TÜRK HAVA YOLLARI A.O.

Investor Presentation • Aug 5, 2025

2Q'25 Results

Investor Presentation

2Q'24	2Q'25	Change	(USD mn)	1H'24	1H'25	Change
5,661	5,980	5.6%	Total Revenues	10,430	10,867	4.2%
4,597	4,938	7.4%	Passenger Revenue	8,421	8,867	5.3%
885	802	-9.4%	Cargo Revenue	1,635	1,564	-4.3%
140	184	31.4%	Technic Revenue	284	325	14.4%
591	706	19.5%	Profit From Main Operations	633	630	-0.5%
943	691	-26.7%	Net Income	1,169	647	-44.7%
16.7%	11.6%	-5.1 pt	Net Income Margin	11.2%	6.0%	-5.3 pt
1,371	1,522	10.9%	EBITDAR	2,150	2,192	1.9%
24.2%	25.4%	1.2 pt	EBITDAR Margin	20.6%	20.2%	-0.4 pt
63.6	67.9	6.7%	ASK1 (Billion)	122.1	128.9	5.6%
7.73	7.67	-0.8%	RASK22 (incl. ACTK)	7.35	7.34	-0.2%
8.90	8.85	-0.6%	3 Revenue Yield (R/Y) (Usc)	8.54	8.45	-1.0%
22.1	23.3	5.4%	Passengers Carried (Million)	40.6	42.2	4.0%
81.1%	82.2%	1.1 pt	L/F (%)	80.8%	81.4%	0.7 pt
512	540	5.5%	Carried Cargo Tons ('000)	989	1,021	3.2%

Financial Highlights

Passenger Revenues rose by more than 7% due to stronger seasonality in 2Q'25.

Slowing global freight demand led to 9% lower Cargo Revenue.

Profit From Main Operations increased materially as a result of subdued cost pressures.

Accounting effect of weakened US Dollars and tax impact negatively affected the bottom line.

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 (Revenue Passenger Kilometers)

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

Americas	AMERICAS		Europe	EUROPE		Far East	FAR EAST
	2Q	1H		2Q	1H		2Q	1H
ASK	11.6%	7.7%	ASK	3.8%	2.7%	ASK	6.4%	7.7%
RASK2	-5.9%	-2.9%	RASK2	1.2%	-1.4%	RASK2	-1.5%	-0.1%
Passenger RASK	-6.6%	-4.7%	Passenger RASK	1.2%	-2.2%	Passenger RASK	4.6%	2.3%
R/Y	-3.8%	-3.0%	R/Y	1.1%	-2.2%	R/Y	-1.3%	-1.3%
R/Y ex-currency	-4.0%	-2.5%	R/Y ex-currency	-1.1%	-1.9%	R/Y ex-currency	-4.1%	-1.6%
Africa			Middle East			Domestic
	AFRICA			MIDDLE EAST			DOMESTIC
	2Q	1H		2Q	1H		2Q	1H
ASK	12.8%	8.2%	ASK	-0.2%	2.7%	ASK	4.7%	2.6%
RASK2	0.3%	-0.2%	RASK2	3.7%	1.9%	RASK2	6.8%	11.9%
Passenger RASK	0.9%	-0.9%	Passenger RASK	4.2%	2.3%	Passenger RASK	6.8%	12.1%

	2Q	1H
ASK	4.7%	2.6%
RASK2	6.8%	11.9%
Passenger RASK	6.8%	12.1%
RA	5.3%	12.1%
R/Y ex-currency	22.0%	29.1%

Americas	AMERICAS		Europe	EUROPE		Far East	FAR EAST
	2Q	1H		2Q	1H		2Q
	11.6%	7.7%	ASK	3.8%	2.7%	ASK	6.4%
	-5.9%	-2.9%	RASK2	1.2%	-1.4%	RASK2	-1.5%
Passenger RASK	-6.6%	-4.7%	Passenger RASK	1.2%	-2.2%	Passenger RASK	4.6%
	-3.8%	-3.0%	R/Y	1.1%	-2.2%	R/Y	-1.3%
R/Y ex-currency	-4.0%	-2.5%	R/Y ex-currency	-1.1%	-1.9%	R/Y ex-currency	-4.1%

Africa AFRICA		Middle East MIDDLE EAST			Domestic DOMESTIC
	2Q	1H		2Q	1H			2Q	1H
ASK	12.8%	8.2%	ASK	-0.2%	2.7%		ASK	4.7%	2.6%
RASK2	0.3%	-0.2%	RASK2	3.7%	1.9%		RASK2	6.8%	11.9%
Passenger RASK	0.9%	-0.9%	Passenger RASK	4.2%	2.3%		Passenger RASK	6.8%	12.1%
R/Y	-0.3%	-1.7%	R/Y	0.9%	0.4%		R/Y	5.3%	12.1%
R/Y ex-currency	-2.6%	-2.0%	R/Y ex-currency	0.8%	1.3%		R/Y ex-currency	22.0%	29.1%

Americas
	2Q	1H
ASK	11.6%	7.7%
RASK2	-5.9%	-2.9%
Passenger RASK	-6.6%	-4.7%
R/Y	-3.8%	-3.0%
R/Y ex-currency	-4.0%	-2.5%

Africa
20	1H
12.8%	8.2%
0.3%	-0.2%
0.9%	-0.9%
-0.3%	-1.7%
-2.6%	-2.0%

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

5

¹Includes other operating income, other operating expense and FX gains/losses from operational activities. 2 Inflation-Currency Difference: TL and USD currency rates adjusted by inflation.

2Q'24	2Q'25	Change	(mn USD)	1H'24	1H'25	Change	% of Total Costs
1,586	1,436	-9.5%	Fuel	3,123	2,782	-10.9%	26.4%
1,091	1,331	22.0%	Personnel	2,117	2,676	26.4%	25.4%
644	618	-4.0%	Aircraft Ownership1	1,253	1,246	-0.6%	11.8%
426	518	21.6%	Airports & Air Navigation	830	945	13.9%	9.0%
356	326	-8.4%	Sales & Marketing	681	639	-6.2%	6.1%
413	401	-2.9%	Ground Handling	717	780	8.8%	7.4%
247	290	17.4%	Passenger Services & Catering	459	545	18.7%	5.2%
261	317	21.5%	Maintenance	517	630	21.9%	6.0%
127	137	7.9%	Other	251	297	18.3%	2.8%
5,151	5,374	4.3%	TOTAL	9,948	10,540	6.0%	100.0%

¹Includes Depreciation and Aircraft Rent expenses.

2Q'24	2Q'25	Change	(USc)	1H'24	1H'25	Change
2.49	2.11	-15.2%	Fuel	2.56	2.16	-15.6%
1.71	1.96	14.3%	Personnel	1.73	2.08	19.7%
1.01	0.91	-10.1%	Aircraft Ownership1	1.03	0.97	-5.8%
0.67	0.76	13.9%	Airports & Air Navigation	0.68	0.73	7.8%
0.56	0.48	-14.2%	Sales & Marketing	0.56	0.50	-11.1%
0.65	0.59	-9.0%	Ground Handling	0.59	0.61	3.0%
0.39	0.43	10.0%	Passenger Services & Catering	0.38	0.42	12.5%
0.41	0.47	13.8%	Maintenance	0.42	0.49	15.4%
0.20	0.20	1.1%	Other	0.21	0.23	12.1%
8.10	7.91	-2.3%	CASK	8.15	8.18	0.4%
5.60	5.80	3.5%	Ex-Fuel CASK	5.59	6.02	7.7%
7.27	7.18	-1.1%	CASK2 (incl. ACTK)2	7.27	7.42	2.0%
5.03	5.26	4.7%	Ex-Fuel CASK2(incl. ACTK)2	4.99	5.46	9.4%

Highlights

Fuel-CASK decreased by 16% due to lower prices.

Increase in Ex-fuel CASK moderated by normalizing inflation levels.

Impact of GTF groundings on Ex-fuel CASK was around 1 pp.

Sales CASK continues to decline as a result of tactical campaigns and increasing direct sales (structural improvement via TKConnect).

¹includes Depreciation and Aircraft Rent expenses.

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

²CASK2: 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)

2Q'24	2Q'25	Change		1H'24	1H'25	Change
900	780	-13.4%	Fuel Price (Usd/ton)	922	799	-13.3%
3.11	3.08	-0.9%	Fuel Consumption (lt) per 100 ASK1	3.09	3.06	-1.1%
1,381	1,263	-8.6%	Aircraft Ownership Cost per BH2	1,408	1,350	-4.1%
560	648	15.7%	Maintenance Cost per BH2	581	683	17.5%
3,003	2,792	-7.0%	Handling Cost per Landing	2,791	2,933	5.1%
1,466	1,693	15.5%	Airports & Air Navigation Cost per km Flown	1,486	1,629	9.6%
11.2	12.5	11.4%	Passenger Services & Catering Cost per Pax	11.3	12.9	14.2%
6.3%	5.5%	-0.8 pt.	Sales & Marketing Cost / Total Revenue	6.5%	5.9%	-0.6 pt.

Passenger Capacity 7-8% 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 520-525

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

Network:

353 destinations in 131 countries

Strategic Priorities

Leveraging our competitive advantages to extract 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

2Q'25 Results

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

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

5.1%

6.4%

Passenger Market Share Development

Turkish Airlines' market share quadrupled in the last two decades

International Market Share Trends¹(2010-LTM 2Q'25)

1 In terms of billion Interntional Available Seat Kilometers (ASK).

Source: IATA, airline publications.

2 In terms of Total Available Seat Kilometers (ASK).

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

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

Note: Narrow body aircraft range represents 5,000 km non-stop flight from Istanbul. Source: World Bank (2023).

Passenger Traffic and Breakdown

Passenger Breakdown by Geography Passenger Breakdown by Transfer Type

Note: Includes scheduled and additional flights.

188 75 128 202 235 254 122 129 81.6% 71.0% 67.9% 80.6% 82.6% 82.2% 80.8% 81.4% 0 50, 000 100 ,⁰⁰⁰ 150 ,⁰⁰⁰ 200 ,⁰⁰⁰ 250 ,⁰⁰⁰ 300 ,⁰⁰⁰ 350 ,⁰⁰⁰ 400 ,⁰⁰⁰ 2019202020212022202320241H'241H'255.6%

Passenger Capacity (bn ASK)

Load Factor

Note: Int'l to int'l transfer passengers' share in total international passengers is 60%.

0.0 %

1. 0%

2. 0%

3. 0%

4. 0%

5. 0%

6. 0%

7. 0%

8. 0%

9. 0%

Revenue Breakdown (1H'25)

1H'25

Note: Includes total passenger and cargo revenue Note: : Includes passenger operations. Indirect denotes sales made through travel agencies.

Operating Efficiency

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)

A350-9 Wide Body B787-9 Total Narrow Body	Type A330-2/3 B777-3ER B737-8/9 MAX A321/320 NEO A321/320/319 B737-8 MAX WL	Total 49 34 28 23 134 32 90 93	Owned 20 15 35 57	Financial Lease 14 12 28 23 77 25 40 22	Opr./Wet Lease 15 7 22 7 50	Seat Capacity ('000) 14.1 12.2 9.2 6.9 42.3 5.1 17.1	Average Fleet Age 12.9 11.8 2.1 4.2 8.9 4.7 3.4	# of New Generation Aircraft 175 (36% of total) Airbus & Boeing Split
					14	16.6	13.3
		2			2	0.4	7.4	59% / 41%
	A321/320 WL	9			9	2.0	18.5
	B737-8/9	99	60	14	25	16.7	14.8
Total		325	117	101	107	57.9	10.3
	A330-200F	10	5	5			11.7	Ownership
B777F		8		8			6.4
Cargo	Wet Lease	8			8		27.5	Owned: 32%
Total		26	5	13	8		14.9	Fin. Lease: 42% Op. Lease:
	Grand Total	485	157	191	137	100.2	10.1	23%
			New Entries in 2025:

Turkish Cargo Overview

1.0 0.9 1.0 1.3 1.6 1.7 2.7 4.0 3.7 2.6 3.5 1.6 8.8% 8.9% 10.2% 12.0% 12.8% 12.8% 40.4% 37.6% 20.3% 12.4% 15.4% 32.0% -130.0% -110.0% -90.0% -70.0% -50.0% -30.0% -10.0% 10. 0% 30. 0% -0.7 0.3 1.3 2.3 3.3 4.3 5.3 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H'25 Turkish Cargo Revenue (bn. USD) Turkish Airlines Cargo Revenue ShareTurkish Cargo Revenue Development Counterbalancing the pandemic impact

Flies to 134 countries / 373 destinations with 26 freighters and 459 passenger aircraft as of June 2025.

Ranks 3 rd globally in terms of market share¹ in 1H'25.

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	2024	1H'24	1H'25
Number of Aircraft	31	119	95	107
Number of Routes	129	160	154	157
International Capacity Total1 Share in (%)	13.3%	60.4%	57.7%	59.7%
Int'l Market Share2 in Istanbul Sabiha Airport	18%	23%	23%	25%
Number of Passenger (mn)	14.6	21.4	10.2	10.3
Capacity1 (bn ASK)	11.2	27.8	13.0	12.9
Load Factor	87.5%	81.7%	83.1%	83.3%

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

Digital Transformation

Modern Airline Retailing

• Amazon-like order process
• Better bundling and merchandising
• Passenger tailored dynamic pricing
• Standardizing sales channels

New Capabilities

• Live activities (i.e. Airtag luggage tracking)
• Digital assistant and increased personalization
• Digital Cockpit & Cabin

Investing in New Technologies Data Driven 1 2 3 Organization

Fintech Solutions

• Easy refund, cash back and vouchers

TK Wallet

• Loyalty program integration

New Distribution Capability (NDC)

• Managing distribution expenses
• Reducing customer acquisition costs
• Increasing ancillary revenue contribution

Venture Capital Investment Fund

AI and Machine Learning

• Predictive maintenance, improved crew planning, flight and ground ops.

Data at every stage of business

processes

• Increased usage of data mining tools
• CRM to CDP (Customer Data Platform)
• Gen AI applications
• Proactive Operations Management
• Smart real time campaigns

Currency Exposure (1H'25)

TRY USD

36.6%

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. 2 85% correlation with USD and EUR considered as USD and EUR correlated respectively.47.8%

• 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

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

5 Year Maturity Profile (mn USD) Weighted Average Interest Rate² : 2.71%

(mn USD) 30.06.2025	Outstanding Amount	Maturity	Annual Avg. Debt Repayment
USD	703	10-12 Years	105
EUR	5,806	10-12 Years	750
JPY	3,195	10-12 Years	272
CHF	400	12 Years	45
CNY	511	12 Years	42
Total	10,615		1,215

2Q'24	2Q'25	Change	EBITDAR (mn USD)	1H'24	1H'25	Change
5,661	5,980	5.6%	Sales Revenue	10,430	10,867	4.2%
4,570	4,835	5.8%	Cost of Sales (-)	8,815	9,393	6.6%
1,091	1,145	4.9%	GROSS PROFIT / (LOSS)	1,615	1,474	-8.7%
112	92	-17.9%	General Administrative Expenses (-)	220	263	19.5%
469	447	-4.7%	Marketing and Sales Expenses (-)	913	884	-3.2%
510	606	18.8%	NET OPERATING PROFIT / (LOSS)	482	327	-32.2%
106	109	2.8%	Other Operating Income	217	337	55.3%
25	9	-64.0%	Other Operating Expense (-)	66	34	-48.5%
591	706	19.5%	Profit / (Loss) from Main Operations	633	630	-0.5%
68	83	22.1%	Adjustments	121	97	-19.8%
17	15	-11.8%	Share of Investments' Profit / Loss Accounted by Using The Equity Method	19	-28	-
51	68	33.3%	Income From Investment Incentives	102	125	22.5%
659	789	19.7%	EBIT	754	727	-3.6%
543	568	4.6%	Depreciation	1,074	1,140	6.1%
1,202	1,357	12.9%	EBITDA	1,828	1,867	2.1%
110	137	25.2%	Adjusted Operating Lease Expenses1	212	255	20.3%
60	28	-54.1%	Adjusted Short term Lease Expenses (Wet-lease)2	111	70	-36.3%
1,371	1,522	10.9%	EBITDAR	2,150	2,192	1.9%
24.2%	25.4%	1.2 pt	EBITDAR MARGIN	20.6%	20.2%	-0.4 pt

Notes: - For 2Q'25, Turkish Technic's contribution to EBITDAR through consolidation is 184 mn USD (2Q'24: 140 mn USD). - For 2Q'25, adjustments for heavy maintenance of operational lease expenses is 129 mn USD (2Q'24: 100 mn USD).

¹ Adjusted for aircraft heavy maintenance.

² Adjusted for aircraft rent and heavy maintenance portion. (Aprox. 55%)

(mn USD)	2Q'24	% in Total	2Q'25	% in Total	Change
Fuel	1,586	30.8%	1,436	26.7%	-9.5%
Personnel	1,091	21.2%	1,331	24.8%	22.0%
Landing, Navigation & Air Traffic	426	8.3%	518	9.6%	21.6%
Landing and navigation	224	4.3%	273	5.1%	21.9%
Air Traffic Control	202	3.9%	245	4.6%	21.3%
Sales & Marketing	356	6.9%	326	6.1%	-8.4%
Commissions and Incentives	173	3.4%	167	3.1%	-3.5%
Reservation System	83	1.6%	55	1.0%	-33.7%
Advertising	51	1.0%	42	0.8%	-17.6%
Other	49	1.0%	62	1.2%	26.5%
Depreciation	543	10.5%	568	10.6%	4.6%
Ground Handling	413	8.0%	401	7.5%	-2.9%
Aircraft Rent	119	2.3%	58	1.1%	-51.3%
Operational Lease	10	0.2%	8	0.1%	-20.0%
Wet Lease	109	2.1%	50	0.9%	-54.1%
Passenger Services & Catering	247	4.8%	290	5.4%	17.4%
Maintenance	261	5.1%	317	5.9%	21.5%
General Administration	26	0.5%	43	0.8%	65.4%
Other	83	1.6%	86	1.6%	3.6%
TOTAL	5,151	100%	5,374	100%	4.3%
Operating Cost per ASK (USc)	8.10	-	7.91	-	-2.3%
Ex-fuel Operating Cost per ASK (Usc)	5.60	-	5.80	-	3.5%
Fixed Costs	1,493	29.0%	1,682	31.3%	12.6%

(mn USD)	2019	2020	2021	2022	2023	2024	1H'24	1H'25	YoY Change
Operating Revenue	13,229	6,734	10,686	18,426	20,942	22,669	10,430	10,867	4%
Operating Expenses (-)	12,644	7,264	9,411	15,710	18,269	20,749	9,948	10,540	6%
of which Fuel	3,873	1,638	2,756	6,467	6,232	6,232	3,123	2,782	-11%
of which Personnel	2,067	1,097	1,298	2,140	3,256	3,256	2,117	2,676	26%
of which Depreciation	1,521	1,659	1,740	1,864	2,035	2,035	1,074	1,140	6%
Biraz daraltalım of which Rent	311	244	197	157	263	263	216	142	-34%
Net Operating Profit / Loss	585	-530	1,275	2,716	2,673	1,920	482	327	-32%
Other Operating Income	355	330	174	145	509	606	217	337	55%
Other Operating Expenses (-)	64	55	35	82	323	113	66	34	-48%
Profit / Loss From Main Operations	876	-255	1,414	2,779	2,859	2,413	633	630	0%
Income From Investment Activities (Net)	89	179	200	293	868	1,593	749	555	-26%
Share of Investments' Profit / Loss	82	-87	75	121	232	176	19	-28	-
Financial Income	139	72	101	378	611	991	371	543	46%
Financial Expense (-)	310	835	767	632	931	1,528	746	954	28%
Monetary Gain	-	-	-	-	2	2	0	3	-
Profit Before Tax	876	-926	1,023	2,939	3,641	3,647	1,026	749	-27%
Tax (-)	88	-90	64	214	-2,380	222	-143	102	-
Current Tax Expense	-	-	-28	-35	-66	-387	0	-126	-
Deferred Tax Income	-88	90	-36	-179	2,446	165	143	24	-1
Net Profit	788	-836	959	2,725	6,021	3,425	1,169	647	-45%

Balance Sheet

Assets (mn USD)	2019	2020	2021	2022	2023	2024	30.06.2025
Cash and Cash Eqv. & Short-Term Financial Investments	2,475	1,829	2,682	4,701	6,027	6,067	6,275
Trade Receivables	540	637	925	995	856	905	1,025
Pre-delivery Payment (PDP) Receivables	778	731	546	511	305	837	750
Other Current Assets	977	981	785	1,018	1,407	1,884	1,941
Total Current Assets	4,770	4,178	4,938	7,225	8,595	9,693	9,991
Assets1 Net Fixed	3,643	4,145	4,364	4,723	6,118	7,098	7,648
of which Aircraft and Engines2	1,493	1,859	2,041	2,351	3,678	4,447	4,925
Rights of Use of Assets (Aircraft Leases)	13,618	14,777	15,110	16,577	16,928	17,625	17,819
Pre-delivery Payment (PDP) Receivables	761	515	279	291	501	566	613
Other Non-Current Assets	15,550	16,692	16,956	18,705	20,457	22,317	23,332
Total Non-Current Assets	19,954	21,352	21,599	23,719	27,076	29,981	31,593
Total Assets	24,724	25,530	26,537	30,944	35,671	39,674	41,584
Liabilities (mn USD)	2019	2020	2021	2022	2023	2024	30.06.2025
Lease Obligations	9,919	11,307	10,244	10,766	11,812	11,966	13,180
Bank Borrowings	3,453	5,394	4,659	3,273	2,435	1,895	1,504
Passenger Flight Liabilities	1,032	580	1,216	2,291	2,656	2,659	3,772
Accounts Payable	1,130	861	891	1,200	1,291	1,494	1,650
Other Liabilities	2,326	2,005	2,690	3,672	1,914	2,346	2,510
Total Liabilities	17,860	20,147	19,700	21,202	20,108	20,360	22,616
Total Shareholders Equity	6,864	5,383	6,837	9,742	15,563	19,314	18,968
of which Issued Capital	1,597	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	17,287
of which Differences from Currency Translation	-184	-201	-275	-294	-221	-214	-188
of which Net Profit for the Period	788	-836	959	2,725	6,021	3,425	650
Total Liabilities & Shareholders Equity	24,724	25,530	26,537	30,944	35,671	39,674	41,584

Subsidiaries & Affiliates

	30.06.2025	Field of Activity	Revenue (mn USD)	Number of Personnel	Partnership Structure
	Turkish Airlines 1, 2	Transportation	10,867	35,539	49.1% Türkiye Wealth Fund - 50.9% Open to Public
1	Türk Hava Yolları Teknik A.Ş. (Turkish Technic)	MRO	-	11,998	100% Turkish Airlines
2	THY Teknoloji ve Bilişim A.Ş. (Turkish Technology)	IT	-	1,920	100% Turkish Airlines
3	THY Uçuş Eğitim ve Hava Limanı İşletme A.Ş. (Turkish Airlines Flight Academy)	Flight Trainings & Airport Operations	-	234	100% Turkish Airlines
4	AJet Hava Taşımacılığı A.Ş. (AJet)	Transportation	-	2,933	100% Turkish Airlines
5	THY Hava Kargo Taşımacılığı A.Ş. (Widect)	Cargo	-	27	100% Turkish Airlines
6	THY Destek Hizmetleri A.Ş. (Turkish Support Services)	Support Services	-	11,652	100% Turkish Airlines
7	Türk Hava Yolları Elektronik Para ve Ödeme Hizmetleri A.Ş. (TKPAY)	Payment Systems	-	27	100% Turkish Airlines
8	THY Gayrimenkul Yatırım Hizmetleri A.Ş.	Management of Various Investment Projects	-	-	100% Turkish Airlines
9	THY Spor A.Ş.3	Sports Activities	-	32	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	-	683	80.1% Turkish Airlines & Turkish Technic - 17% TUSAS – 2.9% HAVELSAN
11	TFS Akaryakıt Hizmetleri A.Ş. (TFS)	Fuel	1,450	167	25% Turkish Airlines - 25% Taya - 25% Demiroren - 25% Zirve
12	Güneş Ekspres Havacılık A.Ş. (SunExpress)	Transportation	810	4,709	50% Turkish Airlines - 50% Lufthansa
13	THY OPET Havacılık Yakıtları A.Ş. (THY OPET)	Fuel	321	573	50% Turkish Airlines - 50% Opet
14	TGS Yer Hizmetleri A.Ş. (Turkish Ground Services)	Ground Services	411	21,908	50% Turkish Airlines - 50% Havas
15	THY DO&CO İkram Hizmetleri A.Ş. (Turkish DO&CO)	Catering	358	7,433	50% Turkish Airlines - 50% Do&Co
16	Pratt & Whitney THY Teknik Uçak Motoru Bakım Mrkz. Ltd. Şti. (Turkish Engine Center)	MRO	329	565	51% P&W - 49% Turkish Technic
17	We World Express Limited	Cargo	27	61	45% Turkish Airlines - 45% ZTO - 10% Pal Air
18	Goodrich THY Teknik Servis Merkezi Ltd. Şti. (Turkish Nacelle Center)	MRO	15	89	60% Collins Aerospace - 40% Turkish Technic
19	Air Albania SHPK	Transportation	-	116	49% Turkish Airlines - 41% MDN Inv. - 10% Albcontrol
		Total		100,666

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

Includes THY Spor A.Ş. and Turkish Airlines Sports Club personnel.

INVESTOR RELATIONS

e-mail: ir@thy.com

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