Airlines & airports (AO) | April airport traffic: mixed trends amid seasonality and disruptions

Research evidence excerpt

Airlines & airports (AO) | April airport traffic: mixed trends amid seasonality and disruptions

News comment

Release date: 27 May 2026

Carlos Caburrasi

Equity Research Analyst

+34 914 36 52 02

ccaburrasiortega@keplercheuvreux.comAirlines & airports

Europe

April airport traffic: mixed trends amid seasonality and disruptions

Key points:

Companies within our aviation infrastructure coverage have published April traffic figures characterised by a mixed performance,

somewhat attributed to seasonality (Easter holiday) and traffic disruptions (Middle East, strikes and capacity cuts): Zurich Airport

+6% YOY, Italy's en route +5% YOY, Aena's Spanish network +4% YOY, Paris airports -1% YOY, Vienna Airport -9% YOY and Frankfurt

Airport -11% YOY.

European airport operators posted a resilient operational performance in Q1 despite a more uncertain macroeconomic and

geopolitical backdrop. Aena’s top line beat consensus, but EBITDA missed expectations because operating expenses per

passenger increased significantly. Management maintained what we consider an excessively conservative traffic guidance for

2026. Groupe ADP reported weaker-than expected revenue because of geopolitical disruptions linked to the Iran conflict, which

particularly affected retail and international operations. Nevertheless, management maintained full-year guidance. Flughafen

Zürich does not disclose Q1 figures but it became evident, at our Swiss Seminar, that management remains optimistic despite

broader industry uncertainty due to strong traffic momentum and stable fuel supply conditions in Switzerland. Fraport

moderately beat EBITDA consensus driven by strong ground handling operations, while free cash flow improved due to lower

capex.