The global airports outlook for 2026 is “neutral”, Fitch Ratings says in a new report, despite “enduring traffic consolidation” that is expected to continue throughout the year.
Traffic consolidation is expected to be driven by resilient middle-class demand, strong leisure and short-haul flows, and the steady expansion of low-cost carriers into unserved markets, said Fitch
However, limited carrier capacity growth due to constrained supply chains may lead to some volatility in volumes.
Fitch also noted that air traffic control (ATC) disruptions, sustained high fares, and ongoing geopolitical tensions could have a similar effect during 2026.
In North America, APAC, EMEA and LatAm, terminal expansions, runway enhancements and secondary hub developments will be supported by “sound market access” and “tight cost control”, the ratings agency said.
Wage inflation, maintenance, and security staffing will keep opex "high but manageable", with EBITDA margins expected to be “resilient” and “stable”.
“Overall, Fitch expects issuers across the global airports portfolio to maintain stable credit profiles,” the agency said.
“Operators are likely to proactively refinance debt maturities and secure liquidity ahead of investment waves, amid moderate traffic growth, nominal yield growth, and stable margins underpinned by tight cost control.”