Over the past 12 months, the airport portfolio of GIC has continued to demonstrate a strong recovery in passenger demand alongside resilient financial performance, supported by capacity investments and long-term strategic positioning across key global hubs.

At Heathrow Airport—one of GIC’s most significant airport holdings—traffic reached a record 84.5 million passengers in 2025, reaffirming its status as Europe’s busiest hub. Growth is expected to continue into 2026, with passenger volumes projected to approach 85 million. Financially, Heathrow reported revenue of GBP3.6bn for the year ended December 2025, while adjusted EBITDA remained stable at GBP2.0bn. The relatively flat earnings performance reflects regulatory pressure on airport charges and higher operating and maintenance costs, even as traffic volumes increased. The airport also resumed shareholder distributions, paying GBP550mn in dividends, its first payout in five years—highlighting improved financial stability.

In Asia, Shenzhen Bao’an International Airport delivered another year of record growth. Passenger traffic reached 66 million in 2025, up 8% year-on-year, while cargo throughput rose 9% to 2.05 million tonnes. International connectivity also strengthened, with more than 6.3 million international passengers and over 100 international routes. The airport’s performance underscores the continued recovery of China’s aviation sector and Shenzhen’s role as a major logistics and technology hub.