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TAV Airports – Financial Results Presentation 9M26 | 0 2026 / 1H FINANCIAL & OPERATIONAL RESULTS 2026 / 9M FINANCIAL & OPERATIONAL RESULTS
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TAV Airports – Financial Results Presentation 9M26 | 1 * as of December 31, 2025 Contents CEO’s Message 2 Summary Financial and Operational Results 3 Guidance 5 Traffic Performance 6 Comparative Financials 8 CAPEX and Dividends 14 Debt Structure 15 Selected Financials by Assets 16 Quarterly Financials 17 Service Companies 18 Equity Accounted Investees 24 Financial Statements 28 Appendix 33 TAV Airports Operations Map* (*) as of December 31, 2025
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TAV Airports – Financial Results Presentation 9M26 | 2 Serkan Kaptan CEO’s Message The first nine months of 2026 were challenging, as global economic and geopolitical uncertainties continued to weigh on the operating environment. Ongoing geopolitical tensions in the Middle East and elevated jet fuel prices continued to put pressure on the aviation sector. Nevertheless, thanks to our diversified portfolio, operational flexibility and disciplined management approach, we achieved revenue and EBITDA growth ahead of passenger traffic growth. Between January and September, our total passenger numbers increased by 3% year on year to 89.4 million. Ankara and İzmir airports in Türkiye, along with North Macedonia and Almaty airports in our international portfolio, made significant contributions to passenger traffic growth. Our financial performance remained strong. In the first nine months, revenue increased by 5% year on year to €1.4 billion, while EBITDA rose by 7% to €502 million. We also maintained our growth momentum in the third quarter, with revenue increasing by 5% and EBITDA by 11% year on year. Most substantial change of financial results has been observed as net profit for the first nine months more than doubled and reached €173 million, supported by a more favourable currency and tax environment. On the commercial front, the new commercial areas that opened at Antalya Airport last year contributed for a full year for the first time, supporting our food and beverage and duty-free revenues. This led to an increase in commercial revenue per passenger, with duty-free spend per passenger increasing by 21%, reaching €10.0 from €8.3. We continue to pursue our investments and operational improvement initiatives at Almaty Airport in line with our strategic plans. The additional increase in passenger tariffs secured in the third quarter marked an important step in our strategy to strengthen aeronautical revenues. We expect the new tariffs, particularly from the final quarter of the year onward, to offset the revenue impact of lower jet fuel sales volumes. In Georgia, following the five-year extension of our operating concession at Tbilisi Airport, we continue to invest in terminal and apron infrastructure for enhancing the capacity to meet ever-increasing travel demand to the country. Although passenger traffic to the country was affected by airspace closures stemming from tensions in the Middle East during the second quarter, growth regained strong momentum from June onward as regional conditions improved. The results achieved in the first nine months confirm the strength of our diversified airport platform and our ability to create value through both passenger growth and commercial revenue optimization. As we enter the final quarter of the year, we remain confident in the resilience of air travel demand across our markets and in our ability to continue delivering sustainable growth for our shareholders and stakeholders. I would like to express my sincere gratitude to all our colleagues, whose dedication and commitment have been instrumental in our achievements during this period. I also thank our shareholders, business partners and all our stakeholders for their trust and continued support.
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TAV Airports – Financial Results Presentation 9M26 | 3 2026/9M Financial and Operational Results €1,461m +5% vs 9M25 +7% vs 9M25 €502m €173m €75mn in 9M25 Consolidated Revenue Consolidated EBITDA Net Profit €1,649m +1% vs 9M25 Net Debt +3% vs 9M25 Passengers Served 89.4m Duty Free SPP €10.0 +21% vs 9M25
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TAV Airports – Financial Results Presentation 9M26 | 4 (in m€, unless stated otherwise) 9M25 9M26 Chg % -P&L- Revenue 1,389.8 1,461.1 5% Cash OPEX(*) -922.3 -959.3 4% EBITDA 467.4 501.8 7% EBITDA margin (%) 33.6% 34.3% 0.7ppt FX Gain /(Loss) -40.6 -1.2 -97% Deferred Tax Inc. / (Exp.) -32.4 31.5 nm Equity Accounted Investments -37.0 -10.0 -73% Net Monetary Position Gain 0.9 2.6 205% Net Profit (Loss) after Minority 75.3 173.4 130% -Cash-Flow- Cash Flow From Operations (1) 251.8 306.7 22% Dividends from JVs (2) -57.5 -47.6 -17% CAPEX (3) 126.7 140.7 11% Free Cash Flow (1+2-3) 67.6 118.4 75% -Balance Sheet & Operating- Net Debt (includes Sh. Loan) 1,637.8 1,649.3 1% Shareholders’ Equity 1,665.9 1,753.5 5% Number of Employees (av.) 22,170 23,217 5% Number of Passengers (m) 87.2 89.4 3% - International 58.8 59.2 1% - Domestic 28.4 30.1 6% Duty free spend per pax (€) 8.3 10.0 21% (*) Cash OPEX = OPEX before EBITDA (Revenue – Cash OPEX = EBITDA 2026/9M Financial and Operational Results Revenue €1,461mn +5% EBITDA €502mn +7% Passengers €89,4mn +3% Duty Free SPP €10.0 +21% Revenue Cash OPEX EBITDA FX Loss Deferred Tax Equity Acc. Investments Net Profit Free Cash Flow Net Debt Duty free SPP ◆ Decreased due to the termination of FX-protected deposits in 4Q25, lower TL depreciationandtogetherwiththestrengtheningof thetengecomparedto theprior year. (pleasereferpg. 29forsensitivityanalysis) ◆ The deferredtax gainmainlyreflectsTAVGeorgia’sdividendpaymentand slowerTL depreciationyearon year,togetherwiththestrengtheningof thetenge. ◆ Antalya and New Antalya booked less deferred tax loss due to lower TL depreciation compared to the prior year. ◆ Net profitrecoverywas mainlydrivenby lower FX losses,improveddeferredtax and equity accountedinvestments,primarilyreflectingthe milder TL depreciationand togetherwith the strengtheningof the tengecomparedto the prior year. Total non- cashone-offswas€-103mn in 9M25. ◆ Increasedby 75% year-on-yearto €118.4m, supportedby higheroperatingcashflow ◆ Slightlyincreaseddueto ongoinginvestmentprogram. ◆ DF spend per pax increased dramatically driven by new Antalya operations. ◆ Mainlysupportedby BTA,AnkaraandHAVASgroundhandling,withparticularlystrong contributionsin thethirdquarter. 3Q26 EBITDAgrowthwas11%. ◆ Mainlydrivenby increasein personnelexpenseandcateringcostof goodsolds. ◆ Revenue growth was supported by BTA, Ankara and particularly strong contributionsin thethirdquarterby HAVASgroundhandling.
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TAV Airports – Financial Results Presentation 9M26 | 5 (1) Our 2026 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 2026. Passenger outlook includes joint venture airports. Due to equity accounting, revenue, EBITDA and CAPEX outlook does not include joint venture entities. 2025 Actual 2026 Previous Guidance(1) 2026 Current Guidance(1) Total Pax (m) 113 116 – 123 112 – 118 Intl Pax (m) 75 78 – 83 72 – 77 Revenue (€m) 1,823 1,880 – 1,980 1,880 – 1,980 EBITDA (€m) 560 590 - 650 580 - 630 CAPEX (€m) 201 less than 330 less than 300 2026 Guidance
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TAV Airports – Financial Results Presentation 9M26 | 6 January – September Chg. Pax 2025 2026 26/25 Antalya 31,182,092 30,144,861 -3% International 26,043,626 24,600,903 -6% Domestic 5,138,466 5,543,958 8% İzmir 9,590,522 10,266,205 7% International 3,998,903 3,960,600 -1% Domestic 5,591,619 6,305,605 13% Ankara 10,424,100 11,313,547 9% International 2,661,644 3,007,674 13% Domestic 7,762,456 8,305,873 7% Milas-Bodrum 3,717,794 3,918,114 5% International 1,601,050 1,583,554 -1% Domestic 2,116,744 2,334,560 10% Gazipaşa 792,849 730,297 -8% International 461,713 413,413 -10% Domestic 331,136 316,884 -4% Almaty 9,098,266 9,467,687 4% International 4,155,172 4,615,139 11% Domestic 4,943,094 4,852,548 -2% Georgia 5,051,060 5,189,819 3% Madinah 8,507,537 8,656,066 2% International 6,370,135 6,561,494 3% Domestic 2,137,402 2,094,572 -2% Tunisia 2,616,847 2,733,058 4% N. Macedonia 2,585,096 3,331,685 29% Zagreb 3,584,817 3,622,554 1% TAV TOTAL 87,150,980 89,373,893 3% International 58,755,498 59,235,105 1% Domestic 28,395,482 30,138,788 6% 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 89.4mn +3% Int’l 59.2mn +1% Dom. 30.1mn +6% ◆ Total number of passengers served in 2026 is 3% above 2025 while international passengers served in 2026 is 1%. ◆ Geopolitical developments and rising jet fuel prices are impacting air travel. Ankara +9% Ankara 2026 int. traffic is 13% above 2025. Ajet continues to expand its European network with new routes from Ankara. Georgia +3% Georgia was affected by reduced Middle Eastern traffic starting in March. Following the normalization in the region, traffic began to recover from June onward. N. Macedonia +29% Growth continues following the upgrade of the aircraft fleet based in North Macedonia from the A320 to the A321 in November 2025. Almaty +4% Almaty international traffic is 11% above 2025 levels. Domestic traffic remains affected by Pratt & Whitney engine issues, while demand for China, Thailand, and Vietnam remains robust.
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TAV Airports – Financial Results Presentation 9M26 | 7
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TAV Airports – Financial Results Presentation 9M26 | 8 922,3 959,3 335,5 336,8 9M25 9M26 3Q25 3Q26 75 173 125 165 9M25 9M26 3Q25 3Q26 467 502 231 257 9M25 9M26 3Q25 3Q26 1.390 1.461 566 594 9M25 9M26 3Q25 3Q26 Consolidated Revenue(€m) Cash OPEX = OPEX before EBITDA (Revenue – Cash OPEX = EBITDA) Cash Op-Ex(€m) Net Income after Minority(€m) EBITDA(€m) 2026/9M Financial and Operational Results +5% +5% +7% +11% +4% 0% +98m +40m 467 -146 -37 285 -132 -65 75 502 -163 -10 329 -112 -30 173 EBITDA D&A EAI EBIT Net Finance Expense Tax Expense Net Profit 9M25 9M26 TAV Airports – Financial Results Presentation 9M26 | 8
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TAV Airports – Financial Results Presentation 9M26 | 9 2026/9M Revenue to EBITDA Breakdown
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TAV Airports – Financial Results Presentation 9M26 | 10 (€m) 9M25 9M26 Chg(%) Aviation 503.7 511.4 2% Ground handling 307.8 341.0 11% Catering services 170.3 202.1 19% Lounge & loyalty card 129.7 134.3 4% Area all., sublease& advertising 57.2 64.9 14% Duty free 70.5 78.4 11% Software&Hardware (IT) 28.1 22.0 -22% Car parking 21.9 22.9 5% Bus services 11.1 13.0 18% Other 89.5 71.0 -21% Total 1,389.8 1,461.1 5% (€m) 9M25 9M26 Chg(%) EBITDA 467.4 501.8 7% D&A&Impairment -145.7 -163.3 12% Equity Accounted Investments -37.0 -10.0 -73% EBIT 284.7 328.6 15% FX Gain/(Loss) -40.6 -1.2 -97% Net Interest Expense -61.8 -105.5 68% Net Discount Income/ (Expense) -25.6 -28.8 13% Other Finance Income/(Expense) -4.4 21.5 n.m Net Finance Income/ (Expense) -132.3 -112.1 -15% Net Monetary Position Gain 0.9 2.6 205% Profit Before Income Tax 153.3 219.1 43% Tax Expense -64.6 -30.1 -53% Current Period Tax Expense -32.2 -61.6 92% Deferred Tax Income/(Expense) -32.4 31.5 -197% Discontinued Operations -0.2 -0.3 30% Profit for the period 88.5 188.7 113% Non-Controlling Interest -13.2 -15.3 16% Net Profit After Minority 75.3 173.4 130% (€m) 9M25 9M26 Chg(%) Personnel -376.4 -440.0 17% Services Rendered -172.5 -164.6 -5% Catering COGS -45.6 -58.8 29% Rent -2.5 -1.8 -30% Maintenance -19.9 -18.0 -9% Utility -18.5 -21.9 18% Concession Rent -0.9 -1.1 16% Cost of Fuel -168.6 -151.8 -10% Other -119.9 -103.0 -14% Other Op. Income 2.5 1.6 -35% Cash OPEX -922.3 -959.3 4% D&A &Impairment -145.7 -163.3 12% Total -1,068.0 -1,122.6 5% Revenue Operating Expenses Net Profit 9M26 P&L
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TAV Airports – Financial Results Presentation 9M26 | 11 1.389,8 33,2 31,8 8,0 7,7 7,7 4,6 1,9 1,0 -6,1 -18,5 (€m) 9M25 9M26 Chg Chg(%) Aviation 503.7 511.4 7.7 2% Ground handling 307.8 341.0 33.2 11% Catering services 170.3 202.1 31.8 19% Lounge & Primeclass 129.7 134.3 4.6 4% Area all., sublease&ads 57.2 64.9 7.7 14% Duty free 70.5 78.4 8.0 11% Software & hardware (IT) 28.1 22.0 -6.1 -22% Car parking 21.9 22.9 1.0 5% Bus services 11.1 13.0 1.9 18% Other 89.5 71.0 -18.5 -21% Total 1,389.8 1,461.1 71.4 5% Duty-Free ◆ Duty-free revenueincreasedmainlydrivenby growthin Ankara. IT ◆ IT revenueis mostlycontractingbasedand varieswithprojectsawardedand completed. IT was affectedcompletionof Qatar projectin 2025. Some TAV Techrevenueis classifiedin Other. Car Park ◆ Car parkrevenueremainedstable. Other ◆ Securityrevenue, hotel revenue, de-icing revenueand other misc. revenue and someTAV Techrevenueis classifiedhere. Revenue ◆ Revenue growth was supported by BTA, Ankara and particularly strong contributionsin the thirdquarterby HAVASgroundhandling. ◆ 58% aeronautical, 42% non-aeronautical ◆ 45% Türkiye, 55% Non-Türkiye (excludingJVs) Aviation ◆ AviationrevenueincreasedmainlyAnkaraEsenboğaand N. Macedonia. Ground Handling ◆ Totalflightsserved+2%, Havaşonly +3% (fullyconsolidated),TGS +2% (equity accounted). Catering ◆ Stronggrowthin BTA , BTA growthsupportedby new Antalyaops. Lounge ◆ Increasein passengervolumeat the operatedlounges. Area Allocation, Sublease & Advertising ◆ Increasedin BTA (dueto newAntalyaops.) 9M26 P&L 1,461.1
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TAV Airports – Financial Results Presentation 9M26 | 12 1.068,0 -63,6 -17,6 -13,2 -3,4 -0,9 -0,1 0,8 1,9 7,8 16,8 17,0 (€m) 9M25 9M26 Chg Chg(%) Personnel -376.4 -440.0 -63.6 17% Services Rendered -172.5 -164.6 7.8 -5% Catering COGS -45.6 -58.8 -13.2 29% Rent -2.5 -1.8 0.8 30% Maintenance -19.9 -18.0 1.9 -9% Utility -18.5 -21.9 -3.4 18% Concession Rent -0.9 -1.1 -0.1 16% Cost of Fuel -168.6 -151.8 16.8 -10% Other -119.9 -103.0 17.0 -14% Other Op. Income 2.5 1.6 -0.9 -35% Cash OPEX (*) -922.3 -959.3 -37.0 4% D&A and Imp. -145.7 -163.3 -17.6 12% Total OPEX -1,068.0 -1,122.6 -54.6 5% Cost of Fuel ◆ Cost of Almaty fuel business is related with Almaty. Rent ◆ Slightly increased due to BTA. Maintenance ◆ Impacted by business volume, projects, maintenance needs and inflation Utility ◆ Utility spending varies with energy consumption and energy prices across different assets. Concession Rent ◆ Shows concession rent in N. Macedonia Cash OPEX ◆ Increased mainlydriven bypersonnel expense and catering cost of good solds. Personnel ◆ 5% av. headcountincrease yoyand wage inflation impacted by TL inflation. Services Rendered ◆ Declined mainly due to completion of TAV Tech.’s Qatar project. Catering COGS ◆ Increase is due to BTA and Almaty. Depreciation & Amortization & Impairment ◆ Mainly driven by the new Ankara concession that began in May 2025 and TAV OS. 9M26 P&L (*) Cash OPEX = OPEX before EBITDA (Revenue – Cash OPEX = EBITDA) 1,122.6
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TAV Airports – Financial Results Presentation 9M26 | 13 9M26 P&L (€m) 9M25 9M26 Chg Chg (%) EBITDA 467.4 501.8 34.4 7% D&A &Impairment -145.7 -163.3 -17.6 12% Equity Acc. Investments -37.0 -10.0 27.0 -73% EBIT 284.7 328.6 43.8 15% FX Gain/Loss -40.6 -1.2 39.4 -97% Net Interest Expense -61.8 -103.5 -50.1 68% Net Discount Inc./(Expense) -25.6 -28.8 -3.3 13% Other Finance Inc./(Exp.) -4.4 21.5 34.3 n.m Net Finance Expense -132.3 -112.1 20.2 -15% Net Monetary Position Gain 0.9 2.6 1.7 205% Profit Before Income Tax 153.3 219.1 65.8 43% Tax Expense -64.6 -30.1 34.4 -53% Current Period Tax Exp. -32.2 -61.6 -29.4 92% Deferred Tax Gain (Exp.) -32.4 31.5 63.8 -197% Discontinued Operations -0.2 -0.3 -0.1 30% Profit (Loss) for the Period 88.5 188.7 100.2 113% Non-controlling Interest -13.2 -15.3 -2.1 16% Net Profit (Loss) After Minority 75.3 173.4 98.1 130% EBITDA: ◆ Mainly supported by BTA, Ankara and HAVAS ground handling, with particularly strong contributions in the third quarter. 3Q26 EBITDA growth was 11%. Equity Accounted Investments: ◆ Antalya and New Antalya booked less deferred tax loss due to lower TL depreciation compared to the prior year. EBIT: ◆ EBIT increased mainly due to lower losses from equity-accounted investments. FX Loss ◆ Decreased due to the termination of FX-protected deposits in 4Q25, lower TL depreciation and together with the strengthening of the tenge compared to the prior year. (please refer pg. 29 for sensitivity analysis) Tax Expense: ◆ Corporate income tax in Georgia becomes payable upon dividend distribution. Current tax increased due to TAV Georgia's deferred dividend payments from last year. ◆ The deferred tax gain mainly reflects TAV Georgia’s dividend payment and slower TL depreciation year on year, together with the strengthening of the tenge. Net Profit : ◆ Net profit recovery was mainly driven by lower FX losses, improved deferred tax and equity accounted investments, primarily reflecting the milder TL depreciation and together with the strengthening of the tenge compared to the prior year. Total non-cash one-offs was €-103m in 9M25. 75 34 34 27 20 02 -02 -18 9M25 Tax EBITDA EAI Finance Inflation Minority D&A 9M26 173.4
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TAV Airports – Financial Results Presentation 9M26 | 14 3,3 3,4 3,5 5,5 4,6 4,5 8,1 6,9 0 0 0 0 0 1,2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 37 22 175 214 256 201 127 141 2020 2021 2022 2023 2024 2025 9M25 9M26 D ividend policy: to distribute 50% of consolidated IFRS net profit as cash or bonus shares (*) (*) 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. (**) €2.9m of additional Ankara investments to be reimbursed by DHMI not included. CAPEX** (€m) Dividend Yield (%) Dividend History (€m) CAPEX Developments / Dividends 25 39 62 66 109 105 64 87 128 60 0 0 0 0 0 74% 50% 50% 50% 50% 50% 50% 50% 16% 0% 0 0 0 50% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 20 40 60 80 100 120 140 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends to be paid Dividends Paid Payout Ratio TAV Airports – Financial Results Presentation 9M26 | 14
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TAV Airports – Financial Results Presentation 9M26 | 15 612,8 253,0 664,8 171,3 134,5 380,9 1 Year 2 Years 3 Years 4 Years 5 Years 5+ Years *Includes Aviator, PMIA Aviator and Holdco BV, which are also holding companies **currency protected deposits shown as financial assets are not classified as cash in the net debt calculation *** (*) Ankara & Esenboğa pre-merger results (before Esenboğa’s merger with Holding, 30.09 results for Esenboğa) 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 2026 is EUR 245,5 (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 of 30 September 2026. (*) does not inclued IFRS 16 liabilities and derivatives. Net Debt (eop, €m**) Sep 2025 Jun 2026 Sep 2026 Airports 858.4 1,063.7 1,009.9 Ankara(***) 232.3 278.8 260.9 İzmir 129.2 133.1 103.8 Gazipasa -3.7 -1.5 -2.6 Tunisia 221.8 226.2 214.2 Georgia -72.4 50.5 18.9 N. Macedonia 29.7 26.0 21.0 Bodrum 60.1 68.7 51.8 Almaty 261.3 281.9 341.8 Services 779.5 768.9 639.4 Havaş 15.8 87.8 58.4 BTA 27.5 64.3 49.7 Holding(*) 650.9 497.2 412.3 Others 85.2 119.7 118.9 Total 1,637.8 1,832.6 1,649.3 (*) 66% of all loans are fixed or swapped, fully consolidated companies & JVs, as of September 30, 2026 Avg. MaturityAvg. Cost of Debt* Net Debt/ FY25 EBITDA 2025 Net Debt / EBITDA Guidance Definition of Net Debt = (+) Loans and Borrowings (+) Shareholder loan (+) Dividend Payment Liabilities (+) Bank Overdrafts (+) Almaty Minority Put (+€117m on Holding(*)) (+/-) Net Derivatives (+€4m) (–) Cash (–) Restricted Bank Balances Gross Debt Maturity Profile(*) (€m) 6.3% 5.5 Years 2.89 2.5 - 3.0 Decentralized Debt Structure Guidance met Includes €246m Tunisia (non-recourse) and €117m put option
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TAV Airports – Financial Results Presentation 9M26 | 16 1.389,8 30,0 14,3 13,6 7,9 6,2 2,9 2,3 2,3 0,6 -0,4 -8,4 Revenue (€m) 9M25 9M26 Chg Chg(%) Airports 742.9 778.4 35.4 5% Ankara(*) 62.6 76.2 13.6 22% İzmir 82.3 85.2 2.9 4% Gazipasa 5.5 5.1 -0.4 -7% Tunisia 42.5 44.8 2.3 5% Georgia 111.2 111.8 0.6 1% N. Macedonia 41.2 47.4 6.2 15% Bodrum 34.3 36.6 2.3 7% Almaty 363.4 371.3 7.9 2% Services 646.8 682.8 35.9 6% Havaş 244.6 258.9 14.3 6% BTA 163.4 193.3 30.0 18% Others 238.9 230.5 -8.4 -4% Consolidated 1,389.8 1,461.1 71.4 5% Assets (9M26) R e v e n u e B r i d g e ( € m ) (*) Ankara & Esenboğa pre-merger results (before Esenboğa’s merger with Holding, 30.09 results for Esenboğa) 1,461.1 EBITDA Breakdown (€m) 9M25 9M26 Chg Chg(%) Airports 336.0 339.4 3.3 1% Turkish Airports 104.2 113.7 9.5 9% Overseas Airports 231.8 225.7 -6.2 -3% Service Companies 131.4 162.5 31.0 24% Consolidated 467.4 501.8 34.4 7% Turkish Airports: Ankara, İzmir, Gazipaşa and Bodrum. (Antalya is excluded as it is an equity-accounted investment.) Overseas Airports: Kazakhstan (Almaty), Georgia (Tbilisi and Batumi), N. Macedonia (Skopje and Ohrid), Tunisia (Monastir and Enfidha) TAV Airports – Financial Results Presentation 9M26 | 16
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TAV Airports – Financial Results Presentation 9M26 | 17 Quarterly P&L and Financials by Assets Revenue, m€ 3Q25 3Q26 Chg Airports 299.1 300.0 0.9 Ankara(*) 25.1 30.0 4.8 Izmir 36.4 38.0 1.6 Gazipasa 3.1 2.9 -0.2 Tunisia 22.3 23.5 1.2 Georgia 45.5 49.3 3.8 N. Macedonia 16.8 18.9 2.2 Milas Bodrum 21.8 24.0 2.1 Almaty 128.1 113.5 -14.6 Services 267.2 293.8 26.6 Havaş 103.6 113.2 9.6 BTA 79.9 92.7 12.7 Others 83.7 87.9 4.2 Total Revenue 566.3 593.8 27.5 m€ 3Q25 3Q26 Chg % Aviation income 207.2 194.1 -6% Ground handling income 129.9 142.7 10% Commission from sales of duty-free goods 34.2 38.8 13% Catering services income 77.1 90.3 17% Income from car parking operations 6.9 8.5 24% Area allocation sublease and advertising 24.4 30.2 24% Bus services income 4.3 5.4 24% Lounge services and loyalty card 50.2 47.5 -5% Software & Hardware 6.9 9.1 31% Other operating revenue 25.1 27.1 8% Total Revenue 566.3 593.8 5% Cost of catering inventory sold -18.3 -23.2 27% Cost of services rendered -65.1 -67.6 4% Personnel expenses -132.7 -152.3 15% Concession rent expenses -0.4 -0.4 14% Cost of fuel -61.1 -41.8 -32% Other operating expenses -57.6 -52.5 -9% Other operating income -0.3 1.1 -415% EBITDA 230.8 257.0 11% D&A and impairment expense -60.9 -69.5 14% Equity Accounted Investments 27.1 29.7 10% EBIT 197.0 217.2 10% Net Interest Expense -25.8 -46.5 80% Net Discount Income/Expense -9.5 -9.8 3% FX Gain/Loss -7.9 -0.3 -96% Other Finance Expense -2.5 30.0 -1304% Net Finance Expense -45.7 -26.6 -42% Net Monetary Position Gain -0.2 -1.2 457% Profit Before Tax 18.1 115.6 538% Current tax -11.5 -16.8 46% Deferred tax -6.6 1.5 -122% Tax (expense) / benefit -18.1 -15.4 -15% Continuing Operations 132.9 174.1 31% Discontinued Operations -0.2 0.0 -90% Profit / (loss) for the period 132.7 174.1 31% Minority -7.5 -8.7 17% Profit / (loss) for the period after Minority 125.3 165.4 32% (*) Ankara & Esenboğa pre-merger results (before Esenboğa’s merger with Holding, 30.09 results for Esenboğa)
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TAV Airports – Financial Results Presentation 9M26 | 18 Service Companies
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TAV Airports – Financial Results Presentation 9M26 | 19 228,3 289,3 314,6 244,6 258,9 2023 2024 2025 9M25 9M26 187,0 334,9 345,6 258 332 0 50 100 150 200 250 300 350 400 2023 2024 2025 9M25 9M26 Havaş Revenue (€m) TGS Revenue (50%, €m) Havaş 6% +29% Havaş TGS HVSE TOTAL 9M25 9M26 Chg 107.6 110.6 321.2 328.1 23.6 22.9 452.4 461.6 +3% +2% -3% +2% # OF FLIGHTS SERVED (‘000) Havaş and TGS revenues continue to grow, despite broadly stable flight volumes. TAV Airports – Financial Results Presentation 9M26 | 19
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TAV Airports – Financial Results Presentation 9M26 | 20 26,5 38 47,9 43,9 30,7 52,8 79,9 51,1 38,5 62,1 92,7 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 1,8 2,2 2,0 1,9 2,1 2023 2024 2025 9M25 9M26 BTA Revenue (€m) BTA F&B Spend per Pax (€) BTA Antalya operations started in 2025. Ramp up will continue until 2027. 11% 16%
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TAV Airports – Financial Results Presentation 9M26 | 21 8,9 9,1 8,5 8,3 10,0 2023 2024 2025 9M25 9M26 ATU Revenue (50%, €m) ATU Duty Free Spend per Pax (€) 52,3 76,4 95,1 76,0 55,8 105,2 147,5 103,5 69,7 122,9 174,5 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 ATU ATÜ commenced duty free operations in Antalya in 2025. The operational ramp-up in Antalya is ongoing. Ramp up period 21%
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TAV Airports – Financial Results Presentation 9M26 | 22 TAV Technologies 37,7 77,1 45,6 59,8 61,7 48,8 28,0 2019 2022 2023 2024 2025 9M25 9M26 TAV Technologies Revenue (€m) TAV Airports – Financial Results Presentation 9M26 | 22
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TAV Airports – Financial Results Presentation 9M26 | 23 GLOBAL FOOTPRINT 87,1 59,2 107,4 181,4 190,9 144,1 147,1 2019 2022 2023 2024 2025 9M25 9M26 ◆ Sofia Airport, Terminal 2 (Bulgaria) — Opened in March 2026 ◆ Dalaman Airport, Turkey — Domestic & international terminals opened in April 2026 ◆ Some less profitable Spanish lounges closed in 2Q25 and 3Q25 Highlights Revenue (m€) TAV OS Lounges 14% CAGR TAV Operation Services
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TAV Airports – Financial Results Presentation 9M26 | 24 Equity Accounted Investments
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TAV Airports – Financial Results Presentation 9M26 | 25 €mn FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 Antalya 1 (50%) ¹ Revenue 244.1 19.0 70.6 96.5 49.1 235.2 18.0 63.4 104.4 Net Profit 94.5 -15.0 22.7 43.8 9.7 60.5 -12.6 26.3 48.6 PPAA ³ -57.9 -1.3 -19.3 -36.7 -12.8 -70.2 0.7 -18.2 -32.4 Equity Acc. Inv4 36.6 -16.3 3.5 6.9 -3.8 -9.7 -11.9 8.0 16.2 Remaining PPAA 131,6 130,3 111,0 74,2 61,4 61,5 62,2 43,9 11,5 New Antalya ¹ (50%) Revenue 3.0 0.5 10.2 19.1 8.6 38.4 2.9 12.0 25.7 Net Profit -16.7 -18.7 -33.8 3.3 -21.5 -70.6 -18.2 -14.3 -5.1 Net Debt 1,155.0 1,198.7 1,237.2 1,242.2 1,248.0 1,248.0 1,276 1,293 1,304 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 ATU (%50) Revenue 301.9 55.8 105.2 147.5 103.5 411.9 69.7 122.9 174.5 Net Profit 14.2 -2.7 2.2 12.1 -0.4 11.2 -7.1 1.9 11.1 Net Debt 38.1 47.6 35.9 36.9 51.8 51.8 58.7 56.0 39.1 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 TGS (50%) Revenue 334.9 81.8 79.0 97.4 87.4 345.6 92.9 116.0 123.0 Net Profit 27.2 1.5 -0.0 4.3 2.6 8.4 -1.5 3.2 6.9 Net Debt 0.0 8.1 0.2 -7.9 -12.3 -12.3 -9.9 -6.9 -27.0 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 TIBAH (SPV&OpCo) (Madinah) Revenue 86.0 27.8 21.7 19.1 25.4 94.0 25.1 37.3 28.4 Net Profit 1.2 0.3 0.3 0.3 0.3 1.3 0.3 0.3 0.3 Net Debt 228.5 210.3 186.8 187.8 177.6 177.6 193.3 201.3 210 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 1, Remaining PPA shows amount left to be amortized. 4 Antalya 1’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 – Financial Results Presentation 9M26 | 26 (€m) 9M25 9M26 Chg Chg(%) Equity Acc. Investments -37 -10 27 -73% Equity Accounted Investments (Joint Ventures) Deferred Tax Gain / (Loss), (€m) 9M25 9M26 Chg Antalya 1 8.8 13.3 4.5 New Antalya -30.4 -26.6 3.8 ATU -0.8 -3.4 -2.6 Total -22.4 -16.6 5.7 -5,9 -49,1 11,6 1,0 5,8 -0,1 -0,3 12,3 -37,6 5,2 0,9 8,7 -0,3 0,8 Antalya New Antalya ATU Tibah TGS Zagreb Others 9M25 9M26
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TAV Airports – Financial Results Presentation 9M26 | 27 Equity Accounted Investments (Joint Ventures) 2.266 1.390 2.482 1.461 Revenue (inc. JV) Cons. IFRS Revenue 9M25 9M26 684 467 737 502 EBITDA (inc. JV) Cons. IFRS EBITDA 9M25 9M26 3,8X 3,0X 3,5X 2,8X Net Debt (inc. JV) / LTM EBITDA (inc. JV) Cons. IFRS Net Debt / LTM EBITDA 9M25 9M26 JV: Antalya, New Antalya, ATU, TGS, TIBAH (Proportinally) (€m) (€m)
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TAV Airports – Financial Results Presentation 9M26 | 28 Financial Statements
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TAV Airports – Financial Results Presentation 9M26 | 29 FX Exposure (Balance Sheet) Equity Profit or loss Strengthening of EUR Weakening of EUR Strengthening of EUR Weakening of EUR 30 September 2026 USD 36,178 (36,178) (12,824) 12,824 TRY 12,579 (12,579) (3,541) 3,541 Other - - (5,727) 5,727 Total 48,757 (48,757) (22,092) 22,092 31 December 2025 USD 34,273 (34,273) (13,823) 13,823 TRY - - 1,993 (1,993) Other - - (5,816) 5,816 Total 34,273 (34,273) (17,646) 17,646 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 2026 and 31 December 2025 would have increased / (decreased) equity and profit or loss by the amounts shown to the right. Hedging ◆ Interest payments of 75%, 50%, 90% of floating bank loans for TAV Ege, TAV Ankara, TAV Milas Bodrum 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 – Financial Results Presentation 9M26 | 30 IFRS Income Statement INCOME STATEMENT (€’000) 9M25 9M26 Operating revenue 1,389,761 1,461,127 Aviation income 503,696 511,445 Ground handling income 307,854 340,979 Commission from sales of duty-free goods 70,460 78,445 Catering services income 170,271 202,106 Other operating revenue 337,480 328,152 Operating expenses -1,068,040 -1,122,595 Cost of catering inventory sold -45,591 -58,840 Cost of fuel sold -168,554 -151,753 Cost of services rendered -172,538 -164,621 Personnel expenses -376,399 -440,005 Concession rent expenses -938 -1,085 Depreciation and amortization expense -145,712 -163,284 Other operating expenses -160,798 -144,620 Other operating income 2,490 1,613 Equity accounted investees -36,973 -9,954 Operating profit 284,748 328,578 Finance income 51,162 63,895 Finance expenses -183,476 -175,962 Net monetary position gain 850 2,592 Profit before income tax 153,284 219,103 Income tax expense -64,553 -30,130 Net results from discontinued activities -227 -294 Profit (Loss) for the period after disc. oper. 88,504 188,679 Minority 13,228 15,288 Net profit/(loss) after minority 75,276 173,391
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TAV Airports – Financial Results Presentation 9M26 | 31 EQUITY AND LIABILITIES (€’000) FY25 9M26 Share capital 162,384 162,384 Share premium 220,286 220,286 Legal reserves 121,975 121,975 Other reserves -113,545 -137,048 Purchase of shares of ent. under common control 40,064 40,064 Cash flow hedge reserves 56,702 66,477 Translation reserves -119,885 -89,907 Retained earnings 1,214,462 1,347,542 Equity attributable to holders of the Company 1,582,443 1,731,773 Non-controlling interests 26,932 21,724 Total Equity 1,609,375 1,753,497 Loans and borrowings 1,354,898 1,784,397 Reserve for employee severance indemnity 37,436 47,181 Derivative financial instruments 26,789 11,627 Deferred income 18,729 17,449 Other payables 652,942 643,528 Liabilities from equity-accounted investments 5,835 5,134 Deferred tax liabilities 102,119 89,987 Total non-current liabilities 2,198,748 2,599,303 Loans and borrowings 444,150 515,883 Trade payables 73,578 88,109 Due to related parties 315,650 5,769 Current tax liabilities 9,231 19,571 Other payables 333,083 379,359 Provisions 20,751 21,749 Deferred income 8,326 9,423 Liabilities classified as held for sale 483 741 Total current liabilities 1,205,252 1,040,604 Total liabilities 3,404,000 3,639,907 TOTAL EQUITY AND LIABILITIES 5,013,375 5,393,404 ASSETS (€’000) FY25 9M26 Property and equipment 733,099 825,039 Intangible assets 32,362 32,534 Airport operation right 1,926,989 1,840,399 Right of use assets 173,149 200,957 Equity-accounted investments 628,969 589,644 Goodwill 213,502 216,117 Derivative financial instruments 31,641 15,478 Non-current due from related parties 161,237 160,821 Other non-current assets 105,876 122,653 Deferred tax assets 71,728 82,415 Total non-current assets 4,078,552 4,086,057 Inventories 56,887 74,240 Financial assets 348 344 Trade receivables 135,715 198,014 Due from related parties 27,797 26,431 Other receivables and current assets 136,006 252,697 Cash and cash equivalents 477,315 652,118 Restricted bank balances 100,037 102,831 Assets classified as held for sale 718 672 Total current assets 934,823 1,307,347 Total Assets 5,013,375 5,393,404 Balance Sheet
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TAV Airports – Financial Results Presentation 9M26 | 32 CASH FLOWS FROM OPERATING ACTIVITIES 9M25 9M26 Profit/(loss) from continuing operations 88,731 188,973 Loss from discontinued operations -227 -294 Amortisation and impairment of airport operation right 70,264 84,432 Dep. and impairment of property and eqi. 68,810 71,811 Amortisation of intangible assets 6,638 7,040 Concession and rent expenses 938 1,085 Provision for employee severance indemnity 8,631 10,608 Provision set / (reversed) for doubtful receivables -848 309 Provision set for unused vacation 5,429 108 Disc. on receivables, payables and fin. liabilities, net -1,139 - Loss on sale of property and equipment 187 -49 Other finance income -5,141 -37,234 Interest income -40,974 -23,220 Interest expense on financial liabilities 102,711 126,515 Tax expense 64,553 30,130 Unwinding of disc. from conc. receivable and payable 26,696 28,817 Share of profit of equity-acc. investments, net of tax 36,973 9,954 Unrealised foreign exc diff. on statement -17,326 32,351 Cash flows from operating activities 414,906 531,336 Change in current trade receivables -73,960 -59,213 Change in inventories 1,386 -14,392 Change in due from related parties -2,710 2,060 Change in other receivables and other assets -15,691 -100,032 Change in trade payables -3,689 14,532 Change in due to related parties -5,434 6,624 Change in other payables and provisions -38,672 -21,497 Cash (used in)/provided from operations 276,136 359,418 Income taxes paid -23,235 -51,243 Retirement benefits paid -1,078 -1,472 Net cash (used in)/provided from op. activities 251,823 306,703 CASH FLOWS FROM INVESTING ACTIVITIES 9M25 9M26 Proceeds from sale of property, eq. and intan. assets 538 8,700 Acquisition of property and equipment -121,899 -137,013 Additions to airport operation right -3,604 -4,751 Acquisition of intangible assets -1,176 -1,756 Proceeds from exchange rate protected deposit 6,492 - Increase in capital of subsidiary 654 5 Change in due from related parties -8,356 10,229 Dividends from equity-accounted investments 57,524 47,617 Net cash provided from/(used in) investing -69,827 -76,969 CASH FLOWS FROM FINANCING ACTIVITIES 9M25 9M26 Proceeds from borrowings 67,372 825,959 Repayment of borrowings -48,537 -421,527 Lease payments -15,707 -15,563 Dividends paid -3,336 -47,742 Interest received 28,778 51,317 Interest paid -68,236 -103,500 Change in due to related parties -15,525 -311,765 Change in restricted bank balances -37,951 -29,463 Net cash provided from/(used in) in financing -93,142 -52,284 Net Monetary Position Gains -2,490 -2,647 NET INC/(DEC.) IN CASH AND CASH EQUIVALENTS 86,364 174,803 CASH AND CASH EQUIVALENTS AT 1 JANUARY 352,571 477,315 CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER 438,935 652,118 Cash Flow Statement (€’000)
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TAV Airports – Financial Results Presentation 9M26 | 33 APPENDIX
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TAV Airports – Financial Results Presentation 9M26 | 34 Number of Employees (eop) 9M25 9M26 Ankara (*) 913 907 İzmir 912 925 Tunisia 845 920 Gazipasa 112 107 Georgia 1,293 1,517 N. Macedonia 875 933 Havaş 6,074 6,083 BTA 3,278 3,833 Holding 152 156 OS 769 764 Technologies (IT) 515 498 Security 2,545 2,921 Latvia 6 6 Bodrum 140 139 Almaty 4,584 4,689 TOTAL Consolidated 23,013 24,398 Employee Numbers (9M26) (*) Ankara & Esenboğa pre-merger results (before Esenboğa’s merger with Holding, 30.09 results for Esenboğa) TAV Airports – Financial Results Presentation 9M26 | 34
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TAV Airports – Financial Results Presentation 9M26 | 35 TAV All Airports TAV Turkish Airports TAV International Passenger Breakdown by destination (2025) 19% 13% 8% 6% 5% 3% 3% 3% 2% 2% 2% 2% 33% Germany Russia UK Turkiye Poland UAE France N. Cyprus Egypt Switzerland Austria Netherlands Other 0% 5% 10% 15% 20% 25% 30% 35% 40% 27% 19% 11% 7% 4% 2% 2% 2% 2% 2% 2% 2% 20% Germany Russia UK Poland N. Cyprus Kazakhstan Moldova Austria France Romania Netherlands Czechia Other 0% 5% 10% 15% 20% 25% 30%
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TAV Airports – Financial Results Presentation 9M26 | 36 Revenue Breakdown by Country (FY25) EBITDA Breakdown by Country (FY25) Revenue & EBITDA Breakdown by Country (JVS not included) 56% 68% 51% 37% 39% 39% 42% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 56% 153% 63% 39% 41% 38% 40% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 27% 9% 3% 3% 3% 3% 10% 42%Türkiye Kazakhstan Georgia N.Macedonia Tunisia Croatia US Other EBITDA % from TürkiyeRevenue % from Türkiye 22% 20% 5% 5% 3% 6% 40%Türkiye Georgia Kazakhstan Tunisia N.Macedonia US Other
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TAV Airports – Financial Results Presentation 9M26 | 37 FX Exposure of Operations (FY25) (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 & IFRS 16 liabilities OPEX (m€) (1,2)Revenue (m€) (1) Loans & Borrowings (m€) (3) ◆ 73% of FY25 revenue is generated in or indexed to hard currencies (EUR and USD) or pegged to USD (OMR,SAR&QAR). ◆ 44% of FY25 OPEX is in or indexed to hard currencies (EUR and USD) or pegged to USD (OMR,SAR&QAR). 30% 39% 15% 8% 4% 4% 584 778 288 160 85 78 USD EUR TL KZT Other USD Pegged 21% 19% 35% 12% 9% 4% 290 262 498 169 131 59 USD EUR TL KZT Other USD Pegged 44% 56% 710 922 USD EUR
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TAV Airports – Financial Results Presentation 9M26 | 38 FY25 vs FY24 FY25 vs FY19 Germany 2% 32% Russia 6% (27%) UK 6% 110% Turkiye 17% 87% Poland 0% 122% UAE (4%) 53% Ukraine - (100%) France 11% 63% N. Cyprus 21% 65% Egypt 5% 81% Switzerland 8% 38% Austria 3% 42% Netherlands (7%) (9%) Azerbaijan 9% 128% Uzbekistan 36% 335% Kazakhstan (8%) 97% Belgium 0% 9% Israel 31% (16%) Others 6% 50% Growth of Source Markets 10,6 13,6 2,9 2,5 1,7 1,5 2,7 1,3 1,2 1,0 0,9 0,8 1,3 0,5 0,2 0,5 0,9 1,1 13,4 13,7 9,4 5,7 4,0 3,8 2,4 0,0 1,9 1,6 1,7 1,1 1,1 1,2 1,0 0,8 1,1 0,9 0,7 19,0 13,9 9,9 6,0 4,7 3,8 2,4 0,0 2,1 1,9 1,8 1,2 1,2 1,2 1,1 1,1 1,1 1,0 0,9 20,1 Germany Russia UK Turkiye Poland UAE Ukraine France N. Cyprus Egypt Switzerland Austria Netherlands Azerbaijan Uzbekistan Kazakhstan Belgium Israel Others FY19 FY24 FY25 TAV Total Int’l Pax (m) TAV Airports – Financial Results Presentation 9M26 | 38
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TAV Airports – Financial Results Presentation 9M26 | 39 (*) Includes total cash balance for all entities in the group (full and equity consolidated, JVs proportional). Hard currency revenue generation drives large offshore cash balance. ◆ 73% of FY25 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. ◆ 423m cash balance(*) held in EUR or USD or SAR (pegged to USD), 55% of all cash balance is held in offshore accounts, (at end June 2026) Hard Currency Revenue and Cash Balance 45% 55% 14% 11% 8% 6% 6% 5% 2% 2% Türkiye Other Georgia Kazakhstan Tunisia N. Macedonia Saudi Arabia Other UK Latvia
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TAV Airports – Financial Results Presentation 9M26 | 40 Details of Tbilisi Concession Extension New End of Concession December 31, 2031 (previously January 2027) Investment Commitment 150 million USD Investment Period 2026 - 2027 Fee Structure no change Concession Rent ◆ 30% of passenger fee, starting in 2027 with the concession extension (the previous concession rent of 10% of landing and ground handling gross revenue canceled in the new period) ◆ 25 million USD of upfront payment (not to be deducted from future rent payments) Investment Scope ◆ +19,500 sqm of terminal area (existing 37,500 sqm) ◆ +5 bridges (double capacity) ◆ +2 baggage carousels (double capacity) ◆ +7 remote parking stands ◆ +10 check-in counters ◆ +24 passport counters ◆ +500 car park capacity ◆ new commercial areas and concepts in lounge, duty free, f&b and social ◆ refurbishment of existing spaces ◆ the capacity of the airport to be increased to more than10m passengers Dividends no interruption in dividend upstream to Holding expected 2006-2025 CAGR 12.6% 2006-2025 CAGR 20.6% 0,6 0,6 0,7 0,7 0,8 1,1 1,2 1,4 1,6 1,8 2,3 3,2 3,8 3,7 0,6 1,7 3,0 3,7 4,7 5.4 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3 2 5 4 11 13 17 20 22 31 42 61 68 67 8 29 55 66 87 97 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Tbilisi Passengers (m) Tbilisi EBITDA (m€)
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TAV Airports – Financial Results Presentation 9M26 | 41 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 119 in 2024 to 200 in 2033 ◆ Terminal capacity: 30m, airsidecapacity: >30m Investments CompletedHighlights (*) Turkish Airlines IR Presentations 11,46 6,76 9,09 9,72 10,34 2,28 1,92 2,82 3,19 3,64 2019 2022 2023 2024 2025 Dom Int Passengers Served (m) +60% Ankara Esenboğa Airport Investments Have Been Completed. +14%
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TAV Airports – Financial Results Presentation 9M26 | 42 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 – Financial Results Presentation 9M26 | 43 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 – Financial Results Presentation 9M26 | 44 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 Yield TC (22/01/25) : 5.65% 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 Bond Terms & Highlights
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TAV Airports – Financial Results Presentation 9M26 | 45 Most Revenue Sources Are Inflation-Linked Revenue Breakdown FY24 % in Total FY25 % in Total Other Aviation 411.0 25% 395.7 22% Passenger Fee 224.7 14% 256.4 14% Ground Handling 361.4 22% 398.6 22% Catering 184.4 11% 224.1 12% Lounge & Loyalty Card 157.2 9% 175.3 10% Area Allocation &Sublease & Advertising 53.1 3% 75.9 4% Duty Free 79.7 5% 93.0 5% Software & Hardware 49.6 3% 54.2 3% Carpark 28.3 2% 28.2 2% Bus 14.7 1% 14.4 1% Other 96.0 6% 107.5 6% Total Revenue (€m) 1,660.0 1,823.2 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 – Financial Results Presentation 9M26 | 46 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 (€m 52.2 p.a) 12) VAT will be paid on accrual basis starting from 2025 (€m 3.4 p.a) Airport Type/Expire TAV Stake Scope 2025 Pax (mppa) fee/ departing int. pax fee/departing dom. pax Security fee/departing int. pax(6) Yearly Lease/ Concession Fee Paid New Ankara Esenboğa Lease 100% Terminal 14.0 €17 €5 (Transfer) €3 €3 €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 12.7 €15 €2.5 (Transfer) €3 €1.5 €29m + VAT (1) (December 2034) Gazipasa-Alanya(8) Lease 100% Airport 1.0 €12 TL68.6 €2 $50,000+VAT + 65% of net profit(May 2036) Milas-Bodrum(8) Concession (December 2037) 100% Terminal 4.4 €15 €3 €1.5 €143.4m upfront+ €28.7m + VAT (2) Antalya(8) Lease (December 2026) 50%(5) Terminal 39.2 €15 €2.5 (Transfer) €3 €1.5 €100.5m + VAT New Antalya (Starts in 2027) Lease (December 2051) 50%(10) Terminal €17 €5.0 (Transfer) €3 €3 €1,813m up front €145m from 2027 to 2031 and €236m from 2032 to 2051 + VAT(11) Almaty No Concession(9) 85% Airport 11.9 $16.7 blended YTD avg. $4.7 blended YTD avg. $5.41 for non-Kazakh 2,815 Tenge for Kazakh - Tbilisi BOT 80% Airport 5.4 US$25 US$6 - 10% of landing and ground handling gross revenue (until 2027), €25m up front & 30% of passenger fee (after 2027)(December 2031) Batumi BOT 76% Airport 1.2 US$12 US$7 - 10% of landing and ground handling gross revenue with GEL 400k minimum annual amount(August 2027) Monastir & Enfidha BOT+Concession 100% Airport 3.2 €13 €1 €0.8(May 2047) 11-26% of revenue from(7) 2010 to 2047 Skopje & Ohrid BOT+Concession 100% Airport 3.5 €13 in Skopje, €10.2 in Ohrid - €6.5 in Skopje, €6.5 in Ohrid 4.1% of the gross annual turnover (3) (June 2032) Madinah (TIBAH) BTO+Concession 26% Airport 11.9 SAR 100.6 (4) SAR 11.3 - 54.5% of revenue(May 2041) Zagreb (MZLZ) BOT+Concession (April 2042) 15.81% Airport 4.7 €21.7 €9.3 €8.1 int’l, dom and transfer pax €2.0 - €12.2m fixed 0.5% (2016) - 61% (2042) variable€5.0 (Transfer) Concession Overview
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TAV Airports – Financial Results Presentation 9M26 | 47 9 9 9 9 10 17 23 30 41 42 48 53 72 84 95 102 104 115 152 84 89 27 52 78 96 107 113 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 – Financial Results Presentation 9M26 | 48 20252024 Withdraw 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 Gazipaşa 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 Timeline Q4 Senior management changes Holding & Esenboğa merger ADP & Tank merger 2026 Q1 5 years concession period extension in Tbilisi Dividend distribution approved by the General Assembly Q2 Bid for Kuwait T2 Q3 Agreed to acquire the 15% stake in Almaty for USD 133 million. TAV Airports – Financial Results Presentation 9M26 | 48
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TAV Airports – Financial Results Presentation 9M26 | 49 ◆ 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 – Financial Results Presentation 9M26 | 50 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%) Airport Companies Service Companies ATU (50%) BTA (100%) OS (100%) TAV Technologies (100%) Security (100%) Havaş (100%) Esenboğa (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%) Havaş Latvia (100%) Almaty (85%) (*) Only commercial areas Havaş Zagreb (100%) Shareholders Corporate Structure Shareholder Structure TAV Corporate and Shareholder Structure Free Float 49.86% 46.12% 4.02%
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TAV Airports – Financial Results Presentation 9M26 | 51 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 MERİÇ Head of Investor Relations besim.meric@tav.aero Tel :+90 212 463 3000 / 10546 IR Website e-mail Phone X Address Türkiye Tunisia North Macedonia Saudi Arabia Latvia Croatia • Ankara Esenboğa • İzmir Adnan Menderes • Gazipaşa-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 113 million passengers in 2025. The Company’s shares are listed in Borsa Istanbul since February 23, 2007, under the ticker code “TAVHL”. Kazakhstan Almaty IR Team & Contact Information Boran UZUN Investor Relations Specialist huseyinboran.uzun@tav.aero Tel :+90 212 463 3000 / 10545
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TAV Airports – Financial Results Presentation 9M26 | 52 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 2026. Disclaimer