Aena SME (AENA) Q2 2026 earnings summary

Executive summary

• Passenger traffic reached 190 million in H1 2026, up 3.9% year-over-year, with Spanish airports handling 156.2 million (+3.7%).

• Revenue grew 10.1% year-over-year to €3,299.6 million; EBITDA rose 6.3% to €1,798.9 million; net profit reached €1,002 million, up 12.1%.

• Commercial and real estate activities outpaced passenger growth, with notable contract renewals, new developments, and strong international expansion.

• Major investments included the acquisition of 51% of Augusta Holdco Limited (Leeds Bradford and Newcastle airports) and the award of the Rio de Janeiro-Galeão Airport concession.

• Temporary boost in air traffic to Spain due to Middle East conflict and rail constraints, but load factors are weakening.

Financial highlights

• Total revenue: €3,299.6 million (+10.1% year-over-year); EBITDA: €1,798.9 million (+6.3%); net profit: €1,002 million (+12.1%).

• Ordinary aeronautical revenue up 8.3% to €1,682 million; commercial revenue up 7.1% to €983.9 million; real estate revenue up 15% to €70.8 million; international revenue up 24.5% to €529.1 million.

• OPEX rose 13.5% to €1,498.8 million, mainly due to higher staff and operating expenses.

• Net cash from operating activities increased 8% to €1,598.5 million.

• Net financial debt rose to €6,724 million; net debt/EBITDA at 1.73x (up from 1.46x in 2025).

Outlook and guidance

• Traffic growth for 2026 estimated at around 3% year-over-year, with limited visibility for H2 due to geopolitical and economic uncertainties, expiring fuel hedges, and weakening load factors.

• DORA III regulatory process ongoing, with final approval expected by September 2026 and strategic plan/dividend policy updates to follow.

• No current plans for new M&A beyond ongoing integrations in the UK and Brazil.