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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%).
Consolidated revenue rose 8.8% to €4,785.2 million, driven by strong commercial and international activity.
EBITDA reached €2,882.7 million (+8.2%), with a margin of 60.2%. Net profit was €1,579.4 million (+8.9%).
Dividend distribution for 2024 was €1,464.0 million, and net financial debt/EBITDA improved to 1.37x.
Net cash from operating activities was €2,525.6 million (+7.3%).
Financial highlights
Aeronautical revenue: €2,556.2 million (+5.5% year-over-year); commercial revenue: €1,466.1 million (+10.8%); real estate revenue: €98.2 million (+13.7%).
International revenue: €655.3 million (+18.2% year-over-year).
Commercial and real estate business 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%.
Excluding construction services (IFRIC 12), EBITDA margin was 61.9%.
Outlook and guidance
Passenger traffic guidance for Spain in 2025 remains at +3.4% and ~320 million passengers.
Winter 2025 seat capacity scheduled to rise 3.5% year-over-year.
DORA III (2027–2031) investment proposal totals €12,888 million, with €9,991 million for regulated investments.
Additional €351 million investment approved for DORA II, bringing forward actions for DORA III.
No change anticipated in the 80% dividend payout policy.
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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