Heathrow Airport Holdings Limited

Who owns Heathrow Airport?
Heathrow Airport Holdings Limited is owned by FGP Topco Limited, a consortium of six international investors: Ardian (32.61%), Qatar Investment Authority (20%), Public Investment Fund of Saudi Arabia (15.01%), GIC (11.2%), Australian Retirement Trust (11.18%), and China Investment Corporation (10%). Ferrovial, which led the original 2006 acquisition, exited completely in July 2025.

Is Heathrow Airport publicly traded?
No. Heathrow Airport Holdings Limited was taken private in 2006 when a consortium led by Ferrovial acquired BAA plc for £10.1 billion. The company was previously listed on the London Stock Exchange as a FTSE 100 component under the ticker BAA.

What is Heathrow's revenue?
Heathrow reported 2025 revenue of £3.623 billion, up 1.8% from £3.559 billion in 2024. Adjusted EBITDA was £2.034 billion, flat year over year. Profit before tax was £575 million. In H1 2026, revenue was £1.729 billion with adjusted EBITDA of £915 million.

How many passengers does Heathrow handle?
Heathrow welcomed a record 84.5 million passengers in 2025, up 0.7% from 83.9 million in 2024. In August 2025, Heathrow became the first UK airport to exceed 8 million passengers in a single month. The airport forecasts 85 million passengers in 2026 and welcomed a record 40 million in H1 2026.

Who is the CEO of Heathrow?
Thomas Woldbye is CEO of Heathrow Airport Holdings Limited. Philip Jansen serves as Chairman of the Board.

Will Heathrow get a third runway?
The UK government has designated Heathrow's third runway as its flagship infrastructure project. Shareholders approved new investment to begin work on the planning application. Parliament is expected to vote on the final Airports National Policy Statement in autumn 2026, which would enable Development Consent Order approval by 2029. The first flights from a third runway could be within a decade, though the project remains subject to regulatory and policy frameworks.

When did Ferrovial sell its stake in Heathrow?
Ferrovial announced its intention to sell in January 2024. On December 12, 2024, Ardian and the Public Investment Fund of Saudi Arabia acquired 22.6% and 15% stakes respectively. On July 3, 2025, Ardian completed the acquisition of an additional 10% stake from Ferrovial, CDPQ, and USS, marking Ferrovial's complete exit after 19 years of ownership. Ferrovial received GBP 466 million (approximately EUR 551 million) for its final 5.25% stake.

Heathrow Airport Holdings Limited traces its origins to the British Airports Authority (BAA), which was established by the UK government in 1966 to manage state-owned airports. BAA was privatized on December 13, 1985, becoming BAA plc and listing on the London Stock Exchange as a FTSE 100 component.

Throughout the 1990s and 2000s, BAA expanded internationally while maintaining its UK airport portfolio, which included Heathrow, Gatwick, Stansted, Edinburgh, Glasgow, and Southampton airports. In 2006, a consortium led by Spanish infrastructure company Ferrovial acquired BAA plc for £10.1 billion, taking the company private. The consortium included Ferrovial, Caisse de depot et placement du Quebec (CDPQ), and other institutional investors.

Following the acquisition, the UK Competition Commission required BAA to sell several UK airports due to monopoly concerns. Gatwick was sold in 2009, Stansted in 2013, and Edinburgh, Glasgow, and Southampton airports were subsequently divested. The company was renamed Heathrow Airport Holdings Limited in 2012 to reflect its sole focus on Heathrow Airport.

The company invested billions in airport modernization, including Terminal 5 (opened in 2008) and the renovated Terminal 2 (opened in 2014). These projects significantly improved passenger capacity and experience at Heathrow.

In January 2024, Ferrovial announced it would sell its shareholding in FGP Topco (the holding company for Heathrow Airport Holdings) to Ardian and the Public Investment Fund of Saudi Arabia. On December 12, 2024, Ardian acquired a 22.6% stake and PIF acquired a 15% stake through Ferrovial and other shareholders for a combined approximately US$4.12 billion. On July 3, 2025, Ardian completed the acquisition of an additional 10% stake from Ferrovial, CDPQ (La Caisse), and USS, increasing its total stake to 32.61% and marking Ferrovial's complete exit after 19 years of ownership.

The third runway project has been a central strategic issue for Heathrow for over a decade. The UK government announced support for a third runway in 2016, but the project has faced extensive regulatory, environmental, and political challenges. In 2025, the government designated the expansion as its flagship infrastructure project. Shareholders approved new investment to begin work on the planning application. Parliament is expected to vote on the final Airports National Policy Statement in autumn 2026, which would enable Development Consent Order approval by 2029. The first flights from a third runway could be within a decade.

The third runway project has been Heathrow's most significant controversy, spanning over a decade of debate. Environmental groups have opposed expansion on carbon emission grounds, while local communities have raised concerns about noise pollution and property impacts. The project has faced multiple legal challenges, including a 2020 Court of Appeal ruling that was subsequently overturned by the Supreme Court. The current UK government's support for expansion, announced in 2025, has reignited debate, with Parliament expected to vote on the Airports National Policy Statement in autumn 2026.

Heathrow operates under extensive regulatory oversight from the Civil Aviation Authority (CAA), which sets airport charges through a price control framework. The CAA's decisions directly impact Heathrow's revenue and profitability, as seen in 2025 when lower charges offset passenger growth.

The airport has faced operational challenges, including baggage system failures, air traffic control issues, and weather-related disruptions. In 2025, maintaining the ageing asset base required increased maintenance spend, which impacted adjusted EBITDA.

Heathrow's ownership by foreign sovereign wealth funds and international investors has periodically attracted political scrutiny, particularly regarding national infrastructure security. The complete exit of Ferrovial in 2025 and the entry of Saudi Arabia's Public Investment Fund reshuffled the ownership mix but maintained the consortium's international character.