Salvador and Regional Hubs Power Latin American Airport Gains as VINCI Airports’ Global Passenger Traffic Slips 0.6%

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Global passenger volumes across the international VINCI Airports portfolio registered a modest dip of 0.6 per cent, processing 93.5 million travelers in the third quarter. While geopolitical headwinds in Asia and sustained aviation fuel cost spikes weighed on broad figures, regional hubs in Latin America engineered a sharp counter-rally. Spearheaded by expansion at Salvador Bahia Airport in Brazil and rising domestic movement in Mexico, the Latin American concession network delivered resilient growth. Understanding these operational shifts illuminates how emerging market demand, strategic hub investments, and strategic network diversification continue to insulate global aviation infrastructure operators from localized economic downturns.

Operational Context and Global Traffic Drivers

The international aviation sector faced complex operational dynamics throughout the third quarter. Offsetting structural contractions across Asian gateways, overall passenger movement across VINCI Airports managed to hold broad stability over the nine-month period ending 30 September. The global network’s capacity to absorb regional volatility relies heavily on its geographic footprint, which spans over 70 airports across 14 countries.

While European holiday corridors and Latin American connectivity corridors generated strong passenger load factors, macroeconomic pressures continued to influence airline routing decisions. High kerosene prices forced several low-cost and network carriers to adjust seat capacity, trim non-core routes, or reallocate aircraft fleets to higher-yield domestic and regional markets.

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|                  VINCI AIRPORTS Q3 NETWORK METRICS                      |
+------------------------------------+------------------------------------+
| Global Third Quarter Passengers    | 93.5 Million (-0.6% YoY)           |
+------------------------------------+------------------------------------+
| Managed Global Gateways            | 70+ Airports across 14 Countries   |
+------------------------------------+------------------------------------+
| Primary Latin American Drivers     | Salvador Bahia, OMA Mexico, Aerodom|
+------------------------------------+------------------------------------+
| Asian Pacific Market Trends        | Japan (-8.8%), Cambodia (Softened) |
+------------------------------------+------------------------------------+

Latin American Regional Expansion and Hub Growth

Salvador Bahia Airport Strengthens Regional Hub Status

Salvador Bahia Airport (SSA) in Brazil emerged as a key growth driver within VINCI Airports’ Latin American portfolio. Strengthened by expanded route networks and capital investments from GOL Airlines, Salvador consolidated its role as a strategic domestic and regional transit point. The alignment between concession infrastructure upgrades and carrier hub strategies enabled the airport to capture robust passenger demand.

Mexican Domestic Corridors Drive OMA Platform Performance

In Mexico, the Group’s stake in Grupo Aeroportuario del Centro Norte (OMA) yielded solid passenger throughput. Demand across internal domestic routes connected key industrial, commercial, and tourism centers. Monterrey International Airport (MTY), the primary node in the OMA network, maintained high traffic levels supported by nearshoring activity and cross-border commercial links with North America.

Caribbean and Central American Gateway Dynamics

In the Caribbean basin, Aerodom airports in the Dominican Republic sustained strong upward momentum. Santo Domingo’s Las Américas International Airport (SDQ) posted a 3.0 per cent expansion in passenger volumes for the quarter, benefiting from expanded fleet deployments by Arajet, Copa Airlines, and US legacy carriers. Conversely, Santiago Airport (SCL) in Chile experienced a temporary decline in traffic due to fuel price pressures and airline winter schedule adjustments.

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|                LATIN AMERICAN & CARIBBEAN PERFORMANCE                   |
+------------------------------------+------------------------------------+
| Dominican Republic (Aerodom)       | +4.9% Passenger Growth (Q3)        |
| - Santo Domingo (SDQ)              | +3.0% Passenger Growth (Q3)        |
| - Puerto Plata (POP)               | +11.0% Passenger Growth (Q3)       |
+------------------------------------+------------------------------------+
| Mexico (OMA Network)               | Strong Domestic Corridors          |
| - Monterrey (MTY)                  | Nearshoring & Commercial Hub Growth|
+------------------------------------+------------------------------------+
| Brazil (Salvador Bahia - SSA)      | Hub Expansion via GOL Integration  |
+------------------------------------+------------------------------------+
| Chile (Santiago - SCL)             | Contracted due to Fuel & Seasonal  |
|                                    | Capacity Adjustments               |
+------------------------------------+------------------------------------+

European Infrastructure Dynamics and Summer Demand

European platforms within the VINCI Airports network delivered solid summer figures, driven by resilient European leisure demand.

• Budapest Airport (BUD): Welcomed high passenger numbers with a 12 per cent surge during the peak summer period. Growth was supported by expanded base operations from Ultra-Low-Cost Carriers (ULCCs) Wizz Air and Ryanair, targeting Southern European leisure destinations.
• Belgrade Nikola Tesla Airport (BEG): Reaffirmed its position as a primary Balkan aviation hub, registering strong load factors on Western European routes.
• Edinburgh Airport (EDI): Benefited from added airline capacity, with Jet2, easyJet, and Ryanair expanding routes to Mediterranean vacation destinations.
• Portuguese Network: Strategic gateways including Porto (+7.1%) and Faro (+3.7%) continued their steady multi-year growth paths.
• London Gatwick (LGW): Showed signs of stabilization as the year-over-year decline eased to 2.9 per cent. Strategic capacity deployments—including five new Jet2 aircraft based at the airport—helped cushion the ongoing effects of medium-haul fleet restructurings.

Geopolitical Disruption and Cost Pressures in the Asian Market

In contrast to the Latin American and European performance, Asian gateways operated under persistent external headwinds.

At Kansai Airports in Japan, overall passenger numbers declined 8.8 per cent year-over-year during the third quarter. Diplomatic and economic friction between China and Japan continued to dampen outbound travel demand and cross-border group tours.

Similarly, Cambodia’s aviation gateways recorded softer passenger volumes. Reduced inbound traffic from key feeder markets in China and Thailand weighed on overall regional movements, highlighting the ongoing vulnerability of Southeast Asian tourism nodes to shifting regional demand.

Policy Implications, Financial Strategy, and Industry Outlook

The divergence in performance across VINCI Airports’ global network underscores the strategic importance of portfolio diversification. By balancing mature European gateways with high-growth emerging hubs in Latin America, the Group maintains overall financial stability even during localized regional downturns.

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|                  VINCI GROUP CONSOLIDATED PERFORMANCE                   |
+------------------------------------+------------------------------------+
| Total 9M Consolidated Revenue      | €51.2 Billion (+5.0% YoY)          |
+------------------------------------+------------------------------------+
| Concessions Business Line Revenue  | €9.6 Billion (+1.8% YoY)           |
+------------------------------------+------------------------------------+
| Net Financial Debt (30 Sept)       | €20.2 Billion (-€1.2bn YoY)        |
+------------------------------------+------------------------------------+
| Full-Year 2026 Guidance            | Confirmed (Growth in Revenue &     |
|                                    | Net Income)                        |
+------------------------------------+------------------------------------+

Parent entity VINCI Group reported a 5 per cent increase in overall consolidated revenue through the first nine months, reaching €51.2 billion. Total revenue generated outside France rose 6.7 per cent, representing 60 per cent of the Group’s total turnover. Supported by a net financial debt reduction of €1.2 billion year-on-year, VINCI confirmed its full-year guidance, projecting continued expansion in operating earnings and net income.

Infrastructure operators are increasingly prioritizing decarbonization and operational modernization. VINCI Airports remains committed to reaching net-zero Scope 1 and Scope 2 emissions across its entire network by 2050. Investments in solar generation facilities, Sustainable Aviation Fuel (SAF) supply chains, and modernized passenger terminals are designed to improve efficiency while meeting strict environmental standards.