Aeroportos de Moçambique (AdM) posted positive results again in 2025, closing the year with a net profit of 637 million meticais, after several consecutive years of losses. The recovery follows the settlement of the debt of Linhas Aéreas de Moçambique (LAM) and the restructuring of the liabilities of the state-owned company responsible for managing around 20 airports and airfields in the country.

The result represents a significant reversal from 2024, when AdM recorded losses of 1.53 billion meticais.

According to the 2025 annual report and accounts, the board attributes this improvement mainly to the reversal of impairment losses related to the process of regularising LAM's debt. The impact of the operation meant that operating results went from a negative balance of 583 million meticais in 2024 to a positive result of 1.19 billion meticais in 2025.

The auditor Deloitte explains that the State Holdings Management Institute (IGEPE) carried out, during the year, a set-off of accounts between credits held by AdM against LAM and debts owed by the airport operator to the State and other public bodies, in an operation valued at 3.78 billion meticais.

According to the auditor's opinion, this measure made it possible to reverse previously recorded impairments worth 2.48 billion meticais, contributing decisively to the recovery of the company's results.

However, the return to profit does not eliminate the structural challenges. Deloitte warns of the existence of a “material uncertainty” regarding the company's going concern. On 31 December 2025, AdM had negative equity of 857 million meticais and current liabilities exceeding current assets.

The auditor also notes that the company still held credits against LAM valued at 1.12 billion meticais and stresses that significant doubts persist about its ability to operate sustainably without state financial support.

On the commercial side, turnover fell to 2.85 billion meticais, 23% below the annual plan and 5% below the figure recorded in 2024.

Aeronautical revenue, the company's main source of income, totalled 2.57 billion meticais, 6.7% less than the previous year. By contrast, non-aeronautical revenue grew by 10%, reaching 290 million meticais.

Operational activity also slowed. Mozambican airports handled 1,863,772 passengers in 2025, a decrease of 9.3% from the 2,055,435 passengers recorded in 2024.

The number of aircraft movements fell by 10.9% to 54,495 operations. Cargo handled totalled 7,842 tonnes, 28.4% less than the previous year, while mail volumes fell by 43.5% to 275 tonnes.

In contrast, overflights of national airspace grew by 10.6%, reaching 32,901 aircraft.

At the end of 2025, the company had 843 employees, 13 more than the previous year.

AdM's income and gains amounted to 5.85 billion meticais, an increase of 67%. Costs and losses, meanwhile, grew by 12.2%, totalling 5.45 billion meticais.

The chair of the board of directors, Amélia Mucandane, described 2025 as a particularly demanding year for the aviation sector. She identified the main pressures as the macroeconomic situation, international geopolitical developments, the instability seen in the country after the last quarter of 2024 and the security situation in Cabo Delgado.

Despite the challenges, the company believes in a more favourable outlook for 2026. The prospects rest on growing demand for air travel, the recovery of tourism, increased air traffic and the expansion of Solenta Aviation's operations. The arrival of Airlink at Nacala International Airport is also cited as one of the factors that could boost activity over the coming year.