Aviation Turkey: TAV Airports is celebrating 25 years of growth and transformation. Looking back, what are some of the key turning points that shaped the company’s evolution into a global airport operator?

Serkan Kaptan: This year we are celebrating the anniversary of welcoming our first-ever passenger at Istanbul Ataturk. Since that day, we have welcomed more than 1.5 billion happy passengers at our airports, which consists of a portfolio of 15 airports in eight countries.

When you look at the milestones, in 2000 we have set out for an extraordinary growth story that would bring TAV Airports to managing 10 airports in 10 years from just 10 million passengers a year.

In 2007 TAV Airport went public with a market capitalization of USD 1.7 billion. This has set out a new momentum for growth, while laying the strong corporate foundations of the company.

In 2010 we achieved a portfolio of 10 airports. By then, we had extended our footprint to Georgia, Tunisia and N. Macedonia, and to three additional airports in Turkey through the expertise accumulated in Istanbul.

In 2012 we witnessed yet another milestone as Groupe ADP bought into TAV Airports, the first step towards establishing the largest airport management platform globally. In 2017, Groupe ADP further increases its shares to 46%.

In 2018 we partnered with Fraport to manage Antalya Airport -the biggest tourism hub in the Mediterranean. The same year TAV Airports portfolio reached 15 airports with additional operations in Turkey, Latvia, Saudi Arabia and Croatia.

In 2021 we had a strategic move into Central Asia and bought 85% shares of Almaty Airport in Kazakhstan.

When we came to 2022 our average maturity of the portfolio surpassed 30 years, with extensions of Antalya and Ankara concessions beyond 2050.

This year, as we celebrate our 25th anniversary, we are completing the largest investment program in our history. A total of EUR 2.5 billion invested, mainly in Almaty, Antalya and Ankara. 

During these 25 years, we have witnessed many crises -pandemics, terror attacks, financial downturns, wars, political instability and turmoil. We have always trusted the long-term growth of aviation and continued investing in this industry amid the worst crises. Our colleagues have shown incredible agility and resilience to weather the storms. 

Yet, our ability to adapt, to find the best solutions and to be able to execute them have turned TAV Airports into a global brand. We have always focused on the developing markets, where growth is higher, and succeeded in excelling under global competition.

Aviation Turkey: One of your most recent and high-profile achievements is the expansion of Antalya Airport. How will the new terminals and infrastructure enhance Antalya’s positioning as a gateway for tourism and business? Could you walk us through the scale of the investment in Antalya? What are the expected operational and economic impacts of this development?

Serkan Kaptan: Antalya Airport is the largest holiday gateway in the Mediterranean. In 2024 it welcomed more than 38 million passengers. In terms of international traffic, it’s Turkey’s second largest hub.

We have been operating Antalya Airport, together with our partner Fraport, since 2018. In December 2021, the partnership extended their operation period for another 25 years, until the end of 2051. For the 25-year period beginning December 2026, total concession rent to be paid is 7.25 billion EUR + VAT. A quarter of the total concession fee was paid upfront to the State Airports Authority. 

Now, we have expanded terminal and airside capacity, introducing a brand-new passenger experience. In this first phase, we have invested EUR 850 million to increase annual capacity to 65 million passengers annually. This first phase of expansion works in Antalya are completed in less than three years. During the concession period the capacity will reach over 80 million passengers.

Area of international terminal T2 and domestic terminal almost doubled to 225 000 sqm and 75 000 sqm, respectively. Total commercial area almost tripled and the lounge, F&B and retail offers at T2 are completely redesigned. 

Additionally, 1.4 million sqm of apron works significantly increased the number of aircraft parking spaces to 202. A multi-story carpark, new taxiways, connecting roads, aircraft maintenance hangars, general aviation terminal and other facilities are completed as part of this first phase of investments. 

It’s a strategic investment which lays the ground for airlines to base more aircraft in Antalya, and provides the necessary infrastructure to support the region’s long-term development. Our service companies ATÜ Duty Free and BTA are now operating in Antalya, and they have significantly developed the retail and F&B offer at the airport. Furthermore, the new lounges in T2 will provide an extraordinary service in different tiers. This will also complement the full travel experience provided by hotels and tour operators, enabling a seamless service from gate to hotel and back to the gate on the visitor’s return flight.

This new investment will contribute to the development of the region, by creating jobs and enabling tourism stakeholders to welcome more visitors and provide an impeccable experience.

The new facilities have the highest environmental standards, and a 4MW solar energy facility is included. Lastly, I would like to note that the JV and its lenders have signed the financing agreements for the long-term project finance facility. This is a show of trust to the project and our reputation.

Aviation Turkey: Esenboğa Airport is another major project under TAV’s umbrella. What updates can you share on the modernization and capacity expansion efforts currently underway in Ankara?

Serkan Kaptan: We are operating Ankara Esenboğa -the gateway to the Turkish capital- successfully since 2006. The terminal which we built back then reflects the ambitions and the modern face of the Republic. During this period, we have quadrupled the passenger traffic in Ankara, and worked towards increasing direct flights in collaboration with our stakeholders. In addition to being the political center of the country, Ankara is a touristic hotspot with a rich history and a hub connecting eastern Anatolia. 

In 2022, we have extended our concession until 2050. As part of the this, we have been investing around 210 million euro in the first phase of investments. This project consists mainly of airside works - adding a new runway, a new traffic control tower and cargo facilities. This first phase is expected to be completed in May 2025. The new traffic control tower will be an architectural landmark for Ankara and Ankara Airport.

Ankara Esenboğa was selected as the best airport in Europe in its category by the Airports Council International (ACI) Europe in 2009 and received the Airport Service Quality (ASQ) award in 2020. This year, for the first time it is ranked among the top 100 airports in the world in the Skytrax awards. We will continue our efforts to provide the best possible travel experience and increase connectivity in Ankara.

Aviation Turkey: In Kazakhstan, TAV is operating Almaty Airport, the largest hub in Central Asia. What developments are underway there, and how do you see Almaty’s role evolving in the region’s aviation and logistics ecosystem?

Serkan Kaptan: In Almaty Airport, the new international terminal opened in June 2024 following a €252 million investment comprising the construction and modernization of the new international terminal in addition to other miscellaneous investments. Since our acquisition, we have nearly doubled the number of destinations and by 2025, we expect passenger traffic to have doubled compared to 2021. To support this rapid growth, we have announced an additional airside investment up to 300 million.

We are operating Almaty Airport since 2021. One of the main transit hubs between Asia and Europe, Almaty Airport is strategically located on the modern Silk Road, established from China to Europe and Africa, as well as the Middle Corridor -Trans Caspian International Transport Route. Kazakhstan is the largest country in the region -both geographically and economically- and Almaty is the largest city in the country producing 20% of Kazakhstan’s GDP. Using our extensive know-how and global network, we are boosting air connectivity, creating jobs, and contributing to the sustainable development efforts in Kazakhstan.

 Aviation Turkey: Sustainability and digital transformation are central to modern airport operations. How is TAV integrating these themes into your current and future projects?

Serkan Kaptan: Both sustainability and digitalization -together with hospitality- are at the heart of our strategic approach since 2020. At the time, we have initiated several projects and set KPIs to follow development and I’m proud to say that we are progressing as planned. 

As part of all the airports in the Groupe ADP network, we have announced our common ambitions on environmental protection. Within this scope, we aim at reaching carbon neutrality by 2030 at the latest. And net zero emissions by 2050.

Today we have 12 airports in the ACI Europe initiative Airport Carbon Accreditation (ACA) program. Four airports are already at carbon-neutral status or above. We are investing USD 20 million to build a solar capacity of 16.1 MW, which will cover one-third of the energy consumption of Izmir, Bodrum and Ankara airports.

We are aiming at creating smart airports that will improve customer experience, supporting the development of the hospitality offer and creating additional revenues. Additionally, the program will help optimize operations, increasing terminal capacity, optimizing costs, and standardizing processes.

We will continuously develop our hospitality offer, through continuous evaluation of the changing needs of passengers and innovating to provide the best-in-class solutions. 

Our comprehensive ESG strategy covers four areas: Complying with the highest international standards in corporate governance, minimizing the impact of our operations on the environment, advancing flexibility, innovation, and competitive advantage with a focus on diversity and inclusion and building long-term trust and cohesion with local stakeholders, reinforce the benefits of the airport activity for the local communities.

Aviation Turkey: Looking ahead to 2030 and beyond, what are the biggest opportunities and challenges TAV expects to face in shaping the next generation of airport experiences?

Serkan Kaptan: When we look at the analysis by aircraft manufacturers and our industry associations, it’s clear that in the long-term aviation will continue to grow. The trend shows that growing middle classes in developing economies will drive demand and low-cost airlines will make air travel more and more accessible

Airbus and Boeing expect a compound annual growth rate of 3.6% and 3.8% in global passenger traffic until 2042. Forecasts reveal that we will see that the global passenger traffic will more than double to around 20 billion by 2042. Of course, this growth will require investments on the ground and around 2.4 trillion USD will be needed to build and refurbish the airport infrastructure to welcome this traffic increase.

The main challenge of the industry is the transformation into zero-carbon operations. Aviation is thought to contribute 2 to 3 percent of global emissions. Manufacturers are working on more efficient aircraft and new fuel and we are seeing improvements. In this equation, airports can play a role to orchestrate and provide a platform for all stakeholders to collaborate. Otherwise, we are on track to decarbonize our own operations.

Aviation Turkey: In your view, what unique strengths does TAV bring to the table when it comes to developing regional hubs in emerging markets?

Serkan Kaptan: Our strengths are mainly two-folds. First, we have a unique business model in the industry as through our subsidiaries we provide services in each step of the passenger journey. This model provides us invaluable insights to make our operations more efficient and to increase passenger satisfaction. 

Second, we have a huge experience in operating airports with different DNAs. Operating a portfolio helps us transfer experience and best practices from one airport to another. Additionally, our diverse talent pool enables us to provide the best possible solution to an airport project, all around the world.

Aviation Turkey: Finally, what message would you like to share with your stakeholders, partners, and the millions of passengers who have been part of TAV’s 25-year journey?

Serkan Kaptan: More than any other industry, aviation is based on collaboration. At any given time, there are more than 30 public and private stakeholders working at an airport, to provide a safe and comfortable travel experience to passengers. 

TAV Airports’ story would have been possible without the collaboration of our stakeholders, our partners, our investors, local communities and most importantly, our employees. I would like to say a heartfelt thank you to all our stakeholders around the world