Aena SME (AENA) investor relations material

Executive summary

• Passenger traffic rose 3.8% year-on-year to 81.3 million, with the Spanish network up 3.2% to 65.6 million, London Luton up 2.9%, ANB (Brazil) up 11.5%, and BOAB (Brazil) up 5.0%, aided by modal shift and Easter timing.

• Q1 2026 total revenues reached €1,479.9 million, up 11.6% year-on-year, driven by traffic growth, higher aero charges, commercial activity, and international assets.

• Net profit after taxes was €329.4 million, a 9.3% increase year-on-year, supported by business growth, lower depreciation/amortization, and reduced net financial expenses.

• Commercial activity saw total sales up 4.9%, with sales per passenger up 1.7% and rent revenue up 8.3%.

• Major international expansion included agreements to acquire stakes in UK airports and a concession in Rio de Janeiro.

Financial highlights

• Aeronautical revenue grew 5.2% to €719.4 million; commercial revenue up 5.5% to €465.4 million; real estate revenue up 16.8% to €34.9 million.

• International segment revenue surged 57.7% to €258.5 million, with underlying growth of 8%; EBITDA at €85.5 million (down 3.5% due to prior year insurance compensation).

• Operating expenses rose 14.7% to €1,021.2 million, mainly due to higher staff and other operating costs; excluding IFRIC 12, OpEx increased by 7%.

• EBITDA reached €661.1 million, up 2.7%, with a reported margin of 44.7% (down from 48.6%); adjusted for extraordinary items, margin was 47.4%.

• Net cash from operating activities was €909 million (+10.7% year-on-year); CapEx paid was €298.9 million, focused on safety and facility improvements.

Outlook and guidance

• Traffic guidance is under reassessment due to changing market conditions, with both positive and negative trends; previous 1.3% forecast likely to change.

• High uncertainty from geopolitical events, jet fuel prices, and airline capacity decisions; management seeks more visibility before updating forecasts.

• DORA III (2027-2031) proposal foresees €9,991 million in regulated investment and traffic of 1,690 million passengers over the period.

• Estimated annual increases in maximum revenue per passenger (IMAP) from €10.92 in 2027 to €12.69 in 2031.

• Agreements on pandemic-related rent discounts are expected to positively impact future income statements by €28.4 million.