- Global revenue up 16 percent year-on-year to $3 billion (2024: $2.6 billion) – fifth consecutive year of double-digit growth
- EBITDA reaches $406m (post IFRS16) with 13.4% margin
- Record operational scale: 5.3m flights supported (14.5k per day) with 2.4m tonnes of cargo handled
- Global footprint expands to 347 airports in 65 countries, acquisition of G2 Secure Staff doubles presence in U.S to become largest provider in this market
- Workforce grows to 65,000, increasing global headcount by more than 13,000
UK-headquartered aviation services provider Menzies Aviation reported flat year-on-year air cargo volumes in 2025, signalling a moderation in market growth following a strong rebound in the previous year.
According to the company’s latest annual review, Menzies handled 2.4 million tonnes of cargo across its global network of 76 facilities in 2025—unchanged from 2024. This follows a significant uplift in 2024, when volumes rose 20% from 2 million tonnes in 2023, highlighting a clear slowdown in momentum across the airfreight sector.
While the company did not attribute the plateau to specific operational or economic factors, the figures reflect broader market conditions, with global air cargo demand expanding at a more measured pace in 2025 compared to the post-recovery surge seen a year earlier.
Operational Growth Continues Despite Volume Plateau
Despite static cargo volumes, Menzies demonstrated continued expansion across its broader operations. The company handled approximately 330,000 freight forwarding shipments during the year and serviced 5.3 million flights—an increase from 4.8 million flights in 2024—underscoring sustained activity across its aviation services portfolio.
This divergence between stable cargo throughput and rising operational activity suggests a shift in market dynamics, where increased flight movements and service demand are not necessarily translating into higher cargo volumes.
Strategic Contracts and Global Network Expansion
Throughout 2025, Menzies secured a series of strategic contract wins and partnerships aimed at strengthening its international footprint and diversifying its cargo operations.
In Europe, the company expanded into Belgium through a freighter ramp handling agreement with LATAM Cargo at Brussels Airport, marking a key addition to its continental operations.
Earlier in the year, Menzies entered into a partnership with Airport Service Budapest Zrt., assuming responsibility for ground handling and cargo operations at Budapest Liszt Ferenc International Airport. The agreement represents a significant foothold in Central Europe.
In the Middle East, the company extended its reach through its MASIL joint venture—established with Iraqi Airways, Air BP, and Al-Burhan Group—by launching cargo handling operations at Mosul International Airport.
Infrastructure Investments Target High-Growth Segments
Menzies also continued to invest in cargo infrastructure aligned with evolving market needs. The company opened its third cargo warehouse at Sydney International Airport, with a focus on handling temperature-sensitive goods and e-commerce shipments—two of the fastest-growing segments in airfreight logistics.
These investments reflect a strategic pivot toward specialised cargo handling capabilities, particularly in pharmaceuticals, perishables, and online retail supply chains.
Acquisitions Strengthen Market Position
In addition to organic expansion, acquisitions played a central role in Menzies’ growth strategy during the year.
In September, the company acquired Spirit Cargo Handling from SAS Ground Handling Norway, establishing its first air cargo operation and warehouse presence in Norway.
A month earlier, Menzies completed its $305 million acquisition of G2 Secure Staff, a move that significantly expanded its footprint in North America and positioned it as the largest independent aviation services provider in the United States.
Outlook Reflects Broader Industry Trends
The company’s flat cargo volumes in 2025 mirror wider trends in the global airfreight market, where demand growth has stabilised following the volatility and sharp recovery of recent years.
While operational expansion, infrastructure investment, and acquisitions continue to strengthen Menzies’ long-term positioning, the latest figures underscore a more cautious near-term outlook for cargo demand.
As the industry navigates shifting trade patterns, economic uncertainty, and evolving supply chain requirements, operators such as Menzies are increasingly focusing on network expansion, service diversification, and strategic partnerships to sustain growth beyond volume metrics.
