TAV Airports (TAVHL) 2Q26 Financial Results

We view TAV Airports’ 2Q26 results positively overall, supported by growth in revenue and EBITDA as well as net income exceeding expectations. The company reported net income of TRY 3,518 million in 2Q26, above both our estimate of TRY 1.4 billion and the market consensus of TRY 1.7 billion. The better-than-expected net income was driven by operating performance coming in slightly above our forecast, TAV Antalya returning to a positive contribution, a decline in losses from equity-accounted investments, lower FX translation expenses and deferred tax income. On the other hand, the downward revisions to passenger traffic and EBITDA guidance partially limit the positive impact of the results. In a period of heightened geopolitical risks, effective cost management and resilient operating performance stand out. Accordingly, we maintain our 12-month target price of TRY 430 per share and our BUY recommendation for TAV Airports.