{"id":1271,"date":"2026-02-18T04:39:36","date_gmt":"2026-02-18T01:39:36","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1271"},"modified":"2026-02-18T04:39:36","modified_gmt":"2026-02-18T01:39:36","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-tavhl-tav-havalimanlar-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1271","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #TAVHL | TAV Havalimanlar 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/TAVHL--TAV-Havalimanlar-202512-Bilano-Analizi-e3f86q6\/a-acfsbbi\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>2025 Y\u0131l\u0131 Finansal Raporu\u2019ndan \u00d6ne \u00c7\u0131kan \u00d6nemli Ba\u015fl\u0131klar<\/em><\/strong><br \/>\n<em>\u2022 Has\u0131lat ve Br\u00fct Kar Art\u0131\u015f\u0131: TAV Havalimanlar\u0131, 2025 y\u0131l\u0131nda has\u0131lat\u0131n\u0131 bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k %39 art\u0131rarak 82.151.164 bin TL seviyesine ula\u015ft\u0131rm\u0131\u015ft\u0131r. Br\u00fct kar ise 33.126.762 bin TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/em><br \/>\n<em>\u2022 Esas Faaliyet Kar\u0131: \u015eirketin esas faaliyet kar\u0131, 2024 y\u0131l\u0131ndaki 10,37 milyar TL seviyesinden 16,72 milyar TL&#8217;ye y\u00fckselerek operasyonel verimlili\u011fin korundu\u011funu g\u00f6stermi\u015ftir.<\/em><br \/>\n<em>\u2022 Net D\u00f6nem Kar\u0131: Ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net d\u00f6nem kar\u0131 2.815.880 bin TL olarak kaydedilmi\u015ftir. Bu rakam, 2024 y\u0131l\u0131ndaki 6,56 milyar TL&#8217;ye k\u0131yasla bir d\u00fc\u015f\u00fc\u015f g\u00f6sterse de \u015firketin k\u00e2rl\u0131l\u0131k yap\u0131s\u0131 s\u00fcrd\u00fcr\u00fclm\u00fc\u015ft\u00fcr.<\/em><br \/>\n<em>\u2022 Varl\u0131k Toplam\u0131: Grubun toplam varl\u0131klar\u0131, 2024 sonundaki 178,6 milyar TL&#8217;den 252.102.372 bin TL&#8217;ye ula\u015farak \u00f6nemli bir b\u00fcy\u00fcme sergilemi\u015ftir.<\/em><br \/>\n<em>\u2022 Temett\u00fc Teklifi: Y\u00f6netim Kurulu, 2025 y\u0131l\u0131 kar\u0131ndan hisse ba\u015f\u0131na 3,61 tam TL (toplam 1.311.438 bin TL) nakit temett\u00fc da\u011f\u0131t\u0131lmas\u0131n\u0131 Genel Kurul\u2019un onay\u0131na sunma karar\u0131 alm\u0131\u015ft\u0131r. Da\u011f\u0131t\u0131m\u0131n Temmuz ve Eyl\u00fcl 2026&#8217;da iki taksit halinde yap\u0131lmas\u0131 planlanmaktad\u0131r.<\/em><br \/>\n<em>\u2022 Tiflis Havaliman\u0131 Uzatmas\u0131: Raporlama d\u00f6neminden sonra, 15 Ocak 2026 tarihinde G\u00fcrcistan h\u00fck\u00fcmeti ile Tiflis Havaliman\u0131\u2019n\u0131n i\u015fletme s\u00fcresinin 31 Aral\u0131k 2031 tarihine kadar uzat\u0131lmas\u0131na y\u00f6nelik s\u00f6zle\u015fme imzalanm\u0131\u015ft\u0131r. Bu kapsamda 150 milyon ABD dolar\u0131 de\u011ferinde yat\u0131r\u0131m yap\u0131lmas\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/em><br \/>\n<em>\u2022 Enflasyon Muhasebesi: \u015eirket, fonksiyonel para birimi TL olan grup \u015firketleri i\u00e7in TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131n\u0131 uygulam\u0131\u015ft\u0131r.<\/em><\/p>\n<hr \/>\n<h1>G\u00f6ky\u00fcz\u00fcn\u00fcn 252 Milyar TL&#8217;lik Mimar\u0131: TAV Havalimanlar\u0131\u2019n\u0131n 2025 Finansal Anatomisi<\/h1>\n<p>Havalimanlar\u0131, \u00e7o\u011fu yolcu i\u00e7in sadece u\u00e7a\u011fa yeti\u015fme tela\u015f\u0131, pasaport kuyruklar\u0131 ve Duty Free raflar\u0131ndan ibarettir. Ancak bir finansal analist i\u00e7in bu terminaller; perakende, lojistik, g\u00fcvenlik ve yaz\u0131l\u0131m\u0131n i\u00e7 i\u00e7e ge\u00e7ti\u011fi, her saniyesi nakit ak\u0131\u015f\u0131na d\u00f6n\u00fc\u015fen devasa ve \u00e7ok boyutlu birer ekosistemdir. Pandemi sonras\u0131 k\u00fcresel havac\u0131l\u0131k sekt\u00f6r\u00fc, t\u00fcrb\u00fclansl\u0131 bir toparlanma s\u00fcrecinden ge\u00e7erken TAV Havalimanlar\u0131 Holding (TAVHL), 2025 y\u0131l\u0131 konsolide finansal tablolar\u0131yla sadece bir ula\u015f\u0131m operat\u00f6r\u00fc de\u011fil, k\u0131talararas\u0131 bir &#8220;finansal m\u00fchendislik kalesi&#8221; oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<p>TAV\u2019\u0131n 31 Aral\u0131k 2025 bilan\u00e7osu, rotas\u0131n\u0131 2050\u2019li y\u0131llara k\u0131rm\u0131\u015f bir imparatorlu\u011fun resmini \u00e7iziyor. \u0130\u015fte rakamlar\u0131n arkas\u0131ndaki o \u00e7arp\u0131c\u0131 hikaye ve yat\u0131r\u0131mc\u0131lar\u0131n g\u00f6zden ka\u00e7\u0131rmamas\u0131 gereken 5 kritik analiz.<\/p>\n<h2>1. &#8220;Zaman Sat\u0131n Almak&#8221;: 96.9 Milyar TL\u2019lik G\u00f6r\u00fcnmez \u0130mparatorluk<\/h2>\n<p>TAV\u2019\u0131n bilan\u00e7osunda en a\u011f\u0131r basan kalem, toplam varl\u0131klar\u0131n yakla\u015f\u0131k %43\u2019\u00fcn\u00fc domine eden <b>96.900.376 bin TL<\/b> tutar\u0131ndaki &#8220;\u0130mtiyaz S\u00f6zle\u015fmelerinden Do\u011fan Haklar&#8221; kalemidir. Bir analist g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda TAV, asl\u0131nda beton ve \u00e7eli\u011fin de\u011fil, &#8220;zaman\u0131n&#8221; sahibidir. Grubun i\u015f modeli, devletlerle yap\u0131lan imtiyaz s\u00f6zle\u015fmeleri arac\u0131l\u0131\u011f\u0131yla gelecekteki on y\u0131llar\u0131n nakit ak\u0131\u015f\u0131n\u0131 bug\u00fcnden varl\u0131kla\u015ft\u0131rmakt\u0131r.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i raporunda bu durumun bir &#8220;Kilit Denetim Konusu&#8221; olarak vurgulanmas\u0131 tesad\u00fcf de\u011fildir:<\/p>\n<p>&#8220;Grup\u2019un, 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal tablolar\u0131nda aktiflerinin %43\u2019\u00fcne tekab\u00fcl eden <b>96.900.376 bin TL<\/b> tutar\u0131nda imtiyaz s\u00f6zle\u015fmelerinden do\u011fan haklar ve <b>10.736.140 bin TL<\/b> tutar\u0131nda \u015ferefiye bulunmaktad\u0131r&#8230; Bu tahmin ve varsay\u0131mlar\u0131n kullan\u0131lmas\u0131 nedeniyle bu husus taraf\u0131m\u0131zca kilit denetim konusu olarak belirlenmi\u015ftir.&#8221;<\/p>\n<p>Bu devasa tutar, TAV\u2019\u0131n 2050 y\u0131l\u0131na kadar uzanan &#8220;nakit basma kapasitesinin&#8221; bilan\u00e7odaki izd\u00fc\u015f\u00fcm\u00fcd\u00fcr.<\/p>\n<h2>2. Kazakistan\u2019dan \u015eili\u2019ye: K\u00fcresel Bir &#8220;Hub&#8221; Stratejisi<\/h2>\n<p>TAV, art\u0131k yerel bir marka olmaktan tamamen \u00e7\u0131karak k\u00fcresel bir operat\u00f6re d\u00f6n\u00fc\u015ft\u00fc. Grubun organizasyonel yap\u0131s\u0131nda Almat\u0131 (Kazakistan), Tiflis (G\u00fcrcistan), Tunus ve \u015eili gibi stratejik kaleler \u00f6ne \u00e7\u0131k\u0131yor. \u00d6zellikle Kazakistan\u2019\u0131n ekonomik ba\u015fkenti konumundaki Almat\u0131 Havaliman\u0131, Orta Asya\u2019n\u0131n en b\u00fcy\u00fck &#8220;hub&#8221;\u0131 olarak grubun m\u00fccevheri niteli\u011finde.<\/p>\n<p>Sadece havaliman\u0131 i\u015fletmecili\u011fiyle s\u0131n\u0131rl\u0131 kalmayan TAV, Almat\u0131\u2019da <b>Venus Trading (VT)<\/b> \u00fczerinden yak\u0131t hizmetleri gibi yan gelir kalemlerini de y\u00f6neterek operasyonel derinli\u011fini art\u0131r\u0131yor. Kazakistan\u2019\u0131n b\u00f6lge GSY\u0130H\u2019s\u0131n\u0131n %60\u2019\u0131n\u0131 olu\u015fturmas\u0131, TAV\u2019\u0131n Orta Asya\u2019daki bu varl\u0131\u011f\u0131n\u0131 &#8220;stratejik bir kale&#8221; haline getiriyor.<\/p>\n<h2>3. M\u00fccbir Sebebin Finansal Kalkan\u0131: S\u00fcre Uzat\u0131mlar\u0131<\/h2>\n<p>Havac\u0131l\u0131k tarihinin en b\u00fcy\u00fck krizi olan pandemi, TAV i\u00e7in paradoksal bir \u015fekilde &#8220;gelecek garantisine&#8221; d\u00f6n\u00fc\u015ft\u00fc. Burada analitik bir ayr\u0131m yapmak \u015fart:<\/p>\n<ul>\n<li><b>DHM\u0130 Havalimanlar\u0131:<\/b> Ankara Esenbo\u011fa, \u0130zmir Adnan Menderes, Milas Bodrum, Gazipa\u015fa ve Antalya i\u00e7in pandemi kaynakl\u0131 m\u00fccbir sebep nedeniyle standart <b>iki y\u0131ll\u0131k<\/b> s\u00fcre uzat\u0131m\u0131 al\u0131nd\u0131.<\/li>\n<li><b>Medine Havaliman\u0131:<\/b> Buradaki strateji daha farkl\u0131. Yolcu say\u0131s\u0131na ba\u011fl\u0131 \u00f6zel bir m\u00fccbir sebep form\u00fcl\u00fc ile imtiyaz s\u00fcresi yakla\u015f\u0131k 4 y\u0131l uzat\u0131larak <b>May\u0131s 2041<\/b> tarihine \u00e7ekildi.<\/li>\n<\/ul>\n<p>Bu uzat\u0131mlar, sadece takvim yapraklar\u0131n\u0131n de\u011fi\u015fmesi de\u011fil; milyarlarca liral\u0131k gelecekteki nakit ak\u0131\u015f\u0131n\u0131n grubun kasas\u0131nda kalmas\u0131 demektir.<\/p>\n<h2>4. TMS 29 ve 252 Milyar TL&#8217;lik Ger\u00e7ek De\u011fer<\/h2>\n<p>2025 y\u0131l\u0131 raporlar\u0131nda g\u00f6rd\u00fc\u011f\u00fcm\u00fcz toplam varl\u0131klar\u0131n <b>252.102.372 bin TL<\/b> seviyesine ula\u015fmas\u0131 (2024\u2019teki 178 milyar TL\u2019den art\u0131\u015f), bir &#8220;balon b\u00fcy\u00fcme&#8221; de\u011fil, TMS 29 Enflasyon Muhasebesi uygulamas\u0131yla ger\u00e7ek ekonomik a\u011f\u0131rl\u0131\u011f\u0131n g\u00fcn y\u00fcz\u00fcne \u00e7\u0131kmas\u0131d\u0131r.<\/p>\n<p>Parasal olmayan varl\u0131klar\u0131n (imtiyaz haklar\u0131, binalar, \u015ferefiye) bug\u00fcnk\u00fc sat\u0131n alma g\u00fcc\u00fcyle yeniden ifade edilmesi, bilan\u00e7onun \u00f6zkaynaklar \u00fczerindeki &#8220;koruyucu&#8221; etkisini g\u00f6stermektedir. Bu devasa bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fc, TAV\u2019\u0131n elindeki haklar\u0131n sadece k\u00e2\u011f\u0131t \u00fczerinde de\u011fil, ekonomik ger\u00e7eklikte ne kadar a\u011f\u0131r bir s\u0131klette oldu\u011funu kan\u0131tl\u0131yor.<\/p>\n<h2>5. Gelir Patlamas\u0131 vs. K\u00e2r Bask\u0131s\u0131: Analistin Merce\u011finden &#8220;Gizli Fren&#8221;<\/h2>\n<p>TAV\u2019\u0131n 2025 has\u0131lat\u0131 <b>82.151.164 bin TL<\/b> ile muazzam bir seviyeye ula\u015ft\u0131. Ancak net d\u00f6nem k\u00e2r\u0131, ana ortakl\u0131k pay\u0131 baz\u0131nda <b>2.815.880 bin TL<\/b> d\u00fczeyinde kald\u0131. Bir finansal analist olarak bu fark\u0131 sadece <b>10.900.853 bin TL<\/b> tutar\u0131ndaki finansman giderlerine (kredi faiz y\u00fck\u00fc vb.) ba\u011flamak eksik bir okuma olur.<\/p>\n<p>K\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131layan as\u0131l &#8220;operasyonel olmayan ge\u00e7ici fren&#8221;, &#8220;\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar\u0131n K\u00e2rlar\u0131ndan Paylar&#8221; kalemindeki sert sal\u0131n\u0131md\u0131r. 2024 y\u0131l\u0131nda bu kalemden 2.1 milyar TL art\u0131 yazan grup, 2025\u2019te \u00f6zellikle Antalya yat\u0131r\u0131m\u0131 ve di\u011fer i\u015ftiraklerin etkisiyle <b>2.437.695 bin TL<\/b> negatif pay alm\u0131\u015ft\u0131r. Bu durum, b\u00fcy\u00fck \u00f6l\u00e7ekli altyap\u0131 yat\u0131r\u0131mlar\u0131n\u0131n ba\u015flang\u0131\u00e7 evrelerinde g\u00f6r\u00fclen do\u011fal bir tablodur; bug\u00fcn \u00fcstlenilen finansman y\u00fck\u00fc ve i\u015ftirak zararlar\u0131, 2050\u2019li y\u0131llar\u0131n y\u00fcksek temett\u00fc verimlili\u011fini in\u015fa etmektedir.<\/p>\n<h2>Sonu\u00e7: G\u00f6ky\u00fcz\u00fcndeki Gelecek<\/h2>\n<p>TAV Havalimanlar\u0131, bug\u00fcn sadece mevcut u\u00e7u\u015flar\u0131 y\u00f6netmiyor; Ankara Esenbo\u011fa i\u00e7in 2050, Antalya Havaliman\u0131 i\u00e7in ise 2051 y\u0131l\u0131na kadar uzanan vizyoner bir perspektifle hareket ediyor. 30 y\u0131l sonras\u0131n\u0131 planlayan bu devasa yap\u0131, T\u00fcrkiye\u2019nin k\u00fcresel \u00f6l\u00e7ekteki en stratejik hizmet ihracat\u00e7\u0131lar\u0131ndan biri konumunda.<\/p>\n<p>Bir dahaki sefere bir havaliman\u0131 terminaline ad\u0131m att\u0131\u011f\u0131n\u0131zda etraf\u0131n\u0131za bir analist g\u00f6z\u00fcyle bak\u0131n: Sadece u\u00e7a\u011f\u0131n\u0131z\u0131 m\u0131 bekliyorsunuz, yoksa k\u0131talar\u0131 birbirine ba\u011flayan, binlerce \u00e7al\u0131\u015fan\u0131 olan ve <b>252.102.372 bin TL<\/b>&#8216;lik ekonomik de\u011fer \u00fcreten bu devasa ekosistemin bir par\u00e7as\u0131 oldu\u011funuzu hissedebiliyor musunuz?<\/p>\n<p>&nbsp;<\/p>\n<h1>TAV Havalimanlar\u0131 Holding A.\u015e. 2025 Consolidated Financial Briefing<\/h1>\n<h2>Executive Summary<\/h2>\n<p>This briefing summarizes the consolidated financial results and independent audit findings for TAV Havalimanlar\u0131 Holding A.\u015e. (\u201cTAV Holding\u201d) and its subsidiaries for the fiscal year ending December 31, 2025.<\/p>\n<p>The audit, conducted by Deloitte (DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.), resulted in an <b>unqualified opinion<\/b>, stating that the financial statements fairly represent the group\u2019s financial position in accordance with Turkish Financial Reporting Standards (TFRS).<\/p>\n<p><b>Key Financial Takeaways:<\/b><\/p>\n<ul>\n<li><b>Asset Growth:<\/b> Total assets reached <b>252.1 billion TL<\/b>, a significant increase from 178.6 billion TL in 2024.<\/li>\n<li><b>Revenue Performance:<\/b> Revenue grew to <b>82.15 billion TL<\/b> in 2025, compared to 59.21 billion TL in 2024.<\/li>\n<li><b>Profitability:<\/b> While gross profit rose to 33.1 billion TL, net period profit decreased to <b>3.54 billion TL<\/b> (from 7.06 billion TL in 2024), influenced heavily by financing costs and equity-method investment shares.<\/li>\n<li><b>Concession Dominance:<\/b> Rights arising from concession agreements and goodwill represent approximately <b>43% of the group&#8217;s total assets<\/b>, valued at over 107.6 billion TL.<\/li>\n<li><b>Institutional Control:<\/b> The group is ultimately controlled by the <b>A\u00e9roports de Paris (ADP) Group<\/b>.<\/li>\n<\/ul>\n<h2>Independent Audit and Risk Assessment<\/h2>\n<h3>Auditor&#8217;s Opinion<\/h3>\n<p>The independent auditor, Bur\u00e7 Seven of Deloitte, confirmed that the consolidated financial statements as of December 31, 2025, present a true and fair view of the group\u2019s financial performance and cash flows.<\/p>\n<h3>Key Audit Matters<\/h3>\n<p>The audit identified the <b>recoverability of concession rights and goodwill<\/b> as the most critical audit matter due to the magnitude of these assets and the complex estimates involved in their valuation.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Asset Category<\/td>\n<td>Value (in thousand TL)<\/td>\n<td>% of Total Assets<\/td>\n<\/tr>\n<tr>\n<td>Rights from Concession Agreements<\/td>\n<td>96,900,376<\/td>\n<td>~38.4%<\/td>\n<\/tr>\n<tr>\n<td>Goodwill<\/td>\n<td>10,736,140<\/td>\n<td>~4.3%<\/td>\n<\/tr>\n<tr>\n<td><b>Total<\/b><\/td>\n<td><b>107,636,516<\/b><\/td>\n<td><b>~42.7%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The auditor evaluated these by reviewing management&#8217;s future cash flow projections, testing discount rates, and consulting valuation experts to ensure that no impairment was necessary.<\/p>\n<h2>Financial Position and Performance Analysis<\/h2>\n<h3>Consolidated Balance Sheet Overview<\/h3>\n<p>TAV Holding experienced substantial expansion in its balance sheet during 2025, driven by both operational growth and foreign currency translation effects.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metric (thousand TL)<\/td>\n<td>31 December 2025<\/td>\n<td>31 December 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Total Assets<\/b><\/td>\n<td><b>252,102,372<\/b><\/td>\n<td><b>178,651,832<\/b><\/td>\n<\/tr>\n<tr>\n<td>Cash and Cash Equivalents<\/td>\n<td>24,002,214<\/td>\n<td>12,952,136<\/td>\n<\/tr>\n<tr>\n<td>Total Equity<\/td>\n<td>80,928,865<\/td>\n<td>59,617,514<\/td>\n<\/tr>\n<tr>\n<td>Short-Term Liabilities<\/td>\n<td>60,607,334<\/td>\n<td>29,704,135<\/td>\n<\/tr>\n<tr>\n<td>Long-Term Liabilities<\/td>\n<td>110,566,173<\/td>\n<td>89,330,183<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Income Statement Analysis<\/h3>\n<p>Revenue surged by nearly 39% year-over-year. However, the net profit for the period saw a decline, primarily attributed to high financing expenses.<\/p>\n<ul>\n<li><b>Revenue:<\/b> 82,151,164 thousand TL (2025) vs. 59,211,470 thousand TL (2024).<\/li>\n<li><b>Gross Profit:<\/b> 33,126,762 thousand TL.<\/li>\n<li><b>Operating Profit:<\/b> 16,719,282 thousand TL.<\/li>\n<li><b>Financing Expenses (Net):<\/b> (10,440,359) thousand TL.<\/li>\n<li><b>Net Period Profit:<\/b> 3,540,186 thousand TL.<\/li>\n<\/ul>\n<h3>Comprehensive Income<\/h3>\n<p>Total comprehensive income was reported at <b>23.4 billion TL<\/b>. This figure is significantly higher than the net profit due to <b>foreign currency translation differences<\/b> amounting to 23.9 billion TL (non-reclassifiable to profit or loss), reflecting the group&#8217;s exposure to international operations and currency fluctuations.<\/p>\n<h2>Operational Footprint and Concession Portfolio<\/h2>\n<p>TAV Holding&#8217;s core business involves the construction, management, and operation of airport terminals. The group operates through various models, including Build-Operate-Transfer (BOT), Build-Transfer-Operate (BTO), and long-term concession agreements.<\/p>\n<h3>Major Managed Airports<\/h3>\n<ul>\n<li><b>Ankara Esenbo\u011fa:<\/b> Concession extended to May 2050. The group won a tender for capacity increase and a 25-year operating right starting May 2025 for a total rent of 475 million Euro.<\/li>\n<li><b>Antalya Airport:<\/b> A joint venture with Fraport won the tender to operate the airport from 2027 to 2051. A total concession rent of 7.25 billion Euro was agreed upon, with 25% (1.8 billion Euro) paid upfront in March 2022.<\/li>\n<li><b>\u0130zmir Adnan Menderes:<\/b> Concession valid until December 2032.<\/li>\n<li><b>Milas-Bodrum:<\/b> Concession valid until December 2035.<\/li>\n<li><b>International Portfolio:<\/b> Includes Almaty (Kazakhstan), Tbilisi and Batumi (Georgia), Monastir and Enfidha (Tunisia), Skopje and Ohrid (Macedonia), Medina (Saudi Arabia), and Zagreb (Croatia).<\/li>\n<\/ul>\n<h3>Ancillary Services<\/h3>\n<p>Beyond terminal management, the group provides a wide range of integrated services:<\/p>\n<ul>\n<li><b>Ground Handling:<\/b> Managed by HAVA\u015e and TGS.<\/li>\n<li><b>Food and Beverage:<\/b> Managed by BTA.<\/li>\n<li><b>Duty-Free:<\/b> Managed through the AT\u00dc partnership.<\/li>\n<li><b>Lounge Services:<\/b> Managed by TAV OS (Operation Services).<\/li>\n<li><b>IT and Systems:<\/b> Managed by TAV Technologies, providing software and system services globally.<\/li>\n<\/ul>\n<h2>Macroeconomic Context and Accounting Principles<\/h2>\n<h3>Inflation Accounting (TMS 29)<\/h3>\n<p>Due to high inflation in Turkey, the group applied <b>TMS 29 (Financial Reporting in Hyperinflationary Economies)<\/b> for subsidiaries whose functional currency is the Turkish Lira.<\/p>\n<ul>\n<li>The cumulative three-year inflation rate as of December 31, 2025, was recorded at <b>211%<\/b>.<\/li>\n<li>Financial statements were restated to the purchasing power of the Turkish Lira at the reporting date.<\/li>\n<\/ul>\n<h3>Seasonal Impacts<\/h3>\n<p>The group&#8217;s operations are subject to <b>seasonality<\/b>. Revenues and operational profits are typically higher in the second half of the year (specifically June to August) due to increased passenger traffic during the peak travel season.<\/p>\n<h3>Workforce<\/h3>\n<p>As of December 31, 2025, the group employed:<\/p>\n<ul>\n<li><b>Subsidiaries:<\/b> 21,506 employees (average: 21,989).<\/li>\n<li><b>Joint Ventures:<\/b> 12,208 employees (average: 12,272).<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>TAV Havalimanlar\u0131 2025 Finansal Sonu\u00e7lar\u0131n\u0131 A\u00e7\u0131klad\u0131: G\u00fc\u00e7l\u00fc Has\u0131lat ve Yeni Yat\u0131r\u0131m Vizyonu<br \/>\n\u00d6zet Metni: TAV Havalimanlar\u0131 Holding, 2025 y\u0131l\u0131na ait konsolide finansal sonu\u00e7lar\u0131n\u0131 payla\u015farak y\u0131l\u0131 82,1 milyar TL has\u0131lat ve 16,7 milyar TL esas faaliyet kar\u0131 ile kapatt\u0131\u011f\u0131n\u0131 duyurdu. \u015eirket, b\u00fcy\u00fcme stratejisi kapsam\u0131nda Tiflis Havaliman\u0131\u2019n\u0131n i\u015fletme s\u00fcresini 2031\u2019e kadar uzat\u0131rken, hissedarlar\u0131na hisse ba\u015f\u0131na 3,61 TL temett\u00fc da\u011f\u0131tma karar\u0131 ald\u0131. Havac\u0131l\u0131k sekt\u00f6r\u00fcndeki operasyonel g\u00fcc\u00fcn\u00fc rakamlarla tescilleyen TAV, k\u00fcresel a\u011f\u0131ndaki geni\u015fleme ve modernizasyon yat\u0131r\u0131mlar\u0131na 2026 y\u0131l\u0131nda da h\u0131z kesmeden devam etmeyi planl\u0131yor. Detayl\u0131 finansal analiz ve gelecek vizyonu yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":10,"featured_media":973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[31],"class_list":["post-1271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-tavhl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1271"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1271\/revisions"}],"predecessor-version":[{"id":1272,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1271\/revisions\/1272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/973"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}