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Aena SME (AENA) investor relations material
Aena SME Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Passenger traffic grew 4.7% year-over-year to nearly 181 million, with Spain up 4.5% and notable growth at Luton, ANB, and BOAB.
Total consolidated revenue rose 9.1% to €2,995.9 million, with net profit up 10.5% to €894 million and EBITDA margin at 56.5%.
Commercial sales grew 9.9%, outpacing passenger growth; commercial and real estate revenue per passenger rose 6.4%.
Dividend distribution for 2024 was €1,464.0 million, with a record €9.76/share dividend and a 10-for-1 share split approved.
Traffic guidance for 2025 in Spain maintained at 3.4% growth, targeting ~320 million passengers.
Financial highlights
Revenue growth driven by passenger traffic, regulated tariff increases, commercial activity, and IFRIC 12 construction services income.
EBITDA margin at 56.5% (58% excluding IFRIC 12 effect); net cash from operating activities up 5.6% year-over-year.
Net financial debt/EBITDA ratio at 1.64x, with net financial debt at €5,973.1 million.
Personnel expenses increased 10.6%; total pure operating expenses up 9.3%.
Moody's and Fitch maintained strong credit ratings (A3/positive, A/stable).
Outlook and guidance
Passenger traffic guidance for Spain in 2025 remains at +3.4% and ~320 million passengers.
Airlines have scheduled 1.5% more seats for summer 2025, with international seat growth led by Asia-Pacific (+38.9%).
2026 maximum revenue per passenger (IMAAJ) proposed at €11.03, up 6.5% from 2025.
International traffic share increased to 68.8%, with strong growth in long-haul markets.
Macroeconomic, geopolitical, and supply-side risks may affect air traffic trends.
What are the drivers of domestic traffic slowdown?
When will Madrid/Barcelona variable rents exceed MAGs?
What's the latest on Luton expansion negotiations?
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Q3 202529 Oct, 2025
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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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