Final Results
Summary by AI BETAClose X
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RESULTS FOR THE YEAR
ENDED 31 DECEMBER 2025
UK's hub flying high with record passenger numbers: 2025 was Heathrow's busiest year to date, with colleagues welcoming over 84.5 million passengers, securing our position as Europe's busiest hub airport. Further incremental growth is forecast for 2026, with the airport on track for an uplift to 85 million passengers. Demand continues to outpace the limits of the airport's current infrastructure reinforcing the need for expansion.
Operational performance outpaces European competitors: Heathrow was crowned the most punctual hub in Europe in 2025, consistently outperforming all major hub airports. Over 4.2 million more passengers flew on time compared with 2024 and baggage and security performance continued to strengthen. 97.3% of passengers waited less than five minutes for security and baggage load rates were close to 99% resulting in smoother, more reliable journeys for passengers.
Investment unlocked for 2026: £1.3 billion will be spent over the coming year in capital investment programmes. This will kickstart work to revamp Terminal 4 ('T4'), progress with the new baggage system design for Terminal 2 ('T2') and drive improvements to services for passengers with accessibility needs, all of which will contribute towards making Heathrow more user-friendly and resilient for our customers.
Expanding Heathrow: Expansion at Heathrow is the Government's flagship infrastructure project to drive long-term economic growth and shareholders recently approved new investment to begin work on the planning application, marking a significant step forward for the project. However, delivering the project remains complex. It can only proceed once the necessary regulatory and policy frameworks are firmly in place to enable the next phase of delivery. To deliver the full benefits to customers and the country and to ensure it is fully privately financed, the Civil Aviation Authority ('CAA') must put in place the framework that gives investors confidence. Decisions on these key issues are expected throughout 2026. This includes in the autumn when Parliament will be asked to vote on the final Airports National Policy Statement ('ANPS') - a decision which will enable Development Consent Order ('DCO') approval by 2029. The first flights from a third runway could be in a decade.
Financial performance: Heathrow reported increased revenue of £3.6 billion but a flat adjusted EBITDA of £2.0 billion, as the benefit of higher passenger numbers was offset by lower airport charges set by the CAA, increased maintenance costs and the expenditure needed to support operational performance. Our improved workforce planning has made a positive impact on employment costs, however maintaining the ageing asset base is demanding an increased spend. We continue to maintain a strong financial position with liquidity of £2.9 billion. Heathrow's Board decided to pay dividends totalling £550 million to the ultimate shareholders during the financial year, the first time in 5 years.
Sustainability: Progress continues towards our sustainability commitments. In 2025, we stepped up our industry-leading SAF incentive programme, with record amounts of Sustainable Aviation Fuel ('SAF') used at Heathrow. Our 2026 goal looks to go further, with the aim to reach 2% above the UK mandate - totalling 5.6% SAF usage at the airport. We launched our Resources and Waste Strategy, setting clear targets to increase recycling and reduce waste across the airport and we continued to implement our Noise Action Plan, reducing the impacts of night flights and providing noise insulation to local homes.
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As at or year ended 31 December |
2025 |
2024 |
Change (%) |
|
(£m unless otherwise stated) |
|
|
|
|
Revenue |
3,623 |
3,559 |
1.8 |
|
Adjusted EBITDA(1) (4) |
2,034 |
2,035 |
0.0 |
|
Cash generated from operations |
1,973 |
2,011 |
(1.9) |
|
Profit before tax |
575 |
917 |
(37.3) |
|
Adjusted profit before tax(2) (4) |
275 |
450 |
(38.9) |
|
Heathrow (SP) Limited consolidated nominal net debt(3) (4) |
15,706 |
14,698 |
6.9 |
|
Heathrow Finance plc consolidated nominal net debt(3) (4) |
17,622 |
16,630 |
6.0 |
|
Regulatory Asset Base(5)(4) |
21,263 |
20,422 |
4.1 |
|
Passengers (million)(6) |
84.5 |
83.9 |
0.7 |
"Last year everyone at Heathrow rallied behind our ambition to deliver exceptional operational performance for our customers. Not only did we meet that goal, we surpassed it and achieved record-breaking service levels. With strong foundations in place and with the airport now operating very close to capacity, the next chapter is crucial to our success. Expansion will unlock significant economic benefits and create an extraordinary airport, fit for the future. In 2026, we'll continue progressing our plans so we can deliver for both our customers and for the country."
Thomas Woldbye | Heathrow CEO
Notes
(1) EBITDA (2025: £1,941 million, 2024: £2,160 million) is profit before interest (net finance costs), taxation, depreciation, amortisation and exceptional items (if any). Adjusted EBITDA is profit before interest (net finance costs), taxation, depreciation, amortisation, fair value gains and losses on investment properties and exceptional items (if any).
(2) Adjusted profit before tax excludes non-cash fair value gains and losses on investment properties and financial instruments and exceptional items (if any).
(3) Consolidated nominal net debt is short and long-term debt less cash and cash equivalents and term deposits. It includes index-linked swap accretion and the hedging impact of cross-currency interest rate swaps. It excludes pre-existing lease liabilities recognised upon transition to IFRS 16, accrued interest, bond issue costs and intra-group loans.
(4) Alternative Performance Measures ('APMs'): the performance of the Group is assessed using a number of APMs, including adjusted EBITDA, adjusted profit before tax, consolidated nominal net debt and the Regulatory Asset Base. Management believe that APMs provide investors with an understanding of the underlying performance of the Group. A reconciliation of our APMs can be found in note 16.
(5) The Regulatory Asset Base ('RAB') is a regulatory construct, based on predetermined principles not based on IFRS. It effectively represents the invested capital uplifted by inflation on which we are authorised to earn a cash return.
(6) Changes in passengers are calculated using rounded passenger numbers.
Heathrow (SP) Limited is the holding company of a group of companies that fully own Heathrow airport and together with its subsidiaries is referred to as the Group. Heathrow Finance plc, also referred to as Heathrow Finance, is the parent company of Heathrow (SP) Limited.
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Disclaimer
These materials contain certain statements regarding the financial condition, results of operations, business and future prospects of Heathrow. All statements, other than statements of historical fact are, or may be deemed to be, "forward-looking statements". These forward-looking statements are statements of future expectations and include, among other things, projections, forecasts, estimates of income, yield and return, pricing, industry growth, other trend projections and future performance targets. These forward-looking statements are based upon management's current assumptions (not all of which are stated), expectations and beliefs and, by their nature are subject to a number of known and unknown risks and uncertainties which may cause the actual results, prospects, events and developments of Heathrow to differ materially from those assumed, expressed or implied by these forward-looking statements. Future events are difficult to predict and are beyond Heathrow's control, accordingly, these forward-looking statements are not guarantees of future performance. Therefore, there can be no assurance that estimated returns or projections will be realised, that forward-looking statements will materialise or that actual returns or results will not be materially lower than those presented.
All forward-looking statements are based on information available at the date of this document. Accordingly, except as required by any applicable law or regulation, Heathrow and its advisers expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained in these materials to reflect any changes in events, conditions or circumstances on which any such statement is based and any changes in Heathrow's assumptions, expectations and beliefs.
These materials contain certain information which has been prepared in reliance on publicly available information (the 'Public Information'). Numerous assumptions may have been used in preparing the Public Information, which may or may not be reflected herein. Actual events may differ from those assumed and changes to any assumptions may have a material impact on the position or results shown by the Public Information. As such, no assurance can be given as to the Public Information's accuracy, appropriateness or completeness in any particular context, or as to whether the Public Information and/or the assumptions upon which it is based reflect present market conditions or future market performance. The Public Information should not be construed as either projections or predictions nor should any information herein be relied upon as legal, tax, financial, investment or accounting advice. Heathrow does not make any representation or warranty as to the accuracy or completeness of the Public Information.
All information in these materials is the property of Heathrow and may not be reproduced or recorded without the prior written permission of Heathrow. Nothing in these materials constitutes or shall be deemed to constitute an offer or solicitation to buy or sell or to otherwise deal in any securities, or any interest in any securities, and nothing herein should be construed as a recommendation or advice to invest in any securities.
This document has been sent to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither Heathrow nor any person who controls it (nor any director, officer, employee nor agent of it or affiliate or adviser of such person) accepts any liability or responsibility whatsoever in respect of the difference between the document sent to you in electronic format and the hard copy version available to you upon request from Heathrow.
Any reference to 'Heathrow' means Heathrow (SP) Limited (a company registered in England and Wales, with company number 6458621) and will include its parent company, subsidiaries and subsidiary undertakings from time to time, and their respective directors, representatives or employees and/or any persons connected with them.
These materials must be read in conjunction with the Heathrow (SP) Limited annual report and financial statements for the year ended 31 December 2025.
Review of the year
2025 was a year of strong delivery and progress for Heathrow as we showed what focused investment, disciplined execution and a relentless commitment to our customers can achieve. Against a backdrop of continued global uncertainty, our teams delivered resilient operations, improved passenger outcomes and built momentum behind our long-term growth ambitions. These results reinforce Heathrow's role as a critical national asset and one of the world's leading hub airports.
Operationally, our performance in 2025 was among the strongest in our history and underscores the tremendous value we provide our customers. We were proud to be recognised as the most punctual hub in Europe, while also ranking in the top 5 per cent of airports globally for passenger satisfaction and the most connected airport in the world for the third consecutive year. This reflects sustained improvements in reliability, service quality and on-the-day delivery, driven by closer collaboration with our airline partners and the dedication of our frontline colleagues. As passenger demand to fly from Heathrow hit a new record high, we proved that we can deliver both scale and service excellence.
A cornerstone of this progress was £1.3 billion of new investment across the airport, targeted in areas that matter most to passengers and airlines. Most notably, Heathrow became the largest airport in the world to fully roll out next-generation security scanners, enabling passengers to keep liquids and laptops in their bags. This has transformed the security experience, reducing queuing and improving resilience to a new global benchmark for passenger convenience while maintaining the highest safety standards.
We have maintained robust financial resilience over the course of 2025. Our financial position remains strong with overall liquidity standing at £2.9 billion. Revenue has increased to £3.6 billion with adjusted EBITDA consistent with 2024 at £2.0 billion, as the higher aeronautical revenue from growing passenger numbers was offset by lower airport charges set by the CAA, higher costs to maintain an ageing asset base and the expenditure needed to support our operational performance.
We also made important strides in shaping Heathrow's future. During the year, we submitted a compelling business plan to the CAA for our next regulatory period. Our proposals are designed to deliver more resilient operations, unlock growth opportunities for airlines and provide a better airport experience for our passengers, all at an affordable price. Alongside this, we welcomed the UK Government's backing for Heathrow's expansion, and we are now focussed on progressing the detailed work required to secure planning permission by 2029.
We are on a journey to make Heathrow an extraordinary airport, fit for the future. 2025 has shown that we can perform strongly today whilst laying the foundations for tomorrow - a more resilient, more efficient and more competitive hub airport for the UK. I want to thank our colleagues, airline partners and stakeholders for their continued commitment and collaboration, and I am excited about what we can achieve together in the years ahead.
Thomas Woldbye - Heathrow CEO
STRATEGIC UPDATE
Our strategy gives us a clear direction and sets the path to achieving our vision, "to be an extraordinary airport, fit for the future." We have three Foundations, our non-negotiables that underpin everything we do and six business priorities, our Beacons, that will help us become extraordinary. This strategic framework will enable our continued success and future growth. The following section summarises each of the six beacons for the year ended 31 December 2025. For the complete picture and associated case studies, please refer to the 2025 Annual Report.
Winning Team
Our Winning Team beacon supports Heathrow's vision by fostering an engaging and inclusive culture that enables our colleagues to achieve their full potential, our teams to perform at their best, and our business to attract and retain the diverse talent we need now and in the future.
In 2025, we launched a new People strategy to ensure that everyone working with us gets the very best experience at Heathrow. The People strategy is built around our three Winning Team enablers: An Extraordinary Place to Work, Performance Culture and Future Skills and Capability. It is founded on our core commitment to get Everyone Home Safe and Well. We reshaped our employee value proposition and defined a new ambition to make Heathrow an extraordinary place to work and worked to strengthen our inclusive culture in 2025, supported by our five diversity networks, including Altitude winning Outstanding Women's Network of the Year.
In the November 2025 survey, 70% of colleagues said Heathrow is a great place to work, up three points from 2024. We also invested in future capability through the National Careers Week roadshow, one‑to‑one support from 130 career champions and the work of our Future Skills team, which delivered a future learning strategy, leadership development, and strategic workforce plans. All colleagues completed inclusion training, more leaders joined inclusive leadership sessions, and we piloted reverse mentoring to strengthen understanding of frontline challenges. In the November 2025 survey, 67% agreed Heathrow is inclusive for all, up from 66%, and we're implementing an action plan to accelerate progress.
Focus to go Faster
The Focus to go Faster beacon promotes our commitment to improving Heathrow's effectiveness by delivering more, faster, and with greater efficiency. In 2025, we streamlined processes and improved resource allocation, including removing paper‑based timesheets and introducing digital tap‑in platforms to enable faster, more flexible deployment for frontline colleagues.
We accelerated progress across capital and operational programmes through better tracking of efficiency and productivity. Under our asset and compliance programme, Southern airfield resurfacing was completed on schedule, Northern airfield upgrades began with minimal disruption, and cargo tunnel refurbishment improved reliability and passenger transfer efficiency.
Operationally, we introduced technologies and systems aimed at optimising aircraft turnaround at Terminal 5 ('T5') and priority stands, enabling faster and more predictable turnarounds. Enhanced flight data messaging increased airspace capacity and reduced delays, improving crew and asset alignment. Additional resilience and capacity were delivered to T4's baggage system a year ahead of plan and T2 advanced with an agreed design for the new baggage system, supported by targeted projects to reduce IT and operational risks. A major milestone was the rollout of CTiX security technology across all terminals through the Next Generation Security programme, improving screening efficiency, strengthening resilience and reducing costs.
Value for Customers
The Value for Customers beacon reflects our commitment to delivering great passenger service and creating value for all customers. In 2025, we advanced this through our customer‑led H8 Business Plan submission to the CAA, outlining £10 billion of privately financed investment for 2027-2031 to deliver better resilience, better passenger experience, better use of new and existing capacity and better sustainability.
Operational excellence defined the summer of 2025. Heathrow achieved industry leading punctuality, earning recognition as Europe's most punctual hub airport. Heathrow remained OAG's[1] Most Connected Airport for the third year and expanded its network with new routes. Passenger experience continued to improve with new retail and dining options in T5, along with upgrades such as the refurbished Windsor Suite and new lounges. Beyond the terminals, we began our largest redevelopment in 20 years, creating new logistics hubs at Eastern Business Park and Epsom Square to support small and medium‑sized businesses. Accessibility was a defining theme with 2.3 million assistance requests, more than any other European airport. We responded with initiatives like the Independent Journeys Project and active participation in the Aviation Accessibility Task and Finish Group setting new standards for inclusive travel.
Digital Future
The Digital Future beacon reflects Heathrow's commitment to using digital capabilities and innovation to improve productivity, efficiency and the passenger experience. In 2025, we advanced this journey by appointing a Data and AI Director and a Digital Transformation Director to the Senior Leadership Team and by building new teams dedicated to delivering our Digital Future ambitions. A search for the new Chief Digital & Information Officer is ongoing. Our goal is that by 2031, Heathrow will be fully digitally integrated, supported by trusted, actionable data that enables a resilient, efficient and enjoyable airport for everyone. This work will be delivered through a comprehensive roadmap designed to unlock Heathrow's potential and support the next phase of growth.
In 2025, we improved the digital passenger experience through initiatives such as Pay in Advance for Reserve and Collect retail, Single Sign On for smoother access and the deployment of Hallie, our generative AI customer service agent that resolves most passenger queries. We also launched a new tailored travel guide, designed to support passengers with accessibility needs in planning and preparing their journey through Heathrow. More airlines were also onboarded onto automated self-service bag drop and check-in systems.
We strengthened internal digital capability by embedding data and technology into operations to support smarter decisions and easier journeys. Key finance processes have also been automated to improve efficiency.
People and Planet
We put people and planet at the heart of what we do, guided by our sustainability strategy, Connecting People and Planet, which sets 2030 goals and targets to drive progress towards Net Zero Aviation and Making Heathrow a Great Place to Live and Work. It is underpinned by Responsible Business Foundations that strengthens our ability to operate a resilient, efficient and sustainable airport.
We are investing in carbon and sustainability improvements as part of our H7 business plan and our H8 business plan includes further investments, subject to regulatory approval, to accelerate decarbonisation and strengthen climate resilience.
We are currently working on refreshing our "Connecting People and Planet" strategy.
For more information about activities in the year, see the 'Business Update' section.
Creating Capacity
The Creating Capacity beacon reflects Heathrow's short, medium and long-term strategy with a focus on maximising capacity through current infrastructure, modernising and upgrading the airport.
In 2025, Heathrow made significant strides in delivering the Creating Capacity beacon, responding to record demand whilst operating close to the limits of our current infrastructure. Although Heathrow remains subject to an Air Traffic Movement ('ATM') cap of 480,000 movements per year, passenger growth has continued. In 2025, the airport served 84.5 million passengers however, further growth through larger or fuller aircraft is now significantly limited by terminal capacity.
Through our Efficient Use of Existing Assets workstream, Heathrow has increased capacity by improving efficiencies across terminals and key passenger touchpoints. As a result, we have updated our declared annual capacity to 85 million passengers for 2025, representing a 3 million uplift from 82 million. This has been achieved through process improvements, data‑led identification of bottlenecks and strong collaboration with airline partners. Key achievements include enhanced automation in T2 increasing check‑in throughput by 15%. Early delivery of new Hold Baggage Screening machines has doubled screening capacity for T4 and improved passenger flow in T3 and T5, reducing crowding during peak summer periods. These actions have enabled Heathrow to handle record passenger volumes while operating at 99 per cent runway capacity, maintaining resilience and service levels.
Business Update
In assessing our performance for the year ended 31 December 2025, we have outlined key performance metrics that illustrate our progress. The glossary section of this report provides detailed definitions for each indicator.
Passenger traffic
|
(Millions) (1) |
2025 |
2024 |
Var %(2) |
|
UK |
4.6 |
4.7 |
(1.7) |
|
Europe |
34.0 |
33.8 |
0.6 |
|
North America |
20.6 |
20.6 |
(0.3) |
|
Asia Pacific |
11.0 |
10.8 |
2.6 |
|
Middle East |
8.8 |
8.5 |
2.8 |
|
Africa |
3.4 |
3.3 |
2.1 |
|
Latin America |
2.2 |
2.2 |
(1.8) |
|
Total passengers(2) |
84.5 |
83.9 |
0.7 |
(1) For the year ended 31 December.
(2) Calculated using unrounded passenger figures
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Other traffic performance indicators (1) |
2025 |
2024 |
Var %(2) |
|
Passenger ATM |
475,596 |
471,298 |
0.9 |
|
Seat factor (%) |
80.2 |
80.7 |
(0.5) |
|
Seats per ATM |
221.5 |
220.6 |
0.4 |
|
Cargo tonnage ('000) (2) |
1,592 |
1,580 |
0.8 |
(1) For the year ended 31 December.
(2) Calculated using unrounded passenger figures
(3) Cargo tonnage includes mail volumes
In 2025, Heathrow welcomed 84.5 million passengers, an increase of 0.7% from 2024 (83.9 million) supported by a record number of seats of more than 105 million. More flights, larger aircraft and new routes have enabled Heathrow to remain Europe's busiest hub and the world's "most connected airport"[2]. In August, Heathrow became the first European Airport to exceed 8 million passengers in one month and, for the first time, every month of the summer season exceeded 7 million passengers.
Growth at a market level was mixed due to slot changes during the year. Despite this, the Middle East, Asia Pacific and Africa all achieved growth of over 2%, underpinned by the launch of new services from entrant airlines Riyadh Air, IndiGo and Air Peace. North America has remained resilient despite several headwinds in the US with Canada seeing 4.6% passenger growth compared to last year driven by new routes and increased capacity. Meanwhile, UK volumes were impacted by a decline in domestic transfers linked to other surface transport options and passengers transferring through other airports.
Seat factors decreased modestly year on year (0.5%), reflecting the introduction of additional seat capacity.
Despite the challenging economic backdrop, cargo tonnage grew by 0.8% supported by the rise in wide-body passenger aircraft movements.
Service and operational performance
|
Service standard performance indicators (1) |
2025 |
2024 |
|
ASQ |
4.05 |
3.98 |
|
Arrival punctuality % |
78.5 |
68.0 |
|
Departure punctuality % |
77.1 |
69.0 |
|
Security performance % |
97.3 |
92.6 |
|
Baggage connection % |
98.8 |
98.3 |
(1) For the year ended 31 December.
In 2025, we achieved an overall ASQ rating of 4.05 out of 5.00, a notably positive change compared to 2024 (3.98) notwithstanding the increase in passenger numbers. Overall, 77% of passengers surveyed between January and December 2025 rated their Overall Satisfaction with Heathrow as either 'Excellent' or 'Very Good' (2024: 74%). The proportion of 'Poor' ratings remained low at only 0.6% (2024: 1%).
Compared to 2024, all satisfaction metrics were maintained or improved, with uplifts particularly evident in 'Security', attributed to the roll out of Next Generation Security Scanners. 'Ease of Making Connections with Other Flights' also substantially outperformed its 2024 level. Other notable performance gains included 'Availability of Charging Stations', 'Entertainment and Leisure Options', and 'Walking Distance'.
Operationally, we outperformed across all our service standard indicators during our busiest year. Security performance continued to improve year on year, with 97.3% of direct passengers (2024: 92.6%) passing through Central Search Areas in under five minutes, despite the operational challenges posed by the implementation of our Next Generation Security programme. Improved operational performance across the airfield is reflected in the punctuality outcomes with arrival punctuality outperforming departures. However, overall punctuality continues to be impacted by airspace congestion and adverse weather events. Baggage performance improved with greater system resilience despite the increased passenger volumes.
People and Planet
Carbon
In 2025, we continued to advance Heathrow's journey toward net zero in the air and on the ground. In the Air emissions were on track, reporting 7% below 2019 despite record passenger numbers, supported by more efficient fleets and increased use of SAF. SAF uptake reached 3.1% of fuel uplifted, avoiding over 600,000 tonnes of CO2e. Policy momentum also strengthened, with the Government's SAF Mandate commencing from January, and the SAF Bill progressing through Parliament. The Bill underpins the introduction of a Revenue Certainty Mechanism designed to give producers long‑term price certainty and unlock investment in UK SAF production. On the Ground emissions remained 18% below 2019 but rose year-on-year, driven primarily by supply chain emissions linked to increased capital investment. Decoupling emissions from infrastructure growth is a key challenge. To address this, we commissioned a major study to understand the drivers of underperformance and identify opportunities to course correct. We strengthened our Carbon Management Standard to embed low-carbon principles into future projects. Surface access emissions decreased by 5% year-on-year through continued investment in our Sustainable Travel Zone, including improved long distance coach services. However, improvements in data quality and methodology are expected to result in an increase in reported surface access emissions in future. These Scope 3 data improvements will give us a clearer understanding of our footprint and support more informed decisions about where our investments and actions can deliver the greatest benefit. These updates will be considered as part of a planned refresh of our Net Zero Plan.
Great Place to Live and Work
Improving the quality of life for our communities and colleagues is at the heart of our ambition to be an extraordinary airport, fit for the future.
We continued comprehensive air quality monitoring at and around the airport, building on the significant improvements achieved over the past decade.
We are implementing our Noise Action Plan to reduce impacts on our neighbours by incentivising the use of quieter planes, developing quieter operating procedures, reducing the impacts of night flights and providing noise insulation to eligible homes. In 2025, we achieved 207 nights without flights between 23:30 and 04:30, an improvement from 189 in 2024.
Even as passenger numbers continue to grow, we aim to drive waste reduction through material avoidance and increased reuse, recycling and recovery. Our new Resources and Waste Strategy, published in 2025, sets clear quantitative targets to reduce waste and increase recycling across airport operations, airlines and construction activities by 2035.
We give back to our neighbours through local projects, partnerships and colleague volunteering supporting schools, nature and communities. Our Giving Back programme benefitted over 172,000 people in 2025, with colleagues contributing over 6,800 volunteer hours.
Capital expenditure
In 2025, £1,274 million (2024: £1,122 million) of capital expenditure was incurred, including £59 million in capital creditors movements (2024: £58 million).
We continue to make strong progress on our H7 capital plan, with over £3.4 billion invested across the portfolio of over 550 projects, transforming our customers airport experience across 6 core programmes.
The Next Generation Security Programme has been completed, delivering 74 new lanes with state-of-the-art CT scanners, achieving full passenger compliance and enabling 18 additional staff search areas, with all lanes now fully handed over to Operations.
Within the T2 Baggage Programme, the future system design has been agreed with five multidisciplinary partners to protect T2 baggage operations and improve reliability. The new design is supported by five transitional projects to maintain service performance and capacity.
The Carbon & Sustainability Programme delivered key decarbonisation infrastructure, including operational airside electric vehicle charging in T2 and the T5 Coach Park, alongside the installation of pre-conditioned air systems across stands in T3 and T5.
Commercial revenue initiatives progressed with an expanded food and beverage offer in T5, continued development of the Eastern Business Park, rollout of Digital Click & Collect retail, and refurbishment of VIP lounges within the Windsor Suite.
In Asset Management & Compliance, major infrastructure upgrades were completed to improve safety, resilience and the passenger experience. High-tech runway temperature and icing sensors were installed on the Southern Runway, while resurfacing works commenced on the Northern Airfield. The cargo tunnel refurbishment was completed, improving transfer efficiency, and new track transit vehicles in T5 increased capacity for connecting passengers. Additional resilience and capacity were delivered to T4's baggage system and in T3, a new airbridge has been installed.
The Efficient Airport Programme introduced a range of operational and passenger-focused enhancements to improve efficiency and journey quality. Enhanced flight data integration is enabling additional airspace capacity and contributing to reduced delays across Europe. In T5, a new network of AI-enabled cameras is improving aircraft turnaround performance and supporting more punctual departures. These operational improvements are complemented by passenger experience upgrades, including enhanced device charging, expanded seating and improved wayfinding, creating a more comfortable and seamless journey.
Heathrow Expansion
In February 2025, we announced a multi-billion-pound investment into Heathrow, laying the foundations for the third runway to expand the UK's Gateway to Growth.
In July, we submitted a proposal for Heathrow expansion to Government, which set out the plan to secure long-term capacity growth, the investment programme and what we need from Government to meet their ambition to receive planning permission by the end of this Parliament.
In the autumn, the Government announced the formal review of the ANPS, the policy which underpins airport expansion. Government also confirmed Heathrow's proposal had been selected as the basis to inform the ANPS' review, noting they expect a planning application to be brought forward by Heathrow.
In January this year, Heathrow's Board approved new investment to begin work on a planning application for a third runway. This decision aligns with the Government's ambitious timeline for Heathrow to secure planning permission by 2029 and a third runway could be operational in a decade. This decision reflects Heathrow shareholders' and Ministers' renewed commitment to realise the benefits of expanding the UK's hub airport as fast as possible.
Heathrow has always been clear the right policy and regulatory framework need to be in place in order to deliver the largest private investment project in Europe. Decisions on these key issues are expected throughout 2026. In spring, clarity is required from the CAA on how early costs can be recovered. Over the summer, the Department for Transport will publish the draft ANPS and the CAA will decide on the long-term regulatory model which will determine if private investment will be forthcoming. In the autumn, Parliament will be asked to decide on the final ANPS, a decision which will set the framework for the project to secure DCO by 2029. The first flights from a third runway could be in a decade.
Key regulatory developments
Expansion
In line with Government's November 2025 decision to support Heathrow's proposal for Expansion, the CAA has initiated two consultation processes. Heathrow has responded to the CAA's consultation on the regulatory treatment of expansion early costs (CAP3201). The response supports the CAA's approach in allowing recovery of efficiently incurred early costs in 2025 and 2026, which is an important step in providing regulatory certainty and maintaining investor confidence as expansion planning progresses. Heathrow also welcomes the decision not to apply outcome-based incentives at this early stage. Based on updated programme information, Heathrow has highlighted the case for revisiting the proposed £320 million (in 2024 price) cost cap to reflect latest forecasts and the benefits of bringing forward acquisition of key property on the critical path, reducing delivery risk and long-term costs. Heathrow has also emphasised the importance of RAB based cost recovery, appropriate protections if the project cannot proceed for reasons beyond Heathrow's control, and robust transparency and assurance arrangements. Following consideration of consultation responses, the CAA plans to publish its draft licence modification decision "as soon as practicable" and to consult during 2026 on the regulatory treatment of early costs from 2027 onwards.
In parallel, Heathrow has responded to the CAA's working paper on future regulatory models for expansion (CAP3195). The response is evidence led and focused on securing a regulatory framework that can deliver expansion on time, at the lowest whole life cost, and with strong consumer outcomes, consistent with Government targets for Development Consent by 2029 and a runway opening by 2035. The submission highlights Heathrow's strong track record under the existing RAB based model, which has enabled over £15 billion of private investment, delivered major terminals on time and on budget, and maintained service quality and financeability. Heathrow therefore proposes an evolved single RAB framework, enhanced through targeted reforms such as risk-based capital governance, smarter incentives, longer term regulatory commitments rather than structural overhaul. The response shows that models requiring legislative change, fragmenting ownership, or weakening cost recovery would risk delay, higher financing costs and lost consumer benefits and should be discounted. Heathrow expects the next CAA consultation in spring to narrow options materially, providing greater clarity to investors by summer 2026 when a decision is expected.
H8 Business Plan
Our customer-focused H8 Business Plan will modernise and upgrade the existing airport between 2027 - 2031 with a proposed £10 billion investment that will deliver better resilience, better passenger experience, better use of new and existing capacity and better sustainability. The plan commits to delivering 15 key outcomes for consumers, including 99% of baggage travelling with passengers, 95% of passengers waiting no more than five minutes at security, and a 20% increase in cargo capacity. Before and after submission, Heathrow has engaged extensively with the CAA and airline customers, providing further detailed evidence on costs, delivery and performance, including a third round of Constructive Engagement between July and September 2025. As the CAA moves towards its Initial Proposals (expected in March 2026), Heathrow continues to engage constructively and transparently, and a fourth round of Constructive Engagement is planned for March-May 2026. The Initial Proposals will set a holding price cap for 2027, noting the Final H8 Decision is not expected until April 2027 after the regulatory quinquennium has begun.
Key management changes
His Excellency Jassim Saif Ahmed Al-Sulaiti was appointed as director on the Heathrow Airport Holdings Limited ('HAHL') Board on 16 April 2025 representing QIA and replacing His Excellency Ahmed Ali Al-Hammadi who resigned on the same date. Luke Bugeja resigned as a director of the HAHL Board on 3 July 2025 and William Briggs was appointed as a director representing Ardian with effect from the same date. Philip Jansen was appointed Chairman of the HAHL Board on 1 January 2026 succeeding Lord Paul Deighton. On 24 February 2026, China Investment Corporation changed its nominated Non-Executive Shareholder Director on the Boards of Heathrow Airport Holdings Limited, FGP Topco Limited, ADI Finance 1 and ADI Finance 2 Limited from David Xie to Yiqiang Zhan.
Ultimate shareholder update
On 3 July 2025, Ardian completed its acquisition of an additional 10% stake in FGP Topco Limited, the holding company for Heathrow Airport Holdings Limited, from Ferrovial SE, Caisse de dépôt et placement du Québec and the Universities Superannuation Scheme, the applicable regulatory conditions having been satisfied. Ardian now holds a 32.61 per cent stake of the FGP Topco Limited in total.
Financial Review
Basis of presentation of financial results
Heathrow (SP) Limited ('Heathrow SP') is the holding company of a group of companies (the 'Group'), which includes Heathrow Airport Limited, which owns and operates Heathrow Airport and Heathrow Express Operating Company Limited which operates the Heathrow Express rail service. The Group's consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards.
The financial information presented within these condensed consolidated financial statements has been prepared on a going concern basis. More detail can be found in the going concern statement on page 18.
Alternative performance measures
Management uses Alternative Performance Measures ('APMs') to monitor performance as it believes this more appropriately reflects the underlying financial performance of the Group's operations. These remain consistent with those included and defined in the annual report and financial statements for the year ended 31 December 2025.
Summary performance
For the year ended 31 December 2025, the Group's revenue increased by 1.8% to £3,623 million (2024: £3,559 million). Adjusted EBITDA was stable at £2,034 million (2024: £2,035 million) due to higher aeronautical revenue from traffic uplift and travel mix offset by lower airport charges set by the CAA, greater relative amount of costs to support higher passenger volumes and a greater spend on asset maintenance. The Group recorded a profit after tax of £396 million (2024: £644 million).
|
Year ended 31 December |
2025 £m |
2024 £m |
|
Revenue(1) |
3,623 |
3,559 |
|
Adjusted operating costs(2) |
(1,589) |
(1,524) |
|
Adjusted EBITDA(3) |
2,034 |
2,035 |
|
Depreciation and amortisation |
(692) |
(662) |
|
Adjusted operating profit(4) |
1,342 |
1,373 |
|
Net finance costs before certain re-measurements and exceptional items |
(1,067) |
(923) |
|
Adjusted profit before tax(5) |
275 |
450 |
|
Tax charge on profit before certain re-measurements and exceptional items |
(96) |
(138) |
|
Adjusted profit after tax(5) |
179 |
312 |
|
Including certain re-measurements(6) and exceptional items: |
|
|
|
Fair value (loss)/gain on investment properties |
(93) |
147 |
|
Fair value gain on financial instruments |
393 |
342 |
|
Exceptional items(7) |
- |
(22) |
|
Tax charge on certain re-measurements |
(83) |
(135) |
|
Profit after tax |
396 |
644 |
(1) Revenue does not contain any adjustments for non-GAAP items.
(2) Adjusted operating costs exclude depreciation, amortisation, fair value gains and losses on investment properties and exceptional items (if any), which are explained further in note 2 in the financial statements.
(3) Adjusted EBITDA is profit before interest (net finance costs), taxation, depreciation, amortisation, fair value gains and losses on investment properties and exceptional items (if any).
(4) Adjusted operating profit excludes fair value gains and losses on investment properties and exceptional items (if any).
(5) Adjusted profit before and after tax excludes fair value gains and losses on investment properties and financial instruments, exceptional items (if any) and the associated tax impact of these.
(6) Certain re-measurements consist of fair value gains and losses on investment property revaluations, gains and losses arising on the re-measurement of financial instruments, together with the associated fair value gains and losses on any underlying hedged items that are part of a cash flow, fair value and economic hedging relationship and the associated tax impact on these.
(7) Exceptional items are irregular material write-off charges that result from a review conducted of existing Long-term Growth related assets in the course of construction for obsolescence.
Revenue
For the year ended 31 December 2025, revenue increased to £3,623 million (2024: £3,559 million), a 1.8% increase compared to the year ended 31 December 2024.
|
Year ended 31 December |
2025 |
2024 |
Var. |
|
Aeronautical |
2,258 |
2,229 |
1.3 |
|
Retail |
791 |
772 |
2.5 |
|
Other |
574 |
558 |
2.9 |
|
Total revenue(1) |
3,623 |
3,559 |
1.8 |
(1) Revenue does not contain any adjustments for non-GAAP items.
Growth in 2025 aeronautical revenue was supported by the traffic uplift and more long-haul travel offset by lower airport charges set by the CAA.
Higher traffic numbers boosted retail revenues with notable improvements in Food & Beverage sales due to extended opening hours. Car parking income increased with the higher passenger volume and Premium services also benefitted from the skew in long haul travel. These gains were offset by decline in Advertising income due to reduced screen-availability and a global downward trend in Bureau de Change demand that saw these revenues decline.
Growth in other revenue came from increased rental income from rent reviews and new lets alongside higher rail revenues.
More details can be found on page 20.
Adjusted operating costs
Adjusted operating costs increased 4.3% to £1,589 million (2024: £1,524 million).
|
Year ended 31 December |
2025 |
2024 |
Var. |
|
Employment |
472 |
481 |
(1.9) |
|
Operational |
468 |
437 |
7.1 |
|
Maintenance |
262 |
239 |
9.6 |
|
Rates |
116 |
116 |
0.0 |
|
Utilities and other |
271 |
251 |
8.0 |
|
Adjusted operating costs (1) |
1,589 |
1,524 |
4.3 |
(1) Unadjusted operating costs for the year were £2,374 million (2024: £2,061 million). This included depreciation and amortisation of £692 million (2024: £662 million), fair value loss on investment properties of £93 million (2024: £147 million gain) and a loss in exceptional items of £nil (2024: £22 million).
Employment costs decreased in 2025 due to improved workforce planning and company‑wide efficiency initiatives that offset higher wages and increased National Insurance costs.
Operational costs rose driven by higher security expenditure to support resilience and the transition to Next Generation Security as well as increased bag screening costs from higher passenger volumes. Passengers Requiring Support costs also increased to meet higher demand in 2025 as well as contractual changes. Operational technology costs rose reflecting continued investment in digital transformation and increased spend with key IT suppliers. This was partially offset by lower Measures, Targets and Incentives penalties because of better operational performance.
Maintenance costs increased as we invested to keep our ageing asset base reliable and operational. Cost increases were also linked to consultancy charges for digital transformation as well as marketing and research.
Lower utility costs reflecting favourable pricing and management initiatives helped mitigate overall 'other cost' growth during the year.
Net finance costs
Net finance costs before certain re-measurements increased to £1,067 million (2024: £923 million). The RPI annual growth rate has increased year on year from 3.6% to 3.8%, resulting in a higher principal accretion on inflation-linked liabilities.
Fair value gain on financial instruments
Fair value movements on financial instruments are measured with reference to market expectations of inflation and interest rates. The inflation forward and interest rate forward curves decreased by an average of 73bps and 30bps, respectively. Collectively, these resulted in a non-cash, fair value gain of £393 million (2024: £342 million).
Taxation
The effective tax rate on profit before tax, certain re-measurements and exceptional items was 34.9% (2024: 30.7%) based on a tax charge of £96 million (2024: £138 million). This was higher than the statutory rate of 25% primarily because of depreciation, which is partly non-deductible. In addition, a tax charge of £83 million (2024: £135 million) was recognised on certain re-measurements. The total tax charge for the year was therefore, £179 million (2024: £273 million).
In the year, the Group paid £59 million of Corporation Tax (2024: £51 million) and £10 million for group relief losses claimed (2024: received £17 million for group relief losses surrendered).
Cash position
As at 31 December 2025, the Group had £1,117 million (2024: £1,557 million) of cash and cash equivalents and term deposits, of which cash and cash equivalents were £301 million (2024: £1,132 million).
This equated to a £831 million decrease in cash and cash equivalents for the year, compared with a £941 million increase in the year ended 31 December 2024 in part due to an increase in term deposits and a lower overall liquidity requirement.
Cash generated from operations
For the year ended 31 December 2025, cash generated from operations decreased to £1,973 million (2024: £2,011 million). The following table reconciles cash generated from operations to adjusted EBITDA.
|
Year ended 31 December |
2025 |
2024 |
|
Cash generated from operations |
1,973 |
2,011 |
|
Exclude: |
|
|
|
Write-offs |
(3) |
(1) |
|
(Decrease)/increase in trade and other receivables |
(42) |
84 |
|
Increase in inventories |
3 |
- |
|
Decrease/(increase) in trade and other payables |
82 |
(61) |
|
Increase in provisions |
(1) |
- |
|
Difference between pension charge and cash contributions |
22 |
2 |
|
Adjusted EBITDA |
2,034 |
2,035 |
Restricted payments
The financing arrangements of the Group and Heathrow Finance plc ('Heathrow Finance') restrict certain payments unless specified conditions are satisfied. These restricted payments include, among other things, payments of dividends, distributions and other returns on share capital, any redemptions or repurchases of share capital, and payments of fees, interest or principal on any intercompany loans.
For the year ended 31 December 2025, total restricted payments made by Heathrow SP amounted to £761 million (2024: £137 million). These funded scheduled interest payments on debt held at Heathrow Finance and a total £550 million dividend to ultimate shareholders during the financial year.
Recent financing activity
In 2025, we continued to demonstrate strong access to both public and private debt markets through successfully raising £1.5 billion. In January, we issued a €600 million 11-year Class A Sustainability Linked Bond. In May, we priced £139 million of Class B debt through the US private placement market with maturities across 2035 and 2045. Also in July, we drew down on the £50 million Class B term debt that was priced in December 2024. In August, we successfully returned to the Canadian market after a four-year absence with the issuance of a C$600 million 12-year Class A bond. Also in the same month, we priced a £100 million 15-year Class A US private placement. In September, we issued a £300 million 17-year Class A bond, marking our first GBP Class A issuance since October 2020. Finally, in December, we priced £150 million of Class A term debt which is yet to be drawn.
Redemptions during 2025 comprised of the repayment of a Heathrow Finance bond of £250 million in March, a CAD Class A bond of C$500 million in May, Class A £100 million term facility in July and a EUR Class A bond of €750 million in October.
In 2025, we made early paydown of accretion on our inflation swaps, totalling £157 million (2024: £660 million) to support prudent management of our financial position and reinforce our covenant resilience.
Debt and liquidity
|
As at 31 December |
2025 |
2024 |
|
Bond issuances |
14,183 |
13,898 |
|
Other term debt |
2,054 |
1,865 |
|
Index-linked derivative accretion |
501 |
394 |
|
Lease liabilities(1) |
85 |
98 |
|
Consolidated nominal gross debt |
16,823 |
16,255 |
|
Qualifying cash and cash equivalents and term deposits |
(1,117) |
(1,557) |
|
Consolidated nominal net debt |
15,706
|
14,698 |
|
Senior net debt |
13,410 |
12,629 |
|
Junior net debt |
2,296 |
2,069 |
(1) Lease liabilities relating to leases that existed at the point of transition to IFRS 16 (1 January 2019) are excluded from consolidated nominal net debt. All new leases entered into post-transition are included.
The average cost of the Group's nominal gross debt as at 31 December 2025 was 3.68% (2024: 3.39%). This includes interest rate, cross-currency and index-linked hedge costs and excludes index-linked accretion. Including index-linked accretion, the Group's average cost of debt as at 31 December 2025 was 6.40% (2024: 5.20%). This reflects issuing more debt at higher market rates, along with higher inflation compared with last year.
The average life of the Group's gross debt as at 31 December 2025 was 9.8 years (2024: 9.9 years).
The Group's liquidity horizon is within our target range of 18 to 24 months. In making this assessment, the Directors have considered both the Heathrow SP Group of companies and the wider Heathrow Finance plc group of companies (the 'Heathrow Finance Group'). This includes operating cashflows under the base case business plan and capital investment, debt service costs, debt maturities and repayments. This liquidity position considers £1,340 million in cash resources across the Heathrow Finance Group, as well as undrawn revolving credit facilities of £1,386 million and an undrawn Class A loan of £150 million.
Debt at the Heathrow Finance Group
|
As at 31 December |
2025 |
2024 |
|
Heathrow SP's nominal net debt |
15,706 |
14,698 |
|
Heathrow Finance's nominal gross debt |
2,139 |
2,389 |
|
Heathrow Finance's qualifying cash and cash equivalents and term deposits |
(223) |
(457) |
|
Consolidated nominal net debt |
17,622 |
16,630 |
Financial ratios
As at 31 December 2025, Heathrow SP and Heathrow Finance are committed to support a prudent management of our financial position and reinforce our covenant resilience. Gearing ratios are defined within the Glossary.
|
As at 31 December |
2025 |
2024 |
|
Heathrow's RAB |
21,263 |
20,422 |
|
Regulatory asset ratio 'RAR' |
|
|
|
Heathrow SP's senior (Class A) |
63.1% |
61.8% |
|
Heathrow SP's junior (Class B) |
73.9% |
72.0% |
|
Heathrow Finance |
82.9% |
81.4% |
Pension scheme
We operate a defined benefit pension scheme (the 'BAA Pension Scheme'), which closed to new members in June 2008. As at 31 December 2025, the defined benefit pension scheme, as measured under IAS 19, was funded at 100.6% (2024: 96.2%). This translated into a surplus of £16 million (2024: £99 million deficit). This surplus is driven by actuarial gains of £99 million (attributable to a 0.05% increase in the discount rate), past service credit of £15 million (2024: £3 million cost) and contributions paid into the defined benefit pension scheme in the year of £15 million (2024: £14 million) offset by service costs of £5 million, admin expenses of
£4 million and a finance charge of £5 million.
In addition, the triennial funding valuation of the BAA Pension Scheme, completed by the Trustees in December 2025 and based on the position as at 30 September 2024, confirmed a £7 million surplus. As a result, no deficit repair contributions are required. The previous valuation as at 30 September 2021 also reported a surplus (£119 million), with no deficit contributions needed at that time. The Directors believe that the scheme has no significant plan-specific or concentration risks.
Climate change
Climate change will have a significant impact on the aviation industry and Heathrow in the years to come, and we have both a responsibility to continue to be ambitious in our endeavours to take carbon out of flying, as well as a responsibility to minimise risk to the business in the long-term. As part of our work over Climate-related Financial Disclosures ('CFD') as described in our annual report and financial statements, we have considered both transition and physical risks and have ensured that they are factored fully and consistently into our future financial long-term forecasts for those areas of the statement of financial position whose recoverability is assessed based on expected future cash flows, including property, plant and equipment, intangible assets, investment properties and deferred tax assets. In addition, we have ensured that the useful economic lives of our existing assets are appropriate, particularly with regard to the physical risks identified in the CFD as well as with regard to our net zero sustainability strategy as described in our annual report and financial statements.
Subsequent events
On 23 January 2026, the Group extended its existing revolving credit facility of £1,386 million by 2 years to 30 September 2029. On 5 February 2026, the Group issued a £400 million bond with a final maturity date of 5 February 2034.
Outlook
The financial outlook for 2026 remains consistent with the forecasts published in our Investor Report on 19 December 2025.
SUMMARY OF ADDITIONAL DISCLOSURES
Publication of Prospectus - The following prospectus (the 'Prospectus') has been approved by the Financial Conduct Authority and is available for viewing. Prospectus dated 19 December 2025 relating to the multicurrency programme for the issuance of bonds by Heathrow Funding Limited.
Full RNS available here: https://www.londonstockexchange.com/news-article/market-news/publication-of-a-prospectus/17382999
Publication of Documents Incorporated by Reference - The following documents, which are incorporated by reference in a prospectus which has been approved by the Financial Conduct Authority on 19 December 2025 and published by Heathrow Funding Limited (the Issuer) in connection with the multicurrency programme for the issuance of bonds by the Issuer (the Prospectus), are available for viewing:
Full RNS available here: https://www.londonstockexchange.com/news-article/market-news/doc-incorporated-by-reference/17383071
Publication of Final Terms - The final terms ("Final Terms") for the issue of B-14 GBP 400,000,000 5.625 per cent. Fixed Rate Bonds due 2034 (the "B-14 Bonds") issued by Heathrow Funding Limited (the "Issuer") under the Issuer's multicurrency programme for the issuance of bonds (the "Programme") are available for viewing.
Full RNS available here: https://www.londonstockexchange.com/news-article/market-news/final-terms/17448696
Publication of Final Terms - The final terms ("Final Terms") for the issue of A-63 GBP 300,000,000 6.250 per cent. Fixed Rate Bonds due 2044 (the "A-63 Bonds") issued by Heathrow Funding Limited (the "Issuer") under the Issuer's multicurrency programme for the issuance of bonds (the "Programme") are available for viewing.
Full RNS available here: https://www.londonstockexchange.com/news-article/market-news/publication-of-final-terms/17263424
Publication of Final Terms - The final terms ("Final Terms") for the issue of A-62 CAD 600,000,000 4.900 per cent. Fixed Rate Bonds due 2037 (the "A-62 Bonds") issued by Heathrow Funding Limited (the "Issuer") under the Issuer's multicurrency programme for the issuance of bonds (the "Programme") are available for viewing.
Full RNS available here: https://www.londonstockexchange.com/news-article/market-news/publication-of-final-terms/17172221
Condensed consolidated income statement for the year ended 31 December 2025
|
|
|
Year ended 31 December 2025 |
Year ended 31 December 2024 |
||||||
|
|
|
Before certain re-measurements and exceptional items(1) |
Certain re-measurements(2) |
Exceptional items(3) |
Total |
Before certain re-measurements and exceptional items(1) |
Certain re-measurements(2) |
Exceptional items (3) |
Total |
|
|
Note |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
1 |
3,623 |
- |
- |
3,623 |
3,559 |
- |
- |
3,559 |
|
Operating costs |
2 |
(2,281) |
(93) |
- |
(2,374) |
(2,186) |
147 |
(22) |
(2,061) |
|
Operating profit/(loss) |
|
1,342 |
(93) |
- |
1,249 |
1,373 |
147 |
(22) |
1,498 |
|
|
|
|
|
|
|
|
|
|
|
|
Financing |
|
|
|
|
|
|
|
|
|
|
Finance income |
4 |
79 |
- |
- |
79 |
102 |
- |
- |
102 |
|
Finance costs |
4 |
(1,146) |
393 |
- |
(753) |
(1,025) |
342 |
- |
(683) |
|
Net finance costs |
|
(1,067) |
393 |
- |
(674) |
(923) |
342 |
- |
(581) |
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax |
|
275 |
300 |
- |
575 |
450 |
489 |
(22) |
917 |
|
|
|
|
|
|
|
|
|
|
|
|
Taxation charge |
5 |
(96) |
(83) |
- |
(179) |
(138) |
(135) |
- |
(273) |
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
179 |
217 |
- |
396 |
312 |
354 |
(22) |
644 |
(1) Amounts stated before certain re-measurements and exceptional items are non-GAAP measures.
(2) Certain re-measurements consist of: fair value gains and losses on investment property revaluations, gains and losses arising on the re-measurement of financial instruments, together with the associated fair value gains and losses on any underlying hedged items that are part of a cash flow, fair value and economic hedging relationship and the associated tax impact on these.
(3) Exceptional items in 2024 are irregular material write-off charges. Further detail can be found in note 3. There were no exceptional items in 2025.
Condensed consolidated statement of comprehensive income for the year ended 31 December 2025
|
|
Year ended |
Year ended |
|
Profit for the year |
396 |
644 |
|
|
|
|
|
Items that will not be subsequently reclassified to the consolidated income statement |
|
|
|
Actuarial gain on pensions |
|
|
|
Loss on plan assets |
(5) |
(212) |
|
Decrease in scheme liabilities |
79 |
239 |
|
|
|
|
|
Items that may be subsequently reclassified to the consolidated income statement |
|
|
|
Cash flow hedges |
|
|
|
(Loss)/gain taken to equity |
(83) |
81 |
|
Transfer to finance costs |
18 |
12 |
|
Impact of cost of hedging |
|
|
|
Gain/(loss) taken to equity |
8 |
(4) |
|
Other comprehensive income for the year, net of tax |
17 |
116 |
|
Total comprehensive income for the year |
413 |
760 |
Condensed consolidated statement of financial position as at 31 December 2025
|
|
Note |
31 December 2025 |
31 December 2024 |
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
7 |
11,500 |
10,908 |
|
Right of use assets |
|
307 |
332 |
|
Investment properties |
8 |
2,610 |
2,667 |
|
Intangible assets |
|
307 |
199 |
|
Derivative financial instruments |
10 |
967 |
1,041 |
|
Trade and other receivables |
|
10 |
53 |
|
|
|
15,701 |
15,200 |
|
Current assets |
|
|
|
|
Inventories |
|
20 |
17 |
|
Trade and other receivables |
|
388 |
391 |
|
Derivative financial instruments |
10 |
34 |
12 |
|
Term deposits |
|
816 |
425 |
|
Cash and cash equivalents |
|
301 |
1,132 |
|
|
|
1,559 |
1,977 |
|
Total assets |
|
17,260 |
17,177 |
|
Liabilities |
|
|
|
|
Non-current liabilities |
|
|
|
|
Borrowings |
9 |
(17,633) |
(17,093) |
|
Derivative financial instruments |
10 |
(981) |
(1,535) |
|
Deferred income tax liabilities |
|
(1,195) |
(1,058) |
|
Lease liabilities |
|
(370) |
(395) |
|
Retirement benefit obligations |
11 |
(4) |
(120) |
|
Provisions |
|
(2) |
(1) |
|
Trade and other payables |
|
(2) |
(1) |
|
|
|
(20,187) |
(20,203) |
|
Current liabilities |
|
|
|
|
Borrowings |
9 |
(1,394) |
(1,203) |
|
Derivative financial instruments |
10 |
(149) |
(60) |
|
Lease liabilities |
|
(41) |
(39) |
|
Provisions |
|
(2) |
(2) |
|
Current income tax liabilities |
|
(2) |
(23) |
|
Trade and other payables |
|
(564) |
(586) |
|
|
|
(2,152) |
(1,913) |
|
Total liabilities |
|
(22,339) |
(22,116) |
|
Net liabilities |
|
(5,079) ) |
(4,939) ) |
|
Equity |
|
|
|
|
Capital and reserves |
|
|
|
|
Share capital |
|
11 |
11 |
|
Share premium |
|
- |
- |
|
Merger reserve |
|
(3,758) |
(3,758) |
|
Hedging reserve |
|
(5) |
52 |
|
Accumulated losses |
|
(1,327) |
(1,244) |
|
Total equity |
|
(5,079) |
(4,939) |
Condensed consolidated statement of changes in equity for the year ended 31 December 2025
|
|
|
Attributable to owners of the Company |
|||||
|
|
Note |
Share capital £m |
Share premium £m |
Merger reserve £m |
Hedging reserve £m |
Accumulated losses £m |
Total £m |
|
Balance as at 1 January 2024 |
|
11 |
499 |
(3,758) |
(37) |
(2,414) |
(5,699) |
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
- |
- |
- |
644 |
644 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(expense) |
|
|
|
|
|
|
|
|
Fair value gain, net of tax, on: |
|
|
|
|
|
|
|
|
Cash flow hedges |
|
- |
- |
- |
93 |
- |
93 |
|
Impact of cost of hedging |
|
- |
- |
- |
(4) |
- |
(4) |
|
Actuarial gain on pensions, net of tax: |
|
|
|
|
|
|
|
|
Loss on plan assets |
|
- |
- |
- |
- |
(212) |
(212) |
|
Decrease in scheme liabilities |
|
- |
- |
- |
- |
239 |
239 |
|
Total comprehensive income |
|
- |
- |
- |
89 |
671 |
760 |
|
|
|
|
|
|
|
|
|
|
Transactions with owners |
|
|
|
|
|
|
|
|
Bonus issue of share capital(1) |
|
831 |
- |
- |
- |
(831) |
- |
|
Capital reduction(1) |
|
(831) |
(499) |
- |
- |
1,330 |
- |
|
Total transactions with owners |
|
- |
(499) |
- |
- |
499 |
- |
|
|
|
|
|
|
|
|
|
|
Balance as at 31 December 2024 |
|
11 |
- |
(3,758) |
52 |
(1,244) |
(4,939) |
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
Profit for the year |
|
- |
- |
- |
- |
396 |
396 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive (expense)/income |
|
|
|
|
|
|
|
|
Fair value loss, net of tax, on: |
|
|
|
|
|
|
|
|
Cash flow hedges |
|
- |
- |
- |
(65) |
- |
(65) |
|
Impact of cost of hedging |
|
- |
- |
- |
8 |
- |
8 |
|
Actuarial gain on pensions, net of tax: |
|
|
|
|
|
|
|
|
Loss on plan assets |
|
- |
- |
- |
- |
(5) |
(5) |
|
Decrease in scheme liabilities |
|
- |
- |
- |
- |
79 |
79 |
|
Total comprehensive (expense)/income |
|
- |
- |
- |
(57) |
470 |
413 |
|
|
|
|
|
|
|
|
|
|
Transactions with owners |
|
|
|
|
|
|
|
|
Dividends paid |
6 |
- |
- |
- |
- |
(553) |
(553) |
|
Total transactions with owners |
|
- |
- |
- |
- |
(553) |
(553) |
|
|
|
|
|
|
|
|
|
|
Balance as at 31 December 2025 |
|
11 |
- |
(3,758) |
(5) |
(1,327) |
(5,079) |
(1) In 2024, the Company completed a concurrent bonus issue and capital reduction as part of distributable reserves management. A bonus issue of 831 million ordinary shares at £1 each from retained earnings was subsequently converted into distributable reserves through a capital reduction, as well as £499 million of share premium. There were no cash inflows or outflows as a result of the transactions.
Condensed consolidated statement of cash flows for the year ended 31 December 2025
|
|
Note |
Year ended |
Year ended |
|
Cash flows from operating activities |
|
|
|
|
Cash generated from operations |
12 |
1,973 |
2,011 |
|
Taxation: |
|
|
|
|
Corporation tax paid |
|
(59) |
(51) |
|
Group relief (paid)/received |
|
(10) |
17 |
|
Net cash generated from operating activities |
|
1,904 |
1,977 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of: |
|
|
|
|
Property, plant and equipment |
|
(1,168) |
(866) |
|
Investment properties |
|
(4) |
(71) |
|
Intangible assets |
|
(43) |
- |
|
Proceeds on disposal of: |
|
|
|
|
Investment properties |
|
- |
1 |
|
(Increase)/decrease in term deposits (1) |
|
(391) |
1,325 |
|
Interest received |
|
79 |
134 |
|
Net cash (used in)/generated from investing activities |
|
(1,527) |
523 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Dividends paid |
|
(553) |
- |
|
Proceeds from issuance of bonds |
|
1,121 |
544 |
|
Repayment of bonds |
|
(948) |
(879) |
|
Fees and other financing items |
|
(6) |
(3) |
|
Repayment of term notes |
|
(100) |
- |
|
Proceeds from issuance of term notes |
|
289 |
200 |
|
Interest paid to Heathrow Finance plc |
|
(148) |
(137) |
|
External interest paid (2) |
|
(580) |
(589) |
|
Settlement of accretion on index-linked swaps |
|
(86) |
(10) |
|
Early settlement of accretion on index-linked swaps(3) |
|
(157) |
(660) |
|
Inflation swap restructuring(4) |
|
- |
14 |
|
Payment of lease liabilities |
|
(40) |
(39) |
|
Net cash used in financing activities |
|
(1,208) |
(1,559) |
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
(831) |
941 |
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
1,132 |
191 |
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
301 |
1,132 |
(1) Term deposits have an original maturity of over three months.
(2) Interest paid on senior (Class A) debt of £525 million (2024: £518 million), which includes £20 million of lease interest paid (2024: £20 million), and interest paid on junior (Class B) debt of £55 million (2024: £71 million).
(3) The Group has elected to early pay £157 million (2024: £631 million) of accrued accretion and £nil of prepaid accretion (2024: £29 million), which was due to be settled within the next 12 months in line with the liquidity profile assessment of the Group.
(4) In 2024, the Group restructured two inflation-linked swaps by shortening the maturities from 2035. This resulted in a cash inflow to the Group of £14 million made up of £68 million net future interest less £54 million future accretion.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
General information
The financial information set out herein does not constitute the Group's statutory financial statements for the year ended 31 December 2025 or any other period. The annual financial information presented herein for the year ended 31 December 2025 is based on, and is consistent with, the audited consolidated financial statements of Heathrow (SP) Limited (the 'Group') for the year ended 31 December 2025. The auditors' report on the 2025 financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statements under section 498(2) or (3) of the Companies Act 2006.
Primary financial statements format
A columnar approach has been adopted in the income statement and the impact of separately disclosed items is shown in separate columns. These columns include 'certain re-measurements' and 'exceptional items' which management separates from the underlying operations of the Group. By isolating certain re-measurements and exceptional items, management believes the underlying results provide the reader with an understanding of the underlying performance of the Group, by concentrating on the matters over which it has most influence, whilst recognising that information on these additional items is available within the financial statements, should the reader wish to refer to them.
The column 'certain re-measurements' in the consolidated income statement contains the following: (i) fair value gains and losses on investment property revaluations and disposals; (ii) derivative financial instruments and the fair value gains and losses on any underlying hedged items that are part of a fair value hedging relationship; (iii) the associated tax impacts of the items in (i) and (ii). The column 'exceptional items' contains the following: (i) exceptional items; and (ii) the associated tax impacts of the items in (i).
Accounting policies
Basis of preparation
The Group's financial statements comply in accordance with UK-adopted International Accounting Standards and are prepared under the historic cost convention, except for investment properties, financial assets, derivative financial instruments and financial liabilities that qualify as hedged items under fair value hedge accounting. These exceptions to the historic cost convention have been measured at fair value in accordance with IFRS and as permitted by the Companies Act accounting regulations.
The financial statements for the year ended 31 December 2025 have been prepared on a basis consistent with that applied in the preparation of the financial statements for the year ended 31 December 2024, except for the following amendments which apply for the first time in 2025. However, not all are expected to impact the Group as they are either not relevant to the Group's activities or require accounting which is consistent with the Group's current accounting policies.
The following amendments are effective for the period beginning 1 January 2025:
· Amendments to IAS 21 titled Lack of Exchangeability.
· Disclosures about Uncertainties in the Financial Statements
These amendments haven't had any effect on the measurement and disclosures of any items included in the condensed financial statements of the Group.
These financial statements are presented in Sterling, which is the Group's functional currency, and are rounded to the nearest million pounds ('£m'), except where otherwise noted.
Going concern
The Directors have prepared the financial statements on a going concern basis as they have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. In assessing the going concern position of the Group, the Directors have considered the principal risks and uncertainties likely to impact financial performance, cash flow, liquidity and covenant compliance for the period to May 2027.
Background
Heathrow is economically regulated by the CAA which controls Heathrow's maximum airport charges. We are currently operating under the H7 price control period, which runs between 1 January 2022 and 31 December 2026. The H8 price control period will run between 1 January 2027 and 31 December 2031. Heathrow's H8 Business Plan was submitted to the CAA in July 2025, with Initial Proposals due from the regulator in March 2026. As such, at this stage, the Directors do not have certainty over H8 charges which are within the going concern assessment period.
The Company is part of the wider Heathrow Group, with the ultimate parent undertaking being FGP Topco Limited. In considering the going concern assessment, the Directors have considered the wider Heathrow Group given the corporate structure.
The wider Heathrow Group can raise finance at both Heathrow (SP) Limited ('Heathrow SP') and Heathrow Finance plc ('Heathrow Finance') and is bound by two types of debt covenant, tested on 31 December each year: the Regulatory Asset Ratio ('RAR'), a measure of the ratio of consolidated nominal net debt to the Regulatory Asset Base ('RAB'); and Interest Cover Ratio ('ICR'), a measure of operating cashflows to debt interest charge. These covenants exist at different levels within the Group's Class A and Class B debt.
Base case scenario
Passenger forecasts are fundamental to the going concern analysis as a measure of forecast revenue and operating cash flows. There is inherent subjectivity in modelling future passenger numbers, but strong passenger demand provides confidence in our forecast passenger numbers. Despite economic uncertainty, interest rate pressures and inflation, total passenger numbers for the year ended 31 December 2025 exceeded forecasts at 84.5 million (0.7% increase from 2024). The base case assumes forecast passenger numbers of 85.0 million for the year ended 31 December 2026.
The base case uses tariffs for the year ended 31 December 2026 set out in the CAA's H7 Final Decision. From 1 January 2027, tariffs, capital expenditure and financing assumptions reflect the Initial Business Plan submitted by Heathrow to the CAA in July 2025.
Continued support for the Group's credit enabled Heathrow to successfully raise over £1.5 billion of debt in 2025, including a €600 million Class A sustainability-linked bond and £139 million in Class B and £100 million in Class A US private placements. We returned to the Canadian market after a four-year absence with the issuance of a C$600 million Class A bond and issued a £300 million Class A bond, marking our first GBP issuance since 2020. In addition, a £150 million Class A term debt was signed in December 2025 with delayed drawdown to mid-2026. As at 31 December 2025, the wider group has total liquidity available of £2.9 billion, comprising of £1.4 billion of cash held and £1.5 billion in undrawn and revolving credit facilities. Total debt maturity for the period to 31 May 2027 is £1.3 billion at Heathrow SP and £0.4 billion at Heathrow Finance. The base case also includes forecast debt issuances based on Heathrow's latest business plan.
The Group has sufficient liquidity to meet its base case cash flow needs until at least 31 May 2027, with no breaches of its covenants in that period.
Severe but plausible downside scenario
The Directors have also considered a severe but plausible downside scenario that considers inherent uncertainty in passenger numbers, but also H8 regulatory uncertainty from 1 January 2027 until finalised by the CAA.
Passenger numbers at the low end of Heathrow's Board approved passenger forecast is considered to be a severe but plausible outcome. This considers the Group's views of plausible impacts caused by reduced passenger confidence and other economic factors. The low range of passengers represents a 1.5% reduction against the forecast base case for 2026.
The tariff and capital expenditure assumptions remain the same as in the base case for 2026. Until the CAA's H8 Final Decision is published there is inherent uncertainty over the allowed tariffs and the size of the capital programmes from 2027. The CAA's Initial Proposals are not due until March 2026 and therefore the Directors have forecast a range of potential tariffs and capital expenditure outcomes, with the severe but plausible scenario reflecting lower capital expenditure and correspondingly a lower tariff to deliver those capital programmes in 2027.
While deemed unlikely, the Directors have also assumed that the Group would be unable to access debt markets for any new funding and that dividends would not be declared under such circumstances. Only committed facilities are included in the severe but plausible downside scenario.
Under the severe but plausible downside scenario, the Group has sufficient liquidity to meet all forecast cash flow needs until at least 31 May 2027, with no breach of its covenants in that period.
Reverse stress test
The Directors have performed reverse stress tests to assess the level of downside risk required to breach financial covenants within the going concern assessment period. The analysis considered extreme reductions in passenger numbers and, separately, the potential impact of a materially lower tariff outcome from 2027, pending the CAA's H8 Final Decision.
The Directors concluded that only highly remote materially lower passenger numbers or a substantially reduced tariff would result in a covenant breach. These passenger levels and tariff charges are well below the low end of the Group's forecast and are considered highly unlikely by the Directors. Should circumstances arise that require corrective action, many previously utilised tactical actions remain available, such as cost reduction, deferral of investment or temporary reprofiling of interest payments.
Conclusion
Having had regard to both liquidity and debt covenants and considering a severe but plausible downside scenario and reverse stress testing, the Directors have concluded that there is sufficient liquidity available to meet the Group and Company's funding requirements for at least 12 months from the date of approval of these consolidated financial statements and that it is accordingly appropriate to adopt a going concern basis for their preparation.
Significant accounting judgements and estimates
In applying the Group's accounting policies, the Directors have made judgements and estimates in a number of key areas. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an on-going basis.
The areas of significant judgement and estimation uncertainty for the year ended 31 December 2025 will be set out in full in the Group's annual report and financial statements, which will be published shortly.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
1. Segment information
The Group is organised into business units according to the nature of the services provided. Most revenue is derived from the activities carried out within the Airport. The exception to this is Heathrow Express, which is a separately identifiable operating segment under IFRS 8, with separately identifiable assets and liabilities, and hence management reports on two operating segments, as follows:
· Heathrow Airport (Aeronautical and commercial operations within the Airport and its boundaries).
· Heathrow Express (Rail income from the Heathrow Express rail service between Heathrow and London).
The performance of the above segments is measured on a revenue and adjusted EBITDA basis. The reportable segments derive their revenues from a number of sources and this information is also provided to the Board on a monthly basis.
|
Table (a) |
Year ended £m |
Year ended £m |
|
Revenue |
|
|
|
Aeronautical |
|
|
|
Movement charges |
837 |
850 |
|
Parking charges |
110 |
76 |
|
Passenger charges |
1,311 |
1,303 |
|
Total aeronautical revenue |
2,258 |
2,229 |
|
Retail |
|
|
|
Retail concessions(1) |
293 |
300 |
|
Non-retail concessions(1) |
112 |
109 |
|
Catering |
96 |
89 |
|
Car parking |
197 |
185 |
|
Travel services(1) |
93 |
89 |
|
Total retail revenue |
791 |
772 |
|
Other |
|
|
|
Other regulated charges |
288 |
287 |
|
Property revenue |
32 |
30 |
|
Property (lease related income) |
135 |
123 |
|
Other rail income |
26 |
23 |
|
Heathrow Express |
93 |
95 |
|
Total other revenue |
574 |
558 |
|
|
|
|
|
Total revenue |
3,623 |
3,559 |
|
Segment analysis: |
|
|
|
Heathrow Airport(2) |
3,530 |
3,464 |
|
Heathrow Express |
93 |
95 |
|
|
|
|
|
Adjusted EBITDA |
2,034 |
2,035 |
|
Segment analysis: |
|
|
|
Heathrow Airport |
1,996 |
1,994 |
|
Heathrow Express |
38 |
41 |
|
|
|
|
|
Reconciliation to statutory information: |
|
|
|
Depreciation and amortisation |
(692) |
(662) |
|
Operating profit (before certain re-measurements and exceptional items) |
1,342 |
1,373 |
|
Exceptional items |
- |
(22) |
|
Fair value (loss)/gain on investment properties (certain re-measurements) |
(93) |
147 |
|
Operating profit |
1,249 |
1,498 |
|
Finance income |
79 |
102 |
|
Finance costs (after certain re-measurements) |
(753) |
(683) |
|
Profit before tax |
575 |
917 |
(1) The Directors have updated the aggregation of some items of revenue. The updated aggregation has been reflected in the comparative amounts. This affects the categories of 'retail concessions' (2024 as previously reported of £274 million), 'non-concession retail' (previously 'other retail' of £72 million in 2024), and 'travel services' (previously 'other services' of £152 million in 2024).
(2) Revenue of £1,033 million (2024: £1,095 million) was derived from a single external customer and has been included within the Heathrow Airport segment.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
1. Segment information continued
|
Table (b) |
Year ended £m |
Year ended £m |
|
Property income charged in advance |
10 |
5 |
|
Retail income charged in advance |
16 |
9 |
|
Total |
26 |
14 |
All unsatisfied performance obligations as at 31 December 2024 were satisfied during 2025 and are included within total revenue for the year. Management expects that all of the transaction price allocated to the unsatisfied contracts as of the year ended 31 December 2025 will be recognised as revenue during the next reporting period.
|
Table (c) |
Year ended |
Year ended |
||
|
|
Depreciation and amortisation (1) |
Fair value loss (2) £m |
Depreciation and amortisation (1) |
Fair value gain (2) £m |
|
Heathrow Airport |
(653) |
(93) |
(625) |
147 |
|
Heathrow Express |
(39) |
- |
(37) |
- |
|
Total |
(692) |
(93) |
(662) |
147 |
(1) Includes intangible asset amortisation charges of £58 million (2024: £38 million).
(2) Reflects fair value gain or loss on investment properties only.
(3) The split of depreciation and amortisation between the Heathrow Airport and Heathrow Express segments for the year ended 31 December 2024 has been updated to reflect the impact of IFRS 16 adjustments to Heathrow Express leases.
|
Table (d) |
31 December 2025 |
31 December 2024 |
||
|
|
Assets £m |
Liabilities £m |
Assets £m |
Liabilities £m |
|
Heathrow Airport |
14,341 |
(564) |
13,707 |
(584) |
|
Heathrow Express |
494 |
(6) |
528 |
(6) |
|
Total operations |
14,835 |
(570) |
14,235 |
(590) |
|
|
|
|
|
|
|
Unallocated assets and liabilities: |
|
|
|
|
|
Cash and cash equivalents, term deposits and external borrowings |
1,117 |
(16,367) |
1,557 |
(15,638) |
|
Derivative financial instruments |
1,001 |
(1,130) |
1,053 |
(1,595) |
|
Deferred and current tax assets/(liabilities) |
- |
(1,197) |
- |
(1,081) |
|
Retirement benefit assets/(obligations) |
- |
(4) |
- |
(120) |
|
Amounts owed to group undertakings |
- |
(2,660) |
- |
(2,658) |
|
Right of use assets and lease liabilities |
307 |
(411) |
332 |
(434) |
|
Total |
17,260 |
(22,339) |
17,177 |
(22,116) |
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
2. Operating costs
|
|
Year ended £m |
Year ended £m |
|
Employment |
472 |
481 |
|
Operational(1) |
468 |
437 |
|
Maintenance |
262 |
239 |
|
Business rates |
116 |
116 |
|
Utilities |
113 |
129 |
|
Other general expenditure(2) |
158 |
122 |
|
Operating costs before depreciation, amortisation, certain re-measurements and exceptional items |
1,589 |
1,524 |
|
Depreciation and amortisation |
|
|
|
Property, plant and equipment |
591 |
583 |
|
Intangible assets |
58 |
38 |
|
Right of use assets |
43 |
41 |
|
|
692 |
662 |
|
Operating costs before certain re-measurements and exceptional items |
2,281 |
2,186 |
|
Fair value loss/(gain) on investment properties (certain re-measurements) |
93 |
(147) |
|
Exceptional items (note 3) |
- |
22 |
|
Total operating costs(3) |
2,374 |
2,061 |
(1) Operational costs consist of expenditure in relation to the standard operations of the airport.
(2) The largest balance in this category is marketing costs of £62 million (2024: £53 million). Other expenses in this category are individually immaterial.
(3) Eligible research and development expenditure is identified retrospectively annually, following detailed review work. It is not therefore known with precision at the accounting date.
3. EXCEPTIONAL ITEMS
|
|
Year ended £m |
Year ended £m |
|
Asset write-off |
- |
22 |
|
Loss on exceptional items after tax |
- |
22 |
Asset write-off
In the year ended 31 December 2024, the Group conducted a review of existing Long-term Growth-related assets in the course of construction for obsolescence resulting in a £22 million non-cash write-off charge. There were no exceptional items in 2025.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
4. Financing
|
|
Year ended £m |
Year ended £m |
|
Finance income |
|
|
|
Interest on deposits |
77 |
99 |
|
Interest receivable from group undertakings |
2 |
3 |
|
Total finance income |
79 |
102 |
|
|
|
|
|
Finance costs |
|
|
|
Interest on borrowings: |
|
|
|
Bonds and related hedging instruments (1) |
(711) |
(667) |
|
Bank loans, overdrafts and unwind of hedging reserves |
(105) |
(95) |
|
Net interest expense on external derivatives not in hedge relationship (2) |
(263) |
(174) |
|
Facility fees and other charges |
(6) |
(3) |
|
Net pension finance costs |
(6) |
(8) |
|
Interest on debenture payable to Heathrow Finance plc |
(150) |
(151) |
|
Finance costs on lease liabilities |
(20) |
(20) |
|
Total borrowing costs |
(1,261) |
(1,118) |
|
Less: capitalised borrowing costs (3) |
115 |
93 |
|
Total finance costs |
(1,146) |
(1,025) |
|
Net finance costs before certain re-measurements |
(1,067) |
(923) |
|
Certain re-measurements Fair value gain/(loss) on financial instruments |
|
|
|
Interest rate swaps: not in hedge relationship relationship |
116 |
246 |
|
Index-linked swaps: not in hedge relationship |
277 |
107 |
|
Cross-currency swaps: not in hedge relationship (4), (5) |
(6) |
3 |
|
Ineffective portion of cash flow hedges (5) |
(7) |
(1) |
|
Ineffective portion of fair value hedges (5) |
11 |
(9) |
|
Foreign exchange contracts |
2 |
(4) |
|
Fair value gain on financial instruments |
393 |
342 |
|
Net finance costs |
(674) |
(581) |
(1) Includes accretion of £102 million (2024: £76 million) on index-linked bonds.
(2) Includes accretion of £355 million (2024: £282 million) on index-linked swaps.
(3) Capitalised interest included in the cost of qualifying assets arose on the general borrowing pool and is calculated by applying an average capitalisation rate of 5.57% (2024: 6.97%) to expenditure incurred on such assets.
(4) Includes foreign exchange retranslation loss on the currency bonds of £5 million (2024: £5 million gain) which has moved systematically in the opposite direction to that of the cross-currency swaps which economically hedge the related currency bonds.
(5) The value of all currency bonds changes systematically in the opposite direction to that of the related cross-currency swaps, in response to movements in underlying exchange rates with a net nil impact in fair value for foreign exchange movements.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
5. taxATION CHARGE
|
|
Year ended 31 December 2025 |
Year ended 31 December 2024 |
||||
|
|
Before certain re-measurements £m |
Certain re-measurements £m |
Total £m |
Before certain re-measurements £m |
Certain re-measurements £m |
Total £m |
|
UK corporation tax: |
|
|
|
|
|
|
|
Current tax: |
|
|
|
|
|
|
|
Current tax charge at 25% (2024: 25%) |
(45) |
(3) |
(48) |
(63) |
(10) |
(73) |
|
Over provision in respect of prior years |
- |
- |
- |
1 |
- |
1 |
|
Deferred tax: |
|
|
|
|
|
|
|
Current year charge |
(51) |
(81) |
(132) |
(76) |
(127) |
(203) |
|
Over provision in respect of prior years |
- |
1 |
1 |
- |
2 |
2 |
|
Taxation charge for the year |
(96) |
(83) |
(179) |
(138) |
(135) |
(273) |
The total tax charge for the year ended 31 December 2025 was £179 million (2024: £273 million) based on a profit before tax of £575 million (2024: £917 million).
The tax charge on profits before certain re-measurements and exceptional items was £96 million (2024: £138 million). Based on a profit before tax, certain re-measurements and exceptional items of £275 million (2024: £450 million), this results in an effective tax rate of 34.9% (2024: 30.7%). The tax charge is higher than the statutory rate of 25% (2024: higher than the statutory rate of 25%) primarily due to a large amount of depreciation, which is unallowable for tax purposes, increasing the tax charge for the year (2024: primarily due to a large amount of depreciation, which is unallowable for tax purposes, increasing the tax charge for the year).
In addition, for the year ended 31 December 2025, a tax charge of £83 million (2024: £135 million) was recognised on certain re-measurements arising from fair value movements on financial instruments and investment properties of £300 million (2024: £489 million).
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. Management has performed an assessment of the UK Pillar 2 rules based on the 2025 data and based on the assessment the Group qualifies for one of the transitional safe harbours provided in the UK Pillar 2 rules. The Group does not have any current tax exposure in relation to Pillar 2.
The Group has a captive insurance company located in the Isle of Man, a jurisdiction with a statutory corporate income tax rate below 15%. As a result, the profits arising in this entity are likely to attract the domestic top-up tax in the Isle of Man. For UK tax purposes these profits are captured by the Controlled Foreign Company ('CFC') regime, against which management expects to receive a tax credit for the Isle of Man domestic top-up tax.
The Group applies the exception under IAS 12 'income taxes' amendment for recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes.
There are no items which would materially affect the future tax charge.
6. DIVIDENDS
During the year, the Company declared total dividends of £553 million (2024: £nil) to its shareholder, Heathrow Finance plc.
Dividends of £550 million (2024: £nil) were used to finance dividends being paid by FGP Topco Limited, the ultimate parent company of the Group, to its shareholders. Dividends were declared and paid on 7 March 2025 for £250 million (£0.04 per share) and declared on 17 September 2025 and paid on 19 September 2025 for £300 million (£0.05 per share).
Dividends were also declared on 17 September 2025 and paid on 19 September 2025 for £3 million (£0.00 per share) to manage intercompany balances across the Group (2024: £nil).
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
7. Property, plant and equipment
|
|
Terminal complex |
Airfields |
Plant and equipment |
Land and support facilities |
Rail |
Assets in the course of construction |
Total |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
Cost |
|
|
|
|
|
|
|
|
1 January 2024 |
12,005 |
2,197 |
1,085 |
378 |
1,216 |
1,677 |
18,558 |
|
Additions |
- |
- |
- |
- |
- |
1,051 |
1,051 |
|
Reclassification |
155 |
(151) |
- |
(4) |
- |
- |
- |
|
Write-offs |
- |
- |
- |
- |
- |
(23) |
(23) |
|
Borrowing costs capitalised |
- |
- |
- |
- |
- |
93 |
93 |
|
Disposals |
(34) |
(4) |
(16) |
(1) |
(2) |
- |
(57) |
|
Transfer to investment properties |
- |
- |
- |
- |
- |
(1) |
(1) |
|
Transfer to intangible assets |
- |
- |
- |
- |
- |
(14) |
(14) |
|
Transfer to completed assets |
139 |
103 |
83 |
141 |
11 |
(477) |
- |
|
31 December 2024 |
12,265 |
2,145 |
1,152 |
514 |
1,225 |
2,306 |
19,607 |
|
Additions |
- |
- |
1 |
- |
- |
1,226 |
1,227 |
|
Write-offs |
- |
- |
- |
- |
- |
(3) |
(3) |
|
Borrowing costs capitalised |
- |
- |
- |
- |
- |
115 |
115 |
|
Disposals |
(13) |
(3) |
(13) |
- |
- |
- |
(29) |
|
Transfer to investment properties |
- |
- |
- |
- |
- |
(32) |
(32) |
|
Transfer to intangible assets |
- |
- |
- |
- |
- |
(123) |
(123) |
|
Transfer to completed assets |
22 |
198 |
44 |
27 |
(9) |
(282) |
- |
|
31 December 2025 |
12,274 |
2,340 |
1,184 |
541 |
1,216 |
3,207 |
20,762 |
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
1 January 2024 |
(6,052) |
(670) |
(734) |
(149) |
(568) |
- |
(8,173) |
|
Charge for the year |
(426) |
(53) |
(64) |
(15) |
(25) |
- |
(583) |
|
Disposals |
34 |
4 |
16 |
1 |
2 |
- |
57 |
|
31 December 2024 |
(6,444) |
(719) |
(782) |
(163) |
(591) |
- |
(8,699) |
|
Charge for the year |
(421) |
(59) |
(73) |
(14) |
(24) |
- |
(591) |
|
Disposals |
13 |
3 |
12 |
- |
- |
- |
28 |
|
31 December 2025 |
(6,852) |
(775) |
(843) |
(177) |
(615) |
- |
(9,262) |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
|
|
|
|
|
|
|
31 December 2024 |
5,821 |
1,426 |
370 |
351 |
634 |
2,306 |
10,908 |
|
31 December 2025 |
5,422 |
1,565 |
341 |
364 |
601 |
3,207 |
11,500 |
The Regulatory Asset Base ('RAB'), the regulated mechanism made up of existing and new capital investment by which the Group makes a cash return, as at 31 December 2025 was £21,263 million (2024: £20,422 million).
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
8. Investment properties
|
Valuation |
£m |
|
1 January 2024 |
2,449 |
|
Additions |
71 |
|
Transfer from property, plant and equipment |
1 |
|
Disposals |
(1) |
|
Investment property fair value movements |
147 |
|
31 December 2024 |
2,667 |
|
Additions |
4 |
|
Transfer from property, plant and equipment |
32 |
|
Investment property fair value movements |
(93) |
|
31 December 2025 |
2,610 |
Investment properties valuations are prepared in accordance with the valuation manual issued by the Royal Institution of Chartered Surveyors and appraised by our property management company CBRE Limited, who are independent and have appropriate recognised qualifications and experience in the categories and location of our investment properties being valued.
Management conducts a detailed review of each property to ensure the correct assumptions and inputs have been used. Meetings with the valuers are held on a periodic basis to review and challenge the assumptions used in the valuation techniques, where they are classified into 3 categories as follows:
Level 1 inputs are quoted prices from active markets at the measurement date using relevant information generated by market transactions involving identical or comparable (similar) assets.
Level 2 inputs are other quoted market prices directly or indirectly observable and involve a combination of inputs. Non-revenue generating employee car parks, airport operations and land valuations were generated by a market approach involving similar observable transactions along with land value reversion whilst the other assets were valued using the capitalised income approach incorporating net initial and equivalent yield. Some of the valuation incorporated rent free and void periods where relevant in order to determine the most reasonable valuation.
Level 3 inputs are based on unobservable inputs which relate to discounted cash flow technique using an appropriate asset discount rate including growth rates for the relevant revenues and costs based on our business plan. Most of this classification is made up of commercial car parks which account for 89% (2024: 85%) of the valuation. In the case of land, the discounted cash flow methodology has incorporated exit yields, occupancy and ancillary revenues.
There were no further transfers between the fair value classifications for investment properties during the year.
By their nature, investment property valuations incorporate long-term passenger trends that incorporate market assumptions on climate change.
Changes in fair values are presented in the income statement as part of operating costs.
The investment property asset class balance consists of 49% (2024: 51%) car parks, 21% (2024: 21%) airport operations and 30% (2024: 28%) commercial land and buildings. Level 2 to 3 is split according to the following percentiles respectively: 59% (2024: 53%) and 41% (2024: 47%).
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
9. Borrowings
|
|
31 December 2025 £m |
31 December 2024 £m |
|
Current |
|
|
|
Secured |
|
|
|
Heathrow Funding Limited bonds: |
|
|
|
3.250% C$500 million due 2025 |
- |
276 |
|
1.500% €750 million due 2025 |
- |
620 |
|
4.221% £155 million due 2026 |
155 |
- |
|
0.450% CHF210 million due 2026 |
196 |
- |
|
6.750% £700 million due 2026 |
699 |
- |
|
Total Heathrow Funding Limited bonds |
1,050 |
896 |
|
Heathrow Airport Limited debt: |
|
|
|
Class A2 term loan due 2025 |
- |
100 |
|
Term notes due 2026 |
100 |
- |
|
Total current (excluding interest payable) |
1,150 |
996 |
|
Interest payable - external |
194 |
159 |
|
Interest payable - owed to group undertakings |
50 |
48 |
|
Total current |
1,394 |
1,203 |
|
Non-current Secured |
|
|
|
Heathrow Funding Limited bonds: |
|
|
|
4.221% £155 million due 2026 |
- |
155 |
|
0.450% CHF210 million due 2026 |
- |
185 |
|
6.750% £700 million due 2026 |
- |
698 |
|
1.800% CHF165 million due 2027 |
154 |
145 |
|
2.650% NOK1,000 million due 2027 |
71 |
66 |
|
2.694% C$650 million due 2027 |
352 |
361 |
|
3.400% C$400 million due 2028 |
216 |
222 |
|
2.625% £350 million due 2028 |
349 |
348 |
|
7.075% £200 million due 2028 |
199 |
199 |
|
4.150% A$175 million due 2028 |
84 |
83 |
|
2.750% £450 million due 2029 |
447 |
447 |
|
2.500% NOK1,000 million due 2029 |
65 |
59 |
|
1.500% €750 million due 2030 |
614 |
579 |
|
3.782% C$400 million due 2030 |
215 |
220 |
|
1.125% €500 million due 2030 |
433 |
410 |
|
3.661% C$500 million due 2031 |
270 |
277 |
|
6.450% £900 million due 2031 |
890 |
870 |
|
Zero-coupon €50 million due January 2032 |
78 |
71 |
|
6.000% £350 million due 2032(1) |
347 |
346 |
|
1.366%+RPI £75 million due 2032 |
121 |
116 |
|
Zero-coupon €50 million due April 2032 |
76 |
69 |
|
1.875% €500 million due 2032 |
435 |
412 |
|
0.101%+RPI £182 million due 2032 |
252 |
242 |
|
1.5225% CHF220 million due 2032(1) |
205 |
193 |
|
3.726% C$625 million due 2033 |
342 |
351 |
|
4.500% €650 million due 2033(1) |
581 |
563 |
|
1.875% €650 million due 2034 |
480 |
462 |
|
4.171% £50 million due 2034 |
50 |
50 |
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
9. Borrowings CONTINUED
|
|
31 December 2025 £m |
31 December 2024 £m |
|
Zero-coupon €50 million due 2034 |
61 |
56 |
|
0.347%+RPI £75 million due 2035 |
105 |
100 |
|
3.8750% €600 million due 2036(1) |
517 |
- |
|
0.337%+RPI £75 million due 2036 |
105 |
100 |
|
1.061%+RPI £180 million due 2036 |
283 |
272 |
|
4.900% C$600 million due 2037 |
324 |
- |
|
3.460% £105 million due 2038 |
105 |
105 |
|
0.419%+RPI £51 million due 2038 |
71 |
68 |
|
1.382%+RPI £50 million due 2039 |
81 |
77 |
|
Zero-coupon €86 million due 2039 |
87 |
82 |
|
3.334%+RPI £460 million due 2039 |
881 |
846 |
|
0.800% JPY10,000 million due 2039 |
36 |
44 |
|
1.238%+RPI £100 million due 2040 |
159 |
153 |
|
0.362%+RPI £75 million due 2041 |
105 |
100 |
|
5.875% £750 million due 2041 |
740 |
740 |
|
3.500% A$125 million due 2041 |
62 |
62 |
|
6.250% £300 million due 2042 |
296 |
- |
|
2.926% £55 million due 2043 |
54 |
54 |
|
4.625% £750 million due 2046 |
743 |
743 |
|
4.702% £60 million due 2047 |
60 |
60 |
|
1.372%+RPI £75 million due 2049 |
121 |
116 |
|
2.750% £400 million due 2049 |
393 |
393 |
|
6.070% £70 million due 2056 |
70 |
70 |
|
6.070% £70 million due 2057 |
70 |
70 |
|
0.147%+RPI £160 million due 2058 |
218 |
211 |
|
Total bonds |
13,073 |
12,721 |
|
Heathrow Airport Limited debt: |
|
|
|
Class A3 term loan due 2029 |
200 |
200 |
|
Class B1 term loan due 2032 |
50 |
- |
|
Term notes due up to 2054(2) |
1,700 |
1,562 |
|
Total debt |
1,950 |
1,762 |
|
Unsecured |
|
|
|
Debenture payable to Heathrow Finance plc due 2036 |
2,610 |
2,610 |
|
Total non-current |
17,633 |
17,093 |
|
Total borrowings (excluding interest payable) |
18,783 |
18,089 |
(1) The Group has issued a number of sustainability-linked bonds. Further details on the Sustainability Performance Targets can be found in our Sustainability-Linked Bond Framework at the Heathrow Investor Centre website.
(2) Includes £20 million (2024: £20 million) in US private placements which is a green bond issuance.
As at 31 December 2025, the carrying value of non-current borrowings due after more than 5 years was £11,544 million (2024: £11,216 million), comprising £9,874 million (2024: £9,754 million) of bonds and £1,670 million (2024: £1,462 million) in bank facilities, excluding lease liabilities.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
9. Borrowings CONTINUED
Impact of fair value hedge adjustments
The nominal value of debt designated in a fair value hedge relationship was £999 million, €2,050 million, C$720 million, CHF 210 million, A$175 million, JPY 10,000 million and NOK 2,000 million. Where debt qualifies for fair value hedge accounting, hedged item adjustments have been applied as follows:
|
|
31 December 2025 |
31 December 2024 |
||
|
|
Nominal(1) £m |
Fair value adjustment (2) £m |
Nominal (1) £m |
Fair value adjustment (2) £m |
|
GBP denominated debt(3) (4) |
999 |
(18) |
196 |
- |
|
Euro denominated debt(4) |
1,682 |
100 |
1,682 |
77 |
|
CAD denominated debt(3) |
399 |
- |
337 |
2 |
|
CHF denominated debt |
160 |
1 |
160 |
1 |
|
Other currencies debt |
342 |
26 |
342 |
26 |
|
Designated in fair value hedge |
3,582 |
109 |
2,717 |
106 |
(1) Nominal values are based on initial designation FX rates.
(2) Fair value adjustment is comprised of fair value gain of £112 million (2024: £110 million) on continuing hedges and £3 million loss (2024: £4 million) on discontinued hedges, which no longer meet the criteria for hedge accounting.
(3) During 2025, fair value hedges of £266 million (2024: £277 million) matured and there were new designations totalling £1,130 million (2024: £196 million).
(4) The Group has issued €600 million Class A 3.875% due 2036 bond on 09 January 2025 and applied bifurcated hedge accounting treatment permissible under IFRS 9. Bifurcation of hedge; the floating portion of £503 million of existing GBP debt due 2031 was designated in a 'fair value hedge' relationship until January 2030. The fixed portion of the €600 million derivative was designated into a 'cash flow hedge' until final maturity in January 2036.
10. Derivative financial instruments
|
31 December 2025 |
Notional £m |
Assets £m |
Liabilities £m |
Total £m |
|
Current |
|
|
|
|
|
Foreign exchange contracts |
84 |
- |
- |
- |
|
Interest rate swaps |
2,205 |
- |
(104) |
(104) |
|
Cross-currency swaps |
161 |
34 |
- |
34 |
|
Index-linked swaps |
200 |
- |
(45) |
(45) |
|
|
2,650 |
34 |
(149) |
(115) |
|
Non-current |
|
|
|
|
|
Foreign exchange contracts |
23 |
- |
- |
- |
|
Interest rate swaps |
5,673 |
520 |
(311) |
209 |
|
Cross-currency swaps |
5,731 |
164 |
(208) |
(44) |
|
Index-linked swaps |
4,777 |
283 |
(462) |
(179) |
|
|
16,204 |
967 |
(981) |
(14) |
|
Total |
18,854 |
1,001 |
(1,130) |
(129) |
|
31 December 2024 |
Notional £m |
Assets £m |
Liabilities £m |
Total £m |
|
Current |
|
|
|
|
|
Foreign exchange contracts |
47 |
- |
(1) |
(1) |
|
Cross-currency swaps |
947 |
11 |
(54) |
(43) |
|
Index-linked swaps |
470 |
1 |
(5) |
(4) |
|
|
1,464 |
12 |
(60) |
(48) |
|
Non-current |
|
|
|
|
|
Foreign exchange contracts |
66 |
- |
(2) |
(2) |
|
Interest rate swaps |
7,378 |
633 |
(640) |
(7) |
|
Cross-currency swaps |
5,062 |
136 |
(230) |
(94) |
|
Index-linked swaps |
4,977 |
272 |
(663) |
(391) |
|
|
17,483 |
1,041 |
(1,535) |
(494) |
|
Total |
18,947 |
1,053 |
(1,595) |
(542) |
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
10. Derivative financial instruments CONTINUED
As at 31 December 2025, total non-current notional value of derivative financial instruments due in greater than 5 years was £8,575 million (2024: £11,911 million), comprising £1,909 million (2024: £3,969 million) of index-linked swaps, £3,492 million (2024: £3,893 million) of cross-currency swaps, and £3,174 million (2024: £4,049 million) of interest rate swaps.
Interest rate swaps
Interest rate swaps are maintained by the Group and designated as hedges, where they qualify against variability in interest cash flows on current and future floating or fixed rate borrowings. The gains and losses deferred in equity on the cash flow hedges will be continuously released to the income statement over the period of the hedged risk. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group's risk management objective. The cumulative gains and losses deferred in equity relating to the discontinued cash flow hedge relationships will be continuously released to the income statement over the period of the hedged risk.
Losses deferred in other comprehensive income, gross of tax, of £99 million (2024: £119 million) related to the discontinued cash flow hedges. During the year, £20 million (2024: £21 million) was recycled from the frozen hedging reserve to the income statement.
Of the losses deferred in the hedging reserve, £20 million (2024: £20 million) is expected to be released in less than one year, £15 million (2024: £20 million) between one and two years, £35 million (2024: £40 million) between two and five years and £29 million (2024: £39 million) over five years.
Cross-currency swaps
Cross-currency swaps have been entered into by the Group to hedge currency risk on interest and principal payments on its foreign currency-denominated bond issues. The gains and losses deferred in equity on certain swaps in cash flow hedge relationships will be continuously released to the income statement over the period to maturity of the hedged bonds.
The gains deferred are £92 million (2024: £199 million), of which of £26 million (2024: £45 million) are expected to be released in less than one year, £23 million (2024: £36 million) between one and two years, £37 million (2024: £75 million) between two and five years and £6 million (2024: £43 million) over five years.
Index-linked swaps
Index-linked swaps have been entered into in order to economically hedge RPI linked revenue and the Regulatory Asset Base ('RAB') but are not designated in a hedge relationship.
Foreign exchange contracts
Foreign exchange contracts are used to manage exposures relating to future capital expenditure. Hedge accounting is not sought for these derivatives.
Fair value estimation
Financial instruments that are measured in the statement of financial position at fair value are classified by the following fair value measurement hierarchy:
· Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities.
· Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
· Level 3 - inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
As at 31 December 2025 and 2024, all fair value estimates on derivative financial instruments are included in level 2.
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market (such as derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Specific valuation techniques and inputs used to value financial instruments include:
· Quoted market prices or dealer quotes for similar instruments.
· Applicable market-quoted swap yield curves adjusted for relevant basis and credit default spreads.
· The recovery rate and associated reduction in credit risk of super senior ranking derivatives (interest rate and index-linked swaps).
· The fair value of derivatives and certain financial instruments are calculated as the present value of the estimated future cash flows based on observable market inputs such as RPI and credit default swap curves.
· Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
10. Derivative financial instruments CONTINUED
Fair value estimation (continued)
At the restructuring date or initial date of recognition of index-linked swaps, the fair value of these instruments, as indicated by their fair value immediately prior to the restructuring or at initial recognition, cannot be supported by observable inputs alone. These fair values are supported by unobservable factors including the counterparty's credit, capital, funding and trading charges. Differences are deferred on the statement of financial position in compliance with IFRS 9.
As at 31 December 2025, £130 million (2024: £154 million) remained capitalised and £24 million (2024: £28 million) had been recognised in the income statement for the period.
On a semi-annual basis, the Group reviews any material changes to the valuation techniques and market data inputs used. The potential impact to the fair value hierarchy is assessed if it is deemed a transfer. Significant transfers between levels are considered effective at the end of the reporting period. During the year there were no transfers between the levels in the fair value hierarchy.
The tables below present the Group's assets (other than investment properties) and liabilities that are measured at fair value as at 31 December 2025 and 31 December 2024:
|
31 December 2025 |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
£m |
£m |
£m |
£m |
|
Assets |
|
|
|
|
|
Assets at fair value through income statement |
- |
821 |
- |
821 |
|
Derivatives qualifying for hedge accounting |
- |
180 |
- |
180 |
|
Total assets |
- |
1,001 |
- |
1,001 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Liabilities at fair value through income statement |
- |
(935) |
- |
(935) |
|
Derivatives qualifying for hedge accounting |
- |
(195) |
- |
(195) |
|
Total liabilities |
- |
(1,130) |
- |
(1,130) |
|
31 December 2024 |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
£m |
£m |
£m |
£m |
|
Assets |
|
|
|
|
|
Assets at fair value through income statement |
- |
924 |
- |
924 |
|
Derivatives qualifying for hedge accounting |
- |
129 |
- |
129 |
|
Total assets |
- |
1,053 |
- |
1,053 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Liabilities at fair value through income statement |
- |
(1,326) |
- |
(1,326) |
|
Derivatives qualifying for hedge accounting |
- |
(269) |
- |
(269) |
|
Total liabilities |
- |
(1,595) |
- |
(1,595) |
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
11. Retirement benefit obligations
Amounts arising from pensions related liabilities in the Group's financial statements
The following tables identify the amounts in the Group's financial statements arising from its pension-related liabilities.
Income statement - pension and other pension related liabilities costs
|
|
Year ended 31 December 2025 £m |
Year ended 31 December 2024 £m |
|
Employment costs: |
|
|
|
Defined contribution schemes |
24 |
26 |
|
BAA Pension Scheme |
9 |
10 |
|
Past service (credit)/charge - BAA Pension Scheme |
(15) |
3 |
|
|
18 |
39 |
|
Finance charge - BAA Pension Scheme |
5 |
7 |
|
Finance charge - Other pension and post-retirement liabilities |
1 |
1 |
|
Total pension charge |
24 |
47 |
Other comprehensive income - gain on pension and other pension related liabilities
|
|
Year ended 31 December 2025 £m |
Year ended 31 December 2024 £m |
|
BAA Pension Scheme gain |
98 |
35 |
|
Unfunded schemes gain |
1 |
1 |
|
Actuarial gain recognised before tax |
99 |
36 |
|
Tax charge on actuarial gain |
(25) |
(9) |
|
Actuarial gain recognised after tax |
74 |
27 |
Statement of financial position - net defined benefit pension deficit and other pension related liabilities
|
|
Year ended 31 December 2025 £m |
Year ended 31 December 2024 £m |
|
Fair value of plan assets |
2,490 |
2,497 |
|
Benefit obligation |
(2,474) |
(2,596) |
|
Surplus/(deficit) in BAA Pension Scheme |
16 |
(99) |
|
|
|
|
|
Unfunded pension obligations |
(19) |
(20) |
|
Post-retirement medical benefits |
(1) |
(1) |
|
Deficit in other pension related liabilities |
(20) |
(21) |
|
Net deficit in pension schemes |
(4) |
(120) |
|
Group share of net deficit in pension schemes |
(4) |
(120) |
There are no reimbursement rights included within scheme assets which require separate disclosure.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
11. Retirement benefit obligations continued
(a) BAA Pension Scheme
The BAA Pension Scheme is a funded defined benefit scheme with both open and closed sections. The Scheme closed to employees joining the Group after 15 June 2008. The Scheme's assets are held separately from the assets of the HAHL Group and are administered by the trustee.
The value placed on the Scheme's obligations as at 31 December 2025 is based on the full actuarial valuation carried out as at 30 September 2024. This has been updated as at 31 December 2025 by ISIO Group Limited to take account of changes in economic and demographic assumptions, in accordance with IAS 19R. The Scheme assets are stated at their bid value as at 31 December 2025. As required by IAS 19R, the Group recognises re-measurements as they occur in the statement of comprehensive income.
|
Analysis of fair value of plan assets
|
31 December 2025 |
31 December 2024 |
||||
|
Quoted(1) |
Unquoted |
Total |
Quoted(1) |
Unquoted |
Total |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
|
Fair value of plan assets |
|
|
|
|
|
|
|
Equity |
86 |
413 |
499 |
63 |
456 |
519 |
|
Bonds |
257 |
167 |
424 |
257 |
177 |
434 |
|
Cash |
- |
24 |
24 |
- |
42 |
42 |
|
Liability driven investment |
- |
831 |
831 |
- |
815 |
815 |
|
Buy in |
- |
374 |
374 |
- |
364 |
364 |
|
Multi-strategy funds |
- |
338 |
338 |
- |
323 |
323 |
|
Total fair value of plan assets |
343 |
2,147 |
2,490 |
320 |
2,177 |
2,497 |
(1) Quoted assets have prices in active markets in which transactions for the asset take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
As at 31 December 2025, the largest single category of investment was a liability driven investment ('LDI') mandate, with a value of £831 million, being 33% of the asset holding (2024: £815 million, 33%).
LDI holdings are portfolios of bonds, repurchase agreements, interest rate and inflation derivatives which are intended to protect the Scheme from movements in interest rates and inflation, so that the fair value of this element of the portfolio moves in the same way as the fair value of Scheme's obligations.
Analysis of financial assumptions
The financial assumptions used to calculate Scheme assets and liabilities under IAS 19R were:
|
|
31 December 2025 % |
31 December 2024 % |
|
Rate of increase in pensionable salaries |
1.90 |
1.90 |
|
Increase to deferred benefits during deferment |
2.75 |
3.40 |
|
Increase to pensions in payment: |
|
|
|
Open section |
2.95 |
3.15 |
|
Closed section |
3.15 |
3.40 |
|
Discount rate |
5.45 |
5.40 |
|
Inflation assumption |
3.15 |
3.40 |
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
12. Cash generated from operations
|
Reconciliation of profit before tax to cash generated from operations
|
Year ended 31 December 2025 £m |
Year ended 31 December 2024 £m |
|
Profit before tax |
575 |
917 |
|
Exceptional items |
- |
22 |
|
Profit before tax and exceptional items |
575 |
939 |
|
Adjustments for: |
|
|
|
Net finance costs |
674 |
581 |
|
Depreciation |
591 |
583 |
|
Amortisation of intangibles |
58 |
38 |
|
Amortisation of right of use assets |
43 |
41 |
|
Fair value loss/(gain) on investment properties |
93 |
(147) |
|
Write-offs |
3 |
1 |
|
Working capital changes: |
|
|
|
Decrease/(increase) in trade and other receivables |
42 |
(84) |
|
Increase in inventories |
(3) |
- |
|
Increase in provisions |
1 |
- |
|
(Decrease)/increase in trade and other payables |
(82) |
61 |
|
Difference between pension charge and cash contributions |
(22) |
(2) |
|
Cash generated from operations |
1,973 |
2,011 |
13. Commitments and contingent liabilities
Commitments for property, plant and equipment
|
|
31 December 2025 £m |
31 December 2024 £m |
|
Contracted for, but not accrued: |
|
|
|
Asset management and compliance |
353 |
258 |
|
Carbon and sustainability |
21 |
16 |
|
Commercial proposition |
64 |
29 |
|
Improve efficiency and service |
43 |
12 |
|
Terminal 2 baggage system |
337 |
176 |
|
Next generation security |
98 |
146 |
|
Modernising Heathrow |
13 |
2 |
|
Expanding Heathrow |
12 |
- |
|
|
941 |
639 |
Contingent liabilities
As at 31 December 2025, the Group has no external contingent liabilities (2024: £nil).
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
14. Related party transactions
During the year, the Group entered into the following transactions with related parties:
|
Purchase of goods and services from related parties |
Year ended 31 December 2025 £m |
Year ended 31 December 2024 £m |
|
Amey OWR Limited |
- |
1 |
|
Ferrovial Construction (UK) Limited |
50 |
85 |
|
Heathrow Enterprises Limited |
4 |
3 |
|
Heathrow Finance plc (1) |
150 |
151 |
|
LHR Building Control Services Limited |
1 |
1 |
|
LHR Airports Limited |
17 |
22 |
|
|
222 |
263 |
(1) Interest on the debenture payable to Heathrow Finance plc.
|
Sales to related parties |
Year ended £m |
Year ended £m |
|
Harrods International Limited |
11 |
10 |
|
Qatar Airways Limited |
73 |
67 |
|
LHR Airports Limited(1) |
2 |
2 |
|
Riyadh Air |
1 |
- |
|
|
87 |
79 |
(1) Interest on the loan receivable from LHR Airports Limited.
|
Balances outstanding with related parties |
31 December 2025 |
31 December 2024 |
||
|
Amounts owed by related parties £m |
Amounts owed to related parties £m |
Amounts owed by related parties £m |
Amounts owed to related parties £m |
|
|
Ferrovial Construction (UK) Limited |
- |
- |
- |
3 |
|
Qatar Airways Limited |
2 |
- |
2 |
- |
|
Heathrow Finance plc |
- |
2,660 |
- |
2,658 |
|
LHR Airports Limited |
- |
- |
41 |
31 |
|
Riyadh Air |
2 |
- |
- |
- |
|
|
4 |
2,660 |
43 |
2,692 |
The related parties outlined above are related through ownership by the same parties. The transactions relate primarily to construction projects, loans, interest payable, concession fees and aeronautical revenue, and are conducted on an arm's length basis.
15. SUBSEQUENT EVENTS
On 23 January 2026, the Group extended its existing revolving credit facility of £1,386 million by 2 years to 30 September 2029.
On 5 February 2026, the Group issued a £400 million bond with a final maturity date of 5 February 2034.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
16. Reconciliation of our Alternative Performance Measures (APMs)
Alternative Performance Measures ('APMs')
The Group presents its results in accordance with UK-adopted International Accounting Standards. Management also produces APMs which are other financial measures not defined by IFRS. Management relies on these APMs for decision-making and for evaluating the Group's performance. Below we provide an explanation of each APM.
EBITDA
EBITDA is profit or loss before interest (net finance costs), taxation, depreciation and amortisation. EBITDA is a useful indicator as it is widely used by investors, analysts and rating agencies to assess operating performance.
|
|
Year ended £m |
Year ended £m |
|
Profit for the year |
396 |
644 |
|
Tax charge |
179 |
273 |
|
Net finance costs |
674 |
581 |
|
Operating profit |
1,249 |
1,498 |
|
Depreciation and amortisation |
692 |
662 |
|
EBITDA |
1,941 |
2,160 |
Adjusted EBITDA
Adjusted EBITDA is profit or loss before interest (net finance costs), taxation, depreciation, amortisation, fair value gains and losses on investment properties and exceptional items (if any). Fair value gains and losses on investment properties are excluded as they can vary significantly from one year to the next due to market perceptions of the value of the property and the accounting method used to calculate the fair value. Exceptional items are outlined in note 3. These are excluded due to their size and the fact that they are not representative of a normal trading year. Adjusted EBITDA is an approximation of pre-tax operating cash flow and reflects cash generation before changes in working capital and investment. The APM assists investors to value the business (valuation using multiples) and rating agencies and creditors to gauge levels of leverage by comparing adjusted EBITDA with net debt.
|
|
Year ended £m |
Year ended £m |
|
Profit for the year |
396 |
644 |
|
Tax charge |
179 |
273 |
|
Net finance costs |
674 |
581 |
|
Operating profit |
1,249 |
1,498 |
|
Depreciation and amortisation |
692 |
662 |
|
Exceptional items |
- |
22 |
|
Fair value loss/(gain) on investment properties |
93 |
(147) |
|
Adjusted EBITDA |
2,034 |
2,035 |
|
|
Year ended £m |
Year ended £m |
|
Cash generated from operations |
1,973 |
2,011 |
|
Write-offs |
(3) |
(1) |
|
(Decrease)/increase in trade and other receivables |
(42)
|
84
|
|
Increase in inventories |
3 |
- |
|
Increase in provisions |
(1) |
- |
|
Decrease/(increase) in trade other payables |
82 |
(61) |
|
Difference between pension charge and cash contributions |
22 |
2 |
|
Adjusted EBITDA |
2,034 |
2,035 |
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
16. Reconciliation of our Alternative Performance Measures (APMs) continued
Adjusted operating profit
Adjusted operating profit or loss shows operating results excluding fair value gains and losses on investment properties and exceptional items. These are excluded as they can vary significantly from one year to the next due to market perceptions of the value of the property and the accounting method used to calculate the fair value. The adjusted measure is used to assess underlying performance of the trading business.
|
|
Year ended £m |
Year ended £m |
|
Operating profit (1) |
1,249 |
1,498 |
|
Exceptional items |
- |
22 |
|
Fair value loss/(gain) on investment properties |
93 |
(147) |
|
Adjusted operating profit |
1,342 |
1,373 |
(1) Operating profit is presented on the Group income statement; it is not defined per IFRS, however it is a generally accepted profit measure.
Net finance costs before certain re-measurements
Net finance costs before certain re-measurements exclude fair value gains and losses on financial instruments. Excluding fair value gains and losses can be useful to investors and financial analysts when assessing the Group's underlying profitability, as measured by adjusted EBITDA, because they can vary significantly from one year to the next. A significant portion of the fair value gains and losses on financial instruments occur due to the business entering into arrangements to hedge against future inflation. As these contracts do not meet hedge criteria under IFRS 9, fair value gains and losses create significant volatility in our IFRS income statement.
|
|
Year ended £m |
Year ended £m |
|
Finance income |
79 |
102 |
|
Finance costs |
(753) |
(683) |
|
Net finance costs after certain re-measurements |
(674) |
(581) |
|
Fair value gain arising on re-measurement of financial instruments |
(393) |
(342) |
|
Net finance costs before certain re-measurements |
(1,067) |
(923) |
Adjusted profit before tax
Adjusted profit or loss before tax excludes fair value gains and losses on investment properties and financial instruments and exceptional items. Excluding these can be useful to investors and financial analysts when assessing the Group's underlying profitability, because they can vary significantly from one year to the next.
|
|
Year ended £m |
Year ended £m |
|
Profit before tax |
575 |
917 |
|
Exceptional items |
- |
22 |
|
Fair value loss/(gain) on investment properties |
93 |
(147) |
|
Fair value gain arising on re-measurement of financial instruments |
(393) |
(342) |
|
Adjusted profit before tax |
275 |
450 |
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
16. Reconciliation of our Alternative Performance Measures (APMs) continued
Adjusted profit after tax
Adjusted profit or loss after tax excludes fair value gains and losses on investment properties and financial instruments, exceptional items and the associated tax. Excluding these can be useful to investors and financial analysts when assessing the Group's underlying profitability, because they can vary significantly from one year to the next.
|
|
Year ended £m |
Year ended £m |
|
Profit after tax |
396 |
644 |
|
Exceptional items |
- |
22 |
|
Fair value loss/(gain) on investment properties |
93 |
(147) |
|
Fair value gain arising on re-measurement of financial instruments |
(393) |
(342) |
|
Tax charge on fair value loss/(gain) on investment properties and re-measurement of financial instruments |
83 |
135 |
|
Adjusted profit after tax |
179 |
312 |
Heathrow (SP) Limited consolidated nominal net debt
Consolidated nominal net debt is a measure of financial position used by our creditors when assessing covenant compliance.
Nominal net debt is short- and long-term debt less qualifying cash and cash equivalents and term deposits. It is an important measure as it is used as a metric in assessing covenant compliance for the Group. It includes index linked swap accretion and the hedging impact of cross-currency interest rate swaps. It excludes pre-existing lease liabilities recognised upon transition to IFRS 16, accrued interest, capitalised borrowing costs and intra-group loans.
|
|
31 December 2025 £m |
31 December 2024 £m |
|
Total financing liabilities |
(19,567) |
(19,272) |
|
Cash and term deposits |
1,117 |
1,557 |
|
Net derivative liabilities |
129 |
542 |
|
Index-linked swap accretion (1) |
(501) |
(394) |
|
Impact of cross-currency interest rate swaps (2) |
(73) |
(283) |
|
Bond issuance costs and zero-coupon accruals (3) |
9 |
(1) |
|
IFRS 16 lease liability relating to pre-existing leases (4) |
326 |
336 |
|
Debenture payable to Heathrow Finance plc |
2,610 |
2,610 |
|
Interest payable |
244 |
207 |
|
Consolidated nominal net debt |
(15,706) |
(14,698) |
(1) Index-linked swap accretion is included in nominal net debt; amounts are reported within derivative financial instruments on the Group's statement of financial position.
(2) Where bonds are issued in currencies other than GBP, the Group has entered into foreign currency swaps to fix the GBP cash outflows on redemption. The impact of these swaps is reflected in nominal net debt.
(3) Capitalised bond issue costs and zero-coupon accruals are excluded from nominal net debt.
(4) The lease liability relating to leases that existed at the point of transition to IFRS 16 (1 January 2019) is excluded from nominal net debt. All new leases entered into post-transition are included.
Notes to the condensed consolidated financial statements for the year ended 31 December 2025
16. Reconciliation of our Alternative Performance Measures (APMs) continued
Regulatory Asset Base ('RAB')
The RAB is a regulatory construct, based on predetermined principles not based on IFRS. By investing efficiently in the Airport, we add to the RAB over time. The RAB is an important measure as it represents the invested capital on which Heathrow are authorised to earn a cash return and is used in the financial ratios used to assess covenant compliance as detailed in the financial review. It is used in key financial ratios and in our regulatory financial statements.
|
|
31 December 2025 £m |
31 December 2024 £m |
|
Regulatory Asset Base ('RAB') |
21,263 |
20,422 |
Regulatory gearing ratio
The regulatory gearing ratio is consolidated nominal net debt to the RAB. It is a financial indicator used by investors, financial analysts, rating agencies, creditors and other parties to ascertain a company's debt position in regulated industries.
|
|
31 December 2025 |
31 December 2024 |
|
Total net debt to RAB at Heathrow (SP) Limited |
0.739 |
0.720 |
|
Senior net debt to RAB at Heathrow (SP) Limited |
0.631 |
0.618 |
Glossary
Air Transport Movement 'ATM' - means a flight carried out for commercial purposes and includes scheduled flights operating according to a published timetable, charter flights, cargo flights but it does not include empty positioning flights, and private non-commercial flights.
Airport Service Quality 'ASQ' - quarterly Airport Service Quality surveys directed by Airports Council International (ACI). Survey scores range from 1 up to 5.
Baggage connection - percentage of bags connected per 1,000 passengers.
Category B Costs - capital expenditure related to the consent process for Expansion.
Connections satisfaction - measures how satisfied passengers are with their connections journey via our in-house satisfaction tracker - QSM Connections. Throughout the year there are 14,000 face-to-face interviews across all terminals where transfer passengers rate their satisfaction with their Connections experience on a scale of one to five, where one is 'extremely poor' and five is 'excellent'.
Departure punctuality - percentage of flights departing within 15 minutes of schedule.
Early Category C Costs - capital expenditure related to the early design and construction costs for Expansion.
GAAP - Generally Accepted Accounting Principles
Gearing ratios - under the Group's financing agreements, calculated by dividing consolidated nominal net debt by Heathrow's Regulatory Asset Base ('RAB') value.
IAS - International Accounting Standard
IFRS - International Financial Reporting Standard
Lost Time Injury - injuries sustained by colleagues whilst conducting work related duties, resulting in absence from work for at least a day. The measure is calculated as a moving annual frequency rate of the number of incidents in the last 12 months per 100,000 working hours.
NERL - National Air Traffic Services is split into two main service provision companies, one of which is NATS En-Route PLC (NERL). NERL is the sole provider of civilian en-route air traffic control over the UK.
Net-zero carbon - residual carbon emissions are offset by an equal volume of carbon removals.
Regulatory asset ratio 'RAR' - is a trigger event and covenant event at Class A, a trigger event at Class B and a financial covenant at Heathrow Finance; Class A RAR trigger ratio is 72.5% and covenant level is 92.5%; two Class B triggers apply: at Heathrow Finance it is 82.0% and at Heathrow (SP) Limited it is 85.0%; Heathrow Finance RAR covenant is 92.5%.
Restricted payments - the financing arrangements of the Group and Heathrow Finance plc ('Heathrow Finance') restrict certain payments unless specified conditions are satisfied. These restricted payments include, among other things, payments of dividends, distributions and other returns on share capital, any redemptions or repurchases of share capital, and payments of fees, interest or principal on any intercompany loans.
Security queuing - percentage of security waiting time measured under 5 minutes, based on 15-minute time period measured.
RPI - Retail Price Index ('RPI')
[1] Official Airline Guide
[2] OAG's Mega Hub Index September 2025
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