Record passenger numbers and infrastructure investment drive growth for Manchester Airports Group

Record passenger numbers drove Manchester Airports Group (MAG) to a strong first-half performance, as it continued to invest in its infrastructure for growth.

The group, which operates Manchester, London Stansted and East Midlands Airports, also revealed strong growth in its travel services business, CAVU, in half-year interim results. The reported adjusted EBITDA up 7.4% year-on-year to £405.9 million and profit before tax of £144.6 million. Total revenues for the group were up 10.5% on the same period in 2024, at £850.6 million.

Across the six months to 30 September 2025, MAG’s airports handled 38 million passengers, up 1.9% on the same period last year. Growth was driven by the addition of new routes and extra frequencies from its major airlines, like Ryanair, easyJet and Jet2. It also welcomed a number of new carriers to its airports, including India’s biggest airline, IndiGo, which has started services from Manchester Airport to Mumbai and Delhi.

The Group said the performance has set it up well to continue its current programme of investment, with Manchester’s Terminal 2 transformation due to complete in the second half of this year. However, it cautioned the more than doubling of business rates announced at last week’s Budget would cause it to review wider investment plans and will inevitably lead to price increases for consumers.

MAG CEO Ken O’Toole said:

“It is pleasing to report strong interim results, driven by our focus on maximising the choice we give to passengers in all parts of the country.

“One in five UK air passengers use a MAG airport and we are committed to providing them the best possible value when they travel for business, leisure or to visit friends and family. That is reflected in the strong passenger performance we saw in the first half, which drove both revenue and EBITDA growth.

 “Our diversification into global travel services is also working well, with CAVU growing the number of lounges it operates around the world and the variety of products it sells through its digital platform.

“MAG is the largest transport investor outside the M25 and we have plans to build on the historic £1.3bn transformation of Manchester Airport with a further programme of major investment over the next five years. That will unlock growth in the regions we serve, powering the UK economy.

“The Government’s policy support for airport expansion provides a welcome backdrop for that. It has rightly put aviation at the heart of its growth mission. But unprecedented increases to business rates risk holding the sector back by making travel more expensive for consumers and undermining investment cases.

“That is why we need a realistic rates settlement in the Treasury’s upcoming review to give us the confidence to proceed with our investment plans as they are.”

MAG also delivered a strong operational performance across the reporting period, with more than 97% of all passengers passing through security in 15 minutes or less at all three of its airports.

Recent data also showed high levels of passenger satisfaction across the Group. Between April and September, 98% of passengers rated their experience at East Midlands Airport as ‘Good, ‘Very Good’ or ‘Excellent’, with the figure standing at 93% at Manchester Airport and 95% at London Stansted.