A boost in overseas passenger traffic spurred a 30% rise in duty free revenue for operator TAV Airports in the first six months of 2025.

International traffic increased 5% to 30.3 million passengers, outpacing growth in domestic traffic (+3%) to 17.4 million, stimulating duty free income to €36.2 million.

Revenue from TAV Airport’s 50% stake in ATÜ Duty Free, the joint venture between TAV Airports and Unifree Duty Free/Gebr. Heinemann, rose 25% to €161m, according to financial statements from the Groupe ADP member.

However, duty free spend per passenger (excluding Atatürk Airport) fell 12% to €8.1 versus the same period in 2024.

The operator said SPP was diluted by the addition of Almaty International Airport’s duty free operations – the airport’s new international terminal opened in June 2024 – and the ramp-up of ATÜ Duty Free’s business at Antalya Airport, which inaugurated its newly expanded terminals in April this year.

On a like-for-like basis (minus the impact of the Almaty and Antalya operations) SPP in H1 25 reached €10.5 (+13 yoy).

“Duty free revenue increased with higher international pax traffic, higher LFL (like-for-like) SPP and opening of Almaty new terminal DF spaces,” said TAV Airports.

TAV Airports’ revenue jumped 12% to €824 million in the first six months of 2025, with EBITDA up 10% to €237 million.

Madinah terminal construction in Q3

Serkan Kaptan, CEO, TAV Airports stated: “We completed the first half of the year with 5% international passenger growth which was affected by geopolitical developments in the Middle East in the second quarter. We had strong revenue growth at 12% which was above traffic growth due to higher fees, duty free spend per passenger growth in existing operations, new commercial areas in Almaty, new catering operations in Antalya and the new TAV Technologies project in Qatar.

Click to enlarge. Source: TAV Airports.

“The Qatar project and TL inflation had affected margins in the first quarter but in the second quarter, our non-Turkish airports had EBITDA growth above revenue and delivered margin expansion.”

The operator , which handled 107m passengers in 2024, has a €300m pipeline of investments at Almaty International Airport over the next five years.

TAV Airports’ portfolio spans more than 100 airports in excess of 30 countries, including Antalya, Izmir, Ankara, Milas-Bodrum, Gazipasa-Alanya and Almaty in Turkey and internationally in Georgia, Madinah, Tunisia, N. Macedonia and Zagreb.

Click to enlarge. Source: TAV Airports.

Based on its 2025 guidance, TAV Airports is forecasting 75-83 million international passengers in 2025.

“To meet the growing demand in international travel, in the third quarter, we are going to start the construction of a new international terminal in Madinah where we are a 26% shareholder,” added Kaptan. “The international terminal and related ancillary facilities such as new connecting roads, utility lines and a car park are expected to require a total investment of approximately €300m. We expect the investment to be completed by 2028 and to be financed with no equity injection from TAV Airports Holding.”