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As THY shares hit rock bottom, advertising budget reaches historic peak

While Turkish Airlines (THY) share prices experienced a sharp decline following the conflicts between the US and Iran, the record advertising expenditures and high benefits provided to senior executives in the company's annual financial report have sparked controversy.

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In the 2025 fiscal year, the budget allocated by Turkish Airlines for advertising and promotional activities showed an extraordinary increase. This item, which was limited to 561 million liras in 2020, rose to 6.9 billion liras five years later, marking a growth of 1108 percent. According to the report covering the period from January 1 to December 31, 2025, the company multiplied its advertising expenditures during that year. Another striking element in the same report was the increase in executive benefits.

Total benefits provided to senior management, which were 633 million liras in 2024, reached 702 million liras in 2025. In addition to this, 1 billion 366 million liras were paid solely for external consultancy and advisory services.

THY Chairman of the Board Ahmet Bolat announced during the period when the financial report was released that they were considering entering the aircraft leasing sector. This move indicated that the company is planning new investments.

CHANGES IN MANAGEMENT AND NAMES ON THE AGENDA

Changes occurred in the institution's management at the Ordinary General Assembly held in May 2025. While the terms of office for former General Manager of the State Airports Authority Hüseyin Keskin and Fatmanur Altun were not extended, Melih Şükrü Ecertaş, the former AKP Youth Branch President and a graduate of Kartal Imam Hatip High School, was among the names who continued in their roles.

These updates in the company's financial and senior management areas coincided with the rapid decline in stock market share prices. THY shares, which lost approximately 10% of their value in one week following the US-Iran war, have seen a serious decline of 52% in the last month.