The operating result was modestly better than expected, but not a wholesale rerating. Revenue rose 8.7% to $438.0 million, ahead of the published consensus of roughly $430.3 million; the implied company loss per share was about $0.01, essentially in line with the published $0.01 loss expectation. Adjusted EBITDA grew faster than revenue, up 11.6% to $143.4 million, indicating real operating leverage rather than a revenue-only beat (Financial Highlights; Adjusted EBITDA reconciliation).
| Metric | Q2 2026 | Q2 2025 | Expectation / comparison |
|---|---|---|---|
| Revenue | $438.0m | $402.8m | Published consensus: ~$430.3m (Financial Highlights) |
| Adjusted EBITDA | $143.4m | $128.6m | +11.6%; faster than revenue growth (Financial Highlights) |
| America revenue | $324.3m | $303.1m | +7.0% (Revenue by segment) |
| Airports revenue | $113.6m | $99.7m | +14.0% (Revenue by segment) |
| Net loss attributable to company | $(5.3)m | $9.5m income | Interest expense was $99.0m; prior year also included a $28.8m debt-extinguishment gain (Income Statement) |
| Net debt | $4.92bn | $4.91bn at Dec. 31, 2025 | Essentially unchanged before the Spain-sale proceeds (Debt table) |
Airports supplied the upside, while the core America business was steadier. Airports revenue grew 14.0% and segment Adjusted EBITDA rose 22.8%, versus 7.0% revenue growth and 11.6% EBITDA growth in America. That mix matters because consolidated costs rose only 5.9%, below revenue growth, supporting an improvement in underlying profitability (Segment results; Direct operating and SG&A expenses).
The stronger EBITDA still does not solve the capital-structure constraint. The company produced $47.8 million of operating cash flow in the first half but paid $205.8 million of cash interest, while net debt remained about $4.92 billion. The quarterly GAAP loss therefore reflects a financing burden that operating improvement has not yet offset; merger-related costs also added $4.4 million in the quarter (Cash Flow statement; Income Statement; Debt table).
The transaction backdrop limits the significance of an otherwise solid quarter. Shareholders have already approved the $2.43-per-share cash merger, with closing still expected by the end of the third quarter subject to remaining conditions. The newly completed $132.3 million Spain sale creates potential debt-reduction proceeds, but the filing does not state the final net proceeds or a completed debt paydown. So the new information is a small operating beat and incremental cleanup ahead of a deal whose core economics were already known (Merger Agreement update; Spain sale disclosure).
Read the original 8-K on SEC EDGAR ↗