Changi Airport Group
Hub economics combine airport charges with concessions, retail and associated businesses. Terminal 5 creates a long-term capacity opportunity but also a large capital requirement.
Business at a glance
Hub economics combine airport charges with concessions, retail and associated businesses. Terminal 5 creates a long-term capacity opportunity but also a large capital requirement.
Operating footprint: Singapore Changi Airport, Jewel interests and international airport businesses
Managed airports and airport interests
Changi Airport Group manages Changi and Seletar in Singapore. Changi Airports International also has overseas airport investments and commercial-management ventures; these are shown with their specific roles and reporting dates.
Airport codes are IATA unless marked ICAO. Expand a portfolio below to see the airports and the group’s role.
Singapore · 2 airportsAirport operator
- Singapore Changi (SIN)
- Seletar (XSP)
Seletar serves business and general aviation. Changi’s passenger total is not assigned to Seletar.
Reported overseas airport interests · FY2024/25Airport operating / development investments
- Rio de Janeiro Galeão, Brazil (GIG) — 51% concessionaire interest
- Clark, Philippines (CRK) — 15% interest in LIPAD, the airport operator
- Durgapur, India (RDP) — 30% interest in Bengal Aerotropolis Projects
The figures and roles follow the FY2024/25 annual-report perimeter. Overseas financial results are not assigned from CAG’s Singapore airport metrics.
China · reported commercial joint venturesNon-aeronautical commercial-management interests
- Chongqing (CKG)
- Wuxi (WUX)
- Haikou (HAK)
These reported 49% joint-venture interests concern airport commercial businesses. They do not mean that CAG owns or operates the whole airports.
International advisory workAirport consulting and management support
- Angola airport-network advisory
- Paro, Bhutan (PBH) — advisory
- Gelephu, Bhutan — airport development planning
Advisory assignments are separate from airport ownership or operating concessions.
Individual airport information
| Airport / code | Country | Reporting period | Passengers | Airport detail |
|---|---|---|---|---|
| Singapore Changi · SIN | Singapore | April 2025–March 2026 | 70.4m | Changi Airport traffic; CAG financial year 2025/26 |
| Seletar · XSP | Singapore | Portfolio context | Not shown | Business / general aviation; no comparable passenger total assigned |
| Rio de Janeiro Galeão · GIG | Brazil | Calendar 2024 | More than 14.5m | Reported in CAG’s FY2024/25 annual report; 51% concessionaire interest |
The airport rows use different periods, explicitly labelled. CAG consolidated revenue and EBITDA below include a broader business perimeter than Changi passenger traffic; they are not standalone financial accounts for Seletar or the overseas airports.
Portfolio research checked 30 September 2026. An unavailable airport metric is left unreported; group financials are not allocated by passenger share.
Key operating and financial figures
Source: CAG FY2025/26 results. Currency and non-GAAP definitions follow the operator’s release.
Performance over time
Financial years · year ended 31 March
Traffic covers Singapore Changi Airport. Revenue, EBITDA, cash and borrowings cover Changi Airport Group.
Changi passengers
Group revenue
Group EBITDA
Cash and cash equivalents
Charts use annual results. Gaps indicate unavailable values; the table shows the annual series.
Full-year history
Read across the years to compare traffic, income and the economics of the airport business. Scroll horizontally on smaller screens.
| Indicator / unit | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2025/26 |
|---|---|---|---|---|---|---|
| Changi passengersmillion · Traffic | 1.1 | 5.2 | 42.6 | 62.5 | 68.4 | 70.4 |
| Traffic growth, calculated% · Traffic | — | 372.7 | 719.2 | 46.7 | 9.4 | 2.9 |
| Group revenueS$m · Financial | 697.0 | 944.0 | 1,883.0 | 2,727.0 | 3,071.0 | 3,255.0 |
| Group EBITDAS$m · Financial | 178.0 | 232.0 | 751.0 | 1,205.0 | 1,466.0 | 1,420.0 |
| Cash and cash equivalentsS$m · Capital | 1,632.0 | 1,351.0 | 1,595.0 | 2,115.0 | 1,733.0 | 1,861.0 |
| Loans and borrowingsS$m · Capital | 1,837.0 | 2,016.0 | 1,972.0 | 1,925.0 | 1,892.0 | 1,853.0 |
Traffic growth is calculated from consecutive years in the traffic series above and may differ slightly from growth rates published using unrounded or adjusted figures. The first year has no preceding year in this table.
What the numbers say
Changi’s recovery accelerated after 2021/22, with revenue and EBITDA rebuilding as international travel returned. The financial-year traffic series reached 70.4m in 2025/26.
Revenue continued to grow in the latest year, while EBITDA eased. Cash and borrowings provide additional context as the group finances its infrastructure programme.
Historical sources and comparability
- Traffic is for Changi Airport; group financials have a broader business perimeter. Calendar-year traffic must not be substituted for the March financial-year series.
- The historical table uses EBITDA consistently. Reported profit and underlying profit differ, including exceptional effects in 2024/25, so they are not combined into an inconsistent profit series.
- Annual history is separate from the latest interim or rolling-period snapshot. Operator definitions and reporting perimeters differ, so these profiles are not a like-for-like league table.
What drives the airport business
Compare traffic growth with concession performance and spend per passenger.
Watch regulatory contributions and operating costs.
Assess Terminal 5 funding and construction milestones.
Source and method
This profile uses the operator’s own published figures. Group metrics are not assigned to an individual airport. Passenger volume is an activity measure, not revenue; construction-accounting and adjusted-profit labels follow the source. Where a comparable financial measure is not publicly available, it is not estimated.
Read the official CAG FY2025/26 results ↗