ARI CEO Ray Hernan (above) described 2025 as “another very strong year for ARI”.

ARI delivered another record year of profitability in 2025, while continuing to grow its global operations, despite ongoing geopolitical and economic challenges across several key markets.

The company said the performance was driven by sustained investment in customer experience, retail innovation and its ‘Joy on Your Way’ approach to passenger engagement.

Managed turnover for the ARI group reached €1.38bn (US$1.58bn) in 2025. While reported turnover was marginally behind the previous year following the conclusion of the Delhi contract in July 2025, the business delivered underlying year-on-year growth of +8%, excluding its impact.

ARI Chief Executive Officer Ray Hernan commented, “2025 was another very strong year for ARI, reflecting the commitment and resilience of our teams across the business. Through continued investment, major refurbishments, new store openings and strong partnerships, we maintained momentum across our global estate while continuing to enhance the passenger experience.”

Key developments during the year included the launch of the refurbished Portugal Duty Free retail concept, continued investment in customer experience and retail innovation, and the delivery of several major refurbishment and commercial initiatives across ARI’s global estate.

2025 marked the third full year of operations for Portugal Duty Free, with the new retail concept officially unveiled in Spring 2025. The extensive refurbishment programme concluded in Q1 2026 with the completion of the Porto store – the final location within the network to undergo transformation.

Key developments in 2025 included the refurbished Portugal Duty Free retail concept launch and the opening of a new retail unit in Montenegro at Tivat T2.

ARI Middle East (ARIME), which comprises businesses in Bahrain, Cyprus, Lebanon, Oman, Saudi Arabia and UAE, had a strong year despite continued geopolitical uncertainty across the region. Performance across the portfolio remained resilient, supported by a diversified footprint and strong local partnerships, the company said.

ARI’s retail operations at Larnaca and Paphos airports in Cyprus performed significantly ahead of 2024 levels, with turnover exceeding €135m (US$155m), up +20%.

The business delivered a strong profit performance, benefiting from an extended peak season and continued strong spend from UK passengers following the reintroduction of post-Brexit duty-free allowances. The F&B operation, in partnership with SSP, also performed very strongly.

ARI Middle East (ARIME) had a solid year despite continued geopolitical uncertainty across the region.

Muscat Duty Free delivered another year of very strong performance in 2025, supported by increased liquor and tobacco allowances in arrivals.

Abu Dhabi Duty Free continued to perform strongly in 2025, with the team working in close partnership with the airport to enhance passenger flow and further optimise the retail experience through a range of airport-supported initiatives and promotional activities.

ARI’s retail operations in Canada performed ahead of 2024 levels, despite ongoing economic challenges. A key focus during the year was the progression of plans to refurbish the main retail area at Montréal Duty Free.

A diversified footprint and strong local partnerships helped 2025 performance across the portfolio remain resilient, ARI noted.

ARI’s joint venture operation at Delhi International Airport concluded in July 2025, following a strategic decision by the airport’s partner to operate retail activities directly.

ARI’s operations at Podgorica and Tivat airports in Montenegro continued to trade profitably, despite the continued absence of high-spending Russian and Ukrainian passengers. Performance in Montenegro was further strengthened by the addition of a new retail unit at Tivat Terminal 2.

Hernan concluded: “ARI continued to build momentum throughout 2025, delivering another record year of profitability through investment, innovation and a continued focus on enhancing the passenger experience. We remain ambitious about the future and confident in the strength of our partnerships, our people and our global portfolio as we continue to grow the business.”

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