Airports: towards the integration of Linate, Malpensa and Turin
According to information obtained by Radiocor, the aim would be to establish a North-West airport system designed to strengthen the three airports. In terms of shareholding, the ownership structure would remain unchanged, with the City of Milan retaining its position as the majority shareholder in the new entity
(Il Sole 24 Ore Radiocor)- Sea, the company that operates Milan Linate and Malpensa airports, and Sagat (operator of Turin Caselle airport) are working on a corporate integration project. This is according to information obtained by Radiocor from sources close to the matter.
In particular, SEA itself is reported to have informed F2i, the Italian infrastructure fund which, through the holding company 2i Aeroporti, holds 36.39 per cent of SEA’s shares and 100 per cent control of Sagat respectively. The aim, it is understood, is to create a North-West airport system designed to strengthen the three airports. This move would benefit the areas directly involved through the acceleration and coordination of their respective investment plans. The transaction will not alter SEA’s current shareholding structure, with the City of Milan remaining the majority shareholder of the new corporate structure (Palazzo Marino currently holds 54.8 per cent of SEA’s share capital). The proposed merger is very likely to be put to the shareholders during the month of September.
A company with a turnover of 900 million and over 47 million passengers
This deal would create a giant with over 900 million euros in turnover (940.3 million) and 47.3 million passengers. Taking into account the latest available annual financial statements, in 2025 the SEA Group (Malpensa and Linate) closed last year with passenger traffic of 42.3 million, up 8 per cent on 2024, whilst on the cargo front, 759.4 thousand tonnes of freight were transported (728,000 tonnes in 2024). From a financial perspective, operating revenue stood at 876.8 million euros (823.1 million in 2024), EBITDA stood at 403.3 million (350.5 million in 2024) and net profit at 190.6 million (170.6 million in 2024).
Turning to Sagat, 2025 was another record year for airport traffic, with 5,006,169 passengers handled, an increase of +6.7% compared with 2024. Revenue reached 63.5 million euros in 2025, up 4.7%, with a profit of 6.8 million euros.
F2i moves forward in Sardinia
Meanwhile, F2i is continuing its involvement in Sardinian airports despite the decision by the Sardinia Regional Government to postpone until 2027 the payment of 30 million which would have guaranteed the regional authority a seat on the board of directors and a 9.25 per cent stake in the future holding company that would bring the airports of Cagliari, Olbia and Alghero under a single umbrella. The fund, led by Renato Ravanelli, is pressing ahead with its objective: to create, through its subsidiary F2i Ligantia, a network enabling the airports of Cagliari, Olbia and Alghero to operate synergistically, optimising and strengthening commercial strategies whilst maintaining their specific local characteristics. According to Radiocor’s findings, whilst awaiting the decisions of the public shareholders, the fund continues to manage, as is already the case, the two airports in northern Sardinia that it already owns (Olbia and Alghero) and is always open to creating a Sardinian airport network that would also benefit Cagliari, thanks to the acceleration of investments in its modernisation and that of the wider regional airport system.
