IRELAND. State-owned travel retailer ARI has reported €42 million in profits for 2025, a rise of almost +17% year-on-year, according to parent company DAA.
Managed turnover for the year reached €1.38 billion. This was marginally down year-on-year, noted ARI, following its exit from the Delhi Duty Free business in July 2025. Excluding this impact, ARI year-on-year sales grew +8%. [Note: Delhi Duty Free was formerly run as a joint venture between Delhi International Airport Limited, ARI subsidiary Yalorvin Limited and GMR Airports, with GMR taking control last year.]
ARI said that the performance across the year was driven by “sustained investment in customer experience, retail innovation and the ‘Joy on Your Way’ approach to passenger engagement, despite ongoing geopolitical and economic challenges across several key markets”.
ARI’s portfolio includes direct and indirect interests across 12 countries in North America, Europe and the Middle East. The company also holds minority shareholdings in Düsseldorf Airport, Larnaca International Airport and Paphos International Airport, and operates the retail businesses at Dublin and Cork airports.
The profit figures above take into account a €21 million share of profit from associates and joint ventures.
ARI Chief Executive Officer Ray Hernan commented: “2025 was another very strong year for ARI, reflecting the commitment and resilience of our teams across the business. Through continued investment, major refurbishments, new store openings and strong partnerships, we maintained momentum across our global estate while continuing to enhance the passenger experience.”
Key developments during the year included the launch of the refurbished Portugal Duty Free retail concept, continued investment in customer experience and retail innovation, and the delivery of several major refurbishment and commercial initiatives across ARI’s global estate.
2025 marked the third full year of operations for Portugal Duty Free, with the new retail concept officially unveiled in spring 2025. The award-winning proposition delivers a world-class travel retail experience, showcasing Portugal through immersive sense of place design, innovative retail technology and an enhanced product offering.
The extensive refurbishment programme concluded in Q1 2026 with the completion of the Porto store, the final location within the network to undergo transformation.
ARI Middle East (ARIME), which comprises businesses in Bahrain, Cyprus, Lebanon, Oman, Saudi Arabia and UAE, posted “a strong year despite continued geopolitical uncertainty across the region”, ARI noted. Performance across the portfolio remained resilient, it added, supported by a diversified footprint and strong local partnerships.
ARI’s retail operations at Larnaca and Paphos airports in Cyprus posted +20% growth in turnover to more than €135 million.
ARI noted: “The business delivered a strong profit performance, benefitting from an extended peak season and continued strong spend from UK passengers following the reintroduction of post-Brexit duty-free allowances. The F&B operation, in partnership with SSP, also performed very strongly.”
Muscat Duty Free delivered “very strong performance” in 2025, supported by increased liquor and tobacco allowances in arrivals.
Abu Dhabi Duty Free continued to perform strongly in 2025, said ARI, with the local team working with the airport “to enhance passenger flow and further optimise the retail experience through a range of airport-supported initiatives and promotional activities”.
ARI’s retail operations in Canada performed ahead of 2024 levels despite the business being hit by a fall in US-Canada traffic. A big refurbishment of the main retail area at Montréal Duty Free began this year.
As noted above, ARI’s joint-venture operation at Delhi International Airport concluded in July 2025 following a strategic decision by GMR to operate retail activities directly.
ARI said its operations at Podgorica and Tivat airports in Montenegro continued to trade profitably despite the continued absence of high-spending Russian and Ukrainian passengers. Performance in Montenegro was further strengthened by the addition of a new retail unit in Tivat Terminal 2.
Hernan concluded: “ARI continued to build momentum throughout 2025, delivering another record year of profitability through investment, innovation and a continued focus on enhancing the passenger experience. We remain ambitious about the future and confident in the strength of our partnerships, our people and our global portfolio as we continue to grow the business.” ✈
