Over the past 12 months, VINCI Airports delivered a year of solid operational and financial performance, supported by sustained recovery in global air travel and continued network expansion.

In 2025, VINCI Airports handled over 334 million passengers, representing an increase of approximately 5% year-on-year (+16 million passengers), broadly aligned with global aviation recovery.

From a financial perspective, the division generated €4.8 billion in revenue (+6.0%) and approximately €3.0 billion in EBITDA, maintaining a high EBITDA margin of 63.4%, in line with last year.

VINCI Airports did not complete any major new acquisitions or concession wins in 2025, with activity instead focused on integrating recently acquired assets such as Edinburgh and Budapest and advancing development programmes across its existing portfolio.

Portfolio Traffic performance

Traffic growth in 2025 was supported by three primary drivers:

• Expansion of low-cost carriers, particularly in Europe
• Acceleration of long-haul connectivity, notably in Portugal and the UK
• Strong contribution from recently acquired assets, including Edinburgh and Budapest

The addition of 400 new routes across the network further supported passenger growth and improved connectivity.

Key traffic highlights include:

• Cabo Verde recorded the strongest increases in the portfolio (+16%), supported by European leisure demand. Although absolute volume with 3.5 million passengers is relatively minor.
• Budapest delivered double-digit growth (+12% to 19.6 million), driven by low-cost carriers such as Wizz Air and Ryanair.
• Edinburgh continued strong expansion (+7.5% to 17 million), supported by Mediterranean and domestic UK routes.
• In Portugal, the ANA network reached 72.5 million passengers (+4.7%), with Lisbon benefiting from long-haul expansion to Asia and Latin America.
• Japan stood out with +10% traffic growth, despite geopolitical headwinds late in the year, highlighting strong recovery in international travel.
• Mexico (OMA): +8.9%, supported by domestic airline expansion.

Vinci portfolio traffic growth per country (passengers 2025 vs 2024)

In the Dominican Republic, traffic declined last year, reflecting a combination of airline capacity reductions on key US routes and softer demand from North American source markets, alongside a continued concentration of traffic towards Punta Cana, which captured the majority of incremental growth within the country.

Traffic at London Gatwick declined slightly during the period, primarily reflecting a reduction in short-haul passenger volumes linked to airline capacity constraints and network adjustments which led to fewer short-haul flights. However, strong growth in long-haul routes to Africa, Asia, and the Middle East did partially offset declines in short-haul volumes.