HEATHROW (25%, equity-accounted) – UK


(Million passengers) DEC-22 DEC-21 VAR.
UK 3.4 1.8 89.8%
Europe 25.7 8.8 192.8%
Intercontinental 32.5 8.8 269.6%
Total 61.6 19.4 217.6%

Heathrow welcomed 61.6mn passengers in 2022 (19.4mn passengers in 2021), an increase of 42.2mn vs 2021 (+217.6%), which represented the highest passenger increase of any major airport globally. Passenger numbers in December were close to 5.8 million, which was 11% below 2019 levels, the highest since the start of the pandemic. Demand continues to be driven by outbound leisure, although inbound leisure and business travel are showing good signs of recovery. In 4Q, business travel reached 28% of overall traffic, compared to 32% in the same period pre-pandemic.

After a slow start of the year, given the travel restrictions in the UK and the Omicron impact, Heathrow saw a surge in demand and a steady build in traffic in 2Q. In late June, Heathrow experienced an increased pressure due to a combination of reduced arrivals punctuality and increased passenger numbers exceeding the combined capacity of airlines, airline ground handlers and the airport. In July, Heathrow took swift action and introduced a temporary departing cap that was removed in October.

Over 4Q, the majority of passengers had a good experience through the airport. In 2022, Heathrow achieved an overall ASQ rating of 3.97 out of 5.00 (2021: 4.23), reflecting operational pressure across parts. This is consistent with Heathrow’s European competitors, who also saw decreases in levels of passenger satisfaction. Satisfaction with the Courtesy & Helpfulness of Airport Colleagues decreased to 4.38 vs. 2021 (4.58) but represented an improvement vs. 2019 (4.35) and exceeded the 2022 target of 4.37.

In 2022, Heathrow made SAF a regular feature of fuel supply at the airport. Heathrow’s 2022 landing charges included a new financial incentive to help make SAF more affordable for airlines. The 2022 scheme was fully subscribed and designed to ensure that at least 0.5% of total aviation fuel delivered at Heathrow during 2022 was SAF. Airlines took part in a consultation regarding the 2023 aeronautical charges during 3Q 2022 and it was agreed that a 1.5% target incentive is to be implemented for 2023, with plans to rise steadily each year. This will be reviewed when UK Government SAF policy is confirmed.


Revenues: +140.0% in 2022 to GBP 2,913mn.

  • Aeronautical: +239.2% vs 2021 predominantly due to the recovery of passenger traffic following the easing of COVID-19 restrictions and an increase in aero charges. The maximum allowable yield for 2022 was £30.19 per passenger (2021: £19.36), as per the holding price cap set by the CAA for 2022.
  • Retail: +159.9% vs 2021, driven by higher departing passengers, car parking revenue, terminal drop off, premium services and the mix of retail services available in 2022, compared to 2021 when governmental restrictions on non-essential shops were in place for the first five months of the year. Retail revenue per passenger decreased 18.1% to £9.16 (2021: £11.19).
  • Other revenues: +6.1% vs 2021. Heathrow Express revenue showed a significant increase which is distorted by the lower level of services in 2021 due to the lockdown. Property and other revenue increased 9.2%. Other regulated charges (ORCs) decreased by -16.8% mainly due to 2021 ORC revenue being impacted by the brought forward under-recovery from prior periods, partially offset by higher ORCs due to an increase in passengers on baggage, hold baggage system and passengers requiring support.

Contribution to revenues:

Contribution to revenues

Adjusted operating costs (ex-depreciation & amortization and exceptional items): +48.1% to GBP1,229mn (GBP830mn in 2021). Heathrow is increased its spending on employment costs due to the ramp-up of operations, mainly in T3 and T4, and the end of the Government’s furlough scheme. The rise in operational and maintenance is mainly due to the full reopening of operations across the year, higher inflation and service quality rebates paid. Utilities and other costs have been impacted by higher consumption and higher energy prices.

Adjusted EBITDA reached GBP1,684mn, vs GBP384mn in 2021.


Heathrow SP & HAH

Revenues EBITDA EBITDA margin
(GBP million) DIC-22 DIC-21 VAR. DIC-22 DIC-21 VAR. DIC-22 DIC-21 VAR. (bps)
Heathrow SP 2,913 1,214 140.0% 1,684 384 n.s. 57.8% 31.6% 2,618
Exceptionals & adjs 0 0 -32.3% 20 -27 -173.7% n.s. n.s. n.s.
Total HAH 2,913 1,214 139.9% 1,704 357 n.s. 58.5% 29.4% 2,910

HAH net debt: the average cost of Heathrow’s external debt at FGP Topco, HAH’s parent company, was 9.81%, including all the interest-rate, exchange-rate, accretion and inflation hedges in place (3.79% in December 2021).

(GBP million) DIC-22 DIC-21 VAR.
Loan Facility (ADI Finance 2) 839 875 6.7%.
Subordinated 2,320 2,318 0.2%
Securitized Group 15,981 16,017 -3.6%
Cash & adjustments -3,035 -2,921 -26.0%
Total 16,106 16,290 3.2%

The table above relates to FGP Topco, HAH’s parent company.

Liquidity Position: Heathrow holds strong liquidity position of GBP2,990mn, providing sufficient liquidity to meet Heathrow’s base case cash flow into the start of 2026. This liquidity position takes into account GBP2,990mn in cash resources across the Group as well as undrawn revolving credit facilities GBP1,386mn as at December 31st, 2022.

Regulatory Asset Base (RAB): the RAB reached GBP19,182mn as of December 2022 (GBP17,474mn in December 2021). Heathrow Finance’s gearing ratio was 82.3% (88.4% in December 2021) with a covenant of 92.5%.

Key regulatory developments: The CAA published its Final Proposals for the next five-year regulatory period to start in 2022, known as H7, on June 28th, 2022. This proposed an average charge of £24.14 (2020 CPI) across the H7 period. Heathrow’s analysis shows that the CAA’s proposals, as currently set out, are not deliverable due to errors in the CAA’s forecasts of key regulatory building blocks. If these errors are not rectified, Heathrow will not be able to implement the investment set out in the Revised Business Plan (RBP), which delivers what passengers want and need on their journey through Heathrow.

Heathrow responded to the CAA’s Final Proposals on August 9th, 2022, detailing why implementation of its Final Proposals for H7 would result in an airport that falls far short of what passengers expect. Heathrow is aligned with the CAA on the key outcomes consumers expect in H7 – but in advance of its Final Decision, the CAA must now reconsider its forecast of the key building blocks to ensure the price control is deliverable and can deliver on these outcomes.

On December 16th, 2022, Heathrow provided the CAA with an update to our RBP. This update flowed through the impacts of changes in external inputs, such as updated energy prices, inflation forecasts and interest rates, on our building blocks. This update is not a new plan but ensures that the building blocks of our RBP are based on the most robust and up to date information and ensures that the CAA has the most up to date information on which to base its Final Decision for H7.

The CAA will continue the H7 process into 1Q 2023 with a final decision expected in March. Given the longer than anticipated timetable for setting a Final Decision, on February 1st, 2023, the CAA confirmed its decision to implement a price cap of £31.57 for 2023. This is in line with the price cap for 2023 set out by the CAA in its Final Proposals. This will be in place for the entirety of 2023 with any difference between the interim cap and the price cap in the CAA’s Final Decision trued up through the remaining years of the price control.

Expansion developments

While Heathrow has paused expansion works during COVID-19, the recovery from the pandemic has shown the pent-up demand from airlines to fly from Heathrow, as well as how critical Heathrow is for the UK’s trade routes. Heathrow is currently conducting an internal review of the work carried out and the different circumstances in which the aviation industry is in, which will enable to progress with appropriate recommendations. The Government’s ANPS continues to provide policy support for Heathrow’s plans for a third runway and the related infrastructure required to support an expanded airport.


The outlook for 2023 remains consistent with the forecasts published in Heathrow’s Investor Report in December 2022. Heathrow will continue to monitor performance and provide a further update in 1Q results in April. 2023 Outlook is based on a traffic estimatet to reach 67.2mn passengers (83% of 2019 levels).

AGS (50%, equity-accounted) – UK

AGS continues in its path to recovery from the COVID-19 pandemic. The company has been working on rebuilding capacity, AGS Airports continue to collaborate with their business partners to ensure global staff shortages are monitored and operational risk minimized, while managing its cost base to recover losses and closely track economic factors.

Traffic: number of passengers reached 9.2mn passengers (3.5 in 2021)  driven by higher traffic in all three airports resulting from milder restrictions in January and February, and the complete removal of restrictions in the UK since March 18th.

Million passengers DEC-22 DEC-21 VAR.
Glasgow 6.5 2.1 214.3%
Aberdeen 2.0 1.1 78.0%
Southampton 0.6 0.3 140.0%
Total AGS 9.2 3.5 164.1%

Revenues increased by +92.4% vs 2021, reaching GBP167mn driven mainly by the positive performance in traffic, higher commercial income resulting from improved catering offerings, opening of Bureau de Change, lounges and fast track and strong performance from retail units and surface access. Revenues were positively impacted by the COVID testing sites across the three locations from March 2021 until July 2022.

Operating Costs increased by +28% to GBP118mn, mainly resulting from passenger volumes, increased pricing, the removal of rates relief in Scotland, the end of the Government´s furlough scheme and reinstated services which were on hold due to the pandemic.

EBITDA was GBP47mn (-GBP6mn vs 2021).

(GBP million) DEC-22 DEC-21 VAR.
Total Revenues AGS 167 87 92.4%
Glasgow 105 45 132.0%
Aberdeen 46 32 45.1%
Southampton 15 9 61.2%
Total EBITDA AGS 47 -6 n.s.
Glasgow 41 -2 n.s.
Aberdeen 11 3 275.6%
Southampton -6 -6 11.4%
Total EBITDA margin 28.3% -6.8% n.s.
Glasgow 39.3% -5.4% n.s.
Aberdeen 24.6% 9.5% n.s.
Southampton -38.3% -69.7% n.s.

Capital expenditure was prioritized in 2022, primarily driven by the Southampton runway, compliance and Health & Safety resulting in GBP13mn of expenditure.

Financial covenants: In 2021, AGS negotiated amendments and an extension of its debt facility with unanimous approval from all lenders. Under the aforementioned agreement, AGS’s debt will mature in June 2024.

There have been no injections of the equity commitment in 2022.

Cash amounted to GBP52mn as at December 31st, 2022.

AGS net bank debt stood at GBP706mn at December 31st, 2022.

Dalaman (60%, globally consolidated) – Turkey

In July, Ferrovial completed the acquisition of 60% of Dalaman International Airport (Turkey) from YDA Group for EUR146mn, out of which EUR119mn had already been paid by Ferrovial. The concession agreement lasts until 2042.

Traffic: number of passengers reached 4.5mn passengers (2.3 in 2021) driven by higher traffic from the UK, representing 46% of the traffic of the airport. Passenger numbers in December reached +17.9% vs December 2019, the highest since the start of the pandemic.

Million passengers
DEC-22 DEC-21 VAR.
Domestic 1.5 1.4 91%
UK 2.1 0.1 n.s.
Others 0.9 0.8 15.0%
Total 4.5 2.3 95.3%

Since the acquisition in July 2022, revenues reached EUR44mn driven by the positive performance in traffic, along with the higher commercial income resulting from passenger mix and inflation. EBITDA stood at EUR35mn with an EBITDA margin of 79.0%. The EBITDA post concession fee reached EUR30mn in 2022. EBITDA proforma from 2019 (Jan -Dec) of EUR28mn also included concession fee depreciation.

(EUR million) DEC-22
Revenues 44
EBITDA margin 79.0%
Concession fee depreciation -4
EBITDA post concession fee 30
Depreciation -3
EBIT margin 63.0%

Cash amounted to EUR10mn at December 31st, 2022.

Dalaman net debtstood at EUR103mn at December 31st, 2022.

NTO at JFK (49%, equity accounted) – USA

In June, Ferrovial entered into an agreement to invest in the capital of New Terminal One (NTO) at JFK International Airport in New York, the consortium appointed to remodel, build, finance, operate and maintain the facilities of the NTO (which includes replacing Terminals 1 and 2 and former Terminal 3 of this airport). Ferrovial holds a 49% indirect ownership interest in the project, becoming the consortium’s lead sponsor. Other shareholders are Carlyle (indirect holdings of 2%), JLC (direct holdings of 30%) and Ullico (direct holdings of 19%).

On June 10th, 2022, the concession contract (Lease Agreement) with the Port Authority of New York and New Jersey (PANYNJ) and the financing and construction contracts came into force.

Ferrovial will contribute USD1,142mn during the construction period. The design and build will be carried out by Aecom Tishman. The terminal is expected to come into operation in 2026, with the concession contract ending in 2060.

As of December 31st, 2022, Ferrovial has contributed USD62mn of equity to the NTO. The development of the project remains on schedule with the demolition of Green Garage finalized, second AirTrain shutdown currently underway and the possession of Terminal 2 on January 15th.

(EUR million) INVESTED
NTO 59 1,009 1,061 49%