Vinci Airports on Wednesday reported a 2.5% year-over-year increase in December traffic, reaching levels approximately 9.2% above those seen in 2019, according to a UBS research note.

The December growth marks a continued sequential deceleration compared to October (3.9% year-over-year) and November (2.9% year-over-year).

In regions with Vinci’s most important airports, Portugal traffic rose approximately 4.7% year-over-year in Q4, while UK traffic increased 0.3% year-over-year in the same period.

For the full year 2025, Vinci Airports traffic grew approximately 5% year-over-year. Portugal’s ANA airports saw a 4.7% year-over-year increase, while Gatwick experienced a 1.1% decline.

Looking ahead to 2026, seat capacity data for Portugal’s ANA airports currently stands at 3.1% year-over-year for Q1 and 2.9% for Q2. Gatwick’s seat capacity is currently at -4.6% for Q1 and 3.6% for Q2.

UBS forecasts Vinci airport traffic growth of approximately 3.9% year-over-year for 2026, with ANA traffic growth of 2.8% and Gatwick traffic growth of 1.0%.