FY2025/26 Annual Results show solid growth and the value of diversification
Airports Company South Africa (ACSA) has released its audited FY2025/6 financial results which demonstrate a high level of excellence throughout the organisation and a deep level of commitment to its Innovate, Grow and Sustain strategy.
Revenue increased by 11.6% to R8.81 billion (2025: R7.89 billion), consolidating on the gains in the previous period and showing robust improvement in both core revenue streams.
Aeronautical revenue increased by 15.2% to R4.68 billion (2025: R4.06 billion), driven by a 1.3% increase in aircraft movements, an 8.5% increase in the number of departing passengers and a 6.5% tariff increase. Non-aeronautical revenue, which is derived mainly from property rental income and parking fees, also increased by 7.7% to R4.18 billion (2025: R3.83 billion), largely due to improved trading conditions.
“Growth in both our aeronautical and non-aeronautical revenue streams demonstrates the strength of our diversification strategy,” says Acting CEO, Charles Shilowa. “It affirms our progress towards ACSA’s vision of becoming the most sought-after global partner for airport management solutions by 2030, supported by our mission to acquire, develop and manage world-class airports that enable national socio-economic growth and development.”
ACSA’s diversification strategy, informed by global trends in the aeronautical industry, is intended not only to manage the risks associated with sudden shocks or black swan events to aeronautical revenue, but to fully utilise existing infrastructure in a way that creates value for the company and the communities living around its airports.
On the expenditure side of the equation, operating expenditure increased within a predictable range due to increases in facilities management costs, fluctuations in the exchange rate, and the effects of global geopolitical issues on supply chains in general and on the price of jet fuel in particular.
Expenditure on employees have increased within a predicted range, partly due to annual remuneration increases, enhanced employee benefits, an allocation of R353 million for incentive bonuses, and the insourcing of core security operations. Critical vacancies were filled to support the implementation of the corporate plan.
Despite cost pressures, the company reported only a modest decline in EBITDA as a result of stringent cost management measures. Profit before taxation moved up to R1.99 billion (2025: R1.81 billion) and net profit increasing to R1.20 billion (2025: R1.14 billion).
“The disciplined implementation of our strategy, supported by the revised Financial Plan introduced during the post-Covid recovery phase, has enabled us to allocate resources effectively while strengthening the long-term sustainability and resilience of the business,” says Shilowa.
ACSA’s strategic direction is aligned with evolving trends in the aviation industry, including the move to develop airports into economic, digital and energy hubs. Airports are increasingly being positioned not just as transport hubs but as platforms for property development, logistics, retail activity, energy infrastructure, data systems and regional economic activity. This transformation has been highlighted by the World Economic Forum as a fundamental aspect of the aviation industry’s broader net-zero goal for 2025, as defined by the International Civil Aviation Organization (ICAO).
Passenger experience, personalisation and seamless travel are high on the agenda, with self-service options, biometric identity checks, pre-travel digital services, and low-stress airport environments all being a priority. This dovetails with infrastructure optimisation and capacity management, including terminal optimisation, real-time analytics, and AI-enabled runway and stand allocation.
Capital expenditure therefore remains focused on maintaining and improving existing infrastructure. Consequently, Capex spend increased to R1.1 billion in the reporting period compared to R861 million in the previous period. Total asset value also increased by 2.5% to R33.30 billion, driven primarily by an increase in cash on hand (including short-term investments) and fair value gains in the property portfolio.
“ACSA’s performance in the 2025/26 financial year clearly demonstrates the significance of our diversified revenue model,” says Shilowa. “We will therefore continue to focus on growing revenue in both areas of the business and on protecting profitability, strengthening liquidity, reducing leverage and enhancing critical infrastructure. Throughout this work, we will continuously uphold the highest standards of governance, transparency, and leadership”.
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