MEMBER NEWS
Resilient demand and strong service- results for six months ended 30 Jun 2026
Heathrow welcomed a record 40 million passengers in the first half of 2026, a testament to the resilience of hub airports in geopolitical headwinds. Whilst passenger demand to the Middle East has softened, Heathrow’ s network has adapted with significant growth in North America( up 1.6 %) and Asia-Pacific( up 7.9 %), a 5.4 % increase in transfer passengers and nearly a 1 % increase in cargo through the UK’ s largest port. The focus on delivering excellent service saw Heathrow maintain Europe’ s most punctual hub ¹ with more flights getting away on time than anywhere else, and passengers ranked Heathrow as one of the world’ s best airports with the best airport shopping in the annual Skytrax awards.
Heathrow is focused on improving existing facilities for passengers and airlines. This year they became the first major hub in the world to fully install the latest scanners meaning all passengers can leave liquids and laptops in their bags at security checkpoints – the completion of a £ 1 billion investment programme. Work has started on a new“ front door” for T4 which will upgrade the check-in area, reduce vehicle congestion and provide a new, larger multi-storey car park for the terminal. Key components of the baggage system used by T2 have been upgraded which is already improving resilience.
In the first six months ended 30 June 2026, revenue grew by 0.3 % to £ 1,729 million( six months ended 30 June 2025: £ 1,724 million). Adjusted operating costs increased by 6.4 % to £ 814 million, driven largely by increased Government taxes( business rates and national insurance) and investments in new technology which aims to drive future efficiencies and further improvements to operational performance. Adjusted EBITDA fell by 4.6 % to £ 915 million( six months ended 30 June 2025: £ 959 million). Gearing remains near historic lows at 83.2 % and liquidity is strong at £ 3.8 billion, sufficient to meet all obligations for at least the next 18 months. As a result of high passenger satisfaction scores, strong operational performance and the airport’ s robust financial position, shareholders received a £ 200 million dividend in the period.
The Government is consulting on the draft Heathrow Expansion National Policy Statement which designates Heathrow as Critical National Growth Infrastructure for the role played in driving economic growth across every nation and region of the UK. This privately funded proposal will deliver growth, reinvigorating industrial supply
Heathrow releases results
chains including UK steel and creating tens of thousands of apprenticeships and quality jobs spread across the country. When the third runway is up and running, it will boost trade through Heathrow by 50 % and attract millions more visitors and investors to the UK. By Government’ s own assessment, the project is expected to deliver 60,000 jobs and £ 40 billion of economic growth. That is why the project is widely supported by trade unions and businesses across the country, as well as 68 % of local people. A response the Government’ s consultation will be issued to try to ensure the final policy framework enables us to deliver these benefits at pace.
The CAA continues to refine the regulatory model for expansion. Longerterm certainty, smarter incentives and independent expert assurance are key reforms that will enable the project to be delivered with better outcomes for consumers. Airlines with a significant presence at split operator airports have raised concerns that this model can undermine passenger experience and fail to deliver purported competition benefits, questioning the evidence for why it should be applied to Heathrow. In order for Heathrow to begin delivering the benefits of expansion, including unlocking lower fares for passengers, it’ s critical that the CAA keeps up momentum in its decision making on this issue. Heathrow wants to unlock early growth and invest in existing facilities before expansion and are providing additional evidence to the CAA ahead of its next H8 decision in November. Heathrow CEO Thomas Woldbye said:“ Despite geopolitical headwinds, we welcomed a record 40 million passengers in the first half of the year while delivering strong customer service, culminating in passengers ranking Heathrow as one of the best airports in the world. I’ m proud of the work colleagues have done to achieve this in the face of these challenges.
“ Our plan for the future is about much more than just building a third runway – this project is a real opportunity to provide an economic boost to every region and nation of the country. It will back British industry by pumping billions of pounds of private investment into our UK supply chain, revitalising the UK’ s steel sector as well as creating tens of thousands of new jobs and skilled apprenticeships across the country. It will unlock significant new capacity, opening new domestic and international routes, making travel more affordable for passengers and providing a £ 150bn boost to British trade with markets around the world. For too long, indecision and debate has prevented these benefits from being delivered. Over the next several weeks, we’ ll be working with the new Government to make sure we can deliver these benefits for communities and workers right across the country.”
28 Autumn 2026