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Aena SME (AENA) investor relations material
Aena SME Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M passenger traffic rose 4.1% to 309.9m across the airport network and international holdings; Spanish network traffic reached 257.2m.
Revenue increased 10.4% to €5,283.9m and attributable net profit rose 12.4% to €1,774.7m.
EBITDA grew 6.8% to €3,077.9m; excluding 2025 Luton car-park fire insurance compensation, growth was 8.4%.
Financial highlights
Revenue excluding IFRIC 12 construction services increased 9.5% to €5,104.0m.
Operating profit rose 9.0% to €2,454.9m; profit before tax grew 11.1% to €2,390.8m.
Basic and diluted EPS were both €1.18, versus €1.05 in 9M 2025.
Net operating cash flow increased 11.3% to €2,811.3m; period-end cash was €2,088.7m.
Total operating expenses were €2,829.0m (+11.7%); other operating expenses excluding IFRIC 12 rose 11.9%.
Outlook and guidance
DORA III sets a 0.33% annual change in maximum annual revenue per passenger versus 2026 for 2027–31; WACC is 8.32%.
DORA III authorises €9,991m of regulated investment and provides for €2,897m of unregulated investment, totaling €12,888m over 2027–31.
The plan projects 363m passengers by 2031 and 1.763bn over 2027–31; regulated costs are forecast at €1,929.0m in 2027 and €2,078.7m in 2031, in constant 2026 euros.
The remaining Galeão acquisition payment is expected in Q4 2026, funded with airport cash and local debt without recourse to the parent.
- DORA III enables €13bn investment, robust regulation, and growth with full inflation protection.AENA
Investor update - Net profit and revenue grew over 10% in H1 2026, but outlook is cautious due to uncertainties.AENA
Q2 2026 - Record results, share split, and major investments approved amid strong growth and robust governance.AENA
AGM 2025 - 2025 delivered record results, higher dividends, and approval of all resolutions amid strategic expansion.AENA
AGM 2026 - Passenger and revenue growth drove higher profits, supported by international expansion.AENA
Q1 2026 - Net profit up 10.5% to EUR 2,136.7 million, with strong traffic and international expansion.AENA
Q4 2025 - Revenue and profit grew strongly in H1 2025, with robust passenger and commercial gains.AENA
Q2 2025 - Revenue and profit surged on record passenger growth, with leverage at multi-year lows.AENA
Q2 2024 - Record profit, revenue, and traffic growth in 2024, with higher dividend and share split proposed.AENA
Q4 2024
Next Aena SME earnings date
Next Aena SME earnings date
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