Manchester Airport Group (MAG), which owns Manchester, London Stansted and East Midlands airports, has reported a sharp slowdown in passenger growth amid geopolitical pressures linked to the Iran-US conflict. The group's passenger numbers rose by just 1.9% to 66.3 million in the year to March 31, 2026, down significantly from 6% growth in the previous year.
Manchester Airport leads but growth slows
Among the three airports, Manchester Airport performed the strongest, with passenger numbers increasing by 3.6% to 32.3 million. However, this was a notable decline from the 8% growth recorded in 2024-25. London Stansted saw a marginal 0.4% rise in passengers, down from 4.9% growth the previous year, while East Midlands experienced a 1.3% decline.
Despite the slowdown in passenger growth, MAG's pre-tax profits rose by 4.5% to £227.4 million, supported by a 12.8% increase in revenues. The group attributed the resilience to strong operational performance and continued investment.
Group blames Middle East conflict for pressure
MAG stated: “Despite heightened geopolitical and economic uncertainty, Manchester Airport Group has demonstrated resilience and momentum, delivering strong results while continuing to invest for long-term growth and value creation for its stakeholders.” The group added: “The passenger growth Manchester Airport Group has seen, much like the overall resilience of the sector, reflects the fundamental desire people have to travel and the resulting growth it creates for individuals, businesses, regions and nations.”
The wider aviation sector has been under pressure from the Iran-US conflict. Heathrow Airport, west London, said last month it expects passenger numbers to decline by 1.1% this year due to the war. Heathrow forecasts between 80.1 million and 84.5 million passengers in 2026, with a base case of 83.6 million, compared with 84.5 million in 2025. Heathrow noted that its 2026 forecast “reflects the risk that continued volatility in the Middle East could dampen broader traffic volumes, with impacts extending beyond the region to global travel demand over the remainder of the year”.
Interim peace deal and record milestones
An interim peace deal was signed by Iran and the US late last month. Despite the slowdown, MAG achieved new passenger records for Manchester and London Stansted, with the latter joining the “30 million club”. According to MAG, “The scale of the airport’s operations is now likened to those of La Guardia in New York and Melbourne in Australia.”
