Turkish Airlines is embarking on an ambitious expansion plan, with a focus on strategic acquisitions and substantial fleet growth. The airline aims to serve over 170 million passengers annually across more than 350 international destinations by its centenary in 2033. This growth strategy includes exploring selective share acquisitions in target markets, particularly in Asia's fast-growing tourist markets, where a joint venture with a leading airline is imminent.
The airline is also significantly expanding its fleet, with existing orders totaling 482 aircraft from Airbus and Boeing. In late 2023, Turkish Airlines signed an agreement with Airbus for 150 narrow-body and 80 wide-body jets, with options for an additional 125 aircraft. Discussions with Boeing for further orders are currently ongoing. By 2033, the company plans to have a fleet of 800 aircraft to enhance connectivity across key European and Asian markets.
Financially, Turkish Airlines reported $22.7 billion in revenue in 2023, marking a 72% increase from pre-pandemic levels, while EBITDA rose 83%. The airline projects revenue growth of up to 8% in 2025, with an EBITDA margin potentially reaching 24%. As part of its expansion into South America, Turkish Airlines has made a binding offer to acquire a minority stake in Spain's Air Europa for approximately €300 million ($349 million). This investment is expected to facilitate new tourism markets in Latin America and is anticipated to close within 6-12 months, pending government approval.
