Turkish Airlines makes $197m profit as Middle East war hits costs

Turkish Airlines reported a net profit of $197 million for the second quarter, while its EBITDAR margin reached 12.6%, surpassing its 8% guidance. Despite a 20.5% year-on-year revenue increase to $7.2 billion, driven by strong passenger demand and rising cargo income, the airline acknowledged that the Middle East war had "noticeably" impacted its financial results due to higher jet fuel prices.

Turkish Airlines Chairman of the Board and Executive Committee, Prof. Murat Şeker, stated that the carrier successfully navigated the crisis using its extensive flight network, diversified business model, and agile operations. The company expects an EBITDAR margin of 20% to 25% in the upcoming quarter, a significant improvement from the 12.6% achieved in the second quarter.

Prof. Şeker highlighted the airline's ability to implement efficiency initiatives while maintaining disciplined cost management. Cargo revenues surged 58% year-on-year to nearly $1.3 billion, mainly due to the geopolitical situation in the Middle East affecting global air freight capacity. Passenger load factor rose 1.8 percentage points to 84%, the highest second-quarter level in the airline's history, with demand from Asia, Europe, and Africa particularly strong.

Despite the challenges, Turkish Airlines expanded its fleet by 14% year-on-year to 552 aircraft, even as it faced production bottlenecks. The airline invested $3.1 billion in fleet expansion during the first half of 2026, focusing on strategic priorities. Turkish Airlines' consolidated total assets reached $51 billion, with employment across the airline and its subsidiaries exceeding 101,000.

The company remains confident that strong passenger and cargo demand will offset higher fuel prices, anticipating an EBITDAR margin of 20% to 25% in the third quarter.