Market News

Malta International Airport plc – Quarterly Update & October Traffic Results

Market News

Jonathan Falzon

November 13, 2025

13 November, 2025

4 min read

13 November, 2025

4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 12 November 2025, Malta International Airport plc published the financial results for the first nine months of 2025. MIA also announced the traffic results for October.

Revenues during the first nine months of 2025 amounted to €118.5 million, which is 10% higher than the comparable figure of €107.8 million in 2024. The growth was driven by the 10.8% increase in passenger movements to 7.64 million during the period.

Operating costs excluding depreciation increased by 16.3% to €42.5 million. MIA explained that the demands of the airport’s busier operations were reflected in increases in both staff costs (+18.6%) and other operating expenses (+15.6%). As a result, EBITDA increased by 6.7% to €76.0 million compared to €71.2 million in the same period last year, but the EBITDA margin eased to 64.1% (3Q 2024: 66.1%).

The profit before tax increased by 4.6% to €63.9 million compared to €61.1 million in the first three quarters of 2024.

Overall, MIA generated a net profit for the period of €41.4 million compared to €39.5 million in the comparable period in 2024.

In terms of financial position as at 30 September 2025, when compared to 31 December 2024, total assets increased by 2.0% (or €7.3 million) to €377 million. Cash and other short-term investments amounted to €29.0 million, which fell from the €64.9 million reported on 31 December 2024 largely reflecting the ongoing capital expenditure within the airport campus. Total liabilities fell by 6.0% (or €9.4 million) to €148 million. Meanwhile, the airport operator remained free from any borrowings and the equity position strengthened by 7.9% (or €16.8 million) to €230 million.

MIA explained that capital expenditure for the first three quarters amounted to €42.2 million, with significant investment towards Apron 8 and SkyParks Business Centre II.

October 2025 Traffic Results

MIA stated that passenger movements in October 2025 amounted to a monthly record of 978,445, which is 16.7% above the comparable figure of 838,393 registered in October 2024.

The seat capacity in October 2025 increased by 17.3% compared to 2024 and the seat load factor stood at 86.1% (October 2024: 86.5%).

MIA stated that the UK remained the leading destination, accounting for a fifth of the passenger movements registered during the month. Meanwhile, Italy was October’s second best-performing market despite registering a modest growth of 1.0% over 2024. Germany was the third largest market, accounting for just over 84,000 passenger movements. Poland ranked fourth as it recorded a 60.6% increase over 2024, while France was the fifth largest market.

The passenger movements during the ten-month period ended October 2025 amounted to 8.62 million, representing an increase of 11.4% over the corresponding period last year.

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