AAR Valuation Multiples

VINCI is a global concessions, energy, and construction group operating transport infrastructure, engineering, contracting, and facilities businesses. The organization serves B2B, B2G customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its principal economics are Services, while its competitive position depends on sector expertise, asset quality, customer relationships, execution, and disciplined capital allocation. The business was founded in 1899 and is headquartered in Nanterre. The Cegelec exchange expanded VINCI’s energy-services operations and made Qatari Diar a substantial shareholder. The profile reflects the legal or operating business at the transaction date, including its historical identity where a subsequent listing, merger, privatization, disposal, or reorganization changed its name or ownership.

Aena SME SA is a Spanish airport operator with various airports in Spain, including Madrid and Barcelona, and has stakes in multiple international airports. The group generates regulated and nonregulated revenue. Regulated revenue includes fees collected from takeoff and landing, passenger fees and security, whereas nonregulated revenue stems from commercial activities such as retail, food and beverage and advertising sales. The Group carries out its business activities in the following segments: Airports; Real estate services; Region de Murcia International Airport (AIRM) and International.

Ferrovial is a global transportation infrastructure investor, developer, and operator, with a strong presence in North American toll roads. In recent years, it shifted its portfolio toward North America and India, and lowered its exposure to Europe (including selling its stake in Heathrow Airport). The jewels in its crown include its stake in the 99-year lease to operate the Highway 407 ETR toll road in Toronto and its concession to develop and operate New Terminal One at JFK until 2060.

AerCap Holdings NV is an aircraft leasing company. Its activities include leasing, financing, sales, and management of commercial aircraft and engines. It also provides aircraft asset management and corporate services to securitization vehicles, joint ventures, and other third parties. It has one business segment: leasing, financing, sales, and management of commercial flight equipment (Commercial Flight Equipment Segment). Through its subsidiary, the group also provides engine leasing, certified aircraft engines, airframes, and engine parts. Its geographical segments include China, the United States, and Other countries.

Airports Of Thailand PLC operates airports and provides services related to air transportation. Its airports, located in Thailand, serve both domestic and international flights. The company operates in various business segments such as airport management business, hotel business, ground aviation services, security business, and manages projects on perishable goods. The majority of its revenue is derived from its airport management business under which it generates income mainly from two categories of services: aeronautical and nonaeronautical. Aeronautical revenue is associated with air traffic, including landing and parking charges, and passenger and aircraft service charges. Nonaeronautical revenue is generated from office and state property rents.

FTAI Aviation Ltd is an aerospace company. It owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI owns and leases jet aircraft, which often facilitates the acquisition of engines at attractive prices. It invests in aviation assets and aerospace products that generate stable cash flows with the potential for earnings growth and asset appreciation.

Grupo Aeroportuario del Pacifico SAB de CV is engaged in the construction, development, and operation of airports in Mexico. The company's segment includes Guadalajara; Tijuana; Puerto Vallarta; San Jose del Cabo; Montego Bay; Hermosillo; Guanajuato and Other Airports. It generates maximum revenue from the Guadalajara segment.

Aeroports de Paris SA is a French airport operator. The group owns the three commercial airports in Paris (Charles de Gaulle, Orly, and Paris-Le Bourget) and has stakes in several international airports, including a portfolio of Turkish Airports, through its holding of TAV Airports, and an indirect stake in Indian airports New Delhi and Hyderabad through its recent acquisition of GMR Airports. The group's reporting segments are Aviation, Retail and Services, Real Estate, International and airport developments, and Others. The majority of its revenue is generated from the Aviation segment, which includes all the activities carried out by the group as the airport operator of the three main airports in the Paris region: Paris-Charles de Gaulle, Paris-Orly, and Paris-Le Bourget.

GMR Airports Ltd is an airport platform company engaged in designing, constructing, and operating airports. Under the brand name GMR AERO, it offers aviation solutions in retail, aero services, and real estate. The group's portfolio comprises various airports such as Delhi International Airport, Hyderabad International Airport, Mactan Cebu International Airport in Philippines, Bidar Airport, Crete International Airport in Greece, and others.

Shanghai International Airport Co Ltd is engaged in airport services at the Pudong International Airport in Shanghai, China. The company's principal activities consist of ground handling services for domestic and foreign airlines and passengers, and the provision of other airport-related services.

Auckland Airport is New Zealand's largest airport, handling about 75% of the country’s international arrivals and departures. It owns over 1,500 hectares of land, and hosts unregulated ancillary commercial services, including retail and duty-free, car parking, hotels, warehouses, and offices. Substantial development opportunities are set to materially expand capacity over the next decade. The airport also has a 25% stake in the small, but fast-growing Queenstown airport on New Zealand’s South Island.

Flughafen Zuerich AG owns and operates Zurich Airport, and offers services to international, domestic, and regional flights. Its services provided for passengers encompass activities related to the departure, arrival, and transfer areas at the airport. Revenue is split between aviation (majority of total revenue) and nonaviation services. Aviation services derive revenue from passenger and landing charges. Nonaviation services refer to retail and parking charges, sales from facility management, and other services provided at the airport. Passengers traveling within Europe cover approximately three fourths of total passengers, with many tourist cities being popular destinations.

Grupo Aeroportuario del Sureste SAB de CV and its subsidiaries hold concessions to operate, maintain, and develop airports in the southeast region of Mexico. As an operator of airports, it charges airlines, passengers, and other users fees for using the airports’ facilities. The group also derives rental and other income from commercial activities conducted at its airports, such as the leasing of space to restaurants and retailers. The group's operating segments are Cancun, which generates maximum revenue, Aerostar, Airplan, Merida, Villahermosa, Holding and Services, and Others.

Fraport AG is a German airport operator. The company derives the majority of its income domestically, principally through the operation of the Frankfurt airport. Fraport is organized into four segments: aviation, retail and real estate, ground handling, and International activities and services. Aviation includes terminal management, corporate safety, and airport security management. The retail and real estate segment involves retailing, parking lot operations, and renting areas at its airport sites. The ground handling segment provides ground infrastructure services to Fraport's airports. The International activities and services segment contributor to revenue includes IT and telecommunication services, and facility and infrastructure management.

Kobenhavns Lufthavne owns and operates Airports in Denmark. The company manages the infrastructure, buildings, and other services in the Kastrup and Roskilde airports. Copenhagen Airports divides its activities into two areas; Aeronautical and Non-aeronautical. Its majority of revenues are derived from the Aeronautical segment which comprises the operations and functions that the airports at Kastrup and Roskilde make available so that airlines can operate their flights, including facilities required for passengers to pass through these airports. The Non-aeronautical segment comprises the other facilities and services provided at the airports for passengers and others, including car-parking facilities, shops, restaurants, rest areas, lounges, and hotels.

Clear Secure Inc is an identity company making experiences safer and easier digitally and physically. It is involved in creating a frictionless travel experience while enhancing security. Its secure identity platform uses biometrics to automate the identity verification process through lanes in airports, helping to make the travel experience safe and easy. The Company's operations are mainly focused on growing and maintaining its secure identity network across multiple offerings in both aviation and non-aviation channels.

Airports Corp. of Vietnam is engaged in managing international and domestic airports. The company is involved in investment, management of capital investments, direct manufacturing at airports, and aerodromes; Provision of services of aviation safety; Supply of technical services, science and technology services both domestic and offshore areas; and other related activities.

Grupo Aeroportuario del Centro Norte SAB de CV operates airports in the central region of Mexico. The airport is in Monterrey, which serves nearly half of the company’s total passengers. In addition, the company manages two hotels and one industrial park. Its reportable segments include its airports, the Terminal 2 NH Collection Hotel, the Hilton Garden Inn Hotel and the OMA-VYNMSA Industrial Park, individually, and information about its holding company and other companies is combined in the Others.

Flughafen Wien AG manages and operates an airport. The company's segment includes Airport; Handling and Security Services; Retail and Properties; Malta; and Others. It generates maximum revenue from the Airport segment which is responsible for the operation and maintenance of all movement areas of the terminal, all the facilities involved in passenger and baggage handling as well as the security controls for passengers and hand luggage at Vienna Airport. The tasks of acquiring new airline customers and increasing the number of destinations offered are also assigned to this segment.

VSE Corp is a diversified aftermarket products and services company serving commercial and government markets. The Company's operations include aircraft and airframe parts supply and distribution, and MRO services of aircraft components and engine accessories. The Company operates as a single reportable segment: Aviation, which is a provider of aftermarket parts distribution and MRO services for components and engine accessories supporting commercial, business, and general aviation operators.

SATS Ltd is a Singapore-based provider of ground-handling and in-flight catering services for air transportation in Asia and Australia. Additionally, it offers food distribution and logistics, industrial catering, and other amenities for hospitality and government agencies. The company has three reportable segments: food solutions (segment by revenue), gateway services, and others. The company has partnerships with multiple airlines to provide catering during flights and offers experience in planning airline menus, institutional catering, linen, and laundry to improve the airline's appearance. Gateway services cover the gamut of procedures airports must handle for each passenger. Baggage, ramp handling, passenger services, and terminal management are all offered to customers.

Athens International Airport SA is a company active in the financing, construction, and operation of civil airports and related activities. As a civil airport operator, the company manages the Athens International Airport in Spata, Greece. The company's operating segments are: Air activities and Non-air activities. The maximum revenue is generated from its Air activities segment, which includes the provision at the Airport of any facilities like the landing, parking, or taking-off of aircraft; the servicing of aircraft; and the handling of passengers, among others. The Non-air activities segment represents revenues from non-air activities, mainly consisting of car parking, food and beverage, duty-free, retail shops, building/office rental, and other commercial services.

Corporacion America Airports SA acquires, develops, and operates airport concessions. Its operating segments are geographically divided into Argentina, Italy, Brazil, Uruguay, Ecuador, and Armenia. The company generates a majority of its revenue from the Argentina segment. The firm's revenue is categorized into Aeronautical Revenue, Non-Aeronautical Revenue, Commercial Revenue, Construction Service Revenue, and Other Revenue.

TravelSky Technology Ltd provides information technology solutions for aviation and travel companies in China. The company develops commercial airlines, airports, air travel products, and is a services supplier to travel agencies, corporate clients, travelers, and cargo shippers--to conduct electronic transactions and manage travel-related information. The core businesses of the company include aviation information technology services, distribution of information technology services, and clearing & accounting & settlement services for the aviation industry. Aviation information technology service revenue contributes approximately half the company's total revenue.

Japan Airport Terminal Co Ltd is a Japanese airport operations company. It is engaged in the management and operation of passenger terminals and the provision of related services at airports, mainly Haneda and Narita. The company has three reportable segments: Facility Management and Operation, Merchandise Sales, and Food and Beverage. The Facility Management and Operation segment provides leasing, maintenance, repairs, and terminal operations; the Merchandise Sales segment sells and wholesales products to air passengers and terminal-building companies; and the Food and Beverage segment operates airport and in-flight food services. The company focuses on improving passenger experience and operational resilience through service quality and facility upgrades.

ENAV is the Italian air navigation service provider, a company to which the State delegates the management and control of civil air traffic in Italy. It was set up as a joint-stock company in 2001 from the former public agency Ente Nazionale Assistenza al Volo and is headquartered in Rome. Its shares have been listed on the Milan Stock Exchange since 26 July 2016, when 46.7 percent of the capital was placed with investors. Besides the regulated air traffic services, the group runs a non-regulated business that includes air traffic management software, consulting abroad, drone services and satellite surveillance, and it holds a stake in Aireon. It bought IDS AirNav in 2019 and 85 percent of the drone services company AIView Group in 2026. ENAV reported first-half 2026 EBITDA of EUR 83.2 million on revenue that grew 7.4 percent.

Guangzhou Baiyun International Airport Co Ltd is a provider of aviation services. Its services include all types of airport services including departure, arrival, flight information, and other services.

DO & Co AG is a gourmet entertainment company. The company operates restaurants, bars, and hotels and provides international events and airline catering services. The company is active in three main business segments: Airline Catering, International Events Catering, and Restaurants, Lounges, and Hotels. The majority of its revenue is generated from the Airline Catering segment, which includes operating gourmet kitchens at various international airports. The segment's clientele includes players such as Austrian Airlines, British Airways, Cathay Pacific, China Airlines, Delta Air Lines, etc. Geographically, the company generates maximum revenue from Turkey, followed the Great Britain, the USA, Germany, Austria, Spain, and other countries.

SIA Engineering Co Ltd and its subsidiaries maintain, repair, and overhaul aircraft for many airlines. The company is organized into two segments: airframe/line maintenance and engine/component. The airframe and line maintenance segment provides airframe maintenance, line maintenance, and inventory technical management. These services include scheduled routine maintenance and overhaul, specialised and non-routine maintenance, modification and refurbishment programmes. Line maintenance provides aircraft certification and technical ground handling services such as pushback and towing, and the provision of aircraft ground support equipment and rectification work. The engine and component segment provides component overhaul and engine repair and overhaul services.

Bet Shemesh Engines Holdings (1997) Ltd manufactures and deals in jet engine parts, engines overhaul and customer support. The company's manufacturing division produces jet engine complex parts, Casting Division produces air foils and structural parts for the most advanced engines. The Maintenance, Repair & Overhaul (MRO) Division provides support services to well reputed civil and government aircraft operators. R&D and Engineering Division designs gas turbine engines, modules and other parts.

TAV Havalimanlari Holding AS constructs, manages and operates terminal buildings, management and operation of terminals or airports. The company organises itself into five segments: Terminal operations, Catering operations, Duty free operations, Ground handling and bus operations, and Other operations. Terminal operations, which contribute approximately half the company's revenue and the majority of profit, operates terminal buildings and car parks. Ground handling and bus operations and duty free operations are the next segments. The company is headquartered in Turkey and derives the majority of revenue domestically.

Shenzhen Airport Co Ltd is an international airport in China. Apart from the provision of flight services, the company also offers air cargo transportation services internationally.

Evergreen Aviation Technologies Corp is engaged in the maintenance, repair, and overhaul of airframes, aircraft engines, and accessories; manufacture, conversion, and sale of airframes and engine parts; technical and management consulting for the preceding items; import and export of the preceding items; and civil aviation personnel training. Its reportable segments are the Maintenance segment, which maintains airframes, aircraft engines, and accessories; and the Manufacturing segment, which manufactures, processes, and sells aircraft engines and accessories.

Abu Dhabi Aviation is an Abu Dhabi-listed aviation-services company founded in 1976. It operates helicopters and fixed-wing aircraft for offshore energy transport, charter, search-and-rescue and other specialist missions. The group also provides aircraft maintenance, repair, overhaul, training and support services to commercial and government customers. Revenue is generated through flight operations, long-term service contracts and technical aviation work. A 2024 combination added Etihad Engineering, AMMROC and a controlling interest in GAL, broadening the company into a larger maintenance and services platform. ADQ received a controlling listed-company stake through the asset-for-shares transaction announced in 2022 and completed through its aviation holding vehicle. The enlarged platform serves civil aviation, energy, defence and government customers with complementary technical capabilities.

Agility is a Kuwait-headquartered supply-chain and infrastructure group founded in 1979. It owns and operates aviation services, logistics businesses, warehousing and industrial real estate, and it holds strategic investments in transport and technology companies. Through subsidiaries and portfolio companies the group serves airlines, governments, manufacturers, retailers and other global customers. Revenue comes from logistics and aviation services, property operations and investment income. Agility is publicly listed and has used acquisitions to build international operating platforms. In 2022 it combined Barcelona-based iContainers with its Shipa Freight digital-forwarding arm, leaving the merged business wholly owned by Agility. The group combines wholly owned operations with material investments, so its reported economics include both consolidated services and portfolio-company value.

Catrion Catering Holding Co formerly Saudi Airlines Catering Co is engaged in the provision of cooked and non-cooked food to private and public sectors, provision of sky sales, operation and management of duty-free zones in Saudi Arabian airports, and ownership, operation, and management of restaurants at airports and other places, and the ownership, operation, and management of central laundries. It provides catering services to Saudi Arabian Airlines and other foreign airlines. The company has two operating segments; Inflight includes Inflight catering, airline equipment, and business lounge, Retail includes Onboard, ground and online: and Catering and Facilities include Remote & Camp management, Business & Industries catering, Security services, Laundry services, Hajj and Umrah.

Bristow Group Inc is the provider of vertical flight solutions. The group provides aviation services to a broad base of offshore energy companies and government entities. Its business comprises three reportable segments: Offshore Energy Services, Government Services, and Other Services. Its customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Kingdom of Saudi Arabia, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK, and the U.S. offshore energy customers use services to transport personnel to, from and between offshore energy installations.

Sichuan Haite High-tech Co Ltd provides airborne aircraft equipment maintenance services in China. It is engaged in aircraft equipment testing, aviation technology, and software development, as well as the maintenance and repair of small to medium-sized engines of regional aircraft, helicopters, and business jets.

Malta International Airport PLC develops, operates and manages Malta International Airport. Its segments include the Airport Segment provides services such as revenue from airport-regulated fees, aviation concessions and persons with reduced mobility and their associated costs. This segment also includes the operations and maintenance of the terminal, runways, taxiways and aircraft parks. The Retail and Property Segment include the operations of the various retail outlets within the airport perimeter, advertising sites and rental of offices, warehouses and income from the running of the VIP lounges. Income and costs from Airport Parking Limited, Sky Parks Business Centre Limited and Sky Parks Development Limited are also allocated within the Retail and Property Segment.

Saudi Ground Services Co provides ground management services to airline customers. The company is engaged in providing aircraft cleaning, passenger handling, fuel, baggage, and ground handling services to Saudi Arabian Airlines as well as other local and foreign airlines.

Beijing Capital International Airport Co Ltd is engaged in operating and managing aeronautical and nonaeronautical businesses at Beijing Capital Airport. The company’s aeronautical business includes provision of aircraft landings and take-offs and passenger service facilities, ground support services, and firefighting services for domestic and foreign air transportation enterprises. The company’s non-aeronautical business includes ground handling agent services supplied for domestic and foreign airliners; in-flight catering services; duty free and other retail shops in the terminals, restaurants and other catering businesses in the terminals, VIP services inside and outside the terminals; and leasing of advertising spaces inside and outside the terminals.

Nanjing LES Information Technology Co Ltd Provides overall solutions for civilian command information systems.

GMR Power and Urban Infra Limited (GPUIL) is a listed Indian infrastructure company and part of the GMR Group, with businesses in energy, transportation and urban infrastructure. It was incorporated on 17 May 2019 as a wholly owned subsidiary of GMR Infrastructure and became a separately listed company on the BSE and NSE when GMR Infrastructure completed the spin-off of its non-airport businesses on 12 January 2022. Its energy portfolio, anchored by GMR Energy, includes coal-fired plants such as GMR Warora Energy and GMR Kamalanga Energy that sell electricity to state utilities, together with wind, solar and hydro assets including the Upper Karnali project in Nepal. In transportation, GMR Highways operates three national highway concessions in Andhra Pradesh, Tamil Nadu and Haryana–Punjab covering about 888 lane kilometres, earning long-term concession income. Its urban infrastructure arm is developing the Krishnagiri Special Investment Region in Tamil Nadu, and GMR Aviation runs private jet charters. Under its Energy 2.0 strategy the company has moved into large-scale prepaid smart meter installation, with projects live across Uttar Pradesh, and in recent years it has cut debt through asset monetisation and the resolution of legacy disputes.

Aerodrom Nikola Tesla ad provides airport services such as aircraft landing, take-off, taxing and parking, and passenger and cargo handling. The group also provides ancillary services and airport complex services, satisfying the needs of service users, and domestic and foreign air carriers.

Celebi Hava Servisi AS is a supplier of ground handling services to the aviation industry. The company's primary operating segment includes Ground Handling Services and Cargo and Warehouse Services. Other services include Bridge operation, Lounge, General Aviation and Platinum. It generates maximum revenue from the Ground Handling Services segment. Geographically, it operates in Turkey, Hungary, India, Spain, Tanzania and Germany.

Chorus Aviation Inc is a Canadian holding company. The company focuses on delivering regional aviation to the world through its businesses. The company specializes in contract flying, maintenance, pilot training, repair and overhaul, and aircraft leasing solutions.

Sky Harbour Group Corp is an aviation infrastructure company building a nationwide network of Home-based solutions for business aircraft. The company develops, leases, and manages business aviation hangars across the United States based on its proprietary targeting and acquisition model, targeting airfields with hangar supply and demand imbalances in the markets. Its hangar campuses feature exclusive private hangars and a full suite of dedicated services specifically designed for home-based aircraft.

Toscana Aeroporti is an Italian airport management company headquartered in Florence that operates the Florence Peretola and Pisa San Giusto airports. It was formed on 1 June 2015 when Aeroporto di Firenze was merged into Societa Aeroporto Toscano Galileo Galilei, which was renamed Toscana Aeroporti and moved its head office from Pisa to Florence. The shares trade on Borsa Italiana under the ticker TYA. The controlling shareholder is Corporacion America Italia, a subsidiary of Corporacion America Airports, which raised its indirect economic interest from 62.283 percent to 68.072 percent in October 2026. The company plans a new runway and passenger terminal at Florence, with a 330 million euro investment announced in 2017, and invested 70 million euros in the Pisa terminal. It built a construction arm in 2021 through the purchase of Cemes Aeroporti and sold its ground handling business in 2022.