TAV Airports Reports Increased Net Profit Despite Currency Headwinds, Raises 2025 Investment Outlook
istanbul, Turkey – TAV Airports reported a significant increase in net profit for the first nine months of the year, despite facing headwinds from foreign exchange translation losses and tax expenses. The company also revised its investment expenditure expectations for 2025 upwards, driven by the ongoing Almaty New Investment Program.
TAV Airports’ net profit was bolstered by a figure that increased by 189 percent on an annual basis, though tempered by an 8 million euro translation loss in the third quarter and a 32.4 million euro tax expense. The results come as TAV Airports navigates a period of growth and expansion, especially in international passenger traffic, and provide insight into the company’s financial health as it prepares for further investment. Investors and stakeholders are closely watching TAV Airports’ performance as global travel recovers and the company executes its strategic initiatives.
The company now anticipates investment expenditures of 220-240 million euros in 2025, exceeding its previous forecast of 140-160 million euros, but remaining below the 255.6 million euros spent in 2024. This increase is primarily attributed to additional investments within the Almaty New Investment Program, projected to total approximately 315 million euros with completion largely by the end of 2027, and 70 million euros allocated to 2025.
Despite the increased investment, TAV Airports maintained its 2025 expectations for turnover, EBITDA, total passengers, international passengers, and net debt/EBITDA. The company projects consolidated turnover to rise to 1,750-1,850 million euros in 2025, representing a 5-11 percent annual growth from the 1,660 million euros recorded in 2024.
Passenger traffic is forecast to increase from 106.5 million in 2024 to 110-120 million in 2025, with international passengers – expected to grow from 71.2 million to 75-83 million – playing a key role in this expansion.EBITDA is projected to reach 520-590 million euros in 2025, a 6-20 percent annual increase from 489.4 million euros in 2024. the Net Debt / EBITDA ratio is expected to improve from 3.52x at the end of 2024 to a range of 2.5x-3.0x by the end of 2025.
