SPAIN. Global travel hospitality operator Areas has reported record financial results for 2025 and outlined plans to surpass €3 billion in revenue in the coming years.
The company generated revenue of €2.264 billion in 2025, up +2.2% year-on-year, while EBITDA increased +12.6% to a record €250 million.
EBITDA margin reached 11.1%, which Areas claimed represents the highest operating margin in the travel hospitality sector.
Reported revenue growth was affected by foreign exchange movements in the USA and Mexico, while refurbishment works at Spain’s two largest railway stations limited contributions from those locations.
Areas said it expects revenue to rise to €2.7 billion in 2026, driven by newly awarded contracts, continued expansion in the US and additional acquisition opportunities under evaluation.
Areas Global CEO Óscar Vela said: “The 2025 results reflect the strength of our business model and the work carried out over recent years.
“We have a solid platform for growth, supported by new projects, greater scale in key markets and an increasingly efficient operating model, which will enable us to continue strengthening both our revenues and profitability in the years ahead.”
Key activity
The company secured 64 contracts over the past 18 months, representing more than €3.1 billion in future guaranteed revenue.
Around €1.9 billion of this total relates to Europe, €940 million to the USA and €297 million to Latin America.
In Spain, Areas was the main winner in the recent major food & beverage tender at Barcelona-El Prat Airport, where it will operate 22 outlets.
The company also renewed positions in Palma de Mallorca and Portugal and strengthened its presence at Italian airports, including Rome Fiumicino, Venice and Brindisi.
In the USA, Areas secured new business at Miami and Los Angeles international airports, while extending concessions on the Florida Turnpike.
In Latin America, the company expanded operations at Mexico City International Airport, Guadalajara Airport and Santiago Airport in Chile.
THS acquisition drives US expansion
A key development during the year was the acquisition of Travel Hospitality Services (THS) from Delaware North, completed at the end of 2025.
The transaction has made the USA Areas’ largest market, accounting for 28% of group revenue, and strengthened its position as the second-largest travel hospitality operator in the country.
Following the integration of THS, Areas now operates in 27 US airports and more than 400 points of sale nationwide.
The company employs nearly 6,000 people in the market and generates close to €800 million in annual revenue there.
The acquisition further shifts the group’s geographic balance, with more than 80% of revenue now generated outside Spain.
Areas currently operates more than 2,200 outlets across 11 countries and serves over 350 million travellers annually through airports, railway stations, motorways, leisure destinations and exhibition venues. 
