A mixed performance, but strong underlying fundamentals.

Royal Schiphol Group (RSG) – the operator of Amsterdam Airport Schiphol (AMS) and the much smaller gateways of Eindhoven (EIN) and Rotterdam The Hague (RTM) – saw a mixed 2026 first-half commercial performance, as concession revenue contracted by -9.7% but rent and leases, and parking, showed gains of +7.8% and +4.5%, respectively.

This was against flat H1 2026 traffic at AMS of 32.7m passengers (32.8m in the same period last year).

Concessions delivered €112m for RSG, overtaken by €124m from rents and leases, while parking added another €92m. Excluding the deconsolidation of beauty retailer Kappé – which was effectively sold in May 2025 after an earlier 2024 acquisition – concession revenue would have been up +22%.

In 2024–2025, AMS transitioned core duty-free operations – including combining categories from Schiphol Airport Retail (the former joint venture with Gebr. Heinemann) and Kappé – to a new 70/30 JV with Lagardère Travel Retail, which began operating at the Dutch hub in May 2025.

H1 2026 revenue by division (click image for full table).

Revamps are continuing at Schiphol

Notwithstanding the negative Kappé effect, H1 was an important commercial period for AMS. Lounge 1 was successfully redeveloped, and new retail concepts were put in place. Lounge 1 now offers expanded food and beverage (F&B) and retail options with, for example, Starbucks and Eataly in place, plus shops like Donsje Amsterdam and My Jewellery. The airport plans to make Lounges 2, 3 and 4 more spacious and modern as well.

Revenue from rents and leases increased by +7.8% in H1 2026, driven mainly by higher rents, while total parking revenue increased by +4.5%. Hans de Groot, Manager Retail, F&B and Commercial Services, tells TRBusiness: “Together with duty-free and luxury, F&B forms a core pillar of our commercial strategy. Our objective is to significantly enhance the diversity, quality, hospitality and sustainability of the offer available to passengers.”

He adds: The recent openings are part of this broader transformation programme and travellers can expect to see further exciting additions and improvements in the coming years.”

The H1 2026 operating result saw big gains for Schiphol Commercial (click image for full table).

Strong operating result

The underlying operating result of the Schiphol Commercial business unit increased by +13.6% from €125m to €142m in H1 2026. The increase was due to a mix of higher rents, parking revenue, and improved commercial offerings, including the opening of Today Duty Free from Lagardère. The result brought the commercial unit within a stone’s throw of Aviation’s €144m operating result (up +5.9%).

Overall, RSG showed a relatively stable financial performance in H1 2026 with an underlying net result of €215m, more or less flat year-on-year, despite impacts from geopolitical developments in the Middle East and a temporary airport charge discount introduced to safeguard Dutch connectivity. Top-line revenue increased by +5.6% to €1,333m in the first half of 2026.

In a statement, CEO Pieter van Oord said: “Demand for aviation remains high, even during a period of geopolitical uncertainty. This underlines the importance of strong international connectivity for travellers, businesses and the Netherlands. We are renewing our infrastructure and improving the passenger experience and working conditions.”

READ MORE: My Jewellery opens second boutique at Amsterdam Airport Schiphol

READ MORE: Lagardère Travel Retail revenue hits €1,365m in Q1 2026