TAV Airports’ duty-free sales rose by +17% in 2025

By Kevin Rozario | Monday, 23 February 2026 20:54

TAV Airports, with a footprint of 15 airports, posted a strong uplift in duty-free sales last year, up +17% and well above the company’s annual consolidated revenue increase of +10%, year-on-year.

Total revenue reached €1.82bn/$2.14bn* while group EBITDA stood at €560m/$660.2m, up by +14%. Duty-free revenue hit €93m/$109.6m; however, duty-free spend per passenger (SPP) fell by -6% to €8.50 from €9.10 in 2024. TAV noted that SPP was diluted by the addition of Almaty (in Kazakhstan) and Antalya, both still in ramp-up mode. Like-for-like SPP (without Almaty and Antalya) in FY25 was €10.30, up +14% year-on-year.

ATÜ Duty Free – a joint venture between TAV Airports and Unifree Duty Free/Gebr. Heinemann – expanded at Antalya last summer. With a new international terminal opened, the duty-free, food and beverage (F&B), and lounge offerings were enhanced.

TAV Airports – listed in Turkey and part of France’s Groupe ADP – said: “The commercial ramp up of duty-free and F&B operations continues, with additional fashion, speciality retail, and restaurant openings continuing. We will be operating Antalya airport until 2052.”

International traffic driver

TAV Airports’ overall duty-free revenue rise of +17% came mainly as a result of a +6% increase in passenger numbers. The company served 75 million international and 38 million domestic passengers across its portfolio (113 million in total) in 2025.

Higher international traffic led to higher like-for-like SPP, while the opening of Almaty’s new duty-free spaces, plus strong growth in Izmir, Ankara, Georgia, North Macedonia, and Tunisia, all created momentum.

TAV Airports CEO Serkan Kaptan stated: “The year presented challenges in the form of geopolitical developments and the relative strength of the Turkish lira, while a shorter winter season provided some tailwinds. Non-Turkish assets performed very strongly with +9% growth, again demonstrating the resilience of our geographically diversified portfolio.”

In January 2026, the company secured an extension for Tbilisi Airport for five more years until the end of 2031 and will increase the Georgia gateway’s capacity to more than 10 million passengers. At Almaty Airport, which has doubled its traffic since TAV’s acquisition, a second phase of airside investments totalling €315m has started. Meanwhile, the construction of a new international terminal in Madinah, Saudi Arabia, is set for completion by 2028.

Commenting on the rest of this year, Kaptan said: “In 2026, we expect to serve between 116-123 million passengers and reach an EBITDA of €590m to €650m. Our guidance implies that we will surpass our all-time high EBITDA of €573m (achieved in 2018). This will be another historic milestone. Our focus will be on increasing the traffic in our airports, looking for inorganic growth opportunities, and increasing the efficiency and service quality of our operations.”