Q4 2025 Turk Hava Yollari AO Earnings Call Transcript
Key Points
- Turk Hava Yollari AO (TKHVY) achieved a capacity growth of 7.5%, outperforming the industry by 2 percentage points.
- The company maintained a strong EBITDAR margin above 23%, surpassing sector benchmarks.
- Turk Hava Yollari AO (TKHVY) expanded its fleet to 516 aircraft and added four new international destinations, reinforcing its global network.
- The airline received several prestigious awards, including the APEX World Class Award and Skytrax's Best Airline in Europe for the 10th time.
- Turkish Technic's revenues increased by 21% to $2.7 billion, driven by sustained demand for maintenance services.
- Geopolitical tensions in the Middle East pose significant uncertainty and risk to operations.
- Cargo revenues decreased by 3% due to tariff tensions and decelerating global trade.
- The company faces challenges with grounded Airbus A321neo aircraft due to GTF engine issues, impacting capacity.
- Increased airport fees and fuel costs, including a 19% rise in crack spreads, pressured operating expenses.
- The appreciation of the euro against the dollar negatively impacted the financial side due to euro-denominated aircraft financing.
Ladies and gentlemen, welcome to Turkish Airlines fourth quarter 2025 earnings call. We will have a Q&A session following the presentation. (Operator Instructions)
With that, I will now leave the floor to our hosts, Associate Professor Murat Seker, he's the Member of Board and the Executive Committee as well as Chief Financial Officer; Mehmet Fatih Korkmaz, the Head of Investor Relations. Gentlemen, the floor is yours.
Thank you, Rob. Good afternoon, everyone, and thank you for joining us. 2025 passed with a rapidly changing and at times, rather volatile operating environment for the global airline industry. While passenger demand remained mostly supportive, airlines across the world navigated geopolitical and macroeconomic uncertainties along with aircraft delivery delays and engine reliability issues. These dynamics carried over to the new year with extremely heightened geopolitical tensions in the Middle East adding a further layer of uncertainty to the operating
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