TAV HAVALIMANLARI HLD-UN ADR Business Summary

TAV Havalimanları Holding (TAVHY) operates as a leading global airport management firm, generating revenue through a diversified mix of aeronautical and non-aeronautical services across its portfolio of 15 airports in eight countries. Aeronautical income is derived from landing, parking, and passenger service fees, while non-aeronautical revenue—which accounts for a significant portion of its margin—is driven by duty-free retail (ATÜ), food and beverage (BTA), ground handling (Havaş), airport IT (TAV Technologies), and private lounge management (TAV OS). This integrated business model allows the company to capture value across the entire airport service chain, from infrastructure development to terminal operations. In the competitive landscape, TAVHY contends with global giants such as Fraport AG, AENA, and Vinci Airports. It distinguishes itself through its specialized service subsidiaries and its strategic dominance in high-growth corridors across Turkey, the Middle East, and Central Asia, functioning as a key operational pillar within the Groupe ADP network. The leadership team is currently headed by CEO Serkan Kaptan, who assumed the role in 2022 after serving as Deputy CEO for nearly two decades, ensuring strategic continuity following the long tenure of co-founder Sani Şener. Kaptan is supported by CFO Burcu Geriş, a veteran in project finance and investment, and Deputy CEO Franck Mereyde, who brings extensive operational expertise from the French aviation sector. The company's strategic direction is heavily influenced by its board, chaired by Edward Arkwright, who also serves as Deputy CEO of Groupe ADP. This partnership provides TAVHY with significant institutional backing and global reach, as Groupe ADP remains the primary strategic investor with a 46.12% stake. Other notable board representation includes members from Tepe İnşaat and Akfen Holding, the original founding partners, maintaining a balance between Turkish market expertise and international aviation standards.