Financial performance improved in 2025 despite softer passenger volumes at Dalaman and the fact that NTO remains in its construction phase. Airports division revenue increased 22.9% to EUR111mn, while adjusted EBITDA rose 41.2% to EUR37mn.

At Dalaman, passenger traffic reached 5.6 million in 2025, down 1.1% year-on-year. The decline was concentrated in international traffic, which accounts for around 65% of the airport’s passenger base. Persistent high inflation in Türkiye, without a corresponding depreciation of the lira, made the destination relatively more expensive for overseas visitors. However, revenue increased 3.6% to EUR85mn and adjusted EBITDA rose 2.5% to EUR66mn, producing a 77.5% EBITDA margin. The improved financial performance despite lower traffic was supported by stronger commercial income following upgrades to the airport’s retail and food-and-beverage areas.

Traffic weakened further in the first half of 2026. Dalaman handled 1.8 million passengers, down 8.1% year-on-year. The geopolitical disruption in the Middle East was a large contributor to this trend evidenced by the particular decline of 10.8% in the second quarter. Revenue in H1 fell 10.3% to EUR26mn and adjusted EBITDA declined 13.7% to EUR17mn.

NTO has yet to generate passenger traffic or airport operating revenue. JFK-wide figures provide an indication of the underlying market that the terminal will serve. JFK handled approximately 62.6 million passengers in 2025, compared with 63.3 million in 2024. Traffic was subsequently around 5% lower during H1 2026. Financial activity at NTO remains investment-led. Ferrovial invested EUR236mn in the project during 2025 and a further EUR63mn in Q2 2026, completing its scheduled equity commitment of approximately USD1.142bn. Phase A is supported by approximately USD9bn of funding, including USD2.3bn of committed consortium equity and around USD6.5bn of capital-market proceeds.