Annual Financial Report
Summary by AI BETAClose X
Issuer: Manchester Airport Group Funding PLC
Date: 2 July 2026
Manchester Airport Group Funding PLC
Company No. 8826541
Annual Results
The Issuer's parent, Manchester Airport Group Investments Limited ("MAGIL"), today publishes its Annual Financial Report and consolidated financial statements for the year ended 31 March 2026.
MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"), today also publishes its Annual Financial Report and consolidated financial statements for the year ended 31 March 2026.
The Annual Reports and consolidated financial statements for MAHL and MAGIL, together with the Investor Presentation, Investor Report and Compliance Certificate for MAGIL, are available on Manchester Airports Group's Investor Relations website at magairports.com/investor-relations.
Investor Presentation
A conference call to present the results to bondholders, bank lenders, rating agencies and credit analysts will be held on Thursday 2 July 2026 at 10.00 am (UK time). The call will be hosted by Ken O'Toole, Chief Executive Officer, Marie Joyce, Chief Financial Officer, and Iain Ashworth, Corporate Finance Director.
MAGIL results for the 12 months ended 31 March 2026
Despite heightened geopolitical and economic uncertainty, MAG has demonstrated resilience and momentum, delivering strong results while continuing to invest for long-term growth and value creation for its stakeholders.
The passenger growth MAG has seen, much like the overall resilience of the sector, reflects the fundamental desire people have to travel and the resulting growth it creates for individuals, businesses, regions and nations.
Passenger numbers for the year were 66.3 million, an increase of 1.9% compared to the 65.0 million passengers in the previous year. That means around one in five of all UK air travellers used a MAG airport during the year, reflecting the reach of our combined catchment areas.
MAGIL's revenue has increased by 12.8% to £1,514.6 million, which has resulted in an Adjusted EBITDA of £613.2 million, an increase of £42.9 million (7.5%). MAGIL delivered an operating profit of £304.7 million for the year ended 31 March 2026 (2025: £264.5 million).
|
MAGIL Key Financials |
12 months ended 31 March 2026 (£m) (FY26) |
12 months ended 31 March 2025 (£m) (FY25) |
Change (%) |
|
Revenue |
1,514.6 |
1,342.4 |
12.8% |
|
Adjusted EBITDA* |
613.2 |
570.3 |
7.5% |
|
Adjusted EBITDA*(excluding impact of IFRS 16) |
565.8 |
528.0 |
7.2% |
|
Operating profit (before adjusted items) |
328.6 |
300.7 |
9.3% |
|
Operating profit |
304.7 |
264.5 |
15.2% |
|
Profit/(loss) before taxation |
227.4 |
217.7 |
4.5% |
|
Passengers |
12 months ended 31 March 2026 (m) (FY25) |
12 months ended 31 March 2025 (m) (FY25) |
Change (%) |
|
Manchester |
32.3 |
31.1 |
3.6% |
|
London Stansted |
30.0 |
29.9 |
0.4% |
|
East Midlands |
4.0 |
4.0 |
(1.3)% |
|
Total |
66.3 |
65.0 |
1.9% |
*Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, gains and losses on sales and valuation of investment properties, and adjusted items
MAGIL's parent, MAHL, reported an Adjusted EBITDA of £614.4 million, and an operating profit of £303.9 million.
Highlights
· In the year to 31 March 2026, Manchester Airport served 32.3 million passengers, an increase of 3.6% on FY25, and another year of record performance. Growth was attributed to increased capacity that was unlocked by the airport's transformation programme, and the addition of new airlines and services across the airport's route network.
· London Stansted also celebrated a record year, welcoming a host of new airlines and adding even more destinations to its departure board. The airport carried 30.0 million passengers in the year to 31 March 2026, an increase of 0.4% compared with the prior year. Having broken into the '30m club', the scale of the airport's operations are now likened to those of La Guardia in New York and Melbourne in Australia.
· East Midlands Airport served 4.0m passengers across the year, broadly unchanged from FY25. Cargo operations continued to grow significantly, cementing the airport's role as the UK's largest dedicated air cargo operation offering new routes and cargo carriers and sitting at the heart of the UK, offering one-stop access to 185 of the world's major cities. In FY26 the airport handled more than 413,000 tonnes of cargo, up 12.5% year-on-year. The significant growth of the operation sat alongside the introduction of seven new carriers - further expanding the reach of global trade from the East Midlands.
· MAG's global footprint continues to increase through CAVU, which is in itself an example of MAG's commitment to innovation and diversification. Since forming in 2022, CAVU has expanded both its reach and capability. Across its activities, including global lounge operations and the acquisition of airport parking businesses, CAVU now operates in 58 countries and 399 airports. In FY26 CAVU contributed £77.1 million to MAGIL's Adjusted EBITDA of £613.2 million, an increase of 9.2% on FY25.
· Against a backdrop of government support for sustainable aviation expansion, MAG continued to invest strongly in our airports during the year, cementing it's position as the UK's largest private funder of transport infrastructure schemes outside of London.
· Capital investment in the year reduced to £555.5m following peak expenditure on MAN-TP in the previous year when total capex was £642.7m. This reduction was partially offset by increased spend on STN-TP and completion of Next Generation Security (scanners) during the year, with these programmes together accounting for almost half of total capital spend. In addition, MAG continued to invest in the renewal and enhancement of core infrastructure, including terminal facilities at Manchester and Stansted, stand capacity works at Manchester and cargo infrastructure at East Midlands, alongside growth investment through the fit out of new CAVU lounges.
o Following completion of Manchester Airport's £1.5 billion 10 year Transformation Programme, the airport is in the top 20 airports in Europe by passenger volumes. This emphasises the critical role that Manchester has to play in driving UK economic growth by helping create a Northern Growth Corridor that is home to fast growing, internationally competitive sectors like advanced manufacturing, life sciences and creative and digital industries.
o As MAN-TP concluded, MAG has embarked on a new period of significant investment at London Stansted, as part of a continuing strategy to invest in our airports for growth and to unlock their long-term potential. Early investments have included the installation of new security equipment and delivering a new domestic arrivals building. MAG is now poised to start construction to extend the airport's terminal and critical infrastructure to unlock the potential of Stansted's runway. Forming part of a five-year £1.1 billion investment programme, these plans will deliver significant capacity to the South East aviation market at a time when other airports are constrained.
o In May 2025 East Midlands Airport unveiled its vision to meet an estimated 54% increase in demand for express air freight from the airport over the next two decades which include plans to develop up to 50 hectares of land for cargo operations, which could support £3.4 billion of GVA to the UK economy and support 21,000 new jobs by 2043.
· In November 2025 MAGIL completed a refinancing of its £500 million revolving credit facility and its £135 million liquidity facility, through an amendment and restatement process. The total facility sizes and lenders remained unchanged. The new facilities mature in November 2030 with options to extend by up to two years, subject to lenders' agreement. The revolving credit facility and liquidity facility were undrawn at 31 March 2026
· In January 2026 MAG issued a £300 million bond, maturing in 2036, with a coupon of 5.25% providing funding for the Group's investment activities in FY27.
· MAGIL's £2,060 million and €500 million of listed bonds, together with the bank facilities described above and retained cash resources of £253.8 million as at 31 March 2026, provide it with a long-term stable funding platform. Together with the undrawn revolving credit facility MAGIL had in excess of £0.7 billion of liquidity at the year end.
· MAGIL's Leverage covenant for the 31 March 2026 Calculation Date was 3.9x. Interest Cover was 5.6x.
· MAG's financing strategy incorporates its strong investment grade ratings with Fitch (BBB+ stable outlook) and Moody's (Baa1 stable outlook) and a long-term financing structure to support growth.
· In May 2025 the Group published its new Sustainability Strategy: Creating a Sustainable Future for all. Building on the foundations of the Group's work to date, the strategy seeks to shape the future of sustainable travel. Across the year MAG has continued to demonstrate leadership through the initiatives it has delivered against the two pillars of its Sustainability Strategy: Protecting the Environment, and Community at our Core. This progress ensures that MAG can continue to grow sustainably, bringing benefits to those who live close by, work at and use its airports and contributing to the long term success of the regions they serve.
· MAG's latest annual Corporate and Social Responsibility (CSR) report and Sustainability Strategy is available on MAG's Responsible Business website (magairports.com/responsible-business/csr-reports/ and www.magairports.com/work-with-us/our-sustainability-plans/)
· MAG's commitment to implementing effective sustainability practices continues to be independently recognised and this year MAG retained its five-star GRESB Environmental, Social and Governance (ESG) rating.
Note on MAGIL Results
Reconciliations between the financial results of MAGIL and MAHL and MAGIL's Adjusted EBITDA (excluding impact of IFRS 16) are available in the appendix of the Investor Presentation, which is available on MAHL's Investor Relations website at magairports.com/investor-relations.
Enquiries:
Investor Relations investor.relations@magairports.com
MAG Press Office press.office@magairports.com
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