Manchester Airports Group
Airport operations combine airline charges with retail, parking and property, while CAVU extends the group into digital travel services. Terminal and airfield investment is a major cash use.
Business at a glance
Airport operations combine airline charges with retail, parking and property, while CAVU extends the group into digital travel services. Terminal and airfield investment is a major cash use.
Operating footprint: Manchester, London Stansted and East Midlands airports; CAVU travel services
Managed airports and airport interests
Manchester Airports Group owns and operates three UK airports. Each serves a different passenger and airline mix; East Midlands also has a substantial cargo business.
Airport codes are IATA unless marked ICAO. Expand a portfolio below to see the airports and the group’s role.
United Kingdom · 3 airportsAirport owner and operator
- Manchester (MAN)
- London Stansted (STN)
- East Midlands (EMA)
Individual airport information
| Airport / code | Country | Reporting period | Passengers | Airport detail |
|---|---|---|---|---|
| Manchester · MAN | United Kingdom | Calendar 2025 | 32,088,626 | +4.2% year on year |
| London Stansted · STN | United Kingdom | Calendar 2025 | 30,036,320 | +0.9% year on year |
| East Midlands · EMA | United Kingdom | Calendar 2025 | 3,959,234 | −4.3% year on year |
These three airports handled 66,084,180 passengers in calendar 2025. MAG’s financial year ends in March, so this traffic period differs from the financial history and rolling-period snapshot below. CAVU is a services business rather than another airport.
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: MAG FY2025/26 and traffic update. Currency and non-GAAP definitions follow the operator’s release.
Performance over time
Financial years · year ended 31 March
Passengers cover Manchester, London Stansted and East Midlands. Financial figures cover MAG, including its CAVU business.
Three-airport passengers
Revenue, rounded as published
Adjusted EBITDA
Operating profit / (loss)
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 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2025/26 |
|---|---|---|---|---|---|
| Three-airport passengersmillion · Traffic | 20.5 | 54.0 | 61.3 | 65.0 | 66.3 |
| Traffic growth, calculated% · Traffic | — | 163.4 | 13.5 | 6.0 | 2.0 |
| Revenue, rounded as published£m · Financial | 462 | 1,000 | 1,200 | 1,300 | 1,500 |
| Adjusted EBITDA£m · Financial | 126.0 | 412.0 | 507.0 | 570.4 | 614.4 |
| Operating profit / (loss)£m · Financial | -130.0 | 28.6 | 240.1 | 263.0 | 303.9 |
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
The recovery from 20.5m to 66.3m passengers rebuilt the group’s earnings base. Revenue and adjusted EBITDA reached new highs in the year to March 2026.
The business is funding major terminal programmes, with £561.7m of investment in 2025/26. CAVU adds commercial activity beyond the three airports, so group revenue is broader than airport passenger income.
Historical sources and comparability
- Revenue follows MAG’s rounded releases: later figures are approximately £1.0bn, £1.2bn, £1.3bn and £1.5bn. EBITDA margins are not calculated from these rounded amounts.
- Operating profit includes the one-off items reported by MAG. Financial-year passengers are distinct from the rolling-year traffic figures in the latest snapshot.
- 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
Distinguish fiscal-year earnings from rolling-12-month traffic.
Assess returns from the Manchester transformation and Stansted expansion.
Watch parking, retail and CAVU as commercial income drivers.
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 MAG FY2025/26 and traffic update ↗