{"id":250,"date":"2026-02-18T01:44:21","date_gmt":"2026-02-18T01:44:21","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisken\/?p=250"},"modified":"2026-05-07T11:03:16","modified_gmt":"2026-05-07T11:03:16","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-tavhl-tav-airports-2025-12-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisken\/250","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #TAVHL | TAV Airports 2025\/12 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk\/embed\/episodes\/TAVHL--TAV-Airports-202512-Earnings-Analysis-e3f86vk\/a-acfsbjj\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<em><strong>Key Highlights from the 2025 Financial Report<\/strong><\/em><br \/>\n<em>\u2022 Revenue Growth: The company&#8217;s revenue reached 82,151,164 thousand TL in 2025, representing a significant increase of approximately 39% compared to the 59,211,470 thousand TL recorded in 2024.<\/em><br \/>\n<em>\u2022 Operating Performance: Gross profit rose to 33,126,762 thousand TL. The operating profit (EBIT) saw a substantial jump, reaching 16,719,282 thousand TL, up from 10,373,620 thousand TL in the previous year.<\/em><br \/>\n<em>\u2022 Net Profit: Net profit attributable to the parent company was recorded at 2,815,880 thousand TL for 2025. While this is lower than the 6.56 billion TL in 2024, it reflects a year of high investment and operational expansion.<\/em><br \/>\n<em>\u2022 Asset Expansion: Total assets of the group grew to 252,102,372 thousand TL, compared to 178.65 billion TL at the end of 2024.<\/em><br \/>\n<em>\u2022 Dividend Proposal: The Board of Directors has proposed a cash dividend of 3.61 TL per share (totaling 1,311,438 thousand TL) from the 2025 profit. The distribution is planned in two equal installments in July and September 2026, pending General Assembly approval.<\/em><br \/>\n<em>\u2022 Tbilisi Airport Concession Extension: Subsequent to the reporting period, on January 15, 2026, an agreement was signed with the Georgian government to extend the operating period of Tbilisi Airport until December 31, 2031. This extension involves a planned investment of 150 million USD.<\/em><br \/>\n<em>\u2022 Inflation Accounting: The company applied TMS 29 (Financial Reporting in Hyperinflationary Economies) for its group companies whose functional currency is the Turkish Lira.<\/em><\/p>\n<hr \/>\n<h1>Sky-High Revenues and Strategic Anchors: 5 Takeaways from TAV Airports\u2019 2025 Performance<\/h1>\n<h3>1. Introduction: The Complexity of Growth<\/h3>\n<p>While global terminals buzz with the frantic energy of millions of travelers, the financial reality of the companies managing those portals resides in a quieter, more abstract world. It is a world defined by &#8220;inflation accounting,&#8221; billion-dollar balance sheets, and the valuation of long-term legal rights. TAV Havalimanlar\u0131 Holding (TAVHL) recently released its 2025 consolidated financial report, and it offers a masterclass in this complexity.<\/p>\n<p>The report marks the latest chapter in a journey that began with the reconstruction of Istanbul Atat\u00fcrk Airport. What started as a mission to operate a single terminal has matured into a sprawling global footprint. Today, TAV is no longer just a local operator; it is a critical pillar of global aviation infrastructure, navigating a financial landscape where scale is massive, but the accounting is increasingly intricate.<\/p>\n<h3>2. The Revenue-Profit Paradox: Decoding the Performance Gap<\/h3>\n<p>At first glance, TAV\u2019s 2025 performance presents a startling contradiction: the Group\u2019s top-line is soaring while its bottom-line is being squeezed.<\/p>\n<p><b>By the Numbers (in thousands of TL)<\/b><\/p>\n<ul>\n<li><b>Revenue (Has\u0131lat):<\/b>\n<ul>\n<li>2024: 59,211,470 TL<\/li>\n<li>2025: 82,151,164 TL<\/li>\n<\/ul>\n<\/li>\n<li><b>Net Profit (Net D\u00f6nem Kar\u0131):<\/b>\n<ul>\n<li>2024: 7,059,342 TL<\/li>\n<li>2025: 3,540,186 TL<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>While revenue surged by nearly 39% year-over-year, net profit collapsed by 50%. Surface-level analysis might blame the &#8220;Sat\u0131\u015flar\u0131n Maliyeti&#8221; (Cost of Sales), but the reality is more nuanced. TAV\u2019s core operations are, in fact, remarkably healthy; Cost of Sales grew only 29.9%, allowing Gross Profit to jump from 21.4 billion TL to 33.1 billion TL.<\/p>\n<p>The true &#8220;paradox&#8221; lies deeper in the income statement. The bottom line was primarily crushed by a massive swing in <b>&#8220;\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar\u0131n Karlar\u0131ndan Paylar&#8221;<\/b> (Share of profits from equity-accounted investments). This item plummeted from a 2.17 billion TL gain in 2024 to a 2.43 billion TL loss in 2025. When combined with a 50% increase in finance expenses\u2014which rose to 10.9 billion TL\u2014it becomes clear that while the terminals are profitable, TAV\u2019s joint ventures and debt servicing are currently acting as a significant equity-accounted drag.<\/p>\n<h3>3. A Balance Sheet Built on &#8220;Rights&#8221;: The 100 Billion TL Intangible<\/h3>\n<p>A critical insight from the Deloitte audit report reveals that TAV&#8217;s value is largely comprised of &#8220;paper&#8221; assets rather than just physical concrete and tarmac. According to the &#8220;Kilit Denetim Konular\u0131&#8221; (Key Audit Matters), a staggering 43% of the Group\u2019s total assets are tied up in &#8220;\u0130mtiyaz S\u00f6zle\u015fmelerinden Do\u011fan Haklar&#8221; (Concession Rights) and &#8220;\u015eerefiye&#8221; (Goodwill).<\/p>\n<p>Regarding the significance of these assets, the audit report features the following:<\/p>\n<p>&#8220;Grup\u2019un, 31 Aral\u0131k 2025 tarihi itibar\u0131yla konsolide finansal tablolar\u0131nda aktiflerinin %43\u2019\u00fcne tekab\u00fcl eden 96.900.376 bin TL tutar\u0131nda imtiyaz s\u00f6zle\u015fmelerinden do\u011fan haklar ve 10.736.140 bin TL tutar\u0131nda \u015ferefiye bulunmaktad\u0131r.&#8221;<\/p>\n<p>This means TAV\u2019s primary value lies in its legal right to operate\u2014a &#8220;paper&#8221; asset that requires massive management estimates to value correctly. For the investor, this confirms that TAV is not a traditional construction firm but a manager of multi-decade legal monopolies.<\/p>\n<h3>4. The Inflation Reality: Accounting for a 211% Surge<\/h3>\n<p>The 2025 report is heavily shaped by &#8220;TMS 29&#8221; (High Inflation Accounting). With Turkey&#8217;s three-year cumulative inflation reaching 211%, TAV was required to restate its financial figures to reflect the real purchasing power of its capital.<\/p>\n<p>However, inflation accounting isn&#8217;t just a restatement; it reveals the &#8220;monetary erosion&#8221; of cash holdings. Reference to <b>&#8220;Not 34&#8221;<\/b> (Net Parasal Pozisyon Kazan\u00e7lar\u0131) shows a stark decline: in 2024, TAV recorded a net monetary gain of 300 million TL; by 2025, this collapsed to a mere 5.5 million TL. This suggests the company is losing significant purchasing power on its net monetary position compared to the previous year.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Date<\/td>\n<td>Index (Endeks)<\/td>\n<td>Correction Coefficient (D\u00fczeltme Katsay\u0131s\u0131)<\/td>\n<td>3-Year Cumulative Inflation*<\/td>\n<\/tr>\n<tr>\n<td>31.12.2025<\/td>\n<td>3,513.87<\/td>\n<td>1.00000<\/td>\n<td>211%<\/td>\n<\/tr>\n<tr>\n<td>31.12.2024<\/td>\n<td>2,684.55<\/td>\n<td>1.30892<\/td>\n<td>291%<\/td>\n<\/tr>\n<tr>\n<td>31.12.2023<\/td>\n<td>1,859.38<\/td>\n<td>1.88981<\/td>\n<td>268%<\/td>\n<\/tr>\n<tr>\n<td><i>*Percentages represent the three-year cumulative rate at that specific reporting date.<\/i><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>5. Betting on 2050: The Long-Game Strategy<\/h3>\n<p>TAV is cannibalizing today\u2019s liquidity to feast on the terminal fees of the 2040s. The Group has made massive strategic moves to secure its future through concession extensions that stretch into the middle of the century, most notably the Ankara Esenbo\u011fa deal (extending to 2050) and the Antalya Airport expansion (extending to 2051).<\/p>\n<p>The scale of this &#8220;Long-Game&#8221; is best illustrated by the Antalya concession. On <b>March 28, 2022<\/b>, TAV and its partners made a massive upfront payment of 1.8 billion Euro (plus VAT) to the state. This payment was made years before the new 2027\u20132051 term even begins, demonstrating a willingness to deploy immense capital today for a payout decades from now.<\/p>\n<h3>6. Global Reach: The ADP Safety Net<\/h3>\n<p>The modern TAV &#8220;Grup&#8221; is a dominant international force, managing regional powerhouses like Almaty (the largest in Central Asia) and Medina. However, TAV does not operate in a vacuum. As per <b>Not 1<\/b>, the <b>A\u00e9roports de Paris (ADP) Grubu<\/b> is the majority owner and &#8220;nihai kontrol eden taraf&#8221; (ultimate controlling party).<\/p>\n<p>For the sophisticated analyst, this relationship is vital. ADP\u2019s majority ownership provides TAV with a global &#8220;safety net,&#8221; offering the creditworthiness and institutional backing required to manage a diverse, high-stakes portfolio across emerging markets.<\/p>\n<h3>7. Conclusion: The Runway Ahead<\/h3>\n<p>TAV Airports is entering 2026 as a larger, more resilient entity with a massive portfolio of long-term rights, even if current profits are being squeezed by financing costs, equity losses in joint ventures, and monetary erosion. The 2025 report clarifies that TAV is prioritizing strategic anchors over short-term earnings volatility.<\/p>\n<p>In an industry where you must pay billions today for the right to operate in 2050, is short-term profit volatility simply the price of long-term dominance? For TAV, the answer appears to be a definitive &#8220;yes.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<h1>TAV Havalimanlar\u0131 Holding 2025 Y\u0131l\u0131 Konsolide Finansal Brifingi<\/h1>\n<p>Bu belge, TAV Havalimanlar\u0131 Holding A.\u015e. (&#8220;TAV Holding&#8221; veya &#8220;Grup&#8221;) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131 ve ba\u011f\u0131ms\u0131z denetim raporundan elde edilen temel bulgular\u0131, finansal verileri ve stratejik geli\u015fmeleri sentezlemektedir.<\/p>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>TAV Havalimanlar\u0131 Holding&#8217;in 2025 mali y\u0131l\u0131, geni\u015fleyen varl\u0131k yap\u0131s\u0131 ve \u00f6nemli imtiyaz s\u00f6zle\u015fmesi g\u00fcncellemeleri ile karakterize edilmi\u015ftir. Ba\u011f\u0131ms\u0131z denet\u00e7i Deloitte (DRT Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.), Grubun finansal tablolar\u0131n\u0131n T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011funa dair <b>olumlu g\u00f6r\u00fc\u015f<\/b> bildirmi\u015ftir.<\/p>\n<p><b>Kritik Finansal G\u00f6stergeler:<\/b><\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 2024 y\u0131l\u0131ndaki 178,7 milyar TL seviyesinden 2025 sonunda <b>252,1 milyar TL<\/b> seviyesine y\u00fckselmi\u015ftir.<\/li>\n<li><b>Has\u0131lat:<\/b> 59,2 milyar TL&#8217;den <b>82,2 milyar TL<\/b>&#8216;ye \u00e7\u0131karak g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergilemi\u015ftir.<\/li>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> Grubun toplam d\u00f6nem kar\u0131 3,54 milyar TL olarak ger\u00e7ekle\u015firken, bunun <b>2,82 milyar TL<\/b>&#8216;si ana ortakl\u0131k paylar\u0131na aittir (2024 ana ortakl\u0131k pay\u0131: 6,56 milyar TL).<\/li>\n<li><b>Varl\u0131k Da\u011f\u0131l\u0131m\u0131:<\/b> \u0130mtiyaz s\u00f6zle\u015fmelerinden do\u011fan haklar ve \u015ferefiye, toplam varl\u0131klar\u0131n yakla\u015f\u0131k %43&#8217;\u00fcn\u00fc olu\u015fturmaktad\u0131r.<\/li>\n<\/ul>\n<h2>Ba\u011f\u0131ms\u0131z Denetim Analizi ve Kilit Denetim Konular\u0131<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcreci, Grubun finansal sa\u011fl\u0131\u011f\u0131 i\u00e7in en kritik alanlara odaklanm\u0131\u015ft\u0131r. Denetim raporunda Bur\u00e7 Seven sorumlu denet\u00e7i olarak belirtilmi\u015ftir.<\/p>\n<h3>Kilit Denetim Konusu: \u0130mtiyaz Haklar\u0131 ve \u015eerefiye<\/h3>\n<p>Denet\u00e7iler, 31 Aral\u0131k 2025 itibar\u0131yla <b>96,9 milyar TL<\/b> tutar\u0131ndaki imtiyaz s\u00f6zle\u015fmesi haklar\u0131n\u0131 ve <b>10,7 milyar TL<\/b> tutar\u0131ndaki \u015ferefiyeyi kilit denetim konusu olarak belirlemi\u015ftir. Bu varl\u0131klar\u0131n geri kazan\u0131labilirli\u011fi; y\u00f6netim taraf\u0131ndan gelece\u011fe y\u00f6nelik yap\u0131lan nakit ak\u0131\u015f\u0131 tahminleri, iskonto oranlar\u0131 ve makroekonomik varsay\u0131mlar gibi \u00f6nemli tahminler i\u00e7erdi\u011fi i\u00e7in y\u00fcksek \u00f6nem arz etmektedir.<\/p>\n<h3>Denetim Prosed\u00fcrleri<\/h3>\n<p>Varl\u0131k de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc testleri kapsam\u0131nda;<\/p>\n<ul>\n<li>Sekt\u00f6r tecr\u00fcbesine sahip de\u011ferleme uzmanlar\u0131 s\u00fcrece dahil edilmi\u015ftir.<\/li>\n<li>Grup y\u00f6netiminin haz\u0131rlad\u0131\u011f\u0131 i\u015f planlar\u0131 ve kullan\u0131lan y\u00f6ntemler sorgulanm\u0131\u015ft\u0131r.<\/li>\n<li>\u0130skonto oranlar\u0131n\u0131n ve kullan\u0131lan matematiksel modellerin do\u011frulu\u011fu test edilmi\u015ftir.<\/li>\n<\/ul>\n<h2>Finansal Performans ve Durum Analizi<\/h2>\n<h3>Konsolide Gelir Tablosu \u00d6zeti (Bin TL)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2025<\/td>\n<td>1 Ocak &#8211; 31 Aral\u0131k 2024<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td>82.151.164<\/td>\n<td>59.211.470<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct Kar<\/b><\/td>\n<td>33.126.762<\/td>\n<td>21.486.351<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>16.719.282<\/td>\n<td>10.373.620<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Kar<\/b><\/td>\n<td>6.186.171<\/td>\n<td>8.594.236<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td>2.815.880<\/td>\n<td>6.557.987<\/td>\n<\/tr>\n<tr>\n<td><b>Pay Ba\u015f\u0131na Kazan\u00e7 (Tam TL)<\/b><\/td>\n<td>7,78<\/td>\n<td>18,06<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Varl\u0131k ve Kaynak Yap\u0131s\u0131<\/h3>\n<p>Grubun varl\u0131k yap\u0131s\u0131nda en b\u00fcy\u00fck art\u0131\u015f, imtiyaz s\u00f6zle\u015fmelerinden do\u011fan haklarda (53,4 milyar TL&#8217;den 96,9 milyar TL&#8217;ye) ya\u015fanm\u0131\u015ft\u0131r. Nakit ve nakit benzerleri ise 12,9 milyar TL&#8217;den <b>24 milyar TL<\/b> seviyesine \u00e7\u0131km\u0131\u015ft\u0131r.<\/p>\n<p><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b><\/p>\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 60,6 milyar TL.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 110,6 milyar TL.<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 80,9 milyar TL.<\/li>\n<\/ul>\n<h2>Havaliman\u0131 \u0130\u015fletme ve \u0130mtiyaz S\u00f6zle\u015fmeleri<\/h2>\n<p>Grup, faaliyetlerini Yap-\u0130\u015flet-Devret (Y\u0130D), Yap-Devret-\u0130\u015flet (YD\u0130) ve uzun s\u00fcreli imtiyaz s\u00f6zle\u015fmeleri \u00e7er\u00e7evesinde y\u00fcr\u00fctmektedir. Pandemi kaynakl\u0131 seyahat k\u0131s\u0131tlamalar\u0131 nedeniyle bir\u00e7ok havaliman\u0131nda faaliyet s\u00fcreleri uzat\u0131lm\u0131\u015ft\u0131r.<\/p>\n<h3>T\u00fcrkiye Operasyonlar\u0131<\/h3>\n<ul>\n<li><b>Ankara Esenbo\u011fa:<\/b> Pandemi nedeniyle faaliyet s\u00fcresi 2 y\u0131l uzat\u0131lm\u0131\u015ft\u0131r. Ayr\u0131ca 20 Aral\u0131k 2022&#8217;de yap\u0131lan ihalenin kazan\u0131lmas\u0131yla, 24 May\u0131s 2025 &#8211; 23 May\u0131s 2050 aras\u0131n\u0131 kapsayan 25 y\u0131ll\u0131k yeni imtiyaz hakk\u0131 elde edilmi\u015ftir. Toplam imtiyaz kiras\u0131 475 milyon Avro (KDV hari\u00e7) olarak belirlenmi\u015f olup, %25&#8217;i pe\u015fin \u00f6denmi\u015ftir.<\/li>\n<li><b>Antalya Havaliman\u0131:<\/b> Mevcut imtiyaz 31 Aral\u0131k 2026&#8217;ya kadar ge\u00e7erlidir. Grup ve Fraport ortakl\u0131\u011f\u0131, 2027-2051 y\u0131llar\u0131n\u0131 kapsayan yeni ihaleyi 7,25 milyar Avro (KDV hari\u00e7) kira bedeliyle kazanm\u0131\u015ft\u0131r. 1,8 milyar Avro tutar\u0131ndaki %25 pe\u015finat 28 Mart 2022&#8217;de \u00f6denmi\u015ftir.<\/li>\n<li><b>\u0130zmir Adnan Menderes, Milas Bodrum ve Gazipa\u015fa:<\/b> Bu havalimanlar\u0131n\u0131n faaliyet s\u00fcreleri pandemi m\u00fccbir sebebiyle 2&#8217;\u015fer y\u0131l uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Uluslararas\u0131 Operasyonlar<\/h3>\n<ul>\n<li><b>Almat\u0131 Havaliman\u0131 (Kazakistan):<\/b> Grup, Almaty International Airport JSC&#8217;nin %85&#8217;ine sahiptir. Orta Asya&#8217;n\u0131n en b\u00fcy\u00fck havaliman\u0131 olan tesis, b\u00f6lge GSY\u0130H&#8217;s\u0131n\u0131n %60&#8217;\u0131n\u0131 olu\u015fturan bir ekonominin merkezinde yer almaktad\u0131r.<\/li>\n<li><b>Medine Havaliman\u0131 (Suudi Arabistan):<\/b> M\u00fccbir sebep uzatmas\u0131 ile imtiyaz s\u00fcresi May\u0131s 2041&#8217;e kadar g\u00fcncellenmi\u015ftir.<\/li>\n<li><b>G\u00fcrcistan ve Makedonya:<\/b> Tiflis (\u015eubat 2027), Batum (A\u011fustos 2027) ve Makedonya havalimanlar\u0131 (Haziran 2032) i\u00e7in i\u015fletme haklar\u0131 devam etmektedir.<\/li>\n<\/ul>\n<h2>\u00d6nemli Raporlama Standartlar\u0131 ve Esaslar<\/h2>\n<h3>Enflasyon Muhasebesi (TMS 29)<\/h3>\n<p>Grubun fonksiyonel para birimi TL olan \u015firketleri i\u00e7in 31 Aral\u0131k 2025 tarihli finansal tablolar\u0131nda <b>TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221;<\/b> standard\u0131 uygulanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u00dc\u00e7 y\u0131ll\u0131k k\u00fcm\u00fclatif enflasyon oran\u0131:<\/b> %211 olarak hesaplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>D\u00fczeltme Katsay\u0131s\u0131:<\/b> 31.12.2025 itibar\u0131yla 1,00000; 31.12.2024 itibar\u0131yla 1,30892 olarak uygulanm\u0131\u015ft\u0131r.<\/li>\n<li>Net parasal pozisyon kazan\u00e7 veya kay\u0131plar\u0131 kar\/zarar tablosuna dahil edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>Operasyonel Detaylar<\/h3>\n<ul>\n<li><b>Mevsimsellik:<\/b> Grubun gelir ve operasyonel kar\u0131, yolcu say\u0131s\u0131ndaki art\u0131\u015fa paralel olarak genellikle y\u0131l\u0131n ikinci yar\u0131s\u0131nda (Haziran-A\u011fustos yo\u011funluklu) daha y\u00fcksektir.<\/li>\n<li><b>\u0130stihdam:<\/b> 2025 sonu itibar\u0131yla ba\u011fl\u0131 ortakl\u0131klarda 21.506, i\u015f ortakl\u0131klar\u0131nda 12.208 olmak \u00fczere toplam <b>33.714 \u00e7al\u0131\u015fan<\/b> bulunmaktad\u0131r.<\/li>\n<li><b>Kurumsal Yap\u0131:<\/b> Grubun ana orta\u011f\u0131 ve nihai kontrol sahibi <b>A\u00e9roports de Paris Grubu<\/b>&#8216;dur. \u015eirket paylar\u0131 Borsa \u0130stanbul&#8217;da &#8220;TAVHL&#8221; koduyla i\u015flem g\u00f6rmektedir.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>TAV Airports Announces 2025 Financial Results: Strong Revenue Growth and Strategic Concession Extensions<br \/>\nExcerpt: TAV Airports Holding has released its consolidated financial results for 2025, closing the year with a robust revenue of 82.1 billion TL and an operating profit of 16.7 billion TL. Highlighting a year of strategic milestones, the company announced a proposed dividend of 3.61 TL per share and a major investment-linked extension for Tbilisi Airport through 2031. Despite the complexities of a high-inflation reporting environment, TAV continues to demonstrate operational resilience and a clear vision for global expansion. Read our full analysis of the 2025 performance and what lies ahead for 2026.<\/p>\n","protected":false},"author":1,"featured_media":149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[52],"class_list":["post-250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-tavhl"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/comments?post=250"}],"version-history":[{"count":3,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/250\/revisions"}],"predecessor-version":[{"id":253,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/250\/revisions\/253"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media\/149"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media?parent=250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/categories?post=250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/tags?post=250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}