TAV Airports (TAVHL) 4Q25 Financial Results

We evaluate TAV Airports’ 4Q25 results as neutral overall. Despite the deviation on the net income line due to higher financial expenses, operational performance came in broadly in line with our expectations. While the stock has delivered a more balanced performance year to date despite strong traffic data and a constructive 2026 outlook, we consider potential short term post-earnings profit taking and intermittent pressure stemming from geopolitical risks as normal. Based on our revised 2026 forecasts, we raise our 12-month target price to TL472 from TL400 and maintain our BUY recommendation.