Core Viewpoint - InfraBridge has entered into a binding agreement to sell a 51% stake in a newly formed holding company that owns 100% of Leeds Bradford Airport and 49% of Newcastle International Airport to Aena, valuing the stake at approximately GBP 270 million [1][2][4]. Group 1: Transaction Details - The transaction is subject to customary conditions, including regulatory approvals, and will be completed once all conditions are satisfied [2][10]. - Leeds Bradford Airport served approximately 4.3 million passengers in the last financial year ending March 2025, playing a critical role in regional connectivity and economic activity [2][3]. - Newcastle International Airport welcomed 5.2 million passengers in the last financial year ending December 2024, with services from 16 airlines to over 80 direct destinations [3]. Group 2: Strategic Implications - The agreement reflects the strong performance and long-term potential of both airports, with InfraBridge expressing excitement about future growth prospects [4]. - Aena's Chairman and CEO highlighted this operation as a significant step in Aena's commitment to expanding in markets with great potential, such as the UK, where it already has experience with Luton Airport [5]. - The transaction strengthens the long-term strategic partnership between InfraBridge and Aena, building on their existing collaboration in UK airport assets [4][5]. Group 3: Company Backgrounds - InfraBridge is a diversified middle-market infrastructure manager focused on digital infrastructure, transport, logistics, and energy transition, managing USD 108 billion in assets [6]. - Aena operates a network of 46 airports in Spain and has international operations, including Luton Airport in London and 17 airports in Brazil, managing 20% of Brazilian air traffic [7][8].

Core Insights - VINCI Airports reported nearly 73 million passengers in Q1 2025, an increase of 4 million passengers or 6% compared to Q1 2024 [3][8] - The Asian market, particularly traffic with China, showed significant growth, exceeding pre-COVID levels for the first time [4][8] - European airports, along with those in Mexico and Chile, benefited from the rise of low-cost airlines, contributing to overall traffic growth [5][8] Traffic Performance - January 2025 saw passenger numbers over 9% higher than January 2024, driven by Asia and the resurgence of traffic with China, which was up 25% compared to January 2019 [3] - February and March traffic stabilized at good levels despite unfavorable comparisons due to the leap year in February 2024 [3] - Traffic at Kansai airports in Japan surged over 35% above 2019 levels in January, fueled by the Chinese New Year holidays [4] Regional Highlights - In Mexico, traffic reached new records, increasing by 30% compared to 2019 in January, with airlines like Volaris and Vivaaerobus expanding operations [5] - Budapest airport recorded excellent results due to the performance of Ryanair, easyJet, and Wizz Air on European routes [5] - Traffic in South America, particularly in Santiago de Chile, was bolstered by increased capacity from airlines like LATAM, which saw a 13% rise [7] Specific Airport Performance - Lisbon airport in Portugal recorded 7,622 thousand passengers, a 1.4% increase, while Porto and Faro airports saw increases of 2.6% and 4.0% respectively [16] - Gatwick airport in the UK had 8,431 thousand passengers, up 1.2%, while Edinburgh airport grew by 6.6% [16] - In Japan, Kansai airports had 8,294 thousand passengers, reflecting a 16% increase [18] Commercial Movements - VINCI Airports experienced a 5.2% increase in commercial movements in Q1 2025 compared to Q1 2024 [15] - Notable growth in commercial flights was observed in Hungary, with a 14% increase at Budapest airport [19] - In Mexico, commercial flights increased by 11%, with Monterrey airport seeing a 21% rise [19]