MAG progresses infrastructure investment in the first-half of the year, as record passenger volumes drive strong performance
UK’s largest airports group served 38m passengers between April and September
MAG’s profit before tax was £144.6m
Investment programmes continue across the Group, with decade long transformation of Manchester Airport nearing completion
The Group retained its five-star GRESB ESG rating for the fifth year in a row
Record passenger numbers drove the UK’s largest airports group, MAG, to a strong first-half performance, as it continued to invest in its infrastructure for growth.
The Manchester-headquartered Group also saw good growth from its travel services business, CAVU, which now has a presence in more than 300 airports worldwide.
MAG – which owns Manchester, London Stansted and East Midlands Airports – today published its interim results for the period to 30 September, which showed adjusted EBITDA up 7.4% year-on-year to £405.9m. Profit before tax was £144.6m (FY25: £139.6m).
That was on revenues of £850.6m, up 10.5% on the same period in 2024.
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.”
Across the six months, MAG’s airports handled 38m 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, some of which started flying to the UK for the first time. That included India’s biggest airline, IndiGo, which started a Mumbai service and has since added a route to Delhi which started earlier this month.
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.
Divisional summaries:
Manchester Airport
In the first half of the year, Manchester Airport had the busiest summer season in its history – serving 18.5m passengers, up 3.9% on the same period last year.
The airport’s global reach continued to grow over the period, attracting new long-haul carriers. Alongside the IndiGo launches, Norse Atlantic Airways announced a direct route to Bangkok, which started last week. It makes Manchester the only airport outside of London with a direct route to the Thai capital.
With the airport’s decade long £1.3bn transformation programme nearing completion, a series of significant milestones were reached in the first half of the reporting year, including opening of new check-in facilities and an extension to Terminal 2’s departure lounge.
Upon completion, the scheme will unlock the potential of Manchester’s existing runways, enabling growth to 45-50 million passengers per annum (mppa).
London Stansted
A record-breaking six months saw London Stansted serve 16.8m passengers, an increase of 0.6% on FY25.
The airport continues to offer the UK’s most extensive network of European destinations and added several new routes during the period. Royal Air Maroc introduced the first direct flight to Casablanca from Stansted, while Turkish Airlines confirmed it would start 14 weekly flights to Istanbul from March 2026.
Air Algerie also began direct flights to Algiers, while Transavia launched a service to Rotterdam. Emirates’ twice-daily service to Dubai continued to perform well, offering both direct travel and global connections.
In June, the airport submitted a planning application to increase its approved passenger numbers from 43mppa to 51mppa. This increase will be achieved by making best use of Stansted’s existing runway without the need for any increase in its number of aircraft movements.
The airport began construction on its 14.3MW on-site solar farm during the period. The farm – which will be the only one at a London airport – will contribute to Stansted’s current and future energy needs.
East Midlands
Celebrating its 60th year in April, East Midlands cemented its role as the UK’s busiest and fastest-growing pure freight airport.
It handled more than 200,000 tonnes of cargo between April and September. This was an increase of 9.7% on FY25, with year-on-year growth rates in excess of 20% in some months. That was driven by additions to its cargo network across the period.
In May, Chinese logistics firm YunExpress began a twice weekly service from the airport, marking its first UK route. Atlas Air and Saudia Cargo both started services to the US and China, while Ethiopian Cargo started a twice-weekly flight to China in the summer.
The airport also unveiled its vision to unlock its full cargo potential through a new 100-hectare advanced logistics and manufacturing park, which would meet the estimated 54% growth in demand for express air freight from East Midlands, and create more than 20,000 jobs.
The airport’s development partner, Prologis, has submitted a planning application to North West Leicestershire District Council, with a committee decision expected in early 2026. Subject to approval, construction could begin later in the year.
The airport continued to welcome new routes to its European network. In April, TUI launched a route to Boa Vista, alongside a new route to Burgas in Bulgaria. Jet2.com, celebrating its 15th year operating out of the airport, announced two new routes to Berlin and Budapest. It also introduced extra capacity to Corfu, alongside additional winter capacity for services to Malaga, Alicante, Faro, Malta, Paphos and Tenerife.
CAVU
CAVU is MAG’s digital travel services business. It also operates airport lounges worldwide under the escape brand. In the first half, CAVU continued to scale its global operations, offering digital travel services to more than 300 airports across 48 countries.
Within its Marketplace Division, CAVU scaled it’s Propel platform through several new partnerships with businesses including Expedia, Collinson and Dragon Pass.
It’s airport lounge operations also grew, with openings in Puerto Rico, Tulsa, Edinburgh, Bristol, and Brisbane, as well as several lounge extensions including in Sacramento.
Creating a sustainable future for all
Under its 2025-2030 Sustainability Strategy: Creating a sustainable future for all, MAG is shaping the future of sustainable travel by minimising environmental impacts and acting as a positive force in local communities and the regions it serves.
The Strategy –published in May - builds on more than two decades of consistent focus, which has made sustainability a central strategic business priority across the Group. It sets a number of targets to achieve its sustainability goals, including transitioning to net zero operations by 2038, achieving a 48% reduction in MAG scope 1 and 2 market-based emissions by 2030 and supporting 70,000 young people through MAG’s education programmes over the next five years.
In recognition of its commitment to creating a more sustainable future for all, MAG was pleased to retain its five-star ESG rating for the fifth year in a row from GRESB – a leading independent sustainability benchmarking tool.