December 2025 - Earnings Call Presentation

TURKISH AIRLINES

4Q'25

Earnings Call

5 March 2026

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1 4Q'25 SUMMARY

Our performance continues to be well above the indus try

ASK Growth

(YoY 2025/24)

EBITDAR Margin

(%, 2025)

ROIC

(%, 2025)

8.3%

5.4%

45.5%

7.5%

vs. 2019

16.1%

23.3%

6.8%

11.6%

Turkish Airlines

3.0 %

Industry

Turkish Airlines

-120.0%

Industry

Industry

TTuurrkkiisshh AAiirrlliinneess

ROIC: (EBIT+Op. Lease Interest+Interest Income+Interest Income from Fin. Investments-Cash Taxes)/(Total Debt + Equity [Adj. for Inflation Accounting]+Adj. for Op. Leases) 3

Source: Turkish Airlines, IATA for the airline industry.

2025 at a Glance

Fleet & Unmatched Network Awards

APEX Awards:

Investments and

Subsidiaries

Surpassed 500 Aircraft

Completed Boeing wide-body aircraft orders in line with our 10-year strategy

303 international destinations in 131 countries

2025 additions: Sevilla, Ohrid, Port Sudan and

Phnom Penh

World Class

Best in Class in the World (Sustainability)

Skytrax Awards:

Best Airline in Europe

Financing Awards :

European Overall Deal of the Year (Airline Economics)

Air Europa Minority Investment

Thai Airways Joint Business Agreement Rolls-Royce Engine Maintenance Hub TK Pay Payment Systems Subsidiary

4

2025 Summary

Passenger Capacity

Total Revenues

Passenger Revenue

EBITDAR

Free Cash Flow

7.5% higher

compared to 2024.

Climbed by c. 6% year-over-year on the back of passenger capacity growth.

Rose by 7% mainly due to robust performance in Asia and Africa.

Stable EBITDAR despite softer cargo performance, inflationary pressures from wages and airport expenses.

Strong operational cash flow with lower aircraft

pre-delivery payments led

to 38% increase.

bn ASK1

bn USD

bn USD

bn USD

bn USD2

2.5

1.8

273

254

2025 2025

2024 2024

2024 2025

2024 2025

2024 2025

5

1ASK: Available Seat Kilometers

2Free Cash Flow: Cash Flow from Operations - Net CAPEX

OPERATIONAL HIGHLIGHTS

1. FINANCIAL HIGHLIGHTS

2. 2026 EXPECTATIONS

Capacity and Demand Development

Capacity growth was in line with the annual guidance.

83.9%

81.9%

83.2%

82.2%

82.6%

83.4%

81%

77%

104%

95%

110%

100%

139%

127%

Int'l capacity % of 2019

Load Factor was up by 1 pp. annually.

As a proportion of the pre-pandemic level, our int'l passenger capacity is substantially above European and Global averages .

81.6%

153%

110%

106%

26%

10.5%

2019

… 2022 2023 2024 2025 4Q'24 4Q'25

35%

65%

27%

88%

44%

45%

34%

32%

99%

59%

52%

43%

41%

ASK1(bn) Passenger Load Factor (%)

2019 1H'20 2020 1H'21 2021 2022 2023 2024

2025

Turkish Airlines World Europe

1ASK: Available Seat Kilometers Source: IATA

Balanced international passenger composition offers flexibility.

Efforts to reduce Distribution Expenses led to

10 pp. increase in Direct Ticket Sales ratio.

2025

Direct Sales

2024

19%

30%

Indirect

Sales

2019 …

2022 2023 2024 2025 4Q'24 4Q'25

Transit int'l PAX Ratio Direct int'l PAX Ratio

71%

81%

Transit Int'l PAX: International passengers excluding direct.

Note: Includes passenger operations. Indirect denotes sales made through travel agencies.

7

15.7

41%

59%

13.3

41%

59%

59%

58%

56%

51%

56%

49%

44%

41%

42%

44%

46.3

43.9

54.6

53.0

60.7

(million passengers)

Passenger Traffic

2025 Regional Capacity and Load Factor1

90%

88%

2025 L/F

85%

83%

80%

78%

75%

4% 7% 10% 13%

2025 ASK2(YoY Change)

Selected KPIs

1 The scale of the bubbles represent regional ASK contribution. Data contains only scheduled flights.

2 ASK: Available Seat Kilometers

8

3 Revenue Yield (R/Y): Total Passenger Revenue / Revenue Passenger Kilometers

4 Revenue Available Seat Kilometers (RASK): Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer)

Far East

Americas

Whole Network

Europe

Africa

Middle East

Segment Performance

Revenue by Business Type Passenger Revenue Evolution

Cargo

Technic 2025: 2.8%

2024: 2.4%

14%

15%

2024

Other 2025: 1.0%

2024: 0.8%

(mn USD)

11,167

3,792

6,390

14,291

17,727 18,444 19,800

4,473 5,042

81%

82%

Passenger

2019 2020 2021 2022 2023 2024 2025 4Q'24 4Q'25

2025

Cargo Revenue Evolution External Technical Revenue

(mn USD)

1,688

2,722

4,015

3,735

2,596

3,495 3,390

949 981

(mn USD)

305

175

253

367

531 541

676

197

137

2019 2020 2021 2022 2023 2024 2025 4Q'24 4Q'25 2019 2020 2021 2022 2023 2024 2025 4Q'24 4Q'25

9

AJet - Trans formation Continues with Robust Growth in 2025

Active Aircraft1

88 | 81

Passenger Capacity

(bn ASK)

25.0 | 28.9

Load Factor

(%)

79.5 | 83.6

2024 2025

-8%

Revenue

(bn USD)

1.3 | 1.6

2024 2025

+21%

2024 2025

+16%

Number of Passenger

(mn)

20.1 | 23.4

2024 2025

+17%

2024 2025

+4.1 pp.

RASK

(YoY Change %)

2024 2025

+4.4%

v

Direct Sales

Ratio in 2025

10

1Year end active fleet figure does not include 29 wet-leased aircraft which left the fleet during 2025 gradually while producing capacity.

1. 4Q'25 SUMMARY

   3

2. OPERATIONAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

Financial and Operational Data

Financial Highlights (4Q'25)

Passenger Revenues rose by 13% benefitting

from strong volume growth.

Normalizing demand and substantially higher volumes led to 3% higher Cargo Revenue.

4.5% increase in nominal EBITDAR driven by top line growth and cost base effect.

Contributions from investment portfolio positively affected the bottom line.

1 ASK: Available Seat Kilometers

2 RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer)

3 Revenue Yield (R/Y): Total Passenger Revenue / RPK 12

Unit Expenses

Highlights (4Q'25)

Despite lower brent prices, high crack spread caused Fuel-CASK to increase by 8%.

Decrease in Ex-fuel CASK was mainly driven by

lower personel and aircraft ownership costs.

Impact of GTF groundings on Ex-fuel CASK was

around 2 pp.

Sales CASK continues to decline as a result of lower advertisement spending and increasing direct sales.

1includes Depreciation and Aircraft Rent expenses.

CASK: Total Expenses / ASK (Available Seat Kilometers) Ex-Fuel CASK: (Total Expenses - Fuel Expenses) / ASK

2CASK2: Total Expenses / ASK (Adjusted ASK by available cargo ton kilometer) 13

Ex-Fuel CASK2: (Total Expenses - Fuel Expenses) / ASK (Adjusted ASK by available cargo ton kilometer)

Strong Balance Sheet

We have sound liquidity and comfortable leverage levels

Liquidity1 (bn USD)

Liquidity and Free Cash Flow

Free Cash Flow2 (bn USD)

Highlights

14

12

10

0.0

50%

40%

30%

20%

10%

0%

-10%

-20%

7.4

6.4

5.4

4.4

3.4

2.4

1.4

0.4

-0

6%

0.8

-7%

Free Cash Flow Margin

29% 26% 18%

4.9

12%

8%

2.7

0.9

10%

50%

30%

10%

0%

0%

0%

0%

0%

-110%

.6

2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025

CAPEX

Ramp-up

Net Debt3 (bn USD)

Net Debt and Leverage

Net Debt to EBITDA

2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025

1 Liquidity: Cash & Cash eq.+ Financial Investments

2 Free Cash Flow: Cash Flow from Operations - Net CAPEX

3 Net Debt: Total Debt - (Cash & Cash eq.+ Financial Investments + Short-term PDP Receivables + Restricted Cash) 14

26%

1.6x

1.1x

1.7x

3.9x

3.4x

Leverage Target

2-2.5x 1.3x

9.5x

% of Revenue (LTM)

37%

28%

26%

31%

32%

19%

8.

6.

4.

2.

1. 4Q'25 SUMMARY

2. OPERATIONAL HIGHLIGHTS

3. FINANCIAL HIGHLIGHTS

4. 2026 EXPECTATIONS

2025 Expectations

Passenger Capacity

Passengers

Strategic Targets

7-9% increase vs. 2024

Total Revenues

6-9% increase vs. 2024

Ex-fuel Unit Cost

100+ million

EBITDAR Margin

22-24%

Number of Aircraft

12.5 x

1.6 x

Revenue

(bn USD)

Passenger Capacity

(bn ASK)

20 x

1.8 x

EBITDAR Margin

(%)

Low-single digit increase vs. 2024

Fleet:

Current: 531 / 2026 year-end 560-570 aircraft

28 x

2.2 x

New Int'l Routes in 2026:

Yerevan Chengdu

Timişoara Urumchi

Monrovia Bissau

Network:

356

destinations

in 132 countries

16

Sustainability Efforts in 2025

Fuel Saving:

67,521 tons

CO2Avoided:

213,365 tons

Fleet Age:

9.9 years

The Most Material Issues Our Unchangeable Principles

Combating Climate Change

Employee Health & Safety

Digital Transformation

Contribution to Economic Development

Sustainable Aviation Fuels

Fleet Modernization & Development

Flight Safety and Security

Customer Satisfaction & Experience

Operational Excellence &

Sustainable Service Quality

Human Rights

Cyber Risks and Data Security

Proactive Risk & Crisis Management

Brand Management & Reputation

Financial Sustainability &

Resilience

Business Ethics, Legal Compliance and Fair Competition

ESG Ratings Performance Awards Demonstrating Our Sustainability Efforts

BOARD OF DIRECTORS DIVERSITY POLICY

Target: %25 Women by 2030

COLLABRATIONS FOR SUPPORTING PRODUCTION OF LOCAL SAF

SAF ADDITIONAL

SERVICE

2024 MODERN SLAVERY STATEMENT

TURKIYE SUSTAINABLE AVIATION PLATFORM

CARBON NEUTRAL AIRLINE BY 2050

Participated indices and sustainability ratings

Please visit our Sustainability website for further details.

17

I N V E S T O R R E L A T I O N S

ir@thy.com

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