TAV Airports Served 17.1 Million Passengers in the First Quarter

"TAV Airports Announces Financial and Operational Results for the First Quarter of 2024"

TAV Airports, the leading brand in airport operations in Turkey, has disclosed its financial and operational results for the first three months of 2024. During this period, TAV achieved a revenue of 321 million euros and an EBITDA of 86 million euros.

In airport management, TAV Airports, Turkey's leading brand globally, served 17.1 million passengers in the first quarter of the year, marking a 22% increase compared to the same period last year. Additionally, the international passenger traffic at airports operated by TAV experienced a 27% growth compared to the same period last year.

Serkan Kaptan, the CEO of TAV Airports, stated, "Our passenger traffic during the winter season was positively influenced by the extended tourism season and fleet expansion strategies implemented by airlines operating at our airports. As a result, our international passenger traffic increased by 27%, and our total passenger traffic grew by 22% in the first quarter. Both İzmir and Ankara airports benefited from the fleet expansions of AJet, Pegasus, and SunExpress, which focus on domestic-to-international transfer strategies. We have successfully reflected the success of our operations in our financial results. Our revenue increased by 28% to 321 million euros, and our EBITDA increased by 97% to 86 million euros. Despite being in the low season, our net profit turned positive, reaching 9 million euros. We expect lively traffic during the high season of 2024, which is the summer months. Early bookings also provide positive signals in this regard.

We plan to complete our investment in Antalya in the first quarter of 2025, and our investment in Ankara in the last quarter of 2025," said Kaptan, stating that large-scale investment programs are progressing according to the planned schedule.

"As part of this program, we are investing in our airports and service companies, including Antalya, Almaty, and Ankara Esenboğa airports. Our investment in Almaty is 94% complete, and we are preparing to open the new international terminal in June 2024. We expect the new terminal to improve service quality and travel experience for passengers in Almaty. We plan to complete our investment in Antalya, which is 77% complete, in the first quarter of 2025, and our investment in Ankara, which is 42% complete, in the last quarter of 2025. In addition to these investments, we have decided to participate in additional investments that will increase the capacity of Medina Airport from 8 million to 18 million passengers annually, to be carried out in two stages. As a result of this major investment program, we have extended our average concession period from 8 years in 2020 to 29 years in 2024. Including acquisition costs and lease payments, we will reach a total investment size of approximately 2.5 billion euros by 2025. This magnitude is the most significant indicator of our confidence in the future of our industry. As we make progress in our program, we also begin to reap the rewards of our investments. In this context, we continue to expect an EBITDA between 430 million and 490 million euros for 2024. In the coming years, we expect even higher returns from our investments and set a medium-term target to surpass the historical highest EBITDA level of 573 million euros achieved in 2018. This target is now within reach in the near future. Thanks to the great efforts of our employees and the support of our shareholders and business partners, we have succeeded in making TAV Airports a global brand. I am confident that we will achieve our goal of reaching the highest EBITDA figure of all time together in the near future," he concluded.