TAV Havalimanlari : 2021 Full Year Financial & Operational Results

2021 FULL YEAR

FINANCIAL & OPERATIONAL RESULTS

«RECOVERY ACCCELERATES IN THE FOURTH QUARTER.»

15th February 2022

CONTENTS

CEO's Message	2
Highlights	4
Summary Financial and Operational Results	5
Traffic Performance	11
Recovery Update	12
Comparison to FY20	21
FY21 P&L	22
Revenue	23
Opex	24
Profitability	25
Selected Financials by Assets	26
Revenue and EBITDA Bridges	27
Debt Structure	28
CAPEX and Dividends	29
New Antalya Concession	30
Almaty Overview	32
Quarterly Financials	34
Havas Overview	36
ATU Overview	37
BTA Overview	38
FX	39
Equity Accounted Investees	41
Near and Mid Term Outlook	42
APPENDIX	49

TAV Airports Operations Map*

• as of December 31, 2021

TAV Airports - FY21 Results|1

CEO'S MESSAGE

2021, for us, was a year of significant passenger recovery, massive inorganic growth and value creating corporate actions.

We have communicated for a while that the industry has expected the global passenger recovery to be two-pronged where leisure and short haul destinations recover the fastest. In line with these expectations, TAV Airports' passenger recovery towards 2019 levels has been significantly faster than most peers.

International travel has been gradually normalising for the last two quarters as COVID-19 vaccine documentation has become mostly sufficient for cross-border mobility. There are still many exceptions to this rule of thumb but the exceptions are decreasing as time passes. Thanks to gradual normalization, in the third quarter, we reached the highest levels of passenger recovery since the beginning of the pandemic. The recovery then accelerated during the fourth quarter as more unhindered international mobility became possible.

With accelerating recovery and contribution of Almaty, we managed to recover 100% of revenue compared to the fourth quarter of 2019. Revenue recovery in the second half of 2021 vs the second half of 2019 was 89%.

Through substantial help from Turkish state, we achieved extensive reductions in our operating expenses(*). On a like for like basis, without Almaty, our operating expenses were 37% below 2019. The total amount of like for like savings in operating expenses that we achieved to make in the last two years reached 363 million euros.

As a result of accelerating international passenger recovery, ongoing cost control and contribution of Almaty, EBITDA recovery in the second half of the year reached 77% vs 2019 during which we generated significant operational cash. Thus, we can say that we had an excellent recovery in the second half of the year both operationally and financially.

Thanks to substantial improvement in EBITDA and one-off income from Tunisian debt restructuring, we ended the year with net

profit of 45 million euros.

In addition to achieving very high levels of recovery, 2021 was also a year of achieving massive inorganic growth.

(*) Cash operating expenses before depreciation, amortization and impairment

Dr. M. Sani Sener	TAV Airports - FY21 Results|2
CEO & Executive Board Member

CEO'S MESSAGE

During the year we added Almaty to our portfolio which has generated 19% of consolidated EBITDA(**) in the eight months

following its addition in May and has already recovered 68% of pre-pandemic EBITDA. We are working hard on increasing

Almaty's connectivity and streamlining the operations for improved efficiency. We have also closed the debt financing of Almaty from IFC and EBRD in the first quarter of 2022 and started to draw down on the loan.

Besides Almaty, we also added another 25 years of Antalya operations to our portfolio in 2021. After our present concession ends in 2026, we will continue to operate Antalya with a new concession that lasts until the end of 2051. The new concession will have higher rent but it will also have higher revenues and we expect a significantly better retail profile mostly due to increased retail area.

Antalya lies at the heart of Turkish tourism and offers world-class quality of service. With a great offering, Antalya recovered 92%

of international passengers in the fourth quarter versus 2019 and is preparing for a great season in 2022. In 2022, Turkish

Association of Tourism Agents expects tourist arrivals to reach 2019 level. Antalya's international traffic, which was growing at 8% per year(***) before the pandemic, offers significant growth potential for the long term as well.

2021 was also a year of significant value creation for us, where we received two year time extensions and rent deferrals for our Turkish airports from DHMI and where we booked a one-off gain of 109.0 million euros as a result of Tunisia debt restructuring. During the year, we also extended Madinah for up to eight years depending on its speed of recovery.

As a result of the inorganic growth and time extensions, our average EBITDA weighted concession duration which was 8 years at the beginning of the year increased to 30 years at year end.

With the recovery we witnessed, the acquisitions we completed and the value we generated, we have created the TAV of the future in 2021. The current portfolio that we have developed in 2021 will continue to produce value for us well into the future.

Our first priority during the pandemic has always been to protect the health of our employees and our guests. I believe that we have achieved this goal with best practice precautions and remote work. I would like to thank all our employees, shareholders and business partners for their dedicated efforts and continuous support for the TAV brand.

(**) Almaty EBITDA adjusted for acquisition costs

(***) 2015-2019 Antalya international passenger CAGR

Dr. M. Sani Sener	TAV Airports - FY21 Results|3
CEO & Executive Board Member

HIGHLIGHTS OF 2021 FULL YEAR RESULTS

Revenue of €522 m (+73% vs FY20)

Cash Opex(*) of €373 m (+34% vs FY20)

EBITDA of €150 m (+561% vs FY20)

Net Profit of €45 m (€-285 m in FY20)

Net Debt of €1247 m

(+23% vs FY20)

52m Passengers Served

(+92% vs FY20)

With relative normalization of international traffic and addition of Almaty, revenue in 2H21 reached 89% of 2H19.

In FY21, like for like cash opex without Almaty(*) was 37% below FY19, 6% above FY20 and averaged at €24.7m per month.

Cash opex increased €77m YoY in FY21 due to Almaty(*).

€125m of EBITDA was generated in 2H21 which is 77% of 2H19 EBITDA.

Eight months of Almaty operations starting in May 2021 contributed €27.9m to FY21 consolidated EBITDA(*).

€125m of EBITDA and significant positive cashflow was generated in 2H21. The purely operational bottomline for 2H21 was €21.5m. Full year net profit was positively affected by Tunisia debt restructuring which had a p&l effect of €+109.0m in 1Q21. Also impacted positively by better performance of JVs.

Increased by Almaty acquisition and Madinah (JV) shareholder loan (€192m) while decreased by collection of Istanbul compensation second instalment, Tunisia debt restructuring, operational cash generation and not rolling of Turkish sovereign

eurobond

With relative normalization, international traffic in 2H21 reached 69% of 2H19.

(*) Cash Opex = Opex before EBITDA (Revenue - Cash Opex = EBITDA) &
LfL based on Almaty EBITDA adjusted for acquisition costs	TAV Airports - FY21 Results|4