TAV Havalimanları’s revenue rises 18 percent in first quarter

ISTANBUL

Airport operator TAV Havalimanları’s revenue increased by 18 percent year-on-year to 378.5 million euros in the first quarter of 2025.

The number of passengers it served increased by 4 percent annually from January to March, reaching 17.8 million compared to a year ago.

Revenue growth was above traffic growth due to price increases, SPP growth, new commercial areas in Almaty and a new TAV Tech project in Qatar, the company said in a statement.

TAV Havalimanları posted a net loss of 45.6 million euros for the first quarter against a net income of 8.9 million in the same period of 2024.

“Net profit was impacted by mostly non-cash effects below EBITDA,” it said.

EBITDA rose 5 percent annually to 90.1 million euros, while EBITDA margin declined from 26.8 percent in the first quarter of 2024 to 23.8 percent in January-March 2025.

Duty-free spending per passenger was 8.9 euros, up from 8.5 euros a year earlier.

The airports operated by TAV served 9.8 million international, up 5 percent, and 8 million domestic passengers, up 4 percent, in the first quarter of 2025.

“While the growth was partially tempered by a relatively colder winter in Antalya, the Easter seasonality, and the Ramadan period falling within the low season, these factors reflect the strong seasonality inherent in our business,” said Serkan Kaptan, its CEO.

“Only 13 percent of our annual international traffic is typically realized in the first quarter compared to 39% in the third quarter. As such, first-quarter performance is not indicative of our full-year outlook, and we remain confident in a robust summer season ahead,” he said.