AGS Airports, the operator overseeing Aberdeen, Glasgow, and Southampton airports, has reported an annual loss of £92 million for the year ending December 2025. This figure stands in stark contrast to the £4 million profit posted in the preceding year and marks the first full-year accounts since a substantial £1.53 billion takeover of the group.
The reported loss is primarily attributed to “factors associated with the change of ownership”, including approximately “£10m of non-recurring acquisition and restructuring costs.” This type of accounting loss is common following major corporate acquisitions, often encompassing transaction fees, legal expenses, and integration costs, rather than reflecting a decline in operational performance.
Despite the headline loss, AGS Airports demonstrated underlying operational resilience. The group saw a modest increase in revenue, rising from £220 million to £229 million, with passenger numbers also climbing from 11.3 million to 11.4 million during the period. Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) remained largely stable at £83 million, compared to £85 million in the previous year.
The airports’ performance unfolded against a backdrop of robust recovery in the broader UK aviation market. 2025 was a record-breaking year for UK aviation, with 302 million passengers, a 2% increase from 2024, surpassing pre-pandemic levels. AGS Airports’ continued growth in passenger numbers, albeit modest, aligns with this upward industry trend.
Looking ahead, AGS Airports is poised for significant expansion and infrastructure development. The company anticipates increased capacity and an expanded route network across its three airports in 2026.
Aberdeen Airport is set to welcome new international services to Krakow and Paris, alongside increased capacity on routes to Alicante, Faro, and Malaga.
Glasgow Airport will see a boost in summer 2026, with the reintroduction of international long-haul services to New York and increased capacity to Toronto, complemented by new short-haul destinations including San Sebastian, Warsaw, Hannover, and Zurich.
AviAlliance, as the majority shareholder, announced a substantial £350 million five-year capital investment programme in April 2025, marking the largest in AGS’s history.
This investment targets crucial improvements, including the completion of enhanced cabin-baggage screening equipment and body scanners across all airports.
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Major ongoing projects encompass runway and airfield pavement re-lifing, with design work for Aberdeen Airport’s full runway resurfacing already underway.
Glasgow Airport is undergoing a comprehensive transformation of its main terminal, featuring new operational and retail facilities, alongside completed car park redevelopment and valet hub upgrades. Southampton Airport is also slated for terminal redevelopment works. These investments are designed to enhance the passenger experience and strengthen operational readiness for future growth.
AGS Airports plays a vital role in the UK economy, supporting over 30,000 jobs and contributing more than £2 billion in Gross Value Added annually. The company has also committed to achieving net zero for its direct emissions by 2035. Despite the accounting loss, the substantial investment and strategic backing from its new ownership signal a strong commitment to long-term growth and operational excellence across its Scottish and English hubs.
