TÜRKİYE. TAV Airports, a division of Groupe ADP, posted consolidated revenue of €360.6 million in Q1 2026, a fall of +5% year-on-year.

EBITDA fell -14% year-on-year in the period to €90.1 million, with a net loss of €58.6 million, though this was an improvement of +28% compared to Q1 2025.

The company cited “geopolitical developments, lower fuel sales and margin in Almaty” as key reasons for the decline in revenue and profits, alongside currency fluctuation.

TAV Airports served almost 19 million passengers in the quarter, up +7% on a year earlier, though war in the Middle East had an impact on some locations. International traveller volumes across the network also rose by +7% to 10.4 million, with domestic numbers up +8% year-on-year to around 8.6 million.

Duty-free revenue – principally from TAV Airports’ 50% share in ATU Duty Free alongside Gebr. Heinemann – climbed +12% year-on-year to €14.4 million in the quarter. Good growth at Ankara Airport was a key contributor, noted a group statement. Duty-free average spend was flat year-on-year at €8.90.

Food & beverage, mainly from TAV subsidiary BTA Catering, posted a +17% rise in revenues to €45.5 million. This was supported by the performance of new operations at Antalya Airport.

TAV Airports CEO Serkan Kaptan said, “The first quarter of 2026 unfolded amid heightened global economic and geopolitical uncertainty. Against this challenging backdrop, TAV Airports once again demonstrated the resilience of its business model and the strength of its diversified portfolio.

“Passenger traffic increased by +7% year on year, reaching 19 million passengers and outperforming global averages. While growth has long been one of TAV’s defining strengths, our focus today is increasingly on the quality and sustainability of that growth—prioritising long-term value creation over volume alone.

“Recent years have been marked by decisive progress in securing strategic concessions and finalizing major investments that will underpin this value creation. Among these, the new concession agreement for Ankara Esenboğa Airport stands out as our most recent achievement. Ankara recorded a +23% increase in international traffic, supported by new routes and an expanding low-cost carrier presence. 2026 will be the first year in which Ankara’s enhanced operational and financial performance is fully reflected in our results.”

He added, “In Antalya, we reached another important milestone. The full rollout of our capacity offering ahead of the peak summer season, supported by the new terminal and auxiliary facilities operational since April 2025, has significantly elevated the passenger experience.

“Beyond its financial contribution, the Antalya project exemplifies TAV’s core values as a partnership-driven organisation—bringing together stakeholders, shareholders, lenders, and public authorities around a shared long-term vision. The full impact of our service companies will be realized for the first time in 2026, reinforcing the strategic depth of this investment.” Note: The Moodie Davitt Report is visiting Antalya this week with a full report on the new T2 and key commercial developments to follow.

The company also noted +10% international traffic growth year-on-year at Almaty Airport in Kazakhstan, with the company citing “strong China, Thailand and Vietnam travel demand”.