THY achieved an operating profit of $929 million in the third quarter

In the statement made by THY Directorate of Communications, it was stated that global inflation, accelerated by increasing geopolitical tensions on a global scale and the increase in energy costs, continued to make the operating environment of the aviation sector difficult in the third quarter of the year.

It was stated in the statement that THY's jet fuel cost has increased by 118 percent since the beginning of the year, and that the effect of inflation on costs excluding fuel also created additional pressure.

In the statement, it was stated that due to the repercussions of the ongoing war in the Middle East on the demand and operational activity environment, the company had to revise downwards its annual passenger capacity growth expectation of 10 percent targeted for 2026, and it was reported that a 3.2 percent capacity increase was achieved in the third quarter.

In the statement, it was emphasized that THY strives to limit the impact of adverse conditions in this challenging operating environment, thanks to its flexible business model, wide flight network and agile capacity management.

In the statement, it was noted that by directing capacity to markets with strong demand dynamics, the company maintained its position as the network carrier with the highest number of flights in Europe and increased the number of passengers and occupancy rate in the third quarter.

It was stated in the statement that the passenger occupancy rate increased by 1.5 points on an annual basis to 87.1 percent in the July-September period, thanks to the strong demand from European and Turkish markets, especially in Asia, and that the number of passengers reached 28.5 million with an increase of 4.7 percent in the same period.

In the statement, which pointed out the difficult operating environment caused by the war in the Middle East in the 3rd quarter of 2026, it was reported that "Turkish Airlines achieved an operating profit of 929 million dollars."

Cargo revenues increased by 45.6 percent

In the statement, it was stated that the strong increase in passenger and cargo revenues partially offset the impact of rising costs on financial results.

It was noted that in the third quarter, total revenues increased by 19.3 percent on an annual basis and reached 8.3 billion dollars.

In the statement, it was stated that Turkish Cargo increased the cargo volume it carries by 7.4 percent with the contribution of its strong infrastructure and strategic geographical location, and its cargo revenues increased by 45.6 percent and exceeded 1.2 billion dollars.

In the statement, however, it was stated that the significant increase in costs, especially jet fuel, outweighed the increase in revenues and had a negative impact on operational profitability.

It was noted that in order to limit this impact, THY focused on efficiency-enhancing projects and selectively reviewed its investment plans.

$4.6 billion investment in nine months

In the statement, it was reported that with the contribution of the measures taken, the profit before interest, depreciation, tax and rent (EBITDA) was recorded as 3.7 billion dollars in the nine months of the year.

It was stated that due to the sharp rise in jet fuel prices and inflationary pressures, the EBITDA margin decreased by 6.2 points compared to the same period last year, reaching 17.6 percent.

It was noted that the company's total investment amount in the first nine months of the year was 4.6 billion dollars, and its consolidated assets exceeded 52 billion dollars.

"We maintained our focus on operational efficiency and cost discipline"

THY Board of Directors and Executive Committee Chairman Murat Şeker, whose views were included in the statement, stated that the war in the Middle East and the high course of jet fuel prices put significant pressure on the global aviation industry in the third quarter.

Noting that the company continues to adapt to changing demand dynamics in these conditions, Şeker said, "In this environment, our partnership continued to adapt to changing demand conditions by taking advantage of the opportunities offered by its rich flight network, while maintaining its focus on operational efficiency and cost discipline. In a period when the difficulties in the operating environment deepened, our ability to increase the number of passengers and our occupancy rate in every month of the 3rd quarter clearly demonstrates the power of our flexible business model and operational capabilities." he said.

Stating that they acted in accordance with the current conjuncture in capital allocation, Şeker made the following evaluations:

"By adopting a selective approach in capital allocation in line with the current conjuncture, we direct our resources to priority investments with high value creation potential. In this context, while we continue our investments in our brand and customer experience uninterruptedly with the opportunities provided by our strong balance sheet, the awards we have been deemed worthy of by APEX and Skytrax underline the international appreciation of our work in this field. We will continue to bring people and cultures together and make a sustainable contribution to our aviation industry in line with our mission of strengthening operational excellence and global connectivity."