TAV Airports, a member of Groupe ADP, served 17.1 million passengers, with a 22% growth compared in the first quarter of the year. The international traffic of the group increased by 27%. This is reflected in financial results as the group increases its EBITDA by 97% to EUR 86M.
TAV Airports CEO Serkan Kaptan stated “Aided by a longer tourism season and the fleet growth strategies of airlines, we had a very strong first quarter in terms of passenger traffic. Our international passengers grew 27% year over year and total passengers grew 22%. Both Izmir and Ankara are enjoying a focus on domestic to international transfer passengers by Ajet, Pegasus and SunExpress.
The strength in our operations was fully reflected in our financial results. Revenue grew 28% and reached €321m. EBITDA grew 97% and reached €86m and net income turned to positive despite being in low season and came in at €9m.
Thus, we made a great start to the year and early booking data is also indicative of a robust summer season.
Our massive investment program is progressing right on track as planned. With this program we have invested in Antalya, Almaty, Ankara in addition to our other airports and service businesses. Our Almaty investment is 94% complete and we plan to open the new terminal in June 2024. With the opening of the new terminal, we will see a dramatical increase in service quality and passenger experience in Almaty Airport. Our Antalya investment is 77% complete and we expect opening in the first quarter of 2025. Ankara is 42% complete and we expect to finalize in the last quarter of 2025. We will also participate in additional investments into Madinah Airport that will increase its capacity from 8 million passengers per year to 18 million passengers per year in two phases.
As a result of our investment program, our average concession duration which was 8 years in 2020 increased to 29 years in 2024. Including the acquisition price and upfront rents paid for Almaty, Antalya and Ankara and other investments we have made elsewhere in our assets, we will have invested around a massive sum of 2.5 billion euros by 2025. The size of our investment shows our commitment to and belief in the future of aviation.
As we approach the end of our program we have started to reap the benefits of our investments. For 2024, we continue to expect an EBITDA between €430m – €490m. Within this context of increasing returns from our investments, our first mid-term goal is to go above the all-time high EBITDA we had recorded in 2018 -which was €573m. This goal is well within reach now.
We have built our global brand with the invaluable efforts of our employees and the inestimable support of our shareholders and business partners to whom I would like to express my deepest gratitude. Together, we will also make it possible to reach our mid-term goal of reaching a new all-time high EBITDA for TAV Airports fairly soon.”
KEY PERFORMANCE INDICATORS
| (in EURm) | 1Q23 | 1Q24 | Chg |
| Revenue | 251.0 | 320.8 | 28% |
| EBITDA | 43.7 | 86.0 | 97% |
| EBITDA margin (%) | 17.4% | 26.8% | 9.4 ppt |
| Net Profit | (45.3) | 8.9 | nm |
| Number of passengers (m) | 14.1 | 17.1 | 22% |
| – International | 7.4 | 9.4 | 27% |
| – Domestic | 6.7 | 7.8 | 16% |
