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TAV HAVALİMANLARI HOLDİNG A.Ş.

Investor Presentation • Dec 10, 2024

5955_rns_2024-12-10_0a7f6cc0-3e2a-4b81-9bd0-40861a1f3255.pdf

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Investor Bulletin

November 2024

  • TAV Airports' capacity expansion investments in Almaty, Antalya and Ankara are progressing on schedule.
  • The new international terminal of Almaty Airport opened on June 1, 2024.

1

• The investments in Antalya Airport and Ankara Esenboga Airport are expected to be completed by the end of the first quarter and the second quarter of 2025, respectively.

ALMATY AIRPORT NEW INVESTMENT PLAN BACKGROUND

2

  • Kazakhstan has a very low propensity to fly. (room to double the aviation market compared to Türkiye)

  • Flag carrier (Air Astana) plans to grow fleet size 42% in the next four years.

  • Favorable demographics (58% below age 35)

  • Growing middle class (13k USD GDP/capita in 2023)
  • Almaty is the most populated city in the region.

  • 1.8 billion people within 5 hours of flying distance

  • Most preferred stop-over location between China/Europe for cargo flights

  • Air cargo is expected to grow faster than passengers globally.

ALMATY AIRPORT NEW INVESTMENT PLAN BACKGROUND

• Double digit international passenger and ATM growth between 2018-2025E despite the pandemic • 40% international passenger CAGR between 2021-2025E

3

ALMATY AIRPORT NEW INVESTMENT PLAN BACKGROUND

(*) without any tariff increases related to Almaty Investment Plan (*) 2025 EBITDA expectation is preliminary and subject to revision.

  • New major passenger airlines:
  • AirAsia X, IndiGO, VietJet, Jazeera Airways, Qatar Airways, Wizz Air
  • New major cargo airlines:
  • Sichuan Airlines Cargo, Asiana Cargo, DHL, European Air Transport, Myfreighter, Shandong Airlines Cargo, North Western Cargo
  • New major international routes:

  • Abu Dhabi, Doha, Cam Ranh, Xian, Bahrain, Kuala Lumpur, Daxing, Batumi, Ankara, Madinah

  • Since the acquisition TAV:

  • ✓ invested €226m in the new terminal and other various airside, cargo and fuel operations (new terminal with 14m+ capacity opened June 2024)
  • ✓ nearly doubled the number of destinations
  • ✓ increased passenger airlines from 24 to 37
  • ✓ increased cargo airlines from 9 to 16
  • ✓ increased passenger traffic 72%

ALMATY AIRPORT NEW INVESTMENT PLAN

  • Due to strong past and expected growth in Almaty (which is not a concession) and the accumulated depreciation of the airport, the airport needs the following investments to be made in the course of the following 3-4 years: 5
  • Runway rehabilitation
  • New taxiway
  • New parking stands
  • Ground handling equipment & facilities
  • New airside equipment
  • Cargo apron
  • De-icing pad
  • Staff facilities
  • Jet fuel infrastructure investments
  • Renovation of the old (domestic) terminal

  • IT systems

  • Impact on 2025-2028 Capex:

  • Almaty investment plan is expected to total between €150m-€300m spread out over 3-4 years between 2025-2028. The investment is expected to be financed with internally generated cash of Almaty and Almaty's project finance capex tranche with no equity/shl contribution from Holding.
  • The size of the investment program is aimed to be updated at the February 2025 board meeting.
  • A favorable outcome on tariff negotiations will be a major determinant of investment size.
  • Impact on EBITDA in 2025 second half and onwards:
  • TAV Airports believes that it will deserve to earn a tariff increase as a result of the investment program upon negotiations with the stakeholders. (Tariff increases were earned through the new terminal investment between 2021-2024)
  • Almaty tariffs are still at very low levels compared to peer airports.
  • If TAV Airports' base case tariff proposal is accepted, a permanent EBITDA level boost of 13-15% is expected at Almaty starting with 2025 second half EBITDA. (i.e. Almaty's EBITDA will be 13-15% higher than what it would be without the tariff increases.)

TAV TRAFFIC FIGURES (PASSENGERS, MONTHLY)

6
November Jan-Nov Change
Passengers 2023 2024 2024/
2023		 2023 2024 2024/
2023
Antalya 1.473.280 1.715.612 16% 34.625.991 37.219.963 7%
International 967.893 1.177.097 22% 28.926.907 31.101.288 8%
Domestic 505.387 538.515 7% 5.699.084 6.118.675 7%
Izmir 725.422 832.791 15% 9.815.069 10.687.378 9%
International 201.846 261.556 30% 3.928.032 4.536.655 15%
Domestic 523.576 571.235 9% 5.887.037 6.150.723 4%
Ankara 929.615 1.010.117 9% 10.974.581 11.838.182 8%
International 218.723 232.159 6% 2.585.878 2.981.014 15%
Domestic 710.892 777.958 9% 8.388.703 8.857.168 6%
Milas-Bodrum 107.806 121.920 13% 3.965.940 4.276.170 8%
International 8.744 14.888 70% 1.776.315 1.943.521 9%
Domestic 99.062 107.032 8% 2.189.625 2.332.649 7%
Gazipasa 54.636 51.230 -6% 797.886 1.011.694 27%
International 16.118 19.662 22% 352.141 559.328 59%
Domestic 38.518 31.568 -18% 445.745 452.366 1%
Almaty 796.047 926.125 16% 8.719.077 10.454.673 20%
International 334.628 394.017 18% 3.764.160 4.691.978 25%
Domestic 461.419 532.108 15% 4.954.917 5.762.695 16%
Georgia 301.109 411.039 37% 3.982.033 5.299.626 33%
Madinah 837.314 984.892 18% 8.482.939 9.800.826 16%
International 631.834 721.677 14% 6.647.304 7.367.439 11%
Domestic 205.480 263.215 28% 1.835.635 2.433.387 33%
Tunisia 86.450 126.730 47% 2.225.960 2.810.711 26%
N. Macedonia 244.719 221.160 -10% 2.892.535 2.939.273 2%
Zagreb 275.851 315.655 14% 3.444.452 3.997.702 16%
TAV TOTAL (*) 5.832.249 6.717.271 15% 89.926.463 100.336.198 12%
International 3.252.799 3.861.573 19% 60.109.502 67.816.271 13%
Domestic 2.579.450 2.855.698 11% 29.816.961 32.519.927 9%
  • Total number of passengers served in 2024 is 12% above 2023.
  • International passengers served in 2024 is 13% above 2023.
  • Antalya 2024 international traffic is 8% above 2023.
  • Ankara 2024 international traffic is 15% above 2023.
  • İzmir 2024 international traffic is 15% above 2023. SunExpress and Pegasus are driving growth in Izmir international traffic.
  • Almaty 2024 international traffic is 25% above 2023.

DHMI figures for 2024 are tentative.

Both departing and arriving passengers, including transfer pax, commercial flights only

TAV TRAFFIC FIGURES (AIR TRAFFIC MOVEMENTS, MONTHLY)

7
November Change Jan-Nov Change
Air Traffic Movements 2024/ 2024/
2023 2024 2023 2023 2024 2023
Antalya 9.850 11.153 13% 205.631 217.152 6%
International 6.829 7.928 16% 171.158 180.478 5%
Domestic 3.021 3.225 7% 34.473 36.674 6%
Izmir 4.695 5.297 13% 60.909 65.656 8%
International 1.443 1.781 23% 26.126 30.048 15%
Domestic 3.252 3.516 8% 34.783 35.608 2%
Ankara 6.305 6.688 6% 73.268 77.913 6%
International 1.649 1.592 -3% 18.634 20.571 10%
Domestic 4.656 5.096 9% 54.634 57.342 5%
Milas-Bodrum 683 753 10% 24.899 26.553 7%
International 71 122 72% 11.554 12.751 10%
Domestic 612 631 3% 13.345 13.802 3%
Gazipasa 420 368 -12% 5.788 6.717 16%
International 126 142 13% 2.591 3.487 35%
Domestic 294 226 -23% 3.197 3.230 1%
Almaty 6.607 7.471 13% 72.158 83.131 15%
International 3.477 3.909 12% 36.399 43.170 19%
Domestic 3.130 3.562 14% 35.759 39.961 12%
Georgia 3.228 4.524 40% 37.660 49.348 31%
Madinah 5.210 5.852 12% 56.845 65.975 16%
International 3.544 3.855 9% 40.762 44.800 10%
Domestic 1.666 1.997 20% 16.083 21.175 32%
Tunisia 681 885 30% 15.222 18.880 24%
N. Macedonia 2.006 1.825 -9% 21.941 23.595 8%
Zagreb 3.649 3.860 6% 42.155 46.125 9%
TAV TOTAL 43.334 48.676 12% 616.476 681.045 10%
International 26.070 29.841 14% 416.068 465.856 12%
Domestic 17.264 18.835 9% 200.408 215.189 7%
8
Jan - Change
Passengers 2019 2022 2023 2023/
2019		 2023/
2022
Antalya 35.679.421 31.108.181 35.538.387 0% 14%
International 28.720.491 25.266.645 29.204.383 2% 16%
Domestic 6.958.930 5.841.536 6.334.004 -9% 8%
Izmir 12.365.256 9.834.578 10.691.522 -14% 9%
International 3.333.332 3.760.522 4.173.874 25% 11%
Domestic 9.031.924 6.074.056 6.517.648 -28% 7%
Ankara 13.740.595 8.679.594 11.914.082 -13% 37%
International 2.277.395 1.923.382 2.823.646 24% 47%
Domestic 11.463.200 6.756.212 9.090.436 -21% 35%
Milas-Bodrum 4.337.733 3.898.527 4.056.447 -6% 4%
International 1.873.335 1.852.895 1.787.639 -5% -4%
Domestic 2.464.398 2.045.632 2.268.808 -8% 11%
Gazipasa 1.084.901 682.654 868.003 -20% 27%
International 591.416 261.388 377.158 -36% 44%
Domestic 493.485 421.266 490.845 -1% 17%
Almaty 6.422.829 7.230.156 9.547.136 49% 32%
International 3.039.074 2.660.576 4.119.510 36% 55%
Domestic 3.383.755 4.569.580 5.427.626 60% 19%
Georgia 4.309.768 3.612.927 4.313.995 0% 19%
Madinah 8.383.973 6.340.684 9.423.410 12% 49%
Tunisia 3.040.723 1.476.131 2.312.992 -24% 57%
N. Macedonia 2.677.618 2.371.423 3.149.274 18% 33%
Zagreb 3.435.531 3.124.605 3.723.650 8% 19%
TAV TOTAL (*) 89.055.519 78.359.460 95.538.898 7% 22%
International 55.469.786 50.404.386 62.905.684 13% 25%
Domestic 33.585.733 27.955.074 32.633.214 -3% 17%
  • Total number of passengers served in 2023 is 22% above 2022 and 7% above 2019.
  • International passengers served in 2023 is 25% above 2022 and 13% above 2019.
  • Antalya 2023 international traffic is 2% above 2019.
  • Ajet driving growth in Ankara international traffic
  • SunExpress driving growth in Izmir international traffic
  • Almaty 2023 traffic is 49% above 2019.

(*) DHMI figures for 2022 and 2023 are subject to revision. TAV Total does not include Almaty Airport before May 2021. Departing and arriving passengers

TAV TRAFFIC FIGURES (AIR TRAFFIC MOVEMENTS, YEARLY)

9
Jan – Change
Air Traffic 2023/ 2023/
Movements 2019 2022 2023 2019 2022
Antalya 197.379 184.886 214.708 9% 16%
International 154.626 150.216 175.620 14% 17%
Domestic 42.753 34.670 39.088 -9% 13%
Izmir 76.577 62.314 65.985 -14% 6%
International 22.521 25.731 27.530 22% 7%
Domestic 54.056 36.583 38.455 -29% 5%
Ankara 90.101 60.450 80.425 -11% 33%
International 18.109 14.716 20.433 13% 39%
Domestic 71.992 45.734 59.992 -17% 31%
Milas-Bodrum 27.486 24.851 25.652 -7% 3%
International 11.008 12.265 11.535 5% -6%
Domestic 16.478 12.586 14.117 -14% 12%
Gazipasa 7.127 4.979 6.195 -13% 24%
International 3.667 1.992 2.512 -31% 26%
Domestic 3.460 2.987 3.683 6% 23%
Almaty 64.447 64.933 79.219 23% 22%
International 29.783 28.942 40.080 35% 38%
Domestic 34.664 35.991 39.139 13% 9%
Georgia 42.132 35.184 41.132 -2% 17%
Madinah 60.604 46.823 62.535 3% 34%
Tunisia 18.951 10.773 15.899 -16% 48%
N. Macedonia 21.800 19.448 23.949 10% 23%
Zagreb 45.061 42.310 45.725 1% 8%
TAV TOTAL (*) 587.218 556.951 661.424 13% 19%
International 365.002 362.283 440.411 21% 22%
Domestic 222.216 194.668 221.013 -1% 14%

• Almaty international ATM which is the main revenue driver of the airport is 35% above 2019 in 2023.

(*) DHMI figures for 2022 and 2023 are subject to revision. TAV Total does not include Almaty Airport before May 2021. Departing and arriving flights

SECTORAL DEVELOPMENTS

Number of Foreign Visitors to Turkey (million)

Change in Foreign Visitors in Turkey
-------------------------------------- -- -- -- -- --

2024/2023 2023/2019

FOREIGN VISITORS BY NATIONALITY IN JANUARY-OCTOBER
2022-2024
(TOP 5 COUNTRIES)
Countries 2024* Share
in
2024 (%)		 2023 Share
in
2023 (%)		 2022 Share
in
2022 (%)
Russia 6 249 998 13,21 5 838 203 13,21 4 632 712 11,69
Germany 6 083 421 12,86 5 715 838 12,93 5 274 045 13,31
United
Kingdom		 4 209 967 8,90 3 598 870 8,14 3 205 288 8,09
Iran 2 763 367 5,84 2 087 720 4,72 2 030 553 5,13
Bulgaria 2 453 261 5,19 2 418 313 5,47 2 389 127 6,03
Others 25 546 750 54,00 24 541 135 55,52 22 081 746 55,74
TOTAL 47 306 764 100,00 44 200 079 100,00 39 613 471 100,00
FOREIGN VISITORS BY NATIONALITY IN JANUARY-DECEMBER PERIOD
2021-2023
(TOP 5 COUNTRIES)
Countries 2023 Share
in
2023 (%)		 2022 Share
in
2022 (%)		 2021 Share
in
2021 (%)
Russia 6 313 675 12,83 5 232 611 11,74 4 694 422 19,00
Germany 6 193 259 12,59 5 679 194 12,74 3 085 215 12,48
United
Kingdom		 3 800 922 7,72 3 370 739 7,56 392 746 1,59
Bulgaria 2 893 092 5,88 2 882 512 6,47 1 402 795 5,68
Iran 2 504 494 5,09 2 331 076 5,23 1 153 092 4,67
Others 27 503 738 55,89 25 068 263 56,25 13 983 996 56,59
TOTAL 49 209 180 100,00 44 564 395 100,00 24 712 266 100,00

Source: Ministry Culture and Tourism * 2024 figures are subject to revision.

11

  • ◆ Airbus(*) expects 3.6% CAGR in global passenger traffic between 2019-2042.
  • ◆ Boeing(*) expects 4.1% CAGR in global cargo traffic between 2022-2041.
  • ◆ Turkish Airlines(*) plans to increase fleet from 441 in 2023 to 800+ in 2033.
  • ◆ Ajet(*) to increase fleet from 90 in 2023 to 200 in 2033
  • ◆ Pegasus(*) fleet at 105 in 2023 to see 69 more gross additions until 2029
  • ◆ Sunexpress(*) (top int. airline for Izmir and Antalya) to more than double capacity, reaching 150 aircraft by 2033
  • ◆ Air Astana(*) fleet to grow from 54 in 1H24 to 80 in 2028

(*) Airbus Global Market Forecast June 2023, Boeing World Air Cargo Forecast, Turkish Airlines and Pegasus IR Presentations, Sunexpress CEO comment November 2023, Air Astana Investor Presentation

CONTACT IR

12

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 e-mail Phone Twitter Facebook Address http://ir.tav.aero [email protected] +90-212-463 3000 (10545-10546) twitter.com/irTAV facebook.com/irTAV TAV Airports Holding Co. Vadistanbul Bulvar, Ayazaga Mahallesi Cendere Caddesi No:109L 2C Blok 34485 Sariyer/Istanbul

IR Team About TAV Airports

•
Türkiye
•		 Ankara Esenboga
Izmir
Adnan Menderes		 •
Gazipasa Alanya
Milas Bodrum
•
•
Antalya
Kazakhstan Almaty
Georgia Tbilisi and Batumi
Tunisia Monastir and Enfidha
North Macedonia Skopje and Ohrid
Saudi
Arabia		 Madinah
Latvia Riga (only commercial areas)
Croatia Zagreb

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 96 million passengers in 2023. The Company's shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code "TAVHL"

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