AviAlliance Eyes More Airport Investment Opportunities While Defending Its Budapest Airport Stake

Justin Lee

Singapore

June 10, 2022

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AviAlliance

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In 2021, AviAlliance , the wholly-owned subsidiary of Canadian Public Sector Pension Investment Board (PSP Investments), saw all of its five airports in its portfolio – Athens, Budapest, Dusseldorf, Hamburg and San Juan – experiencing the start of the recovery in passenger traffic due to the lifting of travel restrictions.

Source: AviAlliance Corporate Presentation

Total passenger traffic for AviAlliance’s five airports in 2021 were at 39.8 million, a 42.1% increase compared to total passenger traffic for 2020, though total passenger traffic in 2021 was still 57.7% lower than the total passenger traffic in 2019. At Budapest Airport, 4.6 million passengers passed through its terminals in 2021. This was a 17.9% increase in passenger throughput compared to the previous year, even though Budapest Airport’s 2021 throughput was still 71.6% lower than that of the year 2019.

Source: AviAlliance Corporate Presentation

Nevertheless, the increase passenger traffic at Budapest Airport translated into improvements of Budapest Airport’s financial performance. In 2021, Budapest Airport’s sales revenues increased by 23.4% year-on-year to EUR143.6mn (56.6% lower compared to 2019 revenues), while EBITDA increased by 57.2% to EUR59.9mn (75.5% lower compared to 2019 EBITDA). 

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