Turkey · Delayed Price · Currency is TRY Türk Hava Yollari Anonim Ortakligi Earnings Call Transcripts
Fiscal Year 2026
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Record quarterly revenue and strong passenger/cargo growth were achieved despite geopolitical disruptions and soaring fuel costs. Capacity was dynamically reallocated, cost controls and surcharges implemented, and long-term growth plans remain intact amid ongoing uncertainty.
Fiscal Year 2025
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Delivered strong growth and profitability in 2025, with revenues up 6% to $24B and net income at $2.9B. Outlook for 2026 remains positive, though geopolitical risks and fuel costs present uncertainties.
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Q3 saw record passenger numbers and strong growth in Asia and Africa, offset by softer demand in North America and Europe. Revenue rose 5% year-over-year, but profitability declined due to higher costs and cargo weakness. 2025 guidance maintains margin targets but lowers revenue growth expectations.
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Q2 saw 6% revenue growth to $6B, with strong passenger demand offsetting cargo weakness. Net income fell 25% year-over-year due to currency and tax effects, but EBITDA margin remained robust at 26%. Guidance for 2025 is maintained, with capacity and revenue growth expected.
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First quarter revenue hit a record $4.9B, but net income was -$44M due to inflation and currency headwinds. Passenger and cargo volumes remained resilient, with strong regional performance and ongoing cost controls supporting a positive outlook for 2025.
Fiscal Year 2024
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Revenue grew 8% to $22.7B, net profit rose 17% to $3.4B, and cargo revenue surged 35% year-over-year. Passenger capacity increased 8.2%, with strong growth in the Far East and Americas. 2025 guidance targets 6%-8% capacity growth, flat yields, and a 22%-24% EBITDA margin.
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Q3 revenue hit a record $6.6B, with strong cargo growth and 13th consecutive profitable quarter. Cost pressures from inflation and aircraft groundings persist, but liquidity and investment gains remain robust. 2024 guidance sees 8%-9% revenue growth and 24%-27% EBITDAR margin.
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Q2 2024 saw 10% revenue growth, a 49% net income increase, and strong cargo performance, despite yield pressure and operational challenges from engine issues. Capacity and fleet expansion continue, with robust liquidity and a positive outlook for the remainder of the year.