Most punctual hub in Europe - results for the nine months ended 30 Sept 2025

Most punctual hub in Europe underpins strong passenger service – Heathrow delivered the best on-time performance in Q3 with fewer cancellations, beating all European hubs to become Europe’s most punctual major airport⁽¹⁾. Passenger appetite to travel through Heathrow is stronger than ever, with a record 23.4 million in Q3, and for the first time ever for a European airport⁽¹⁾, Heathrow welcomed over 8 million passengers in August alone. Our investment in security checkpoints is also yielding results, with over 97% of passengers waiting less than 5 minutes.

Most connected airport for the third-year running – In summer 2025, we launched nine new routes, with two more to follow this winter. Three new airlines - Riyadh Air, Air Peace, and IndiGo - will also begin operations from Heathrow, offering passengers even greater choice and supporting the UK’s economic growth. Cargo volumes through Heathrow have risen by 2%, and regions and nations across the UK now have direct access to 92% of the global economy.

On track to deliver over £1bn of investments for customers – Heathrow has invested £901 million so far this year to enhance passenger experience and resilience. One of these projects includes an upgrade to the passenger transit system in Terminal 5 - adding a further six new vehicles to the fleet and a new track layout which will increase capacity whilst reducing waiting times for passengers.

Improving Heathrow and unlocking new capacity – Our H8 investment plan will modernise and upgrade the existing airport between 2027 – 2031 with more investment in the changes customers want to see. The plan is being considered by the Civil Aviation Authority (CAA) and will be delivered with stretching efficiency targets and an average airport charge that is lower in real terms than it was a decade ago. Longer term, we are progressing our plans to deliver a third runway.  Ministers are clear that they expect planning permission to be secured by 2029 and the third runway to be operational within a decade. We are engaging with the CAA on its initial proposals for costs associated with securing planning permission and will respond to the CAA’s autumn consultation on potential changes to the regulatory framework that will facilitate the timely delivery of the project. 

Connecting People and Planet – Q3 saw us take practical steps towards our Net Zero plan. A new pre-conditioned air system at Terminal 5C came online at 11 stands, improving air quality and reducing carbon on-stand. We also provided evidence to support the SAF Bill’s progress in Parliament to help scale domestic SAF production. We upgraded our 'Carbon Management Standard', setting clearer requirements for improving data and managing emissions across capital projects and supply chain partners. As reported in our 2024 footprint, our supply chain emissions are above the 2019 baseline. In Q3, we commissioned a major study to better understand the drivers of this underperformance and opportunities to course correct.

Solid financial performance – In the first nine months of 2025, revenue rose 2.0% to £2,703 million, driven by strong long-haul flying, increased uptake of premium services, and favourable property performance. These gains partially offset ongoing headwinds, such as the loss of VAT-free shopping. Adjusted operating costs rose by 5.0% to £1,170 million, mainly due to increased security compliance during operational transitions, higher contractual costs linked to National Insurance and maintenance costs to support operational performance. As a result, adjusted EBITDA declined slightly by 0.2% to £1,533 million.

Outlook – The performance outlook for 2025 remains consistent with our June 2025 Investor Report. We expect overall passenger demand in 2025 to exceed 2024.