TAV Airports Holding Inc. (TAVHL) has announced its financial results for the second quarter of 2025, reporting a net loss of TRY 191.6 million. This result came in well below market expectations of a TRY 840 million net profit.
After posting a TRY 1.7 billion loss in Q1 2025, TAVHL managed to reduce its quarterly loss by 89%. The improvement was driven by strong sales performance, better operational margins, and a decline in one-off non-cash losses. However, high financing expenses and a sharp drop in monetary gains continued to weigh on profitability.
Financial Highlights:
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Net Financial Expense: TRY 2.5 billion in Q2 2025 (Q1 2025: TRY 2.2 billion)
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Monetary Position Gain: TRY 6.9 million in Q2 2025 (Q1 2025: TRY 34.5 million)
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Revenue: TRY 19.6 billion (expectation: TRY 20.2 billion)
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Gross Profit Margin: 41.48% (YoY +1.3 pts, QoQ +6.45 pts)
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EBITDA: TRY 6.3 billion (expectation: TRY 6 billion)
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EBITDA Margin: 32.5% (Q1 2025: 23.62% | Q2 2024: 31.45%)
Revenue increased by 35.51% quarter-on-quarter and 36.51% year-on-year. Key contributors to this growth included new commercial areas in Almaty, new food & beverage operations in Antalya, and new TAV Technologies projects in Qatar.
Six-Month Performance (H1 2025):
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Total Net Loss: TRY 1.9 billion
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Total Revenue: TRY 34 billion (YoY growth: 35.42%)
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Total EBITDA: TRY 9.8 billion (H1 2024: TRY 7.2 billion)
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Gross Profit Margin: 38.74% (YoY: unchanged)
Euro-Based Outlook (H1 2025):
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Revenue: €823.5 million (YoY growth: 12%)
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EBITDA: €236.7 million (YoY growth: 10%)
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Net Loss: €50 million
Breakdown of Losses:
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€72 million: Deferred tax expense
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€31.3 million: FX losses
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€7.5 million: Derivative transaction losses
2025 Outlook:
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Capital Expenditures: €140–160 million
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Almaty New Investment Programme (2025–2029): ~€300 million
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2025 Consolidated Revenue Guidance: €1.750 – €1.850 billion (2024: €1.660 billion)
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Total Passenger Target: 110 – 120 million (2024: 106.5 million)
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International Passengers: 75 – 83 million (2024: 71.2 million)
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EBITDA Guidance: €520 – €590 million (2024: €489.4 million)
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Net Profit: Expected to decline compared to 2024
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Net Debt / EBITDA Ratio: Targeted at 2.5x – 3.0x by end-2025 (2024 year-end: 3.52x)
Despite strong operational growth, TAVHL maintains a cautious stance regarding net profit due to high depreciation and interest expenses, potential risks from subsidiaries, and the strong performance of the Turkish lira.
