European Airports Report Varied Growth in 2024–25
Europe’s leading airports have posted a mixed bag of financial results for 2024 and early 2025, with non-aeronautical revenue driving strong growth in some hubs while others contend with regulatory pressures and construction disruptions.
SEA Milan Airports, which operates Malpensa and Linate, led the pack with a robust 15.4 percent year-over-year increase in its commercial sector revenues, reaching €423 million for full-year 2024. Passenger traffic at the two airports climbed 11.5 percent to 39.3 million travelers, with Malpensa handling 28.7 million and Linate 10.6 million. Shoppers and diners spent an average €11 per passenger, a 3.4 percent uptick, propelled largely by the luxury boutiques in Terminal 1, where sales rose 13.9 percent as intercontinental traffic from Asia, the United Arab Emirates and North America rebounded. The network’s roughly 70 weekly flights to North America underscored Milan’s growing role as a premium gateway.
Meanwhile, Copenhagen Airport kicked off 2025 with a more modest 4 percent revenue increase in the first quarter, generating DKK1.07 billion ($160 million). Aeronautical income rose in step with non-aeronautical receipts—terminal shopping, restaurants, property leases and on-site hotels all contributed to the DKK443 million haul. However, ongoing work to expand Terminal 3 forced the temporary closure of several outlets, curbing potential gains. Copenhagen expects to welcome 32 million passengers this year, a level that could translate into an 8 percent revenue boost if achieved. Chief Executive Christian Poulsen noted that the true impact of global geopolitics on travel patterns remains to be seen, but strong U.S. demand—up 19 percent year-over-year thanks largely to SAS’s decision to funnel intercontinental routes through Copenhagen—offers a bright spot.
By comparison, Fraport Group, the operator of Frankfurt Airport and shareholder in several international facilities, reported a cautious first quarter. Total revenue fell 2.4 percent to €868.5 million, and the company recorded a net loss of €26.4 million. Fraport’s CEO Stefan Schulte attributed the decline to another round of regulatory cost increases in Germany, which squeezed margins and offset what he described as a lack of domestic growth drivers at the start of 2025.
In the Baltic region, Lithuanian Airports—which oversees the airports in Vilnius, Kaunas and Palanga—delivered a stronger performance, with 2024 revenue rising 9 percent to €65.5 million and net profit reaching €11.2 million. Chairman Gediminas Almantas credited growth in both aviation and non-aviation segments to higher flight volumes and passenger numbers, even as terminal reconstruction at Vilnius and Kaunas continued throughout the year.
Further south, Jacksonville International Airport in Florida faced unexpected challenges after a fire prompted the partial collapse of its hourly parking garage on May 16. The airport briefly suspended operations as crews secured the site and established a collapse zone. While damaged vehicles await safe removal, Jacksonville officials have assured travelers that unaffected areas will reopen later in the week and that terminal activities remain normal.
Taken together, these results highlight the divergent fortunes of airports navigating different market dynamics. Milan’s strong luxury retail performance contrasts with Copenhagen’s construction-related drag and Frankfurt’s regulatory hurdles, while smaller networks like those in Lithuania continue to benefit from rising passenger demand. Even as operational setbacks arise—such as Jacksonville’s garage fire—the broader industry outlook remains focused on leveraging non-aeronautical offerings and expanding connectivity to sustain revenue growth in a highly competitive landscape.
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