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Korea Airports Corporation: Regional Traffic Growth Supports Expansion Amid Financial Pressures
Justin Lee
October 26, 2026
© Kimhs5400 / Wikipedia
Korea Airports Corporation (KAC), which operates 14 airports across South Korea excluding Incheon International Airport, recorded strong growth in international passenger traffic during the first half of 2026 (H1 2026), supported by expanding regional connectivity and increasing demand for Northeast Asian destinations. International passenger traffic across KAC's regional airports reached 12.27 million, representing a 24.4% year-on-year (YoY) increase. International aircraft movements rose by 22.1% to 71,601, while the regional airports' share of South Korea's international passenger traffic increased from 21.5% to 24.3%.
The traffic recovery contrasted with KAC's continuing financial challenges. Although H1 2026 financial results are not available, KAC generated consolidated revenue of KRW976.2bn in FY2025, an increase of 4.5% YoY. However, its operating loss widened to KRW18.7bn from KRW11.5 billion in FY2024, while its net loss stood at KRW51.9bn. Operating expenses continued to increase faster than revenue, with cost of sales rising by 6.3% to KRW863.2bn.
KAC's consolidated assets increased by 1.6% to KRW4.93tn at end-2025, while liabilities rose by 9.5% to KRW1.65tn. Its debt-to-equity ratio increased to 50.1%, compared with 44.9% a year earlier, reflecting growing investment and financing requirements.
© Ken Eckert / Wikipedia
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