Operator

Ladies and gentlemen, welcome to Turkish Airlines’ Third Quarter 2025 Earnings Call. [Operator Instructions]

Now I will leave the floor to our host. Sir, the floor is yours.

Murat Seker CFO & Executive Director

Thank you very much. Good afternoon, everyone, and thank you for joining us. During the third quarter, the airline industry’s operating environment was shaped by a number of external and internal factors. Traveler confidence in North America weakened amid unpredictable immigration policies, while the competition across Europe intensified as carriers increased capacity to capture peak season demand. Persistent supply chain constraints in aircraft and engine manufacturing, combined with cross-border tensions continue to affect market conditions.

In this context, Turkish Airlines remained agile and disciplined. Our third quarter results reflect our ability to adapt dynamically to rapid evolving market conditions while maintaining a firm focus on our long-term strategy. In the third quarter, we also underlined our commitment to sustainable shareholder returns with the second installment of our dividend payment amounting $110 million.

Before moving to the financial results, I would like to highlight the major developments and achievements of the quarter. Most importantly, we took an important step towards preserving our growth trajectory by placing orders for 50 firm and 25 options for Boeing 787 aircraft. Deliveries are scheduled between ’29 and ’34. Once completed, they will significantly elevate our operational efficiency, flexibility and passenger comfort across our network.

Similarly, we completed negotiations with Boeing regarding the purchase of a total of 150 737 MAX aircraft, consisting of 100 firm and 50 option orders. Currently, we are working on the details of the deal with the