Global airport operator, TAV Airports, today reported that it increased its revenues by 12% to €824 million in the first six months of 2025.
The company, a member of Groupe ADP, also registered a 10% increase its EBITDA to €237 million for the half year.
“We completed the first half of the year with 5% international passenger growth which was affected by geopolitical developments in the Middle East in the second quarter,” revealed TAV Airports CEO, Serkan Kaptan.
“We had strong revenue growth at 12% which was above traffic growth due to higher fees, duty-free spend per passenger growth in existing operations, new commercial areas in Almaty, new catering operations in Antalya and the new TAV Technologies project in Qatar.
“The Qatar project and TL inflation had affected margins in the first quarter but in the second quarter, our non-Turkish airports had EBITDA growth above revenue and delivered margin expansion.
“Thus, consolidated EBITDA for the first six months came in at €237 million euros with 10% year-over-year growth. Net income continued to be pressured by non-cash items such as deferred tax and translation losses which are due to the appreciation of euro.”
He noted that in April, the new terminal opened in Antalya, which coincided with TAV Airports starting commercial operations at the gateway.
“Our service companies are improving the passenger experience in the airport significantly while the commercial revenue profile of the airport is also becoming greatly enhanced,” stated Kaptan.
He continued: “The investments that we have made in Ankara as per our new concession contract between May 2025 and May 2050 have been completed.
“We have built a new 3,750-metre long runway, 27,000 square metres of taxiways, 85,000 square metres of cargo aprons and a new air traffic control tower. These investments will support the long-term growth of the airport for many years.”
Discussing Almaty International Airport in Kazakhstan, Kaptan noted that TAV planned to invest €300 million on upgrading it over the next five years.
“These investments will allow the airport to continue growing smoothly and enable the airlines serving the airport to continue increasing their fleet sizes,” stated Kaptan.
Elsewhere, in Saudi Arabia, Kaptan revealed that construction of a new international terminal at Madinah Airport was scheduled to start in Q3 this year to meet the growing demand for international travel. TAV has a 26% stake in the gateway.
“The international terminal and related ancillary facilities such as new connecting roads, utility lines and a car park are expected to require a total investment of approximately $300 million,” said Kaptan.
“We expect the investment to be completed by 2028 and to be financed with no equity injection from TAV Airports Holding.”
Finally, in Georgia, TAV Airports has outlined plans to invest approximately $150 million in Tbilisi Airport to increase its passenger capacity to 10 million passengers annually.
The proposal is subject to the Georgian government agreeing to extend its concession to operate the airport until at least 2031.
KEY PERFORMANCE INDICATORS
| (in EURm) | 1H24 | 1H25 | Chg % |
| Revenue | 732.1 | 823.5 | 12% |
| EBITDA | 215.4 | 236.7 | 10% |
| EBITDA margin (%) | 29.4% | 28.7% | -0.7 ppt |
| Net Profit | 81.0 | (50.0) | nm |
| Number of passengers (m) | 45.9 | 47.7 | 4% |
| – International | 28.9 | 30.3 | 5% |
| – Domestic | 16.9 | 17.4 | 3% |
About TAV Airports
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at more than 100 airports in more than 30 countries.
In 2024, TAV Airports welcomed 107 million passengers across its portfolio.
A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally and through its subsidiaries it is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security, and commercial area management.