UK. London Heathrow Airport today reported results for the first nine months of 2026, with retail revenues climbing marginally year-on-year (+0.7%) to £592 million (US$793 million).
Total revenue slipped by -0.7% year-on-year to £2,684 million (US$3,596 million), with Adjusted EBITDA down by -6% to £1,441 million (US$1,931 million) and Adjusted pre-tax profit down -18.4% to £177 million (US$237 million).
Passenger traffic in the nine-month period dipped -0.6% year-on-year to 62.9 million, with a -23.2% contraction in Middle East traffic a key factor.
The airport company is projecting full-year traffic to reach 83.6 million passengers (June Investor Report), which would represent a -1% dip compared to 2025. Non-aeronautical revenue is expected to grow +5.4% year-on-year in 2026 though within this retail will be broadly flat.
An airport company statement noted that with Heathrow “full and unable to serve the 40 airlines queueing to join or secure more slots, the airport lost its crown as the most connected airport in the world to Istanbul, as other countries invest in their hub airport connectivity”.
With a third runway on the agenda, Heathrow CEO Thomas Woldbye addressed a parliamentary committee in recent days to say that expansion will drive jobs, innovation, trade and investment, unlocking 108,000 jobs and 5,000 apprenticeships, £17 billion added to the economy per year by 2050 and the opportunity to add £150 billion of trade annually through the UK hub.
The company has cited support for the project from leaders across business, trade unions, regional airports and politics. Heathrow’s consultation opens next week where local people will be invited to learn more and have their say on the airport’s expansion plans.
Heathrow management said that “early certainty” is essential from the UK Civil Aviation Authority as it develops its future regulatory framework.
“An investable, stable and financeable regime that provides a fair return for investors will be critical to maintaining customer service, resilience and the infrastructure required for the country’s hub airport,” said a statement.
Heathrow CFO Sally Ding said: “This summer demonstrated both Heathrow’s strong operational delivery during our busiest day ever and the vital role the UK’s hub airport plays in connecting passengers, businesses and trade to the world. But as competitor hubs grow and Heathrow risks falling behind, we must progress with expansion.
“Expansion is already unlocking opportunities across the UK. From signing agreements with Welsh steel suppliers to hosting skills and supply chain events in Birmingham and Liverpool, we are supporting businesses to take up the opportunities created by this nationally significant project now. We welcome the growing consensus across business, politics and industry backing expansion and, with the right policy and regulatory conditions in place, we stand ready to deliver the benefits of the project as quickly as possible.”
Click here for a recent interview with Heathrow Retail Director Fraser Brown about commercial plans and performance. ✈
