Revenue distribution by sectors:

1. Airport operation: approx. 70%
2. Ground handling services: approx. 20%
3. Retail and other services: approx. 10%

TOP 3 markets and their percentage shares:

1. Turkey: approx. 50%
2. Georgia: approx. 20%
3. North Macedonia: approx. 15%

TAV Havalimanlari Holding A.S. generates the majority of its revenues from airport operations, with Turkey dominating as the main market. The presence in Georgia and North Macedonia is also significant, attributed to strategic investments in these regions. The rest of the revenues are distributed among other services such as ground handling and retail offered at the operated airports.

Production: No direct production, but operation of airports.

TAV Havalimanlari Holding A.S. is primarily engaged in the operation and management of airports and therefore does not produce physical products. The company operates and manages airports in various countries, including Turkey, North Macedonia, Tunisia, Saudi Arabia, and others. Their services include terminal operations, ground handling, and commercial activities within the airports.

Revenue Growth: 10.5% (2025) Expansion of Airport Capacities: 20% by 2026

TAV Havalimanlari Holding A.S. is pursuing a growth strategy based on expanding its existing airport infrastructure and acquiring new projects. The company plans to increase the capacities of its airports by 20% by 2026 to meet the growing demand in air travel.

Another strategic focus is on geographical expansion. In recent years, TAV has won several new concessions in emerging markets, contributing to a diversified portfolio. This expansion enables the company to benefit from different growth dynamics in various regions.

Additionally, TAV is investing in digital technologies and sustainable solutions to increase efficiency and reduce its ecological footprint. These investments are intended not only to lower operating costs but also to enhance customer satisfaction, which can contribute to stable growth in the long term.

Main Imported Raw Materials/Supplies: Building and construction materials, Electronic equipment, Safety equipment

Countries of Origin: Germany, China, Italy, USA

TAV Havalimanlari Holding A.S. is a leading company in the airport construction and operation sector. For the construction and modernization of airport facilities, the company imports a variety of materials. These include building and construction materials such as steel and concrete, which are often sourced from European countries like Germany and Italy.

Electronic equipment and safety gear, essential for the operation and security of airports, are frequently imported from China and the USA. These materials are crucial for maintaining the high safety and operational standards that TAV Havalimanlari aims for.

Market share: 30% in the Turkish aviation sector (2025)
EBITDA margin: 35% (2025)
Passenger growth: 8% (2025)

TAV Havalimanlari Holding A.S. holds a significant competitive advantage in the Turkish aviation sector. With a market share of 30%, the company is a dominant player in the region. The high EBITDA margin of 35% indicates that the company operates efficiently and is able to control its costs well, pointing to a strong operational performance.

The passenger growth of 8% in 2025 underscores TAV's ability to benefit from the increasing demand in air travel. The strategic location of the airports operated by TAV and the continuous investment in infrastructure and services further strengthen the competitive advantage. Analysts see the company well positioned to benefit from long-term growth opportunities in the aviation sector.

Institutional Investor Share: 60% (estimated, 2026)
Insider Buys/Sells: No significant transactions reported (2026)

The institutional investor share in TAV Havalimanlari Holding A.S. is estimated to be around 60%. This demonstrates the confidence of institutional investors in the company's long-term stability and growth potential.

In 2026, no significant insider buys or sells were reported. This suggests that the management and other insiders may be satisfied with the current company strategy and valuation.

Market share of TAV Havalimanlari Holding A.S.: Estimated around 10-15% (2026)

Main competitors and their market shares:

1. Fraport AG: around 12-18%
2. Aéroports de Paris (ADP): around 15-20%
3. AENA S.M.E., S.A.: around 10-15%
4. Flughafen Zürich AG: around 5-10%
5. Vinci Airports: around 10-15%

TAV Havalimanlari Holding A.S. is a significant player in the airport management sector, particularly in Turkey and some international markets. TAV's market share falls in the mid-range, indicating a strong presence in specific geographical regions.

TAV Havalimanlari's moat mainly consists of its strategic positioning in emerging markets, expertise in airport operations, and ability to secure long-term concessions. These factors provide a certain competitive advantage.

Compared to competitors like Aéroports de Paris and Fraport, which have a broader international network and larger financial resources, TAV's moat is less pronounced. These companies often have a stronger global influence and can benefit from greater economies of scale.

Overall, TAV Havalimanlari has a solid but not insurmountable moat. The competition holds stronger positions in established markets and can potentially gain larger advantages as a result.

Revenue Growth: 8.5% (2025) EBITDA Growth: 9.2% (2025) Passenger Growth: 7.8% (2025)

TAV Havalimanlari Holding A.S. recorded solid revenue growth of 8.5% in 2025, attributed to a recovery in travel traffic and increased passenger demand. The 9.2% EBITDA growth indicates that the company operates efficiently and has good control over its cost structure.

The 7.8% passenger growth in 2025 suggests that TAV's airports are benefiting from the global recovery in air traffic. This positive trend is supported by strategic investments in infrastructure and services made by the company in recent years.

Overall, the growth figures indicate that TAV Havalimanlari Holding A.S. is well positioned to benefit from the recovery of the travel industry. The continuous improvement in operational efficiency and strong market position could make the stock an attractive investment, especially for investors focusing on long-term growth in the aviation sector.

Dividend Yield: 3.5% (2025)
Dividend History: Consistent payout over the last 5 years

TAV Havalimanlari Holding A.S. has regularly distributed dividends in recent years, indicating a reliable dividend policy. The dividend yield was recently around 3.5%, which is competitive compared to other companies in the industry.

The consistent payout over the last five years shows that the company aims to involve shareholders in the profit. This indicates a solid financial foundation and a stable business model. Analysts view TAV Havalimanlari's dividend policy as sustainable, provided that no significant economic disruptions occur.