Heathrow (SP) Limited reported revenue of £1.729 billion for the six months ended 30 June 2026, up 0.3% from £1.724 billion in the same period a year earlier. The airport handled a record 40.0 million passengers during the first half, an increase of 0.2% compared with the first half of 2025.
The increase in passenger numbers and revenue did not translate into higher adjusted earnings. Adjusted EBITDA fell 4.6% to £915 million, from £959 million a year earlier. Adjusted operating costs rose 6.4% to £814 million, increasing faster than revenue during the period.
Cash generated from operations increased 2.0% to £880 million. Reported profit before tax was £447 million, compared with £203 million in the prior-year period. On an adjusted basis, however, profit before tax declined to £115 million from £121 million.
Heathrow’s consolidated nominal net debt stood at £16.35 billion on 30 June, up 4.1% year on year. The company’s regulatory asset base was £21.662 billion, 1.9% higher than a year earlier. Heathrow’s investor centre puts group liquidity at £3.8 billion, which the company says covers more than 18 to 24 months.
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The company said it was progressing more than 350 projects across six strategic programmes in its H7 capital-investment plan. The update relates to the first half ended 30 June and does not report July or August passenger performance.
Heathrow has also framed its expansion ambitions as dependent on regulatory and planning processes. The half-year results do not amount to consent for a third runway or approval to implement an expansion scheme.
The figures therefore present a mixed first-half picture: passenger volumes and revenue edged higher, cash generated from operations increased and reported profit before tax was substantially above the prior-year figure, while adjusted EBITDA and adjusted profit before tax declined as operating costs rose.
Heathrow’s next scheduled trading statement is for the third quarter of 2026, with the company due to issue it on 22 October 2026.
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