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2025 NINE MONTHS FINANCIAL &OPERATIONAL RESULTS October 23, 2025 ◆ Strong revenue and EBITDA growth in 9M25 ◆ Strong operating leverage in 2Q25 and 3Q25 ◆ Net income increased 21% yoy in 3Q25. ◆ Strong FCF generation continued in 9M25. Highlights
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TAV Airports – Results Presentation 9M25|1 * as of December 31, 2024 Contents TAV Airports Operations Map*CEO’s Message 2 Summary Financial and Operational Results 3 Guidance 4 Traffic Performance 5 Comparative Financials 8 Selected Financials by Assets 15 Debt Structure 17 Quarterly Financials 18 CAPEX and Dividends 19 New Ankara Concession 20 New Antalya Concession 21 Service Companies 23 FX Exposure 28 Cash Position 30 Customer Diversification 31 The Eurobond 32 Inflation Impact 33 Equity Accounted Investees 34 APPENDIX 35
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TAV Airports – Results Presentation 9M25|2 Nine-Month 2025 Update: Resilient Execution, Disciplined Growth During the first nine months of 2025, we sustained positive momentum across our portfolio despite a mixed macro backdrop. International passenger traffic increased by 4%, supported by strong performance in the majority of our assets. While Antalya Airport experienced softer international traffic growth—reflecting the strong lira and certain geopolitical factors—our consolidated financial performance remained robust. Consolidated EBITDA grew 14% to €467 million in the first nine months. Importantly, the softness in Antalya did not weigh on consolidated EBITDA, as Antalya is a joint venture and not fully consolidated. On the bottom line, net income for the nine month period was €75 million. Non cash items— primarily deferred tax and translation effects linked to euro appreciation—pressured the first half; these effects moderated in the third quarter, where net income grew 21% year on year. Portfolio Highlights: Antalya (New International Terminal) •We significantly elevated the duty free, food & beverage, and lounge offerings, enhancing the passenger experience in addition to significant terminal capacity increase. •The commercial ramp up continues, with additional fashion, specialty retail, and restaurant openings underway. Ankara •The first full quarter under the new concession of additional 25 years delivered a strong boost to both revenue and EBITDA in the third quarter. •Ongoing international traffic growth, supported by low cost carriers, is expected to further underpin profitability. Almaty •Execution of the Almaty investment plan—launched in the last quarter—continues, with total investments estimated at €315 million with a target for completion by the end of 2027. •We have secured notable tariff increases aligned with our additional investments. These tariffs are expected to ramp up through 2030, rebalancing the airport’s EBITDA mix from fuel sales toward aviation related revenue. Madinah •Construction of a new international terminal has commenced to facilitate the continuous passenger traffic growth. We are the airport operator in the JV while holding a 26% stake. •The project is expected to complete by 2028 and will be financed without any equity injection from TAV Airports Holding. Georgia •We are in advanced discussions with the local authority regarding a concession extension to end in 2031. The discussion includes an investment to increase capacity to 10 million passengers and an update to commercial terms. Outlook We are entering the final quarter with confidence and discipline. Our portfolio’s breadth, continued commercial enhancements, and measured capital allocation support resilience through cycles. While we remain attentive to currency dynamics and geopolitical developments, our focus is clear: operational excellence, customer experience, and value accretive growth. To our employees, shareholders, and business partners—thank you for your unwavering commitment to and support of TAV Airports. Serkan Kaptan CEO CEO’s Message
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TAV Airports – Results Presentation 9M25|3 (in m€, unless stated otherwise) 9M24 9M25 Chg % Revenue 1,231.5 1,389.8 13% Cash Opex(*) -820.2 -922.3 12% EBITDA 411.3 467.4 14% EBITDA margin (%) 33.4% 33.6% 0.2 ppt FX Gain /(Loss) (14.4) (40.6) 181% Deferred Tax Inc. / (Exp.) 4.4 (32.4) nm Equity Accounted Investments 42.4 (37.0) nm Net Monetary Position Gain 6.7 0.8 -87% Net Profit after Minority 184.9 75.3 -59% Cash Flow From Operations (1) 285.5 251.8 -12% Dividends from JVs (2) 80.3 57.5 -28% Capex (3) 164.8 126.7 -23% Free Cash Flow (1+2-3) 201.1 182.7 -9% Net Debt (includes Sh. Loan) 1,613.7 1,637.8 1% Shareholders’ Equity 1,608.1 1,665.9 4% Number of Employees (av.) 20,146 22,170 10% Number of Passengers (m) 83.1 87.4 5% - International 56.4 58.9 4% - Domestic 26.6 28.5 7% Duty free spend per pax (€) 9.5 7.8 -18% (*) Cash Opex = Opex before EBITDA (Revenue – Cash Opex = EBITDA Cash Opex 12% ◆ Operating leverage prevailed in the second and third quarters in Ankara (due to new concession), Almaty, Macedonia, Havas and BTA (due to new Antalya operations) and cash opexgrowth was below revenue growth. EBITDA 14% ◆ 0.2% EBITDA marginexpansionyoywithoperatingleverage FX Loss (+181%) ◆ FX lossdue to appreciation of EURTRY and EURUSD from TL and USD monetary assets, wasrelativelysmallin thethirdquarter(€-8m) Equity Accounted Investments (nm) ◆ €10m more deferred tax gains in 9M24 in Antalya 1, also one off effects related to the end of the concession ◆ Effects of TL PPI / EURTRY spread in New Antalya, €21m higher DT loss and €26m higher finance expenses in 9M25 (€7.5m of which was non-cash IRS one off, capex tranche of loan not capitalized anymore) ◆ ATU had €5m higher finance costs due to investments and €2m more dt loss in 9M25 ◆ TGS affected by end of pandemic compensation, lower third party sales, higher amortization and finance expenses and strong TL Net Profit -59% ◆ -€69.7m of total deferred tax effect (incl. EAI),-€26.1m fx loss effect, and - €7.5m non-cash IRS one-off effect on net profit yoy, total non-cash one- off effect €-103m in 9M25 ◆ Higher D&A costs due to higher passenger numbers, new investments and concession change in Ankara ◆ 3Q25 Net Income (€125m) 21% above 3Q24 (€104m) Net Debt +1% ◆ Slight increase in net debtyoydue to investments(pls see pg. 17for detailed effects on net debt). Spend per Pax -18% ◆ SPP was diluted by addition of Almaty and Antalya, bothstillin ramp-up. Like for like SPP(without Almaty and Antalya) in 9M25 is €10.3 (+%9 yoy) Strong Revenue and EBITDA Growth in 9M25, -€103m Non-Cash One-Off Effect in 9M25, Excellent Bottomline Performance in 3Q25 Pax +5% ◆ Total number of passengers served in 9M25 is 5% above 9M24. Revenue 13% ◆ Revenue growth was above traffic growth due to new BTA catering operations in Antalya, new concession in Ankara,price increases, like for like SPPgrowth, new commercial areas in Almaty, growth in OS and new TAV Tech project in Qatar, while consolidated traffic includes Antalya, revenue does not, contributingto revenuegrowth abovetraffic.
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TAV Airports – Results Presentation 9M25|4 (1) Our 2025 outlook is based on an assumption of no mobility restrictions, normal business conditions, no other force majeure or security related events and no unexpected volatility or other abnormal conditions in foreign exchange markets. Deviations from these assumptions could have material effects on our expected passenger volume and financial results for 2025. Passenger outlook includes joint venture airports. Due to equity accounting, revenue, EBITDA and Capex outlook does not include joint venture entities. (2) Almaty investment Plan is expected to total around €315m and be mostly completed by the end of 2027, Almaty 2025 investment is expected to be €70m. (3) In 2025, we expect higher amortization costs and higher interest expenses (previously capitalized) from completed investments such as New Antalya, New Ankara and Almaty new international terminal. We also expect lower net income from Antalya 1 due to the amortization (non-cash effect) of the remaining Purchase Price Allocation. Moreover, strong TL may also result in a drop in the net income of TGS and ATU. In addition, we expect rent amortization from Ankara, BTA Antalya and TAV OS new NY lounge. As a result of the combined effect of these movements below EBITDA, we do not expect 2025 net income to be higher than 2024. 2025 New Guidance(1)(3) 2025 Previous Guidance(1)(3) Revenue (€M) 1,750 – 1,850 1,750 – 1,850 Total Pax (M) 110 – 120 110 – 120 Intl Pax (M) 75 – 83 75 – 83 EBITDA (€M) 520 – 590 520 – 590 Capex (€M) 220 - 240 140-160 (+Almaty Investment Plan 2025)(2) Net Debt/EBITDA 2.5 – 3.0 2.5 – 3.0 2025 Guidance
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TAV Airports – Results Presentation 9M25|5 September Chg. Jan-Sep Chg. Pax 2024 2025 2025/ 2024 2024 2025 2025/ 2024 Antalya 4.945.407 5.155.019 4% 30.850.457 31.334.474 2% International 4.414.694 4.506.423 2% 26.007.647 26.109.471 0% Domestic 530.713 648.596 22% 4.842.810 5.225.003 8% Izmir 1.087.991 1.285.308 18% 8.822.017 9.586.467 9% International 569.920 588.377 3% 3.781.041 3.992.385 6% Domestic 518.071 696.931 35% 5.040.976 5.594.082 11% Ankara 1.091.552 1.294.136 19% 9.894.485 10.464.382 6% International 285.278 352.398 24% 2.460.986 2.686.557 9% Domestic 806.274 941.738 17% 7.433.499 7.777.825 5% Milas-Bodrum 614.604 640.401 4% 3.701.862 3.762.108 2% International 334.143 300.795 -10% 1.702.436 1.610.780 -5% Domestic 280.461 339.606 21% 1.999.426 2.151.328 8% Gazipasa 115.847 116.808 1% 817.030 802.596 -2% International 68.226 74.040 9% 457.033 467.373 2% Domestic 47.621 42.768 -10% 359.997 335.223 -7% Almaty 978.772 1.008.271 3% 8.537.553 9.098.635 7% International 449.230 491.547 9% 3.863.459 4.155.541 8% Domestic 529.542 516.724 -2% 4.674.094 4.943.094 6% Georgia 569.652 678.961 19% 4.373.534 5.050.969 15% Madinah 690.521 832.075 20% 7.982.000 8.507.537 7% International 483.962 600.918 24% 6.051.421 6.370.135 5% Domestic 206.559 231.157 12% 1.930.579 2.137.402 11% Tunisia 409.275 427.918 5% 2.388.918 2.616.847 10% N. Macedonia 305.456 329.523 8% 2.434.437 2.585.096 6% Zagreb 422.861 470.887 11% 3.265.289 3.584.832 10% TAV TOTAL 11.231.938 12.239.307 9% 83.067.582 87.393.943 5% International 8.270.634 8.771.467 6% 56.449.342 58.855.422 4% Domestic 2.961.304 3.467.840 17% 26.618.240 28.538.521 7% Source: Turkish State Airports Authority (DHMI), Georgian Authority, TAV Tunisie, TAV Macedonia, TIBAH and MZLZ, DHMI figures for are tentative for one year. Both departing and arriving passengers, including transfer pax Traffic Performance ◆ Total number of passengers served in 2025 is 5% above 2024. ◆ International passengers served in 2025 is 4% above 2024. ◆ Ankara 2025 international traffic is 9% above 2024. Ajet has based two new aircraft in Ankara. ◆ İzmir 2025 international traffic is 6% above 2024. ◆ Almaty 2025 international traffic is 8% above 2024. ◆ Strong demand for Georgia from Turkish, Israeli and Russian travelers ◆ Geopolitical developments have impacted traffic since June. ◆ Domestic traffic improved by higher ticket price caps
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TAV Airports – Results Presentation 9M25|6 Germany; 19% Russia; 13% UK ; 8% Turkiye; 6% Poland; 5% UAE; 3% France; 3%Egypt; 2% N. Cyprus; 2% Netherlands; 2% Kazakhstan; 2% Other; 35% Germany; 27% Russia; 19% UK ; 11% Poland; 7%N. Cyprus; 4% Kazakhstan; 2% Romania; 2% Netherlands; 2% Austria; 2% France; 2% Czechia; 2% Other; 21% TAV Total TAV Turkish Airports TAV International Passenger Breakdown by destination (2024)
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TAV Airports – Results Presentation 9M25|7 % Change 9M25 vs 9M24 9M25 vs 9M19 Germany 1% 31% Russia 5% -31% UK 7% 95% Turkiye 14% 75% Poland 0% 117% Ukraine 0% -100% UAE -4% 47% France 12% 57% TRNC 22% 62% Egypt 8% 57% Austria 4% 41% Kazakhstan -10% 91% Netherlands -8% -13% Switzerland 5% 34% Azerbaijan 9% 115% Romania -7% 59% Belgium -1% 2% Czechia -5% 31% Moldova 18% 324% Israel 29% -22% Other 4% 43% Growth of source markets in 9M25 8,1 11,5 2,5 2,0 1,5 2,3 1,2 1,0 0,9 0,8 0,7 10,1 10,6 7,9 4,9 3,5 3,2 0,0 1,7 1,6 1,4 1,3 0,9 0,9 0,9 0,9 0,8 0,8 0,8 0,8 0,8 0,7 14,5 Germany Russia UK Turkiye Poland Ukraine UAE France TRNC Egypt Austria Kazakhstan Netherlands Switzerland Azerbaijan Romania Belgium Czechia Moldova Israel Other 9M19 9M24 9M25 TAV Total Int’l Pax (m)
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TAV Airports – Results Presentation 9M25|8 79 77 59 61 46 25 22 25 16 113 26 19 17 95 88 66 66 51 31 27 22 21 113 19 27 23 Almaty Georgia Other Services Havas İzmir Ankara Tunisia Other Airports N. Macedonia Antalya 1&2 TGS ATU TIBAH 9M24 9M25 319 186 122 96 118 38 16 25 17 2 376 169 136 117 146 46 19 39 20 1 Personnel Cost of Fuel Cost of Services Other D&A and Imp. Cost of Catering Utility Rent Maintenance Concession Rent 9M24 9M25 185 75 104 125 9M24 9M25 3Q24 3Q25 1232 1390 499 566 9M24 9M25 3Q24 3Q25 Consolidated Revenue(€m) 820 922 303 336 9M24 9M25 3Q24 3Q25 411 467 196 231 9M24 9M25 3Q24 3Q25 481 278 134 114 39 60 24 21 12 68 504 308 170 130 57 70 28 22 11 90 Aviation GH Catering Lounge AA&S DF IT Carpark Bus Other 9M24 9M25 JVs not fully consolidated shown proportional to shareholding % Cash Opex = Opex before EBITDA (Revenue – Cash Opex = EBITDA) Strong Operating Leverage and 21% Net Income Growth in the Third Quarter -€103m non-cash one-off effect in 9M25 yoy, (-€70m def. tax and -€33m non-cash finance) +13% +13% +12% +11% +14% +18% Strong operating leverage -59% +21% Cash Opex(€m) EBITDA(€m) Net Income after Minority(€m) Consolidated Revenue(€m) EBITDA(€m) Cash Opex(€m)
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TAV Airports – Results Presentation 9M25|9 (€m) 9M24 9M25 Chg(%) Aviation 481.0 503.7 5% Ground handling 277.5 307.9 11% Catering services 133.9 170.3 27% Lounge & loyalty card 114.2 129.7 14% Area all., sublease& advertising 39.4 57.2 45% Duty free 59.9 70.5 18% Software&Hardware (IT) 24.5 28.1 15% Car parking 21.1 21.9 4% Bus services 11.6 11.1 -4% Other 68.4 89.5 31% Total 1231.5 1389.8 13% (€m) 9M24 9M25 Chg(%) EBITDA 411.3 467.4 14% D&A&Impairment -118.3 -145.7 23% Equity Accounted Investments 42.4 -37.0 nm EBIT 335.5 284.7 -15% FX Gain/(Loss) -14.4 -40.6 181% Net Interest Expense -59.8 -61.9 3% Net Discount Income/ (Expense) -24.5 -25.6 4% Other Finance Income/(Expense) -9.0 -4.3 -52% Net Finance Income/ (Expense) -107.7 -132.3 23% Net Monetary Position Gain 6.7 0.8 -87% Profit Before Income Tax 234.5 153.3 -35% Tax Expense -38.8 -64.6 66% Current Period Tax Expense -43.2 -32.2 -26% Deferred Tax Income/(Expense) 4.4 -32.4 nm Discontinued Operations -0.1 -0.2 298% Profit for the period 195.6 88.5 -55% Non-Controlling Interest -10.7 -13.2 23% Net Profit After Minority 184.9 75.3 -59% (€m) 9M24 9M25 Chg (%) Personnel -318.7 -376.4 18% Services Rendered -122.2 -136.2 11% Catering COGS -38.2 -45.6 19% Rent -24.8 -39.1 58% Maintenance -16.8 -19.9 18% Utility -16.3 -18.5 13% Concession Rent -1.5 -0.9 -39% Cost of Fuel -185.7 -168.6 -9% Other -103.9 -119.6 15% Other Op. Income 8.0 2.5 -69% Cash Opex -820.2 -922.3 12% D&A &Impairment -118.3 -145.7 23% Total -938.4 -1068.0 14% Revenue Operating Expenses Net Profit 9M25 P&L
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TAV Airports – Results Presentation 9M25|10 (€m) 9M24 9M25 Chg Chg(%) Aviation 481.0 503.7 22.7 5% Ground handling 277.5 307.9 30.3 11% Catering services 133.9 170.3 36.3 27% Lounge & Primeclass 114.2 129.7 15.5 14% Area all., sublease&ads 39.4 57.2 17.7 45% Duty free 59.9 70.5 10.6 18% Software & hardware (IT) 24.5 28.1 3.6 15% Car parking 21.1 21.9 0.8 4% Bus services 11.6 11.1 -0.5 -4% Other 68.4 89.5 21.1 31% Total 1231.5 1389.8 158.3 13% Duty Free +18% ◆ Dutyfreerevenueincreasedwithhigher int. pax traffic, higher LfL SPP and opening of Almaty new terminal DF spaces; Stronggrowthin Izmir, Ankara, Georgia, N. Macedonia and Tunisia IT +15% ◆ IT revenueis mostlycontractingbased and varieswithprojects awarded and completed. Some TAV Tech revenue is classified in Other. Car Park +4% ◆ Car park improvedwith higherpassengernumbersand tariffincreases. Oman car park business discontinued in 2Q25 Bus -4% ◆ Bus growthimpacted by closure of Havas Adana station Other +31% ◆ Security revenue, hotel revenue, de-icingrevenueand othermisc. revenueand someTAV Techrevenueis classifiedhere. Yoy increase is mostly due to new TAV Tech project in Qatar. Spend per Pax -18% ◆ SPP was dilutedby addition of Almaty and Antalya, bothstillin ramp-up. Likefor likeSPP(withoutAlmatyand Antalya) in 9M25 is €10.3 (+%9 yoy) Revenue +13% ◆ Revenue growth above traffic due to new BTA Antalya catering operations, new Ankara concession, price increases, like for like SPP growth, new commercial areas in Almaty, growth in OS and TAV Tech Qatar project, consolidated traffic includes Antalya, while revenue does not. ◆ 58% aeronautical, 42% non-aeronautical ◆ 42% Türkiye, 58% Non-Türkiye (excludingJVs) Aviation +5% ◆ Aviationrevenuewas impacted by jet fuel prices. Low-teens growth in non- fuel aviation revenue, supported by higher traffic and higher pax and security fees in Almaty and new concession in Ankara with higher fees. Ground Handling +11% ◆ Total flightsserved +4%, Havas only -1% (fullyconsolidated), TGS +6% (equity accounted). Strong growth in Havas, Almaty, Georgia, Tunisia and N. Macedonia, price increases in Havas. Havas flightsservedimpactedby closureof Adana andexit of Pegasus from Antalya and Dalamanportfolio. Catering +27% ◆ Strong growth in BTA & Almaty, BTA growth supported by new Antalya ops. Lounge +14% ◆ Passenger growthand priceincreaseswereinstrumental. Strong performance in Kazakh and US lounges. Unprofitable Spanish lounges closed Area Allocation, Sublease & Advertising +45% ◆ Significantincreasein BTA (due to new Antalya ops.) and Almaty Strong Revenue Growth 1231,5 36,3 30,3 22,7 21,1 17,7 15,5 10,6 3,6 0,8 -0,5 1389,8 9M24 Catering GH Aviation Other AA&S Lounge DF IT Carpark Bus 9M25 +13%
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TAV Airports – Results Presentation 9M25|11 (€m) 9M24 9M25 Chg Chg(%) Personnel -318.7 -376.4 -57.7 18% Services Rendered -122.2 -136.2 -14.0 11% Catering COGS -38.2 -45.6 -7.4 19% Rent -24.8 -39.1 -14.3 58% Maintenance -16.8 -19.9 -3.1 18% Utility -16.3 -18.5 -2.2 13% Concession Rent -1.5 -0.9 0.6 -39% Cost of Fuel -185.7 -168.6 17.1 -9% Other -103.9 -119.6 -15.7 15% Other Op. Income 8.0 2.5 -5.6 -69% Cash Opex (*) -820.2 -922.3 -102.2 12% D&A and Imp. -118.3 -145.7 -27.5 23% Total Opex -938.4 -1068.0 -129.6 14% Cost of Fuel -9% ◆ Cost of Almaty fuel business is affected by volume of international ATMs served and jet fuel prices Rent +58% ◆ Increase due to BTA Maintenance +18% ◆ Impacted by business volume, projects, maintenance needs and inflation Utility +13% ◆ Utility spending varies with energy consumption and energy prices across different assets. Concession Rent -39% ◆ Shows concession rent in Macedonia Other +15%. ◆ Increased 15% Other Op Income -69% ◆ Recovery of previously written-off assets in 9M24. Cash Opex+12% ◆ Operating leverage prevailed in the second and third quarters in Ankara (due to new concession), Almaty, Macedonia, Havas and BTA (due to new Antalya operations)and cash opexgrowth was below revenue growth. Personnel +18% ◆ 10% av. headcountincrease yoy and wageinflationimpactedby TL inflation, also impacted by new BTA Antalyaoperations Services Rendered +11% ◆ Affectedby businessvolumeof service companiesand inflation. The increase is mostly due to new TAV Tech project. Catering COGS +19% ◆ Increase is due to BTA Depreciation & Amortization & Impairment +23% ◆ With the unit of production methodology depreciation increases as pax increases. Higher depreciation in Almaty due to new terminal (+€5.6m), Effect of end of old concession in Ankara (+€4.2m), addition of BTA Antalya (+€2.3m), Ankara new concession (+€4.2m), effect of higher pax in Izmir (+€3.5m), New OS NY Lounge Rent (+€2.1m) Cash Opex Growth was Below Revenue Growth +14% (*) Cash Opex = Opex before EBITDA (Revenue – Cash Opex = EBITDA) 938,4 57,7 27,5 15,7 14,3 14,0 7,4 5,6 3,1 2,2 -0,6 -17,1 1068,0 9M24 Personnel D&A and Imp. Other Rent Cost of Services Cost of Catering Other Op. Income Maintenance Utility Concession Rent Cost of Fuel 9M25
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TAV Airports – Results Presentation 9M25|12 (€m) 9M24 9M25 Chg Chg (%) Equity Acc. Investments 42.4 -37.0 -79.4 nm Equity Accounted Investments nm ◆ €10m more deferred tax gains in 9M24 in Antalya 1, also one off effects related to the end of the concession ◆ Effects of TL PPI / EURTRY spread in New Antalya, €21m higher DT loss and €26m higher finance expenses in 9M25 (€7.5m of which was non cash IRS one off, capex tranche of loan not capitalized anymore) ◆ ATU had €5m higher finance costs due to investments and €2m more dt loss in 9M25 ◆ TGS affected by end of pandemic compensation, lower third party sales, higher amortization and finance expenses and strong TL 33,2 -10,3 6,1 0,3 7,0 0,3 -0,4 6,9 3,3 12,1 0,3 4,3 0,2 -0,1 Antalya 1 New Antalya ATU TIBAH TGS & Havas JVs Zagreb Others 3Q24 3Q25 33,6 -21,8 11,5 0,9 19,8 -0,7 -1,0 -5,9 -49,1 11,6 1,0 5,8 -0,1 -0,2 Antalya 1 New Antalya ATU TIBAH TGS & Havas JVs Zagreb Others Equity Accounted Investments 9M24 9M25 Antalya 1, (€m) 9M24 9M25 yoy Delta Net Profit (1) 78.8 51.5 -27.4 PPA Amortization (2) -45.2 -57.4 -12.2 Equity Accounted Investments (1-2) 33.6 -5.9 -39.5 Equity Accounted Investments (Joint Ventures) Deferred Tax Gain / (Loss),(€m) 9M24 9M25 yoy Delta Antalya 1 18.3 8.8 -9.5 New Antalya -9.0 -30.4 -21.4 ATU 1.2 -0.8 -2.0 Total 10.5 -22.4 -32.9
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TAV Airports – Results Presentation 9M25|13 184,9 56,1 -2,7 -5,9 -24,6 -25,7 -27,5 -79,4 75,3 9M24 Net Income EBITDA Minority & Disc. Inflation Finance Tax D&A EAI 9M25 Net Income 21% Net Income Growth in 3Q25 vs 3Q24, -€103m Non-Cash One-Off Effect in 9M25 vs 9M24 (€m) 9M24 9M25 Chg Chg (%) EBITDA 411.3 467.4 56.1 14% D&A &Impairment -118.3 -145.7 -27.5 23% Equity Acc. Investments 42.4 -37.0 -79.4 nm EBIT 335.5 284.7 -50.8 -15% FX Gain/Loss -14.4 -40.6 -26.1 181% Net Interest Expense -59.8 -61.9 -2.1 3% Net Discount Inc./(Expense) -24.5 -25.6 -1.1 4% Other Finance Inc./(Exp.) -9.0 -4.3 4.7 -52% Net Finance Expense -107.7 -132.3 -24.6 23% Net Monetary Position Gain 6.7 0.8 -5.9 -87% Profit Before Income Tax 234.5 153.3 -81.2 -35% Tax Expense -38.8 -64.6 -25.7 66% Current Period Tax Exp. -43.2 -32.2 11.1 -26% Deferred Tax (Expense) 4.4 -32.4 -36.8 nm Discontinued Operations -0.1 -0.2 -0.2 298% Profit for the Period 195.6 88.5 -107.1 -55% Non-controlling Interest -10.7 -13.2 -2.5 23% Net Profit After Minority 184.9 75.3 -109.6 -59% EBITDA+14% ◆ Operating leverage prevailed in the second and thjrd quarters in Ankara (due to new concession), Almaty, Macedonia, Havas and BTA (due to new Antalya operations) and cash opex growth was below revenue growth. ◆ 0.2% EBITDA margin expansion yoy with operating leverage Equity Accounted Investments nm ◆ €10m more deferred tax gains in 9M24 in Antalya 1, also one off effects related to the end of the concession ◆ Effects of TL PPI / EURTRY spread in New Antalya, €21m higher DT loss and €26m higher finance expenses in 9M25 (€7.5m of which was non cash IRS one off, capex tranche of loan not capitalized anymore) ◆ ATU had €5m higher finance costs due to investments and €2m more dt loss in 9M25 ◆ TGS affected by end of pandemic compensation, lower third party sales, higher amortization and finance expenses and strong TL EBIT -15% ◆ EBIT was lower due to lower EAI and higher D&A (pls. see pg. 11 for D&A Finance +23% ◆ FX loss from higher EURTRY and higher EURUSD on USD and TRY monetary assets Tax +66% ◆ Current tax was paid by profitable companies. ◆ Deferred tax loss in Ankara, due to higher EURTRY vs PPI effect on non-current assets and in Ankara and Izmir due to the effect of higher EURTRY on investment incentives and in Almaty due to Tenge depreciation and local GAAP amortization schedule Net Profit -59% ◆ -€69.7m of total deferred tax effect (incl. EAI),-€26.1m fx loss effect, and -€7.5m non-cash IRS one-off effect on net profit yoy, total non-cash one-off effect €-103m in 9M25, higher D&A ◆ 3Q25 Net Income (€125m) 21% above 3Q24 (€104m) -59% (*) JVs not included in 9M24
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TAV Airports – Results Presentation 9M25|14 39% 30% 9% 3% 3% 2%2% 11% 654 495 149 54 54 41 37 176 Türkiye Kazakhstan Georgia Macedonia Tunisia Croatia US Other 38% 21% 23% 6% 4% 2% 1% 5% 184 105 114 28 22 9 5 22 Türkiye Georgia Kazakhstan Tunisia Macedonia US Oman Other Revenue Breakdown by Country ( FY24, mEUR) EBITDA Breakdown by Country (FY24, mEUR) Revenue & EBITDA Breakdown by Country (JVS not included) 42% 35%40% 34% 40% 34%39%37% 55% 67%67% 56%57% 77% 2025.09 2025.03 2024.09 2024.03 2023.09 2023.03 2022.09 2022.03 2021.09 2021.03 2020.09 2020.03 2019.09 2019.03 Revenue % from Türkiye 41% 23% 38%36%25% 41%35% 10% 39%37% 63% 83% 153% 57%56% 82% 2025.09 2025.03 2024.09 2024.03 2023.09 2023.03 2022.09 2022.03 2021.09 2021.03 2020.09 2020.03 2019.09 2019.03 EBITDA % from Türkiye
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TAV Airports – Results Presentation 9M25|15 (€m) Revenue EBITDA EBITDA Margin (%) Net Debt Airports 742.9 336.0 45% 858.4 Ankara 62.6 31.3 50% 232.3 İzmir 82.3 50.6 62% 129.2 Gazipasa 5.5 0.4 7% -3.7 Tunisia 42.5 27.2 64% 221.8 Georgia 111.2 88.5 80% -72.4 N. Macedonia 41.2 20.7 50% 29.7 Bodrum 34.3 21.9 64% 60.1 Almaty 363.4 95.5 26% 261.3 Services 646.8 131.4 20% 779.5 Havas 244.6 65.7 27% 15.8 BTA 163.4 18.1 11% 27.5 Others 238.9 47.6 20% 736.1 Consolidated 1,389.8 467.4 34% 1,637.8 Number of Employees (eop) 9M24 9M25 Ankara 895 913 İzmir 925 912 Tunisia 683 845 Gazipasa 114 112 Georgia 1,144 1,293 N. Macedonia 878 875 Havas 5,731 6,074 BTA 2,427 3,278 Holding 126 152 OS 1,069 769 Technologies (IT) 520 515 Security 1,996 2,545 Latvia 6 6 Bodrum 138 140 Academy - - Real Estate 15 - Almaty 4,169 4,584 TOTAL Consolidated 20,836 23,013 - Joint Ventures (100%) 23,551 25,941 Selected Financials and Employee Numbers (9M25)
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TAV Airports – Results Presentation 9M25|16 Revenue (€m) 9M24 9M25 Chg Chg(%) Airports 689.8 742.9 53.2 8% Ankara 50.0 62.6 12.6 25% İzmir 74.4 82.3 7.9 11% Gazipasa 4.9 5.5 0.5 11% Tunisia 37.0 42.5 5.5 15% Georgia 97.9 111.2 13.3 14% N. Macedonia 36.3 41.2 4.9 14% Bodrum 34.8 34.3 -0.5 -1% Almaty 354.6 363.4 8.8 2% Services 541.7 646.8 105.1 19% Havas 223.8 244.6 20.8 9% BTA 112.4 163.4 50.9 45% Others 205.5 238.9 33.3 16% Consolidated 1,231.5 1,389.8 158.3 13% EBITDA (€m) 9M24 9M25 Chg Chg(%) Airports 291.2 336.0 44.8 15% Ankara 25.4 31.3 5.9 23% İzmir 46.1 50.6 4.5 10% Gazipasa 0.7 0.4 -0.3 -48% Tunisia 22.4 27.2 4.8 21% Georgia 77.4 88.5 11.1 14% N. Macedonia 16.3 20.7 4.4 27% Bodrum 24.1 21.9 -2.2 -9% Almaty 78.7 95.5 16.7 21% Services 120.2 131.4 11.3 9% Havas 61.3 65.7 4.4 7% BTA 12.3 18.1 5.8 48% Others 46.6 47.6 1.0 2% Consolidated 411.3 467.4 56.1 14% Assets (9M25) 1231,5 50,9 33,3 20,8 13,3 12,6 8,8 7,9 5,5 4,9 0,5 -0,5 1389,8 9M24 BTA Others Havas Georgia Ankara Almaty Izmir Tunisia N. Macedonia Gazipasa Bodrum 9M25 411,3 16,7 11,1 5,9 5,8 4,8 4,5 4,4 4,4 1,0 -0,3 -2,2 467,4 9M24 Almaty Georgia Ankara BTA Tunisia Izmir Havas N. Macedonia Others Gazipasa Bodrum 9M25 R e v e n u e B r i d g e ( € m ) E B I T D A B r i d g e ( € m )
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TAV Airports – Results Presentation 9M25|17 733 219 164 397 115 406 < 1 year 2 years 3 years 4 years 5 years >5 years *Includes Aviator, PMIA Aviator and Holdco BV, which are also holding companies ** €59m of currency protected deposits shown as financial assets are not classified as cash in the net debt calculation Certain project finance agreements include technical default clauses in case of non-compliance with financial ratios. Financing agreements of TAV Milas Bodrum, TAV Ege, TAV Kazakhstan, TAV Tunisia and TAV Macedonia have covenants. TAV Tunisia has been in breach of its financial agreements due to slow passenger recovery from the pandemic period. Therefore, the non-current loan liabilities of TAV Tunisia were reclassified to current loan liabilities on 30 June 2023 and the amount outstanding as of 30 September 2025 is €245.3m (including interest accrual). TAV Tunisia has not received any Acceleration Notice from the Lenders. Except for TAV Tunisia, there is no breach of financial agreements as at 30 September 2025 . (*) does not inclued IFRS 16 liabilities and derivatives. €245m Tunisia (non-recourse), €308m SHL Net Debt (eop, €m**) Sep 2024 Jun 2025 Sep 2025 Airports 918.4 947.9 858.4 Ankara 160.0 224.4 232.3 Izmir 143.8 151.0 129.2 Gazipasa -2.3 -1.0 -3.7 Tunisia 239.0 232.1 221.8 Georgia -26.0 -38.7 -72.4 N. Macedonia 31.6 32.2 29.7 Bodrum 73.4 74.6 60.1 Almaty 298.9 273.3 261.3 Services 695.4 830.8 779.5 HAVAS 41.4 39.4 15.8 BTA 28.5 29.0 27.5 Holding(*) 583.8 670.7 650.9 Others 41.7 91.7 85.2 Total 1,613.7 1,778.7 1,637.8 Net Debt +1% YoY ◆ 1Q25: +€19m WC movement in Almaty €15m SHL to New Antalya, €29m Izmir rent payment, €13m change in net derivatives QoQ, +€7m increase in value of IFRS16 contracts, -€26m higher EURUSD effect on USD loans and Eurobond, +€36m accrued interest, +€29m capex ◆ 2Q25: Net debt decreased QoQ with significant cash generation in 2Q despite €44m of capex and €53m increase in IFRS 16 liabilities (Capital One lounge of OS). ◆ 3Q25: Ankara net debt increased mostly due to additional investments, net debt in all other assets decreased materially with significant cash generation in seasonally strong quarter, Working capital increase in BTA and Ankara due to new concessions, WC movements in Almaty, Tunisia, IT and Macedonia (*) 66% of all loans are fixed or swapped, fully consolidated companies & JVs, as of September 30, 2025 Avg. MaturityAvg. Cost of Debt* Net Debt/ LTM 9M25 EBITDA 2025E Net Debt / 2025E EBITDA Definition of Net Debt = (+) Loans and Borrowings (+) Shareholder Loan & Accrued Interest (+) Bank Overdrafts (+) Almaty Minority Put (+€54m on Holding(*)&Almaty) (+/-) Net Derivatives (-€6m) (–) Cash (–) Restricted Bank Balances Gross Debt Maturity Profile(*) (€m) 6.2 % 6.2 years 3.0 2.5 - 3.0 Decentralized Debt Structure
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TAV Airports – Results Presentation 9M25|18 Quarterly P&L and Financials by Assets m€ 3Q24 3Q25 Chg % Airports 279.1 299.1 7% Ankara 17.5 25.1 44% Izmir 33.7 36.4 8% Gazipasa 2.7 3.1 14% Tunisia 20.1 22.3 11% Georgia 41.1 45.5 11% N. Macedonia 14.9 16.8 12% Milas Bodrum 22.4 21.8 -3% Almaty 126.8 128.1 1% Services 220.3 267.2 21% Havas 97.0 103.6 7% BTA 47.9 79.9 67% Others 75.4 83.7 11% Total Revenue 499.4 566.3 13% Airports 139.0 160.1 15% Ankara 9.3 14.7 58% Izmir 24.2 26.2 8% Gazipasa 1.5 1.8 17% Tunisia 15.8 16.8 7% Georgia 34.3 37.7 10% N. Macedonia 7.7 9.7 26% Milas Bodrum 18.8 18.1 -4% Almaty 27.3 34.9 28% Services 57.0 70.7 24% Havas 29.3 34.8 19% BTA 7.8 18.0 130% Others 19.8 17.8 -10% Total EBITDA 196.0 230.8 18% m€ 3Q24 3Q25 Chg % Aviation income 191.9 207.2 8% Ground handling income 120.0 129.9 8% Commission from sales of duty free goods 32.1 34.2 7% Catering services income 56.8 77.0 36% Income from car parking operations 7.6 6.9 -10% Area allocation sublease and advertising 15.6 24.4 57% Bus services income 4.4 4.3 -1% Lounge services and loyalty card 43.7 50.2 15% Software & Hardware 7.8 6.9 -12% Other operating revenue 19.6 25.2 28% Total Revenue 499.4 566.3 13% Cost of catering inventory sold -16.0 -18.3 14% Cost of services rendered -45.6 -48.4 6% Personnel expenses -119.4 -132.7 11% Concession rent expenses -1.1 -0.4 -64% Cost of fuel -63.9 -61.1 -4% Other operating expenses -60.8 -74.3 22% Other operating income 3.4 -0.3 -110% EBITDA 196.0 230.8 18% D&A and impairment expense -49.0 -60.9 24% Equity Accounted Investments 36.2 27.1 -25% EBIT 183.1 197.0 8% Net Interest Expense -26.0 -25.8 -1% Net Discount Income/Expense -8.4 -9.5 13% FX Gain/Loss -13.0 -7.9 -40% Other Finance Expense -3.9 -2.5 -35% Net Finance Expense -51.3 -45.7 -11% Net Monetary Position Gain 0.7 -0.2 nm Profit Before Tax 132.4 151.0 14% Current tax -20.5 -11.5 -44% Deferred tax -3.0 -6.6 122% Tax (expense) / benefit -23.5 -18.1 -23% Continuing Operations 108.9 132.9 22% Discontinued Operations 0.0 -0.2 nm Profit / (loss) for the period 108.9 132.7 22% Minority -5.0 -7.5 49% Profit / (loss) for the period after Minority 103.9 125.3 21% Operating leverage in most assets in 3Q25 led to operating leverage at TAV level.
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TAV Airports – Results Presentation 9M25|19 3,3 3,4 3,5 5,5 4,6 4,5 8,1 6,9 0 0 0 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 39 62 66 109 105 64 87 128 60 0 0 0 0 0 74% 50% 16% 0% 0 0 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividends Paid Payout Ratio 9M25 CAPEX 161715 22 7 6 1410 3 7 6 6 22 67 69 48 50 5251 485052 63 91 29 45 53 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Dividend policy: to distribute 50% of consolidated IFRS net profitas cash or bonus shares (*) 300 (*) except for such special cases necessitated by investments and any other fund requirements that may be required for the long term development of the Company, its subsidiaries and affiliates and any extraordinary developments in economic conditions. Quarterly Capex (€m) Dividend Yield (%) Dividend History (€m) Capex(€m) €127M Capex Developments / Dividends
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TAV Airports – Results Presentation 9M25|20 Investmentsmadeas per the new concessioncontract(May 2025- May 2050): ◆ 3,750 meter long second runway ◆ 27,000 square meter taxiways ◆ 85,000 square meter cargo apron with six aircraft parking positions ◆ Air traffic control tower & other various investments have been completed. ◆ The new concession (2025 May+) has higher revenue than the old concessionwith the same number of passengers due to higher fees and end of guarantee structure and IFRIC 12. ◆ Ajetand Pegasus are the main airlines in Ankara international trafficwith a focus on domestic to international transfer traffic (pays int pax fee). ◆ Ajet(*) to increase fleet from 90 in 2023 to 200 in 2033 2025 expected IFRS EBITDA = c.€45m Investments CompletedHighlights (*) Turkish Airlines IR Presentations 27 c.45 2024 EBITDA 2025E EBITDA +67% 11,46 6,76 9,09 9,62 7,43 7,77 2,28 1,92 2,82 3,23 2,46 2,69 2019 2022 2023 2024 9M24 9M25 Dom Int Passsengers Served (m) +42% +9% Ankara Esenboga Airport Investments Have Been Completed.
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TAV Airports – Results Presentation 9M25|21 The New Terminals ◆ Openedon April 12, 2025 ◆ 13.5 year term project finance deal closed. ◆ 132k m2 addedto Int. Terminal 2 (was 93k m2) ◆ Added 38 thousand m2 to Dom. Terminal (+103%) ◆ Passenger bridges increased to 34 from 20 ◆ The number of total gates went up to 77 from 48. ◆ Aircraft parking capacity increased to 202 from 138. ◆ 1.4 million m2 of new apron area added ◆ Carpark capacity increased 177% and went up to 5852. ◆ Total commercial area increased 165% and reached 33.3 thousand m2. ◆ 4MW solar power plant installed ◆ The airport’s capacity has increased to 65 million passengers per year. With the additional investments expected to start in 2038 in the airport, capacity will be increased to above 80 million. ◆ New terminals are expected to have a positive effect on retail spending per passenger. Highlights Antalya Airport New Terminal & Airside Investments have been completed.
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TAV Airports – Results Presentation 9M25|22 4,9 8,8 1,3 0,9 1,4 6,6 6,0 2,8 2,2 0,0 0,7 0,0 0,7 0,7 0,5 0,5 0,4 0,4 0,3 0,3 0,3 0,3 0,3 0,3 0,2 2,7 Germany Russia UK Poland Ukraine Romania Israel Moldova Kazakhstan Czechia Austria France TRNC Switzerland Lithuania Slovakia Denmark Belgium Netherlands Sweden Other Antalya International Pax (m)0919 0924 0925 Resilient, High Growth Asset 20,9 11,7 18,4 24,1 28,7 6,6 17,1 25,1 29,2 31,7 6,9 7,0 7,4 7,6 7,0 3,1 4,9 6,1 6,3 6,6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Antalya International Pax (m) Antalya Domestic Pax (m) Security incidents and Russian flight ban Covid-19 Pandemic 8.3% int pax cagr 1) TAV Airports’ 49% stake in TAV Antalya and 51% stake in New Antalya entitles it to equal governance and 50% of dividends. 2) Adjusted EBITDAR defined as IFRS EBITDA (which is before concession rent amortization.) Adjusted EBITDA defined as IFRS EBITDA after concession rent amortization 3) TAV Airports’ Purchase Price Allocation (PPA) Amortization for Antalya Airport. 4) TAV Antalya’s net contribution to TAV Airports Equity Accounted Investees since share purchase in May 2018 (Net Profit+PPAA) 194,8 120,5 193,2 223,9 244,1 109,9 45,2 103,5 129,9 135,6 FY19 FY21 FY22 FY23 FY24 Antalya Revenue (m€) Antalya EBITDA (m€) % Change 9M25 vs 9M24 9M25 vs 9M19 Germany 1% 33% Russia 1% -32% UK 0% 119% Poland 1% 141% Ukraine 0% -100% Romania -5% 62% Israel nm -100% Moldova 17% 334% Kazakhstan -15% 86% Czechia -5% 46% Other 0% 21% Total 0% 9% +23% m€ FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Antalya 1 (50%) ¹ Revenue 223.9 17.7 69.8 108.1 48.5 244.1 19.0 70.5 96.5 Adj. EBITDAR ² 183.2 8.6 48.3 93.3 33.8 184.0 2.7 45.7 74.4 Adj. EBITDA ² 129.9 -3.5 36.2 81.2 21.7 135.6 -8.7 34.3 63.0 Net Profit 84.7 -3.9 22.8 59.9 15.6 94.5 -15.0 22.9 43.6 Net Debt -33.3 13.4 -21.7 -65.0 -77.0 -77.0 -19.8 -34.9 -57.1 PPAA ³ -57.3 1.0 -19.5 -26.7 -12.7 -57.9 -1.3 -19.3 -36.7 Remaining PPA³ 171.0 144.3 131.6 131.6 130.3 111.0 74.2 Equity Acc. Inv4 27.5 -2.9 3.4 33.2 2.9 36.6 -16.3 3.5 6.9 New Antalya ¹ (50%) Revenue 0.9 1.6 0.5 3.0 0.5 10.2 19.1 EBITDA -1.7 0.4 -7.8 -9.0 -1.3 8.1 18.1 Net Profit 35.9 -7.2 -4.3 -10.3 5.0 -16.7 -18.7 -33.8 3.3 Net Debt 933.7 999.2 1066.3 1093.4 1155.0 1155.0 1198.7 1237.2 1242.2
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TAV Airports – Results Presentation 9M25|23 TAV Technologies 37,7 77,1 45,6 59,8 35,3 48,8 10,1 10,9 10.0 19,2 15,8 15,0 27% 14% 22% 32% 45% 31% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 10 20 30 40 50 60 70 80 90 2019 2022 2023 2024 9M24 9M25 Revenue (€m) EBITDA (€m) Margin Lower margin Qatar project in 9M25
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TAV Airports – Results Presentation 9M25|24 GLOBAL FOOTPRINT 87,1 59,2 107,4 181,4 132,0 144,1 2019 2022 2023 2024 9M24 9M25 ◆ Capital One lounge in JFK T4 opened in June 2025. (4th lounge in JFK) ◆ Narita JV established with Turkish Airlines. Lounge opened in February 2025 ◆ Some less profitable Spanish lounges closed in 2Q25 and 3Q25 Lounges Partner With: Highlights Revenue (m€) TAV OS Lounges 8.3% CAGR TAV Operation Services Country #of Lounges Turkiye 8 France 8 US 8 Kazakhstan 8 Chile 7 Georgia 5 N. Macedonia 4 Oman 3 Italy 3 Spain 2 Tunisia 2 Germany 1 Latvia 1 Switzerland 1 Kenya 1 Madagascar 1 Saudi Arabia 1 Japan 1 110+ SERVICE POINTS 19 COUNTRIES 7.5M CUSTOMERS (2024)29 AIRPORTS TAVOS International Network Lounge 65 Meet&Greet 23 Fast Track 21 Airroom 2 Restaurant 1 Porter 1 Total 113 65 LOUNGES
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TAV Airports – Results Presentation 9M25|25 109,2 302,9 22,4 434,4 107,6 320,9 23,6 452,1 HAVAS TGS HVSE (Latvia & Zagreb) HAVAS+TGS+HVSE 9M24 9M25 159,2 150,3 187,0 334,9 237,2 258.2 29,6 25,5 30,5 36,5 25,7 18,5 19% 17% 16% 11% 11% 7% 0% 5% 10% 15% 20% 0 50 100 150 200 250 300 350 400 2019 2022 2023 2024 9M24 9M25 Revenue (€m) EBITDA (€m) Margin Havas Consolidated Financials (€m) TGS Financials (50%, €m) Havas Solo FX Exposure FY 2024# of Flights Served (‘000) 10% 30% 60% Revenue 2% 72% 26% Expenses EUR USDTRY 170,2 172,1 228,3 289,3 223,8 244,6 48,6 45,1 49,4 59,9 61,3 65,7 29% 26% 22% 21% 27% 27% 0% 5% 10% 15% 20% 25% 30% 0 50 100 150 200 250 300 350 2019 2022 2023 2024 9M24 9M25 Revenue (€m) EBITDA (€m) Margin end of pandemic compensation in TGS, loss of some third party clients -1% +6% +6% +4% Havas
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TAV Airports – Results Presentation 9M25|26 6,8 9,4 8,8 8,9 8,9 9,1 9,5 7,8 2019 2020 2021 2022 2023 2024 9M24 9M25 ATU Financials (50%, €m) ATU Duty Free Spend per Pax 52,3 76,4 95,1 76,0 55,8 105,2 147,5 2,9 6,4 9,3 4,7 1,5 8,8 17,0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Revenue EBITDA €10.3 LFL (without Almaty and Antalya) ATU ◆ ATÜ started duty free operations in Almaty and Antalya. Ramp-up of operations continues in both Almaty and Antalya. ◆ SPP was diluted by addition of Almaty duty free and ATU Antalya ramp-up. Like for like SPP (without Almaty and Antalya) in 9M25 is €10.3 (+%9 yoy) Antalya effect
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TAV Airports – Results Presentation 9M25|27 0,9 1,0 1,0 1,6 1,8 2,2 2,1 1,8 2019 2020 2021 2022 2023 2024 9M24 9M25 BTA Financials (€m) BTA F&B Spend per Pax (€) 26,5 38 47,9 43,9 30,7 52,8 79,9 0,2 4,2 7,8 -0,4 -2,6 2,7 18 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Revenue EBITDA Antalya effect BTA ◆ EUR based pricing since 2022 in Türkiye ◆ SPP improved with better marketing and EUR inflation better reflected with EUR based pricing. ◆ IGA lounges were discontinued in 2024. ◆ Antalya operations started in 2025. Ramp up will continue until 2027. Antalya effect
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TAV Airports – Results Presentation 9M25|28 FX Exposure (Balance Sheet) Equity Profit or loss Strengthening of EUR Weakening of EUR Strengthening of EUR Weakening of EUR 30 September 2025 USD 34,974 (34,974) (12,927) 12,927 TRY (6,150) 6,150 Other (5,835) 5,835 Total 34,974 (34,974) (24,913) 24,913 31 December 2024 USD 38,848 (38,848) (11,031) 11,031 TRY (7,527) 7,527 Other (1,127) 1,127 Total 38,848 (38,848) (19,685) 19,685 Sensitivity Analysis ◆ The Group’s principal currency risk relates to changes in the value of the Euro relative to TRL and USD. ◆ The basis for the sensitivity analysis to measure foreign exchange risk is an aggregate corporate-level currency exposure. The aggregate foreign exchange exposure is composed of all monetary assets and liabilities denominated in foreign currencies. ◆ A 10 percent strengthening / (weakening) of EUR against the following currencies at 30 September 2025 and 31 December 2024 would have increased / (decreased) equity and profit or loss by the amounts shown to yhe right. Hedging ◆ Interest payments of 31%, 7%, 90%, 54% and 70% of floating bank loans for TAV Ege, TAV Macedonia, TAV Milas Bodrum, TAV Kazakhstan and AIA respectively are fixed with interest rate swaps ◆ Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognized directly in equity to the extent that the hedge is highly effective. To the extent that the hedge is ineffective, changes in fair value that are ineffective are recognized in profit or loss. ◆ 400m USD Eurobond transaction has been swapped to EUR to be in line with our functional currency. Mark to market movements in the EUR value of the bond (shown in the sensitivity table above) and the swap are recorded under equity.
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TAV Airports – Results Presentation 9M25|29 FX Exposure of Operations (FY24) (1) Combined figures, before elimination and consolidation adjustments (2) Does not include concession rent expenses & depreciation (3) Bond (shown as USD) is swapped to EUR, and thus has no EURUSD fx p&l risk, does not include shareholder loan 992 831 20 EUR; 54% USD; 45% TL; 1% 601 686 238 139 72 79 USD ; 33% EUR ; 38% TL , 13% KZT ; 8% USD Pegged ; 4% Other ; 4% Opex (m€) (1,2)Revenue (m€) (1) Loans & Borrowings (m€) (3) (309) (200) (477) (136) (54) (122) USD , 24% EUR , 15% TL , 37% KZT , 11% USD Pegged ; 4% Other ; 9% ◆ 75% of FY24 revenue is generated in or indexed to hard currencies (EUR and USD) or pegged to USD (OMR,SAR&QAR). ◆ 43% of FY24 opex is in or indexed to hard currencies (EUR and USD) or pegged to USD (OMR,SAR&QAR).
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TAV Airports – Results Presentation 9M25|30 (*) Includes total cash balance for all entities in the group (full and equity consolidated, JVs proportional) and FX protected deposits (classified as financial asset in IFRS) Hard currency revenue generation drives large offshore cash balance. ◆ 75% of FY24 revenue is generated in or indexed to hard currencies (EUR and USD) or pegged to USD (OMR,SAR&QAR). ◆ Offshore cash balances are kept in TAV’s countries of operations and up-streamed to TAV through dividends or shareholder loan repayments. ◆ 714m cash balance(*) held in EUR or USD or SAR (pegged to USD), 51% of all cash balance is held in offshore accounts, (at end September 2025) Hard Currency Revenue and Cash Balance 49% Kazakhstan, 11% Macedonia, 5% Tunisia, 5% Latvia, 1% Georgia, 10% Saudi Arabia, 3% UK, 10% Other, 4% 51% TÜRKİYE OTHER
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TAV Airports – Results Presentation 9M25|31 THY; 12% Pegasus; 6% ATU; 5% ASL Airlines; 4% Asiana Airlines; 4% Air Astana; 4% Qatar Airlines; 3% Wizz Air; 3% Atlas Air; 3% SunExpress; 2% Others; 54% More than 400 companies (*) 2023 data ◆ Revenue from the top 10 customers amounts to 46% of total ◆ Generally positive cash cycle. ◆ Receivables: 0 – 30 days ◆ Payables: 30 days ◆ c. 4 weeks of Almaty fuel inventory ◆ Careful working capital management tested over multiple crises, consistently mitigating impact on liquidity ◆ 5y Doubtful receivables / 5y Consolidated revenue < 1% ◆ Received €389mn between 2020-21 for the close of Ataturk Airport ◆ Obtained important concession extensions and deferral of leases during Covid-19 pandemic ◆ Service business lines are capital light Consolidated Revenue Breakdown by Customers(*) Diversified Customer Base
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TAV Airports – Results Presentation 9M25|32 TAVHL 8 ½ 12/07/28 Corp was issued on December 07, 2023. BOND TERMS Amount : 400m USD Tenor : 5 Years Optional Redemption : Callable After 2Y Coupon Rate : 8.50% in USD Swapped to : 6.87% in EUR YTW (17/10/25) : 6.36% in USD RATINGS Issuer Rating : S&P: BB / Fitch: BB+ Bond Rating : S&P: BB- / Fitch: BB+ HIGHLIGHTS Distributed to: UK(43%), Europe(26%), US(25%), Other(6%), (100+ investors) Most oversubscribed (4x) orderbook for a Turkish inaugural Eurobond offering since 2014 TAVHL 8 ½ 12/07/28 Bond YTW Chart (%) Bond Terms & Highlights
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TAV Airports – Results Presentation 9M25|33 Most Revenue Sources Are Inflation-Linked Revenue Breakdown FY23 % in Total FY24 % in Total Other Aviation 366.0 28% 411.0 25% Passenger Fee 177.3 14% 224.7 14% Ground Handling 283.8 22% 361.4 22% Catering 145.7 11% 184.4 11% Lounge & Loyalty Card 87.3 7% 157.2 9% Area Allocation &Sublease & Advertising 49.5 4% 53.1 3% Duty Free 60.5 5% 79.7 5% Software & Hardware 35.8 3% 49.6 3% Carpark 20.8 2% 28.3 2% Bus 11.3 1% 14.7 1% Other 71.8 5% 96.0 6% Total Revenue (€m) 1309.7 1660.0 Inflation Linked Not Inflation Linked Regulated charges are revised yearly or more by State Airports Authority and announced at the link below: https://www.dhmi.gov.tr/Sayfalar/UcretTarifeleri.aspx
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TAV Airports – Results Presentation 9M25|34 m€ FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Antalya 1 (50%) ¹ Revenue 223.9 17.7 69.8 108.1 48.5 244.1 19.0 70.5 96.5 Adj. EBITDAR ² 183.2 8.6 48.3 93.3 33.8 184.0 2.7 45.7 74.4 Adj. EBITDA ² 129.9 -3.5 36.2 81.2 21.7 135.6 -8.7 34.3 63.0 Net Profit 84.7 -3.9 22.8 59.9 15.6 94.5 -15.0 22.9 43.6 Net Debt -33.3 13.4 -21.7 -65.0 -77.0 -77.0 -19.8 -34.9 -57.1 PPAA ³ -57.3 1.0 -19.5 -26.7 -12.7 -57.9 -1.3 -19.3 -36.7 Remaining PPA³ 171.0 144.3 131.6 131.6 130.3 111.0 74.2 Equity Acc. Inv4 27.5 -2.9 3.4 33.2 2.9 36.6 -16.3 3.5 6.9 New Antalya ¹ (50%) Revenue 0.9 1.6 0.5 3.0 0.5 10.2 19.1 EBITDA -1.7 0.4 -7.8 -9.0 -1.3 8.1 18.1 Net Profit 35.9 -7.2 -4.3 -10.3 5.0 -16.7 -18.7 -33.8 3.3 Net Debt 933.7 999.2 1066.3 1093.4 1155.0 1155.0 1198.7 1237.2 1242.2 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 ATU (%50) Revenue 261.4 52.3 76.4 95.1 78.0 301.9 55.8 105.2 147.5 EBITDA* 38.9 2.9 6.5 9.3 4.7 23.4 1.5 8.8 17.0 Net Profit 22.8 2.5 3.0 6.1 2.7 14.2 -2.7 2.2 12.1 Net Debt -6.8 -0.6 -5.6 23.9 38.1 38.1 47.6 35.9 36.9 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 TGS (50%) Revenue 187.0 64.4 80.0 92.8 97.7 334.9 81.8 79.0 97.4 EBITDA 30.5 6.8 9.9 8.9 10.8 36.5 4.5 7.4 6.6 Net Profit 23.9 3.4 9.4 7.1 7.3 27.2 1.5 -0.0 4.3 Net Debt -17.6 -4.1 -8.6 -6.1 0.0 0.0 8.1 0.2 -7.9 (SPV 26%, OpCo 51%) FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 TIBAH (SPV&OpCo) (Madinah) Revenue 76.9 23.4 21.4 19.2 22.0 86.0 27.8 21.7 19.1 EBITDA 20.1 6.7 5.6 4.8 2.6 19.7 8.5 7.0 7.3 Net Profit Before IAS28 -3.1 -3.7 12.5 -10.8 12.7 10.7 0.4 0.6 0.5 Net Profit 38.9 0.3 0.3 0.3 0.3 1.2 0.3 0.3 0.3 Net Debt 218.3 215.7 219.8 212.3 228.5 228.5 210.3 186.8 187.8 1 TAV Airports’ 49% stake in Antalya 1 and 51% stake in New Antalya entitles it to equal governance and 50% of dividends. 2 Adjusted EBITDAR defined as IFRS EBITDA (which is before concession rent amortization.) Adjusted EBITDA defined as IFRS EBITDA after concession rent amortization 3 TAV Airports’ Purchase Price Allocation (PPA) Amortization for Antalya Airport. Remaining PPA shows amount left to be amortized. 4 TAV Antalya’s net contribution to TAV Airports Equity Accounted Investments since share purchase in May 2018 (Net Profit+PPAA) (*) adjusted to reverse the effects of IFRS 16 Equity Accounted Investments (Joint Ventures)
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TAV Airports – Results Presentation 9M25|35 9 9 9 9 10 17 23 30 41 42 48 53 72 84 95 102 104 115 152 84 89 27 52 78 96 107 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 With Ataturk Without Ataturk 9/11 SARS Russia - Georgia War Global Financial Crisis Arab Spring Security Concerns Ataturk Exits Portfolio Covid-19 Pandemic Istanbul Ataturk + Izmir Ankara1 airport 15 airports ACQUISITIONS & EXITS + Tbilisi Batumi + Monastir + Gazipasa Enfidha + Skopje Ohrid + Riga (*) + Madinah + Zagreb + Milas- Bodrum + Antalya - Istanbul Ataturk + Almaty Passengers Served (m) Growth Strategy Bringing Resilience
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TAV Airports – Results Presentation 9M25|36 INCOME STATEMENT (€m) 9M24 9M25 Operating revenue 1,231.5 1,389.8 Aviation income 481.0 503.7 Ground handling income 277.5 307.9 Commission from sales of duty free goods 59.9 70.5 Catering services income 133.9 170.3 Other operating revenue 279.2 337.5 Operating expenses -938.4 -1,068.0 Cost of catering inventory sold -38.2 -45.6 Cost of fuel sold -185.7 -168.6 Cost of services rendered -122.2 -136.2 Personnel expenses -318.7 -376.4 Concession rent expenses -1.5 -0.9 Depreciation and amortization expense -118.3 -145.7 Other operating expenses -161.9 -197.2 Other operating income 8.0 2.5 Equity accounted investees 42.4 -37.0 Operating profit 335.5 284.7 Finance income 48,1 51.2 Finance expenses -155,9 -183,5 Net monetary position gain 6.7 0.8 Profit/(loss) before income tax 234.5 153.3 Income tax expense -38.8 -64.6 Profit/(loss) from continuing operations 195.6 88.7 Profit/(loss) from discontinued operations -0.1 -0.2 Net profit/(loss) 195.6 88.5 Minority -10.7 -13.2 Net profit/(loss) after minority 184.9 75.3 IFRS Income Statement
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TAV Airports – Results Presentation 9M25|37 EQUITY AND LIABILITIES (€m) FY24 9M25 Share capital 162 162 Share premium 220 220 Legal reserves 122 122 Other reserves -76 -76 Purchase of shares of entities under common control 40 40 Cash flow hedge reserves 32 50 Translation reserves -69 -142 Retained earnings 1,176 1,264 Equity attributable to holders of the Company 1,608 1,642 Non-controlling interests 15 24 Total equity 1,623 1,666 Loans and borrowings 1,387 1,402 Reserve for employee severance indemnity 39 29 Due to related parties 300 0 Derivative financial instruments 0 27 Deferred income 17 18 Other payables 595 745 Liabilities from equity-accounted investments 7 6 Deferred tax liabilities 88 101 Total non-current liabilities 2,432 2,328 Loans and borrowings 462 442 Trade payables 74 71 Due to related parties 13 314 Current tax liabilities 5 14 Other payables 231 235 Provisions 13 17 Deferred income 11 6 Liabilities classified as held for sale 0.2 0.5 Total current liabilities 809 1,098 Total liabilities 3,240 3,426 TOTAL EQUITY AND LIABILITIES 4,863 5,092 ASSETS (€m) FY24 9M25 Property and equipment 961 703 Intangible assets 36 32 Airport operation right 1,453 1,922 Right of use assets 123 180 Equity-accounted investments 726 663 Goodwill 223 213 Derivative financial instruments 57 33 Non-current due from related parties 135 159 Other non-current assets 243 107 Deferred tax assets 55 52 Total non-current assets 4,012 4,065 Inventories 45 39 Financial assets 65 59 Trade receivables 127 187 Due from related parties 19 22 Other receivables and current assets 153 157 Cash and cash equivalents 353 439 Restricted bank balances 89 123 Assets classified as held for sale 0.7 0.7 Total current assets 851 1,027 Total Assets 4,863 5,092 Balance Sheet
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TAV Airports – Results Presentation 9M25|38 CASH FLOWS FROM OPERATING ACTIVITIES 9M24 9M25 Profit/(loss) from continuing operations 195.6 88.7 Loss from discontinued operations -0.1 -0.2 Amortisation and impairment of airport op. right 62.9 70.3 Depreciation and impairment of property and equipment and right of use assets 51.6 68.8 Amortisation of intangible assets 3.8 6.6 Concession and rent expenses 1.5 0.9 Provision for employee severance indemnity 5.3 8.6 Provision (reversed) / set for doubtful receivables 1.0 -0.8 Provision set for unused vacation 6.4 5.4 Discount on receivables, payables and fin. liabilities, net -1.1 -1.1 Loss on sale of property and equipment 0.1 0.2 Other finance income 0.0 -5.1 Interest income -42.9 -41.0 Interest expense on financial liabilities 102.5 102.7 Tax expense 38.8 64.6 Unwinding of discount from concession receivable and payable 25.6 26.7 Share of profit of equity-acc. Inv., net of tax -42.4 37.0 Unrealised foreign exchange differences on statement of financial position items -15.1 -17.3 Cash flows from operating activities 393.7 414.9 Change in current trade receivables -46.6 -74.0 Change in inventories -5.6 1.4 Change in due from related parties -2.9 -2.7 Change in other receivables and other assets -8.5 -15.7 Change in trade payables 20.3 -3.7 Change in due to related parties -2.1 -5.4 Change in other payables and provisions -17.9 -38.7 Cash (used in)/provided from operations 330.5 276.1 Income taxes paid -43.6 -23.2 Retirement benefits paid -1.4 -1.1 Net cash (used in)/provided from op. activities 285.5 251.8 CASH FLOWS FROM INVESTING ACTIVITIES 9M24 9M25 Proceeds from sale of property, equipment and intangible assets 3.9 0.5 Acquisition of property and equipment -181.2 -121.9 Additions to airport operation right 0.0 -3.6 Increase in capital of subsidiary 0.0 0.7 Effect of acquisition of subsidiary, net of cash acquired -3.6 0.0 Proceeds from exchange rate protected deposit 21.8 6.5 Acquisition of intangible assets -1.9 -1.2 Change in due from related parties -6.3 -8.4 Dividends from equity-accounted investments 80.3 57.5 Net cash provided from/(used in) investing -87.0 -69.8 CASH FLOWS FROM FINANCING ACTIVITIES 9M24 9M25 Proceeds from borrowings 67.5 67.4 Repayment of borrowings -117.0 -48.5 Lease payments -13.2 -15.7 Dividends paid -8.6 -3.3 Interest received 30.7 28.8 Interest paid -63.7 -68.2 Change in due to related parties -23.6 -15.5 Change in restricted bank balances 2.0 -38.0 Net cash provided from/(used in) in financing -125.9 -93.1 Net Monetary Position Gains -7.7 -2.5 NET INC/(DEC.) IN CASH AND CASH EQUIVALENTS 64.9 86.4 CASH AND CASH EQUIVALENTS AT 1 JANUARY 538.6 352.6 CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER 603.5 438.9 Cash Flow Statement (€m)
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TAV Airports – Results Presentation 9M25|39 Operating Environment 40,9 41,1 48,9 48,7 48,6 49,1 51,3 50,1 62,3 40,0 27.0 31,4 29,8 29.5 29,6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TAV Airports’ Market Share (%) in Türkiye Source: Ministry of Tourism Source: DHMI Turkish market share increased with addition of Antalya Airport to the portfolio and decreased with the shutdown of Ataturk Airport in April 2019. Market share slightly dropped in 2022 and 2023 due to the strong performance of Istanbul airports and stayed relatively flat in 2024. Remarks Change in Foreign Visitors in Türkiye 6% -5% -13% 8% -2% -2% -3% 2%2% 23% 16% 9% 14% 5% 3% 2% 5% 9% 8% 4% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025/2024 2024/2023 Number of Foreign Visitors to Türkiye (million) 2,2 2,2 2 4 5 6 7 7 2,0 2,3 2,7 3,6 5,1 5,9 7,3 6,8 6,1 5,4 2,7 2,6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2024 Source: Ministry of Tourism
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TAV Airports – Results Presentation 9M25|40 Operating Environment ◆ Eurocontrol(*) expects 5.1% ATM CAGR in Türkiye, 9.0% in Georgia and 4.5% in N. Macedonia between 2024-2030. ◆ Airbus(*) expects 3.6% CAGR in global passenger traffic between 2024-2043. ◆ Boeing(*) expects 4.7% CAGR in global passenger and 4.1% CAGR in global cargo traffic between 2024-2043. ◆ Turkish Airlines(*) plans to increase fleet from 485 in 2025 to 800+ in 2033. ◆ Ajet(*) to increase fleet from 119 in 2024 to 200 in 2033 ◆ Pegasus(*) fleet at 124 in 2025 to see 143 more gross additions until 2034 ◆ Sunexpress(*) (top int. airline for Izmir and Antalya) to more than double capacity, reaching 150 aircraft by 2033 ◆ Air Astana(*) fleet to grow from 63 in 2025 to 84 in 2029 ◆ Kazakhstan to double national fleet from 108 to 221 by 2030 (*) ◆ Kazakh propensity to fly to triple by 2030 (*) (*) Eurocontrol forecast, October 2024 high case, Airbus Global Market Forecast 2024, Boeing Current Market Outlook 2024, Turkish Airlines and Pegasus IR Presentations, Sunexpress CEO comment November 2023, Air Astana Investor Presentationi Kazakh Government statement July 2025, Air Astana Capital Markets Day Presentation
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TAV Airports – Results Presentation 9M25|41 1)Accrual basis: Depreciation expense of €13.5m in 2015 to €32.4m in 2032 plus finance expense of €17.8m in 2015 to €0m in 2032 2)Accrual basis: Depreciation expense of €11.1m in 2016 to €38.0m in 2032 plus finance expense of €18.8m in 2016 to €0m in 2032 3)The percentage will be tapered towards 2% as passenger numbers increase. 4)Pax fee in Madinah applicable to both departing and arriving international pax. Pax charge will increase as per cumulative CPI in Saudi Arabia every three years, 5)TAV Airports’ 49% stake in Antalya Airport entitles it to equal governance and 50% of dividends. 6) Security fee for int’l pax are collected in Turkish Airports starting from January 2019. 7) The concession fees have been restructured in November 2019 with this multiplier: (*35% if pax<4m, *75% if 4m<pax<5m, *125% if 5m<pax<7.5m, *150% if pax>7.5m) 8) DHMI has extended the operating periods of Antalya, Ankara, Gazipasa -Alanya, Izmir and Milas-Bodrum for two years in February 2021. https://www.kap.org.tr/en/Bildirim/909767 9) Airport operation is not subject to a concession. Airport facilities are owned and leased. 10)TAV Airports’ 51% stake in Antalya Airport entitles it to equal governance and 50% of dividends. 11)VAT will be paid on accrual basis starting from 2027 (€m52.2 p.a) 12) VAT will be paid on accrual basis starting from 2025 (€m 3.4 p.a) Airport Type/Expire TAV Stake Scope 2024 Pax (mppa) fee/pax Int'l fee/pax Dom. Security fee/pax int’l(6) Volume Guarantee Yearly Lease/ Concession Fee Paid New Ankara Esenboga Lease 100% Terminal €17 €5 (Transfer) €3 €3 No €119m up front €10m from 2025 to 2029 and €15m from 2030 to 2049 + VAT(12)(May 2050) Izmir A.Menderes (Ege) (8) Concession 100% Terminal 10.7 €15 €2.5 (Transfer) €3 €1.5 No €29m+VAT (1) (December 2034) Gazipasa Alanya(8) Lease 100% Airport 0.9 €12 TL50 €2 No $50,000+VAT+65% of net profit(May 2036) Milas Bodrum(8) Concession (December 2037) 100% Terminal 4.1 €15 €3 €1.5 No €143.4m upfront+ €28.7m+VAT (2) Antalya(8) Lease (December 2026) 50%(5) Terminal 35.5 €15 €2.5 (Transfer) €3 €1.5 No €100.5m + VAT New Antalya (Starts in 2027) Lease (December 2051) 50%(10) Terminal €17 €5.0 (Transfer) €3 €3 No €1813m up front €145m from 2027 to 2031 and €236m from 2032 to 2051 +VAT(11) Almaty No Concession(9) 85% Airport 9.5 $10.3 blended av. $2.4 blended av. - No - Tbilisi BOT 80% Airport 3.7 US$25 US$6 - No 10% of Landing and Ground Handling gross revenue(January 2027) Batumi BOT 76% Airport 0.6 US$12 US$7 - No 10% of Landing and Ground Handling gross revenue with GEL 400k minimum annual amount(August 2027) Monastir&Enfidha BOT+Concession 100% Airport 2.3 €13 €1 €0.8 No 11-26% of revenue from(7) (May 2047) 2010 to 2047 Skopje & Ohrid BOT+Concession 100% Airport 3.1 €13 in Skopje, €10.2 in Ohrid - €6.5 in Skopje, €6.5 in Ohrid No 4.1% of the gross annual turnover (3)(June 2032) Madinah (TIBAH) BTO+Concession 26% Airport 9.4 SAR 100.6 (4) SAR 11.3 - No 54.5% of revenue(May 2041) Zagreb (MZLZ) BOT+Concession (April 2042) 15% Airport 3.7 €19.7 €8.4 €6.5 int’l, dom and transfer pax No €2.0 - €12.2m fixed 0.5% (2016) - 61% (2042) variable€4.5 (Transfer) Concession Overview
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TAV Airports – Results Presentation 9M25|42 2023 Earthquake tax of €16m (€4.3 to be reversed in 2Q23) 20252024 New Antalya deval tax of €9.2m Ankara upfront payment of €119m Almaty earnout payment of $50m TIBAH SPA signed Q2 24% TIBAH of TIBAH D shares and 48% of SHL sold for USD 135m with close of SPA Bond application Q3 400 mUSD 5 year Eurobond issued at 8.50% and swapped to EUR at 6.87% Tunisia impaired €9.5m Q4 Withdrew from Nigeria tender Madinah capex announced Q2 Almaty new int. terminal opened Bid for Kuwait O&M tender 2024 capex guidance revision Q3 2025 capex guidance revision Q4 Holding & Real Estate Merger Ankara loan refinancing Tunisia impaired €30.5m Gazipasa impaired €18.5m Bid for Kuwait T4 Board member changes Q2 Antalya open, project finance facility signed Kuwait T2 tender canceled Ankara investments completed Board member and management changes Q3 Tbilisi extension negotiation Almaty investment started. Madinah investment started. Q1 Q1 Q1 Timeline
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TAV Airports – Results Presentation 9M25|43 ◆ Corporate income tax rate of 20% ◆ Corporate income tax rate of 10% ◆ Corporate income tax rate of 20% on gross profit distribution. ◆ Corporate income tax rate of 20% for non-residents ◆ Corporate income tax rate of 18% ◆ Corporate income tax rate of 25% ◆ Advance tax returns are filed on a quarterly basis ◆ Losses can be carried forward for offsetting against future taxable income for up to 5 years ◆ CIT amount of a company can’t be lower than %10 of the taxable profit before exceptions. ◆ The CIT rate which applies to projects under the scope of the laws 3996 & 6428 increase d from %25 to %30. Only Ankara 1 is affected from this increase in the CIT rate ◆ Corporate income tax rate of 20% Türkiye Georgia Tunisia North Macedonia Latvia Saudi Arabia Croatia Kazakhstan ◆ Corporate income tax rate of 15% on gross profit distribution. Tax Regimes
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TAV Airports – Results Presentation 9M25|44 1. Groupe ADP* Internationally acclaimed airport operating company with global operations 2. Tepe Insaat Sanayi A.S. Turkish integrated conglomerate focused on infrastructure and construction 3. Free Float Academy (100%) *Through Tank ÖWA Alpha GMBH Airport Companies Service Companies ATU (50%) BTA (100%) OS (100%) TAV Technologies (100%) Security (100%) Havas (100%) Esenboga (100%) Adnan Menderes (100%) Gazipasa Alanya (100%) Milas Bodrum (100%) Madinah (26%) Tbilisi (80%) & Batumi (76%) Monastir & Enfidha (100%) Skopje & Ohrid (100%) Latvia(*) (100%) Zagreb (15.81%) Antalya (50%) TGS (50%) Havas Latvia (100%) Almaty (85%) (*) Only commercial areas Havas Zagreb (100%) 4.06% 49.82 46.12% 1 2 3 *As of June 30, 2025 Shareholders Corporate Structure Shareholder Structure TAV Corporate and Shareholder Structure
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TAV Airports – Results Presentation 9M25|45 http://ir.tav.aero ir@tav.aero +90-212-463 3000 (10545-10546) X.com/irTAV TAV Airports Holding Co. Vadistanbul Bulvar, Ayazaga Mahallesi Cendere Caddesi No:109L 2C Blok 34485 Sariyer/Istanbul About TAV Airports Besim MERİC Investor Relations Coordinator besim.meric@tav.aero Tel :+90 212 463 3000 / 10546 Ali Ozgu CANERİ Investor Relations Coordinator ali.caneri@tav.aero Tel :+90 212 463 3000 / 10545 IR Website e-mail Phone X Address Türkiye Tunisia North Macedonia Saudi Arabia Latvia Croatia • Ankara Esenboga • Izmir Adnan Menderes • Gazipasa Alanya • Milas Bodrum • Antalya Monastir and Enfidha Skopje and Ohrid Madinah Riga (only commercial areas) Zagreb Georgia Tbilisi and Batumi In addition to airport operations, TAV Airports provides auxiliary airport services including duty free, food and beverage, ground handling, IT, security and lounge services. The Company provided services for 107 million passengers in 2024. The Company’s shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code “TAVHL”. Kazakhstan Almaty IR Team & Contact Information
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TAV Airports – Results Presentation 9M25|46 This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire any shares of TAV Havalimanlari Holding A.S. (the "Company") in any jurisdiction or an inducement to enter into investment activity. No information set out in this document or referred to in such other written or oral information will form the basis of any contract. The information used in preparing these materials was obtained from or through the Company or the Company’s representatives or from public sources. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this presentation is subject to verification, completion and change. While the information herein has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the Company or any of its group undertakings, employees or agents as to or in relation to the accuracy, completeness or fairness of the information contained in this presentation or any other written or oral information made available to any interested party or its advisers and any such liability is expressly disclaimed. This disclaimer will not exclude any liability for, or remedy in respect of fraudulent misrepresentation by the Company. This presentation contains forward-looking statements. These statements, which may contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Company’s beliefs, opinions and expectations and, particularly where such statements relate to possible or assumed future financial or other performance of the Company, are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Past performance cannot be relied upon as a guide to future performance. As a result, you are cautioned not to place reliance on such forward- looking statements. Information in this presentation was prepared as of October 23, 2025. Disclaimer