Airports Company South Africa (ACSA) reported a strong performance for the 2025/26 financial year, with a 98% passenger recovery compared with pre-Covid-19 levels and an 8.5% increase in passenger traffic year-on-year.

There were 20.58-million departing passengers in absolute terms, which translated into R8.8-billion of revenue from aeronautical and non-aeronautical for the period, ACSA acting CEO Charles Shilowa said during a presentation of the majority State-owned entity’s financial results on September 9.

While traffic has returned, this is uneven. Growth is centred at three major gateways, with 90% of passenger share at OR Tambo, Cape Town and King Shaka.

Shilowa pointed out that there were constraints despite this, with OR Tambo contending with slot availability challenges, while Cape Town was experiencing congestion. The latter was expected to be addressed with the new domestic arrivals terminal, as well as upgrades to the international terminal, which ASCA was currently pursuing.

ACSA achieved a profit before tax of R1.99-billion for the period, and profit after tax of R1.2-billion. Earnings before interest, taxes, depreciation and amortisation was R2.8-billion.

Capital expenditure was R1.1-billion and operating expenditure R5.8-billion.

ACSA repaid R554-million worth of debt in the year, as well as paid R309-million of dividends in the period.

Capital delivery was R2.58-billion, against the R3.6-billion planned.

Shilowa highlighted that the recovery in traffic and finances supported investment amid increasing pressure on capacity and infrastructure.

He pointed out that, while there was strong underlying demand in the global aviation sector, there was also sharper volatility. Three big pressures experienced were geopolitical disruption, uneven demand and capacity constraints.

Despite challenges, Africa was one of strongest passenger-growth regions at year-end, with demand having increased by 20.6% year-on-year.

Shilowa also outlined higher jet fuel and crude oil prices, as having increased fuel costs, pressuring on airlines’ economics and capacity deployment.

There was uneven cargo growth, with record volumes in January shifting to a March shock. Global growth increased 5.6% year-on-year in January, while Africa’s growth in the month was 18.2%. However, in March, global cargo shrunk by 4.8%, and international by 5.5%. Africa, however, proved resilient in March, increasing by 7%.

As a result of this, ACSA endeavours to protect connectivity and operational resilience while pursuing cargo growth opportunities.

Shilowa mentioned that the country’s tourism recovery moved beyond pre-pandemic levels last year, with a 17.7% increase in tourist growth in 2025.

ACSA is pursuing a strategy underpinned by the four pillars of expansion, modernisation, competitiveness and global positioning.

Shilowa pointed out that ACSA achieved ten of its 14 key performance indicators for the period, with cargo throughput, efficiency factor, capital expenditure allocation and black economic empowerment (BEE) levels not achieved.

Cargo throughput was missed by 32 000 t, the efficiency factor by 0.07%, and capital expenditure allocation by R772-million, while BEE did not reach the desired Level 1 target.

He stressed that the company is undertaking work to ensure these are realised in the next year.

With the recovery now largely complete, and resilient finances, improving demand and a clear strategy, ACSA is now pursuing delivering capital projects, strengthening procurement and integrating operations. It would also look to unlock value from commercial assets, property, cargo and digitalisation, as well as create lasting value.

ACSA is targeting 42-million passengers by 2029/30, underscoring the importance of infrastructure development initiatives.