TÜRK HAVA YOLLARI A.O.

Quarterly Report • Apr 3, 2024

Turkish Airlines

Investor Presentation

4Q'23 Results

4Q'22	4Q'23	Change	(USD mn)	2022	2023	Change
4,772	5,119	7.3%	Total Revenues	18,426	20,942	13.7%
3,843	4,141	7.8%	Passenger Revenue	14,291	17,727	24.0%
814	787	-3.3%	Cargo Revenue	3,735	2,596	-30.5%
102	156	52.9%	Technic Revenue	367	531	44.7%
678	215	-68.3%	Profit From Main Operations	2,779	2,859	2.9%
473	3,233	583.5%	Net Income	2,725	6,021	121.0%
9.9%	63.2%	53.2 pt	Net Income Margin	14.8%	28.8%	14.0 pt
473	127	-73.2%	Net Income Before Inf. Acc.	2,725	2,915	7.0%
1,395	1,213	-13.0%	EBITDAR	5,377	6,077	13.0%
29.2%	23.7%	-5.5 pt	EBITDAR Margin	29.2%	29.0%	-0.2 pt
50,801	58,818	15.8%	ASK (Million)	201,735	234,839	16.4%
8.16	7.41	-9.2%	RASK21 (incl. ACTK)	7.92	7.77	-1.9%
9.07	8.69	-4.3%	Yield2 Revenue (R/Y) (Usc)	8.79	9.14	4.0%
17,930	19,455	8.5%	Passengers Carried ('000)	71,818	83,378	16.1%
83.4%	81.0%	-2.3 pt	L/F (%)	80.6%	82.6%	1.9 pt

Financial Highlights

Total Revenues exceeded 2022 level by 14%.

Passenger Revenue increased by 24% year-over-year.

Cargo Revenue decline slowed down to 3% in the fourth quarter.

EBITDAR Margin was on par with last year at 29.0%.

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.

¹ RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer) ² Revenue Yield (R/Y): Total Passenger Revenue / RPK

What is Inflation Accounting?

Applied when the Producer Price Index-PPI increase exceeds 100% over the past three years. This is the case for our statutory accounts prepared under the Tax Procedure Law (TPL).

Important for accurately representing the real value of non-monetary assets (such as aircraft) in financial statements for the relevant period.

From the year 2004 onward, the value of non-monetary assets will be updated to reflect the PPI index increase since their recording date.

Effects on Turkish Airlines

Although the reporting currency for Turkish Airlines' international financial statements (IFRS) is the US Dollar, our financial statements prepared under the Tax Procedure Law (TPL) are denominated in Turkish Lira.

The most significant non-monetary asset in our TPL financial statements is aircraft. As a result, their values in Turkish Lira remained lower than their actual worth over the years.

Following the inflation adjustment of our non-monetary assets held in TPL financial statements, our IFRS and TPL reports converged.

Effects on the Income Statement
(USD mn)	2023 Before Inflation Accounting	2023 As Reported	One-off Inflation Accounting Effect	Commentary
Profit From Main Operations	2,859	2,859	-	-
Profit Before Tax	3,580	3,641	+63	Inflation adjustments for our subsidiaries
Tax	-663	+2,380	+3,043	-
Effect of Deferred Tax Income From Inflation Adjustment		+3,043	+3,043	Reversal of Deferred Tax Liability on the Balance Sheet due to inflation adjustment on the Statutory Tax Accounts
Net Profit	2,915	6,021	+3,106	-

Inflation adjustments in our Tax-based financial statements resulted in reversal of Deferred Tax Liability in our IFRS Balance Sheet, and respectively recording one-off gain in the IFRS income statement.

Note: For further details please see the Notes 2.1 and 31 of our 2023 Financial Statements.

After the adjustments, the differences between our IFRS statements and Tax-based financial statements decreased significantly.

Financial Ratios

(as of 31.12.2023)	Before Inf. Acc.	After Inf. Acc.	Change
P/E	3.7	1.8	-52%
P/B	0.9	0.7	-20%
Net Debt/EBITDA	1.3	1.3	-1%
EV/EBITDA	3.3	3.3	-1%

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.

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 (2023/2022)

Americas AMERICAS		Europe EUROPE			Far East FAR EAST
	4Q	12M		4Q	12M		4Q	12M
ASK	20.6%	10.0%	ASK	12.6%	9.4%	ASK	32.3%	33.5%
RASK2	-7.9%	4.5%	RASK2	-8.9%	3.5%	RASK2	-10.0%	-11.2%
Passenger RASK	-3.6%	16.9%	Passenger RASK	-8.0%	6.8%	Passenger RASK	-5.3%	10.2%
R/Y	-0.2%	11.1%	R/Y	-3.7%	7.1%	R/Y	-4.3%	1.4%
R/Y ex-currency	0.3%	12.1%	R/Y ex-currency	-4.9%	7.2%	R/Y ex-currency	-5.6%	2.1%

	Domestic
	4Q	12M
ASK	12.8%	23.5%
RASK2	-3.1%	-2.2%
Passenger RASK	-2.6%	-1.9%
R/Y	-1.0%	-0.1%
R/Y ex-currency	38.9%	32.6%

Americas AMERICAS		Europe EUROPE			Far East FAR EAST
	4Q	12M		4Q	12M		4Q
	20.6%	10.0%	ASK	12.6%	9.4%	ASK	32.3%
	-7.9%	4.5%	RASK2	-8.9%	3.5%	RASK2	-10.0%
RASK	-3.6%	16.9%	Passenger RASK	-8.0%	6.8%	Passenger RASK	-5.3%
	-0.2%	11.1%	R/Y	-3.7%	7.1%	R/Y	-4.3%

Africa AFRICA		Middle East MIDDLE EAST				Domestic DOMESTIC
	4Q	12M		4Q	12M		4Q
ASK	6.3%	6.3%	ASK	-9.3%	23.0%	ASK	12.8%
RASK2	-8.0%	0.1%	RASK2	-10.4%	-7.1%	RASK2	-3.1%
Passenger RASK	-6.3%	5.0%	Passenger RASK	-9.1%	-4.7%	Passenger RASK	-2.6%
R/Y	-2.4%	3.5%	R/Y	-5.2%	-0.7%	R/Y	-1.0%
R/Y ex-currency	-3.6%	3.9%	R/Y ex-currency	-6.0%	-0.8%	R/Y ex-currency	38.9%

Americas AMERICAS		Europe EUROPE			Far East FAR EAST
	4Q	12M		4Q	12M		4Q	12M
ASK	20.6%	10.0%	ASK	12.6%	9.4%	ASK	32.3%	33.5%
RASK2	-7.9%	4.5%	RASK2	-8.9%	3.5%	RASK2	-10.0%	-11.2%
Passenger RASK	-3.6%	16.9%	Passenger RASK	-8.0%	6.8%	Passenger RASK	-5.3%	10.2%
R/Y	-0.2%	11.1%	R/Y	-3.7%	7.1%	R/Y	-4.3%	1.4%
R/Y ex-currency	0.3%	12.1%	R/Y ex-currency	-4.9%	7.2%	R/Y ex-currency	-5.6%	2.1%

Africa
	4Q	12M
ASK	6.3%	6.3%
RASK2	-8.0%	0.1%
Passenger RASK	-6.3%	5.0%
R/Y	-2.4%	3.5%
R/Y ex-currency	-3.6%	3.9%

TURKISH AIRLIN
----------------	--

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

Profit From Main Operations Bridge

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

4Q'22	4Q'23	Change	(mn USD)	2022	2023	Change	% of Total Costs
1,581	1,687	6.7%	Fuel	6,467	6,232	-3.6%	34.1%
664	907	36.6%	Personnel	2,140	3,256	52.1%	17.8%
530	672	26.8%	Aircraft Ownership1	2,021	2,298	13.7%	12.6%
303	393	29.7%	Airports & Air Navigation	1,234	1,614	30.8%	8.8%
274	317	15.7%	Sales & Marketing	1,036	1,321	27.5%	7.2%
233	319	36.9%	Ground Handling	931	1,241	33.3%	6.8%
185	232	25.4%	Passenger Services & Catering	618	863	39.6%	4.7%
276	241	-12.7%	Maintenance	865	997	15.3%	5.5%
111	103	-7.2%	Other	398	447	12.3%	2.4%
4,157	4,871	17.2%	TOTAL	15,710	18,269	16.3%	100.0%

Includes Depreciation and Aircraft Rent expenses.

4Q'22	4Q'23	Change	(USc)	2022	2023	Change
3.11	2.87	-7.8%	Fuel	3.21	2.65	-17.2%
1.31	1.54	18.0%	Personnel	1.06	1.39	30.7%
1.04	1.14	9.5%	Aircraft Ownership1	1.00	0.98	-2.3%
0.60	0.67	12.0%	Airports & Air Navigation	0.61	0.69	12.4%
0.54	0.54	-0.1%	Sales & Marketing	0.51	0.56	9.5%
0.46	0.54	18.2%	Ground Handling	0.46	0.53	14.5%
0.36	0.39	8.3%	Passenger Services & Catering	0.31	0.37	20.0%
0.54	0.41	-24.6%	Maintenance	0.43	0.42	-1.0%
0.22	0.18	-19.9%	Other	0.20	0.19	-3.5%
8.18	8.28	1.2%	CASK	7.79	7.78	-0.1%
5.07	5.41	6.8%	Ex-Fuel CASK	4.58	5.13	11.9%
7.28	7.32	0.6%	CASK2 (incl. ACTK)2	6.90	6.99	1.2%
4.51	4.79	6.1%	Ex-Fuel CASK2 (incl. ACTK)2	4.06	4.60	13.3%

Highlights

Fuel-CASK decreased by 7.8% due to lower annual fuel prices.

Increase in Ex-fuel CASK was less pronounced than the first nine months.

16% higher passenger capacity led to eased cost pressure.

Main contributors to the unit cost growth were personnel, airport and commission 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'22	4Q'23	Change		2022	2023	Change
1,113	1,025	-8.0%	Fuel Price (Usd/ton)	1,144	969	-15.3%
3.11	3.09	-0.5%	Fuel Consumption (lt) per 100 ASK1	3.10	3.07	-1.0%
1,400	1,537	9.8%	Aircraft Ownership Cost per BH	1,342	1,328	-1.1%
729	551	-24.4%	Maintenance Cost per BH	574	576	0.3%
2,088	2,577	23.4%	Handling Cost per Landing	2,061	2,388	15.8%
1,275	1,443	13.2%	Airports & Air Navigation Cost per km Flown	1,293	1,495	15.7%
10.3	11.9	15.6%	Passenger Services & Catering Cost per Pax	8.6	10.4	20.3%
5.7%	6.2%	0.5 pt.	Sales & Marketing Cost / Total Revenue	5.6%	6.3%	0.7 pt.

ASK: Available Seat Kilometers ¹ASK (Adjusted ASK by available cargo ton kilometer)

2023 Results

Source: General Directorate of State Airports Authority (DHMI) – October 2023 (*) Adjusted for double count on Domestic Pax

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

Market Share Development

Turkish Airlines' market share quadrupled in the last two decades

1 In terms of billion Available Seat Kilometers (ASK). Ranking and market shares in the graph are according to 2023 data.

Turkish Airlines experienced a robust recovery after the initial shock of the pandemic and significantly increased its market share.

World Leading Network

Turkish Airlines ranks #1 in the World by international destinations

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

We reach over 215 international passenger destinations with narrow body aircraft which constitutes c.70% of our fleet.

Around half of the world population is within our narrow body range.

Turkish Airlines can connect 35% of the world's GDP and 50% of trade volume in just 5 hours.

Source: World Bank Note: Population, GDP: 2021, Trade Volume: 2019 17

countries / % of the World 3.8 billion people / ~50% trillion USD GDP / 35% tn USD Trade Volume / 50%

EUROPE Europe

Population: 742 million GDP: 23.7 trillion USD Trade Vol.: 18.8 trillion USD

AFRICA Africa

Population: 1 billion GDP: 1.8 trillion USD Trade Vol.: 850 billion USD

ASIA M. East & Asia

Population: 2.1 billion GDP: 7.4 trillion USD Trade Vol.: 3.9 trillion USD

Passenger Traffic and Breakdown

Int'l Passenger Breakdown by Geography Passenger Breakdown by Transfer Type

Note: Int'l to int'l transfer passengers' share in total international passengers is 56%.

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

Revenue Breakdown (2023)

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

2023

Operating Efficiency

1 In terms of Block Time: Includes time from taxi-out to the runway, the actual flight duration and the time from taxi to the arrival gate. 2 Includes Turkish Airlines' fully consolidated subsidiaries (12,224).

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

			Fleet	as of 31.12.2023
	Type	Total	Owned	Financial Lease	Opr./Wet Lease	Seat Capacity ('000)	Average Fleet Age	# of New Generation
	A330-2/3	49	16	18	15	14.0	11.5	Aircraft
	B777-3ER	33	12	15	6	11.7	10.1	138
Wide Body	A350-9	16	0	16	0	5.2	1.6	(31% of total)
	B787-9	22	0	22	0	6.6	2.8
	Total	120	28	71	21	37	8.2
	B737-8/9 MAX	32	0	25	7	5.1	3.2
	A321/320 NEO	65	0	34	31	12.4	2.3	Airbus &
	B737-8/9	100	40	35	25	16.9	13.4	Boeing Split
Narrow Body	A321/320/319	83	48	31	4	14.7	12.1	55% / 45%
	B737-8 MAX WL	3	0	0	3	0.6	6.1
	A321/320 WL	13	0	0	13	2.6	15.3
	Total	296	88	125	83	52	9.5
Cargo	A330-200F	10	3	7			10.2
	B777F	8	0	8	0		4.9	Ownership
	Wet Lease	6	0	0	6		23.8
	Total	24	3	15	6		11.8	Owned: 27% Fin. Lease: 48%
	Grand Total	440	119	211	110	89.8	9.3	Op. Lease: 25%

7 x A321/320 NEO 2 x B787-9 2 x A350-9

22

Turkish Cargo Overview

Overview

5. Flies to 133 countries / 364 destinations with 24 freighters and 416 passenger aircraft.

Ranks 3 rd globally in terms of FTK¹ in December 2023.

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 fast growing express cargo segment
• Growth opportunities in Asia through JVs and commercial partnerships
• Integrated solutions for intermodal transportation

AJet – Building a Growth Platform

Incorporation	Fleet Renewal
▪ Incorporated in 2023 as a spinoff of AnadoluJet brand ▪ Independently operational in 2024	▪ Decreasing unit costs with more efficient and high density new generation aircraft entries
Expanding Network	Digital Transformation
▪ Increasing depth and breadth	▪ Generating ancillary revenue
of the network with an international focus ▪ Penetration to high growth	by merchandising and unbundling ▪ Higher proportion of online	International Capacity
leisure and ethnic travel market	ticket sales	Int'l Market Share in Hub (Ist. SAW Airport)
		ASK1 Capacity (bn
		1ASK: Available Seat Kilometers.

Increased Focus on International Operations

	2019	2022	2023
Number of Aircraft	31	64	91
Number of Routes	129	180	177
International Capacity Share (%)	13.3%	64.5%	61.3%
Int'l Market Share in Hub (Ist. SAW Airport)	18%	24%	25%
Number of Passenger (mn)	14.6	16.1	20.9
ASK1 Capacity (bn )	11.2	21.7	27.3
Load Factor	87.5%	82.9%	82.3%

Currency Exposure (2023)

TRY USD

28.2%

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.

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.

57.2%

Fuel Expense Bridge and Hedging

Currency Breakdown of Total Lease Liabilities Financial Lease Debt Service

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

5 Year Maturity Profile (USD mn) Weighted Average Interest Rate² : 2.81%

(mn USD) 31.12.2023	Outstanding Amount	Maturity	Annual Avg. Debt Repayment
USD	970	10-12 Years	156
EUR	6,887	10-12 Years	940
JPY	2,336	10-12 Years	288
CHF	140	12 Years	29
Total	10,333		1,413

4Q'22	4Q'23	Change	EBITDAR (mn USD)	2022	2023	Change
4,772	5,119	7.3%	Sales Revenue	18,426	20,942	13.7%
3,701	4,308	16.4%	Cost of Sales (-)	14,036	16,060	14.4%
1,071	811	-24.3%	GROSS PROFIT / (LOSS)	4,390	4,882	11.2%
64	119	85.9%	General Administrative Expenses (-)	284	449	58.1%
392	444	13.3%	Marketing and Sales Expenses (-)	1,390	1,760	26.6%
615	248	-59.7%	NET OPERATING PROFIT / (LOSS)	2,716	2,673	-1.6%
53	147	177.4%	Other Operating Income	145	509	251.0%
-10	180	-	Other Operating Expense (-)	82	323	293.9%
678	215	-68.3%	Profit / (Loss) from Main Operations	2,779	2,859	2.9%
94	277	194.7%	Adjustments	304	631	107.6%
17	86	405.9%	Share of Investments' Profit / Loss Accounted by Using The Equity Method	121	232	91.7%
77	191	148.1%	Income From Government Incentives	183	399	118.0%
772	492	-36.3%	EBIT	3,083	3,490	13.2%
491	577	17.5%	Depreciation	1,864	2,035	9.2%
1,263	1,069	-15.4%	EBITDA	4,947	5,525	11.7%
114	93	-18.0%	Adjusted Operating Lease Expenses1	353	419	18.8%
18	51	181.8%	Adjusted Short term Lease Expenses (Wet-lease)2	77	133	72.9%
1,395	1,213	-13.0%	EBITDAR	5,377	6,077	13.0%
29.2%	23.7%	-5.5 pt	EBITDAR MARGIN	29.2%	29.0%	-0.2 pt

Notes: - For 4Q'23, Turkish Technic's contribution to EBITDAR through consolidation is 156 mn USD (4Q'22: 102 mn USD). - For 4Q'23, adjustments for heavy maintenance of operational lease expenses is 91 mn USD (4Q'22: 108 mn USD).

¹ Adjusted for aircraft heavy maintenance.

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

(mn USD)	2022	% in Total	2023	% in Total	Change
Fuel	6,467	41.2%	6,232	34.1%	-3.6%
Personnel	2,140	13.6%	3,256	17.8%	52.1%
Landing, Navigation & Air Traffic	1,234	7.9%	1,614	8.8%	30.8%
Landing and navigation	639	4.1%	896	4.9%	40.2%
Air Traffic Control	595	3.8%	718	3.9%	20.7%
Sales & Marketing	1,036	6.6%	1,321	7.2%	27.5%
Commissions and Incentives	517	3.3%	644	3.5%	24.6%
Reservation System	266	1.7%	299	1.6%	12.4%
Advertising	110	0.7%	193	1.1%	75.5%
Other	143	0.9%	185	1.0%	29.4%
Depreciation	1,864	11.9%	2,035	11.1%	9.2%
Ground Handling	931	5.9%	1,241	6.8%	33.3%
Aircraft Rent	157	1.0%	263	1.4%	67.5%
Operational Lease	17	0.1%	21	0.1%	23.5%
Wet Lease	140	0.9%	242	1.3%	72.9%
Passenger Services & Catering	618	3.9%	863	4.7%	39.6%
Maintenance	865	5.5%	997	5.5%	15.3%
General Administration	118	0.8%	116	0.6%	-1.7%
Other	280	1.8%	331	1.8%	18.2%
TOTAL	15,710	100%	18,269	100%	16.3%
Operating Cost per ASK (USc)	7.79	-	7.78	-	-0.1%
Ex-fuel Operating Cost per ASK (USc)	4.58	-	5.13	-	11.9%
Fixed Costs	3,681	23.4%	4,774	26.1%	29.7%

(mn USD)	2018	2019	2020	2021	2022	2023	YoY Change
Operating Revenue	12,855	13,229	6,734	10,686	18,426	20,942	14%
Operating Expenses (-)	11,686	12,644	7,264	9,411	15,710	18,269	16%
of which Fuel	3,768	3,873	1,638	2,756	6,467	6,232	-4%
of which Personnel	1,772	2,067	1,097	1,298	2,140	3,256	52%
of which Depreciation	1,087	1,521	1,659	1,740	1,864	2,035	9%
of which Rent Biraz daraltalım	595	311	244	197	157	263	68%
Net Operating Profit / Loss	1,169	585	-530	1,275	2,716	2,673	-2%
Other Operating Income	165	355	330	174	145	509	251%
Other Operating Expenses (-)	143	64	55	35	82	323	294%
Profit / Loss From Main Operations	1,191	876	-255	1,414	2,779	2,859	3%
Income From Investment Activities (Net)	99	89	179	200	293	868	196%
Share of Investments' Profit / Loss	123	82	-87	75	121	232	92%
Financial Income	129	139	72	101	378	611	62%
Financial Expense (-)	588	310	835	767	632	931	47%
Monetary Gain	-	-	-	-	-	2	-
Profit Before Tax	954	876	-926	1,023	2,939	3,641	24%
Tax (-)	201	88	-90	64	214	-2,380	-
Current Tax Expense	-40	-	-	-28	-35	-66	-
Deferred Tax Income	-161	-88	90	-36	-179	2,446	-
Net Profit	753	788	-836	959	2,725	6,021	121%

Assets (mn USD)	2018	2019	2020	2021	2022	2023
Cash and Cash Eqv. & Short-Term Financial Investments	2,155	2,475	1,829	2,682	4,701	6,027
Trade Receivables	570	540	637	925	995	856
Pre-delivery Payment (PDP) Receivables	809	778	731	546	511	305
Other Current Assets	971	977	981	785	1,018	1,407
Total Current Assets	4,505	4,770	4,178	4,938	7,225	8,595
Assets1 Net Fixed	13,918	3,643	4,145	4,364	4,723	6,118
of which Aircraft and Engines2	12,127	1,493	1,859	2,041	2,351	3,678
Rights of Use of Assets	-	13,618	14,777	15,110	16,577	16,928
Pre-delivery Payment (PDP) Receivables	505	761	515	279	291	501
Other Non-Current Assets	1,804	15,550	16,692	16,956	18,705	20,457
Total Non-Current Assets	16,227	19,954	21,352	21,599	23,719	27,076
Total Assets	20,732	24,724	25,530	26,537	30,944	35,671
Liabilities (mn USD)	2018	2019	2020	2021	2022	2023
Lease Obligations	9,509	9,919	11,307	10,244	10,766	11,812
Bank Borrowings	1,099	3,453	5,394	4,659	3,273	2,435
Passenger Flight Liabilities	1,002	1,032	580	1,216	2,291	2,656
Accounts Payable	1,022	1,130	861	891	1,200	1,291
Other Liabilities	2,155	2,326	2,005	2,690	3,672	1,914
Total Liabilities	14,787	17,860	20,147	19,700	21,202	20,108
Total Shareholders Equity	5,945	6,864	5,383	6,837	9,742	15,563
of which Issued Capital	1,597	1,597	1,597	1,597	1,597	1,597
of which Retained Earnings	3,760	4,463	5,246	4,406	5,405	8,097
of which Differences from Currency Translation	-160	-184	-201	-275	-294	-221
of which Net Profit for the Period	753	788	-836	959	2,725	6,021

1 Investment Property is included.

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

Subsidiaries & Affiliates

31.12.2023	Field of Activity	Revenue (mn USD)	Number of Personnel	Partnership Structure
1 2 Turkish Airlines (Türk Hava Yolları A.O.)	Transportation	20,942	33,138	49.1% Türkiye Wealth Fund - 50.9% Open to Public
1 Turkish Technic Inc.	MRO	-	10,522	100% Turkish Airlines
2 Turkish Airlines Technology Inc.	IT	-	1,454	100% Turkish Airlines
3 Turkish Flight Training and Airport Operations Inc.	Flight Trainings & Airport Operations	-	154	100% Turkish Airlines
4 AJet Hava Taşımacılığı A.Ş.	Transportation	-	151	100% Turkish Airlines
5 Turkish Airlines Air Cargo Transport Inc.	Cargo	-	7	100% Turkish Airlines
6 Turkish Support Services Inc.	Support Services	-	9,975	100% Turkish Airlines
7 Turkish Airlines Financial Technologies Inc.	Payment Systems	-	-	100% Turkish Airlines
8 Turkish Cabin Interior Systems Inc.	Cabin Interior	-	483	80.1% Turkish Airlines & Turkish Technic - 17% TUSAS – 2.9% HAVELSAN
9 Turkish Fuel Services Inc.	Fuel	4,010	120	25% Turkish Airlines - 25% Taya - 25% Demiroren - 25% Zirve
10 Sun Express Aviation Inc.	Transportation	1,704	3,812	50% Turkish Airlines - 50% Lufthansa
11 Turkish Opet Aviation Fuels Inc.	Fuel	967	524	50% Turkish Airlines - 50% Opet
12 Turkish Ground Services Inc.	Ground Services	658	17,209	50% Turkish Airlines - 50% Havas
13 Turkish Do&Co Catering Services Inc.	Catering	476	5,448	50% Turkish Airlines - 50% Do&Co
14 Pratt&Whitney Turkish Engine Center Co. Ltd.	MRO	549	503	51% P&W - 49% Turkish Technic
15 We World Express Limited	Cargo	65	57	45% Turkish Airlines - 45% ZTO - 10% Pal Air
16 Goodrich Turkish Technic Service Center Co. Ltd.	MRO	17	73	60% Collins Aerospace - 40% Turkish Technic
17 Air Albania SHPK	Transportation	-	179	49% Turkish Airlines - 41% MDN Inv. - 10% Albcontrol
	Total		83,809

INVESTOR RELATIONS

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