Aena SME (AENA) Q2 2024 earnings summary

Executive summary

• Passenger traffic rose 10.5% year-over-year to 172.7 million globally, with Spanish airports up 11.4% to 144.2 million.

• Total consolidated revenue increased 17.7% to €2,746.4 million, driven by strong aeronautical, commercial, and international activity.

• Net profit rose 33.1% to €808.6 million, with EBITDA up 32.9% to €1,555.3 million and a margin of 56.6%.

• Commercial activity and international expansion, especially in Brazil, contributed significantly to results.

• Net cash from operating activities was €1,401.4 million, supporting investments and dividend payments.

Financial highlights

• Aeronautical revenue reached €1,462.0 million (+16.4%), commercial revenue €834.3 million (+17.4%), and real estate services €54.9 million (+18.0%).

• International activity revenue was €361.0 million (+25.6%).

• EBITDA margin improved to 56.6% (up from 50.2% in H1 2023).

• Net profit attributable to shareholders was €808.6 million (+33.1%).

• Cash generated from operations exceeded €1.4 billion, up 33.7% year-over-year.

Outlook and guidance

• Full-year traffic forecast revised upward to 306.7 million passengers, an 8.3% increase year-over-year.

• 2025 airport charges proposal sets maximum revenue per passenger at €10.40 (+0.54% vs. 2024), pending regulatory review.

• Strategic Plan 2022-26 targets 310 million passengers by 2026, EBITDA margin around 59%, and 80% dividend payout.

• No signs of demand softening or weakening load factors; double-digit growth in international traffic continues.