TAV Airports lowered its 2026 passenger and EBITDA forecasts. While the revenue forecast was maintained, the upper limit for capital expenditures was reduced to below €300 million.
TAV Airports Holding Inc. revised downward its total and international passenger forecasts as well as its EBITDA forecast range in its forward-looking assessments for 2026. The company maintained its revenue forecast in the range of €1.88 billion–€1.98 billion, while revising its capital expenditure forecast to below €300 million.
Total Passenger Forecast Lowered to 112–118 Million
TAV Airports’ 2026 total passenger forecast, previously announced as 116–123 million, was lowered to the range of 112–118 million.
The company’s international passenger forecast was also revised from 78–83 million to 72–77 million.
TAV Airports served a total of 113 million passengers in 2025, including airports operated through joint ventures. Of these, 75 million were international passengers.
Revenue Forecast Unchanged
Despite the downward revision in passenger forecasts, the company did not change its revenue forecast for 2026.
TAV Airports’ 2026 revenue forecast was maintained, as previously announced, in the range of €1.88 billion–€1.98 billion. The company’s actual revenue in 2025 was recorded at €1.823 billion.
EBITDA Forecast Lowered
TAV Airports also revised its EBITDA forecast for 2026. The previously announced forecast range of €590–650 million was lowered to €580–630 million.
The company generated EBITDA of €560 million in 2025.
Capital Expenditure Ceiling Reduced
TAV Airports also revised downward its forecast for 2026 capital expenditures.
Capital expenditures, previously projected to remain below €330 million, are now expected to be below €300 million under the revised forecast. The company’s capital expenditures amounted to €201 million in 2025.
TAV Airports’ Revised 2026 Forecasts
| Indicator | 2025 Actual | Initial 2026 Forecast | Revised 2026 Forecast |
|---|---|---|---|
| Total passengers | 113 million | 116–123 million | 112–118 million |
| International passengers | 75 million | 78–83 million | 72–77 million |
| Revenue | €1.823 billion | €1.88–1.98 billion | €1.88–1.98 billion |
| EBITDA | €560 million | €590–650 million | €580–630 million |
| Capital expenditures | €201 million | Below €330 million | Below €300 million |
The comparative table on the first page of the document shows that the passenger and EBITDA forecasts were lowered, while the revenue forecast was kept at the same level.
Forecasts Are Based on Certain Assumptions
TAV Airports stated that its 2026 forecasts are based on the assumption that there will be no travel restrictions, force majeure events or adverse security-related developments.
The forecasts also assume that there will be no unexpected volatility in foreign exchange markets or other extraordinary circumstances, and that normal business conditions will continue.
The company noted that any deviation from these assumptions could significantly affect passenger numbers and financial results for 2026.
While joint venture airports are included in the total passenger forecast, they are excluded from the revenue, EBITDA and capital expenditure forecasts because they are accounted for using the equity method.
