daa reports solid half-year financial performance with enhanced operational resilience

daa, the commercial semi-state group that operates Dublin and Cork airports, runs global travel retail through Aer Rianta International (ARI), and provides international airport management and consultancy via daa International, has announced unaudited interim results for the six months ended June 30, 2025. 

Passenger volumes rose to 18.6 million (+4% year‑on‑year), Group turnover increased to €536.1 million (+6%), and Group EBITDA was €160.8 million (‑1%). As daa made further investments in people and technology in H1 to raise standards and improve services to an increasing number of passengers, airlines and other stakeholders at Dublin and Cork airports and across its international estate, Group operating costs rose to €375.3 million (+10%), with profit after tax before exceptionals of €77.8 million (-5%).

Highlights (H1 2025 vs H1 2024)

• Total passengers: 18.6m (+4%) vs 17.9m in H1 2024; 16.96m passengers at Dublin Airport (+2.7% vs H1 2024 (+450k); 1,645,765 at Cork Airport (+14.4% vs H1 2024) (+208k) reflecting increased demand at home and abroad.
• Security efficiency: 96% of passengers processed through Dublin Airport in under 20 minutes; 99.6% at Cork Airport.
• Revenue: €536.1m (+6%); domestic non‑aeronautical revenue +7% to €247.6m, driven by passenger volumes, stronger F&B and retail performance and enhanced digital pre‑book services.
• EBITDA: €160.8m (‑1% YoY), resilient whilst supporting increased investment in operations to drive continuously improving service standards during peak demand.
• Operating costs: €375.3m (+10%) as internal operating capacity and third‑party services were scaled to support operational resilience and enhance service quality.
• Profit after tax (pre‑exceptionals): €77.8m (‑5%).
• International businesses: ARI profit before tax (attributable) +64% to €21.8m; daa International revenues +11% to €22.8m.
• Post‑period financing: €288m EIB loan signed on July 16, 2025 to fund sustainability‑led upgrades and capacity‑enhancing projects at Dublin Airport.

Peter Dunne, daa’s CFO commented:

“We delivered 6% top‑line growth to €536.1 million with EBITDA of €160.8 million, while deliberately stepping up operating spend to enhance service standards through a longer and more sustained summer peak.”

“The business has continued to deliver a strong operating cash performance with net debt at €742 million after paying a cash dividend of €68 million to our Shareholder in the period and our liquidity remains strong, supported by a €450 million undrawn revolving credit facility. The new €288 million EIB facility gives us cost‑effective financial firepower for sustainability‑led upgrades and terminal improvements.” 

“Like all businesses, we’re facing sustained cost pressures, from energy and regulatory compliance (including C3 security) to construction and wage inflation, making it a constant challenge to manage our cost base efficiently while maintaining service standards.” 

“Dublin Airport’s charges remain among the lowest of major European airports, which is increasingly unsustainable given these pressures and the significant operational and capital investment needed to deliver the standard expected of Ireland’s national gateway and maintain quality across Dublin and Cork. As we approach the next regulatory determination, a fair price outcome will be critical to protecting service, resilience and connectivity for passengers and the wider economy.”

daa also welcomes Transport Minister Darragh O’Brien’s commitment to bring forward legislative options to remove the out‑dated 32 million passengers per annum cap at Dublin Airport and his acknowledgement that long‑term planning should accommodate a Dublin Airport capable of serving up to 60 million passengers over the coming decades.

Kenny Jacobs, daa CEO commented:

“It’s been a strong first half despite cost pressures and the teams at daa have really delivered an awesome summer for passengers at Cork and Dublin airports and the shoppers at our 37 travel retail businesses worldwide. 

I’m very pleased to see Minister Darragh O’Brien moving to bring legislative options to Cabinet to remove the 32 million cap that has held back growth and created uncertainty that we, the airlines and the economy don't need. 

“We’ll keep working with stakeholders to progress our planning applications with Fingal County Council as we need to add infrastructure to cope with demand and maintain our excellent standards and we will continue to actively engage with the local community as we need their support. I am delighted that infrastructure expansion has already started at Cork Airport after a record summer there"

Key performance (unaudited)