Ayşe Akalın: This year marks TAV’s 25th anniversary. Looking back, what are the milestones and achievements that have most defined the company’s journey so far, and how do you envision TAV evolving in the next 25 years?

Serkan Kaptan: This year marks an important milestone in TAV Airports’ history and reflecting on the past 25 years, I am proud to say that we have built a leading global brand in airport management industry. We have witnessed a lot of ups and downs throughout the years, and I think what sets us apart is our unfaltering confidence in the future of aviation and the agility and determination of our people. I am personally humbled to be a part of this exciting journey from the very beginning. 

Back in 2000s, when deregulation and privatization efforts were just picking up globally, our founding partners had the vision to invest in this industry. Our first experience at -now defunct- Istanbul Ataturk Airport laid the ground for TAV Airports’ global expansion. On our 10th year anniversary, we already had a portfolio of 10 airports, an expert team of airport professionals, a unique business model active in every touchpoint of the airport experience, and a publicly listed company with a strong corporate culture. Throughout the 2010s we went through an exciting transformation, having Groupe ADP as our main shareholder, reinforcing our portfolio with new airport assets and deploying a new strategic approach where our service companies expanding beyond TAV Airports’ portfolio.

Amid the most profound crisis in the history of our industry, the COVID pandemic, during the last four years, we successfully built a foundation for the next 25 years of TAV Airports. A 2.5-billion-euro investment program, the largest in our history, brought the average maturity of our portfolio above 30 years. Extending our concessions in Antalya and Ankara beyond 2050, adding Almaty Airport -the first asset without a time limitation-, and completing the investments in a short timeframe set the scene for the future development of the company.

To date, we have welcomed more than 1.5 billion passengers at our airports. TAV Airports have been a school for many in our industry. Today we have the next generation of experts building a vision for the company and fulfilling our goal of providing the best possible travel experience for our passengers. I am fully confident that TAV Airports will continue its journey of growth, setting the standards for our industry and creating value for all our stakeholders.

 Ayşe Akalın: "You have been a regular participant at aviation forums like Riga Aviation Forum. How did these platforms shape TAV’s strategies and partnerships, and what trends are you seeing in 2025 that are particularly influential?"

Serkan Kaptan: Riga Aviation Forum is the leading platform for aviation leaders in the Baltic region and we have been regularly present here for the last 15 years. I always benefit from participating in such events, to understand the ongoing discussions and expectations of our partners and colleagues. 

This part of the world had been much more susceptible to the political and economic repercussions of the ongoing conflict between Russia and Ukraine. Otherwise, Riga is an important hub in Northern Europe and has the potential to develop further. As TAV Airports and our service companies, we have been immensely happy to contribute to the success of Riga Airport. 

Ayşe Akalın: How did TAV Airports perform in the first three quarters of 2025, and which recent investments or projects contributed most significantly to this performance?

Serkan Kaptan:  During the first nine months of 2025, we sustained positive momentum across our portfolio despite a mixed macro backdrop. International passenger traffic increased by 4%, supported by strong performance in the majority of our assets. While Antalya Airport experienced softer international traffic growth our consolidated financial performance remained robust. Consolidated EBITDA grew 14% to €467 million in the first nine months. 

When we consider the highlights across our portfolio, in Antalya we significantly elevated the duty free, food & beverage, and lounge offerings, enhancing the passenger experience in addition to significant terminal capacity increase. The commercial ramp up continues, with additional fashion, specialty retail, and restaurant openings underway. In Ankara the first full quarter under the new concession of additional 25 years delivered a strong boost to both revenue and EBITDA in the third quarter. Ongoing international traffic growth, supported by low-cost carriers, is expected to further underpin profitability.

In Almaty, execution of the investment plan launched in the last quarter continues, with total investments estimated at €315 million with a target for completion by the end of 2027. In Madinah construction of a new international terminal has commenced to facilitate the continuous passenger traffic growth. We are the airport operator in the JV while holding a 26% stake. The project is expected to complete by 2028. In Georgia we are in advanced discussions with the local authority regarding a concession extension to end in 2031. The discussion includes an investment to increase capacity to 10 million passengers and an update to commercial terms.

 Ayşe Akalın: "With recent developments in Antalya, Ankara, and Almaty, what are the next strategic priorities for TAV in terms of airport expansions and modernizations, and how do these investments support long-term growth?"

Serkan Kaptan: Our strategy is always built on sustainable organic and inorganic growth. In this sense, we continuously develop our existing airports to accommodate demand and develop passenger experience. The largest ongoing investment is in Almaty, which has witnessed a strong traffic growth. 

Otherwise, we are always interested in new projects, and our focus is mainly on developing markets, where growth will be higher compared to developed markets. We have the expertise to provide tailor-made solutions depending on the particular needs and the outlook of an airport. Our track record is impeccable in terms of building, financing and operating airports of various sizes. Research reveals that aviation will continue to grow and the global passenger traffic is expected to double by early 2040s to around 20 billion. And this growth, mainly in developing markets, Asia, Middle East and Africa, will necessitate around USD 4 trillion in airport investments. I believe that TAV Airports is well-placed to benefit from this growth with its know-how, expert human resources and unique business model.  

 Ayşe Akalın: TAV has been actively investing in sustainability, including solar energy projects and LEED-certified developments. How do you see these initiatives evolving in 2025, and what new sustainability milestones are planned for the coming years?

Serkan Kaptan: Sustainable growth is at the heart of our strategy. We have been reporting our CSR performance in line with international standards since 2010. Our strategy has two pillars. In terms of environmental protection, our goals are to minimize our emissions and the effect of our operations on the environment, and contribute to the overall efforts of industry. We are targeting to go carbon-neutral by 2030 and net-zero latest by 2050. Today, almost all our airports are participating at the Airport Carbon Accreditation program and four are already carbon neutral. To curb emissions, we have been investing in renewable energy. Additionally, our new investments are LEED or EDGE certified. 

The second pillar focuses on thriving with local communities. We always aim to create value for the communities around our airports and contribute to the development of these regions. Specific programs are in place, including volunteering by TAV Airports employees. 

Globally, there has been a deceleration of efforts to tackle the climate crisis, poverty and development issues. Nevertheless, these will remain on the global agenda and they will require a global response. Here, we will continue to be a responsible global citizen.

 Ayşe Akalın: TAV Technologies has played a key role in smart airport projects. Which new technological innovations, including AI, are being prioritized in 2025 to enhance passenger experience and operational efficiency?

Serkan Kaptan: AI is driving a huge investment boom. It is a new leap in the technological advancement of humanity and evidently, all our personal and economic activity will be potentially transformed.  

Having TAV Technologies as our subsidiary gives us a huge advantage in implementing AI related services and solutions at our airports. In the fields of security, digital services and resource management, AI will provide efficiencies. On the other hand, our business is and will continue to be about human touch. AI will not replace jobs but help us provide a faster and more comfortable travel experience.

Ayşe Akalın: As TAV celebrates its 25th anniversary, what key message would you like to share with passengers, partners, and the aviation community about the company’s vision and commitment moving forward?

Serkan Kaptan: Aviation stakedolders are simultaneously in competition and collaboration with each other. This is a truly global industry, facilitating the exchange of goods and movement of people. By all indications, our industry is set to grow in the long term. Our challenge is transform it into a fully sustainable model. And this is only possible through collaboration. 

I am truly fascinated by our industry and how it contributes to the lives of millions of people. I deeply thank to all the people, who are still with us or have contributed to TAV Airports at a point in time, for building this unique brand that brings joy to thousands of passengers each and every day