This report does not constitute a rating action. Heightened geopolitical tensions and fuel price volatility continue to affect European airports, leading to a divergence in performance. While the sector has demonstrated short-term resiliency, macroeconomic uncertainty and competitive pressures continue to weigh on the outlook for 2027. Overall, we expect southern European leisure hubs to continue performing better than northern and central European hubs. At the same time, the industry is entering an intensive investment phase that will test balance sheet flexibility and regulatory frameworks. Shifting operational dynamics and rising capex needs will likely have differing rating implications for rated European airports. Resilient But Diverging Performance Travel demand has been more robust than we anticipated earlier in the year. Notwithstanding ongoing
