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TAV HAVALİMANLARI HOLDİNG A.Ş.
Earnings Release • Dec 9, 2025
5955_rns_2025-12-09_fa17b501-be26-42e9-bfc1-d28e8b99316d.pdf
Earnings Release
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Investor Bulletin
N o v e m b e r 2 0 2 5
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TAV TRAFFIC FIGURES (PASSENGERS)
| November | Change | Jan-Nov | Change | |||
|---|---|---|---|---|---|---|
| 2025/ | 2025/ | |||||
| 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | |
| Antalya | 1.698.193 | 1.769.044 | 4% | 37.115.885 | 38.085.216 | 3% |
| International | 1.163.245 | 1.181.826 | 2% | 31.196.755 | 31.641.284 | 1% |
| Domestic | 534.948 | 587.218 | 10% | 5.919.130 | 6.443.932 | 9% |
| Izmir | 830.374 | 954.101 | 15% | 10.684.207 | 11.730.787 | 10% |
| International | 262.231 | 284.031 | 8% | 4.556.673 | 4.793.064 | 5% |
| Domestic | 568.143 | 670.070 | 18% | 6.127.534 | 6.937.723 | 13% |
| Ankara | 1.001.052 | 1.138.027 | 14% | 11.905.403 | 12.825.057 | 8% |
| International | 230.603 | 291.855 | 27% | 2.946.754 | 3.320.785 | 13% |
| Domestic | 770.449 | 846.172 | 10% | 8.958.649 | 9.504.272 | 6% |
| Milas-Bodrum | 119.635 | 124.507 | 4% | 4.226.271 | 4.301.871 | 2% |
| International | 14.744 | 11.052 | -25% | 1.926.859 | 1.821.788 | -5% |
| Domestic | 104.891 | 113.455 | 8% | 2.299.412 | 2.480.083 | 8% |
| Gazipasa | 51.013 | 50.533 | -1% | 988.085 | 966.580 | -2% |
| International | 19.182 | 19.575 | 2% | 549.907 | 558.440 | 2% |
| Domestic | 31.831 | 30.958 | -3% | 438.178 | 408.140 | -7% |
| Almaty | 927.566 | 896.400 | -3% | 10.455.974 | 10.988.343 | 5% |
| International | 395.059 | 404.360 | 2% | 4.693.020 | 5.029.816 | 7% |
| Domestic | 532.507 | 492.040 | -8% | 5.762.954 | 5.958.527 | 3% |
| Georgia | 411.223 | 476.662 | 16% | 5.299.809 | 6.130.864 | 16% |
| Madinah | 984.892 | 1.145.178 | 16% | 9.800.826 | 10.604.163 | 8% |
| International | 721.677 | 880.654 | 22% | 7.367.439 | 7.939.914 | 8% |
| Domestic | 263.215 | 264.524 | 0% | 2.433.387 | 2.664.249 | 9% |
| Tunisia | 126.730 | 138.735 | 9% | 2.810.711 | 3.076.143 | 9% |
| N. Macedonia | 221.160 | 277.265 | 25% | 2.939.273 | 3.180.521 | 8% |
| Zagreb | 315.655 | 340.201 | 8% | 3.997.606 | 4.386.580 | 10% |
| TAV TOTAL | 6.687.493 | 7.310.653 | 9% | 100.224.050 | 106.276.125 | 6% |
| International | 3.847.431 | 4.267.362 | 11% | 67.872.531 | 71.420.288 | 5% |
| Domestic | 2.840.062 | 3.043.291 | 7% | 32.351.519 | 34.855.837 | 8% |
- ◆ Total number of passengers served in 2025 is 6% above 2024.
- ◆ International passengers served in 2025 is 5% above 2024.
- ◆ Ankara 2025 international traffic is 13% above 2024. Ajet has based two new aircraft in Ankara.
- ◆ İzmir 2025 international traffic is 5% above 2024.
- ◆ Almaty 2025 international traffic is 7% above 2024. Almaty November int. traffic affected by seasonality and dom. traffic affected by Pratt Whitney engine issues
- ◆ Strong demand for Georgia from Turkish, Israeli and Russian travelers
- ◆ N. Macedonia aircraft base has been upgraded from A320s (c. 183 seats) to A321s (c.239 seats) by November.
- ◆ Geopolitical developments have impacted traffic since June.
- ◆ Turkish domestic traffic supported by higher ticket price caps
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TAV TRAFFIC FIGURES (AIR TRAFFIC MOVEMENTS)
| November | Change | Jan -Nov |
Change | |||
|---|---|---|---|---|---|---|
| 2025/ | 2025/ | |||||
| 2024 | 2025 | 2024 | 2024 | 2025 | 2024 | |
| Antalya | 10.789 | 11.160 | 3% | 215.471 | 221.619 | 3% |
| International | 7.619 | 7.803 | 2% | 180.293 | 183.049 | 2% |
| Domestic | 3.170 | 3.357 | 6% | 35.178 | 38.570 | 10% |
| Izmir | 5.286 | 5.887 | 11% | 65.576 | 72.089 | 10% |
| International | 1.793 | 1.970 | 10% | 30.205 | 31.835 | 5% |
| Domestic | 3.493 | 3.917 | 12% | 35.371 | 40.254 | 14% |
| Ankara | 6.683 | 7.236 | 8% | 77.759 | 81.750 | 5% |
| International | 1.613 | 2.033 | 26% | 20.558 | 22.583 | 10% |
| Domestic | 5.070 | 5.203 | 3% | 57.201 | 59.167 | 3% |
| Milas -Bodrum |
752 | 761 | 1% | 26.434 | 26.676 | 1% |
| International | 122 | 98 | -20% | 12.796 | 12.261 | -4% |
| Domestic | 630 | 663 | 5% | 13.638 | 14.415 | 6% |
| Gazipasa | 347 | 354 | 2% | 6.581 | 6.213 | -6% |
| International | 126 | 145 | 15% | 3.477 | 3.430 | -1% |
| Domestic | 221 | 209 | -5% | 3.104 | 2.783 | -10% |
| Almaty | 7.469 | 7.310 | -2% | 83.100 | 87.402 | 5% |
| International | 3.907 | 3.817 | -2% | 43.149 | 46.081 | 7% |
| Domestic | 3.562 | 3.493 | -2% | 39.951 | 41.321 | 3% |
| Georgia | 4.526 | 5.168 | 14% | 49.350 | 58.584 | 19% |
| Madinah | 5.852 | 6.910 | 18% | 65.975 | 69.566 | 5% |
| International | 3.855 | 4.905 | 27% | 44.800 | 48.080 | 7% |
| Domestic | 1.997 | 2.005 | 0% | 21.175 | 21.486 | 1% |
| Tunisia | 885 | 942 | 6% | 18.880 | 20.511 | 9% |
| N. Macedonia | 1.825 | 2.012 | 10% | 23.595 | 24.481 | 4% |
| Zagreb | 3.860 | 3.804 | -1% | 46.125 | 47.887 | 4% |
| TAV TOTAL | 48.274 | 51.544 | 7% | 678.846 | 716.778 | 6% |
| International | 29.547 | 32.114 | 9% | 465.829 | 491.584 | 6% |
| Domestic | 18.727 | 19.430 | 4% | 213.017 | 225.194 | 6% |
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TAV TRAFFIC FIGURES (Jan – Nov 2025)
vs. Jan – Nov 2024
NON-TURKISH AIRPORTS (38 mPAX, +9%) TURKISH AIRPORTS (68 mPAX, +5%)
TAV TOTAL TRAFFIC +6% 106.3 mPax
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SECTORAL DEVELOPMENTS
| FOREIGN VISITORS BY NATIONALITY IN JAN-OCT (TOP 5 COUNTRIES) | |||||||
|---|---|---|---|---|---|---|---|
| Countries | 2025* | Share in 2025 (%) | 2024 | Share in 2024 (%) | 2023 | Share in 2023 (%) | |
| Russia Fed. | 6 391 093 | 13,53 | 6 249 998 | 13,21 | 5 838 203 | 13,21 | |
| Germany | 6 201 120 | 13,12 | 6 083 421 | 12,86 | 5 715 838 | 12,93 | |
| United Kingdom | 4 052 941 | 8,58 | 4 209 967 | 8,90 | 3 598 870 | 8,14 | |
| Iran | 2 552 483 | 5,40 | 2 763 367 | 5,84 | 2 087 720 | 4,72 | |
| Bulgaria | 2 310 486 | 4,89 | 2 453 261 | 5,19 | 2 418 313 | 5,47 | |
| Others | 25 744 191 | 54,48 | 25 546 750 | 54,00 | 24 541 135 | 55,52 | |
| TOTAL | 47 252 314 | 100,00 | 47 306 764 | 100,00 | 44 200 079 | 100,00 |
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OPERATING ENVIRONMENT
- ◆ Eurocontrol(*) expects 5.8% ATM CAGR in Türkiye, 5.4% in Georgia and 5.0% in N. Macedonia between 2025-2031.
- ◆ Airbus(*) expects 3.6% CAGR in global passenger traffic between 2024-2043.
- ◆ Boeing(*) expects 4.7% CAGR in global passenger and 4.1% CAGR in global cargo traffic between 2024-2043.
- ◆ Turkish Airlines(*) plans to increase fleet from 472 in 2025 to 800+ in 2033.
- ◆ Ajet(*) to increase fleet from 119 in 2024 to 200 in 2033
- ◆ Pegasus(*) fleet at 119 in 2025 to see 151 more gross additions until 2034
- ◆ SunExpress(*) (top int. airline for Izmir and Antalya) to more than double capacity, reaching 150 aircraft by 2033
- ◆ Air Astana (*) fleet to grow from 63 in 2025 to 84 in 2029, Kazakh propensity to fly expected(*) to triple by 2030.
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Contact IR
Ali Ozgu CANERİ
Investor Relations Coordinator [email protected] Tel :+90 212 463 3000 / 10545
Besim MERİC
Investor Relations Coordinator [email protected] Tel :+90 212 463 3000 / 10546
IR Website http://ir.tav.aero
e-mail [email protected]
Phone +90-212-463 3000 (10545-10546)
X x.com/irTAV
Address TAV Airports Holding Co.
Vadistanbul Bulvar, Ayazaga Mahallesi Cendere Caddesi
No:109L 2C Blok 34485 Sariyer/Istanbul
I R T E A M A b o u t T A V A i r p o r t s
In addition to airport operations, TAV Airports provides auxiliary airport services including duty free, food and beverage, ground handling, IT, security and lounge services. The company provided services for 107 million passengers in 2024. The Company's shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code "TAVHL".