Turk Hava Yollari A.o. · BIST:THYAO

Turk Hava Yollari A.o — Türk Hava Yolları A.O. (Turkish Airlines) — Q1 2026 Earnings Presentation

17 slides from Turk Hava Yollari A.o's earnings presentation, Apr 30, 2026

  1. Slide 1: 1Q'26 Earnings Call

    1Q’26 Earnings Call 30 April 2026

  2. Slide 2: 1Q'26 Summary

    1 1Q’26 SUMMARY 2 OPERATIONAL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2Q’26 EXPECTATIONS

  3. Slide 3: Board of Directors and Senior Management Appointments Aligned with Corporate Objectives

    Board of Directors and Senior Management Appointments Aligned with Corporate Objectives 3

  4. Slide 4: 1Q'26 Summary

    1Q’26 Summary Passenger Capacity Total Revenues Passenger Revenue Cargo Revenue EBITDAR Climbed by 21% Rose by 20% mainly due Constrained market supply 16% increase in EBITDAR 9.4% higher year-over-year on the to robust demand, due to geopolitics led to 30% driven mainly by the compared to 1Q’25. ba

  5. Slide 5: Operational Highlights

    1 1Q’26 SUMMARY 2 OPERATIONAL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2Q’26 EXPECTATIONS

  6. Slide 6: Capacity and Demand Development

    Capacity and Demand Development Capacity growth was in line with the annual guidance. As a proportion of the pre-pandemic level, our int’l passenger capacity is Load Factor was up by 3 pp. annually. substantially above European and Global averages. 83.4% 83.5% Int’l capacity % of 2019 81.6% 82.6% 82

  7. Slide 7: Passenger Traffic

    Passenger Traffic 1Q’26 Regional Capacity and Load Factor1 90% Far East Since the outbreak of the 88% conflict, 6% of our total capacity got reallocated 85% 1Q'26 L/F to other routes. Whole Network 83% Americas 80% Middle East Africa Europe 78% 75% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 1Q'26 ASK

  8. Slide 8: Segment Performance

    Segment Performance Revenue by Business Type Passenger Revenue Evolution Technic Other 1Q’26: 2.4% 1Q’26: 1.2% (mn USD) 1Q’25: 2.9% 1Q’25: 1.1% 19,800 Cargo 17,727 18,444 17% 16% 14,291 11,167 20% 6,390 1Q’25 3,792 3,929 4,712 80% 80% Passenger 2019 2020 2021 2022 2023 2024 2025 1Q'25 1Q'26 1Q’26 Ca

  9. Slide 9: AJet – Transformation Continues with Robust Growth in 1Q'26

    AJet – Transformation Continues with Robust Growth in 1Q’26 Active Aircraft Passenger Capacity Load Factor (bn ASK) (%) 77 | 85 6.0 | 7.1 78.7 | 85.4 1Q’25 1Q’26 1Q’25 1Q’26 1Q’25 1Q’26 +10% +18% +6.7 pp. 97% v Direct Sales Revenue Number of Passengers RASK Ratio in 1Q’26 (mn USD) (mn) (YoY Change %

  10. Slide 10: Financial Highlights

    1 1Q’26 SUMMARY 2 OPERATIONAL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2Q’26 EXPECTATIONS

  11. Slide 11: Financial and Operational Data

    Financial and Operational Data 2024 2025 Change (USD mn) 1Q'25 1Q'26 Change 22,669 24,096 6.3% Total Revenues 4,887 5,917 21.1% Financial Highlights (1Q’26) 18,444 19,800 7.4% Passenger Revenue 3,929 4,712 19.9% 3,495 3,390 -3.0% Cargo Revenue 762 987 29.5% Passenger Revenues rose by 20% benefitting

  12. Slide 12: Unit Expenses

    Unit Expenses 2024 2025 Change (USc) 1Q'25 1Q'26 Change 2.43 2.22 -8.3% Fuel 2.21 2.32 4.9% Highlights (1Q’26) 1.85 2.03 9.8% Personnel 2.21 2.48 12.6% Lag in physical fuel settlement limited 1.01 0.95 -5.5% Aircraft Ownership1 1.03 1.02 -0.8% Fuel-CASK increase as implied by the market. 0.68 0.76 1

  13. Slide 13: Strong Balance Sheet

    Strong Balance Sheet We have sound liquidity and comfortable leverage levels Liquidity and Free Cash Flow Highlights Liquidity1 (bn USD) Free Cash Flow2 (bn USD) % of Revenue (LTM) Free Cash Flow Margin Excluding aircraft prepayments 29% 26% We have 9.4 bn USD 50% 7.4 14. 0 50% 37% 37% 18% 31% 32% 6

  14. Slide 14: 2026 Expectations

    1 4Q’25 SUMMARY 2 OPERATIONAL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2026 EXPECTATIONS

  15. Slide 15: 2Q'26 Expectations and Strategic Targets

    2Q’26 Expectations Passenger Capacity Passengers Strategic Targets Flat vs. 2Q’25 Flat vs. 2Q’25 Passenger Capacity (Prior expectation: 9%) (Prior expectation: 9%) Number of Aircraft (bn ASK) 12.5 x 20 x Total Revenues EBITDAR Margin 2003 2025 2033 2003 2025 2033 11-12% increase vs. 2Q’25 2-8% 65 51

  16. Slide 16: Investor Relations

    INVESTOR RELATIONS ir@thy.com

  17. Slide 17: Disclaimer

    DISCLAIMER Türk Hava Yolları A.O. (the “Incorporation” or ‘’Turkish Airlines’’) has prepared this presentation for the sole purpose of providing information about its business, operations, operational and financial results. The information in this presentation is subject to updating, revision and am

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