Strong year at daa despite headwinds on costs, tariffs and planning

The Board of daa, the global airport and travel retail group and operator of Dublin and Cork airports, has announced strong financial results for the year ended December 31, 2024 and has recommended a dividend to the Irish state of €68 million. Full-year revenue in the daa Group exceeded €1.1 billion, a 9% increase year-on-year. This result enabled capital investment in daa airports of €223 million in the year. Although State owned, daa’s mandate is to operate as a standalone commercial business that can contribute to the States finances, with total dividends of €99 million being paid by the Group to the State in 2024 and 2025.

Kenny Jacobs, Chief Executive Officer of daa, highlighted the Group's achievements and future focus: "As we look back on the past year, I’m very pleased with the progress we’ve made across Dublin and Cork airports, ARI and daa International. Together, we delivered strong results, focused on our passengers and shoppers and embraced innovation to better serve our customers and deliver on our sustainability and growth ambitions. In 2025, we will stay focused on what really matters – delivering an always improving passenger and shopper experience, sustainable growth, efficiency and innovation.

“As we look to 2025 and beyond it is clear that international connectivity has never been more critical as tariff, cost, economic and slow planning headwinds threaten Irish tourism and exports. Though the courts have put a temporary pause on the passenger cap, continuing uncertainty has resulted in Ireland being the only top-20 European country whose air travel showed a decline in scheduled capacity in Q1 2025.  While we are encouraged that Government is saying they are determined to act with urgency, the risk to jobs, tourism and the economy remain while we cannot get on and build.”

Basil Geoghegan, Chair, commented on the challenges faced by daa due to unwarranted constraints: "Dublin Airport operates under a complicated, burdensome, and slow planning system. Despite passenger demand and stated Government policy, our ability to invest and provide vital connectivity is severely hampered. The current and most immediate restriction is the outdated 32 million terminal passenger cap which dates from 2007. It was originally based on long ago alleviated concerns about local traffic infrastructure, a matter over which daa has no control.

“I would like to thank the daa Board, Executive team, management and our colleagues, in every role across the business around the globe, for their hard and successful work in 2024. Through their commitment, we have enhanced the airport and retailing experience for our passengers, fulfilling our Shareholder’s goals.”

Peter Dunne, Group Chief Financial Officer, emphasised the Group's financial performance: "The Group produced a strong financial performance throughout 2024, delivering increased turnover and EBITDA with good margin growth and strong cash generation. The overall increase in passenger numbers in 2024 drove a significant improvement in turnover, EBITDA and profit after tax, when compared with 2023. Looking forward to 2025, we anticipate continuing strong passenger flows and activity levels across our business which will support the increased level of operational expenditure and capital investment required to enhance the product for the travelling public and the airlines that use our facilities."

Key Financial Highlights:

• Revenue: €1.1 billion, up 9% year-on-year.
• EBITDA: €395 million, up 20% year-on-year.
• Profit after Tax before Exceptions: €236 million, up 35% year-on-year.
• Net debt: €685 million, down 16% year-on-year.
• Dividend to Irish State: €68 million, up 119% year-on-year. (€31 million in 2023)

Operational Highlights:

• Dublin Airport handled 34.6 million passengers; a 3.3% increase compared to 2023.
• Cork Airport enjoyed the busiest year for international passenger traffic in its 63-year history, with 3.07 million people travelling through it in 2024.
• ARI had a record year, achieving strong growth in revenue and profit across all its locations. 
• Our international operations continue to thrive. In particular, daa International assisted our clients at Red Sea International Airport and King Abdulaziz International Airport, serving the cities of Jeddah and Mecca in Saudi Arabia, to achieve 49.2 million passengers in 2024. 

Enhanced Passenger and Shopper Standards:

Our commitment to enhancing the customer experience remains at the heart of everything we do. In 2024, we invested significantly in services, facilities and technology to improve passenger and shopper service standards, experience and satisfaction ratings across the daa Group. The already high passenger satisfaction rates at both Dublin and Cork airports increased again in 2024.  

Community Engagement Initiatives: 

daa is strongly committed to being a good neighbour and engaging in meaningful community relations wherever we operate. At Dublin Airport this includes a suite of noise mitigations including home buy outs and enhanced noise insulation schemes to address the impact our operations may have on residents. In total, daa has committed over €50 million in community-related funds, schemes and initiatives to improve the lives and welfare of its neighbours. At Cork Airport the Community Fund supports various artistic, cultural, sporting and educational initiatives. 

Sustainability Initiatives:

daa is committed to achieving net zero emissions by 2050 and is working with its airline customers and supply chain partners to reduce Scope 3 emissions. At the start of 2024, daa unveiled details of 20 sustainable environmental initiatives being rolled out at Dublin and Cork airports. These projects have accelerated both airports’ climate and sustainability-related ambitions, which will ultimately result in achieving that net zero commitment. daa announced a new solar farm at Dublin Airport in autumn 2024, which is now operational and will meet 10-13% of the airport’s electricity needs. daa is also exploring geothermal energy options to power Dublin Airport, and preliminary test drilling has been encouraging; daa will continue to explore this opportunity in 2025.  Cork Airport, the leading semi-state company for energy reduction over the last two years, has applied to Cork City Council to build its first solar farm this year. It is also well ahead of its 2030 carbon reduction target for its own direct operations.