Turkish Airlines ECONOMIC

Target: Türk Hava Yolları A.O. (Turkish Airlines) Domain: Economic Research date: 23 October 2026 Evidence period: Primarily 2023–2026, with historical corporate context.

Supply Chain & Sourcing Relationships

Direct supplier relationships

Turkish Airlines’ 4 March 2026 KAP related-party disclosure identifies TFS Akaryakıt Hizmetleri A.Ş. as a significant supplier of aviation fuel; the disclosed common and continuous fuel-supply transactions exceeded 10% of the company’s reported 2025 cost of sales, with similar transactions expected in 2026.¹

No public evidence identified establishing direct procurement of Israeli agricultural products from Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or another named Israeli agricultural exporter.^{1, 2}

Importer-of-record arrangements

No public evidence identified establishing a Turkish Airlines-owned Israeli importer of record, dedicated Israeli import subsidiary, or Israeli import joint venture.²

Seasonal procurement

No public evidence identified establishing recurring purchases of Israeli-origin dates, citrus, avocados, herbs, potatoes, or other seasonal agricultural products.^{1, 2}

Third-party and indirect sourcing

Türkiye imposed comprehensive restrictions on trade with Israel in May 2024, and Maersk’s 5 May 2024 advisory described the resulting suspension of bilateral and certain transshipment cargo movements.³

Türkiye’s Directorate of Communications stated on 11 November 2024 that no customs declarations for direct imports from or exports to Israel had been registered following the 2 May 2024 suspension.⁴

On 4 July 2025, Anadolu Agency reported a further official Turkish denial of claims that direct exports to Israel had continued, including a disputed USD 393.7 million figure.⁵

Globes reported on 6 May 2024 that some Turkish and Israeli businesses were seeking third-country routes around the restrictions; the report did not establish that Turkish Airlines participated in those arrangements.⁶

No public evidence identified establishing that Israeli-origin agricultural or other products reached Turkish Airlines through intermediaries, resellers, white-label arrangements, or named third-party distributors.^{1, 2}

Published 2026 cargo schedules

FlightMapper lists Turkish Cargo flight TK6246 as a scheduled Boeing 777-200 freighter service from Istanbul to Tel Aviv on Tuesdays between 31 March and 20 October 2026, with a published departure time of 19:05 and arrival time of 21:05.⁷

FlightMapper separately lists TK6342 as a scheduled Boeing 777-200 freighter service between Istanbul and Tel Aviv on Thursdays between 2 April and 22 October 2026, departing at 17:40 and arriving at 20:00.⁸

These published timetable entries identify planned cargo services, while the retrieved tracking records do not establish actual completed Istanbul–Tel Aviv flights under either number during 2026.^{9, 10, 11, 12}

No public evidence identified establishing the importer, exporter, shipper, consignee, airway bill, commodity type, quantity, or financial value associated with a completed 2026 Istanbul–Tel Aviv shipment under TK6246 or TK6342.^{9, 10, 11, 12}

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products

No public evidence identified establishing that Turkish Airlines purchased, sold, transported, or distributed specific products originating in West Bank settlements, East Jerusalem settlements, the Jordan Valley, or Golan Heights settlements.^{2, 3}

Country-of-origin labelling

No public evidence identified establishing a regulatory finding or enforcement action against Turkish Airlines for incorrectly labelling settlement-produced goods as originating in Israel.^{2, 4}

Corporate sourcing and labelling policy

No public evidence identified establishing a Turkish Airlines-specific published sourcing or labelling policy addressing products produced in occupied Palestinian territory or the occupied Golan Heights.^{2, 13}

Relevant regulatory context

On 9 April 2024, Turkish authorities introduced export restrictions covering 54 product groups, including steel, aluminium, and construction materials, before broader bilateral trade restrictions followed in May 2024.¹⁴

Kuehne+Nagel documented maritime trade restrictions affecting Türkiye and Israel in May 2024; its carrier-service notice does not establish Turkish Airlines participation in maritime transport or identify a Turkish Airlines shipment.¹⁵

Cargo documentation and product origins

A privately operated Tel Aviv cargo-flight listing identifies TK6246 as a Turkish Airlines Cargo flight and displays Istanbul–Tel Aviv and Tel Aviv–Cairo schedule entries for September and October 2026.¹⁶

The retrieved flight listing does not establish the origin of any particular commodity, its customs declaration, its country-of-origin designation, or whether cargo was actually delivered.¹⁶

No public evidence identified establishing that TK6246 or TK6342 transported settlement-produced goods during 2026.^{9, 10, 16}

Investment, Capital & Financial Exposure

Direct investment and acquired Israeli subsidiaries

Turkish Airlines’ integrated 2025 annual-report filing was submitted to Türkiye’s Public Disclosure Platform on 4 March 2026 and concerns the company’s consolidated operations and subsidiaries.²

No public evidence identified establishing an Israeli manufacturer, technology company, consumer brand, logistics company, or infrastructure operator acquired by Turkish Airlines or held as a controlling operating subsidiary.²

Consequently, no verified Israeli subsidiary acquisition date, purchase price, ownership percentage, manufacturing site, employee count, revenue contribution, or defence-related operating relationship is available from the retrieved evidence.²

Israeli operational investments

No public evidence identified establishing Turkish Airlines-owned Israeli factories, data centres, logistics warehouses, property developments, or permanent research establishments.²

Research and development

No public evidence identified establishing an Israeli research laboratory, accelerator, innovation centre, or Israeli-government-supported R&D facility operated by Turkish Airlines.²

Parent and beneficial ownership

Türkiye’s Ministry of Treasury and Finance identifies the Türkiye Wealth Fund as holding 49.12% of Turkish Airlines and records a further approximately 0.01% public-administration holding in its 2024 ownership report.¹⁷

The ministry records that relevant state shares were transferred to the Türkiye Wealth Fund on 24 January 2017; this event is [pre-2020], while the 49.12% holding is documented in the ministry’s 2024 figures.¹⁷

No public evidence identified establishing an Israeli beneficial owner exercising control over Turkish Airlines or an Israeli shareholder with a verified holding of at least 10%.¹⁷

Portfolio investments and financing

No public evidence identified establishing a direct Turkish Airlines holding in Israeli sovereign bonds, Israel Bonds, an Israeli-domiciled investment fund, or an Israeli defence manufacturer.²

No public evidence identified establishing Turkish Airlines underwriting Israeli sovereign debt, arranging Israeli government financing, providing direct loans to Israeli settlement enterprises, or underwriting Israeli military or settlement-related insurance.²

Capital investment outside Israel

On 2 January 2026, Anadolu Agency reported Turkish Airlines’ announcement of an approximately TRY 100 billion investment programme for a major cargo terminal and inflight-catering facility; the announcement did not identify an Israeli project site.¹⁸

Financial scale

For 2025, Turkish Airlines reported approximately USD 24.1 billion in total revenue and USD 2.2 billion in operating profit, according to financial results reported on 5 March 2026.¹⁹

Anadolu Agency reported approximately USD 2.7 billion in consolidated net profit for 2025, based on the company’s KAP financial disclosure.²⁰

Controlling-principal investments

The company’s first-quarter 2026 governance report identifies its directors and senior executives, including Murat Şeker and Ahmet Olmuştur, following appointments in April 2026.¹³

No public evidence identified establishing material personal or family-office investments by these individuals in Israeli companies, Israeli sovereign debt, Israeli defence manufacturers, or settlement-active enterprises.¹³

Operational Presence & Market Activity

Historical Israel operations

Turkish Airlines maintained scheduled passenger operations between Istanbul and Tel Aviv before October 2023, including more than ten daily flights before the suspension.²¹

Globes reported that Turkish Airlines had ranked fourth among carriers serving Ben Gurion Airport in the summer of 2023.²¹

Globes subsequently reported that during July–August 2023 more than 5% of Ben Gurion Airport passengers travelled with Turkish Airlines, and that peak daily flight frequencies had reached sixteen.²²

These are historical commercial operating figures, with scheduled passenger service discontinued in October 2023.²³

Suspension of commercial passenger flights

On 10 October 2023, Turkish Airlines Senior Vice President for Media Relations Yahya Üstün announced that flights to Israel had been suspended until further notice.²³

On 3 April 2024, Globes reported that the suspension had been extended through the period then available for booking, with Istanbul–Tel Aviv flights cancelled until March 2025.²¹

On 13 January 2025, Globes reported that Turkish Airlines continued retaining takeoff and landing slots at Ben Gurion Airport despite its suspended flights.²⁴

A February 2025 Turkish Minute report discussed a possible June 2025 resumption, citing aviation-industry reporting; this was a prospective scenario and did not establish that flights resumed.²⁵

On 28 April 2025, Globes reported that Turkish Airlines and Pegasus had relinquished their Ben Gurion Airport slots, allowing those slots to become available to other airlines.²²

Ynet independently reported on 28 April 2025 that Turkish Airlines and Pegasus would not resume the previously suspended Tel Aviv services.²⁶

Commercial significance of the historical route

Globes reported on 28 April 2025 that industry sources regarded Istanbul–Tel Aviv as one of Turkish Airlines’ more profitable routes, particularly because of connecting passengers using Istanbul for onward international travel; the report did not provide audited route-specific profit figures.²²

Post-July 2024 activity

The January 2025 retention of Ben Gurion Airport slots establishes that Turkish Airlines continued holding airport operating rights after 19 July 2024 and after November 2024 while scheduled passenger flights remained suspended.²⁴

The April 2025 relinquishment of those slots establishes a subsequent change in the company’s reported commercial operating rights at the airport.²²

Passenger-flight status in 2025–2026

A September 2025 ch-aviation report confirmed that Turkish Airlines and Pegasus had surrendered their Ben Gurion Airport slots in April 2025 and described a near-term return to the Israeli market as unlikely.²⁷

No public evidence identified in the retrieved material establishing the resumption of scheduled Turkish Airlines passenger flights between Istanbul and Tel Aviv by 23 October 2026.^{27, 7, 8}

2026 cargo schedule: TK6246

FlightMapper lists TK6246 as a scheduled Tuesday Istanbul–Tel Aviv Boeing 777 freighter service during 31 March–20 October 2026 and identifies Tel Aviv–Cairo and Cairo–Istanbul as subsequent segments under the same flight number.⁷

FlightStats independently displays TK6246 as scheduled from Istanbul to Tel Aviv on 20 October 2026, with departure at 19:05 and arrival at 21:05, but supplies no actual movement times and indicates that positional tracking was unavailable.¹¹

Flightradar24’s retrieved September 2026 TK6246 entries identify Istanbul–Tel Aviv services with statuses including “Unknown” and “Not available”; the same flight-number history contains separately documented flights on other routes.⁹

Flightera’s 20 October 2026 history lists the Istanbul–Tel Aviv segment as “Unknown” while separately displaying an “On Time” status for the subsequent Tel Aviv–Cairo segment.²⁸

A privately operated Tel Aviv cargo-flight listing records TK6246 in September and October 2026 cargo timetables, including entries for arrival from Istanbul and departure to Cairo.¹⁶

FlightMapper’s Istanbul–Tel Aviv route listing also identifies TK6246 as a scheduled cargo service, with its published timetable period extending through 20 October 2026.²⁹

No public evidence identified in these records establishing an actual completed TK6246 Istanbul–Tel Aviv movement during 2026 through an authenticated airport movement, aircraft registration matched to the route, or independently verified actual departure and arrival times.^{9, 11, 16, 28}

2026 cargo schedule: TK6342

FlightMapper lists TK6342 as a scheduled Thursday Istanbul–Tel Aviv Boeing 777 freighter service from 2 April through 22 October 2026, departing at 17:40 and arriving at 20:00.⁸

PlaneMapper contains corresponding 2026 Thursday schedule entries but does not provide actual departure and arrival timestamps or aircraft registrations for the retrieved Tel Aviv entries.¹²

Flightradar24’s retrieved TK6342 flight history includes a July 2026 Istanbul–Tel Aviv entry marked “Unknown”, without independently demonstrated actual movement data.¹⁰

No public evidence identified establishing historical TK6342 aircraft-registration records that independently verify a completed 2026 Istanbul–Tel Aviv movement.

FlightMapper’s Istanbul–Tel Aviv route listing also identifies TK6342 as a scheduled cargo service, with its published timetable period extending through 22 October 2026.²⁹

No public evidence identified establishing an actual completed 2026 TK6342 Istanbul–Tel Aviv movement supported by authenticated airport records, matching aircraft registration and trajectory, or independently verified departure and arrival times.^{10, 12}

Cargo attribution and commercial deliveries

FlightMapper and the additional aviation listings attribute the published TK6246 and TK6342 schedules to Turkish Airlines or Turkish Airlines Cargo.^{7, 8, 12}

The retrieved records establish publication of scheduled services but do not independently establish the operating aircraft, actual performance of either Tel Aviv segment, or completion of commercial carriage to an Israeli consignee.^{9, 10, 11, 12}

No public evidence identified establishing specific Israeli consignees, shipment dates supported by completed movements, cargo manifests, airway bills, commodity origins, or transaction values for either examined 2026 route.^{9, 10, 16, 28}

Israeli offices and workforce

No public evidence identified establishing the present size of a Turkish Airlines workforce in Israel, the current operation of an Israeli company-owned office, or the airline’s Israeli tax-registration position.²

Broader group operations

Turkish Airlines carried approximately 92 million passengers worldwide in 2025, according to financial reporting published in March 2026.²⁰

In September 2026, Anadolu Agency reported that the airline had transported approximately 64 million passengers during January–August 2026, representing 5.4% year-on-year growth.³⁰

These consolidated traffic figures do not separately disclose passenger or cargo revenues attributable to Israel.³⁰

Settlement-related operational presence

No public evidence identified establishing Turkish Airlines-operated facilities in Israeli settlements, commercial flights to settlement airfields, settlement-based cargo handling contracts, or verified cargo shipments to settlement consignees.^{2, 9, 10, 16}

Corporate Structure & Foundational Ties

Founding and incorporation

Turkish Airlines is a Turkish aviation enterprise whose activities include domestic and international passenger and cargo transportation.¹⁷

The airline’s historical founding in Türkiye dates to 1933 [pre-2020], while its Turkish institutional and ownership position is documented in the ministry’s 2024 ownership report.¹⁷

Headquarters and domicile

Turkish Airlines’ corporate and operating activities are centred in Türkiye, with Istanbul serving as its principal international aviation hub.^{13, 18}

No public evidence identified establishing incorporation in Israel, Israeli corporate tax residence, Israeli Preferred Technology Enterprise status, or a dual Israeli operational headquarters.^{2, 17}

State ownership and institutional ties

The Türkiye Wealth Fund held 49.12% of Turkish Airlines in the ministry’s 2024 ownership report, demonstrating substantial Turkish state investment.¹⁷

The report records Turkish Airlines’ 2024 gross sales at TRY 745.43 billion and its year-end employment at 34,974 employees for the reporting entity covered by the ministry table.¹⁷

Corporate governance

The company identifies Murat Şeker as chairman of its board and executive committee from 9 April 2026.¹³

The company identifies Ahmet Olmuştur as chief executive officer and a member of the board and executive committee from 9 April 2026.¹³

Its first-quarter 2026 board activity report identifies Şekib Avdagiç, Melih Şükrü Ecertaş, Ramazan Sarı, Özgül Özkan Yavuz, and Gülden Nacar among its directors and committee participants.¹³

No public evidence identified establishing material Israeli personal or family-office investments by these directors or governance rights held by the Israeli state.¹³

Israeli-Nexus factual factors

Founded in Israel: no public evidence identified; the documented incorporation history is Turkish.¹⁷

Headquartered in Israel: no public evidence identified; the documented operating centre is in Türkiye.^{13, 18}

Israeli tax residence or Preferred Technology Enterprise status: no public evidence identified.²

Controlled by Israeli capital: no public evidence identified; the disclosed ownership structure includes a substantial Türkiye Wealth Fund holding.¹⁷

Acquired-identity investigation

No public evidence identified establishing a Turkish Airlines-controlled Israeli operating company, including an Israeli manufacturer, food producer, cybersecurity company, pharmaceutical manufacturer, or infrastructure operator.²

Group attribution

The airline’s regulatory filings describe its consolidated corporate activities and related-party arrangements, including the substantial TFS Akaryakıt fuel-supply relationship disclosed in March 2026.^{1, 2}

No public evidence identified establishing that a parent, controlled subsidiary, or disclosed controlling principal operates an Israeli settlement enterprise or owns a controlling Israeli manufacturer, technology company, or infrastructure operator.^{2, 13, 17}

Settlement-specific governance

No public evidence identified establishing Israeli state golden shares, settlement-related constitutional provisions, or corporate governance mechanisms obliging Turkish Airlines to support Israeli settlement policies.^{13, 17}

Profit Repatriation & Economic Contribution

Historical economic contribution through air transportation

Before October 2023, Turkish Airlines operated frequent scheduled flights connecting Israel with Istanbul and its international route network.²¹

During July–August 2023, Turkish Airlines accounted for more than 5% of Ben Gurion Airport passenger traffic, according to Globes.²²

The carrier’s frequent flights constituted a documented commercial transport service for the Israeli passenger market during that historical period.²²

Revenue attribution

Globes reported on 28 April 2025 that aviation-industry sources considered Istanbul–Tel Aviv an important and profitable route for Turkish Airlines because of its connecting traffic, although no audited Israel-specific revenue or profit figure was disclosed.²²

No public evidence identified establishing the precise annual Israeli-market revenue, operating profit, tax expense, or airport-service expenditure attributable to Turkish Airlines.²

Profit repatriation

The documented ownership structure places substantial equity ownership with the Türkiye Wealth Fund, while Turkish Airlines reports consolidated financial results through Türkiye’s Public Disclosure Platform.^{2, 17}

No public evidence identified establishing a distinct Israeli profit-repatriation arrangement, dividend distribution to an Israeli controlling shareholder, or transfer of the airline’s consolidated profits into an Israeli-domiciled parent company.^{2, 17}

Financial reporting

The company’s disclosed 2025 consolidated net profit was approximately USD 2.7 billion, compared with total revenue of approximately USD 24.1 billion.^{19, 20}

The retrieved consolidated disclosures do not establish how much of those results, if any, arose from Israeli operations during 2025.²

Broader economic ecosystem

For the historical period preceding October 2023, Turkish Airlines provided extensive aviation connectivity through Istanbul, with its Ben Gurion traffic share exceeding 5% during July–August 2023.²²

The April 2025 relinquishment of its Ben Gurion slots ended the continued reservation of those particular airport operating rights.²²

Post-November 2024 economic contribution

No public evidence identified establishing scheduled Turkish Airlines passenger flights operating to Israel after November 2024; the retrieved reports instead document continued suspension and the subsequent relinquishment of airport slots in April 2025.^{22, 24}

FlightMapper nevertheless published 2026 Istanbul–Tel Aviv cargo schedules for TK6246 and TK6342, including scheduled services after both 19 July 2024 and November 2024.^{7, 8}

The retrieved independent tracking records do not establish that the scheduled 2026 Tel Aviv cargo movements were completed.^{9, 10, 11, 12}

No public evidence identified establishing revenues earned from completed 2026 cargo shipments to Israeli consignees under TK6246 or TK6342.^{9, 10, 16, 28}

No public evidence identified establishing Turkish Airlines’ post-November 2024 sales, investments, or operating revenues connected specifically with Israeli settlements in the occupied West Bank, East Jerusalem, or occupied Golan Heights.^{2, 9, 10}