TAV Airports, with its unique vertically and horizontally integrated business model, continues to define the modern airport experience. It is the leading airport operator in Turkey and provides duty free, food and beverage, ground handling, IT and security services. TAV Airports became one of the few operators to exceed pre-pandemic traffic levels by 2023.
Cyborg Score Rationale
TAV operates a diversified portfolio of 15 airports across 8 countries with integrated services spanning terminal operations, duty-free, catering, and ground handling. Strong recovery post-pandemic with extended concessions and operational leverage positions the company well for long-term growth.
Top Insights
Average maturity of the portfolio surpasses 30 years with extensions of Antalya and Ankara concessions beyond 2050
TAV Airports portfolio reaches 15 airports with additional operations in Türkiye, Latvia, Saudi Arabia and Croatia
TAV operates 15 airports in Turkey, Kazakhstan, Georgia, Tunisia, North Macedonia, Saudi Arabia, Croatia and Latvia
In May 2012, Groupe ADP became the majority shareholder of TAV Airports
Named Competitors
Airport Operations — Major German airport operator with global presence
Airport Operations — Airport operations and management services
Airport Operations — Parent company and global airport management leader
Recent Developments
(February 2023) Concession lease contract signed to operate Ankara Airport from 2025 until 2050 (25 years)
(January 2023) Sale of 24% of shares of TIBAH to partner Mada International Holding completed
(December 2023) Issuance of bonds with nominal value of 400 million US dollars and interest rate of 8.50% for sale abroad completed
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