TAV Airports Hits 113 Million Passengers as Profits Surge

TAV Havalimanları marked its 25th anniversary with a year of solid operational and financial growth, serving 113 million passengers in 2025, a 6% increase compared to the previous year. The company handled 75 million international travelers and 38 million domestic passengers, reflecting continued momentum across its diversified airport portfolio.

International traffic expanded by 6%, while domestic routes posted even stronger growth at 8%. Despite geopolitical tensions and fluctuations in the Turkish lira’s exchange rate, which put some pressure on demand, a shorter winter season provided a supportive boost to overall traffic.

Notably, airports outside Türkiye delivered a 9% increase in passenger volumes, underscoring the resilience of TAV’s geographically diversified network of 15 airports.

Revenue and EBITDA Outpace Traffic

Beyond passenger growth, TAV delivered even stronger financial performance. Revenue climbed 10% year-on-year to €1.823 billion, surpassing the pace of traffic expansion. Even more striking was the company’s 14% increase in EBITDA to €560 million, signaling improved operational efficiency and stronger margins.

Free cash flow surged by 44% to €223 million, providing financial flexibility during what management described as a heavy investment cycle. Despite ongoing capital expenditures, net debt declined 6% to €1.6 billion, reflecting disciplined financial management.

Net profit stood at €51 million, impacted by €119 million in one-off non-cash items.

Dividend Proposal Signals Confidence

The company’s board approved a proposal to distribute 50% of its IFRS net profit as dividends. The planned payout amounts to ₺1.3 billion, pending General Assembly approval.

Management emphasized that this distribution aligns with TAV’s dividend policy and demonstrates strong cash-generation capacity despite sustained investment commitments heading into 2026.

Strategic Expansions Strengthen Long-Term Position

In January 2026, TAV extended its operating agreement at Tbilisi Airport through the end of 2031. The Georgian hub’s capacity will be expanded beyond 10 million passengers under the extension agreement.

At Antalya Havalimanı, a newly opened terminal significantly boosted capacity and service quality. The airport, which TAV will operate until 2052, is expected to deliver an enhanced passenger experience during the upcoming summer season.

Meanwhile, investments at Ankara Esenboğa Havalimanı have been completed, marking the beginning of a new concession period running through 2050. New direct international routes are driving particularly strong foreign passenger growth in the Turkish capital.

Further east, the company launched a €315 million second-phase investment program at Almaty Airport, where traffic has doubled over the past four years. Construction of a new international terminal also continues at Medine Airport, reinforcing TAV’s footprint in key regional aviation markets.

Sustainability Drive Gains Momentum

Environmental sustainability remained a core priority throughout 2025. Renewable energy investments at Bodrum and Izmir airports have been finalized, enabling the facilities to generate 30% of their electricity needs from solar power.

All airports in the portfolio are now included in the Airport Carbon Accreditation (ACA) program, marking a significant milestone toward achieving carbon neutrality by 2030.