TÜRK HAVA YOLLARI A.O.

Investor Presentation • Feb 28, 2025

Turkish Airlines

Investor Presentation

4Q'24 Results

4Q'23	4Q'24	Change	(USD mn)	2023	2024	Change
5,119	5,609	9.6%	Total Revenues	20,942	22,669	8.2%
4,141	4,473	8.0%	Passenger Revenue	17,727	18,444	4.0%
787	949	20.6%	Cargo Revenue	2,596	3,495	34.6%
156	137	-12.2%	Technic Revenue	531	541	1.9%
215	434	101.9%	Profit From Main Operations	2,859	2,413	-15.6%
3,233	711	-78.0%	Net Income	6,021	3,423	-43.1%
63.2%	12.7%	-50.5 pt	Net Income Margin	28.8%	15.1%	-13.7 pt
127	711	459.8%	Net Income Before Inf. Accounting	2,915	3,423	17.4%
1,431	1,260	-11.9%	EBITDAR	6,077	5,744	-5.5%
27.9%	22.5%	-5.5 pt	EBITDAR Margin	29.0%	25.3%	-3.7 pt
58.8	63.3	7.6%	ASK1 (Billion)	234.9	254.1	8.2%
7.40	7.80	5.3%	RASK22 (incl. ACTK)*	7.77	7.80	0.3%
8.68	8.63	-0.6%	Revenue Yield (R/Y)3 (Usc)	9.14	8.83	-3.4%
19.5	20.1	3.3%	Passengers Carried (Million)	83.4	85.2	2.1%
81.1%	81.9%	0.8 pt	L/F (%)	82.6%	82.2%	-0.4 pt
472	498	5.5%	Carried Cargo Tons ('000)	1,659	2,001	20.6%

Financial Highlights

Total Revenues exceeded 2023 level by 8%.

Cargo Revenues rose by 35% as Turkish Cargo successfully capitalized on the strong demand.

EBITDAR Margin declined as a result of cost pressures & intensifying passenger competition.

A sizable contribution from our investment portfolio supported Net Income.

Excluding one-off tax gain of 3.1 bn USD in 2023.

Disclaimer:

This slide contains unaudited financial information to illustrate the effects of inflation accounting on our financials. It is prepared under the responsibility of our Board of Directors and the Executives responsible for financial reporting.

¹ASK: Available Seat Kilometers

²RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer) ³Revenue Yield (R/Y): Total Passenger Revenue / RPK

Unit Revenue Development

RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer) Revenue Yield (R/Y): Total Passenger Revenue / RPK

Passenger RASK: Total Passenger Revenue / ASK ASK: Available Seat Kilometers, RPK: Revenue Passenger Kilometers

Regional Unit Revenue Change in USD (2024/2023)

Americas	AMERICAS		Europe	EUROPE
	4Q	12M		4Q	12M
ASK	12.0%	11.8%	ASK	1.3%	1.8%
RASK2	2.5%	-2.8%	RASK2	4.0%	-0.1%
Passenger RASK	-4.9%	-8.0%	Passenger RASK	2.0%	-1.4%
R/Y	-5.9%	-6.7%	R/Y	2.8%	0.2%
R/Y ex-currency	-5.2%	-6.0%	R/Y ex-currency	4.4%	2.3%
Africa			Middle East
	AFRICA 4Q	12M		MIDDLE EAST 4Q	12M
ASK	8.2%	9.6%	ASK	-6.5%	-12.5%
RASK2			RASK2
Passenger RASK	2.4% 0.8%	-3.1% -5.0%	Passenger RASK	1.6% 0.0%	-1.2% -2.6%
R/Y	-3.5%	-6.6%	R/Y	-0.9%	-3.3%

	Americas AMERICAS		Europe	EUROPE
	4Q	12M		4Q	12M
	12.0%	11.8%	ASK	1.3%	1.8%
	2.5%	-2.8%	RASK2	4.0%	-0.1%
Passenger RASK	-4.9%	-8.0%	Passenger RASK	2.0%	-1.4%
	-5.9%	-6.7%	R/Y	2.8%	0.2%
R/Y ex-currency	-5.2%	-6.0%	R/Y ex-currency	4.4%	2.3%

Africa	AFRICA		Middle East	MIDDLE EAST		Domestic	DOMESTIC
	4Q	12M		4Q	12M		4Q
	8.2%	9.6%	ASK	-6.5%	-12.5%	ASK	1.1%
	2.4%	-3.1%	RASK2	1.6%	-1.2%	RASK2	15.7%
Passenger RASK	0.8%	-5.0%	Passenger RASK	0.0%	-2.6%	Passenger RASK	16.1%
	-3.5%	-6.6%	R/Y	-0.9%	-3.3%	R/Y	16.8%
R/Y ex-currency	-3.0%	-5.7%	R/Y ex-currency	0.3%	-2.5%	R/Y ex-currency	36.5%

Americas
	4Q	12M
ASK	12.0%	11.8%
RASK 2	2.5%	$-2.8%$
Passenger RASK	$-4.9%$	$-8.0%$
R/Y	$-5.9%$	$-6.7%$
R/Y ex-currency	$-5.2%$	$-6.0%$

Africa
	4Q	12M
ASK	8.2%	9.6%
RASK 2	2.4%	$-3.1%$
Passenger RASK	0.8%	$-5.0%$
R/Y	$-3.5%$	$-6.6%$
R/Y ex-currency	$-3.0%$	$-5.7%$

RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer)

Revenue Yield (R/Y): Total Passenger Revenue / RPK

Passenger RASK: Total Passenger Revenue / ASK ASK: Available Seat Kilometers, RPK: Revenue Passenger Kilometers

¹Includes other operating income, other operating expense and FX gains/losses from operational activities.

4Q'23	4Q'24	Change	(mn USD)	2023	2024	Change	% of Total Costs
1,687	1,378	-18.3%	Fuel	6,232	6,163	-1.1%	29.7%
907	1,382	52.4%	Personnel	3,256	4,708	44.6%	22.7%
652	686	5.2%	Aircraft Ownership1	2,223	2,566	15.4%	12.4%
393	420	6.9%	Airports & Air Navigation	1,614	1,735	7.5%	8.4%
317	344	8.5%	Sales & Marketing	1,321	1,350	2.2%	6.5%
319	388	21.6%	Ground Handling	1,241	1,490	20.1%	7.2%
232	285	22.8%	Passenger Services & Catering	863	1,026	18.9%	4.9%
241	335	39.0%	Maintenance	997	1,153	15.6%	5.6%
123	165	34.1%	Other	522	558	6.9%	2.7%
4,871	5,383	10.5%	TOTAL	18,269	20,749	13.6%	100.0%

Includes Depreciation and Aircraft Rent expenses.

4Q'23	4Q'24	Change	(USc)	2023	2024	Change
2.87	2.18	-24.1%	Fuel	2.65	2.43	-8.6%
1.54	2.18	41.6%	Personnel	1.39	1.85	33.6%
1.11	1.08	-2.2%	Aircraft Ownership1	0.95	1.01	6.7%
0.67	0.66	-0.7%	Airports & Air Navigation	0.69	0.68	-0.7%
0.54	0.54	0.9%	Sales & Marketing	0.56	0.53	-5.5%
0.54	0.61	13.0%	Ground Handling	0.53	0.59	11.0%
0.39	0.45	14.2%	Passenger Services & Catering	0.37	0.40	9.9%
0.41	0.53	29.2%	Maintenance	0.42	0.45	6.9%
0.21	0.26	24.7%	Other	0.22	0.22	-1.2%
8.28	8.50	2.7%	CASK	7.78	8.17	5.0%
5.41	6.33	16.9%	Ex-Fuel CASK	5.13	5.74	12.0%
7.32	7.74	5.7%	CASK2 (incl. ACTK)2	6.98	7.37	5.6%
4.78	5.76	20.4%	Ex-Fuel CASK2 (incl. ACTK)2	4.60	5.18	12.6%

Highlights

Fuel-CASK decreased by 8.6% due to lower fuel prices and jet crack spread.

Increase in Ex-fuel CASK driven by wages, GTF groundings and growing cargo operations.

Impact of GTF groundings on Ex-fuel CASK was around 1.5 pp.

Sales & Marketing CASK declined by 5.5% as a result of lower incentives and GDS expenses.

1 includes Depreciation and Aircraft Rent expenses.

CASK: Total Expenses / ASK (Available Seat Kilometers) Ex-Fuel CASK: (Total Expenses - Fuel Expenses) / ASK

² CASK2: Total Expenses / ASK (Adjusted ASK by available cargo ton kilometer) Ex-Fuel CASK2: (Total Expenses - Fuel Expenses) / ASK (Adjusted ASK by available cargo ton kilometer)

4Q'23	4Q'24	Change		2023	2024	Change
1,025	797	-22.2%	Fuel Price (USD/ton)	969	880	-9.2%
3.09	3.11	0.5%	Fuel Consumption (lt) per 100 ASK21	3.07	3.11	1.2%
1,492	1,544	3.5%	Aircraft Ownership Cost per BH2	1,284	1,409	9.7%
551	754	36.7%	Maintenance Cost per BH2	576	633	9.9%
2,575	3,090	20.0%	Handling Cost per Landing	2,387	2,837	18.8%
1,443	1,489	3.2%	Airports & Air Navigation Cost per km Flown	1,495	1,512	1.1%
11.9	14.2	19.0%	Passenger Services & Catering Cost per Pax	10.3	12.0	16.4%
6.2%	6.1%	-0.1 pt.	Sales & Marketing Cost / Total Revenue	6.3%	6.0%	-0.4 pt.

Resulting from cargo load factor increase, (net positive).

ASK: Available Seat Kilometers ¹ASK2: Adjusted ASK by available cargo ton kilometers ²In terms of Block Hour: Includes time from taxi-out to runway, actual flight duration and time from taxi to arrival gate. Passenger Capacity 6-8% increase vs. 2024

Passengers 91+ million

Total Revenues 6-8% increase vs. 2024 EBITDAR Margin 22-24%

Ex-fuel Unit Cost Mid-single digit increase vs. 2024

Fleet 2025 year-end 515-525

New Int'l Routes in 2025: Started: Planned: Benghazi Ohrid Damascus Lima Phnom Penh

Network:

352 destinations in 131 countries

Strategic Priorities

Leveraging our strengths and extracting value embedded in our business model

Targeting organic growth opportunities

Investing in efficiency and business excellence

Sustaining our competitive cost base

Preserving balance sheet strength and focus on shareholder returns

4Q'24 Results

Source: General Directorate of State Airports Authority (DHMI) – May 2024 (*) Adjusted for double count on Domestic Pax.

ASK: Available Seat Kilometers RPK: Revenue Passenger Kilometers Source: IATA.

12

Market Share Development (Passenger)

Turkish Airlines' market share quadrupled in the last two decades

2024 Market Share & Ranking
Total	2.4%	9
International	3.4%	4

World Leading Network

Turkish Airlines ranks #1 in the World by international destinations

The boxes show the number of destinations in the corresponding region.

Turkish Airlines offers the most diverse set of flight itineraries with minimum detour¹

Top Airlines by Connectivity Number of International City Pairs² Europe to the World 1. Turkish Airlines ~17,800 2. Lufthansa ~7,200 3. Air France ~6,300 Middle East to the World 1. Turkish Airlines ~6,800 2. Qatar Airways ~3,500 3. Indigo ~1,600 Africa to the World 1. Turkish Airlines ~4,000 2. Ethiopian ~3,000 3. Air France ~2,200

Turkish Airlines increases flight distance by less than 13%.

Transit Connection Time 03:39 03:12 02:50 02:43 02:31 2013 2015 2017 2019 2023 (hour) -31%

Average international transfer time decreased by 30% for optimum connectivity.

¹Detour (Circuity): Increase in the flight distance compared to a non-stop flight. ²Includes meaningful city pairs with maximum 40% detour (detour factor <1.4). ³Analysis is based on c.14,000 city pairs with detour factor <1.4.

Source: OAG. As of 13 August 2023.

Istanbul's Geographical Advantage - A Natural Hub

Source: World Bank (2023).

Passenger Traffic and Breakdown

Note: Includes scheduled and additional flights.

Passenger Breakdown by Geography Passenger Breakdown by Transfer Type

Note: Int'l to int'l transfer passengers' share in total international passengers is 58%.

Revenue Breakdown (2024)

Note: Includes total passenger and cargo revenue Note: Includes only scheduled passenger revenue

2024

Operating Efficiency

Passenger Aircraft Average Daily Flight Utilization¹ (hrs)

¹In terms of Block Time: Includes time from taxi-out to runway, actual flight duration and time from taxi to arrival gate. ²Includes Turkish Airlines' fully consolidated subsidiaries.

¹Net Debt = Total Debt - (Cash & Cash eq. + Financial Investments + Short-term PDP Receivables + Restricted Cash)

Wide Body	A330-2/3 B777-3ER A350-9 B787-9	49 34 24	20 14	14	15	14.1	12.4	Aircraft
				13	7	12.2	11.3	172 (35% of total)
				24		7.8	1.9
		23		23		6.9	3.7
	Total	130	34	74	22	41.0	8.6
	B737-8/9 MAX	25		25		3.9	4.6	Airbus &
	A321/320 NEO	82		39	43	15.6	3.0	Boeing Split
	B737-8/9	90	50	29	11	16.0	12.9
Narrow Body	A321/320/319	14	0	0	14	2.6	4.6	57% / 43%
	B737-8 MAX WL	18			18	3.7	17.9
	A321/320 WL	109	57	18	34	18.6	14.1
	Total	338	107	111	120	60.4	10.2
	A330-200F	10	4	6		0	11.2	Ownership
	B777F	8	0	8		0	5.9
Cargo	Wet Lease	6	0	0	6	0	28.2	Owned: 29%
	Total	24	4	14	6		13.7	Fin. Lease: 40% Op. Lease: 30%
	Grand Total	492	145	199	148	101.4	9.9

Turkish Cargo Overview

Turkish Cargo Revenue Development

Flies to 133 countries / 369 destinations with 24 freighters and 468 passenger aircraft as of December 2024.

Ranks 3 rd globally in terms of market share¹ in 2024.

Operates in SmartIST, one of the largest air cargo terminals in the world.

Opportunities

• Türkiye's ideal location as a global hub and increasing trade volume
• Penetration into the fast-growing express cargo segment (e-commerce)
• Growth opportunities in Asia through JVs and commercial partnerships
• Integrated solutions for intermodal transportation

Increased Focus on International Operations

	2019	2023	2024
Number of Aircraft	31	91	119
Number of Routes	129	177	160
International Share of its Capacity1 (%)	13.3%	61.3%	60.4%
Int'l Market Share2 in Istanbul Sabiha Airport	18%	25%	23%
Number of Passenger (mn)	14.6	20.9	21.4
Capacity1 (bn ASK)	11.2	27.4	27.8
Load Factor	87.5%	82.3%	81.7%

1 In terms of Available Seat Kilometers (ASK). ² In terms of Number of Landings.

Currency Exposure (2024)

Diversified revenue base increases our ability to adapt to different macro economic conditions.

Regional revenue distribution provides a natural hedge against FX volatility as well as geopolitical risks.

c.65% of our revenues are in hard currencies.

¹Currencies that are highly correlated (85%) with USD and EUR comprise c.90% of our total revenues. ²85% correlation with USD and EUR considered as USD and EUR correlated respectively.

Fuel Expense Bridge and Hedging

• Descending layered hedging strategy
• Crude oil based swaps and options
• Maximum of 60% for the following month is hedged using derivative instruments depending on the market conditions.

Currency Breakdown of Total Lease Liabilities Financial Lease Debt Service

: 2.83%

(mn USD) 31.12.2024	Outstanding Amount	Maturity	Annual Avg. Debt Repayment
USD	795	10-12 Years	119
EUR	5,654	10-12 Years	796
JPY	2,337	10-12 Years	245
CHF	383	12 Years	44
CNY	529	12 Years	51
Total	9,698		1,255

1 Including interest payments. ² Post-Hedge Interest Rate breakdown.

4Q'23	4Q'24	Change	EBITDAR (mn USD)	2023	12M'24	Change
5,119	5,609	9.6%	Sales Revenue	20,942	22,669	8.2%
4,308	4,722	9.6%	Cost of Sales (-)	16,060	18,347	14.2%
811	887	9.4%	GROSS PROFIT / (LOSS)	4,882	4,322	-11.5%
119	178	49.6%	General Administrative Expenses (-)	449	564	25.6%
444	483	8.8%	Marketing and Sales Expenses (-)	1,760	1,838	4.4%
248	226	-8.9%	NET OPERATING PROFIT / (LOSS)	2,673	1,920	-28.2%
147	247	68.0%	Other Operating Income	509	606	19.1%
180	39	-78.3%	Other Operating Expense (-)	323	113	-65.0%
215	434	101.9%	Profit / (Loss) from Main Operations	2,859	2,413	-15.6%
277	56	-79.8%	Adjustments	631	443	-29.8%
86	43	-50.0%	Share of Investments' Profit / Loss Accounted by Using The Equity Method	232	176	-24.1%
191	13	-93.2%	Income From Investment Incentives	399	267	-33.1%
492	490	-0.4%	EBIT	3,490	2,856	-18.2%
577	574	-0.5%	Depreciation	2,035	2,203	8.3%
1,069	1,064	-0.5%	EBITDA	5,525	5,059	-8.4%
93	123	32.4%	Adjusted Operating Lease Expenses1	419	452	7.9%
51	73	41.9%	Adjusted Short term Lease Expenses (Wet-lease)2	133	234	75.6%
1,213	1,260	3.8%	EBITDAR	6,077	5,744	-5.5%
23.7%	22.5%	-1.2 pt	EBITDAR MARGIN	29.0%	25.3%	-3.7 pt

Notes: - For 4Q'24, Turkish Technic's contribution to EBITDAR through consolidation is 137 mn USD (4Q'23: 156 mn USD). - For 4Q'24, adjustments for heavy maintenance of operational lease expenses is 123 mn USD (4Q'23: 91 mn USD).

Adjusted for aircraft heavy maintenance.

Adjusted for aircraft rent and heavy maintenance portion. (Aprox. 55%)

(mn USD)	2023	% in Total	2024	% in Total	Change
Fuel	6,232	34.1%	6,163	29.7%	-1.1%
Personnel	3,256	17.8%	4,708	22.7%	44.6%
Landing, Navigation & Air Traffic	1,614	8.8%	1,735	8.4%	7.5%
Landing and navigation	896	4.9%	936	4.5%	4.5%
Air Traffic Control	718	3.9%	799	3.9%	11.3%
Sales & Marketing	1,321	7.2%	1,350	6.5%	2.2%
Commissions and Incentives	644	3.5%	605	2.9%	-6.1%
Reservation System	299	1.6%	286	1.4%	-4.3%
Advertising	193	1.1%	215	1.0%	11.4%
Other	185	1.0%	244	1.2%	31.9%
Depreciation	2,035	11.1%	2,203	10.6%	8.3%
Ground Handling	1,241	6.8%	1,490	7.2%	20.1%
Aircraft Rent	263	1.4%	440	2.1%	67.3%
Operational Lease	21	0.1%	15	0.1%	-28.6%
Wet Lease	242	1.3%	425	2.0%	75.6%
Passenger Services & Catering	863	4.7%	1,026	4.9%	18.9%
Maintenance	997	5.5%	1,153	5.6%	15.6%
General Administration	116	0.6%	159	0.8%	37.1%
Other	331	1.8%	322	1.6%	-2.7%
TOTAL	18,269	100%	20,749	100%	13.6%
Operating Cost per ASK (USc)	7.78	-	8.17	-	5.0%
Ex-fuel Operating Cost per ASK (USc)	5.13	-	5.74	-	12.0%
Fixed Costs	4,774	26.1%	6,267	30.2%	31.3%

(mn USD)	2019	2020	2021	2022	2023	2024	YoY Change
Operating Revenue	13,229	6,734	10,686	18,426	20,942	22,669	8%
Operating Expenses (-)	12,644	7,264	9,411	15,710	18,269	20,749	14%
of which Fuel	3,873	1,638	2,756	6,467	6,232	6,163	-1%
of which Personnel	2,067	1,097	1,298	2,140	3,256	4,708	45%
of which Depreciation	1,521	1,659	1,740	1,864	2,035	2,203	8%
Biraz daraltalım of which Rent	311	244	197	157	263	440	67%
Net Operating Profit / Loss	585	-530	1,275	2,716	2,673	1,920	-28%
Other Operating Income	355	330	174	145	509	606	19%
Other Operating Expenses (-)	64	55	35	82	323	113	-65%
Profit / Loss From Main Operations	876	-255	1,414	2,779	2,859	2,413	-16%
Income From Investment Activities (Net)	89	179	200	293	868	1,593	84%
Share of Investments' Profit / Loss	82	-87	75	121	232	176	-24%
Financial Income	139	72	101	378	611	993	63%
Financial Expense (-)	310	835	767	632	931	1,530	64%
Monetary Gain	-	-	-	-	2	0	-100%
Profit Before Tax	876	-926	1,023	2,939	3,641	3,645	0%
Tax (-)	88	-90	64	214	-2,380	222	-
Current Tax Expense	-	-	-28	-35	-66	-387	-
Deferred Tax Income	-88	90	-36	-179	2,446	165	-1
Net Profit	788	-836	959	2,725	6,021	3,423	-43%

Assets (mn USD)	2019	2020	2021	2022	2023	2024
Cash and Cash Eqv. & Short-Term Financial Investments	2.475	1.829	2.682	4.701	6.027	6.067
Trade Receivables	540	637	925	995	856	905
Pre-delivery Payment (PDP) Receivables	778	731	546	511	305	837
Other Current Assets	977	981	785	1.018	1.407	1.884
Total Current Assets	4.770	4.178	4.938	7.225	8.595	9.693
Net Fixed Assets1	3.643	4.145	4.364	4.723	6.118	7.098
of which Aircraft and Engines2	1.493	1.859	2.041	2.351	3.678	4.447
Rights of Use of Assets	13.618	14.777	15.110	16.577	16.928	17.625
Pre-delivery Payment (PDP) Receivables	761	515	279	291	501	566
Other Non-Current Assets	15.550	16.692	16.956	18.705	20.457	22.317
Total Non-Current Assets	19.954	21.352	21.599	23.719	27.076	29.981
Total Assets	24.724	25.530	26.537	30.944	35.671	39.674

Liabilities (mn USD)	2019	2020	2021	2022	2023	2024
Lease Obligations	9.919	11.307	10.244	10.766	11.812	11.966
Bank Borrowings	3.453	5.394	4.659	3.273	2.435	1.895
Passenger Flight Liabilities	1.032	580	1.216	2.291	2.656	2.659
Accounts Payable	1.130	861	891	1.200	1.291	1.494
Other Liabilities	2.326	2.005	2.690	3.672	1.914	2.346
Total Liabilities	17.860	20.147	19.700	21.202	20.108	20.360
Total Shareholders Equity	6.864	5.383	6.837	9.742	15.563	19.314
of which Issued Capital	1.597	1.597	1.597	1.597	1.597	1.597
of which Retained Earnings	4.463	5.246	4.406	5.405	8.097	14.112
of which Differences from Currency Translation	-184	-201	-275	-294	-221	-214
of which Net Profit for the Period	788	-836	959	2.725	6.021	3.425
Total Liabilities & Shareholders Equity	24.724	25.530	26.537	30.944	35.671	39.674

1 Investment Property is included.

² Before 2019 values include leases. After 2019 values show only unencumbered aircraft & engine values.

Subsidiaries & Affiliates

	31.12.2024	Field of Activity	Revenue (mn USD)	Number of Personnel	Partnership Structure
	Turkish Airlines 1, 2	Transportation	22,669	34,974	49.1% Türkiye Wealth Fund - 50.9% Open to Public
1	Türk Hava Yolları Teknik A.Ş. (Turkish Technic)	MRO	-	11,818	100% Turkish Airlines
2	THY Teknoloji ve Bilişim A.Ş. (Turkish Technology)	IT	-	1,773	100% Turkish Airlines
3	THY Uçuş Eğitim ve Hava Limanı İşletme A.Ş. (Turkish Airlines Flight Academy)	Flight Trainings & Airport Operations	-	221	100% Turkish Airlines
4	AJet Hava Taşımacılığı A.Ş. (AJet)	Transportation	-	2,594	100% Turkish Airlines
5	THY Hava Kargo Taşımacılığı A.Ş. (Widect)	Cargo	-	17	100% Turkish Airlines
6	THY Destek Hizmetleri A.Ş. (Turkish Support Services)	Support Services	-	11,394	100% Turkish Airlines
7	Türk Hava Yolları Elektronik Para ve Ödeme Hizmetleri A.Ş. (TKPAY)	Payment Systems	-	12	100% Turkish Airlines
8	THY Gayrimenkul Yatırım Hizmetleri A.Ş.	Management of Various Investment Projects	-	-	100% Turkish Airlines
9	THY Spor A.Ş.	Sports Activities	-	-	99.99% Turkish Airlines – 0.01% Turkish Airlines Sports Club
10	TCI Kabin İçi Sistemleri San. ve Tic. A.Ş. (TCI Aircraft Interiors)	Cabin Interior	-	652	80.1% Turkish Airlines & Turkish Technic - 17% TUSAS – 2.9% HAVELSAN
11	TFS Akaryakıt Hizmetleri A.Ş. (TFS)	Fuel	3,466	153	25% Turkish Airlines - 25% Taya - 25% Demiroren - 25% Zirve
12	Güneş Ekspres Havacılık A.Ş. (SunExpress)	Transportation	2,104	4,230	50% Turkish Airlines - 50% Lufthansa
13	THY OPET Havacılık Yakıtları A.Ş. (THY OPET)	Fuel	770	558	50% Turkish Airlines - 50% Opet
14	TGS Yer Hizmetleri A.Ş. (Turkish Ground Services)	Ground Services	798	19,394	50% Turkish Airlines - 50% Havas
15	THY DO&CO İkram Hizmetleri A.Ş. (Turkish DO&CO)	Catering	669	6,359	50% Turkish Airlines - 50% Do&Co
16	Pratt & Whitney THY Teknik Uçak Motoru Bakım Mrkz. Ltd. Şti. (Turkish Engine Center)	MRO	452	618	51% P&W - 49% Turkish Technic
17	We World Express Limited	Cargo	116	73	45% Turkish Airlines - 45% ZTO - 10% Pal Air
18	Goodrich THY Teknik Servis Merkezi Ltd. Şti. (Turkish Nacelle Center)	MRO	36	87	60% Collins Aerospace - 40% Turkish Technic
19	Air Albania SHPK	Transportation	-	145	49% Turkish Airlines - 41% MDN Inv. - 10% Albcontrol
		Total		95,072

Revenue of 100% consolidated subsidiaries are included. Includes parent company personnel only

INVESTOR RELATIONS

e-mail: ir@thy.com

Türk Hava Yolları A.O. (the "Incorporation" or ''Turkish Airlines'') has prepared this presentation for the sole purpose of providing information about its business, operations, operational and financial results. The information in this presentation is subject to updating, revision and amendment. This presentation is not, and does not support to be comprehensive and to contain all information related to Turkish Airlines.

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