Equity Snap: TAV (TAVHL TI): 2Q26 results beat estimates, supported by FX moves

Research evidence excerpt

Equity Snap: TAV (TAVHL TI): 2Q26 results beat estimates, supported by FX moves

29 July 2026

Equity Snap: TAV (TAVHL TI) Equities Transportation Infrastructure

2Q26 results beat estimates, supported by FX moves Türkiye

◆ 2Q26 net profit doubles expectations, driven by moderate Cenk Orcan*

beat at the operating level and milder TRY depreciation vs Aviation & Industrials Analyst HSBC Yatirim Menkul Degerler A.S.

last year that helped improve FX losses cenkorcan@hsbc.com.tr

+90 212 376 46 14

TAV (TAVHL TI, TRY268.00, Buy, TP TRY380.00) * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

(Priced as of 28 Jul 2026) not registered/ qualified pursuant to FINRA regulations

Operating results moderately above expectations: 2Q26 revenue grew 14% y-o-y

in EUR terms, beating both HSBC and consensus (Rasyonet) estimates by 7%.

Revenue growth outpaced the total passenger performance (-2% y-o-y), due to

Antalya factor (consolidated in traffic but not in revenue), tariff increases at Almaty

and new concession terms at Ankara. EBITDA beat was similar (6% vs both HSBC

and consensus) while operating profit came in 15% above our forecast as total

operating costs showed more benign increase (4%) vs our forecast than revenues.

Net profit supported in part by improved equity pick-up profits: Compared to our

estimates, nearly half of the net profit beat came from better operating profit and the

other half from improved profits from TAV’s EAIs (Equity Accounted Investments), led

by Antalya Airport. TAV recorded a minor EUR0.6m loss from EAIs this quarter vs

EUR28m loss in 2Q25 and EUR39m loss in 1Q26 (Q2 HSBCe: EUR15m loss). The

main swing came from Antalya, which booked less deferred tax loss due to lower

TRY depreciation compared to previous year.