Europe’s airports face the ‘Great Decoupling’
European airports are entering a period of profound transition in which passenger traffic growth alone can no longer guarantee financial sustainability, according to ACI EUROPE’s latest assessment of the industry.
Presented at the 36th ACI EUROPE Annual Congress & General Assembly in Prague, the ACI EUROPE Director General Olivier Jankovec’s annual State of the Industry analysis warns that airports are facing what he describes as the ‘Great Decoupling’ – a growing disconnect between passenger growth, profitability and investment capacity.
While passenger demand has remained resilient despite geopolitical tensions, rising air fares and economic uncertainty – traffic recovery has become increasingly uneven. Only around 6/10 European airports have fully recovered to their 2019 passenger volumes, with growth concentrated in leisure-focused markets and airports served by Ultra Low-Cost carriers. At the same time, intensified competition between airports for airline business is putting increasing pressure on revenues.
Although Europe’s airports returned to profitability in 2025, earning a combined net profit of €11.8 billion, the financial picture remains challenging. Total revenues increased by +10.8%, driven in part by strong growth in commercial activities such as retail, food and beverage, real estate and parking. However, rising operating and capital costs meant airports earned an average net profit of just €4.50 per passenger.
Looking ahead, airports face an unprecedented wave of investment needs. Around €360 billion will be needed over the coming decades to modernise infrastructure, strengthen security, digitalise operations, reach Net Zero, improve climate resilience, and expand capacity where possible. Unlike previous investment cycles, much of this spending is now being driven by regulatory requirements, societal expectations, and resilience needs – rather than simply passenger growth alone.
Such a shift has major implications for policymakers and regulators: Jankovec warned that it is essential for airports to remain financially sustainable and attractive to investors, if Europe is to preserve connectivity, strengthen regional cohesion, support tourism and trade, and remain globally competitive.
Read the full State of the Industry assessment:
