Turk Hava Yollari A.o. · BIST:THYAO
Turk Hava Yollari A.o — Türk Hava Yolları A.O. (Turkish Airlines) — Q3 2025 Earnings Presentation
20 slides from Turk Hava Yollari A.o's earnings presentation, Nov 7, 2025
Slide 1: 3Q’25 RESULTS
3Q’25 RESULTS 7 November 2025
Slide 2: 3Q’25 Summary
1 3Q’25 SUMMARY 2 OPERATION AL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2025 EXPECTATIONS
Slide 3: 3Q’25 at a Glance
3Q’25 at a Glance Boeing Agreement & Air Europa Unmatched Network Awards APEX Awards: Aircraft order from Boeing: World Class 50 firm and 25 option orders for B787 aircraft to 302 int’l destinations in 131 countries Best in Class in the World (Sustainability) be delivered between 2029-34. Added: Sev
Slide 4: Air Europa – Key Figures 2024
Air Europa – Key Figures 2024 Narrow Body: Fleet (Sep. 25) Main Hub – Madrid Barajas Airport 28 B737 NG & MAX (Europe’s largest gateway to Latin America) Wide Body: 2nd largest airline with 16% market share1 57 Aircraft 29 B787 Orders2: 18 737 MAX Revenue Employees €2.6 bn c. 4,400 Number of Passeng
Slide 5: Transaction Details – A Value Accretive Business Opportunity
Transaction Details – A Value Accretive Business Opportunity Target Requirements Timeline1 Scaled growth in key markets in line with our 2033 strategy through; FDI Spain 2025 2026 EU Antitrust Opening new tourism markets in Latin America, Expanding passenger and cargo flight network between Spain an
Slide 6: 3Q’25 Summary
3Q’25 Summary Passenger Capacity Total Revenues Passenger Revenue EBITDAR Net Debt & Leverage2 8% higher compared to Climbed by c.5% Rose by 6% mainly due to Negatively affected by softer New aircraft deliveries 3Q’24. year-over-year on the robust performance in cargo performance, and the weaker U.S
Slide 7: October Traffic Results Show Demand Strength in 4Q
October Traffic Results Show Demand Strength in 4Q (Annual Growth) Number of Passengers Load Factor (L/F) Carried Cargo Revenue Yield (R/Y) RASK + 4.6 pp. + 1.2 pp. + 9.2 pp. + 1.7 pp. + 3.1 pp. 19.1% 16.2% 3.3% 0.9% 2.0 pp. 7.9% 7.0% 0.8 pp. 0.2% -0.8% 9M'25 October'25 9M'25 October'25 9M'25 Octobe
Slide 8: Operational Highlights
1 3Q’25 SUMMARY 2 OPERATIONAL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2025 EXPECTATIONS
Slide 9: 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 Load Factor was up by 0.6 pp. annually. remains substantially above European and Global averages. 83.4% 82.6% 82.2% 85.0% 85.6% Int’l capacity
Slide 10: Passenger Traffic: 3Q’25 Regional Capacity and Load Factor
Passenger Traffic 3Q’25 Regional Capacity and Load Factor 1 90% 88% Far East Americas 85% Whole Network 3Q'25 L/F Africa 83% Europe 80% 78% Middle East 75% 3% 6% 9% 12% 15% 18% 2 3Q'25 ASK (YoY Change) R/Y3 Development (USc/km) R/Y Change (Year-over-Year) Higher R/Y level compared to pre-pandemic le
Slide 11: Segment Performance
Segment Performance Revenue by Business Type Passenger Revenue Evolution Technic Other 3Q’25: 2.2% 3Q’25: 0.9% (mn USD) 3Q’24: 1.8% 3Q’24: 0.7% 4% Cargo 12% 17,727 18,444 14% 14,291 11,167 6% 6,390 5,550 5,891 3Q’24 3,792 84% 85% Passenger 2019 2020 2021 2022 2023 2024 3Q'24 3Q'25 3Q’25 Cargo Revenu
Slide 12: AJet – A New Growth Platform
AJet – A New Growth Platform Increased Focus on International Operations 2019 2024 3Q’24 3Q’25 Number of Active 31 88 80 91 Aircraft1 Number of Routes 129 160 154 160 International Capacity 13.3% 56.1% 58.4% 63.0% Share in Total2 (%) Int’l Market Share3 in 18% 25% 23% 28% Istanbul Sabiha Airport Num
Slide 13: Financial Highlights
1 3Q’25 SUMMARY 2 OPERATION AL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2025 EXPECTATIONS
Slide 14: Financial and Operational Data
Financial and Operational Data 3Q'24 3Q'25 Change (USD mn) 9M'24 9M'25 Change 6,630 6,953 4.9% Total Revenues 17,060 17,820 4.5% Financial Highlights (3Q’25) 5,550 5,891 6.1% Passenger Revenue 13,971 14,758 5.6% 911 845 -7.2% Cargo Revenue 2,546 2,409 -5.4% Passenger Revenues rose by 6% benefitting
Slide 15: Unit Expenses
Unit Expenses 3Q'24 3Q'25 Change (USc) 9M'24 9M'25 Change 2.42 2.22 -8.3% Fuel 2.51 2.18 -13.1% Highlights 1.76 2.00 13.5% Personnel 1.74 2.05 17.4% Fuel-CASK decreased by 8% due to lower 0.91 0.90 -1.0% Aircraft Ownership1 0.99 0.94 -4.2% prices. Higher crack spread limited the benefit. 0.71 0.79 1
Slide 16: Strong Balance Sheet
Strong Balance Sheet We have sound liquidity and comfortable leverage levels 60% 50% 31% 33% 40% 11. 0 Liquidity 18%and Free Cash Flow 22% 40% Highlights 26% 26% 30% 9.0 6% 20% -7% Liquidity1 (bn USD) 0% Free Cash Flow2 (bn USD) 20% 7.0 -20% Free Cash Flow Margin 10% 12. 0 5.0 % of Revenue (LTM) 50%
Slide 17: 2025 Expectations
1 3Q’25 SUMMARY 2 OPERATION AL HIGHLIGHTS 3 FINANCIAL HIGHLIGHTS 4 2025 EXPECTATIONS
Slide 18: 2025 Expectations and Strategic Priorities
2025 Expectations Passenger Capacity Passengers Strategic Priorities 7-8% increase vs. 2024 91+ million Leveraging our competitive advantages to extract value embedded in our business model Total Revenues EBITDAR Margin Targeting organic growth opportunities 5-6% increase vs. 2024 22-24% Investing i
Slide 19: Investor Relations
INVESTOR RELATIONS ir@thy.com
Slide 20: 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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