UK. London Heathrow Airport today (25 February) reported full-year financial results, with retail revenue climbing +2.5% year-on-year to £791 million (US$1,068 million). The growth figure outstripped the +0.7% rise in passenger traffic to 84.5 million.
Of retail performance, the company commented in its results presentation: “Higher passenger numbers boosted performance in food & beverage, premium services and car parking [and were] offset by weakness in advertising and bureaux de change in line with global trends.”
Retail revenue per passenger reached £9.36 (US$12.65), up +1.7% year-on-year.
Overall group revenue posted a +1.8% increase to £2,258 million (US$3,050 million) with a flat adjusted EBITDA of £2 billion (US$2.7 billion), as the benefit of higher passenger numbers was offset by lower airport charges set by the Civil Aviation Authority, increased maintenance costs and the expenditure needed to support operational performance.
The company also noted that maintaining its “ageing asset base is demanding an increased spend”.
Pre-tax profit fell -38.9% compared to 2024, reaching £275 million (US$371 million).
Looking ahead, the airport company will spend £1.3 billion (US$1.76 billion) over the coming year in capital investment programmes. This will kickstart work to revamp Terminal 4, move ahead with the new baggage system design for Terminal 2 and drive improvements to services for passengers with accessibility needs.
Further traffic growth is forecast for 2026, with the airport on track for an uplift to 85 million passengers. Heathrow stated, “Demand continues to outpace the limits of the airport’s current infrastructure reinforcing the need for expansion.”
CEO Thomas Woldbye said: “Last year everyone at Heathrow rallied behind our ambition to deliver exceptional operational performance for our customers. Not only did we meet that goal, we surpassed it and achieved record‑breaking service levels.
“With strong foundations in place and with the airport now operating very close to capacity, the next chapter is crucial to our success. Expansion will unlock significant economic benefits and create an extraordinary airport, fit for the future. In 2026, we’ll continue progressing our plans so we can deliver for both our customers and for the country.” ✈
