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DIGEST FROM ISSUE NR. 1260, PUBLISHED ON 19 JANUARY 2026
Airport Development (DEV)
Europe
FAROE ISLANDS (DENMARK)
An expansion programme at Vágar Airport is planned to exceed DKK 1 billion (USD 145 million) by 2030, according to details published on 10 January 2026. The airport plans to demolish the existing departure hall and construct a new two-storey terminal integrated with the current building, incorporating passenger boarding bridges to allow direct access between the terminal and aircraft. Planning work is underway and is scheduled to be completed by summer 2027, with completion of the new terminal targeted for the end of 2029.
The wider programme also includes expansion of parking facilities with a multi-storey car park, construction of new aircraft and helicopter hangars, a dedicated helicopter departure hall, and additional aircraft parking stands. The core terminal and parking works are estimated at DKK 700 million (USD 101.5 million), with 50% financed through an interest-free loan from the Investment Fund Íleggingargrunnurin, while inclusion of the car park and hangars is projected to raise total investment above DKK 1 billion.
ITALY
Rome Fiumicino Airport has been allocated EUR 2.1 billion (USD 2.3 billion) for the construction of a new terminal under Italy’s Sblocca Italia infrastructure programme. The funding formed part of a wider EUR 4.6 billion (USD 5.0 billion) national airport modernisation plan approved by the Italian government, with Rome Fiumicino receiving the largest share. The programme provided for the approval of existing development contracts between ENAC, Italy’s civil aviation authority, and airport operators to enable the launch of large-scale investment projects.
The planned works at Rome Fiumicino included construction of a new terminal, additional runways and aircraft parking areas, and supporting facilities such as hotels, business centres and car parks. The investment also covered surface access improvements, including a high-speed rail project intended to strengthen connections between the airport, central Rome and other major Italian cities.
TURKEY (TÜRKİYE)
Türkiye is preparing to begin construction in 2026 on a new offshore airport to replace Trabzon Airport (Trabzon Province), following completion of tendering and inclusion in the national investment programme. The project, announced by the transport and infrastructure minister, involves building a new airport on reclaimed land in the Black Sea with a terminal designed to handle 10 million passengers per year and a 3,000 m runway capable of accommodating wide-body aircraft. Site handover has been completed, and the project is moving into the groundbreaking and excavation phase.
The existing Trabzon Airport, which currently handles more than 3 million passengers annually, operates with a 2,650 m runway and is constrained by its coastal location, leaving no room for runway or terminal expansion. The new offshore airport is intended to address these capacity limitations and support continued growth in regional air traffic and tourism.
ROMANIA
Stefan cel Mare Suceava Airport (Suceava County) is preparing to tender a third passenger terminal as part of its ongoing airport modernisation programme. Stefan cel Mare Suceava Airport will add a new terminal building with an area of about 11,000 m2, making it the largest terminal at the airport and around three times the size of the existing facilities. The Suceava County Council confirmed that the tender for the design and construction of the terminal is scheduled to be launched in January 2026.
The new terminal forms part of a broader investment programme initiated during the current county administration, aimed at addressing capacity constraints at the airport. The project is intended to support future airline operations and accommodate passenger growth.
Suceava Airport handled 769,608 passengers in 2025, an increase of 3.06% compared with 2024, with 7,070 aircraft movements, up 2.37% year on year.
Russia & C.I.S.
MOLDOVA
The procurement procedure for reconstruction and partial expansion of the passenger terminal at Chișinău International Airport was cancelled following a technical review completed in early 2026. The state-owned airport operator announced that the tender was annulled after a detailed technical evaluation of the project documentation and an assessment of participation levels, which identified issues requiring adjustment. The airport stated that the documentation will be revised and the procedure relaunched through national and international procurement platforms to encourage broader market participation.
The cancelled tender, launched at the end of October 2025, covered reconstruction of the terminal building, partial reconfiguration of internal spaces and expansion works. The estimated contract value was MDL 166.8 million excluding VAT (approximately USD 9.4 million), representing the largest procurement procedure conducted by the airport in recent years.
Four bids were submitted through the Mtender platform, ranging from MDL 159.88 million to MDL 177.08 million excluding VAT. The airport administration had previously stated in December 2025 that all offers would be assessed and that contract signing would allow construction works to commence.
The airport operator reiterated that the terminal modernisation project will be financed entirely from the airport’s own revenues and implemented in stages without affecting ongoing operations. A first phase foresees expansion of terminal space by approximately 5,000 m2, with planned investment of around MDL 150–160 million (approximately USD 8.4–9.0 million), while total terminal modernisation costs were previously estimated at nearly MDL 800 million (approximately USD 45 million).
The Agency for Public Property has indicated that completion of passenger terminal expansion works remains planned for the end of 2026, although no date has been announced for the relaunch of the tender.
Chișinău International Airport handled around 6 million passengers in 2025, more than double the terminal’s designed capacity and over 40% higher than in 2024, when 4.14 million passengers were recorded. The airport has been under state management since March 2023 following termination of its previous concession agreement.
GEORGIA
A revised concession agreement at Tbilisi International Airport (Tbilisi) will underpin a major expansion programme while extending the current operating arrangement to 2031. TAV Airports has committed to invest USD 150 million following the extension of its concession beyond the current January 2027 expiry, continuing its role as operator of Georgia’s main international gateway.
The investment programme includes a 19,500 m2 terminal expansion, increasing total terminal space from 37,500 m2, alongside additional airside and landside infrastructure. Aircraft parking capacity will rise from 58 to 65 stands, supported by seven new remote stands and 500 additional car parking spaces.
Planned operational upgrades include 10 new check-in counters, 24 passport control positions and two additional baggage carousels, with new commercial areas also to be developed. The works are expected to be completed as early as 2028 and are intended to lift annual passenger capacity from around 5 million to 10 million.
Tbilisi International Airport handled more than 5.4 million passengers in 2025, representing a 13.7% year-on-year increase, and has recorded compound annual traffic growth of 12.6% since TAV Airports assumed operations in 2005. The airport is served by 63 airlines flying to 71 destinations and was ranked among the leading airports in Eastern Europe by Skytrax in 2025.
Georgia’s Ministry of Economy confirmed that revised commercial terms will result in the state-owned operator United Airports of Georgia receiving three times more revenue than under the current contract, alongside an upfront payment of USD 25 million.
Tbilisi International Airport is expected to remain in operation until a new international airport at Vaziani, planned with capacity for up to 20 million passengers annually, becomes operational in 2031.
North America
UNITED STATES
Austin–Bergstrom International Airport (Texas, United States) will add 32 gates by the early 2030s under new 10-year use-and-lease agreements with major airlines announced on 7 January 2026. The expansion forms part of the Journey With AUS programme, valued at more than USD 5.0 billion, and includes the construction of a new midfield Concourse B with 26 gates, connected to the existing Barbara Jordan Terminal by an underground tunnel. A temporary six-gate Concourse M is scheduled to open from 2027 to maintain operational capacity during construction, with bus transfers provided between facilities.
Under the agreements, Southwest Airlines will anchor Concourse B with 18 to 20 gates, compared with 10 currently, alongside five gates for United Airlines and shared-use space for other carriers. Delta Air Lines will operate 15 gates in Concourse A and invest USD 250 million to modernise the facility, while American Airlines will increase its allocation there to nine gates.
Works also include redevelopment and modernisation of the Barbara Jordan Terminal and Concourse A, covering ticketing halls, security screening areas, baggage claim, circulation space, expanded hold rooms, upgraded passenger amenities and an enlarged concessions programme, with new airline lounges planned by Delta Air Lines and American Airlines. Airport management confirmed that revenue generated under the agreements will fund the programme, replacing earlier plans for between 20 and 30 additional gates and extending redevelopment into the 2030s.
Fresno Yosemite International Airport (California) is preparing its next phase of capital development, including a planned USD 105 million replacement of the primary runway and construction of a new air traffic control tower scheduled to begin in 2027. The runway project is intended to fully reconstruct the airport’s main operational runway, while the tower programme involves construction of a new air traffic control tower and associated support facilities, followed by demolition of the existing structure once the replacement becomes operational. Airport planning documents also identify provision for additional terminal-related works following completion of Concourse B, including future gate expansion and passenger circulation capacity, although no construction timetable has yet been confirmed.
These planned projects follow completion of the USD 150 million FATForward terminal expansion programme, marked by the opening of the new Concourse B in January 2026. The project added around 9,100 m2 (98,000 sq ft) of terminal space, including two swing-gate boarding bridges capable of handling domestic and international arrivals and a new international arrivals facility that triples previous processing capacity.
The expansion also delivered an upgraded security checkpoint enlarged by about 740 m2 (8,000 sq ft), designed to operate up to five screening lanes simultaneously.
The FATForward programme began in 2020 with the construction of a new parking garage and continued through phased terminal development, with Concourse B becoming operational in December 2025. The airport handled about 2.7 million passengers in 2024 and is positioning subsequent projects to support long-term airfield renewal and terminal flexibility.
Latin America & The Caribbean
MEXICO
Aeroméxico has proposed building a new passenger terminal at Mexico City International Airport as a long-term response to persistent capacity constraints. Aeroméxico stated on 13 January 2026 that it supports replacing the existing Terminal 1 and Terminal 2 with a new Terminal 3 capable of handling between 70 million and 75 million passengers annually, compared with the current throughput of around 50 million passengers. The airline indicated that the new terminal would be developed on the Terminal 2 side of the airport, requiring relocation of aircraft maintenance facilities, while expansion on the Terminal 1 side is limited by fuel storage and pipeline infrastructure.
The airline added that, when combined with operations at Felipe Ángeles International Airport and Toluca International Airport, the wider metropolitan airport system could exceed 100 million passengers per year. The proposal is set within Mexico’s continued use of a multi-airport system to manage congestion at the capital’s main airport.
COSTA RICA
Rising passenger demand at Daniel Oduber International Airport (Guanacaste) is driving calls for infrastructure upgrades after traffic exceeded original planning assumptions. An infrastructure assessment cited sustained growth since the airport opened in 2011, largely linked to tourism in Guanacaste, with passenger volumes projected under the National Airport Plan to potentially triple over the next 25 years. The Federated College of Engineers and Architects of Costa Rica identified capacity constraints and stated that existing infrastructure will be insufficient to accommodate future demand without intervention.
Recommended measures include reconstruction of the main runway and construction of a parallel taxiway to allow airport operations to continue during maintenance works. The report also calls for the expansion of apron areas to increase aircraft parking capacity as flight activity grows.
The college proposed revising the operating contract with Coriport to transfer responsibility for airside operations from the civil aviation authority, in exchange for extending the concession beyond 2031. Improvements to landside access were also highlighted, including widening Route 21 adjacent to the airport, following confirmation by the Ministry of Public Works and Transport in August that planning work is underway.
ARGENTINA
Francisco Gabrielli International Airport (Mendoza), also known as El Plumerillo Airport, is set to increase its operational capacity by 40% following the launch of expansion works in mid-2026. The provincial government confirmed that construction will begin in July 2026 and run until October 2027, with an investment of USD 12 million funded by Aeropuertos Argentina, the concessionaire responsible for operating the country’s main airports.
The project includes refurbishment of domestic and international departure lounges, construction of a new VIP lounge, a new sanitary core, and general infrastructure upgrades intended to accommodate rising passenger demand. The announcement was made during a visit by national and provincial officials to Mendoza, alongside inspections of Metrotranvía phase IV works that will extend rail access to the airport.
Provincial authorities stated that the expansion follows sustained passenger growth that has exceeded the airport’s existing infrastructure capacity, complementing earlier runway works completed in 2016. #1260.DEV29
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Africa
ETHIOPIA
Construction of Bishoftu International Airport began on 10 January 2026 as part of a long-term plan to develop a new primary aviation hub southeast of Addis Ababa. The airport is being built in Bishoftu, located about 45 km south-east of Addis Ababa, and is intended to supplement and eventually relieve capacity pressure at Addis Ababa Bole International Airport, which government officials have said could reach its operational limits within two to three years.
Total investment is estimated at USD 12.5 billion, revised from an earlier estimate of USD 10 billion. Ethiopian Airlines is expected to fund approximately 30% of the project, with the remaining financing to be provided by external lenders. The African Development Bank has committed USD 500 million and is coordinating efforts to raise a further USD 8.7 billion.
Phase one of the development is scheduled for completion by 2030 and is designed for an annual capacity of 60 million passengers. This phase includes construction of a passenger terminal of approximately 660,000 m2 and two parallel ICAO Code E runways. Earthworks funding of USD 610 million has already been allocated, with site preparation works expected to be completed within one year and main construction contractors scheduled to begin work in August 2026.
When fully completed, the airport is planned to operate four runways, provide parking for approximately 270 aircraft and handle up to 110 million passengers annually, making it one of the largest aviation facilities on the African continent.
Construction involves several Chinese contractors. China Communications Construction Company, a state-owned global transport infrastructure contractor, and its subsidiary China Road and Bridge Corporation, an international engineering and construction company, are responsible for early-stage enabling and earthworks. Their scope includes site clearance, excavation, backfilling, geotechnical works and initial drainage construction in the runway areas.
Beijing Urban Construction Group, a major Chinese urban infrastructure developer, is participating in enabling works, including temporary facilities, access roads, utilities installation and other early-phase construction activities required before main airport infrastructure can proceed.
Technical advisory and consultancy services are being provided by a consortium led by Dar Al Handasah Consultants, with participation from Zaha Hadid Architects, Pascall+Watson Architects and Sidara group companies Landrum & Brown and TYLin. #1260.DEV31
KENYA
Following the launch of the Bishoftu airport project in Ethiopia, Kenya has reiterated plans to begin expansion and modernisation works at Nairobi’s Jomo Kenyatta International Airport during 2026. The Government of Kenya confirmed that the programme has resumed after the cancellation of a previous agreement with the Adani Group, with total investment estimated at KES 250 billion (USD 1.97 billion). Funding is expected to be secured from development banks, private investors and international partners, with delivery overseen by the Kenya Airports Authority, the state agency responsible for airport infrastructure and operations.
Key elements include the construction of a new X-shaped passenger terminal designed to separate domestic and international traffic, with an initial capacity of 10 million passengers per year and phased expansion to 15 million. The airport currently handles around 8.6 million passengers annually, exceeding its original design capacity of approximately 7.5 million.
The plan also includes a second runway measuring 4,800 metres (15,748 feet) to allow simultaneous take-offs and landings, addressing long-standing operational constraints linked to reliance on a single runway. Completion of the runway is targeted for June 2027.
Additional components include development of an Airport City comprising hotels, commercial facilities, logistics and support services to diversify non-aeronautical revenues. Early works are scheduled to start in January 2026, with initial upgrades such as additional boarding bridges planned by mid-2026, terminal completion targeted for 2029 and major airside elements delivered by 2027.
MAURITIUS
Rodrigues Airport at Plaine Corail (Rodrigues) is the subject of an international tender for the construction of a new runway and associated airside and landside infrastructure under a World Bank–financed development programme. The tender, published on 9 January 2026 and financed by the International Bank for Reconstruction and Development, covers the construction of a new runway measuring 2,100 metres by 45 metres, designed to accommodate Airbus A321neo-class aircraft, together with runway shoulders and turning areas. The scope also includes new Code C taxiways linking the new and existing runways, strengthening of sections of the existing runway pavement for taxiway use, widening of the existing taxiway to the current apron, and construction of three new aircraft parking stands and a separate new apron with connecting taxiways.
Airfield systems form a major component of the works, including installation of airfield ground lighting, approach lighting, surface markings, illuminated signage, navigational aids such as NDB and PAPI, apron floodlighting and ground power units, as well as comprehensive drainage infrastructure along the runway and taxiways. The project also covers construction of a new control tower with full CNS equipment, a new rescue and fire-fighting station, and additional operational facilities including a boathouse and maritime rescue unit, weather station, incinerator, quarantine station and energy centres.
Landside works include a new terminal car park, perimeter fencing, security checkpoints, internal and access roads, a bypass road, and provision of new utility networks for power, water, wastewater and telecommunications, including a dedicated treatment plant. The overall project is estimated at EUR 187 million (USD 200 million), with construction expected to take approximately 42 months.
Middle east
SAUDI ARABIA
Riyadh’s King Salman International Airport has started construction of a third runway as part of its approved master plan to increase airfield capacity and support future traffic growth. The 4,200 m runway, being delivered by FCC Construction and Al Mabani Company, includes associated taxiways and is designed to align with prevailing wind conditions in the Riyadh area. Once operational improvements and the additional runway are in place, hourly aircraft movement capacity is expected to increase from 65 to 85 movements.
King Salman International Airport is being developed on the site of the existing King Khalid International Airport and will ultimately comprise six runways, existing and new passenger terminals, and logistics facilities, with a planned capacity of up to 100 million passengers and more than 2 million tonnes of cargo per year by 2030.
Asia Pacific
INDIA
The Bihar state government has released the official blueprint for development of Raxaul Airport (Bihar), confirming plans to upgrade the existing airstrip for commercial operations. The project includes extension of the current runway from about 1,372 m to 2,360 m, enabling operations by narrowbody aircraft such as the Airbus A320 and Boeing 737. The extension will be built primarily towards the western side and will require construction of a bridge over the Tilave River.
Land acquisition for the airport covers 139 acres and is reported to be in the final stages, with compensation payments to affected landowners expected to begin through the district administration. The airport is being developed as a brownfield project, with the upgraded site to be transferred to the Union Ministry of Civil Aviation following completion of land acquisition.
The masterplan provides for construction of a passenger terminal, an air traffic control tower, an airport residential colony and cargo facilities, with scope reserved for a larger terminal at a later stage. Commercial flight operations are expected to begin within around one year, subject to resolution of administrative and legal procedures. #1260.DEV40
VIETNAM
Vietnam has moved to accelerate expansion planning at Long Thanh International Airport (Dong Nai Province), including a second terminal and a third runway, amid faster-than-expected demand growth. Long Thanh International Airport is located about 40 km from Ho Chi Minh City and is being developed as a national hub under a multi-phase programme. The Ministry of Construction has instructed Airports Corporation of Vietnam to begin preparations for phase two, which includes a third runway and a second passenger terminal designed for 25 million passengers per year, alongside supporting infrastructure.
Phase two was originally scheduled for implementation between 2028 and 2032, but authorities now consider earlier delivery necessary due to projected GDP growth from 2026 and rising aviation demand. In December 2025, the government submitted a proposal to the National Assembly Standing Committee to adjust the project’s investment policy, with ACV directed to secure funding and coordinate with the Vietnam Air Traffic Management Corporation during preparations.
Long Thanh International Airport covers nearly 5,000 hectares and has a total estimated investment of almost VND 337 trillion (USD 12.8 billion). Several phase one facilities were inaugurated in December 2025, with commercial operations expected to begin in June 2026.
THE PHILIPPINES
A Japanese consortium has proposed development of a large-scale air cargo hub at General Santos International Airport (South Cotabato), with potential investment valued at USD 1.2 billion. Tokushima Auction Market Co., Ltd., a Japanese wholesale and logistics company, said it is assessing a project to redevelop the airport in cooperation with the Civil Aviation Authority of the Philippines, the city government and its affiliate Sato Investments SPC. The proposal would be pursued under a public–private partnership structure and would focus on transforming the airport into an international cargo hub.
The concept includes construction of cargo facilities designed for widebody aircraft operations, including aircraft such as the Airbus A380, Boeing 747 and Boeing 777, alongside dome-shaped cargo terminals, aircraft maintenance areas, aviation fuel systems and liquefied natural gas-based energy infrastructure. The plan also outlines advanced navigation systems, including instrument landing systems and ground radar.
The development would incorporate ultra-low temperature frozen storage of approximately 2,000 tonnes at −60°C and chilled warehouse capacity of around 4,000 tonnes, addressing current limitations in the country’s cold-chain infrastructure. An on-site artificial intelligence data centre is also proposed to support cargo flow optimisation, demand forecasting, quality control and security functions.
General Santos International Airport, which opened in 1996 and is operated by the Civil Aviation Authority of the Philippines, has a 3,227 m runway capable of handling widebody aircraft. The Japanese company indicated that around USD 650 million of the total investment would be allocated to construction works.
Consultant & Contractors (CON)
Denver International Airport (Colorado, United States) is set for a Concourse C-West expansion and related roadway design work after the Denver City Council approved the associated contracts, with a total anticipated cost of USD 700 million. The Denver City Council on 6 January 2026 approved a seven-year contract with V-1 Consultants, an airport programme and project management firm, to support a 37,161 m2 (400,000 square feet) expansion of Concourse C-West, including 11 additional gates, concession areas and passenger facilities. The contract is valued at USD 70 million and includes two one-year extension options.
The concourse work is expected to start in winter 2026 and is intended to support planning for up to 100 million annual passengers, with Concourse C-West described as the last gate expansion opportunity within the airport’s existing concourses.
The council also approved a five-year professional services contract valued at USD 8.8 million with Hg Consult Inc., an engineering and infrastructure design firm, for design work on a section of Peña Boulevard between E-470 and Jackson Gap Street. The scope includes roadway design, drainage and water quality systems, traffic engineering, communications surveys and utilities, with the wider 11-mile (17.7 km) corridor planned for reconstruction through three separate projects.
Hermes Infraestructura, a Mexican construction and infrastructure contractor, plans to invest more than MXN 6.0 billion (USD 339 million) in Mexico during 2026, with airport projects identified as a target sector. The company stated that the investment will be allocated to new developments as well as the expansion and maintenance of existing projects, following the completion of its first international project in Colombia. Of the total planned expenditure, more than MXN 4.0 billion (USD 226 million) is earmarked for new projects, while over MXN 2.0 billion (USD 113 million) will be directed towards expansions and maintenance.
Hermes Infraestructura confirmed that it does not currently hold stakes in Mexican airport projects but is actively seeking participation opportunities. The company identified potential involvement in passenger terminals, runways and aprons, internal roads, power substations, external works, and logistics and cargo facilities, citing recent airport investment programmes announced by Mexican airport operators.
Outside Mexico, the company recently completed the modernisation of the Tibitoc Water Treatment Plant in Tocancipá (Cundinamarca, Colombia), which supplies drinking water to Bogotá and surrounding municipalities. Hermes Infraestructura indicated that it is assessing medium-term expansion opportunities in other Latin American markets, including the Dominican Republic, Guatemala, Peru and Panama, alongside diversification into industrial and real estate construction projects.
BNP Group completed the acquisition of Airport Gurus on 8 January 2026 to expand its aviation consulting and airport operations planning capabilities. BNP Group, a United States-based air transportation design, engineering and advisory firm backed by Godspeed Capital Management, stated that the transaction strengthens its services in airport information and communication technology and operational planning. The acquisition represents BNP’s third transaction following earlier purchases of Establish and STS in 2025.
Airport Gurus, founded in 2013 and headquartered in Barcelona (Spain) with offices in Madrid, South America and the United States, specialises in airport ICT, digital transformation of legacy systems and airport operations planning. The firm has delivered projects at airports across Europe, the Americas and the Middle East, supporting both large hub airports and smaller regional facilities.
BNP Group said the addition of Airport Gurus broadens its geographic reach and complements its existing airport infrastructure, systems development and security consulting services, allowing the group to offer integrated planning, engineering and digital advisory support to airport operators and aviation stakeholders globally.
Management, Ownership, and Finance (MGT)
Asia Pacific
SWEDEN
Investment group EQT has agreed to acquire A-Train, the operator of the Arlanda Express rail service linking Stockholm with Stockholm Arlanda Airport. A-Train operates the 18-minute airport shuttle under a public-private partnership concession with the Swedish state running until 2050 and is currently owned by Portare 1 AB, backed by Australian pension funds State Super and Sunsuper and China’s State Administration of Foreign Exchange. The transaction, announced on 22 December 2025, is subject to regulatory approval and consent from Arlandabanan Infrastructure AB.
EQT will support A-Train’s ongoing SEK 3 billion (USD 280 million) investment programme to introduce a new fleet of Stadler trainsets by around 2030, increasing seating capacity by more than 50%, alongside planned changes to pricing, capacity utilisation and airline and travel partnerships.
IRELAND
A deal is close to completion for a EUR 30 million private investment to upgrade Waterford Airport, which has had no scheduled services since 2016. The investment would be made by a new company formed to own and operate the airport and its assets, with control expected to rest with US businessman Kelcy Warren, alongside local businessman William Bolster. The transaction has received approval from the airport’s shareholders and Waterford City and County Council and is expected to be formally completed shortly.
The approved redevelopment plan includes a runway extension and associated infrastructure upgrades intended to enable the return of commercial aircraft operations without the use of government funding. Construction works are expected to begin shortly and are scheduled to take approximately 12 months, with the upgraded runway designed to accommodate larger commercial jet aircraft.
The business plan for the airport envisages the resumption of scheduled passenger services by the end of 2027 and passenger volumes of up to 400,000 per year within five years of reopening. In December, existing shareholders agreed to dissolve their stakes and the current airport company, and a State charge over airport assets dating from 2015 was formally satisfied.
Waterford Airport last operated scheduled services in 2016, having previously played a role in Irish aviation history when the first Ryanair flight departed from the airport in 1985.
FRANCE
Grenoble Alpes Isère Airport will be transferred to new management on 1 July 2026, following a concession decision taken in December 2025. The Département de l’Isère has awarded a 12-year operating contract to Edeis, a France-based regional airport operator partly owned by investment fund Trévise Participations, replacing Vinci Airports, which has managed the airport since 2004. The decision was approved by a vote of the departmental assembly.
Grenoble Alpes Isère Airport serves as a key regional gateway to ski resorts in Isère and the wider Alpine area. The concession was awarded after a competitive process that initially included Vinci Airports, Edeis in partnership with CB Autocars, and Egis Airport Operation, before a final selection between two shortlisted bids.
Vinci Airports, a global airport operator managing more than 70 airports in 14 countries and handling over 318 million passengers in 2024, will exit the concession. Edeis currently operates 19 airports in France, handling approximately 1.2 million passengers annually across its network.
SPAIN
Aena reported record traffic across its Spanish airports in 2025 and outlined financing and investment measures to address capacity constraints at its busiest facilities. Aena handled 321 million passengers during the year and stated that it will increase annual investment by a factor of 4.5 over the next five years to adapt infrastructure to projected long-term demand. The programme is intended to support airport capacity for the next three decades and will be funded entirely from the company’s own resources, without contributions from the Spanish state budget.
The operator said that higher capital expenditure will require adjustments to airport charges paid by airlines, reflecting increased infrastructure costs. It added that some airports may face temporary capacity constraints due to strong traffic growth, while maintaining that the expansion plans are consistent with growth projections previously communicated by airlines.
Aena reaffirmed its network-based management model, under which surplus revenues from major hubs offset losses at smaller airports, and stated that although the views of around 150 airlines operating in Spain are considered, they will not determine the scale of the investment programme. Spain ended 2025 as Europe’s largest air traffic market, while Aena reported revenue of EUR 6.0 billion (USD 6.5 billion) and net profit exceeding EUR 2.0 billion (USD 2.2 billion).
To support future investment, Aena issued a 10-year bond for EUR 500 million (USD 545 million) on 16 January 2026 under its Euro Medium Term Note programme. The bond carries an annual coupon of 3.5% and a yield of 3.6%, equivalent to 78 basis points over the mid-swap benchmark, with demand reaching around EUR 4.0 billion (USD 4.4 billion) and participation from more than 130 institutional investors.
The company stated that the proceeds will diversify funding sources and help finance investments planned for the next regulatory period, known as DORA 3.
GREECE
UBS downgraded the shares of Athens International Airport from Buy to Neutral on 5 January 2026, while reducing its price target. The investment bank lowered its price target to EUR 10.70 (USD 11.7) from EUR 11.00 (USD 12.0), citing a more balanced risk and return profile following a 34% share price increase during 2025. UBS stated that the downgrade reflects a lack of near-term catalysts, uncertainty over mid-term tariff development, and the gradual nature of potential benefits from retail expansion.
UBS noted that the shares are trading at around 10 times estimated enterprise value to EBITDA for the 2026 financial year, with the airport operator offering one of the highest dividend yields in the sector and forecasting mid-single-digit EBITDA growth between the 2025 and 2029 financial years.
POLAND
Polish Airports, the state-owned airport operator, has confirmed it is seeking to acquire a controlling stake in Warsaw–Modlin Airport, Warsaw’s LCC airport, to enable long-delayed infrastructure investment. Polish Airports currently holds a minority shareholding of 26.87% in Warsaw–Modlin Airport and has stated it aims to increase this to at least 50% plus one share, allowing it to influence the airport’s strategy and investment programme. The airport’s ownership is currently split between the Mazowieckie regional authority, the Military Property Agency, Polish Airports and the municipality of Nowy Dwór Mazowiecki.
Polish Airports said the intention is to provide financial support to accelerate essential projects, including the construction of a new terminal and additional aircraft stands, which have been delayed in recent years due to limited funding. The Ministry of Infrastructure confirmed that discussions are at an early stage and that any change in ownership would be intended to support the airport’s modernisation and capacity growth.
Multi-Country Airport Investors & Operators
On 13 January 2026, Fitch Ratings affirmed the long-term issuer default rating of VINCI S.A. at A- with a stable outlook, citing the performance and scale of its airport concessions operated through VINCI Airports. Fitch stated that airport concessions contribute around 23% of VINCI’s group EBITDA, supported by a geographically diversified portfolio of assets. The agency identified ANA Aeroportos de Portugal, the Portuguese airport network, as the largest contributor by traffic among fully consolidated airports, while London Gatwick Airport accounts for around a quarter of airport traffic within fully consolidated subsidiaries.
The rating assumes continued investment to maintain and renew airport infrastructure, with airport pricing assessed as mid-range risk due to regulated and hybrid tariff regimes across the portfolio. Passenger volume risk was assessed as high mid-range, reflecting exposure to traffic cycles across international markets.
Fitch expects VINCI’s leverage to average 2.8x between 2025 and 2029, a level considered compatible with the current rating and supported by recurring cash flows from airport and motorway concessions. The agency noted that future acquisitions or expansion within the airport portfolio could influence the group’s capital structure while remaining within rating sensitivities.
Names
Royal Schiphol Group, the operator of Schiphol Airport (the Netherlands), has appointed Bart Smolders as Chief Infrastructure Officer, effective 1 April 2026. Smolders will join the Executive Committee and will be responsible for all construction and maintenance activities at the airport, succeeding Sybren Hahn. He currently serves as Managing Director Infra at Heijmans, a Dutch construction and engineering company.
His previous roles include leading infrastructure projects at Heijmans, heading the mobility division at Siemens, and nearly ten years at ProRail, where he was responsible for asset management and maintenance of the Dutch rail network.
Malta International Airport (Malta) has extended the contract of its Chief Executive Officer, Alan Borg, until 2030 as it advances a multi-year investment programme. Malta International Airport confirmed on 14 January 2026 that Borg’s new three-year term will begin in February 2027, following the expiry of his current contract. Borg has led the airport since 2015 and joined the organisation in 2007.
The airport handled just over 10 million passengers in 2025, an increase of 12.3% year on year, and is targeting 10.5 million passengers in 2026. Aircraft movements rose by 11.4% in 2025, seat capacity increased by just over 13%, and the average load factor stood at 85.4%, while December passenger traffic was up 19.9% compared with December 2024.
The airport operator expects revenues of EUR 162 million (USD 176 million) and post-tax profits of EUR 51 million (USD 55 million) in 2026. Planned capital expenditure totals around EUR 90 million (USD 98 million) and includes an expansion of approximately 6,000 m2 and a new connection to the Park East multi-storey car park, forming part of a wider EUR 345 million (USD 375 million) long-term investment plan.
Edmonton Airports, the operator of Edmonton International Airport (Alberta, Canada), has appointed Derek Friesen as Chief Financial Officer and Vice President, Finance, effective 12 January 2026. Friesen succeeds Leslie Kwasny, who is retiring after serving as chief financial officer, and brings more than 17 years of senior finance leadership experience, most recently as Senior Vice President, Finance at KAG Canada, a transportation and logistics company. His background includes financial planning, treasury, budgeting, risk management and mergers and acquisitions across asset-intensive operations.
Edmonton Airports operates Edmonton International Airport and Villeneuve Airport, with the finance function supporting long-term strategy, capital planning and financial resilience across both facilities.
Gerald R. Ford International Airport (Michigan, United States) has appointed Carlos Ruiz as chief commercial officer, effective in January 2026. Ruiz joins the Gerald R. Ford International Airport Authority, the public body responsible for operating the airport in Grand Rapids, following his role as director of commercial management at Cincinnati/Northern Kentucky International Airport. His previous experience also includes business development positions at Greenville–Spartanburg International Airport and The Ohio State University Airport.
In his new role, Ruiz will oversee commercial activities at the airport, including revenue-generating programmes and passenger-facing services, as part of the airport’s ongoing operational management.
Greater St. Louis Inc., a private-sector civic and business leadership organisation focused on regional economic development, has hired an executive search firm to support the recruitment of a new director for St. Louis Lambert International Airport (Missouri, United States). Greater St. Louis Inc. confirmed on 13 January 2026 that it has engaged Korn Ferry to identify candidates to succeed Rhonda Hamm-Niebruegge, who has led the airport since 2010 and is scheduled to retire on 1 August 2026. The organisation stated that it is funding the search on behalf of the city but will not participate in candidate selection, with the final appointment to be made by the mayor of St. Louis.
The incoming airport director will be responsible for overseeing the planned USD 3 billion redevelopment programme to consolidate St. Louis Lambert International Airport into a single-terminal facility, with design work reported to be approximately 30% complete. The airport handled about 16 million passengers in 2024, with 2025 traffic expected to be slightly lower. #1260.MGT34
Wendy Reiter was appointed Managing Director of Seattle-Tacoma International Airport (Washington, United States), effective 7 January 2026, according to the Port of Seattle. The appointment was announced on 6 January 2026 by the Port of Seattle, a public authority that owns and operates the airport and other regional transport and maritime facilities. Reiter has worked at the airport for two decades and most recently led security, fire, and emergency preparedness functions, following a career spanning 35 years in airport and airline management roles in Seattle and the US Midwest.
She will oversee a division of approximately 1,200 direct employees and lead delivery of the airport’s Upgrade SEA programme, as well as the next phase of development under the airport master plan.
Cindy Nichol was appointed chair of Airports Council International – North America on 7 January 2026, succeeding Kevin Dolliole. Airports Council International – North America is a trade association representing commercial service airports across the United States and Canada. Nichol is the director of airports at Sacramento International Airport (California, United States) and has held this role since 2018 through the Sacramento County Department of Airports, which operates four airports in the county.
She previously held senior executive positions at Portland International Airport (Oregon, United States) and San Francisco International Airport (California, United States) and has more than 30 years of experience in the aviation sector. Within the organisation, she most recently served a three-year term as chair of the Board Finance Committee and was a member of the US Policy Council.
Kevin Dolliole, director of aviation at Louis Armstrong New Orleans International Airport (Louisiana, United States), completed his term as chair prior to the appointment.
Elena Sorlini left Abu Dhabi Airports at the end of 2025 after more than four and a half years in senior leadership roles, including Managing Director and Chief Executive Officer. During her tenure, she oversaw major phases of planning, construction and operational transition at Zayed International Airport (Abu Dhabi, United Arab Emirates), including the delivery and opening of the new midfield terminal and the consolidation of airport operations under a single hub.
She has since taken up the role of Chief Executive Officer of Grandi Stazioni Retail (Italy) from January 2026, where the company manages retail and advertising concessions across 14 major Italian railway stations serving more than 800 million visitors annually.
Oman Airports has appointed Nasser Al Sharji as its acting Chief Executive Officer, replacing the previous chief executive and taking on leadership responsibilities for the national airport operator. Al Sharji will oversee strategic direction and operations while the company’s board conducts a broader executive search process. He holds more than 25 years of experience across logistics and public services, including senior roles at national institutions such as ASYAD Group, OQ and Nama Water Services.
The appointment reflects continued leadership stability at Oman Airports as it advances national aviation infrastructure and operations.
Airports Council International World, a global association representing airport operators, has appointed Jost Lammers, chief executive of Munich Airport (Germany), as chair of its Governing Board for the 2026–2027 term. Lammers succeeds Candace McGraw, former chief executive of Cincinnati/Northern Kentucky International Airport, who served as the organisation’s first woman chair. The ACI World Governing Board consists of 28 airport chief executives nominated by ACI’s five regional offices and is responsible for setting strategic direction on airport policy, operational priorities, sustainability and innovation.
Lammers has been a member of the ACI World Governing Board since 2019 and served as vice chair during the 2024–2025 term. He previously served on the board of ACI EUROPE from 2017 to 2023 and was elected president of ACI EUROPE in 2019.
He has been chief executive of Munich Airport since January 2020 and was previously chief executive of Budapest Liszt Ferenc Airport from 2008. Earlier in his career, he worked at HOCHTIEF AirPort from 1998 on airport projects in Düsseldorf and Athens, including the commissioning of Athens International Airport.
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