TAV Investor Relations | About TAV Airports

COMPANY OVERVIEW

Operates 15 airports in 8 countries.

Also provides duty free, catering, ground handling, IT, security and lounge services.

Served 113 million passengers in 2025.

Listed on Borsa Istanbul under the ticker TAVHL.

Holds a portfolio of long-term concessions, including newly renewed Ankara and Antalya.

Generated revenue of €1,823 m and EBITDA of €560 m in 2025.

TAV AIRPORTS

AIRPORTS

- Esenboga (100%)
- Adnan Menderes (100%)
- Gazipasa Alanya (100%)
- Milas Bodrum (100%)
- Antalya (50%)
- Almaty (85%)
- Madinah (26%)
- Tbilisi (80%) & Batumi (76%)
- Monastir & Enfidha (100%)
- Skopje & Ohrid (100%)
- Latvia (100%)
- Zagreb (15%)

SERVICE COMPANIES

ATU (50%)
BTA (100%)
OS (100%)
TAV Technologies (100%)
Security (100%)
Academy (100%)
HAVAS (100%)
- TGS (50%)
- HAVAS Latvia (100%)
- HAVAS Zagreb (100%)

SHAREHOLDER STRUCTURE

1. Groupe ADP (46.1%)

Internationally acclaimed airport operating company with global operations.

2. Tepe İnşaat Sanayi A.Ş. (4.0%)

Turkish integrated conglomerate focused on infrastructure and construction.

3. Free Float (49.9%)

Shares traded on Borsa Istanbul under the ticker TAVHL.

INVESTMENT HIGHLIGHTS

Well positioned in a growing market

TAV operates in structurally growing aviation markets supported by rising airline capacity, improving connectivity, tourism demand and increasing air travel penetration

Türkiye is one of Europe’s largest and most dynamic aviation markets, supported by strong domestic and international demand.
Long-term fleet and capacity expansion plans of Turkish airline companies support passenger traffic growth.
TAV’s portfolio provides exposure to structurally growing markets across Türkiye, Central Asia, the Caucasus, the Balkans and North Africa.
Türkiye’s strong international air connectivity supports international passenger traffic. Many of TAV’s core markets are expected to deliver long-term air traffic growth above mature European markets.
A growing middle class and increasing propensity to travel in emerging markets support long-term air travel demand.

Leading airport operator

A diversified airport portfolio with strong market positions and an integrated service offering

One of Türkiye’s leading airport operators with strong market positions.
A diversified airport portfolio spanning Türkiye and international growth markets.
Service companies extend TAV’s global reach well beyond its operated airport portfolio.
Strong vertically integrated value chain covering duty free, food & beverage, ground handling, lounges, security and IT services.

Strong financial performance

A diversified portfolio, long-dated concessions and hard-currency-linked revenues support high earnings visibility and strong cash generation

Long-term concession and lease frameworks provide high visibility on revenues and cash flows.
Proven track record of growth, profitability and cash generation.
Operating leverage and disciplined capital allocation support attractive financial returns and cash generation.
Hard-currency or hard-currency-linked revenues and a diversified revenue base enhance financial resilience.
50% dividend payout policy unless the cash needs of the company require otherwise.

Scalable growth platform

TAV is well positioned to benefit from further organic and inorganic growth

Exposure to structurally growing regions including Central and Eastern Europe, the Baltics, Africa, the Middle East and Central Asia.
Scalable service businesses and an integrated business model provide organic and inorganic growth opportunities both within and beyond TAV’s airport portfolio.

HISTORY

Sırrı Mete Erna and Melis Tunaveli were appointed COO and CHRO, respectively, succeeding Kürşad Koçak and Hakan Öker following their retirement.

2025

The simplified merger of TAV Esenboğa Yatırım Yapım ve İşletme A.Ş. into TAV Airports Holding was completed

2025

Karim Ben Salem was appointed Chief Financial Officer (CFO).

2025

Fraport TAV Antalya refinanced its short-term bridge loan with a €2.5 billion project finance facility with a 13–13.5 year maturity.

2025

Phase one of Antalya Airport’s capacity expansion was completed, increasing annual capacity to 65 million passengers, and a long-term project finance agreement was signed.

2025

The 2024 Ordinary General Assembly Meeting was held on March 26, 2025.

2025

The Board of Directors decided not to propose a dividend distribution for FY2024 due to the funding needs of the ongoing investment program.

2025

Almaty New Terminal was opened on June 1, 2024.

2024

Mr. M. Sani Şener stepped down from his position as Vice Chairman of the Board of Directors as of May 1, 2024.

2024

The ordinary general assembly meeting for 2023 was held on March 29, 2024.

2024

Our company decided to withdraw from the Nigeria Lagos Airport tender.

2024

Our Board of Directors resolved to participate in additional investments into Madinah Airport that will increase its capacity from 8 million passengers per year to 18 million passengers per year in two phases.

2024

The short-term bridge loan for Ankara Esenboğa Airport was refinanced through a long-term project finance facility.

2024

The issuance of bonds with a nominal value of 400 million US dollars and an interest rate of 8.50% (6.87% in euros) issued by our Company for sale abroad was completed on December 7, 2023.

2023

The ordinary general assembly meeting for 2022 was held on March 31, 2023.

2023

A concession lease contract was signed on February 1, 2023 between DHMI and TAV Ankara Yatırım Yapım ve İsletme A.S., to operate the airport from 2025 until 2050 (25 years).

2023

TAV Ankara Yatırım Yapım ve İşletme Anonim Şirketi (TAV Ankara), made an upfront payment of 118.75 million euros, corresponding to 25% of the total rent amount, to the State Airports Authority in accordance with the tender specifications and started the investments specified in the tender.

2023

The sale of 24% of shares of TIBAH to our partner Mada International Holding, which holds the other 50% of shares of Tibah Airports Development Company (TIBAH), was completed.

2023

Mustafa Sani Sener was elected in place of Sera Yapi Endustrisi ve Ticaret A.S.

2022

The Ordinary General Assembly Meeting 2021 was held on March 31, 2022.

2022

Changes were made in the delegation of duties of the Board and senior management.

2022

The operating rights for the airports in Skopje and Ohrid, operated in North Macedonia, which were set to expire in June 2030, have each been extended by two years.

2022

TAV Airports’ Corporate Governance Rating was confirmed as 9.69 on August 12, 2022, from its prior rating of 9.67.

2022

The consortium consisting of our Company, has been chosen as the “preferred company” by the Federal Airport Authority of Nigeria (FAAN).

2022

All of the shares that our company had repurchased were sold at Borsa Istanbul using the block sale method for TL 76.00.

2022

JCR Eurasia Rating A.S. determined TAV Airports Holding’s Long-Term National Rating as “A+ (Trk),” Short-term National Rating as “J1 (Trk),” and Long-Term International Foreign and Local Currency Ratings as “BBB+.”

2022

Our Company won the tender held by the General Directorate of State Airports Authority (DHMI) for Ankara Esenboga Airport granting of operating rights until 2050.

2022

DHMI has declared that the operating periods of Antalya, Ankara, Gazipasa-Alanya, Izmir and Milas-Bodrum airports have been extended for two years.DHMI has also informed that concession rent payments for these airports that would normally be made in 2022 will be made in 2024.

2021

The transfer of shares of Almaty International Airport took place on April 29, 2021.

2021

2020 Shareholders’ Ordinary General Assembly of TAV Airports was held on March 22, 2021.

2021

TAV Airports has agreed with the government of North Macedonia to invest EUR 49.7 million in the country’s existing airports and some public infrastructure projects over the next three years.

2021

An agreement was signed between TAV Tunisia and the existing lenders group for restructuring the financing conditions of TAV Tunisia. TAV Tunisia’s bank loan decreased from EUR 371 million to EUR 233.6 million.

2021

Credit rating agency JCR Eurasia Rating A.S. determined TAV Havalimanları Holding A.S.’s Long-Term National Rating as “A (Trk),” Short-term National Rating as “A-1 (Trk),” Long-Term International Foreign and Local Ratings as “BBB+,” and the Short-Term International Foreign and Local Currency Ratings as “A-2.” The total credit rating was determined as “Stable.”

2021

The Joint Venture of TAV Airports and Fraport placed the best offer and won the tender of Antalya Airport.

2021

TAV Airports signed an agreement with Saudi Arabia’s General Authority of Civil Aviation Authority to extend the operating period of Madinah Airport with the recovery of passenger traffic. According to the agreement, when the airport will reach 8.1 million passengers, will be added to the operating period and the airport’s lease payments will be deferred during this period.

2021

• TAV Airports was informed that the best offer for the tender held by State Airports Authority on 20 November 2020 for construction of Cukurova Airport superstructure facilities by the build-operate-transfer model and operating rights transfer was given by another company.
• TAV Operation Services won the operating rights of two private passenger lounges at Bermuda LF Wade International Airport.

2020

GIS, an affiliate of TAV Operation Services, won the construction and operating rights of five private passenger lounges at Arturo Benitez International Airport in Santiago, Chile.

2020

In 2020, a total number of 2,047,331 shares of TAV Airports were bought back at an average price of TL 16.19 per share.

2020

TAV Airports’ corporate governance rating, which was 9.67 on 16 August 2019, was confirmed as 9.67 on 14 August 2020.

2020

TAV Operation Services with its local Partner G3S won the tender for the operation of four new passenger lounges and rendering all private passenger services (Meet & Greet, City Transfer, Fast Track) at Paris Charles de Gaulle and Orly Airports.

2020

A share purchase agreement to acquire Almaty International Airport was signed.

2020

TAV Airports released its public disclosure on suspension of flights and precautions taken due to the coronavirus global pandemic.

2020

• 2019 Shareholders Ordinary General Assembly of TAV Airports was held on 23 March 2020.
• Gross cash dividend totaling TL 392 million was distributed to shareholders.
• TAV Operation Services won the Washington Dulles International Terminal new Passenger Lounge operating rights concession.
• A Board Resolution was taken to buy-back shares of TAV Airports on Borsa Istanbul (BIST).

2020

Mr. Xavier Hürstel was appointed Board Member to replace Mr. Philippe Pascal, who resigned from his duties as TAV Airports Board Member.

2020

Due to the closure of Ataturk Airport before the end of the lease period, TAV Airports received a formal notification from DHMI stating that it will be compensated with EUR 389 million.

2019

Within the scope of Turquality support program, BTA opened three Cakes & Bakes stores in total: two in Tunisia and one in Muscat.

2019

BTA was awarded the tender for food and beverage operations of Queen Alia Airport in Amman.

2019

The consortium formed by TAV Airports and VPE Capital has started negotiations with the owner of Kazakhstan Almaty International Airport regarding the potential acquisition of the asset.

2019

An agreement signed between TAV Tunisia and Republic of Tunisia regarding the restructuring of the concession agreements for operation of Monastir and Enfidha airports.

2019

The share of TAV Airports in Madinah Airport rose from 33% to 50%

2019

TAV Airports and group companies moved to new headquarters on May 15.

2019

BTA started operations at Orly Airport in Paris, France.

2019

HAVAS, BTA and ATU commenced operations at Istanbul Airport.

2019

All commercial flights operated by TAV Istanbul at Ataturk Airport, wer transferred to Istanbul Airport on April 6, 2019.

2019

The share of BTA in Istanbul Fast Ferries Co. (IDO) raised to 100% from 50%.

2019

TAV Operation Services acquired 70% of Spain-based firm, GIS, operating in eight different countries.

2019

TAV Airports joined the Turquality program

2018

TGS extended its contract with Turkish Airlines for 15-years, the scope also including the New Istanbul Airport.

2018

TAV Airports purchased 50% of Fraport IC Ictas, the concession holder to Antalya Airport.

2018

BTA and TAV Operation Services launched operations at the Muscat Airport.

2018

TAV Airports increased its shareholding in BTA from 67% to 100%.

2017

Tepe Insaat and Sera Yapi sold 3.0% and 0.76% of their TAV Airports shares respectively to foreign institutional investors.

2017

Groupe ADP purchased Akfen Holding's entire 8.1% stake in TAV Airports.

2017

TAV Airpors started negotiations with Saudi Oger to purchase half of its 33.3% stake in Tibah Airports Development Company.

2016

The consortium of Groupe ADP, Bouygues Batiment and TAV Airports entered into exclusive talks with...

2016

BTA began providing food and beverage and inflight catering services at Zagreb Airport in Croatia.

2016

Construction of the new terminal building Georgia started

2016

27.000 square meters of airside area and eight passenger bridges were added to Istanbul Ataturk Airport as part of the extension project.

2016

ATU started duty free operations in Houston Aiport in the US.

2016

BTA won the tender to operate the food and beverage areas at New Muscat International Airport.

2016

Milas Bodrum International Terminal was taken over.

2015

The terminal extension project at Istanbul Ataturk Airport international terminal was started.

2015

The new international terminal in Madinah Airport was opened.

2015

TAV Airports’ consortium was not selected as the preferred bidder in La Guardia Airport tender.

2015

ATU won the tender for the operating rights of duty free areas at Houston George Bush Airport in USA.

2015

TAV Airports’ stake in TAV Urban Georgia increased from 76% to 80%.

2015

TGS won the tender for THY’s ground handling services at eight airports.

2014

ATU was awarded the concession for the operating rights of duty free areas of five airports in Tunisia.

2014

ATU was awarded the concession for the operating rights of duty free areas at Oman Salalah International Airport.

2014

Havas expanded its service network to Saudi Arabia.

2014

Construction commenced on the new passenger terminal at Zagreb Airport.

2014

Milas Bodrum Airport concession was awarded to TAV Airports.

2014

The new domestic terminal in Izmir Adnan Menderes Airport was opened.

2014

Zagreb airport was taken over in December 2013 by the consortium that TAV is a 15% shareholder in.

2013

TAV Airports’ consortium prequalified for LaGuardia Airport tender.

2013

The New Istanbul Airport tender was held. TAV Airports did not win the tender.

2013

Compensation letter was received from DHMI regarding TAV Airports' concession rights in Istanbul Ataturk Airport.

2013

TAV Airports paid its first dividend of TL 0.25 per share totaling TL 90,820,312.

2012

TAV Airports acquired the remaining 35% stake in Havaş.

2012

In the European Investor Relations Survey conducted annually by Thomson Reuters Extel Surveys...

2012

TAV Airports was recognized with the “Highest Corporate Governance Rating Score” award at the Third Corporate Governance Awards organized by the Corporate Governance Association of Turkey (TKYD).

2012

TAV Airports assumed operation of Madinah airport at the end of June 2012.

2012

The agreement for the sale of 38% of TAV Airports’ shares to the Aéroports de Paris Group for US$ 874 million...

2012

Havas, increased its ownership stake in North Hub Services (NHS) from 50% to 66.7% and rebranded to Havaş Europe.

2011

TAV Airports Holding was awarded the tender for the leasing of the operation rights of Izmir Adnan Menderes Airport’s existing International Terminal, CIP, Domestic Terminal and associated structures.

2011

TAV Airports, and partners Al Rajhi and Saudi Oger, signed a contract for the build-operate-transfer project of Madinah Airport.

2011

Skopje Airport’s new terminal commenced operation after construction was completed.

2011

BTA IDO was established as a 50%-50% joint venture of BTA and TASS and started service at Istanbul Fast Ferries locations.

2011

TAV Airports raised its stake in TAV Batumi Operations LLC’s from 60% to 76%.

2011

TAV Airports’ stake in TAV Urban Georgia increased from 66% to 76%.

2011

TAV Airports Holding raised its stake in TAV Security from 66.67% to 100%.

2011

TAV Airports started to operate commercial areas in Latvia’s Riga Airport.

2011

Gazipasa Airport was upgraded from 2B to 2C category.

2010

Havas purchased 50% of shares of NHS for €3.25m.

2010

35% of Havas shares were sold to HSBC Investment and IS Private Equiy through Havas Airports Ground Handling Investment Trust.

2009

Pan African Infrastructure Development Fund acquired 18% of TAV Tunisia shares for €39.6m.

2009

TAV Macedonia took over the operations of Skopje and Ohrid Airports.

2009

International Finance Corporation acquired 15% of TAV Tunisia shares.

2009

Havas acquired 50% of TGS shares.

2009

Investment in Enfidha Zine El Abidine Ben Ali International Airport was finalized and operations began at the airport.

2008

TAV Gazipasa began operations at Gazipasa Alanya Airport.

2008

TAV Airports completed an increase of TL 121 million to its paid-in capital.

2008

Havas won the tender to become a 50% JV partner in Turkish Ground Services with Turkish Airlines.

2008

TAV Airports won the tender and signed the concession agreement for Skopje Alexander the Great Airport, Ohrid St. Paul the Apostle Airport International Terminal and new cargo terminal in Shtip.

2008