1Q'26 Results
Investor Presentation
Financial Highlights (1Q'26)
Passenger Revenues rose by 20% benefitting
from strong volume growth.
Constrained market supply due to geopolitics led
to 30% higher Cargo Revenue.
16% increase in nominal EBITDAR driven
mainly by the top line expansion.
Investment portfolio contributions continued to
support the bottom line.
2024 2025 | Change | (USD mn) | 1Q'25 | 1Q'26 | Change |
22,669 24,096 | 6.3% | Total Revenues | 4,887 | 5,917 | 21.1% |
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% |
541 676 | 25.0% | Technic Revenue | 141 | 147 | 4.3% |
2,413 2,223 | -7.9% | Profit From Main Operations | -76 | -57 | - |
3,425 2,908 | -15.1% | Net Income | -44 | 226 | - |
15.1% 12.1% | -3.0 pt | Net Income Margin | -0.9% | 3.8% | 4.7 pt |
5,744 5,709 | -0.6% | EBITDAR | 664 | 769 | 15.8% |
25.3% 23.7% | -1.6 pt | EBITDAR Margin | 13.6% | 13.0% | -0.6 pt |
254.1 273.2 | 7.5% | ASK 1(Billion) | 61.0 | 66.7 | 9.4% |
7.79 7.68 | -1.4% | RASK22 (incl. ACTK) | 6.97 | 7.54 | 8.2% |
8.83 8.71 | -1.4% | Revenue Yield (R/Y)3 (Usc) | 8.00 | 8.46 | 5.8% |
85.1 92.6 | 8.8% | Passengers Carried (Million) | 18.9 | 21.3 | 12.7% |
82.2% 83.2% | 1.0 pt | L/F (%) | 80.5% | 83.5% | 2.9 pt |
2,001 2,169 | 8.4% | Carried Cargo Tons ('000) | 481 | 552 | 14.8% |
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 (Revenue Passenger Kilometers) 2
Key Financial Data
Revenue Development
(1Q'26 vs 1Q'25)
(mn USD)
Cargo and
Other Revenue
(Ex-Currency)
Passenger
RASK
(Ex-Currency, Ex-L/F)
Load
Factor
Volume
+164
+241
+169
Currency
+86
+369
3,929
4,712
Passenger (20%)
762
196
∑ 4,887
1Q'25
Cargo (30%)
Other (11%)
Total Revenue (21%)
987
218
∑ 5,917
1Q'26
3
Revenue Development
Unit Revenue Development
RASK2 (incl. ACTK) (USc)
5.8%
6.97 7.54 7.37
1Q'25 1Q'26 1Q'26 ex-currency
Passenger RASK (USc)
6.9%
6.45 7.06 6.89
1Q'25 1Q'26 1Q'26 ex-currency
3.2%
Revenue Yield (R/Y) (USc)
8.00 8.46 8.26
1Q'25 1Q'26 1Q'26 ex-currency
ASK: Available Seat Kilometers, RPK: Revenue Passenger Kilometers
RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer)
Passenger RASK: Total Passenger Revenue / ASK 4
Revenue Yield (R/Y): Total Passenger Revenue / RPK
AmMeErRicICasAS
EuUrRoOpePE
FAarREEaAstST
1Q'26 vs 1Q'25 | 1Q'26 vs 1Q'25 | 1Q'26 vs 1Q'25 | |||||
ASK | 3.4% | ASK | 11.2% | ASK | 19.1% | ||
RASK2 | 3.8% | RASK2 | 5.5% | RASK2 | 12.4% | ||
Passenger RASK | 5.5% | Passenger RASK | 6.9% | Passenger RASK | 16.1% | ||
R/Y | 4.9% | R/Y | 4.9% | R/Y | 9.7% | ||
R/Y ex-currency | 3.2% | R/Y ex-currency | -1.1% | R/Y ex-currency | 3.8% | ||
AfFrRicIaCA
MIiDdDdlLeEEEaAstST
DoOmMeEsStiTcIC
1Q'26 vs 1Q'25 1Q'26 vs 1Q'25 1Q'26 vs 1Q'25
ASK | 13.4% | ASK | -9.3% | ASK | 6.5% | ||
RASK2 | 15.5% | RASK2 | 7.0% | RASK2 | 7.0% | ||
Passenger RASK | 14.5% | Passenger RASK | 7.8% | Passenger RASK | 6.7% | ||
R/Y | 10.5% | R/Y | 1.8% | R/Y | 2.2% | ||
R/Y ex-currency | 5.2% | R/Y ex-currency | 2.8% | R/Y ex-currency | 18.6% |
ASK: Available Seat Kilometers, RPK: Revenue Passenger Kilometers
RASK2: Total Passenger and Cargo Revenue / ASK (Adjusted ASK by available cargo ton kilometer)
Passenger RASK: Total Passenger Revenue / ASK 5
Revenue Yield (R/Y): Total Passenger Revenue / RPK
Regional Unit Revenue Change in USD
-427
-262
+269
Profit From Main Operations
(1Q'25 vs 1Q'26)
(mn USD)
Revenue Effect
Cost Effect
+86 mn USD
+398 mn USD
Utilization Fuel
Other1
RASK Load
(Ex-
Currency, Ex-L/F)
Factor
Infl.-Cur.
Diff.2
+78 -40 -96
Volume
+143
-130
Currency
Ex-Fuel Unit
Cost
(Ex-Currency, Ex-Utilization, Ex-L/F)
+484
-76
-57
1Q'25
Profit from Main Operations1
1Q'26
1 Includes other operating income, other operating expense and FX gains/losses from operational activities.
2 Inflation-Currency Difference: TL and USD currency rates adjusted by inflation.
6
Profit From Main Operations Bridge
2024 | 2025 | Change | (mn USD) | 1Q'25 | 1Q'26 | Change | % of Total Costs |
6,163 | 6,074 | -1.4% | Fuel | 1,346 | 1,546 | 14.9% | 25.4% |
4,708 | 5,556 | 18.0% | Personnel | 1,345 | 1,658 | 23.3% | 27.3% |
2,566 | 2,606 | 1.6% | Aircraft Ownership1 | 628 | 682 | 8.6% | 11.2% |
1,735 | 2,087 | 20.3% | Airports & Air Navigation | 427 | 522 | 22.2% | 8.6% |
1,350 | 1,304 | -3.4% | Sales & Marketing | 313 | 350 | 11.8% | 5.8% |
1,490 | 1,689 | 13.4% | Ground Handling | 379 | 445 | 17.4% | 7.3% |
1,026 | 1,181 | 15.1% | Passenger Services & Catering | 255 | 304 | 19.2% | 5.0% |
1,153 | 1,374 | 19.2% | Maintenance | 313 | 388 | 24.0% | 6.4% |
558 | 673 | 20.6% | Other | 160 | 186 | 16.3% | 3.1% |
20,749 | 22,544 | 8.7% | TOTAL | 5,166 | 6,081 | 17.7% | 100.0% |
1 Includes Depreciation and Aircraft Rent expenses.
7
Operational Expense Breakdown
Highlights (1Q'26)
Lag in physical fuel settlement limited
Fuel-CASK increase as implied by the market.
Ex-fuel CASK was affected by the new
collective bargaining agreement and lower capacity production due to seasonality.
Impact of GTF groundings on Ex-fuel CASK was
around 1 pp.
Higher airport expenses reflect structurally
elevated fee schedules, especially in Europe.
2024 | 2025 | Change | (USc) | 1Q'25 | 1Q'26 | Change |
2.43 | 2.22 | -8.3% | Fuel | 2.21 | 2.54 | 14.9% |
1.85 | 2.03 | 9.8% | Personnel | 2.21 | 2.72 | 23.3% |
1.01 | 0.95 | -5.5% | Aircraft Ownership1 | 1.03 | 1.12 | 8.6% |
0.68 | 0.76 | 11.9% | Airports & Air Navigation | 0.70 | 0.86 | 22.2% |
0.53 | 0.48 | -10.2% | Sales & Marketing | 0.51 | 0.57 | 11.8% |
0.59 | 0.62 | 5.4% | Ground Handling | 0.62 | 0.73 | 17.4% |
0.40 | 0.43 | 7.1% | Passenger Services & Catering | 0.42 | 0.50 | 19.2% |
0.45 | 0.50 | 10.8% | Maintenance | 0.51 | 0.64 | 24.0% |
0.22 | 0.25 | 12.2% | Other | 0.26 | 0.31 | 16.3% |
8.16 | 8.25 | 1.1% | CASK | 8.47 | 9.97 | 17.7% |
5.74 | 6.03 | 5.0% | Ex-Fuel CASK | 6.27 | 7.44 | 18.7% |
7.37 | 7.47 | 1.3% | CASK2 (incl. ACTK)2 | 7.68 | 8.05 | 4.9% |
5.18 | 5.46 | 5.3% | Ex-Fuel CASK2(incl. ACTK)2 | 5.68 | 6.00 | 5.8% |
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) 8
Ex-Fuel CASK2: (Total Expenses - Fuel Expenses) / ASK (Adjusted ASK by available cargo ton kilometer)
Unit Cost (CASK) Breakdown
2024 2025 | Change | 1Q'25 | 1Q'26 | Change | |
883 820 | -7.1% | Fuel Price (Usd/ton) | 821 | 843 | 2.7% |
3.10 3.07 | -1.1% | Fuel Consumption (lt) per 100 ASK1 | 3.04 | 3.03 | -0.4% |
1,409 1,327 | -5.8% | Aircraft Ownership Cost per BH | 1,449 | 1,417 | -2.2% |
633 700 | 10.5% | Maintenance Cost per BH | 722 | 806 | 11.6% |
2,836 2,959 | 4.3% | Handling Cost per Landing | 3,100 | 3,356 | 8.3% |
1,512 1,696 | 12.1% | Airports & Air Navigation Cost per km Flown | 1,558 | 1,727 | 10.9% |
12.1 12.7 | 5.8% | Passenger Services & Catering Cost per Pax | 13.5 | 14.3 | 5.8% |
6.0% 5.4% | -0.5 pt. | Sales & Marketing Cost / Total Revenue | 6.4% | 5.9% | -0.5 pt. |
ASK: Available Seat Kilometers
1ASK2: Adjusted ASK by available cargo ton kilometers
2 In terms of Block Hour: Includes time from taxi-out to runway, actual flight duration and time from taxi to arrival gate. 9
Key Performance Indicators
1Q'26 Results
Turkish Market Growth
(mn passengers)
Domestic (*) International
196
203
209
214
158
168
183
143
108
94
123
135
145
149
154
158
50
2019
57
32
25
2020
103
60
34
2021
39
2022
45
2023
48
51
54
55
57
2024
2025
2026F
2027F
2028F
Source: General Directorate of State Airports Authority (DHMI)
(*) Adjusted for double count on Domestic Pax.
International ASK (% of 2019)
164%
139%
153%
100%
110%
127%
95%
104%
110%
117%
77% 81%
52%
43%
41%
45%
59%
99%
106%
106%
44%
88%
34% 27%
65%
32% 35%
2019 1H'20 2020
26%
1H'21 2021
2022
World
2023 2024 2025 1Q'26
Turkish Airlines
Europe
Annual RPK Growth (%)
62.8%
87.6%
64.4%
36.9%
18.0%
10.4%
7.7%
2020
2021
2022
19.2%
2023
2024
8.8%
5.3%
2025
-65.3%
-65.9%
World RPK Growth
THY RPK Growth
ASK: Available Seat Kilometers
RPK: Revenue Passenger Kilometers
Source: IATA. 11
Aviation Industry
Turkish Airlines' market share quadrupled in the last two decades
International Market Share Trends1 (2010-LTM 1Q'26)
5.0%
3.9%
3.5%
3.5%
3.4%
2.4%
2.3%
2.3%
2.2%
1.6%
1
Emirates
2
Ryanair
2010
3 Turkish Airlines
4
Qatar
2013
2014
5
2015 2016
United
2017
7
British
2018
2019
2020
8
2021
American
2022
9 Air France
10 Lufthansa
14
KLM
2011 2012
2023
2024
2025
LTM 1Q'26
1 In terms of billion International Available Seat Kilometers (ASK).
Most market share gaining airline between 2010 - LTM 1Q'26
with an increase of 1.4 pt.2
Turkish Airlines' Total Market Share2
2.4%
2.7%
2.4% 2.4% 2.4%
2.4%
450 ,000,0 00
1.8% 1.8%
400 ,000,0 00
1.6%
2.5 %
1.4%
350 ,000,0 00
0.6%
0.7%
273 279
1.5 %
254
300 ,000,0 00
202
235
250 ,000,0 00
188
0.5 %
173
200 ,000,0 00
128
0.5%
96
150 ,000,0 00
24
42
75
100 ,000,0 00
1.5%
50, 000,00 0
0
-2.5%
2002 2007 2012 2017 2019
ASK (bn.)
2020 2021 2022 2023 2024 2025
Market share
LTM 1Q'26
LTM 1Q'26 Market Share &
Ranking
International 3.5% 3
Total
2.4%8
Source: IATA, airline publications. 12
2In terms of Total Available Seat Kilometers (ASK).
Passenger Market Share Development
Turkish Airlines ranks #1 in the World by international destinations
Turkish Airlines flies to 305 international destinations in 132 countries1
Provides 62 thousand
connection options2
529 international destinations (including offline3)
Our network reaches more than 90% of the world's population, GDP and trade volume4
34 New Routes in 2021-26
Europe
126
Americas
Seattle, Newark, Dallas, Vancouver, Detroit, Denver, Santiago
Europe
Palermo, Bergamo, Krakow, Tivat, Rize-Artvin, Turin, Tuzla, Ohrid, Sevilla, Yerevan, Timisoara
Middle East
Kirkuk, Damascus
Africa
Juba, Luanda, Lusaka, Tripoli, Benghazi, Port Sudan
Far East & Asia
Sydney, Melbourne, Cebu, Bukhara, Turkistan, Fergana, Urgench, Aktau, Osaka, Phnom Penh
Far East & Asia
50
Guinness World Record for Most Countries Flown to by Airline
Americas
26
Africa
65
Middle East
38
Currently no freq. 1-50 freq.
51-100 freq.
101-120 freq.
+121 freq.
Planned Routes
Americas
Orlando, Lima, Rio de Janeiro
Europe
Bergen, Glasgow, Iasi, Katowice, Nantes, Newcastle, Bayburt, Yozgat,
Middle East Abha, Salalah Africa
Aswan, Brazzaville, Hargeisa, Lome, Monrovia, Windhoek, Bissau
Far East & Asia
Atyrau, Chengdu, Urumchi
1 As of 31.03.2026. Actively flying to 250 destinations in 125 countries. 2 Meaningful O&D's with detour factor <1.4. 3 Including codeshare agreements.
4 On a country basis. World Bank.Circle sizes represent the number of weekly frequencies.
The boxes show the number of destinations in the corresponding region. 13
World Leading Network
Turkish Airlines offers the most diverse set of flight itineraries with minimum detour1
Top Airlines by Connectivity
Number of International City Pairs2
Europe to the World
Turkish Airlines
Air France
Lufthansa
~18,700
~7,800
~7,200
Middle East to the World
Turkish Airlines
Qatar Airways
Indigo
~6,500
~3,900
~2,100
Africa to the World
Turkish Airlines
Ethiopian
Air France
~5,500
~3,600
~3,000
Detour Advantage3
From Europe
to Far East
+10.6%
to Africa
+13.0%
to M. East
+7.7%
Compared to direct flight, transit travel from Europe with
Turkish Airlines increases flight distance by less than 13%.
Transit Connection Time
(hour)
2013
03:39
2015
03:12
2017
02:50
-31%
2019
02:43
2023
02:31
Average international transfer time
decreased by 30% for optimum connectivity.
1 Detour (Circuity): Increase in the flight distance compared to a non-stop flight. 2 Includes meaningful city pairs with maximum 40% detour (detour factor <1.4).
3 Analysis is based on c.14,000 city pairs with detour factor <1.4.
Source: OAG. As of 17 August 2025. 14
Highest Connectivity in the EMEA Region
Istanbul's Geographical Advantage - A Natural Hub
Within Narrow Body Range100 countries / % of the World
4 bn people / 50%
36.5 tn USD GDP / 35%
28.5 tn USD Trade Volume / c.60%
EuropePopulation: 740 mn
GDP: 25.5 tn USD
Trade Vol.: 23.7 tn USD
Leveraging Istanbul's Ideal Geographical Location with a Modern Fleet.
Over 220 international passenger destinations are served by narrow body aircraft which comprise c.70% of the fleet.
Half of the world's population is within reach of our narrow-body range.
AfricaPopulation: 1 bn
GDP: 2 tn USD
Trade Vol.: 855 bn USD
M. East & AsiaPopulation: 2.2 bn
GDP: 9 tn USD
Trade Vol.: 4 tn USD
Turkish Airlines can connect to 35% of the world's GDP and c.60% of trade volume in 6 hours.
Note: Narrow body aircraft range represents 5,000 km non-stop flight from Istanbul. Source: World Bank (2023).
15
One of the lowest ex-fuel unit costs among the peer group
Ex-Fuel CASK1
(USc)
Network Airlines Average
8.3 USc
-28%
2019
2025
7.2
8.3
9.9
9.5
10.9
4.7
6.0
5.4
6.8
6.5
6.9
8.1
(2025 vs. 2019)
Turkish Airlines
IAG
United
AF-KLM
Delta
Lufthansa Group
Passenger Capacity (ASK ) | 46% | 4% | 16% | 1% | 8% | -6% |
Number of Aircraft | 47% | 5% | 9% | 8% | -3% | -3% |
Number of Personnel | 69% | 15% | 18% | -6% | 10% | -25% |
1 Ex-fuel CASK: Total Costs Excluding Fuel / Available Seat Kilometers (ASK).
Source: Company reports. 16
Competitive Cost Base
Number of Passengers (mn)
92.6
83.4
85.2
74.3
71.8
43.8
44.8
53.0
54.6
60.7
46.3
12.7%
28.0
24.6
30.4
2019
14.1
13.8
2020
20.1
25.5
30.4
30.6 31.9
2021 2022 2023 2024 2025
18.9
12.6
6.3
1Q'25
21.3
14.2
7.1
1Q'26
Domestic International
61
Passenger Capacity and Load Factor
0 .0 %
81.6%
188
67
2019 2020 2021 2022 2023 2024 2025 1Q'25 1Q'26
Passenger Capacity (bn ASK) Load Factor
80.5%
75
0
71.0%
83.5%
67.9%
80.6%
235
273
82.2% 83.2%
82.6%
254
202
128
9.4%
Passenger Breakdown by Geography
Americas
1Q'26
Africa
6%
Far East
6%
6% 7%
12%
11%
1Q'25
33%
33%
Middle East
10% 11%
Domestic
32%
Europe
33%
Note: Includes scheduled and additional flights.
Passenger Breakdown by Transfer Type
1Q'26
Int'l-Int'l
Transfer
33%
33%
1Q'25
41%
Domestic
42%
21%
4%
Int'l Direct
22%
4%
Int'l-Dom
Transfer
Note: Int'l to int'l transfer passengers' share in total international passengers is 63%.
17
Passenger Traffic and Breakdown
Revenues (bn USD)
22.7 24.1
20.9 0.9
18.4
0.6
2.6
13.2
0.4
1.7
10.7
21.1%
6.7
0.2
4.9
2.7
0.2
0.8
3.9
5.9
0.2
1.0
4.7
2019 2020 2021 2022 2023 2024 2025 1Q'25 1Q'26
Passenger Cargo Technic & Other
3.8
6.4
0.3
4.0
11.2
14.3
18.4
17.7
0.4
3.7
19.8
3.4
0.7
3.5
Revenue by Business Type
Technic
1Q'26: 2.4%
1Q'25: 2.9%
Other
1Q'26: 1.2%
1Q'25: 1.1%
Cargo
%17
%16
1Q'25
80%
80%
Passenger
1Q'26
Revenue by Geography
Middle East
7%
Africa
9%
8%
Far East
9%
1Q'25
28%
32%
19% 21%
Americas
8%
26%
7%
Domestic
25%
1Q'26
Europe
Note: Includes total passenger and cargo revenue
Direct/Indirect Ticket Sales Ratio
1Q'26
Direct
Sales
19%
Indirect
Sales
21%
1Q'25
79%
81%
Direct sales ratio increased by
2.9 pp. as a result of our efforts to reduce distribution expenses.
Note: : Includes passenger operations. Indirect denotes sales made through travel agencies.
18
Revenue Breakdown (1Q'26)
Passenger Aircraft Average Daily Flight Utilization1 (hours)
14:15
14:48
14:44
13:30
14:21
13:49
14:02
12:40
10:48
10:50
11:42
11:43
11:53
10:52
11:13
11:59
07:26
06:28
08:19
09:44
10:27
10:20
10:46
09:32
09:57
07:14
06:02
2019
2020
2021
2022
WB Long-Haul
2023
2024
2025
1Q'25
1Q'26
NB Medium-Haul
Total
Number of Personnel
63,455
66,727
64,570
66,879
55,884
18,528
18,692
38,971
38,031
37,517
1,188
8,797
40,245
1,407
9,318
16,663
17,106
12,224
10,522
11,818
11,636
12,031
11,594
9,250
9,104
29,491
28,668
27,532
29,520
33,138
34,974
36,563
35,433
36,593
2019
2020
2021
2022 2023
Turkish Airlines Turkish Technic
2024
Others²
2025
1Q'25
1Q'26
1 In terms of Block Time: Includes time from taxi-out to runway, actual flight duration and time from taxi to arrival gate.
2 Includes Turkish Airlines' fully consolidated subsidiaries. 19
Operating Efficiency
Avg. EBITDAR Margin (2019-2025): 27.1%
35.0%
23.5%
27.7%
29.2%
29.0%
40. 0%
25.3%
23.7%
30. 0%
13.6%
13.0%
20. 0%
10. 0%
0 %
10.0%
18.4
20.9
22.7
24.1
20.0%
13.2
30.0%
6.7
10.7
4.9
5.9
40.0%
0.0
-50.0%
2019
2020
2021
2022
2023
2024
2025
1Q'25
1Q'26
Revenue (bn USD)
EBITDAR Margin
Net Debt1 to EBITDA
9.5x
3.9x
3.4x
1.3x
1.7x
1.1x
1.6x
1.6x
2019
2020
2021
2022
2023
2024
2025
LTM 1Q'26
1 Net Debt = Total Debt - (Cash & Cash eq. + Financial Investments + Short-term PDP Receivables + Restricted Cash)
20
Operational Profitability and Leverage