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Aena SME (AENA) investor relations material
Aena SME Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Passenger traffic reached 294.1 million (+4.1% year-over-year), with Spain at 247.1 million (+3.9%), Luton at 13.4 million (+4.8%), ANB at 12.4 million (+5.3%), and BOAB at 21.2 million (+5.5%).
Total consolidated revenue rose 8.8% to €4,785.2 million, with aeronautical revenue at €2,556.2 million (+5.5%), commercial revenue at €1,466.1 million (+10.8%), and real estate revenue at €98.2 million (+13.7%).
EBITDA increased by 8.2% to €2,882.7 million, with a margin of 60.2% (61.9% excluding IFRIC 12 impact).
Net profit reached €1,579.4 million (+8.9% year-over-year).
Net cash from operating activities was €2,525.6 million (+7.3%), with investments paid totaling €716.6 million and a dividend distributed of €1,464.0 million.
Financial highlights
Revenue growth was driven by higher traffic, improved commercial activity, and increased construction services in Brazil.
Commercial and real estate business revenue (fixed/variable rents and MAG) rose 13.0% year-over-year, with revenue per passenger up 8.8% to €6.07.
Operating expenses increased by 7.0% to €2,533.8 million, with staff costs up 10.8% and other operating expenses up 11.1%.
Spanish network operating expenses rose 6.6% to €1.5 billion, mainly due to a 10.9% increase in personnel costs.
Excluding construction services (IFRIC 12), revenue growth was 6.9% and EBITDA margin was 61.9%.
Outlook and guidance
2025 traffic guidance of 3.4% year-over-year growth reaffirmed, with Spanish network expected to reach approximately 320 million passengers.
Winter schedule capacity expected to grow 3.5% over 2024.
No change anticipated in the 80% dividend payout policy.
CapEx for DORA III (2027–2031) proposed at nearly €12,888 million, with most spending back-end loaded.
Additional €351 million investment approved for DORA II, bringing forward actions for DORA III.
What drove the improved debt to EBITDA ratio?
What contributed to the 13% commercial business revenue growth?
Analyze the 4.5% increase in other operating expenses.
DORA III CapEx execution risk mitigation?
CEO's confidence in airport model protection?
Dividend payout, CapEx, M&A compatibility?
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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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