Beijing Airport Swings to 1H26 Profit on Traffic Rebound and Cost Discipline

Beijing Capital International Airport Company Limited (Beijing Airport) reported a return to profitability for the six months ended 30 June 2026, posting a net profit attributable to shareholders of RMB 16.77 million versus a RMB 163.86 million loss a year earlier. Total revenue rose 2.3% year-on-year to RMB 2.82 billion, while EBITDA expanded 30.4% to RMB 0.90 billion as operating expenses fell 3.1% to RMB 2.69 billion.

Aeronautical income increased 3.0% to RMB 1.38 billion, with passenger service fees climbing 6.9% on stronger international and Hong Kong/Macau/Taiwan traffic, offsetting a 0.7% dip in aircraft movement fees. Non-aeronautical revenue edged up 1.6% to RMB 1.43 billion; retailing grew 8.7% and parking services jumped 20.8%, while advertising slipped 2.0% due to contract repricing.

Operational indicators continued to recover. Passenger throughput reached 35.76 million, up 4.7%, led by a 10.5% surge in international travellers. Aircraft movements were broadly flat at 216,706 sorties (–0.3%), reflecting airlines’ rationalisation of low-load domestic flights amid elevated fuel costs. Cargo and mail throughput rose 1.1%.

Cost controls underpinned margin improvement. Security and guard expenses dropped 11.0% following technology-driven efficiency measures; utilities fell 5.4%, and depreciation eased 2.6% after prior-year asset adjustments. Staff costs rose 6.0% due to timing of expense recognition.

The balance sheet remained stable: total assets stood at RMB 29.13 billion, shareholders’ equity at RMB 12.88 billion, and cash & equivalents at RMB 1.92 billion. Net operating cash inflow increased to RMB 1.38 billion, supporting repayments that lowered the gearing ratio to 55.78% from 57.16% at end-2025. Short-term borrowings totalled RMB 5.29 billion, long-term borrowings RMB 1.19 billion, and the company issued RMB 2.00 billion of one-year short-term debentures in June.

No interim dividend was declared. Management flagged persistent external uncertainties, including elevated jet-fuel prices and operational disruptions from hub renovations, but will pursue slot expansion, international route growth and non-aeronautical diversification to achieve a full-year profit turnaround.