TAV Airports (TAVHL) 3Q25 Financial Results
Tacirler Investment
TAV Airports delivered a strong operational performance in the third quarter of the year. Revenue growth was driven by increased passenger traffic and the high season, while effective cost management supported a significant recovery in profitability. With third-quarter net income exceeding our expectations and margins showing improvement, we view the 3Q25 results as positive. Following the strong summer season, we raise our 12-month target price for TAVHL shares from TL360.00 to TL385.00. We believe the company’s ongoing capacity expansion investments continue to support its long-term growth potential, and we maintain our “Buy” recommendation, keeping TAVHL in our model portfolio.