2020 FIRST HALF FINANCIAL & OPERATIONAL RESULTS July 24, 2020 CONTENTS CEO’s Message 2 Changes to the Financials 3 TAV Airports Operations Map* Highlights 4 Summary Financial and Operational Results 5 Traffic Performance 6 Seasonality 7 Comparison to 1H20 8 1H20 P&L 9 Revenue 10 Opex 11 Profitability 13 Debt Structure 14 CAPEX and Dividends 15 Selected Financials by Assets 16 Revenue and EBITDA Bridges 18 Antalya Overview 19 Almaty Overvıew 20 Share Buy-back 21 Havas Overview 22 ATU Overview 23 BTA Overview 24 FX 25 Guidance 27 Equity Accounted Investees 28 APPENDIX Quarterly Financials 29 * as of June 30 2020 Notes on Financials 31 IFRIC 12 32 Income Statement & Balance Sheet & Cash Flow Statement 33 Operating Environment 36 Timeline 37 Concessions Overview 38 TAV Corporate and Shareholder Structure 39 Contact IR 40 TAV Airports – 1H20 Results|1 CEO’S MESSAGE The second quarter of 2020 was marked all over the world by the Covid-19 pandemic related lock downs and travel restrictions. These travel restrictions affected the aviation sector very dramatically as international passenger traffic dropped to nearly zero all around the world. Due to these restrictions, there were unprecedented drops in the number of passengers we served in the second quarter of 2020. With the effect of the second quarter, the number of passengers we served unfortunately decreased 70% compared to last year during the first six months of 2020. Our airports have now mostly reopened to international traffic. We expect Georgia, which is partially open now, to fully open up in September. Medinah has opened up to domestic traffic and the restart of international traffic is still to be announced. What really matters for a rebound in international traffic are the bilateral agreements between countries to open up their borders mutually. As the countries reopen their borders with each other, we have started to see some rebound in the number of passengers served. Two of our key markets which are UK and Russia have opened up to regular commercial traffic with Turkey. Turkey has handled the Covıd-19 outbreak very well and is ready to welcome tourists from the EU as well. Reopening of the borders between EU and Turkey will speed up the recovery in international traffic. We have responded to this global crisis very decisively with regards to our operational expenses and have reduced monthly operational expenses from €36m to €16m in the second quarter of 2020. With this reduction, we have achieved a savings of 32% in the first half. I would like to extend my gratitude especially to our employees and sub-contractors for making this possible. During times of crisis, the chief task for management is to take the necessary cost cutting actions fairly between stakeholders, shareholders, investors and employeess. We have done our best with regards to this balance. We have also made the necessary applications to the aviation authorities in each country that we operate for all of our airports to be compensated for our losses of revenue based on the “pandemic” clauses of Force Majeure definitions in our contracts. Depending on the content of each contract, this compensation could be in the form of time extension, rent postponement or other methods to compensate our losses. We are also about to complete the Almaty transaction which we had announced before the pandemic. We are planning to finalize the Almaty transaction in the third quarter of 2020. Almaty had significant cargo traffic during the second quarter and has proved to have defensive characteristics in earnings quality. As a perpetuity with no renewal risk, it will be a valuable addition to our portfolio. Almaty Airport is clearly destined to be a fast air cargo hub on the New Silk Road. We also expect the 6.5 million passengers currently served to increase significantly after our investments. We expect Almaty to have a positive effect on the valuation multiples of TAV Airports once the transaction closes and traffic normalizes back to 2019 levels. TAV Airports entered this crisis with a strong balance sheet. Supported by the strength of our balance sheet, we are continuing to invest in the future of our business through the Almaty transaction. These are historic and unprecedented times and I believe with the cooperation of our stakeholders, employees and our investors we will emerge even stronger out of this turmoil. I would like to extend my deepest gratitude to all our employees, shareholders and business partners for their unwavering support during these difficult times. Dr. M. Sani Sener CEO & Executive Board Member TAV Airports – 1H20 Results|2 CHANGES TO THE REPORTING OF FINANCIAL RESULTS 1. Net Debt Definition Change – Made in Q1 2020 To harmonize with Groupe ADP reporting practices, Bank Overdrafts and Financial Loans provided to Related Parties (TAV JVs) have been included in the definition of Net Debt. Groupe ADP Definition of Net Debt = +Current&Non-Current Borrowings +Shareholder Loan and Accrued Interest +Bank Overdrafts –Cash&Restricted Bank Balances -Financial Loans provided to Related Parties (TAV JVs) Financial Loans provided to Related Parties (TAV JVs) can be found in IFRS Footnote 20 under Other Related Party Transactions at lines Current loan to related parties & Non-current loan to related parties Bank Overdrafts can be found on the Liabilities Page of the IFRS Report According to the Groupe ADP definition, Government Bonds are not considered cashlike. 2. Adjusted Revenue and EBITDA – Made in Q1 2020 To harmonize with Groupe ADP reporting practices, reporting of Adjusted Revenue and Adjusted EBITDA has been discontinued in Q1 2020. In Q1 2020 financials, we only provide IFRS Revenue and EBITDA not adjusted for IFRIC 12 and before Equity Pick-up. 3. Net Debt Reclassification – Made in Q2 2019 Net Debt has been restated to include the €300m shareholder loan plus accrued interest from Groupe ADP. 4. Discontinued Operations – Made in Q2 2019 All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul (the concession holder of Istanbul Ataturk Airport). TAV total passenger numbers reported after the closure also do not include the results of Istanbul Ataturk Airport. TAV Airports – 1H20 Results|3 HIGHLIGHTS OF 2020 FIRST HALF RESULTS (1) Revenue mainly impacted by Covid-19 related travel restrictions that started after Revenue of €142m the second week of March. There was nearly zero traffic in all airports in the second (-58% vs 1H19) quarter. Cash Opex(2) of €152m Opex was 32% lower in 1H20 vs 1H19 and 55% lower in 2Q20 vs 2Q19. Compared to 2019, an opex cut of €71m was achieved in first half and an opex cut (-32% vs 1H19) of €60m was achieved in the 2nd Quarter in response to the impact of Covid-19 related travel restrictions on business volume. EBITDA of €-10m A drop of €198m in Revenue was responded to with a cut of €71m of cash opex. (€117m in 1H19) Net Profit of €-150m Net Profit decreased due mostly to sharp drop in revenue which also affected the bottomline of equity accounted investees. The effect of discontinued activities was (€ 61m in 1H19) -€50m. The drop was mitigated by significant opex cuts. Slíght decrease in net debt mainly due to €193m cash collection of the first installment Net Debt of €889m of Istanbul Compensation Receivable. €50m of euro denominated 1 year Turkish Government Eurobond purchased in 2Q20 is not classified as cashlike according to (-4% vs 1H19) Groupe ADP definition. If the bond were classified as cashlike, Consolidated Net Debt would be €839m in 1H20. 11m Passengers Served(1) Due to Covid-19 related flight restrictions traffic dropped to nearly zero in the second (-70% vs 1H19) quarter of 2020. (1) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, 2019. As per IFRS 5.13, Revenue and EBITDA reported after the closure have been restated to exclude the results of TAV Istanbul. TAV Total pax numbers reported after closure also do not include the results of Istanbul Ataturk Airport. (2) Cash Opex = Opex before EBITDA (Revenue – Cash Opex = EBITDA) TAV Airports – 1H20 Results|4 1H20 SUMMARY FINANCIAL AND OPERATIONAL RESULTS(*) (in m€, unless stated otherwise) 1H19(*) 1H20(*) Chg % Revenue(*) Revenue was mainly impacted by Covid-19 related travel Revenue 339.5 141.9 -58% -58% restrictions that started after the second week of March. There Cash Opex (222.9) (151.6) -32% was nearly zero traffic in all airports in the second quarter. EBITDA 116.6 (9.6) nm EBITDA margin (%) 34.4% nm nm Opex was 32% lower in 1H20 vs 1H19 and 55% lower in 2Q20 vs 2Q19. Compared to 2019, an opex cut of €71m was achieved Cash Opex FX Gain /(Loss) 2.0 (8.1) nm in first half and an opex cut of €60m was achieved in the 2nd Deferred Tax Expense (5.0) (7.5) 49% -32% quarter in response to the impact of Covid-19 related travel Equity Accounted Investees 4.7 (45.4) nm restrictions on business volume. Net Profit after Minority 61.3 (150.2) nm (*) Continuing Operations 14.8 (146.9) nm EBITDA A drop of €198m in Revenue was responded to with a cut Discontinued Operations 46.5 (3.2) nm nm of €71m of cash opex. Capex 32.7 12.9 -61% FX Loss Net Debt (includes Sh. Loan) 925 889 -4% FX Loss increased mostly due to higher EURUSD nm Number of employees (av, incl. Istanbul) 16,953 14,941 -12% Number of passengers (m) 38.2 11.4 -70% Non-cash fx losses of TAV Istanbul in the first quarter were Discontinued - International 21.4 4.7 -78% reversed as corporate tax settled in the second quarter - Domestic 16.8 6.8 -60% Duty free spend per pax (€) (*) 6.4 7.8 21% Net Profit decreased due to sharp drop in revenue which (*) All commercial traffic of Istanbul Ataturk Airport was transferred to the New Istanbul Airport on April 6th, Net Profit 2019.