TAV Airports has shared its financial and operational results for the first three months of 2025 with the public. The company served a total of 17,8 million passengers during this period, increasing its consolidated turnover to 379 million euros. While evaluating the first quarter performance, TAV Airports CEO Serkan Kaptan stated that they achieved a turnover growth above the increase in passenger numbers, and emphasized that price adjustments, increased commercial spending, new commercial areas opened at Almaty Airport and the new project launched by TAV Technologies in Qatar were effective in this success.
Significant Increase in International Traffic Recorded
TAV Airports’ consolidated turnover in the first quarter of 2025 was 379 million euros. The company’s international traffic increased by 5 percent compared to the same period last year, reaching 9,8 million passengers. Domestic traffic increased by 4 percent in the same period, reaching 8 million passengers. These figures show that TAV Airports has achieved a stable growth trend in both international and domestic markets.
The Effect of Seasonality and Summer Season Expectations
TAV Airports CEO Serkan Kaptan, in his assessment of the first quarter results, stated that seasonality, a natural feature of the aviation sector, had a significant impact on the results. Kaptan stated that the weather conditions in Antalya, which were below seasonal norms, the Easter calendar and the Ramadan Feast traffic affected the first quarter performance. Kaptan, reminding that 13 percent of annual international passengers were hosted in the first quarter and 39 percent in the third quarter, expressed that they expected the summer season to be lively. This expectation reflects the company's belief that it will exhibit a stronger performance in the rest of the year.
Capacity Increase and Financing Agreement at Antalya Airport
Noting that the terminal and airside investments they made at Antalya Airport were completed as of this month, Serkan Kaptan announced the good news that they will increase the airport's capacity to over 80 million passengers within the concession period with the planned additional investments. Kaptan emphasized that they will continue to host their guests and create value for their investors in Antalya, the largest tourism destination in the Mediterranean. He also announced that they signed an agreement with banks for the long-term project financing loan of Antalya Airport. This financing agreement is seen as an important step towards achieving the capacity increase targets at the airport.
Ankara Investments Are Progressing According to Schedule and Progress is Being Made in Solar Energy Projects
Serkan Kaptan stated that their investments in Ankara are also progressing according to the planned schedule and that these investments are expected to be completed in the second quarter. Noting that they have made significant progress in solar energy projects as part of their long-term commitment to environmental responsibility and operational efficiency, Kaptan added that the construction of solar energy plants in Bodrum and Izmir is continuing according to schedule and is expected to be completed in the second quarter of the year. These projects will play an important role in TAV Airports achieving its sustainability goals.
Turnover Increase Outpaced Passenger Increase
Serkan Kaptan, who stated that they closed the first quarter with an 18% increase in turnover, above traffic growth, detailed the main reasons behind this success. Kaptan stated that price adjustments, the increase in commercial expenses, the new commercial areas opened at Almaty Airport and the new project that TAV Technologies started to carry out in Qatar were effective in the turnover increase exceeding the passenger increase. However, he added that due to the dilutive effect of this new project on margins, one-time revenues that contributed positively to the profit before interest, depreciation and tax (EBITDA) item last year and factors such as inflation in the Turkish lira, EBITDA growth remained below turnover growth in the low season.
Non-Cash Impact on Net Profitability and Dividend Distribution Intention
Serkan Kaptan drew attention to the fact that the non-cash impact of 40,1 million euros under EBITDA in the first quarter of this year suppressed net profitability disproportionately during the low season. However, he emphasized that the company's net debt did not increase despite the investment periods and remained constant at 1,8 billion euros. Kaptan shared important good news with investors, announcing that the Board of Directors intends to distribute dividends from the 2025 net profit. He stated that the decision to start distributing dividends again means that another important threshold has been crossed for the company. This statement is considered an indicator of TAV Airports' financial strength and understanding of valuing its investors.
In conclusion, TAV Airports’ strong performance in the first quarter of 2025 demonstrates the successful implementation of the company’s growth strategy and increased operational efficiency. The steady increase in passenger numbers, significant increase in turnover, ongoing strategic investments and the announcement of dividend distribution intentions support TAV Airports’ positive expectations for the future. It is anticipated that the company will continue to provide quality service to its passengers and create value for its investors by strengthening its leading position in the aviation sector.
