In 2024 European air freight posted a significant increase. According to the data published in Fedespedi’s Focus Cargo & Finance, released at the end of November 2025, EU airports handled 14.6 million tonnes of cargo, up 8.1 per cent on the previous year. Frankfurt remained the leading airport by volume, followed by Paris Charles de Gaulle and London Heathrow, both maintaining stable positions thanks to the structure of their networks and the consolidated presence of major intercontinental carriers.
This trend reflects a broader global upswing. Worldwide volumes reached 63 million tonnes, an increase of 7 per cent, with Hong Kong overtaking Memphis, traditionally the key hub for the express segment. The result signals a full recovery of pre-pandemic levels, supported by international trade and Asia’s expanding role as a centre for advanced manufacturing and e-commerce shipments.
Italy ranked sixth in Europe for freight handled. The report shows that in 2024 the country moved 1.25 million tonnes, marking a 15 per cent increase. The trend mirrors Italy’s deeper integration in global logistics chains, especially in flows beyond the European Union. Asia accounted for 21.2 per cent of Italian traffic and the Middle East for 22.9 per cent. Within this framework, connections with Hong Kong rose sharply by 86.5 per cent, while traffic with China grew by 11.1 per cent. According to the analysis, these flows are closely linked to the expansion of e-commerce and the import of medium and high value-added goods.
The national market remains heavily concentrated. In 2024 Milan Malpensa and Rome Fiumicino together handled 80.3 per cent of Italy’s air cargo. Malpensa strengthened its position at the top with 731,641 tonnes, equal to 58.6 per cent of the total analysed, operating as an industrial hub and a key gateway for international e-commerce. Fiumicino handled 731,641 tonnes as well, representing 27.1 per cent, with a focus on belly cargo transported in the holds of scheduled flights. Venice, Bologna and Bergamo hold smaller shares but are highly specialised, supporting North-East exports, the Emilia Motor Valley and express courier services. The report highlights a 17 per cent decline in volumes at Bergamo, attributed to the normalisation of express traffic after the emergency phase.
The study devotes a substantial section to the economic and financial performance of the main European and Italian airport operators, showing a clear correlation between infrastructure scale and profitability. Return on sales is very high for the largest groups. Aéroports de Paris leads with 42.5 per cent, followed by Heathrow at 38.7 per cent and Adr Roma at 34.5 per cent. Among Italian operators, Venice stands out with 32.4 per cent and Naples with 31.1 per cent. The only exception in the panel is Aeroporti di Puglia, which records a negative value of -1.1 per cent, indicating that costs exceed operating revenues.
Return on equity confirms the gap between major hubs and regional airports. Paris reaches 40.8 per cent and Sea Milan 35.8 per cent, offering strong shareholder returns. Heathrow, by contrast, posts a negative -25.3 per cent, signalling substantial losses relative to equity. Aeroporti di Puglia stands at -5.6 per cent, reflecting a weaker financial structure.
Balance-sheet strength is illustrated by leverage comparisons. Sea Milan and Save Venice show a ratio of 0.5, followed by Bologna and Verona at 0.6, indicating a predominance of equity funding. The opposite situation emerges in Cagliari, where Sogaer reaches 2.4, pointing to greater reliance on debt. Liquidity analysis, based on the current ratio, shows a solid position for Cagliari (2.4) and Turin (1.6), while Heathrow and Bergamo hover around 1.2, suggesting tighter margins in managing short-term liabilities.
Productivity comparisons reveal significant differences in operational efficiency. Amsterdam Schiphol generates 633,600 euros per employee, while in Italy the highest level is recorded by Adr Roma with 507,500 euros per employee. Bologna and Turin remain below 200,000 euros, reflecting structures less geared towards revenue generation per worker. Revenue per aircraft movement confirms Frankfurt’s leading position at 8,830 euros per movement, almost triple Rome’s 2,978 euros, consistent with Frankfurt’s focus on high value-added cargo and dense intercontinental operations.
The report concludes with an overview of ownership structures. In Italy a mixed model prevails, with investment funds such as F2i active in Friuli Venezia Giulia, Naples, Milan, Turin and Bologna, and Mundys holding the main stake in Rome and significant positions in Bologna. Public control remains in place at Aeroporti di Puglia, 99.6 per cent owned by the Apulia Region, and at Sogaer Cagliari, 94.4 per cent held by the Chamber of Commerce.
