Momberger Airport Information

EUROPE
J.P. Morgan has reassessed Europe’s main listed airport operators, moving Zurich Airport (Switzerland) up to “overweight” and cutting Aena (Spain) down to “underweight” because of their different financial outlooks. In investment terms, “overweight” means the bank recommends buying more of that stock because it expects it to perform better than the market, while “underweight” means the opposite.
Zurich Airport received a December 2026 price target of CHF 270, about 14% above current trading levels. The bank said the airport has strong free cash flow — meaning it generates extra money after covering its operating and investment costs — and stands to benefit from its investment in Noida Airport in India. By 2029, Noida’s earnings could make up about 18% of Zurich’s 2025 profits, boosting its global position. Some risks remain, such as possible reductions in the fees it can charge airlines, but J.P. Morgan considers these manageable.
Aena, which runs Spain’s largest airports, including Madrid and Barcelona, was downgraded with a December 2026 price target of EUR 21, about 8% below current levels. The bank cited heavy capital spending obligations under Spain’s DORA III regulatory framework, especially for Barcelona Airport, which will continue into the next planning cycle (DORA IV). It warned Aena may not generate enough cash to pay dividends without borrowing, and could face slower traffic growth and disruption from large construction projects.
Elsewhere, Aéroports de Paris kept an “overweight” rating with a target of EUR 128 (16% upside), while Frankfurt Airport’s operator Fraport remained “neutral” with a slightly higher target of EUR 77 (5% upside). J.P. Morgan said Zurich stands out among European airports for its solid growth prospects and financial strength, though the bank still sees toll roads as more attractive than airports in the wider infrastructure sector.

 

RUSSIA & C.I.S.
Russia’s Ministry of Finance has included Domodedovo Airport (Moscow Oblast, Russia) in its 2025 privatisation plan, with a sale to be conducted through open market auctions. Finance Minister Anton Siluanov said the state has no intention of retaining confiscated assets and aims to transfer them “as quickly as possible” into private ownership. Around RUB 30 billion (USD 330 million) has already been raised from disposals this year, with expectations that proceeds could reach RUB 100 billion (USD 1.1 billion) by year-end.
The move follows a June 2025 court ruling that transferred Domodedovo Airport’s assets to state ownership after a confiscation case brought by the Prosecutor General’s Office. The property was subsequently placed under the control of the Federal Agency for State Property Management (Rosimushchestvo).
Alongside Domodedovo, the Ministry of Finance has also scheduled the sale of a controlling stake in South Ural Gold (UGK), which was nationalised earlier this year.

 

LATIN AMERICA & THE CARIBBEAN
Rio de Janeiro Galeão International Airport (Brazil) will be re-concessioned by March 2026 under an amended concession contract approved by the Federal Court of Accounts (TCU). The agreement includes the assisted sale of the current concessionaire with a minimum bid of BRL 932 million (USD 170 million) and the withdrawal of state-owned operator Infraero, which holds 49%.
The revised model replaces a fixed annual fee of about BRL 1 billion (USD 182 million) with a variable contribution of 20% of gross revenue until 2039. It also establishes a two-way compensation mechanism linked to passenger caps at Santos Dumont Airport: the concessionaire will pay the government if traffic falls short of the limits, while receiving compensation if traffic exceeds them. The caps will be progressively raised from 6.5 million in 2024 to 10 million in 2027, with full removal in 2028.
Changi Airports International of Singapore has agreed to sell 70% of Rio de Janeiro Aeroporto S.A. (RJA), the company controlling 51% of concessionaire CARJ, to Vinci Compass, a Brazilian investment and asset management firm unrelated to France’s Vinci group or Vinci Airports. The transaction, pending regulatory approval, will reduce Changi’s effective interest in CARJ to 15.3%, with Vinci Compass holding nearly 36% and Infraero retaining 49%.
The new framework eliminates earlier obligations, such as constructing a third runway, and seeks to realign projections after the concession, awarded in 2013 for BRL 19 billion (USD 3.46 billion), fell short of revenue targets.
Galeão handled 11.48 million passengers between January and August 2025, up 24.9% year-on-year, and welcomed more than 473,000 foreign visitors in the first two months, its strongest early-year figure since 1977. Authorities forecast 18 million passengers in 2025 and 22 million in 2026, positioning the airport to recover its role as Brazil’s main international gateway.

 

AFRICA
Botswana will restructure its aviation sector by splitting the Civil Aviation Authority of Botswana (CAAB) into two separate state-owned entities, one dedicated to regulation and the other to airport operations. Announced on 16 September 2025, the reform is expected in the next fiscal year and aims to resolve inefficiencies by allowing CAAB to focus solely on safety oversight, regulation and policy. Airport management will shift to a newly created authority, in line with International Civil Aviation Organization (ICAO) recommendations separating regulators from operators.
President Duma Boko confirmed financing has already been secured for new airport infrastructure, particularly at Maun International Airport, a key gateway for tourism. CAAB CEO Dr Bao Mosinyi has assured staff that there will be no job losses, with roles transferred between the two entities.
CAAB, established under the 2004 Civil Aviation Act and operational since 2009, currently oversees regulation, air navigation and airport management. Botswana now follows regional examples, such as Angola’s 2021 restructuring and the Seychelles’ creation of an airport authority in 2024.
Parliament is expected to review the enabling legislation in its next session, a step seen as aligning Botswana’s aviation governance with international best practice and regional trends.

 

MIDDLE EAST
Kuwait International Airport (Kuwait City, Kuwait) may see a further extension of the contract for Terminal Four (T4), which is currently managed by Incheon International Airport Corporation of South Korea. The Directorate General of Civil Aviation has asked the State Audit Bureau to approve a third extension of the agreement, valued at KD 5.575 million (USD 18.1 million), after the previous extension expired on 14 August 2025. The bureau is reviewing the request on financial, legal, and technical grounds.
Authorities explained that the purpose is to maintain continuity of operations and passenger services at T4 until a new tender process is completed. The Directorate has also sought approval from the Central Agency for Public Tenders to extend the tender review period, citing the need for adequate time to assess bids from competing firms and ensure full compliance with regulations.
Officials emphasised that the measures are intended to preserve service standards, improve operational efficiency, and continue training Kuwaiti nationals employed in airport operations. Terminal Four is considered one of the airport’s most important facilities, serving a large share of passenger traffic.

 

ASIA PACIFIC
InJourney Airports (Indonesia), the unified operator created in September 2024 through the merger of Angkasa Pura I and II, has marked its first anniversary with a combination of inherited projects reaching completion and new consolidation measures beginning to take effect. The restructuring was designed to resolve years of fragmentation in which the two state-owned enterprises pursued divergent strategies, duplicated investments and faced mounting financial strain.
Several of the past year’s most visible achievements were already underway before the merger but delivered under the InJourney banner. At Soekarno-Hatta International Airport (Jakarta, Indonesia), these included the tropical forest redesign of Terminal 3, the inauguration of Terminal 2F in May 2025 as a dedicated Hajj and Umrah facility, and the reopening of Terminal 1C in August 2025 with tripled capacity. Together, these projects raised the airport’s annual capacity from 86 million to 95 million passengers and helped it climb to 25th place in Skytrax’s 2025 global ranking, where it secured a Certified 4-Star Airport Rating. At I Gusti Ngurah Rai International Airport (Bali, Indonesia), capacity was expanded from 24 million to 32 million passengers annually, landside areas were reorganised, and new pedestrian bridges, water features and Balinese-themed interiors were introduced. These improvements, initiated before the merger, contributed to the airport’s rise to 72nd place globally.
Where the effects of consolidation are more direct is in standardisation and service improvements across the network. In 2024, ten airports, including Yogyakarta, Juanda (Surabaya), Sultan Hasanuddin (Makassar) and Ahmad Yani (Semarang), received 27 Airport Service Quality awards, reflecting efforts to unify infrastructure, invest in staff training and implement ecosystem-based processes. Passenger traffic across the combined system reached 160 million in 2024, covering 475 routes, including 118 international connections. While these volumes reflect operations before InJourney’s reforms took hold, they highlight the scale of a company that is now one of the world’s largest airport operators.
Financially, the merger has begun to stabilise a sector that had been weakened by declining returns, especially under Angkasa Pura II. Consolidated operations have improved credit and risk metrics, reduced duplication and restored some investor confidence. Yet significant challenges remain. Harmonising staffing structures, technology platforms and regulatory frameworks across 37 airports will take years, and major capital investment projects are still in their early stages. Sustained growth will depend on diversifying non-aeronautical revenues, controlling costs and ensuring capacity keeps pace with rising passenger demand.
Chief Executive Mohammad R. Pahlevi has described the transformation as one built on infrastructure, staff service and operational processes, with the broader ambition of making airports a source of national pride and strengthening Indonesia’s position as a global aviation and tourism hub. InJourney’s first year, it demonstrates both the benefits and the limits of consolidation. Many of the infrastructure upgrades were initiated by its predecessors but reached completion under the new structure, while the merger itself is starting to show results in customer service, financial oversight and international recognition. The true measure will be whether the unified system can sustain momentum and deliver long-term competitiveness in a region where rivals continue to expand aggressively.

 

Airport Charges, Regulation & Policy
Dutch travellers are increasingly using German airports such as Düsseldorf Airport and Airport Weeze, a trend expected to grow after planned increases in the Netherlands’ air passenger tax. In 2024, Düsseldorf welcomed 1.5 million Dutch passengers, a 25% rise on the previous year and double the number recorded in 2019. Airport Weeze handled around two million passengers, 40% of whom came from the Netherlands. Together, both airports were used by 2.3 million Dutch travellers in 2024.
Germany currently levies EUR 15 (USD 16) in aviation tax on European flights, compared with EUR 29 (USD 31) in the Netherlands. From 2027, Dutch rates will rise further to EUR 47 (USD 50) for medium-haul and EUR 71 (USD 76) for long-haul flights, while intra-European flights remain at EUR 29. Industry body ANVR warned that higher taxes will drive tens of thousands more Dutch travellers to foreign airports, with government-commissioned research estimating 45,000 could switch by 2030.
Düsseldorf Airport has already branded itself towards Dutch customers, including offering “Dutch-themed” experiences on national holidays, and forecasts that passenger numbers from the Netherlands could rise to two million in the coming years.

 

Names
Fairchild Denmark, a company planning to invest heavily in Aarhus Airport (Tirstrup, Denmark), has lost its managing director just 171 days after its establishment on 28 March 2025. Hans-Henrik (Henrik) Danielsen has stepped down from the role, according to filings with the Danish Business Authority. Despite the leadership change, negotiations between Fairchild Denmark’s board and Aarhus Airport over a potential multimillion-kroner investment are continuing.
The development adds uncertainty to the airport’s search for new financial backing, coming at a time when Aarhus Airport has been seeking external investors to support its long-term growth plans after years of struggling with profitability and competition from Copenhagen and Billund airports.

 

István Szabó took office on 15 September 2025 as chief operating officer of Flughafen Berlin Brandenburg GmbH, operator of Berlin Brandenburg Airport (Germany). He joins the management team under chief executive Aletta von Massenbach following his appointment by the supervisory board in May.
Szabó was previously managing COO and chief passenger officer at Budapest Liszt Ferenc Airport (Hungary), where he played a key role in operational innovations and service quality improvements. Under his leadership, the airport twice won the ACI Airport Service Quality award in the 15–25 million passenger category, in 2023 and 2025.
A Hungarian national, Szabó began his career in 2005 with security provider I-SEC Hungary before serving as chief security officer at Budapest Airport from 2016 to 2020. He later oversaw passenger-focused projects, including remote city check-in and the creation of care zones. He holds degrees in law and political science from Budapest, is a qualified European Aviation Security Manager, completed IATA’s Security Management Systems programme and is a certified cyber security expert.

 

Carmelo Scelta has been appointed as the new director general of Gesap, the operator of Falcone Borsellino Airport in Palermo (Sicily, Italy), following a unanimous decision by the board of directors. He succeeds Massimo Abbate, who had held the role on an interim basis since June after the retirement of Natale Chieppa. Scelta previously served as Gesap’s director general from 2003 to 2015, before leaving amid investigations into airport procurement, from which he was later cleared or acquitted. His dismissal led to a labour dispute with Gesap, which was ultimately settled out of court.
His return comes two months after the appointment of Gianfranco Battisti as chief executive, with both appointments paving the way for the airport’s planned privatisation. The board expressed gratitude to Abbate for ensuring continuity during the interim period.
Would you like me to also add background on Palermo Falcone Borsellino Airport—such as its traffic role, facilities, and ownership—so international readers better understand the context?

 

Tom Rafter, executive director of the Tweed New Haven Airport Authority (Connecticut, United States), will retire after his contract expires on 23 January 2026, though he may remain part-time to assist with the transition. Rafter, who delayed retirement three years ago to oversee a USD 100 million expansion programme at Tweed New Haven Airport, was appointed in December 2022 after former director Sean Scanlon became state treasurer.
The airport authority has approved the formation of a search committee to identify his successor. Rafter, who is approaching his 67th birthday, said he plans to scale down gradually, working about 30 hours a week and partly from his home in Fort Myers (Florida, United States).

 

The Metropolitan Nashville Airport Authority has extended the contract of Doug Kreulen, chief executive of Nashville International Airport (Tennessee, United States), through to the end of 2028 and approved a 6% pay rise. Kreulen’s salary will increase from USD 600,000 to USD 636,000 following the board’s unanimous vote on 17 September 2025. He has been with the authority for 13 years, serving most of that time as president and chief executive, and has overseen record passenger growth, new European routes and USD 4.5 billion of construction projects completed, under way or planned.
The airport authority funds itself through parking, concessions and airline fees rather than city allocations. Consulting firms Korn Ferry and ADK Consulting & Executive Search reviewed compensation across “large hub” airports before the decision. Nashville International, one of the smallest U.S. airports in this federal category but among the fastest growing, continues to expand with one of the largest five-year investment pipelines eligible for federal funding.
The pay adjustment moves Kreulen’s compensation from the 57th percentile to nearer the 75th percentile among large hub airport chief executives. Board discussions on his contract and performance had been ongoing since August.

 

Boulder Municipal Airport (Colorado, United States) has appointed Eric Vences as its new manager following a recruitment process led by ADK Consulting & Executive Search. Vences will be responsible for overseeing daily operations, ensuring regulatory compliance, managing finances and strengthening community engagement at the airport. He previously worked as Assistant Terminal Operations Manager at Denver International Airport, where he managed passenger throughput at TSA checkpoints and coordinated construction, irregular operations and snow-related activities.
His earlier career includes roles as Regional Manager Corporate Real Estate for Frontier Airlines and Airport Manager at Rantoul National Aviation Centre (Illinois, United States). Vences holds a bachelor’s degree in aviation management from Southern Illinois University and is Six Sigma Green Belt certified.

 

Spokane Airports (Washington, United States), which oversees Spokane International Airport, Felts Field and the Airport Business Park, has appointed Dave Haring as its new chief executive officer. His selection follows a national search led by ADK Consulting & Executive Search and was approved by both the City of Spokane and Spokane County.
Haring brings two decades of aviation leadership, including 11 years as executive director of Lincoln Airport in Nebraska, where he advanced infrastructure projects and helped expand commercial air services. He previously served at Cheyenne Regional Airport in Wyoming, where he rose to Director of Aviation.
The Spokane Airport Board described him as the unanimous choice to lead the organisation, citing his record of team building and commitment to regional economic development. Haring said he looks forward to enhancing connectivity and opportunities for the Inland Northwest in his new role.