Half-year Financial Report

Manchester Airport Grp Funding PLC

02 December 2025

 

Issuer: Manchester Airport Group Funding PLC

Date: 2 December 2025

Manchester Airport Group Funding PLC

Company No. 8826541

Interim Results

The Issuer's parent, Manchester Airport Group Investments Limited ("MAGIL"), today publishes its Interim Financial Report and consolidated financial statements for the half year ended 30 September 2025.

MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"), today also publishes its Interim Financial Report and consolidated financial statements for the half year ended 30 September 2025.

The Interim Reports and consolidated financial statements for MAHL and MAGIL, together with the Investor Presentation, 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 Tuesday 2 December 2025 at 9.30 am (UK time). The call will be hosted by Ken O'Toole, Chief Executive Officer, and Iain Ashworth, Corporate Finance Director.

MAGIL results for the 6 months ended 30 September 2025

MAG's airports welcomed a record number of passengers between April to September 2025, with volumes up more than 700,000 year-on-year. This has been achieved due to our focus on maximising the choice available to passengers in all parts of the country - and by ensuring air travel is as affordable and accessible as possible for all. Continued passenger growth has underpinned MAG's strong financial performance in first half of the year.

Passenger numbers for the 6 months were 38.0 million, an increase of 1.9% compared to the 37.3 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 10.5% to £850.6 million, which has resulted in an Adjusted EBITDA of £405.3 million, an increase of £27.4 million (7.3%).  MAGIL delivered an operating profit of £248.8 million for the half year ended 30 September 2025 (2024: £244.9 million).

MAGIL Key Financials	6 months ended 30 September 2025 (£m)	6 months ended 30 September 2024 (£m)	Change (%)
Revenue	850.6	769.6	10.5%
Adjusted EBITDA*	405.3	377.9	7.3%
Adjusted EBITDA*(excluding impact of IFRS 16)	381.8	356.8	7.0%
Operating profit (before adjusted items)	267.3	254.8	4.9%
Operating profit	248.8	244.9	1.6%
Profit/(loss) before taxation	217.5	214.9	1.2%

Passengers	6 months ended 30 September 2025 (m)	6 months ended 30 September 2024 (m)	Change (%)
Manchester	18.5	17.8	3.9%
London Stansted	16.8	16.7	0.6%
East Midlands	2.7	2.8	(3.6)%
Total	38.0	37.3	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 £405.9 million, and a profit from operations of £248.3 million for the 6 month period.   

Highlights

·      Across what was the busiest summer period in its history, Manchester Airport handled 18.5m passengers between April and September, a 3.9% increase on HY25. That came on the back of it breaking through the 31mppa barrier for the first time in FY25.

·      A record breaking six months saw London Stansted serve 16.8m passengers, an increase of 0.6% on the same period last year. The airport serving London and the East of England maintains the UK's most extensive network of European destinations.

·      Celebrating its 60th year of operation in April, East Midlands Airport served 2.7m passengers across the first six months of the year, a decrease of 3.6% compared to last year. As the UK's largest pure freight operation, East Midlands Airport handled more than 201,000 tonnes of cargo between April and September. This was a significant increase of 9.7% compared to last year.

·      MAG's global footprint continues to increase through CAVU. In the first half of the year, CAVU's Marketplace Division expanded, with Propel Commerce scaling across airports in the US, EMEA, and APAC and Propel Connect scaling through several new partnerships including with Expedia, Collinson and Dragon Pass. Inventory grew with new global parking providers and improved commissions at existing sites with new product categories added to the marketplace including lounges and fast track. The Experiences Division expanded its lounge network, with openings in Puerto Rico, Tulsa, Edinburgh, Bristol, and Brisbane. Technology milestones included an increase in Propel search volumes from 10 million to 75 million per month.

·      Against a backdrop of government support for sustainable aviation expansion, MAG continued to invest strongly in our airports during the year, with plans to invest around £2.5 billion over the next five years, which would cement our position as the UK's largest private funder of transport infrastructure schemes outside of London.

o  The 10-year transformation of Manchester Airport is nearing completion, with a series of construction milestones reached in the first half. The opening of new check-in facilities and an extension to Terminal 2's award-winning departure lounge, gives passengers exceptional choice. Nearly 80% of all Manchester Airport passengers now use its new, state-of-the-art terminal. Overall, the scheme unlocks the potential of Manchester's existing runways, enabling capacity for 45-50 million passengers per annum. In September, work also began on the multimillion-pound project to redevelop Terminal 3, which will expand the departure hall space with additional seating, alongside new retail and food and drink options.

o  In July, London Stansted Airport celebrated opening its new domestic arrivals building. This marks the first milestone for the £1.1bn investment that looks to increase the airport's capacity and transform the passenger experience.

o  In May, East Midlands Airport unveiled its vision to unlock its full cargo potential, CargoMAX, with developments that have the potential to meet an estimated 54% growth in demand for express air freight and create more than 20,000 jobs in the East Midlands. A study by York Aviation concluded that this cargo growth will support up to £1.8bn in additional Gross Value Added (GVA) for the region by 2030, and up to £3.4 billion additional GVA by 2043.

·      As at 30 September 2025, MAGIL had a £500 million revolving credit facility and a £135 million liquidity facility, maturing May 2029. The revolving credit facility and liquidity facility were undrawn at 30 September 2025. In November 2025 MAGIL completed a refinancing of these facilities, 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.

·      MAGIL's £1,760 million and €500 million of listed bonds, together with the bank facilities described above and retained cash resources of £237.3 million as at 30 September 2025, 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 period end.

·      MAGIL's Leverage covenant for the 30 September 2025 Calculation Date was 3.5x. Interest Cover was 6.2x.

·      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, coming at a pivotal time for aviation as our industry embraces low-emission technologies and works towards global decarbonisation targets. Since 2007, MAG's operational emissions (scope 1 and 2) have reduced by 90% and we have developed a clear roadmap to achieve net zero carbon operations by 2038. MAG continues to play a leading role advancing

aviation sustainability, collaborating with partners and governments to ensure the sector's growth is compatible with our responsibility to decarbonise the economy. In October 2025 the Group issued a report to look back on its achievements over the last five years of its previous Sustainability Strategy - Working Together for a Brighter Future.

·      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. This year, the Group retained its five-star GRESB Environmental, Social and Governance (ESG) rating, and achieved a gold standard EcoVadis award which placed MAG in the top 5% of the more than 130,000 companies assessed globally.

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                                               [e-mail]

MAG Press Office                                                [e-mail]        

 

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