construction to implement IT network. Two is to provide software. Third is to provide maintenance. The long-term and most lucrative part is, of course, software with a huge scale effect.
The benefit of the third one, which is part involved in the construction, it means that we are involved at early stage of new airport or new terminals. TAV Technologies is in very good position to propose to offer new software, and then we stay with the software. For the construction, there's a high volatility. It means that currently we have a big contract in Qatar, for example, meaning that revenue can increase by EUR 10 million one year, not the following year. We could have two big projects at the same time. It means for the moment, the weight in the revenue of the construction part is significant and creates volatility. We are investing a very nice and very good team to improve the sales.
It means that TAV Technologies has implemented solution in Panama a couple of months ago, in South Africa. We are doing much more business out of our network than inside, and we are growing. It's too early, we believe, to have a dedicated follow-up. We need to see the share of software higher and to see more less volatility. Regarding the lounge company, we have 86 lounge in 16 countries. It is the company of the group with the largest footprint. We are in Americas, Africa, Europe. With this company, what we have done and what is helping us to improve the performance of the whole group, we have improved their portfolio.
It means that they exit from some place which are too difficult. We get a new opportunity or new project in a better location, let's say. Burcu mentioned the range of revenue and the EBITDA we expect for each of them. At this stage, we prefer to keep them together, not because there is for each of them some volatility from one year to another, especially for IT, which is could be significant regarding the revenue.
Next question is from Erdem Kaylı from TEB. Can you update us about Almaty Airport? What is the revenue and EBITDA breakdown of the airport by segment? What do we expect perpetual EBITDA and revenues when ongoing investment complete? When we look at the full year 2022 financials, we see that, you know, non-passenger aviation revenues, including cargo, fuel, all of that, makes up three-fourth of the airport revenue. We have benefited from the closure of Russian airspace to some aircraft, so we are at a good area. Since we really provided efficient services, we were preferred airport for those cargo flights. We think that, you know, this will continue into the future, but we don't expect huge strong growth as it did in the past to continue as strong as it is.
Still, the fundamentals are there. The one-offs are small. There's still this really high revenue and EBITDA generation. There is this new opportunity with the new terminal, as Franck has briefly also mentioned. The new terminal will impact us positively because it will have the commercial revenues, especially duty-free, which is nonexistent right now, due to the current limited space and the structure of the operations. We will see that there are some low-hanging apples where there's nonexistent revenues, and those revenues and EBITDA will materialize. We think the future is bright for Almaty Airport in terms of growth. For the next question, can you give us color on aviation demand outlook? Do you think that pent-up demand has not been fulfilled during post-COVID?
Do you have any indication or forward-looking assumption for the high season of 2023? Franck touched briefly on our guidance and that we expect a strong season. We believe that there is still pent-up demand, not all of the demand has been satisfied, and it continues on to 2023. Our upper end of our guidance implies around 16% year-over-year growth. We do expect a strong 2023. The indications of it's evident in January traffic. In January, although it's not a high season, but still it shows that the trend, in fact. In January, we went 40% above 2019 international passengers.
This is a strong indication that 2023 will continue to be a good year, a strong year, and that Turkey is still very attractive and all the other markets that we are serving are still very attractive, including Georgia, Medina. Franck also mentioned Medina. We had seen a slower recovery, but then it caught up. And Georgia, other than the Russian passengers with, you know, not, notwithstanding the Russian ban, we have seen Middle Eastern passengers growth, really strong growth, and this continues on to 2023. This seems to be the end of the questions. Many thanks to everyone who listened, and hope to see you and this be together next time.
Thank you to all of you. Many thanks, and hope to see you soon.