TAV Airports Reports Record Increase in Profit for Q3 2025

TAV Airports Announced Its Third Quarter Financial Results for 2025

Sevcan Ersözlü/Bloomberg HT Research

TAV Airports announced a net profit of 6 billion TL for the third quarter of 2025. This result is 20% above the market expectation of 5 billion TL net profit. The company recorded a net loss of 191 million TL in the previous quarter, while it achieved a net profit of 3.8 billion TL in the same period last year. TAV's net profit for the third quarter of 2025 increased by 56% year-on-year. However, the financial burden continues to pressure profitability; net financing costs remained at 2.6 billion TL with a 20% year-on-year increase.

Strong Performance in Sales Revenues

TAV Airports' sales revenue for the second quarter of 2025 was 27 billion TL, which was 3% above expectations. This strong increase in revenue was driven by growth in passenger traffic, high spending composition, and new revenue streams. New BTA operations in Antalya and new commercial area revenues at Almaty International Airport played a decisive role in this increase. Gross profit margin rose to 47.20%, increasing by 5.7 percentage points year-on-year and by 2.3 percentage points quarter-on-quarter.

EBITDA Figures Above Market Expectations

TAV Airports' EBITDA for the third quarter of 2025 was 11 billion TL, which is above market expectations and showed a 55% year-on-year increase. The EBITDA margin rose to 40.81%. Total sales revenues in the first 9 months of 2025 reached 61 billion TL, growing by 40%.

Increase in Euro Terms

In Euro terms, TAV Airports' sales revenues increased by 13% year-on-year, reaching 1.39 billion Euros. EBITDA also rose by 14% to 467.4 million Euros.

Future Expectations

TAV Airports anticipates that investment expenditures for 2025 will range between 220-240 million Euros. The total investment in Almaty is expected to be 315 million Euros. Revenue expectations are planned to be in the range of 1.750-1.850 billion Euros, indicating 5-11% year-on-year growth.