The figures in BCG’s analysis are particularly concerning. If corrective measures are not introduced, Europe’s airports could lose between €45 billion and €75 billion in EBITDA (earnings before interest, taxes, depreciation, and amortization) over the next 20 years, which would severely limit their capacity to meet the investment demands required for critical infrastructure. Against this backdrop, sector experts note that many airports will be unable to guarantee their long-term viability without revisiting their business models and identifying new sources of income.
ACI Europe’s President and Fraport CEO, Stefan Schulte, underscored at the presentation of the report that the European airport sector is entering “a structurally different and far more challenging cycle,” in which relying solely on passenger traffic growth to sustain profitability and future investment is no longer feasible. Schulte stressed that value creation will increasingly need to come from higher unit revenues—both through airport charges and non-aeronautical activities—alongside continuous gains in operational efficiency.
Beyond the financial challenges associated with slower growth, airports are also facing escalating expectations to meet environmental targets set by the European Union and international decarbonization commitments. This translates into investment in clean technologies, facilities to support sustainable fuels, terminal upgrades, and energy management systems, among other measures essential to delivering more sustainable operations.
The report also emphasizes that these investments are not merely sector-specific: they are strategic for the European economy as a whole. A modern, competitive airport infrastructure supports regional connectivity, reinforces Europe’s global position in air transport, boosts the competitiveness of European businesses, and strengthens territorial cohesion by facilitating the flow of people and goods across the continent.
In response to this situation, ACI Europe is urging not only airport operators but also national regulators and EU institutions to establish more stable and predictable policy frameworks, particularly regarding the rules governing airport charges and the allocation of slots. A lack of regulatory clarity, the organization warns, could deter private investment and restrict access to the capital needed to deliver the sector’s transformation.
Europe’s airport sector is therefore at an inflection point. With mounting modernization needs, the pressure of environmental objectives, and the weakening of traditional revenue drivers, airports are calling for innovative solutions that safeguard connectivity, preserve competitiveness, and ensure long-term financial sustainability.
