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Aena SME
Aena SME (AENA) investor relations material
Aena SME Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved record financial results for the third consecutive year, with net profit reaching EUR 2,136.7 million in 2025, up 10.5% year-over-year, and all-time high passenger traffic of 384.8 million (+4.2%), including 321.6 million in Spain.
Robust commercial growth in duty-free, F&B, and real estate segments, with notable increases in MAG and rents.
Major international expansion, including acquisition agreements for UK airports and record financing in Brazil.
Dividend proposal of EUR 1.09 per share, up 11.7% from 2024.
Inclusion in Dow Jones Sustainability Index for third consecutive year and significant emissions reduction.
Financial highlights
Total consolidated revenue rose 9.5% year-over-year to EUR 6,379.2 million, driven by traffic and commercial activity.
EBITDA reached EUR 3,785 million, up 7.8%, with a margin of 59.3% (61.4% excluding IFRIC 12 impact).
Aeronautical revenue was EUR 3,346.8 million (+4.9%); commercial revenue EUR 1,975.1 million (+11%); real estate services EUR 131.9 million (+10.5%).
Net cash from operating activities increased to EUR 2,787.5 million.
OPEX increased 11.1%, mainly due to staff costs and other operating expenses.
Outlook and guidance
Spanish airport traffic expected to grow 1.3% in 2026, reaching 326 million, with DORA III plan targeting 329 million in 2027 and 347 million in 2031.
DORA III regulatory cycle to drive a new investment phase, with over EUR 9,991 million regulated CapEx and focus on sustainability.
Airport charges to rise modestly by EUR 0.43 per year, remaining highly competitive in Europe.
Average revenue per passenger expected to rise from EUR 10.92 in 2027 to EUR 12.69 in 2031.
Why is 2026 Spain traffic growth forecast lower?
Explain the 11.1% OPEX increase in 2025.
What drove the 35.5% 'other assets' revenue growth?
How will DORA III address airport technical limits?
Key commercial tenders beyond advertising?
Luton expansion CapEx strategy?
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Next Aena SME earnings date
Q1 202629 Apr, 2026
Aena SME
Next Aena SME earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Aena S.M.E., S.A., engages in the operation, maintenance, management, and administration of airport infrastructures and heliports. The company operates through three segments: Airports and Support Services, Aena Consulting and Management, and Other Businesses. The Airports segment comprises the activity of managing regional airports in the Canary Islands and the Balearic Islands; regional airports in the Catalonia region; international airports in Madeira, Portugal; Malaga airport; and heliports in Madrid and Zaragoza. Aena S.M.E., S.A is based in Madrid, Spain.
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