March 2026 - Earnings Call Presentation

‌1Q'26

Earnings Call

30 April 2026

‌1 1Q'26 SUMMARY

‌Board of Directors and Senior Management Appointments Aligned with Corporate Objectives

3

‌1Q'26 Summary

Passenger Capacity

9.4% higher compared to 1Q'25.

Total Revenues

Climbed by 21%

year-over-year on the back of strong passenger and cargo operations.

Passenger Revenue

Rose by 20% mainly due to robust demand, particularly in

Asia and Africa.

Cargo Revenue

Constrained market supply due to geopolitics led to 30% higher Cargo Revenue.

EBITDAR

16% increase in EBITDAR driven mainly by the top line expansion.

bn ASK1

1Q'26

1Q'25

bn USD

1Q'25 1Q'26

bn USD

1Q'25 1Q'26

mn USD

1Q'25 1Q'26

mn USD

1Q'25 1Q'26

4

1ASK: Available Seat Kilometers

4.9

5.9

3.9

4.7

762

987

664

769

OPERATIONAL HIGHLIGHTS

1. FINANCIAL HIGHLIGHTS

2. 2Q'26 EXPECTATIONS

‌Capacity and Demand Development

Capacity growth was in line with the annual guidance.

Load Factor was up by 3 pp. annually.

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

81.6% 83.4% 82.6% 82.2% 81.9%

80.5% 83.5%

Int'l capacity % of 2019

127% 139%

153%

164%

188 202 235 254

273

9.4%

100%

52% 45% 59%

77%

44%

110%

81%

95%

88%

104% 110%

99% 106%

117%

106%

61 67

43%

41%

34% 27%

32% 26% 35%

65%

2019 …

2022 2023 2024 2025 1Q'25 1Q'26

ASK1(bn) Passenger Load Factor (%)

2019 1H'20 2020 1H'21 2021 2022 2023 2024 2025

Turkish Airlines World Europe

1Q'26

1ASK: Available Seat Kilometers Source: IATA

Balanced international passenger composition offers flexibility.

Efforts to reduce Distribution Expenses led to

2.9 pp. increase in Direct Ticket Sales ratio.

1Q'26

Direct Sales

1Q'25

19%

22%

Indirect Sales

2019 …

2022 2023 2024 2025 1Q'25 1Q'26

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

79%

81%

Transit Int'l PAX: International passengers excluding direct.

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

6

14.2

38%

62%

12.6

37%

63%

59%

58%

56%

51%

56%

13.1%

49%

44%

41%

42%

44%

46.3

43.9

54.6

53.0

60.7

(million passengers)

‌Passenger Traffic

1Q'26 Regional Capacity and Load Factor1

90%

88%

1Q'26 L/F

85%

83%

80%

78%

Middle East

Since the outbreak of the

conflict, 6% of our total capacity got reallocated to other routes.

Americas

Whole Network

Africa Europe

Far East

75%

-10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20%

1Q'26 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

7

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)

‌Segment Performance

Revenue by Business Type Passenger Revenue Evolution

Cargo

Technic 1Q'26: 2.4%

1Q'25: 2.9%

17%

16%

1Q'25

Other 1Q'26: 1.2%

1Q'25: 1.1%

(mn USD)

11,167

3,792

6,390

14,291

17,727 18,444 19,800

20%

3,929 4,712

80%

80%

Passenger

2019 2020 2021 2022 2023 2024 2025 1Q'25 1Q'26

1Q'26

Cargo Revenue Evolution External Technical Revenue

(mn USD)

4,015

3,735

3,495

3,390

2,722

2,596

1,688

30%

762 987

(mn USD)

305

175

253

414

531 541

676

4%

141 147

2019 2020 2021 2022 2023 2024 2025 1Q'25 1Q'26 2019 2020 2021 2022 2023 2024 2025 1Q'25 1Q'26

8

Active Aircraft

77 | 85

Passenger Capacity

(bn ASK)

6.0 | 7.1

Load Factor

(%)

78.7 | 85.4

1Q'25 1Q'26

+10%

Revenue

(mn USD)

232 | 300

1Q'25 1Q'26

+29%

1Q'25 1Q'26

+18%

Number of Passengers

(mn)

4.6 | 5.6

1Q'25 1Q'26

+22%

1Q'25 1Q'26

+6.7 pp.

RASK

(YoY Change %)

1Q'25 1Q'26

+17%

v

Direct Sales

Ratio in 1Q'26

9

1. ‌1Q'26 SUMMARY

   3

2. OPERATIONAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

‌Financial and Operational Data

Financial Highlights (1Q'26)

Passenger Revenues rose by 20% benefitting from strong volume and unit revenue 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.

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 11

‌Unit Expenses

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.

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) 12

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)

% of Revenue (LTM)

Liquidity and Free Cash Flow

Free Cash Flow2 (bn USD)

Free Cash Flow Margin

50%

Highlights

14. 0

12. 0

10. 0

19%

28%

26%

26%

37% 37%

31% 32%

50%

40%

30%

7.4

6.4 6%

5.4

4.4

-7%

29% 26%

18%

12%

8%

10% 11%

30%

10%

10%

8.0

6.0

4.0

2.0

0.0

1.9

20%

10%

0%

-10%

-20%

3.4

2.4

1.4

0.4

-0.

0.8

4.9

2.7

0.9

30%

50%

70%

90%

110%

2019 2020 2021 2022 2023 2024 2025 LTM

1Q'26

6

-

2019 2020 2021 2022 2023 2024 2025 LTM

1Q'26

Net Debt3 (bn USD)

Net Debt and Leverage

Net Debt to EBITDA

2019 2020 2021 2022 2023 2024 2025 Mar

2026

1 Liquidity: Cash & Cash eq.+ Financial Investments

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

2019 2020 2021 2022 2023 2024 2025 LTM

1Q'26

3 Net Debt: Total Debt - (Cash & Cash eq.+ Financial Investments + Short-term PDP Receivables + Restricted Cash) 13

1.6x 1.6x

1.1x

1.7x

1.3x

2-2.5x

3.4x

Leverage Target

3.9x

9.5x

1

1

1

CAPEX

Ramp-up

1. ‌4Q'25 SUMMARY

2. OPERATIONAL HIGHLIGHTS

3. FINANCIAL HIGHLIGHTS

4. 2026 EXPECTATIONS

‌2Q'26 Expectations

Passenger Capacity

Passengers

Strategic Targets

Flat vs. 2Q'25

Flat vs. 2Q'25

Number of Aircraft

Passenger Capacity

(Prior expectation: 9%) (Prior expectation: 9%)

12.5 x

(bn ASK)

20 x

Total Revenues

11-12% increase vs. 2Q'25

EBITDAR Margin

2-8%

(Prior expectation: 8%) (Prior expectation: 20%)

Ex-fuel Unit Cost

Revenue

(bn USD)

1.6 x

1.8 x

EBITDAR Margin

(%)

10-14% increase vs. 2Q'25

(Prior expectation: c.5%. Increase is driven by lower production.)

Fleet:

Current: 534 / 2026 year-end 560-570 aircraft

28 x

2.2 x

New Int'l Routes in 2026:

Yerevan

Timişoara

Network:

358

destinations

in 133 countries

15

‌I N V E S T O R R E L A T I O N S

ir@thy.com

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