TAV Airports (TAVHL) 1Q25 Financial Results
Tacirler Investment
In the first quarter of the year, while TAV Airports recorded revenue growth supported by increased traffic, profitability remained below expectations due to the low season and temporary one-off effects. Despite the net loss coming in below our estimate, we evaluate the 1Q25 results as slightly negative given the relatively stable operational performance and margin pressure that aligned with our forecasts. Based on our updated estimates, we revise our 12-month target price for TAVHL from TL396.00 to TL360.00. Despite the revision, the target price still implies an upside above our index expectation, and considering TAVHL’s long-term potential supported by its ongoing capacity expansion investments, we maintain our “Buy” recommendation and continue to include the stock in our model portfolio.