ACI Europe warns airport finances under pressure despite €360bn investment needs

Airports Council International Europe (ACI EUROPE) has released a landmark report examining the long term financial viability of Europe’s airport industry, warning that structural market changes are placing unprecedented pressure on airport revenues and investment capacity.

The report, titled “Decoupling Financial Viability from Volume Growth: Charting the Way Forward for Europe’s Airports”, is based on research conducted by Boston Consulting Group and was unveiled at ACI Europe’s New Year reception in Brussels.

The event, hosted by Members of the European Parliament Nikolina Brnjac and Jan Christoph Oetjen, brought together EU and pan European institutions alongside key aviation industry stakeholders.

According to the report, Europe’s airports face investment needs of around €360 billion by 2040. These funds are required to modernise and expand airport infrastructure, strengthen operational resilience and meet climate and sustainability objectives.

Beyond aviation, ACI Europe said the investments would play a critical role in supporting Europe’s wider economy by boosting competitiveness, reinforcing global positioning, enhancing strategic autonomy and supporting territorial cohesion.

However, the report warns that slower traffic growth driven by climate policies, alongside rising operating costs, is undermining airports’ financial viability. These structural shifts are creating sustained downward pressure on revenues while increasing costs across the sector.

BCG’s analysis estimates that between €45 billion and €75 billion in EBITDA could be lost over the next 20 years if no corrective measures are implemented. Under these conditions, airports would be unable to generate sufficient capital to fund their future investment requirements.

Speaking at the launch, ACI Europe President and Fraport Chief Executive Stefan Schulte said airports were entering a far more challenging long term cycle where financial sustainability could no longer depend on traffic growth alone.

He said future value creation would need to focus on increasing unit revenues from both airport charges and non aeronautical activities, alongside continued efficiency gains.

Schulte also called for regulatory stability around airport charges, warning that policy uncertainty could deter investment, and highlighted the need for reforms including airport slot rules, continued support for regional airports, accelerated deployment of Sustainable Aviation Fuel mechanisms and regulatory backing for biometrics and enhanced security.

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