TAV Airports announced EUR 1.3B revenue in 2023

TAV Airports announced the full-year financial and operational results for 2023. The company served 96 million passengers, with a 22% increase compared to the previous year.

TAV Airports, a member of Groupe ADP, increased its revenue by 25% to 1.3 billion euros in 2023 on the backdrop of a strong recovery in passenger traffic across its portfolio. Forecasting 100 to 110 million passengers in 2024, the company revised its 2022-2025 compound growth expectations upwards.

TAV Airports CEO Serkan Kaptan stated “In 2023 we served 96 million guests which was 22% above 2022 and 7% above 2019. Aided by a relatively warmer winter season, we continued to witness healthy traffic growth in the fourth quarter of 2023 and in 2024 to date.

When we breakdown the growth into its components, we can see that international passenger traffic was even stronger with 13% growth versus 2019.  Moreover, except for Russia and Ukraine, we have witnessed very high growth in most major source markets. Germany, which is our top source market is 24% above 2019. UK traffic is 58% Poland is 78% and UAE is 65% above 2019. Outbound traffic from our non-Turkish airports to Türkiye is also 75% above 2019. With the lift of the Russian travel ban in May 2023, we started to see a gradually increasing recovery in Georgia. We are also very happy to welcome 1.1 million Kazakh travellers into our Turkish and Georgian airports with a growth of 116% versus 2019.

The historical ties between Türkiye and Kazakhstan are very deep and we are working to make them even stronger through our investment in Almaty Airport. With the opening of the new terminal expected in June 2024, travelers will be able to enjoy a world class assortment of services and facilities. Our investment in Almaty will bolster tourism, business and cargo traffic while supporting the overall development of the country.  Almaty is situated very strategically between Europe and China, making it an ideal hub for global cargo operations. Global cargo traffic which is a direct beneficiary of secular trends in increasing digitalization and growth of e-commerce, is expected to grow at a compound rate of 4.1% per year for the next fifteen years. This robust outlook is expected to provide long term tailwinds for growth of cargo traffic in Almaty Airport. Kazakhstan is also an up-and-coming market for outbound tourism with a 2023 GDP per capita of 13 thousand USD. In response to the high demand for travel, the country expects to grow total aircraft fleet size 45% by 2025. We are very proud to contribute to such a historical juncture in Kazakhstan’s economic development.

We have completed 70% of our investment program in Antalya Airport and we are planning to open the new terminal in the first quarter of 2025. With the new terminal, the capacity of the airport will increase from 35 million to 65 million passengers per year and we will nearly triple the retail areas in the airport. Furthermore, with a wider and newer retail offering we will enhance passenger experience significantly and improve commercial performance. Our airside investments in Ankara Esenboğa Airport are also 34% complete and we expect to finalize these investments by end of 2025.

We embarked upon a massive investment program in 2021 to build the future of TAV Airports  and we will complete 1.2 billion euros of committed infrastructure development in our new projects by 2025. The total sum of our investment program between 2021-2025 including the acquisition price and upfront rents paid for Almaty, Antalya and Ankara and other investments we are making elsewhere in our assets adds up to around 2.5 billion euros. This massive program shows our commitment to and confidence in the future of aviation in our core geography and especially in Türkiye. Growth of the global middle class, urbanization and e-commerce are trends that will continue to support aviation for the foreseeable future.

We completed our inaugural bond issue of 400 million USD on December 7, 2023 with a maturity of five years. The bond was sold at a coupon rate of 8.50% in US dollars which we immediately swapped to euros so the effective rate of the coupons became 6.87% in euros for us. Our bond offering was met with a high investor demand and was four times oversubscribed. The quick and flawless execution of the transaction amid challenging global financial conditions attests to the significant intellectual capital we have amassed in our company over the years.

We finished the year with very strong operational results. Revenue grew 25% versus 2022 and reached 1.3 billion euros. EBITDA grew 19% and reached 385 million euros. Net income for the year was 249 million euros with a growth of 104% over 2022.  Net income was supported by 83 million euros of one-off income from Madinah share sale and €75 million euros of deferred tax gains €59 million of which are due to inflation accounting in statutory accounts. For 2024, we expect total passenger traffic between 100 to 110 million, revenue between €1.50 to €1.57 billion and EBITDA between €430 to €490 million.  Revenue growth is expected to be above passenger growth mostly due to significant growth in lounge and hospitality, IT and ground handling services. We are also upgrading our 2022 to 2025 compound growth expectations in revenue and EBITDA. Our revised compound growth expectations are between 14% to 18% in revenue and between 14% to 20% in EBITDA growth.

As a part of our decarbonization efforts we have applied for regulatory approval to build solar power generation capacity for Ankara, Bodrum and Izmir, totaling a capacity of 18.4 MW.

Since 2021, we have managed to build a very strong portfolio of assets to carry TAV Airports to the future. As we approach the end of our heavy investment program by 2025, the fruits of our efforts are becoming more and more visible. I would like to thank our employees, shareholders and business partners for their invaluable contributions to building our global brand and carrying it into the future very successfully.”



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About TAV Airports

TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 110 airports in 33 countries. A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security and commercial area management. The company is quoted on Istanbul Stock Exchange.


For further information: Erhan Ustundag,
+90 212 463 30 00/2097 and +90 530 228 80 59