• Managed turnover grows to €1.4billion

• 13% revenue growth year-on-year

• Record profitability across multiple business units

ARI has maintained its growth trajectory, delivering a 13% increase in revenue in 2024, with managed turnover exceeding €1.4billion. This solid performance was underpinned by increased passenger volumes and higher passenger spend, with growth achieved in all key markets.

ARI currently has direct or indirect interests in 14 countries across North America, Europe, Asia, and the Middle East, including minority shareholdings in Düsseldorf Airport in Germany, and Larnaca and Paphos airports in Cyprus.

Retail operations in Ireland at Dublin and Cork airports were robust for the business. Significantly in June 2024, operations rebranded from “The Loop” to Dublin and Cork Airport Duty Free, marking a doubling down by ARI on its signature sense of place with uniquely crafted identities for each location. We commenced detailed planning for a full refurbishment of Terminal 1 retail at Dublin Airport which we expect to commence later this year.

2024 marked the second full year of operations for Portugal Duty Free and sustained growth in turnover, with the business continuing to trade ahead of plan. The new world-class stores at Lisbon Airport, Faro Airport and Madeira Airport were unveiled this Spring, with refurbishment work set for completion at Porto later in 2025. The new Portugal Duty Free stores are among the best modern travel retail outlets in the world, combining innovative technology and shop theatre with a deeply rooted sense of place to deliver an unrivalled passenger experience.

Montenegrin operations at Tivat and Podgorica airports continued to trade profitably, despite the impact of geopolitical conflicts on the passenger profile.

Growth was solid across ARI’s North America (ARINA) operations, with plans finalised for the refurbishment of the main retail space at YUL Montréal-Trudeau International Airport to commence later this year. ARINA expanded its operations in the region with the opening of Edmonton Duty Free in January 2024. Refurbishment works ensued and the new stores were unveiled in January 2025.

ARI Middle East (ARIME), which includes operations in Bahrain, Cyprus, Lebanon, Oman, Saudi Arabia, and UAE had a strong year, despite the turbulent backdrop of geopolitical uncertainty.

ARI’s business in Riyadh – which operates in a domestic terminal – delivered a solid performance in 2024. In Muscat, the business continued to deliver a strong profit, with trading boosted by higher liquor and tobacco allowances in an expanded Arrivals store.

TRSS Abu Dhabi marked 1 year in business in November and delivered strong results for 2024. The store claimed the “Best New Store Opening” award at the 2024 Frontier Awards at TFWA in Cannes and continues to raise the bar with its elevated retail experience. We are pleased with performance and continue to enhance our retail proposition with the strong support of Zayed International Airport management.

Retail operations at Larnaca and Paphos Airports in Cyprus delivered significant growth on 2023 performances, with turnover again exceeding €100 million. The business returned a healthy profit, benefiting from a strong performance in the peak season of the year and an extended “shoulder” season, despite the on-going impacts of geopolitical conflicts.

ARI’s operations in Qatar concluded in February 2024 following the decision to bring all liquor distribution ‘in-house’. ARI remains a shareholder in Beirut Duty Free, where operations have been challenging as a direct result of the Israeli-Gaza conflict.

ARI’s joint venture operation at Delhi International Airport was yet again a strong performer for the business in 2024, delivering record sales and growth in passenger average spends particularly in the Departures store underpinned by an enhanced Beauty offer and an increased level of local product offering.