• Turkish Airlines held its third-quarter 2026 earnings call November 4, attended by Murat Şeker, Metin Gülşen and Mehmet Fatih Korkmaz.
• Quarterly revenue rose more than 19% to $8.3 billion; EBITDAR reached $2.1 billion, representing a 25.4% margin.
• Fourth-quarter EBITDAR margin is projected at 5%-10%, with fuel unit costs expected to rise more than 80% year over year.
• Full-year capacity growth is expected at 3.5%-4%, about 5 percentage points below budget as capacity shifts toward more profitable routes.
• Gross capital expenditure guidance increased to $5.5 billion-$6 billion from $4.5 billion-$5 billion; year-end net debt-to-EBITDA is expected at 3-3.5 times.

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