Operator TAV Airports has announced a 32% year-on-year rise in duty free revenue in 2024 to total €79.7 million, outstripping the 11% increase in passenger traffic to 107 million.

Spend per passenger improved 2.1% to €9.10 based on figures from ATÜ Duty Free, in which TAV Airports holds a 50% share in the joint venture alongside Unifree Duty Free/Gebr. Heinemann.

TAV Airports, part of Groupe ADP, posted a 27% increase in revenue to €1.7 billion for the year and is forecasting 110-120 million passengers in 2025.

EBITDA increased 27% to €489m, free net income reached €183m, free cash flow stood at €153m and net debt/EBITDA improved to 3.5x, reflecting a significant reduction in leverage.

International passengers accounted for 71m of the 107m passenger total in 2024 – a 13% jump on 2023 – as fleet expansion by major airlines coupled with healthy travel demand, more fuel-efficient airlines, an expanding global middle class and extended summer season helped to boost numbers.

“The post-pandemic recovery has driven a substantial increase in passenger traffic across our airports,” said TAV Aiports CEO Serkan Kaptan. “Compared to 2019, passenger volumes have surged in key markets: Germany (+29%), UK (+98%), Poland (+121%), UAE (+59%), France (+46%), Egypt (+73%), and Kazakhstan (+113%).”

Antalya Airport expansion

Fraport AG (49%) and TAV Airports (51%) have invested heavily in expanding Antalya Airport’s terminal where the concession is operated under a special purpose vehicle (SPV).

As reported, ATÜ Duty Free was selected as the duty free operator last year to operate 12,000sq m of retail space, including core duty free and other concepts.

“At Antalya Airport, our €850 million investment is 96% complete, with the opening scheduled in April 2025,” continued Kaptan. “This expansion will increase capacity from 38 million to 65 million passengers, significantly enhancing passenger experience and commercial opportunities. Our service subsidiaries are actively preparing to deliver TAV’s renowned service standards, as the retail area being tripled in size will bring a substantial increase in shopping, dining and lounge options.

Click to enlarge. Source: TAV Airports – FY24 results.

“Our long-term growth drivers remain strong, giving us confidence to pursue an ambitious investment programme initiated in 2021 which is now nearing completion. By the end of 2025, our total investment – including the acquisition of Almaty Airport, upfront rent payments to the Turkish State Airports Authority (DHMI), and other investments – will exceed €2.5 billion. This programme has extended our average EBITDA-weighted concession duration to 32 years in 2025 in contrast to 9 years in 2019, reinforcing our long-term commitment to aviation.”

The new international terminal at Almaty Airport opened in June 2024 following a €252m investment comprising the construction and modernisation of the terminal in addition to other miscellaneous investments.

Click to enlarge. 

A consortium comprising TAV Airports and Kazakhstan Infrastructure Fund completed a buyout of Almaty Airport in 2021, with TAV Airports holding an 85% stake.

Since the acquisition, the airport has almost doubled its number of destinations and by 2025 it expects passenger traffic to have doubled compared to 2021.

“To support this rapid growth, we have announced an additional airside investment up to 300 million, with further details planned to be disclosed after our April 2025 Board meeting,” said Kaptan.

Meanwhile, at Ankara Airport, airside expansion investments of €210 million are 98% complete and will be finalised in Q2 2025.

Airside extension investments of €210 million at Ankara Esenboğa Airport are 98% complete and due to finalise in Q2.

“As TAV Airports marks its 25 years of operations, I take immense pride in our achievements and remain excited about the opportunities ahead,” noted Kaptan. “Over the next 20 years, global passenger traffic is expected to double to 20 billion passengers, requiring $2.4 trillion in airport infrastructure investments. With our expertise, strong financial position, and visionary shareholders, we are well-positioned to play a significant role in shaping the next 25 years of aviation growth.

“We remain committed to ensuring that TAV’s signature service excellence is evident in every aspect of the passenger experience across all our airports.”