Belly Cargo supports Malpensa Traffic in the first half of 2026

The first half of 2026 closed in a market environment that remains challenging for air cargo transportation. At Milan Malpensa, cargo volumes declined by 5.7% compared with the same period in 2025, mainly due to the weakness of the Freighter segment. 

The most positive development continues to be Belly cargo, which recorded a 7.4% increase during the semester. This result confirms the increasingly strategic role of belly-hold capacity provided by intercontinental passenger flights and the strong integration between cargo traffic and the passenger network. 

Encouraging signs also come from the Courier segment, which in June recorded a 5.4% increase compared with the same month last year. Thanks to the improvement observed in recent months, the cumulative decline for the semester has gradually narrowed. 

The Freighter market, however, continues to face more challenging conditions, affected by demand that has not yet fully recovered and by lower utilization of the available capacity. During the first half of the year, cargo volumes decreased more significantly than aircraft movements, highlighting less efficient use of the cargo capacity offered by the market. 

Overall, General Cargo closed the semester with a 6.1% decline. Nevertheless, the figures confirm the resilience of Malpensa airport, supported by the growth of Belly traffic and the first signs of recovery in the Courier segment. 

In an international environment still characterized by high volatility and the ongoing evolution of supply chains, Malpensa continues to strengthen its position as Italy’s leading cargo gateway, leveraging the diversification of its traffic segments and the robustness of its logistics ecosystem.