Airports are a service industry, they serve the airlines and the customers of airlines. It is almost impossible to persuade an airline not to do what it wants to do or to do what it doesn't. They therefore make the best of the opportunities that exist to make enough money to grow the business and hopefully turn a profit. They also try as hard as possible to persuade operators that unfulfilled business opportunities exist. Not easy when there's plenty of competition, such as the UK, even harder in a recession and a cutthroat market.
The idea that faced with an airline that decides to change from a full service operation to a low cost operator an airport has any control over its destiny is fanciful. Similarly the idea that any management team, however good can harvest routes and operators from elsewhere without simply giving away money is rather shown up by history.
Good or bad, EMA has managed to provide a pretty good service and show a profit. Many other UK airports in that category?